Logo of Phnom Penh Post newspaper Phnom Penh Post - Amret links up with insurance firm AIA

Amret links up with insurance firm AIA

Content image - Phnom Penh Post
AIA Cambodia CEO Richard Bates said at a signing ceremony on Monday. Supplied

Amret links up with insurance firm AIA

Amret Microfinance Institution and life insurance firm AIA (Cambodia) signed a partnership agreement on Monday for life insurance service distribution.

The agreement will allow more than 400,000 Amret customers to access life insurance services from AIA, said representatives of both companies.

The official announcement comes after the partners obtained approval from the National Bank of Cambodia (NBC) and the Ministry of Economy and Finance in April. Up to now, Amret has sold insurance products to nearly 1,000 customers.

Speaking at a press conference on Monday, Amret CEO Chea Phalarin said the partnership with AIA will help Cambodians meet their long-term financial goals.

“Our partnership with AIA will bring more benefits and better peace of mind to our customers,” he said, adding that Amret is now offering two insurances services to clients – life insurance and loan insurance.

While a majority of Amret customers are rural residents taking out micro-loans, Phalarin said they hope to design affordable insurance products for a range of customers.

AIA Cambodia CEO Richard Bates said Amret has a large customer base which will help it reach more people in the Kingdom.

“Through this partnership, we can now reach out to all corners of the Kingdom. Together, we are committed to protecting and improving the well-being of Cambodians,” he said.

At the end of May, Amret consisted of 156 branches nationwide with total assets of $865 million. It had a total of $745 million in outstanding loans and $368 million deposited in savings accounts.

MOST VIEWED

  • Breaking: US House passes 'Cambodia Democracy Act'

    The US House of Representatives in Washington, DC, on Monday, passed the “HR 526 Cambodia Democracy Act”, also known as the Cambodia Democracy Act of 2019. If signed off by the president, the bill will allow two major sets of action to be taken against high-ranking Cambodian

  • ‘Zero-dollar’ tours under fire

    Minister of Tourism Thong Khon has blamed “zero-dollar” tour operators for the decrease in foreign tourists to Angkor Archaeological Park in the first half of this year and has called for action against them. Angkor Archaeological Park received 1.24 million foreign visitors in the first half

  • Breaking: Rubbish found packed inside 83 containers at S'ville port

    Eighty-three containers packed with rubbish were broken open at Sihanoukville Autonomous Port by joint authorities on Tuesday. The origin of the containers has yet to be ascertained, Ministry of Environment spokesman Neth Pheaktra said. Pheaktra, who is also the ministry’s secretary of state, said

  • Some jobs off limits to foreigners from August

    Beginning from the second week of August, foreigners will be banned from driving taxis and tuk-tuks, as well as being motorcycle delivery drivers, street food vendors, hairdressers and product distributors among other lower-income jobs. Some white-collar jobs such as the head of human resources will