Sovannaphum Life Assurance Plc and Hattha Bank Plc on Wednesday signed a renewal of distribution agreement to continue their partnership in providing financial protection to Cambodian families. Through this well-built partnership, Sovannaphum Life banca executives provide comprehensive information on life insurance solutions to Hattha Bank customers so that they are able to make informed decisions concerning personal and family financial protection. With a compound annual growth rate of 60 per cent for the last three years, the partnership with Hattha Bank, which began in April 2018, has been a great success for Sovannaphum Life.
“We are thrilled to continue the partnership with Hattha Bank. The partnership allows us to continue protecting the financial well-being of Hattha Bank customers through our trusted services and financial strength. This year marks the fifth anniversary of our operations in Cambodia. As of October 2021, we have provided financial protection to more than 120,000 Cambodians, equal to a total sum assured of over $1.4 billion. We have also settled claims of more than $3.3 million.”
“We are really excited to launch a new product called SMILE Happy Saving for Hattha Bank, with a special $100 discount for the first 300 customers,” said Sovannaphum Life Assurance CEO Loke Kah Meng.
Hattha Bank president and CEO Oknha Hout Ieng Tong said: “The renewal of this distribution agreement truly proves the success of our partnership in providing financial solutions to Cambodian families. Hattha Bank has nearly 30 years of experience, with total active assets of more than $1.8 billion and nearly 500,000 accounts nationwide. Our vision is to be a highly admired bank and the preferred choice for customers.”
About Sovannaphum Life Assurance Plc
Sovannaphum Life Assurance Plc is a subsidiary of Canadia Investment Holdings (CIH), with a legacy since 1991 and total assets of more than $7 billion. Sovannaphum Life has a strong and reliable financial base, and has won many awards. For four consecutive years – 2018, 2019, 2020, and 2021 – it has won the “Fastest-Growing Life Insurance Company Cambodia” award from the London-based Global Banking and Finance Review. It was also awarded “Most Innovative Life Insurance Company Cambodia 2021” by International Business Magazine, which is headquartered in the United Arab Emirates.
About Hattha Bank Plc
Hattha Bank is a subsidiary of Bank of Ayudhya (Krungsri), the fifth largest commercial bank in Thailand, and a member of Mitsubishi UFJ Financial Group (MUFG), a leading Japanese and global financial services group.
As of September, this year, Hattha Bank had 177 offices and 137 ATM networks nationwide, a total deposit balance of $866 million and a loan portfolio of $1,525 million with more than 400,000 accounts opening.
Hattha Bank’s state-of-the-art core banking system allows for a wide range of financial services to meet customers' needs and provides innovative digital banking facilities with secure and highly efficient financial service solutions. Hattha Bank will soon be launching further banking services to better serve its customers.