Phnom Penh, 12 January 2022 – AIA (Cambodia) Life Insurance Plc (“AIA Cambodia”) and Prince Bank Plc today entered into a bancassurance partnership to offer customers a convenient one-stop service and the opportunity to effortlessly access a wide range of best-in-class insurance and banking solutions.
The signing ceremony was attended by His Excellency Bou Chanphirou, the Director General of the Insurance Regulator of Cambodia, His Excellency Rath Sovannorak, Director General of Banking Supervision of National Bank of Cambodia, Mr. Huy Vatharo, Chairman of the Insurance Association of Cambodia, Mr. Bun Yin, Deputy Chairman of The Association of Banks in Cambodia, and senior management from the AIA Group, AIA Cambodia, and Prince Bank.
The five-year agreement between two leading organizations will make insurance easily available and provide an enhanced financial planning experience that emphasizes long-term financial security. AIA’s comprehensive life and health plans will be accessible at Prince Bank’s 32 branches in 22 provinces nationwide.
The collaboration builds on the insurer’s bancassurance strategy to partner leading financial institutions to raise insurance awareness and penetration. As Cambodians become more knowledgeable about health and wellness, the partnership enables AIA Cambodia to deliver expert consultation, high-quality solutions and sound financial advice to Prince Bank’s client base as they fulfill their banking needs.
His Excellency Bou Chanphirou, the Director General of the Insurance Regulator of Cambodia said: “I would like to show my appreciation towards AIA Cambodia and Prince Bank for their dedicated contribution to the development of the insurance industry in Cambodia and encourage the management and staff of both institutions to be actively involved in promoting more comprehensive and sustainable development of the insurance sector in Cambodia.”
At the ceremony, His Excellency Rath Sovannorak, Director General of Banking Supervision of National Bank of Cambodia said: “In this context, the partnership between Prince Bank Plc and AIA (Cambodia) Life Insurance Plc in choosing Bancassurance business (Referral model) contributes to financial sector development and financial inclusion enhancement by increasing public accessibility to financial service, strengthening consumer protection and promoting financial literacy.”
Mr. Andrew Loh, Chief Executive Officer of AIA Cambodia said: “Our partnership offers an expedient, customer-centric experience to Prince Bank customers, which aligns with our purpose to help Cambodians live Healthier, Longer and Better Lives. This is also a welcome opening for us to provide stronger value by sharing how insurance can positively impact health and financial security in the present and future.
“From a business perspective, AIA Cambodia and Prince Bank will leverage and exchange technological expertise and market familiarity to diversify distribution channels and expand our client portfolio in keeping with our pledge to accelerate growth in the insurance and bancassurance industries.”
Mr. Honn Sorachna, Chief Executive Officer and Managing Director of Prince Bank said: “As a Cambodia bank that received multiple awards and recognitions from international organizations, our customers have come to rely on us to deliver world-class products and services that offer added value to them. By partnering with one of the world’s leading insurance companies, we will be able to offer our customers access to high quality, tailored life insurance products, and services that offer them protection suited to their needs.”
For more information on AIA Cambodia’s offerings via Prince Bank and how they help you plan and save for the future, please visit any Prince Bank branch, contact AIA Client Care at 086 999 242 or visit aia.com.kh.
For more information about Prince Bank products & services, please contact 1800 20 8888, visit www.princebank.com.kh or visit our branches located nationwide.
AIA Group Limited and its subsidiaries (collectively “AIA” or the “Group”) comprise the largest independent publicly listed pan-Asian life insurance group. It has a presence in 18 markets – wholly-owned branches and subsidiaries in Mainland China, Hong Kong SAR(1), Thailand, Singapore, Malaysia, Australia, Cambodia, Indonesia, Myanmar, New Zealand, the Philippines, South Korea, Sri Lanka, Taiwan (China), Vietnam, Brunei and Macau SAR(2), and a 49 per cent joint venture in India.
The business that is now AIA was first established in Shanghai more than a century ago in 1919. It is a market leader in Asia (ex-Japan) based on life insurance premiums and holds leading positions across the majority of its markets. It had total assets of US$330 billion as of 30 June 2021.
AIA meets the long-term savings and protection needs of individuals by offering a range of products and services including life insurance, accident and health insurance and savings plans. The Group also provides employee benefits, credit life and pension services to corporate clients.
Through an extensive network of agents, partners and employees across Asia, AIA serves the holders of more than 39 million individual policies and over 16 million participating members of group insurance schemes.
AIA Group Limited is listed on the Main Board of The Stock Exchange of Hong Kong Limited under the stock code “1299” with American Depositary Receipts (Level 1) traded on the over-the-counter market (ticker symbol: “AAGIY”).
About Prince Bank Plc.
Prince Bank Plc. started its business operations in 2015 as a private microfinance institution under the former name “Prince Finance Plc.” and was transformed into a commercial bank with license No. B 46 granted by the National Bank of Cambodia on 18 July 2018. With a strong capital base, robust technological capabilities, solid expertise, and extensive knowledge of the local market, the bank aspires to become the industry leader by offering differentiated financial solutions through a mix of channels with great convenience to our customers. We are keen on contributing to the development of small and medium enterprises that constitute a key segment of our target customers. Currently, Prince Bank Plc. has 32 branches and 74 ATM locations nationwide.