Manulife Malaysia Appoints Citibank as Retirement Income Plan Distributor

Manulife Insurance (Malaysia) Berhad appointed Citibank Berhad as the distributor for its investment-linked retirement income plan, Secure Income Plus, in Malaysia.

The plan caters to investors’ needs with different risk-bearing capabilities. The exposure in equities ranges from 40% in the balanced portfolio to 80% in the aggressive portfolio, said the insurer.

Retirement planning is becoming increasingly important in Malaysia as people are living longer and the cost of living is growing. Paul Hodes, Head of retail banking, Citibank Berhad, said “to ensure a secure financial future, investors must understand the fundamentals of a properly balanced, diversified portfolio, especially so in today’s volatile environment.”

Peter Robertson, president and chief executive of Manulife Malaysia, said the strong network customers of Citibank could fit the profile of the plan’s target market. He also believes this new service could help Malaysians meet their retirement planning goals.

Established in 1963, Kuala Lumpur-based Manulife Insurance (Malaysia) Berhad is a member of Canada-based Manulife Financial Corp. The insurer offers a range of financial protection and wealth management products and services to meet customer needs.

Currently, the insurer provides services to more than 270,000 policyholders through 1,500 agents and 212 employees. It has a network of six regional support centers and more than 50 agency offices located throughout Peninsular Malaysia and East Malaysia.

The insurer has been listed on the main board of Bursa Malaysia since 1984. By the end of June, it managed over 3 billion ringgit (625.8 million euros) in assets.

(By Rebecca Ng, Hong Kong news editor: [email protected])