Posted on 1 March 2012 - 10:56pm
PREMALATHA JAYARAMAN
sunbiz@thesundaily.com
KUALA LUMPUR (March 1, 2012): Prudential BSN Takaful Bhd (PruBSN) has teamed up with Kuwait Finance House (Malaysia) Bhd to distribute its takaful products.
PruBSN CEO Azim Mithani said PruBSN aims to grow its market share in the local takaful industry through the partnership, but did not give figures.
As at Sept 30, 2011, PruBSN holds a 27% share of the takaful market with RM158.9 million annual contribution equivalent.
"We are positive about the outlook of the takaful industry," Azim told reporters after the signing of a memorandum of understanding between PruBSN and KFH Malaysia today.
He said the takaful sector grew at a compound annual growth rate of 27% in terms of net contributions in the past five years, led by family takaful certificates.
Family takaful lines grew by 28% between 2005 and 2010 and now represent more than 80% of Malaysia's takaful market.
Under the partnership, Azim said PruBSN will provide a wide range of products and services to KFH Malaysia's customers, with the first phase focused on credit-related plans. The range will be gradually widened to include protection and savings plans.
Azim said PruBSN will introduce new products, especially in life and healthcare, in the second and third quarters of this year.
PruBSN is a partnership between Bank Simpanan Nasional and Prudential Plc in the ratio 51:49.
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