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Sunday, 15 August 2010

News Posts 20100809-20100815

Insurance News Etiqa Takaful's 2009/10 financial performance: Profit before tax grew 18% to RM107 mil; Total contributions grew 32% to RM2.4 bil; Total assets grew 16%; Family takaful grew 30%; General takaful grew 40%; Market share 44%.
Etiqa Takaful Bhd grew its total premium by 32 per cent for the 2009/2010 financial year to RM2.4 billion, thanks to strong performance across all business channels and innovation in business operations and processes.
August 14, 2010

Insurance News China Life and 2 other Chinese companies may shun AIA IPO on concerns that the IPO may be overpriced.
SHANGHAI: China Life and two other Chinese companies may not proceed with bids for stakes in American International Group’s Asian unit AIA ahead of the unit’s planned initial public offering (IPO), a newspaper reported yesterday.
August 14, 2010

Insurance News MAA teams up with Pos Malaysia to launch "Pos Raya Insurance". Earlier last month, HLTMT also launched a Raya PA scheme with Tune Money. Which one do you think will be more successful?
Pos Malaysia Bhd today launched "Pos Raya Insurance", an affordable personal insurance scheme in conjunction with the Hari Raya festive celebration.
August 13, 2010

Insurance News Ahead of its IPO, AIA has apparently commenced talks with potential cornerstone investors including Temasek, China Investment Corp and Abu Dhabi Investment Authority. The listing is targeted for Q4 2010 and expected to raise US$15 bil.
HONG KONG: American International Group Inc has started talks with potential investors to sell stakes in its Asian life insurance business AIA ahead of AIA’s planned initial public offering (IPO), according to sources with direct knowledge of the matter.
August 13, 2010

Insurance News Prudential has reduced the cost of its failed bid for AIA from £450 mil to £377 mil due to the reduced advisers fees and lower FX hedging costs. It has no plans for any other big takeovers and will focus on organic growth. The pressure for the resignation of Tidjane Thiam and Harvey McGrath has subsided.
LONDON/HONG KONG: Insurer Prudential said it had reduced the cost of its failed bid for AIG's Asian unit and confirmed it has no further appetite for M&A as it reported forecast-beating half-year profit.
August 13, 2010

Insurance News Prudential reported £1.68 bil EEV operating profit in 1H, up 35%, or £968 mil on IFRS basis (up 41%).
HONG KONG: Britain's largest insurer Prudential Plc reported a better-than-expected 34 percent rise in first-half operating profit, helped by improving investment returns amid a broader market recovery.
August 12, 2010

Insurance News Unidentified source said that BNM has given approval to P&O to proceed talk with Prudential on the acquisition of its general insurance business by Pru.
Malaysia’s central bank has given the nod for Prudential Holdings Ltd (P&O) to begin talks to buy a stake in insurer Pacific & Orient, a source with direct knowledge of the deal said on today.
August 12, 2010

Insurance News Great Eastern teams up with OCBC to launch a life insurance financing facility. Customers can take up a comprehensive life insurance policy with Great Eastern and finance the regular premiums through their home loan with OCBC.
Explaining the facility, he said LIF was designed for those who wish to take up a more comprehensive life insurance policy which goes beyond protection linked to the purchase of a home.
August 10, 2010

Insurance News Prudential is set to report its 1st half results this week. A good set of results may banish the memories of the failed takeover of AIA. However some said that it may not be enough to appease shareholders as good results are just like "putting cream on a spot of sunburn".
Investors are still smarting from the £450m bill for the failed AIA deal.
August 9, 2010

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