After years in the US market and then expanding their horizon to the Asia market in Vietnam and Myanmar, MetLife is securing another big market in AmLife, one of Malaysia’s life insurance company from the AMMB group for an amount amounting to $256M (as of current RM840,832,000, approximately RM840M). MetLife secured about 51% shares of AmLife.
What does it bring to Malaysia market?
Prior to this agreement, MetLife will also enter an exclusive 20-year agreement to sell insurance products through AMMB’s banking network. Expect more products to be launched in the future as the insurance industry is growing in this part of the region.
What does this bring to AmLife?
AmLife will most probably be one to look at in the market considering a major player in the insurance industry is now involved. As of everywhere, the transition of learning each other products and processes will be based on how fast and efficient the staffs are.
“For MetLife, it’s an opportunity for us to enter the Malaysian market, which we believe is an attractive market given the under-penetration of life insurance, a rising middle class and growing disposable incomes,” says Nirmala Menon, SVP at MetLife in Asia.
ThoughtsWhat does it bring to the technical sector? As more globalized company enter the Malaysia market, it will be a good boost to the economy in Malaysia depending upon how the investment was made. To the technical sector, it could also mean a better job pay and also changes of system and in need of more technical staffs in Malaysia.
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