Manulife Malaysia has appointed a new chief executive.

George Chew takes the lead role at the firm after serving as head of individual financial products in Manulife Hong Kong. He has also held several senior positions with multinational firms, including as sales director for a UK-based insurer in Singapore.

The Malaysian insurance market has a penetration rate of around 43 per cent, which makes it a viable industry for Manulife to expand, the firm said in a statement. 

Manulife Malaysia is a wholly-owned subsidiary of Canada-based Manulife Financial Corporation, which specialises in financial protection and wealth management products and services. As of 30 June 2012, the Malaysian business records MYR3.7 billion (US$1.2 billion) in assets under management.