HSBC's Regular Contributions Doubled

HSBC Amanah Takaful targets to contribute 20% of HSBC Amanah Malaysia Berhad's revenue by 2011. Its current contribution is insignificant.

New regular contributions for the takaful operator had doubled to RM30 mil from RM15 mil recorded 6 months ago. The operator has also turned profitable recently.

Other statistics and facts:

• Sales of investment-linked products declined 32.6% in 2008
• Sales of savings and protection plans grew 19.1% in 2008
• May enter into bancatakaful partnerships with banks other than HSBC in future
  

Meanwhile a survey by HSBC Insurance showed that 2 of the most specific long-term wealth aspirations for Malaysians are in retirement and education funding.

At the bank side, HSBC Bank announced last week that it had started offering marine cargo insurance.

Source: The Star, Business Times 1 & 2