"Moving forward, we target to grow our market share to 10 per cent on the back of projected contributions of over RM800 million by 2015," said its Chief Executive Officer Saiful Yazan Ahmad after the launch of the joint venture company here Tuesday.
The company is a strategic alliance between ING Management Holdings (Malaysia) Sdn Bhd with a 60 per cent equity participation, and both Public Bank Bhd and Public Islamic Bank Bhd with 20 per cent stake respectively.
"We will leverage on our shareholders' strength to have at least 10,000 agency force and also distribute our products through Public Bank and Public Islamic Bank's network of 250 branches," Saiful said.
The local Takaful business still represents a huge untapped market for the company, he said.
"The penetration rate of Takaful among the 16 million Muslims in the country is only around 10 per cent, compared to the conventional insurance penetration which is around 45 per cent," he said.
A few more products is slated for introduction this year, namely the investment link family Takaful, term personal assurance and medical coverage products.
Saiful said the company may also venture into foreign markets, but added there was nothing concrete yet.
Public Bank's Managing Director and Chief Executive, Tan Sri Tay Ah Lek said the initial revenue contribution to Public Bank may be low but expected the contribution to be significant in three years.
Also present at the launch, Bank Negara Malaysia Deputy Governor Datuk Mohd Razif Abd Kadir said the takaful industry was poised to benefit in the years ahead, given the large untapped market with only 54 per cent of the population having a life insurance or family takaful policy. - Bernama