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Sunday, 1 August 2010

News Posts 20100726-20100801

Insurance News Is it likely that Prudential will make it big in general insurance in Malaysia? Currently Prudential has less than 0.2% in premium income market share. P&O's market share is 3.5%, ranks just outside the top 10.
PETALING JAYA: Prudential UK is believed to have submitted an application to Bank Negara to commence talks on the potential acquisition of local general insurance company, Pacific & Orient Bhd (P&O).
July 31, 2010

Insurance News MAA has received extension of time from SC to complete the disposal of MAA's general insurance business to AmG.
Securities Commission had vide its letter dated 27 July 2010, granted MAAH an extension of time ...
July 31, 2010

Insurance News Car repair workshops threaten to use non-OEM parts if insurance companies impose more than 10% cut on repair claims.
PETALING JAYA: A feud between car repair workshops and insurance companies over repair costs is likely to jeopardise customers following a threat by workshops to use only non-original spare parts.
July 29, 2010

Insurance News Great Eastern's Q2 profits dived 24% from $97.7 mil to $74.4 mil due to poor investment performance.
The insurer racked up earnings of$74.4 million for the three months to June 30, compared with $97.7 million in the same period last year.
July 29, 2010

Insurance News Jerneh shares rose 13% today on high volume. Speculation is that the deal of disposing Jerneh Insurance is near conclusion. The identity of the buyer remains unknown.
KUALA LUMPUR: Shares of Jerneh Asia climbed on Wednesday, July 29 on market talk of a corporate deal involving its insurance business.
July 28, 2010

Insurance News PacificMas has informed Tokio Marine that it intended to discontinue the negotiation on the sale of Pacific Insurance to Tokio Marine Asia.
PETALING JAYA: PacificMas Bhd has decided to stop negotiating with Tokio Marine Asia Pte Ltd on the proposed disposal of its entire equity interest in wholly-owned subsidiary The Pacific Insurance Bhd.
July 27, 2010

Insurance News This is a good summary of proposed changes to FRS 139, handy for non-accountants in insurance industry: 1) Financial asset classification reduced to two: amortised cost and fair value 2) Fair value changes in equities need not be recognised in P&L but can be thru OCI 3) Moving from Incurred Loss Model to Expected Loss Model for loan-loss provisioning.
THE International Accounting Standards Board’s (IASB) new thinking on financial instruments accounting represents a big departure from the current FRS139/IAS39. Many entities may need to undertake another round of changes in systems and reporting to comply with the new IFRS9 requirements.
July 26, 2010

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