MANULIFE SIGNS BANCASSURANCE AGREEMENT WITH ALLIANCE BANK PARTNERSHIP TO CONTRIBUTE UP TO 30 PER CENT OF MANULIFE’S NEW BUSINESS PREMIUMS
Source: Money Compass, 12 September 2013 Manulife Insurance Berhad (Manulife Malaysia) and Alliance Bank Malaysia Berhad (Alliance Bank) signed a strategic bancassurance agreement that will see Alliance Bank distribute Manulife Malaysia’s suite of life insurance products through its network of over 90 branches, serving the Bank’s consumer base of more than one million customers. It is a 10-year agreement that is expected to help Alliance Bank provide a comprehensive suite of products, protecting their customers’ long-term financial wellbeing. It is also expected to contribute up to 30 per cent of Manulife Malaysia’s new business premiums and help the company build scale and diversify its channel mix. The partnership will also contribute to Alliance Bank’s fee-based income.