Kuala Lumpur: CIMB Wealth Advisors Berhad and AIA Bhd. today formalised a strategic alliance to offer a wide range of differentiated and innovative insurance protection solutions to consumers.

Through this formalisation, over 5,500 agents and financial planners of CIMB Wealth Advisors will now be able to market a wide range of insurance products underwritten by AIA Bhd. and its subsidiary, AIA Takaful International Bhd. (ATIB) to their steadily growing clientele.

CIMB Wealth Advisors is well known for its success in the area of wealth management and unit trust investments while AIA Bhd. has over six decades of experience as a leading life insurer in Malaysia.

Signing the strategic alliance agreement were Tan Beng Wah, Chief Executive Officer, CIMB Wealth Advisors and Khor Hock Seng, Chief Executive Officer, AIA Bhd. Witnessing the signing were Dato’ Sri Nazir Razak, Group Chief Executive, CIMB Group and Mark Wilson, President and Chief Executive Officer of AIA Co. Ltd.

The 10-year exclusive strategic alliance will enable both parties to leverage their proven strengths and expertise in the areas of wealth planning and insurance protection solutions respectively to offer Malaysians a holistic approach to financial planning.

Tan Beng Wah, in welcoming AIA Bhd. as a partner, said: “The collaboration provides a huge opportunity that will benefit both parties. This joint venture is one of immense potential. Our wide distribution reach of 35 regional offices, branches and agency offices nationwide and over 5,500 consultants, combined with AIA Bhd.’s expertise in designing industry-leading insurance products, is a natural fit. Our agents will now be able to offer customised financial solutions to our customers by bundling some of these insurance products with our other offerings that include unit trust funds, credit cards, structured investments, wills and trusts services provided by CIMB Group.”

Khor Hock Seng of AIA Bhd. said: “This alliance marks the coming together of two established brands which will be a clear win – win strategy for both. Through this, we at AIA Bhd. are able to utilise the agency distribution strength of CIMB Wealth Advisors while they in return will be able to benefit from our full range of diversified insurance products, customer focused approach and superior operational efficiency.”

Among the range of products underwritten and developed by AIA Bhd. to be marketed by CIMB Wealth Advisors include traditional life, investment-linked medical, education, endowment and other plans.

This alliance also opens the door for CIMB Wealth Advisors to cross sell products of ATIB, a wholly owned subsidiary of AIA Bhd., proudly Malaysia’s first International Takaful Operator licensed by Bank Negara Malaysia.

CIMB Wealth Advisors Berhad is a subsidiary of CIMB-Principal Asset Management Berhad, which is jointly owned by CIMB Group and the Principal Financial Group, U.S.A.

About CIMB Group

CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups. It offers consumer banking, investment banking, Islamic banking, asset management and insurance products and services. Headquartered in Kuala Lumpur, its key regional offices are located in Singapore, Indonesia and Thailand.

CIMB Group operates its business through three main brand entities, CIMB Bank, CIMB Investment Bank and CIMB Islamic. CIMB Group is also the majority shareholder of Bank CIMB Niaga in Indonesia.

CIMB Group is owned by Bumiputra-Commerce Holdings Bhd, which is listed on Bursa Malaysia with a market capitalisation of over USD7 billion. The Group has over 36,000 employees located in 9 countries.

About AIA Bhd.

AIA Bhd. began operations in Kuala Lumpur, Malaysia in 1948 as a branch of AIA Co. Ltd (AIA). With 60 years of local market presence, AIA Bhd. has now become one of the country’s largest life insurers, with a network of 23 branches nationwide and over 1,000 employees and 10,000 agents. The company’s focus is on designing new, innovative products to meet the changing needs of the market.

About the AIA Group

The AIA group is a leading life insurance organization in Asia with a unique heritage of serving the world’s most dynamic region for 90 years. It provides consumers and businesses with products and services for life insurance, retirement planning, accident and health insurance as well as wealth management solutions. Through an extensive network of 250,000 agents and 20,000 employees across 13 geographical markets, the AIA group serves over 20 million customers in the region.

The AIA group has branch offices, subsidiaries and affiliates located in jurisdictions including Australia, Brunei, China, Hong Kong, India, Indonesia, Macau, Malaysia, New Zealand, Singapore, South Korea, Thailand and Vietnam.

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