TM Asia Life Malaysia Appoints New CEO

TM Asia Life Malaysia Bhd. [89129] said it has promoted Kenneth Wong Yuen Ch'ang to chief executive officer to develop bancassurance business and other alternative distribution lines through possible strategic tie-ups.

The insurer said Wong, who has more than 23 years of experience in the life insurance industry, will lead a team to provide more financial solutions with a range of products for retirement planning, promote more qualified financial planners among its 2,500 agency forces and ensure the overall increase of the company?s embedded value including that of new business every year.

"I aim to share my expertise and knowledge, especially with the current economic climate and work with my team to ensure that we achieve the new business premiums target, which is set at 183 million Malaysian ringgit (US$54 million) for 2009," said Wong in a statement.

Wong is also "optimistic" that TM Asia Life will be able to achieve its target by "having sound risk-based capital in place, supported by its internal capabilities, including good risk management and corporate governance, diversifying distribution channels, offering innovative products, providing quality and value-added services to the customers."

Prior to taking up the new position, the insurer said Wong was the general manager of TM Asia Life in charge of actuarial, finance, operations and business development. He had held similar positions at Tokio Marine Asia Pte. Ltd. [51898], the regional office of TM Asia Life in Singapore.

According to TM Asia Life, Wong was the senior actuary with the insurance supervision division of the country's financial services regulator, Bank Negara Malaysia, where he was instrumental in helping to develop the risk-based capital framework since 2005.

Established on March 9, 2007, TM Asia Life Malaysia Bhd. is the first Japanese-owned life insurance company in Malaysia following the acquisition of Asia General Holdings by Tokio Marine & Nichido Fire Insurance Co. Ltd. [84745], a unit of Japan's largest insurer, Tokio Marine Holdings Inc. [50962].