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

  • Hungarian exposes 90 to Covid in Siem Reap

    The Ministry of Health has discovered 90 people who have been exposed directly or indirectly to a Hungarian man infected with Covid-19. They all are required to quarantine at home and the hospital. The ministry is searching for other affected people. Among the 90, one is the

  • PM warns of ‘new Cold War’

    Prime Minister Hun Sen said the possibility of a so-called new Cold War has become a significant concern and that all countries have to reject outright, any attempt to allow history to tragically repeat itself. He made the remarks in a speech during 75th Session

  • PM: West unfair to Cambodia

    Prime Minister Hun Sen released a message celebrating the International Day of Peace on Monday, saying that some major powers and western countries had been systemically cooperating to put political pressure on Cambodia as they did in the 1970s and 1980s. Hun Sen said pressuring

  • ‘Bad news is an investor’s best friend’ – unlocking investment potential in Cambodia

    It is time to shop. Economic woes provide good pickings for investors if they know where to look The poem If, written by English Nobel laureate poet and novelist Rudyard Kipling for his son circa 1895, is widely perceived as fatherly advice for John who would

  • PM requests Russia’s Covid vaccine

    Prime Minister Hun Sen has requested that Russia provide Cambodia with its Covid-19 vaccine after the former announced it planned on mass vaccinating its population next month. The request came on Thursday through the prime minister’s Facebook page as he met with Anatoly Borovik,

  • First ‘mobile kitchen’ in Cambodia enters service

    A catering company recently rolled out Cambodia’s first “mobile kitchen” – a $50,000 container capable of serving up to 200 people at a time. The kitchen is the brainchild of Seng Hok Heng Catering Services. At 4.4m-high, 6.8m-long and 2.4m-wide (expandable to 6.8m), the kitchen is equipped