Etiqa Life and General Assurance Philippines Inc., a subsidiary of Malayan Banking Bhd, has entered into an insurance distributorship deal with bilyonaryo Lucio Co-led Philippine Bank of Communications.
The transaction, subject to regulatory approvals, will allow PBCom to exclusively distribute Etiqa’s life and non-life insurance products to its bank clients.
The proposed agreement is composed of two phases – six months for the pilot phase and 15 years for the regular phase.
Etiqa Philippines provides a wide range of group life and general insurance, group medical benefits, individual life and non-life, and variable products that cater to various protection, savings and investment needs across all market segments.
It is also one of the leading providers of Group Health insurance with over 1,600 accredited hospitals and clinics nationwide, 30,000 doctors and a 24/7 in-house call center.
Founded in 1939, PBCOM has 95 branches operating across the country.
It has expanded its offerings digitally through cash management and its online and mobile banking platforms.
PBCOM ended June with a capitalization of P14.4 billion and total assets of P116.1 billion.