RHB signs bancassurance deals with Tokio Marine Life, Takaful Malaysia

RHB will distribute life insurance, family takaful, and general takaful products.

RHB Banking Group has signed exclusive 20-year bancassurance and bancatakaful agreements with Tokio Marine Life Insurance Malaysia and Takaful Malaysia, effective 1 August.

Under the deal, RHB will distribute life insurance, family takaful, and general takaful products through its branches and digital channels. 

In return, RHB will receive a Total Access Fee of up to ~$380m (RM1.6b), tied to projected business volume over the contract period.

The agreements include separate Distribution Agreements and a joint Framework Agreement covering governance and operations.

RHB CEO Dato’ Mohd Rashid Mohamad said the deal supports RHB’s strategy to grow non-interest income. 

Tokio Marine Life CEO Toi See Jong and Takaful Malaysia CEO Nor Azman Zainal said the partnerships will expand access to insurance and takaful offerings in Malaysia.

($1.00 = RM4.24)