KUALA LUMPUR: Credit provider Aeon Credit Service (M) Bhd
(ACSM) is looking to improve its insurance segment as one of its core businesses in a move to maximise profit for the financial year ending Feb 28, 2018 (FY18).
ACSM managing director Kenji Fujita said the company was confident its insurance segment would grow in the market due to potential take-up rate.
“About 70% of Malaysians own insurance compared to Japan which has 100% insurance coverage,” he told reporters after the company’s AGM and EGM on Wednesday.
ACSM chairman Datuk Abdullah Mohd Yusof said the company wanted to expand the insurance segment as there was a highest potential banking on its six million customers database in Aeon Co and Aeon Big.
“We want this insurance segment to be our core business. We have to build the infrastructure and hence it will grow the business,” he said.
Abdullah said the insurance segment was a fee-based business which would not require substantial capital expenditure.
“We will utilise our current group of database of customers and invest in digital marketing, as part our investment,” he said.
In the financial year ended Feb 28, 2017, ACSM’s insurance segment contributed RM11mil to the revenue of RM1.1bil. - Bernama
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