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

  • ‘Kingdom one of safest to visit in Covid-19 era’

    The Ministry of Tourism on January 12 proclaimed Cambodia as one of the safest countries to visit in light of the Kingdom having been ranked number one in the world by the Senegalese Economic Prospective Bureau for its success in handling the Covid-19 pandemic. In rankings

  • Ministry mulls ASEAN+3 travel bubble

    The Ministry of Tourism plans to launch a travel bubble allowing transit between Cambodia and 12 other regional countries in a bid to resuscitate the tourism sector amid crushing impact of the ongoing spread of Covid-19, Ministry of Tourism spokesman Top Sopheak told The Post on

  • Kingdom accepts Chinese vaccine, PM first to get jab

    Prime Minister Hun Sen said China would offer Cambodia an immediate donation of one million doses of the Covid-19 vaccine produced by the Sinopharm company. In an audio message addressing the public on the night of January 15, he said Cambodia has accepted the offer and

  • Reeling in Cambodia’s real estate sector

    A new norm sets the scene but risks continue to play out in the background A cold wind sweeps through the streets of Boeung Trabek on an early January morning as buyers and traders engage in commerce under bright blue skies. From a distance, the

  • PM asks India for vaccine help

    Prime Minister Hun Sen is seeking assistance from India for the provision of Covid-19 vaccines as the country has produced its own vaccine which is scheduled to be rolled out to more than 300 million Indians this year. The request was made during his meeting with

  • One million Chinese Covid-19 jabs to start rolling in from February

    The government has confirmed that Covid-19 vaccines from China are set to begin arriving in Cambodia by February. This came as the Ministry of Health recorded two imported cases of Covid-19 on January 18. While calling on people to remain vigilant against the pandemic, ministry spokeswoman