MAA Assurance Bhd's new fund to be launched next month could chalk up RM50 million in sales.MAA vice-president of life business development services division, YC Chan said the insurer is confident of attracting up to 700 investors to subscribe to the new fund, given the guarantee element in the scheme.
"Based on the outstanding performance of our existing four guaranteed funds, we are confident of achieving the target," Chan said.
He said MAA is waiting for the right time to launch the new fund as bond yields are not that encouraging now.
However, he was optimistic that the equity market will perform better in the second half of the year.The new fund, he said, will be a structured product with a promise to return 100 per cent of the principal invested at maturity and linked to the performance of underlying assets.
It will maintain a 90 per cent bond portfolio while the balance 10 per cent will be in equities. The minimum investment for the new fund is RM10,000.
MAA has achieved sales of RM165 million for its existing four guaranteed funds - Maaster Capital Guaranteed Plan 1 (MCGP1), MCGP2, MCGP3 and MCGP4-Asia Pacific.
The MCGP1, a single premium investment linked plan, matured last March returning 33.4 per cent over a five year period.
"This is a remarkable achievement for the MCGP1 which I believe is one of the highest for a capital guaranteed plan," Chan said.
The MCGP1 average returns of 6.68 per per cent per annum outperformed the 12 month fixed deposit returns.MAA has now 16 funds worth RM600 million under management. - By Rupinder Singh
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