RHB Banking Group has inked long-term bancassurance and bancatakaful partnerships with Tokio Marine Life Insurance Malaysia Bhd and Takaful Malaysia, marking one of the largest such agreements in the Malaysian financial services sector.
The exclusive 20-year distribution agreements, effective Aug 1, 2025, will see RHB distribute conventional life insurance, family takaful and general takaful products developed by Tokio Marine Life, Syarikat Takaful Malaysia Keluarga Bhd and Syarikat Takaful Malaysia Am Bhd through its banking and digital channels.
The agreements come with a total access fee of up to RM1.6 billion, reflecting the projected business volume over the partnership’s tenure and contributing positively to RHB’s profit before tax.
“This long-term and exclusive partnership reinforces our commitment to customer relevance, income diversification and sustainable growth,.
“It aligns with our PROGRESS27 strategy, focused on strengthening our non-interest income streams” RHB Group Managing Director and CEO Datuk Mohd Rashid Mohamad said.
He highlighted that the new partnerships are supported by a comprehensive framework agreement to ensure joint governance, operational alignment and long-term synergy.
