AIA Cambodia and Prince Bank’s bancassurance partnership to offer customers more convenience and an enhanced financial experience

Phnom Penh, 12 January 2022 - AIA (Cambodia) Life Insurance Plc (“AIA Cambodia”) and Prince Bank Plc today entered a bancassurance partnership to offer customers a convenient one-stop service and the opportunity to effortlessly access a wide range of best-in-class insurance and banking solutions.

The signing ceremony was attended by His Excellency Bou Chanphirou, the Director General of the Insurance Regulator of Cambodia, His Excellency Rath Sovannorak, Director General of Banking Supervision of National Bank of Cambodia, Mr. Huy Vutharo, Chairman of the Insurance Association of Cambodia, Mr. Bun Yin, Deputy Chairmen of The Association of Banks in Cambodia, senior management from the AIA Group, AIA Cambodia, Prince Bank, and the first five customers of the partnership.

The five-year agreement between two leading organizations will make insurance easily available and provide an enhanced financial planning experience that emphasizes long-term financial security. AIA’s comprehensive life and health plans will be accessible at Prince Bank’s 32 branches in 22 provinces nationwide.

The collaboration builds on the insurer’s bancassurance strategy to partner with leading financial institutions to raise insurance awareness and penetration. As Cambodians become more knowledgeable about health and wellness, the partnership enables AIA Cambodia to deliver expert consultation, high-quality solutions, and sound financial advice to Prince Bank’s client base as they fulfill their banking needs.

His Excellency Bou Chanphirou, Director General of the Insurance Regulator of Cambodia said: “I am happy to note that this partnership is aligned with and supports the Royal Government’s strategies to enhance our financial sector and ensure economic stability. It leads to increased financial inclusiveness for Cambodians as well as gives them more access to insurance, which can only benefit them in the long run.”

At the ceremony, His Excellency Rath Sovannorak, Director General of Banking Supervision of National Bank of Cambodia said: “In this context, the partnership between Prince Bank Plc and AIA Life Insurance Company (Cambodia) in choosing Bancassurance business (Referral model) contributes to financial sector development and financial inclusion enhancement by increasing public accessibility to financial service, strengthening consumer protection and promoting financial literacy.”

Mr. Andrew Loh, Chief Executive Officer of AIA Cambodia said: “Our partnership offers an expedient, stress-free experience to Prince Bank customers, which aligns with our purpose to help Cambodians live Healthier, Longer and Better Lives. This is also a welcome opening for us to provide stronger value by sharing how insurance can positively impact health and financial security in the present and future.  

“From a business perspective, AIA Cambodia and Prince Bank will leverage and exchange technological expertise and market familiarity to diversify distribution channels and expand our client portfolio in keeping with our pledge to accelerate growth in the insurance and bancassurance industries.”

Mr. Honn Sorachna, Chief Executive Officer and Managing Director of Prince Bank said: “As a Cambodia bank that received multiple awards and recognitions from international organizations, our customers have come to rely on us to deliver world-class products and services that offer added value to them. By partnering with one of the world’s leading insurance companies, we will be able to offer our customers access to high quality, tailored life insurance products, and services that offer them protection suited to their needs.”

For more information on AIA Cambodia’s offerings via Prince Bank and how they help you plan and save for the future, please visit any Prince Bank branch, contact AIA Client Care at 086 999 242 or visit aia.com.kh.

For more information about Prince Bank products & services, please contact 1800 20 8888, visit www.princebank.com.kh or visit our branches located nationwide.