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Allianz secures distribution rights with Malaysia’s Maybank

By International Adviser, 25 Aug 16

German insurer Allianz has signed a 10-year distribution deal with Malaysia’s Maybank to sell its life products from its retail branches in Indonesia.

German insurer Allianz has signed a 10-year distribution deal with Malaysia’s Maybank to sell its life products from its retail branches in Indonesia.

Allianz is hoping the agreement will give access to Maybank’s 4 million customers in Asia.

The insurer said it has jointly developed three life insurance products with Maybank which includes a unit-linked life insurance product compliant with Islamic Shariah law, a single-premium investment product and a life policy which combine protect with investment.

“This partnership demonstrates Allianz’s continued focus on growing in the Asia region, of which Indonesia is a key priority. We’re excited to bring our multi -channel approach, innovative products and digital expertise to serve the protection needs all Maybank customers,” said Allianz’s regional chief executive for Asia Pacific, George Sartorel, in a statement on Tuesday.

Under the collaboration, a team of more than 150 insurance advisers will sell the products to Maybank clients via their retail branches.

Joachim Wessling, chief exectuive of Allianz Life Indonesia said: “This cooperation between two outstanding companies combines our strengths in providing world-class services and solutions, to deliver insurance protection tailored to our customers’ needs. We look forward to working closely with Maybank to secure a safer future for our customers in Indonesia.”

Last week, it emerged that Allianz and France’s Axa are locked in a bidding war to acquire the 15-year distribution rights to sell insurance products through Standard Chartered’s channels in Asia.

Meanwhile, Hanwha Life, South Korea’s second largest life insurer, is set to pump KRW150bn (£102m, €121m, $134m) into its Indonesian arm in a bid to expand its foothold in the country’s booming insurance sector. 

Tags: Allianz | Indonesia | Malaysia | Maybank

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International Adviser covers the global intermediary market that uses cross-border insurance, investments, banking and pension products on behalf of their high-net-worth clients. No news, articles or content may be reproduced in part or in full without express permission of International Adviser.