AXA OFFICIALLY LAUNCHES MALAYSIA LIFE INSURANCE VENTURE AND PREDICTS TOP FIVE FINISH FOR FIRST YEAR

Axa Affin Life Insurance, the joint venture between France-based Axa and Malaysia-based Affin bank, has officially launched in Malaysia. At the launch event acting chief executive Leigh McConnon forecast that the new company would generate returns in excess of 100m ringitt for its first year of operations. “We aim to be among the top five life insurance companies in Malaysia,” said Mr McConnon. “Our first year target is to reach 100m ringitt gross premium and to have a pool of 700 quality agents by the end of 2007. The company currently has 80 agents and five life insurance products but Mr McConnon said there are plans to develop more products over the year including investment-linked and mortgage insurance products as well as new bancassurance products.