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|GEORGE TOWN: American International Assurance (AIA) Malaysia Bhd, through its takaful joint venture AIA AFG Takaful Bhd , launched its first agency in Malaysia here recently.|
Located in Balik Pulau, the newly-opened outlet, spearheaded by Helen Seet, is expected to tap on the fast-growing takaful market in the state.
AIA AFG Takaful chief executive officer, Wan Azman Wan Mamat, said the large Muslim population of 80,000 in Balik Pulau made it viable for the group to promote its various Islamic-compliant products.
'The booming property market and the influx of young people to Balik Pulau makes it an ideal place for us to kickstart the takaful products,' he said after officiating the branch opening ceremony.
Also present was AIA vice-president and assistant general manager Chuah Chin Seong.
Wan Azman said the strong 5,000 workforce and wide agent network, courtesy of AIA, provided a strong foundation to the company.
He added that the group planned to introduce a new stand-alone medical card, 'A-Medik' by early next month to provide holders full hospitalisation coverage at public and private hospitals nationwide.
Card holders would need to pay RM100 per month to be eligible for the coverage.
Asked on the expansion of new branches, Wan Azman said AIA AFG Takaful would open two branches in Kuala Lumpur, one in Kota Baru, one in Kemaman and one in Johor Baru by the year end.
AIA AFG Takaful is a 70-30 joint venture between AIA and Alliance Bank Malaysia Bhd, a wholly-owned subsidiary of Alliance Financial Group.
The takaful joint venture was formed after AIA received a family takaful license from Bank Negara Malaysia. -- By Phuah Ken Lin