Published: Monday May 13, 2013 MYT 2:01:00 PM
Updated: Monday May 13, 2013 MYT 3:27:19 PM

Allianz targets RM150m new business premiums this year

By Intan Farhana Zainul

KUALA LUMPUR: Allianz Life Insurance (M) Bhd aims to increase its new business premium this year to RM150mil with the launch of its investment-linked insurance plan.

Group chief executive officer Jens Reisch said on Monday the group was targeting up to 70,000 customers this year from its PowerLink product, an investment-linked insurance plan.

Reisch was speaking to reporters after the launch of two new riders for its PowerLink protection product, Enhanced MediCover (medical) and PrimeCare (health).

Last year, the group recorded between RM110mil and RM120mil of in new premiums.

"We realise the importance of providing not just protection, but sufficient amount of protection for those who go through the most difficult times in their lives, especially when it comes to illness," he said.

Up to December 2012, the group market share was at 7% for life insurance and it was ranked number five for new businesses.

Group chief marketing officer Chin Tze How said the group was targeting to introduce a retirement plan product by September this year.

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