October 11th, 2012
  ITA launches ops, eyes regional expansion
PETALING JAYA: International insurance company Investors Trust Assurance SPC (ITA) has launched its operations in Malaysia under its plan to expand into the untapped South-East Asian market.

At a media briefing held in conjunction with the launch of its operations here, managing director Bob Pain said there was still a lot of room for growth in insurance in the South-East Asian market. He added that ITA would also look to expand in developing countries such as in southern Africa, the Middle East and eastern Europe in the future.

“ITA’s focus now is to build its business in Malaysia,” he said.

ITA specialises in investment-linked insurance products and currently has about US$650mil in assets under management which is projected to expand to some US$715mil by year-end. Pain added that in three years time, ITA expected to up its assets under management to be circa US$950mil.

ITA has operations in more than 30 countries, and aims to develop Malaysia as its regional hub.

Currently an equal proportion of some 50,000 of ITA clients come from Latin America and Asia-Pacific.

Chief marketing officer Ariel Amigo said he expected to see a heavier weighted proportion from Asia in between three and five years.

“We see a lot of potential in Malaysia. It is one of Asia’s most thriving insurance markets with a significant number of local and international players.

“The country has a growing middle class with sizeable income and a high savings mentality,” he added.

As of June, ITA’s return on assets and return on equity stood at 1.7% and 17.9% respectively.

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Source: The Star Online - Star Publications (M) Bhd
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