>Mayban Life Assurance Bhd

Mayban Life Assurance Bhd

Providing life insurance products and financial advice

About

Mayban Life Assurance Berhad (Mayban Life) is the life insurance subsidiary of Maybank and commenced operations on July 1, 1993.

A major factor differentiating Mayban Life from the rest of the life insurance companies is the absence of an agency force and its unique position as the only insurance provider in Asia which is fully dedicated to "Maybank Bankassurans". Mayban Life's products are not distributed by life agents, but by trained specialists located in Maybank branches throughout Malaysia.

These trained specialists, known as Financial Executives, undergo intensive training and studies before being allowed to sell life insurance policies. Areas covered under the training programme include detailed knowledge on products and regulations as well as financial planning. Most importantly, these financial executives are backed by the nation's largest bank and are guided by the strong and ethical principles of TIP – Trust, Integrity and Professionalism.

Mayban Life's product offerings include savings with life insurance schemes that are customised exclusively for Malaysians from all walks of life. We provide financial planning for children's education, retirement, protection and investment schemes. This personalised planning and innovative service have shown promising results, as evidenced by Mayban Life's increasing market share in new life insurance business and the "Life Insurance Company of the Year for 1999 Asia" Award.

To further strengthen and develop Bankassurans, a strategic partnership agreement was signed between Maybank and Fortis Insurance International NV (Fortis) on 8 February 2001. Under this agreement, Fortis obtained a 30% equity interest in Maybank's life and non-life insurance business. Fortis is a highly established and successful bancassurer in Europe.

The partnership agreement was completed on 28 June 2001 with the sale of the remaining equity interest which has resulted in Maybank now effectively owning 62% of the equity, Fortis owning 30% and the remaining 8% held by Safety Capital Berhad.