GREAT Eastern Life Assurance (M) Bhd expects the annualised premium of its Penang branch to increase by 26% to RM63mil this year.
Its director and chief executive officer Alex Foong Soo Hah told reporters that its investment-linked products would spearhead the growth of its premium income.
“We also expect the number of policies in force in Penang to increase to 280,000 by year-end from 260,000 at present,” he said, adding that by the end of next year, the number of policies in force in the state should reach 300,000.
The Penang branch is the third largest premium contributor for the company, after its branches in Kuala Lumpur and Johor Baru.
The branch has about 40 staff members and a network of 1,780 agents to service policy owners.
Foong said Great Eastern planned to set up more branches on the mainland. “Butterworth and Sungai Petani are our immediate targets,” he said, noting that the company had 24 branches nationwide.
Foong was speaking after Penang Chief Minister Tan Sri Dr Koh Tsu Koon officiated a groundbreaking ceremony for Wisma Great Eastern, the company's flagship building in the northern region scheduled for completion in 2007.
“We are investing RM51mil in the five-storey building,” he said.
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