KUALA LUMPUR: AmLife Insurance Bhd is in an expansion mode in the midst of an economic crisis, targeting to recruit 1,500 women agents by year-end and a 10% annual growth in new business premiums for the current financial year ending March 31, 2010 (FY10).

AmLife chief executive officer Ng Lian Lu said its targeted 10% growth in FY10 would be underpinned by the launch of new products and the increase in the number of its agents to 5,000 by year-end from 3,500 currently.

AmLife recorded RM546 million worth of new business premiums in FY09, a 30% annual growth.

Speaking at the launch of AmLife’s recruitment campaign, “What Women Want”, here yesterday, Ng said AmLife hoped to recruit 1,500 female insurance agents who would then be enrolled at AmAcademy, AmLife’s in-house training academy.

Currently, 30% of its 3,500 life insurance agents are women. It wants to increase the number of women agents to balance the gender ratio.

Deputy Women, Family and Community Development Minister Datin Paduka Chew Mei Fun, who launched the recruitment campaign, said it was regrettable that women were the first to be singled out when a company’s performance declined.

She cited the International Labour Organisation’s figures that show women’s unemployment rate for 2008 was 6.3% compared with 5.9% for men and a predicted global rise in women unemployment of up to 22 million.

“The participation of women in the nation’s activities is no longer an option but a prerequisite to boost Malaysia’s competitiveness.

“Women represent more than one-third in entrepreneurship activities; 40% to 50% of 73 million active entrepreneurs across 34 nations are women. In Malaysia, some 60,000 women-owned businesses are registered each year,” she said.

This article appeared in The Edge Financial Daily, June 10, 2009.