CIMB Wealth Sells AIA Products

Excerpt from The Star 31st March 2009

Tuesday March 31, 2009

CIMB Wealth forms alliance with AIA

Tie-up will enable a holistic approach to financial planning

KUALA LUMPUR: CIMB Wealth Advisors Bhd yesterday formalised a 10-year strategic alliance with American International Assurance Bhd (AIA) to offer a wide range of differentiated and innovative insurance protection solutions.

CIMB Wealth Advisors chief executive officer Tan Beng Wah said the company’s 5,500 agents and financial planners would market insurance products underwritten by AIA and its subsidiary AIA Takaful International Bhd.

“It (strategic alliance) will enable both parties to leverage on 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,” he told reporters after the agreement signing ceremony yesterday.

Tan said the company’s agents and wealth planners would now be able to offer customised financial solutions to clients by bundling some of the insurance products with other offerings such as unit trust funds, credit cards, structured products, wills and trusts services provided by the CIMB group.

He also said there was potential to cross-sell their products to benefit both organisations.

“It took us about a year to seal this partnership and last month we came out with a product offering that combines education with insurance,” he said.

He said CIMB would initially introduce about seven AIA insurance products.

AIA chief executive officer Khor Hock Seng said: “Through this alliance AIA will be able to tap into CIMB Wealth Advisors’ agency distribution strength and 35 regional offices to provide a full range of diversified insurance products.”

Khor said AIA would also focus on designing new and innovatice products to meet the changing needs of its customers.

Products currently underwritten and developed by AIA include traditional life, investment-linked medical, education and endowment.

CIMB Wealth Advisors is a subsidiary of CIMB-Principal Asset Management Bhd, which is jointly owned by CIMB Group and the Principal Financial Group in the United States.

AIA, with 60 years of local market presence, is one of the country’s largest life insurers with 23 branches nationwide and over 1,000 employees and 10,000 agents.