Great Eastern Takaful deal signed, plans profit after 4 years
New Islamic insurance joint venture Great Eastern Takaful plans to launch two new products when it starts business in January 2011 and break even after four years of operation. While its initial focus will be on the Malaysian market, which is says is ‘underserved’, it will not waste time moving into Indonesia and Brunei as well.
Great Eastern Takaful is the result of a joint venture agreement signed yesterday between Great Eastern Holdings Ltd’s subsidiary I Great Holdings Sdn Bhd and Koperasi Angkatan Tentera Malaysia Bhd (KATM). I Great Holdings will control 70% of the new company and its products will be based on Great Eastern’s existing ‘conventional’ Smart Series: I Great Damai will be similar to Smart Protect and I Great Abadi comes from Smart Invest. It will also use Great Eastern’s expertise in the field and its distribution channel consisting of over 17,000 agents.
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