KUALA LUMPUR (Aug 1): Alliance Bank Malaysia Bhd has extended its exclusive bancassurance partnership with Manulife Holdings Bhd for another 15 years.

Both parties entered the bancassurance agreement in 2013. Manulife was to pay a total fee of RM70 million to Alliance over the past 10 years.

In a joint statement on Tuesday (Aug 1), both parties said the extension reaffirms their commitment to build on their strengths and further accelerate their shared vision to offer holistic financial solutions and increase the level of comprehensive protection benefits for the bank’s customers.

“Alliance Bank and Manulife Malaysia have been partnering to offer innovative insurance and wealth management solutions since 2013.

“In the next 15 years, Alliance Bank will continue to distribute Manulife Malaysia’s life insurance products, enabling the bank to drive growth for its fee-based income,” they said.

Alliance group chief executive officer Kellee Kam said the partnership with Manulife gives the group an opportunity to better support its customers’ health, protection, and investment needs.

“The renewed focus will see us further tapping our partner’s insurance expertise and resources to offer more market-leading experiences, products, and digital solutions for Alliance customers,” he noted.

Meanwhile, Manulife Malaysia CEO Vibha Coburn said the extension is an important milestone for Manulife Malaysia and Alliance Bank as it reaffirms both parties' success over the past 10 years.

“Built on a solid foundation, this partnership reaffirms our commitment to giving more Malaysians greater access to the right information, advice, solutions, and positive customer experiences,” she added.

By leveraging their respective expertise, both parties are set to remain adaptable and responsive to the evolving financial landscape, delivering value to Malaysian customers as well as empower Malaysians with holistic wealth and protection solutions.

Shares in Alliance closed down four sen or 1.13% to RM3.49 on Tuesday, giving it a market capitalisation of RM5.4 billion. Meanwhile, Manulife was last traded at RM1.89, valuing the group at RM408.73 million.

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Alliance Bank signs bancassurance agreement with Manulife