High net worth individuals and business owners in Malaysia to benefit from stability and flexibility of US Dollar-denominated life insurance plan.

KUALA LUMPUR, 8 April 2019 – Manulife Insurance Labuan Limited (“MILL”) announced their partnership today with Standard Chartered Bank Malaysia Berhad to distribute the US Dollardenominated Signature Heirloom (II), which is the first of its kind to be made available in Malaysia. The universal life insurance product is specifically designed to cater to the demands of the high net worth market to help them grow and transfer their wealth to the next generation. 

“We are excited to partner with Standard Chartered to bring this solution to help meet the legacy planning needs of their most valued customers,” said Lee Sang Hui, Group Chief Executive Officer of Manulife Holdings Berhad. “High net worth customers in the past have had to go to financial hubs like Singapore and Hong Kong to access this type of life insurance product and we are delighted that they can now obtain it without leaving Malaysia.”

 With a minimum sum assured of USD 500,000, Signature Heirloom (II) can also help business owners achieve their business continuity plans, many of whom have large asset bases that are not always liquid. Because it is US Dollar-denominated, it is viewed as more stable while being flexible enough to adapt to changing business needs. 

Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia, said the partnership with MILL is aligned with the Bank’s values of putting client first. “We realised that many of our high net worth clients will benefit from a product like this, and are fortunate to have found a like-minded and experienced partner in MILL to work together in bringing this product to Malaysia to cater to this segment.” 

He added, “Our clients are always at the top of our minds when we enter into partnerships because we want to bring the best product solutions to them. Our collaboration with MILL

complements our existing partnerships with Prudential Malaysia, Prudential BSN Takaful, Allianz General Insurance and Syarikat Takaful Malaysia.” This marks the first collaboration between MILL and Standard Chartered in Malaysia, although both Groups have been enjoying a strong and successful partnership in Singapore and Hong Kong since 2016.

From left: John Parker, Principal Officer of Manulife Insurance Labuan Limited; Sammeer Sharma, Head of Wealth Management of Standard Chartered Malaysia; Lee Sang Hui, Group Chief Executive Officer of Manulife Holdings Berhad; Abrar A. Anwar, Managing Director and Chief Executive Officer of Standard Chartered Malaysia; John Chow, Chief Partnership Officer of Manulife Insurance Berhad.

Manulife Insurance Labuan Limited (MILL) 

MILL is a wholly owned subsidiary of Manulife Holdings Berhad (MHB) incorporated and licensed in Labuan, Malaysia in September 2017. MILL is the first company in Malaysia to offer a US dollar denominated (USD) universal life insurance product to high net worth individuals and business owners. For more information please visit www.manulifelabuan.com.my. MHB is a member of Canada-based Manulife Financial Corporation (MFC), a leading Canadian-based financial services group, and is listed on the Bursa Malaysia. MHB’s assets under management as of 31 December 2018 were RM9.9 billion and RAM ratings have assigned them a corporate credit rating of AA3. For more information, please visit the following websites:

Standard Chartered Bank Malaysia 

Standard Chartered Bank, a member of the Standard Chartered Group was established in Malaysia in 1875 and incorporated as Standard Chartered Bank Malaysia Berhad in 1984. As Malaysia’s first bank, Standard Chartered leads the way through product innovation, consistent and strong growth performance and sustainability initiatives. The Bank provides a comprehensive range of financial products and services to corporates, institutions, small and medium-sized enterprises and individuals through its network of branches across Malaysia. In 2001, Standard Chartered PLC established its third global technology & operations centre, Standard Chartered Global Business Services (formerly Scope International) in Malaysia – the first international bank to do so in the country. It provides software development, banking operations, IT support services and customer service capabilities to the Bank in up to 70 countries. It now houses the biggest software development company in the country, International Software Centre Malaysia (ISCM) and has a total workforce of more than 4,500 people. Price Solutions Sdn Bhd, a wholly owned subsidiary of Standard Chartered PLC is also located in Malaysia. The company promotes and markets Standard Chartered’s financial products in Malaysia through a network of direct sales agents. Standard Chartered Saadiq Berhad, Standard Chartered Bank Malaysia’s Islamic Banking subsidiary was established in November 2008. It offers a full suite of Syariah-compliant products and services to individuals and corporates through its dedicated branches. Standard Chartered employs over 7,000 employees in all its Malaysian operations.

Standard Chartered 

We are a leading international banking group, with more than a 150-year history in some of the world’s most dynamic markets. Our purpose is to drive commerce and prosperity through our unique diversity, and our heritage and values are expressed in our brand promise, Here for good.  We are present in 63 countries and territories, with over 1,000 branches and around 3,000 ATMs. Standard Chartered PLC is listed on the London and Hong Kong Stock Exchanges as well as the Bombay and National Stock Exchanges in India. For more information please visit www.sc.com.