OAC Malaysia has its beginnings in Kuala Lumpur in the year 1954, when it begun operations as a branch of OAC Singapore, a member of the OCBC Group. Its early focus was in general insurance, with emphasis on serving the insurance needs of the business community, in support of the expansion of the OCBC Bank in Malaysia. In 1963, the life insurance department was started, making OAC one of the earliest composite insurers in Malaysia. This was followed by a period of rapid growth and expansion, marked by the establishment of an extensive network of branches and agents throughout the country.
In 1998, the branch operations were re-structured to become a locally incorporated subsidiary of OAC Singapore to comply with the requirements of the Malaysian Insurance Act 1996.
By the year 2000, OAC Malaysia's operations had grown significantly, making it one of the largest provider of life, health and general insurance in the country, serving a customer base of more than 500,000 policyholders and having total assets exceeding RM2.5 billion.
In December 2000, OAC Malaysia became a member of the Great Eastern Holdings Group, following the merger of OAC Singapore with Great Eastern Holdings Ltd in Singapore. This was followed by a re-structuring exercise to streamline the insurance operations of the Great Eastern Holdings Group in Malaysia and the subsequent transfer of OAC Malaysia's life insurance business to Great Eastern Life Assurance Malaysia in September 2001.
Arising from this development, OAC Malaysia is now a pure general insurance operator and will spearhead the Group's development and expansion in the general insurance sector.
As at December 2010, the company has a paid-up capital of RM100 million and a network of 13 branches and 6 servicing offices; and more than 3,000 agents, supported by a staff strength of more than 300 dedicated and experienced personnel. For year 2010, our gross written premium exceeded RM260 million and our total assets surpassed RM380 million.
At OAC Malaysia, our vision is to become the general insurer of choice in Malaysia, recognised for our excellence in product innovation and customer care. We are committed to providing our customers with complete financial security and peace of mind. We offer a comprehensive range of general insurance products, and especially in the area of personal lines insurance, our range of products is one of the best available in the market. We will continue to innovate and enhance our products and services in order to meet the ever changing needs of our clients.
We believe that there is tremendous scope in Malaysia for us to grow and excel. Based on our strong track record and financial resources, we are certain we are well positioned to achieve greater growth and expansion in the years ahead.