Insurance News on Facebook

Sunday, 20 June 2010

News Posts 20100614-20100620

Insurance News HLFG and MSI will form strategic partnership for which the transaction is expected to be completed by Q4 2010: 1) GI business of HLA will merge with MSIG, HLA will hold 30% of the merged entity. The merged entity will rank #2 in gross written premium market share 2) MSIG and Hong Leong Bank will sign bancassurance agreement. 3) MSI will buy 30% equity in HLA's life business valued at RM940 mil. The press release is here
KUALA LUMPUR; Hong Leong Financial Group will sell a 30% stake in its insurance unit Hong Leong Assurance Bhd (HLA) to Japanese insurance outfit Mitsui Sumitomo Insurance Co Ltd (MSI) for RM940mil cash.
June 18, 2010

Insurance News Kurnia has applied for 1 of the 2 new takaful licenses. Kurnia is mainly (solely?) in general insurance and the new takaful licenses are limited to family takaful business only (i.e. life). The new CEO for Kurnia is pending BNM's approval.
PETALING JAYA: Kurnia Asia Bhd has applied for a takaful licence and is awaiting the response from Bank Negara, said director of corporate planning/investor relations Dr James Tee.
June 17, 2010

Insurance News Kurnia targets to grow its gross premiums this year by 8% to 10%, up from RM1 bil last year.
Insurer Kurnia Asia Bhd is aiming for an 8% to 105 growth in gross premiums this year from about RM1 billion last year.
June 16, 2010

Insurance News STMB which has RM4.3 bil assets, or 35% of whole takaful industry assets, is aiming to grow its assets by 15% by 2012.
SYARIKAT Takaful Malaysia Bhd, which is 62 per cent owned by BIMB Holdings Bhd, aims to grow its assets by 15 per cent by 2012, riding on the growing awareness among Malaysians on the importance of insurance coverage. ...
June 15, 2010

Insurance News If MTUC is concerned that withdrawal from EPF Account II for treatment of critical illnesses will deplete EPF savings, an alternative is to allow withdrawal of a relatively smaller sum of money from the same account to buy critical illness insurance. Calling for government to foot the bill is not likely to get anywhere given the talk now is cutting government subsidies.
PETALING JAYA: “People should not be encouraged or compelled to withdraw money to treat illnesses. The Government’s healthcare benefits should provide for those who cannot afford to pay for the treatment of critical illnesses,” he said.
June 15, 2010

Insurance News Dato' Muhammad Ibrahim has been promoted to DG while Jessica Chew was promoted to AG for regulation sector. Mohd Zabidi Md Nor meanwhile was promoted as Director of the Prudential Financial Policy Dept, the post vacated by Jessica.
Press Statements >Appointment of Dato' Muhammad Ibrahim as Deputy Governor, Dato' Ooi Sang Kuang as Special Adviser and Puan Jessica Chew as Assistant Governor of Bank Negara Malaysia
June 15, 2010

Insurance News EPF is catching up with insurance companies. Account 2 withdrawal now is allowed for treatment of 36 critical illnesses.
PETALING JAYA: Beginning Tuesday, Employees Provident Fund (EPF) contributors can withdraw money from their Account 2 for the treatment of 36 different critical illnesses, compared with 13 previously.
June 14, 2010

No comments:

Post a Comment