AmMetLife and AmMetLife Takaful branding launched

AmBank Group has unveiled the new brand names of AmMetLife and AmMetLife Takaful, breathing new life into the life assurance and family takaful businesses in Malaysia resulting from the strategic partnership between the AmBank Group and MetLife.

The new companies will develop innovative, life assurance and family takaful solutions in five key areas, leveraging best practices and global
standards:

• Education – Saving for your children’s future 
• Protection – Protecting your family
• Health – Taking care of your health 
• Wealth – Saving for your dreams
• Retirement – Planning for your retirement

The AmBank Group has nearly 40 years’ experience in understanding Malaysian
customers in both conventional and Islamic banking, while MetLife brings its financial strength, global reach, expertise and customer-centric approach to the table. 

Tan Sri Azman Hashim, Chairman of AmBank Group and AmLife Insurance said, “With this partnership with MetLife, Inc., we hope to further enhance and grow the scale and sophistication of the life assurance and family takaful businesses in Malaysia, with the ultimate aim of providing greater and better choice in improving the lives of Malaysians.”
 
Dato’ Dr. Nirmala Menon, Head of Designated Markets and Health, MetLife Asia, “With our new partner, we are confident that the new brands of AmMetLife and AmMetLife Takaful will better serve our customers’ needs across their various life stages. We will do this through innovation in solutions that will make it easier for customers to do business with us and simpler for families and individuals to achieve their financial security, allowing them to pursue more from life.” 

The strategic partnership between AmBank and MetLife was reported here.

AmBank Group and MetLife partner for better life assurance and family takaful offerings in Malaysia

AMMB Holdings’ (AmBank Group's) wholly-owned subsidiary, AMAB Holdings, and MetLife’s subsidiary, MetLife International Holdings (MetLife), have completed the signing of a stock purchase agreement aimed at capturing an increasing market demand for life assurance and family takaful in Malaysia. 

This signing was witnessed by YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia and President of the United States of America (US), Barack Obama.
 
The signing of the stock purchase agreement will see MetLife own 50% plus one share in AmLife Insurance (AmLife), with the remaining shares to be owned by AmBank Group. AmBank Group also owns 50% plus one share in AmFamily Takaful (AmTakaful) with the remaining shares to be owned by MetLife. The total consideration payable by MetLife is RM812mil (US$249 million) upon completion, subject to customary adjustments.

This new partnership is an example of the mutual benefit that comes from increasing business collaboration between Malaysia and the US, which President Barack Obama and Prime Minister Datuk Seri Najib Tun Razak have pledged to continue to support and encourage.

“We are indeed very privileged to have the presence of the President of the United States and the Prime Minister of Malaysia to witness this momentous signing ceremony between two very strong conglomerates, one a Malaysian and the other, from the United States. This partnership between AmBank Group and MetLife ultimately aims to enhance our value proposition to customers by meeting their evolving needs with relevant and innovative solutions, and thereby expand our market share,” said Tan Sri Azman Hashim, Chairman of AmBank Group and AmLife Insurance.

With operations in nearly 50 countries, MetLife brings its financial strength, global reach, expertise and customer centric approach endeavoring to improve the breadth of choice and experience of Malaysian consumers while leveraging AmBank Group’s domestic insights and abilities.
 
Christopher Townsend, President MetLife, Asia, said: “This partnership further advances MetLife’s strategy of expansion in high growth markets, and develops our presence in the attractive markets of South East Asia. We feel honoured that President Obama and YAB Datuk Seri Najib Tun Razak, Prime Minister of Malaysia witnessed this proud moment in our respective company’s histories, and we are very excited and eager to start this long-term partnership with a well-established and respected institution such as AmBank Group”.

As part of the deal, MetLife will provide significant management resources and attention to the new joint venture entities and at the same time AmLife and AmTakaful will respectively enter into exclusive 20-year bancassurance and bancatakaful agreements to provide innovative and customer centric financial planning and protection products through AmBank Group's banking network across Malaysia.

Ashok Ramamurthy, Group Managing Director, AmBank Group, said, “This partnership reaffirms the Group’s commitment and focus in delivering on our strategic agenda. We are convinced that MetLife will be an excellent strategic partner for the Group as we progress towards our vision – as Malaysia’s preferred diversified, internationally connected financial solutions group - we take pride in growing your future with us.”

The deal is expected to close by the end of the month, upon which a phased and collaborative integration process will be conducted.

Established in August 1975, AmBank Group is one of the largest banking groups in Malaysia by market capitalisation and comprises AMMB Holdings (a public listed company on the Main Market of Bursa Malaysia Securities), and its major subsidiaries – AmBank, AmIslamic Bank, AmInvestment Bank, AmInvestment Group, AmGeneral Insurance, AmLife Insurance and AmFamily Takaful.

The Group provides a wide range of both conventional and Islamic financing and related financial services, including retail banking, wholesale banking as well as underwriting of general insurance, life assurance and family takaful.