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Sunday, 2 May 2010

News Posts 20100425-20100501

Insurance News South Korean competition regulator has given the green light to Prudential to acquire AIA. It remains to see if Vietnamese authority would block the deal due to anti-trust. See our earlier post for background of this story.
Prudential wins South Korea go-ahead to acquire AIA
May 1, 2010

Insurance News MAA has received approval from BNM to take the necessary measures to meet the minimum CAR under RBC. This includes potential sale of MAA within 12 months from approval of BNM.
The Board of Directors of MAA Holdings Berhad wishes to announce that its wholly owned subsidiary, Malaysian Assurance Alliance Berhad (“MAA”) had received approval from Bank Negara Malaysia (“BNM”) vide ...
April 29, 2010

Insurance News Tan Liling has been appointed COO for Prudential. She was previously CFO of HLA and ING.
PRUDENTIAL Assurance Malaysia Berhad (PAMB) has appointed Tan Liling as its Chief Operations Officer.She replaces Jeffrey Yem, who has taken up the new role of Chief Information Officer.Tan, is a Bachelor of Economics graduate, from Monash University...
April 29, 2010

Insurance News With the commission ban on financial advice, the number of financial advisers in Australia is expected to reduce and the advisers will need to work harder. Financial advisers are however projected to earn more.
THE cost of financial advice is set to fall under government plans to ban commissions on financial advice now built into managed funds and superannuation.
April 28, 2010

Insurance News It is interesting to note that in UK, the entry age for Term Assurance is as high as 83 and for critical illness it is 74. In Malaysia, for most companies the corresponding figures are 65 and 60. Plenty of room to improve. But of course is there a strong demand at these ages given the relatively younger population here?
Zurich UK Life has announced a range of new improvements to its mortgage and family protection proposition, aimed to appeal to a broad spectrum of advisers and their clients who want life and critical illness cover.
April 28, 2010

Insurance News The integration exercise post Pru-AIA merger would be challenging with the rivalry of both camps. An exodus of senior executives is not ruled out post merger.
British insurer Prudential will try to reassure investors it can seamlessly absorb the Asian arm of AIG next week when it publishes the prospectus for a record $21 billion cash call to fund the takeover.
April 27, 2010

Insurance News Prudential's largest shareholder Capital Research & Management may not be supportive of the AIA deal and may prefer the break-up of Prudential which will bring more value. The rights issue requires 75% of the votes and may not be approved without the support of Capital.
LONDON (Reuters) - Prudential is facing the makings of a shareholder revolt over its $35.5 billion deal to buy AIA, raising the prospect the deal could fail and adding to pressure for a breakup of the ...
April 27, 2010

Insurance News Financial advisers in Australia will not be allowed to receive commissions in future to avoid conflicts of interest. The commission ban applies to retail investment products but does not cover risk products.
SYDNEY:Australia announced sweeping changes to the financial planning industry yesterday, including the banning of commissions for advisers, in the wake of several high-profile corporate collapses.
April 27, 2010

Insurance News BNM's proposed TPBID has received many complaints. BNM will assess the feedback. The revamped plan is targeted to be finalised by Q3 this year.
THE government has received many complaints on Bank Negara Malaysia's proposal to restructure the country's third-party motor insurance policy, Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir said yesterday...
April 27, 2010

Insurance News AirAsia has obtained licence to carry out captive insurance in Labuan. This provides flexibility in managing and retaining its risks in aviation, maritime and liability, which should result in lower costs to AirAsia.
AIRASIA Bhd’s subsidiary AirAsia Corporate Services Ltd has received the nod to carry on a Labuan captive insurance business in, from or through tax haven Labuan.It said the primary purpose of establishing ...
April 27, 2010

Insurance News Allianz's RM611 mil rights issue is to repay RM490 mil credit facility obtained in 2007 to purchase Commerce Assurance, to increase capital in Allianz Life and Allianz General and for the purpose of working capital. The share price of Allianz fell after the announcement of rights issue.
PETALING JAYA: Allianz Malaysia Bhd (AMB) has proposed to sell irredeemable convertible preference shares (ICPS) to entitled shareholders under a plan to raise as much as RM611mil in fresh capital, the insurer told Bursa Malaysia yesterday.
April 27, 2010

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