KUALA LUMPUR, April 3 — CIMB Group Holdings Bhd is on track to achieve its target of RM200 million gross written premiums for its non-life insurance business this year.
Chief Executive Officer (Group Consumer Banking), Samir Gupta, said the group had been partnering with Sompo Holdings (Asia) Pte Ltd to market and distribute Sompo’s non-life insurance products through its distribution network, which includes Singapore and Indonesia.
“We started off in 2016 in Singapore and Indonesia, and in Malaysia in August last year.
“In Malaysia, the response has been good. In the first four months in the market last year, the group managed to collect a total premium of RM22 million while in the first two months of this year, the group had already achieved 20 per cent of the target,” he told reporters after the launch of CIMB-Sompo bancassurance partnership in Malaysia.
The Malaysian partnership forms part of CIMB-Sompo’s regional strategic partnership which included Singapore, Indonesia and Thailand (to be launched in 2020).
Samir said last year, the insurance segment collectively contributed about RM140 million to the group’s revenue.
Meanwhile, Berjaya Sompo Chief Executive Officer, Tan Sek Kee, said among the popular products in Malaysia were fire insurance, including mortgage-related as well as snatch theft policies and the company was now also focusing on vehicle insurance.
He said Sompo’s non-life products covered a broad range of general insurance products, among them motor, business, and fire insurance for retail and commercial sectors.
Earlier, in his speech, CIMB Group Chief Executive Officer, Tengku Datuk Seri Zafrul Aziz, said the partnership in Malaysia with Japan’s number one bancassurance firm came after the successful execution of partnership in Singapore and Indonesia for the last two years.
He said the group was targeting to reap RM1 billion in revenue in the first five years of its 15-year tie-up with Sompo across the markets of Malaysia, Indonesia, Thailand and Singapore.
CIMB’s choice of strong partners across all its business pillars would underpin the bank’s regional growth story, said Tengku Zafrul.
“Bancassurance continues to be an important segment for CIMB’s consumer and commercial banking and this synergistic collaboration, coupled with both parties strong digital capabilities, is a step forward to further enrich the bank’s value proposition to our 13 million customers across Asean,” he said