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Sunday, 29 August 2010

News Post 20100823-20100829

Insurance News The transfer of MaybanLife business to Etiqa will complete by 6/2011. The number of life insurers will reduce from 16 to 15. Etiqa achieved a 29% growth in pre-tax profit; family takaful new business business contributed 45.9% of total contributions and general takaful grew 16.1%.
Etiqa Insurance Bhd and Etiqa Takaful Bhd, under the brand name "Etiqa", recorded an increase of 29 per in pre-tax profit in the financial year ended June 30, 2010 to RM422 million from RM327.75 million the previous year.
August 27, 2010

Insurance News Pacificmas has selected Fairfax Asia to enter into agreement on the disposal of Pacific Insurance. It has therefore discontinued negotiation with Great Eastern on the same disposal.
On behalf of the Board of Directors of PacificMas, AmInvestment Bank Berhad (a member of AmInvestment Bank Group) wishes to announce that, PacificMas has, on 27 August 2010, informed Great Eastern Group (“GE”) of its intention to discontinue negotiation with GE on the proposed disposal of the entire equity interest in The Pacific Insurance Berhad, a wholly-owned subsidiary of PacificMas ("Proposed Disposal").
August 27, 2010

Insurance News Life insurance industry new business premium grew 24% on weighted premium basis in 2010 1H.
2010Q2 NB
August 27, 2010

Insurance News AIA's IPO, the largest-ever IPO in HK, is likely to be in Q4 2010. Given the tight schedule, it is unlikely for a strategic investor to emerge, as there will not be sufficient time for proper due diligence and negotiation of price.
AIA HK HONG KONG: American International Group Inc (AIG) is expected to decide by early next week whether to enter into formal negotiations with strategic investors for its Asian life insurance business, AIA, according to sources familiar with the process.
August 26, 2010

Insurance News Insurance companies better be more vigilant in handling customers' data following the record penalty handed out by FSA in UK. This is especially so with the Personal Data Protection Bill 2009 recently passed by Parliament in April this year.
Zurich Insurance Plc (Zurich UK) has been fined £2,275,000 by the Financial Services Authority (FSA) for having inadequate systems and controls in place to safeguard customers’ confidential information.
August 25, 2010

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