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Friday, 27 August 2010

News Post 20100816-20100822

Insurance News HLTMT's Tune Raya Takaful sold through Tune Money has acquired 1,041 customers, with another month or so to go to hit the target of 4,000 to 5,000 clients. 2 new family takaful products are planned for mid-October launch with strategic partners.
HONG Leong Tokio Marine Takaful (HLTM Takaful), in cooperation with strategic partners, will launch two new family takaful products by mid-October.
August 20, 2010

Insurance News AIA Singapore lost 700 agents in the past year and is trying to poach from rival insurers by offering 35% higher earnings to agents. MAS has however issued a warning that it will take action to stop aggressive poaching activities.
SINGAPORE: AIA which is working on a listing of its shares in Hong Kong, has lost about 700 agents in Singapore in the past year and is trying to poach from rival insurers, the Straits Times newspaper reported.
August 19, 2010

Insurance News Prudential's APE for traditional and takaful sales grew 39% in 1H to reach RM395 mil this year compared with RM284 mil in 2009. Growth rates for Q1 and Q2 were 55% and 26% respectively.
KUALA LUMPUR: Prudential Assurance Malaysia Bhd's (PAMB) new business sales rose 39% year-on-year in the first half of 2010, driven by the launch of popular new products and higher agent productivity.
August 18, 2010

Insurance News Both Takaful Ikhlas and STMB refute talks of takeover of their companies by Etiqa. The rumuor of the takeover apparently stemmed from a misunderstanding on Etiqa's marketing/agency side. Meanwhile Takaful Ikhlas is still in search of a strategic partner that could help it do international business and provide strategic alliance overseas.
Syed Moheeb KUALA LUMPUR: Takaful Ikhlas Sdn Bhd president and chief executive officer Datuk Syed Moheeb Syed Kamarulzaman has dismissed market talk that Malayan Banking Bhd’s (Maybank) takaful unit Etiqa Takaful Bhd was planning to acquire the company as a rumour.
August 18, 2010

Insurance News A consortium consisting of China Life and ICBC plans to bid for a 30% stake in AIA, failing which they would shun AIA's IPO.
HONG KONG: A consortium of leading Chinese companies, including Industrial and Commercial Bank of China Ltd and China Life Insurance Co Ltd, plans to bid for a 30 per cent stake in American International Group Ltd's Asian life insurance business, AIA, the 21st Century Business Herald reported yesterday...
August 17, 2010

Insurance News OACM would pay RM15 mil to acquire Tahan. It plans to play a more significant role in the GI industry and maintains its current foreign shareholding structure. OAC's vision is to become the general insurer of choice in Malaysia.
Ng Keng Hooi PETALING JAYA: Bank Negara has approved the transfer of Tahan Insurance Malaysia’s general insurance business to Great Eastern Holdings’ Overseas Assurance Corp (Malaysia) Bhd (OACM).
August 17, 2010

Insurance News BNM has approved the transfer of Tahan's GI business to OACM. The transfer is expected to be completed in Q4 2010.
Bank Negara Malaysia has approved the scheme of transfer for the general insurance business of Tahan Insurance Malaysia Berhad (Tahan) to Overseas Assurance Corporation ( Malaysia ) Berhad (OACM) pursuant to the Insurance Act 1996. The transfer is the result of an open tender exercise that was conducted...
August 16, 2010

Insurance News MCIS Zurich is selling RM40 mil plus worth of properties, the proceeds are to be reinvested in REITs. The exercise is expected to enhance the investment yield.
MCIS-ZURICH Insurance Bhd is selling properties worth over RM40 million, that will be reinvested predominantly into listed real estate investment trusts (REITs).
August 16, 2010

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