KUALA LUMPUR: Commerce Takaful Bhd is set to increase total gross contributions to over RM500mil this year, up from RM68mil last year, backed by its newly launched Takaful Global Giants (TGG) product. 
The new product itself was expected to bring in total sales exceeding RM250mil in the next few weeks, said chief executive officer Zainudin Ishak. 
“With this product and other businesses, we are confident of reaping total gross contributions over RM500mil by year-end,” he said at the TGG product launch yesterday. 
Commerce Takaful, owned by CIMB group and Aviva Plc, currently offers general takaful products, the major contributor to its revenue last year, as well as family takaful and investments plans. 
TGG, an alternative to fixed deposits, is the first joint-venture takaful product between CIMB and Aviva. The investment-linked product combines 100% capital protection if held to maturity and returns linked to the performance of 20 syariah-compliant blue chips. 
The minimum investment for TGG is RM10,000 and the maximum is RM1mil, with subsequent investments of RM1,000. Subscription to the close-ended fund is open till July 13. – Bernama  
CIMB ties up with Aviva
KUALA LUMPUR: Aviva Plc, the world's fifth largest insurance group, is confident its joint venture with the CIMB group will clinch the top five position in Malaysia's life insurance and takaful sector in three to five years. 
Aviva Asia Pte Ltd managing director Charles Anderson said the company was upbeat on achieving this objective because of the synergy in the joint venture. 
Anderson said CIMB group had a strong customer base across all its businesses, which Aviva believed had not been fully exploited. 
“We got the right products and services and together with the group's extensive distribution channels, we can achieve this objective. 
“With Aviva's depth of experience, we are confident we will be at the forefront of product development, operational efficiencies and customer service in Malaysia,'' he added. 

Anderson said this at a press conference after the formalisation of the strategic joint venture between Aviva and the CIMB group yesterday.  
Aviva Asia is the regional head office of Aviva Plc in the Asia-Pacific. 
The partnership, which was initially announced in January, sees Aviva taking a 49% stake in the group's insurance subsidiaries, Commerce Life Assurance Bhd and Commerce Takaful Bhd, for RM500mil.  
CIMB group will own the remaining 51%. All regulatory and shareholder approvals have been obtained and the transaction is expected to be completed early next month.  
CIMB group chief executive Datuk Nazir Razak said the group had a strong distribution platform in terms of sales while Aviva had a proven record in product manufacturing and driving sales.  
Describing the joint venture as having immense potential, he added: “We have 383 CIMB Bank branches, a customer base of 4.5 million and strong treasury capabilities.  
“Combining these with Aviva's expertise in designing industry-leading insurance products and processes, we expect the joint venture to be one of the leading Malaysian insurers within a short time frame.”  
According to Nazir, the joint venture would launch an investment-linked product, Takaful Global Giants, on Monday.  
He expects this product to garner more than RM250mil in gross premiums over the next few weeks. 
Commerce Life Assurance CEO designate Ho Ming Heng said it was expecting to roll out 15 to 30 products by year-end. 
He said the products would be distributed via CIMB Bank branches and soon, via CIMB Wealth Advisors' unit trust consultants; telemarketing and by partnering with other businesses.