In a landmark move set to deepen its insurance and takaful footprint, RHB Banking Group formalised exclusive long-term bancassurance and bancatakaful partnerships with Tokio Marine Life Insurance Malaysia Bhd. and its takaful partners, Syarikat Takaful Malaysia Keluarga Berhad (STMKB) and Syarikat Takaful Malaysia Am Berhad (STMAB).
The partnerships were sealed through a series of agreements — a Distribution Agreement between RHB Bank and Tokio Marine Life for conventional life insurance products, and another between RHB Islamic Bank and Takaful Malaysia for family and general takaful products. A joint Framework Agreement was also signed to govern the overall operating and strategic collaboration between all parties.
The exclusivity of these distribution agreements spans 20 years, starting 1 August 2025, with a Total Access Fee of up to RM1.6 billion payable to RHB. This figure reflects the expected business volume RHB will generate across its physical and digital channels over the tenure of the agreements. The partnerships are projected to significantly boost the Group’s non-interest income and profit before tax, aligning with its long-term growth strategy.
“This long-term and exclusive banca partnership reinforces our commitment to staying relevant to our customers, diversifying our income streams, and driving sustainable growth,” said Dato’ Mohd Rashid Mohamad, Group Managing Director and Group CEO of RHB Banking Group.
“By deepening our collaboration, we can deliver tailored financial solutions, enhance customer experience, and unlock meaningful value for all parties involved. It’s closely aligned with our PROGRESS27 strategic roadmap.”
The announcement marks a new phase in the already well-established relationship between RHB and Tokio Marine Life, further combining Tokio Marine’s global insurance expertise with RHB’s trusted local presence.
“This reflects the strength, resilience, and maturity of our partnership,” said Toi See Jong, CEO of Tokio Marine Life Insurance Malaysia. “We are confident this next chapter will bring greater value to communities, as we continue delivering innovative and customer-focused protection solutions.”
From the takaful perspective, the partnership is set to reinforce RHB’s Islamic finance offerings.
“This collaboration positions us to scale our takaful offerings and expand our reach within the Islamic financial ecosystem,” said Nor Azman Zainal, Group CEO of Takaful Malaysia. “It reflects our shared ambition to make Shariah-compliant protection more accessible across our key markets.”
The agreements are seen as a strategic win for all parties involved, creating a stronger platform for innovation, customer-centric product development, and increased penetration of insurance and takaful products in Malaysia — both through traditional branches and increasingly via digital channels.