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.