KUALA LUMPUR (May 5): Two of Khazanah Nasional Bhd's insurance holding units have announced the appointments of new chief executive officers. Sun Life Malaysia Assurance Bhd has appointed its deputy chief executive officer (CEO) Raymond Lew Yung Chow as its new CEO and president, effective May 1. Lew will also take on the role of country head, overseeing the insurance businesses of Sun Life in Malaysia, the company said in a statement. Lew joined Sun Life Malaysia as chief distribution officer in 2013, expanding his portfolio into marketing in 2016 before being promoted to deputy CEO in the same year. Meanwhile, Sun Life’s former CEO Ooi Say Teng has joined another Khazanah subsidiary, Avicennia Capital Sdn Bhd. Ooi has more than 30 years of experience in the insurance industry as well as extensive management experience, having held senior leadership positions with both local and global companies in Malaysia. He started his career at MCIS Insurance Bhd and has subsequently worked at Maybank and CIMB before joining Sun Life. Ooi is also a registered financial planner. Avicennia Capital, incorporated in 2013, is a wholly-owned subsidiary of Khazanah. It owns a 49% stake in Sun Life Malaysia Assurance and Sun Life Malaysia Takaful and also fully owns Acıbadem Sağlık Ve Hayat Sigorta AŞ, one of Turkey's leading health insurance companies. Avicennia Capital said it is seeking to build a solid market presence in Malaysia, and is active in searching for opportunities in emerging markets in Asia and elsewhere. “This journey has already begun with the investments in Sun Life Malaysia and Acıbadem Sağlık Ve Hayat Sigorta AŞ and will be further expanded across the region going forward,” it said. Since 2013, Sun Life Malaysia has rolled out more than 47 new products, increased revenue to more than RM1 billion and placed more than 1.5 million policies into force. Moving forward, Sun Life Malaysia said it is aiming to maintain its position as a leading bancassurance player, and concurrently seeks to climb into a top five insurance industry position in Malaysia through new products and services.