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Sunday, 26 September 2010

News Posts 20100920-20100926

Insurance News AIA is expected to list on HK stock exchange on 29/10/2010.
HONG KONG: Troubled US insurer AIG has won approval for a Hong Kong share sale of its Asian unit, AIA, worth up to US$15 billion (RM46.4 billion), in what could be the world's second biggest stock offering this year.
September 23, 2010

Insurance News Another ex-Prudential staff, Bill Lisle, has joined Mark Tucker in AIA. Bill was once the CEO of Prudential Malaysia.
AIA Group Ltd. has appointed Bill Lisle, a former agency development head for Prudential Corporation Asia, as group chief distribution officer based in Kuala Lumpur.
September 21, 2010

Insurance News MAA Takaful signed an agreement with LIMRA and CERT for the development and implementation of a comprehensive Shariah-compliant Leadership Development Programme.
KUALA LUMPUR: MAA Takaful Bhd is expecting RM1 billion in total revenue in five years time with the strengthening of its distribution channels, says chief executive officer Salim Majid Zain.
September 20, 2010

ETP - Foreign Worker Health Insurance

Private Health Insurance will be mandated for all foreign workers to address under insurance and to avoid unpaid bills in government hospitals. Employers and foreign workers to share premium of RM200 p.a. Coverage includes accidental death due to employment injury, disablement (total & partial, permanent & temporary), medical benefits (occupational & non-occupational).







ETP - Private Pensions

ETP proposes to develop Private Pension Funds (PPFs) through: 

  1. Employers' contributions exceeding 12% to channel to PPFs 
  2. Allow EPF members to move part of savings to PPFs 
  3. EPF members with >RM 1 mil in EPF will enjoy a lower return 
  4. PPFs allowed to manage EPF fund 
  5. Self-employed enjoys same tax relief if contribute to PPFs 
  6. Pension income from PPF is tax exempt 
  7. Additional RM6000 tax relief for PPF contributions.







ETP - Life Insurance

The Economic Transformation Programme (ETP) proposes to increase life insurance penetration (as % GDP) from the current 3% to 4% in 2020 and the ratio of number of life policies over population from the current 47% to 75%. This is to be achieved by separating the current combined tax relief for EPF and insurance to RM6,000 each. An Employee Insurance Scheme with auto term coverage will be created, CI and HB covers optional.









Sunday, 19 September 2010

News Post 20100913-20100919

Insurance News FSA inked an agreement with HLTMT to distribute its takaful products.
FIRST Sovereign Advisory Sdn Bhd (FSA), the country's first licensed Islamic financial advisory firm, hopes to form partnerships with more takaful and financial companies over the next 12 months.
September 18, 2010

Insurance News Matt Harris was appointed as CEO for Chartis effective 3 August. He was previously CEO of Chartis NZ.
CHARTIS Malaysia Insurance Bhd, a property-casualty and general insurance provider, has appointed Matt Harris as chief executive officer (CEO) from August 3.
September 18, 2010

Insurance News Charlie believes that Prudential has solid strategy that does not require many changes. Putting right people in critical positions is key to ensure initiatives are executed to meet objectives. On products, quality beats quantity, product launch should be of value, less can be more. He believes that Pru's competitive advantage lies in service excellence mandate for staff, leading by example policy for management and professionalism & stability of distribution channels.
Charlie Oropeza PRUDENTIAL Assurance Malaysia Bhd, under the stewardship of Charlie Oropeza, has been about having the right people in critical positions and adjusting its initiatives to support economic and market environment, and competition.
September 17, 2010

Insurance News Heavyweight Chinese investors could potentially bid for Prudential, with the intention of offloading Pru's US and UK divisions, keeping only the flagship Asian division. Factors that may affect the potential bid include the relative pricing of AIA's IPO and whether Pru's US and UK divisions can be offloaded at an attractive price.
* Pru shares up 4.5 pct, breaching 602 pence pre-AIA price * Potential Chinese bid depends on AIA IPO price-analyst * Lack of buyers for Pru UK, U.S. units impedes deal-banker By Myles Neligan and ...
September 14, 2010

Insurance News The confirmed buyer of Jerneh Insurance is ACE INA, for a transaction amount of RM654 mil, subject to final adjustments to transaction price to reflect book value at disposal date.
Reference is made to the announcements dated 18 May 2010 that JAB and Paramount Global Assets Sdn Bhd (“PGA”), a wholly-owned subsidiary of Paramount Corporation Berhad (“PCB”), have submitted an application to Bank Negara Malaysia (“BNM”) for the approval of the Minister of Finance (“MoF”) pursuant to Section 67 of the Insurance Act 1996, to enter into an agreement with a potential buyer for the proposed disposal by JAB and PGA of their respective 80% and 20% equity interests in JIB to the said potential buyer.
September 14, 2010

Insurance News PruBSN launched 3 products: PruBSN Protect (Term), PruBSN ProtectPlus (Term with increasing SA) and PruBSN CrisisCover (covers 36 CIs, optional death monthly income).
KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) had on Monday, Sept 13 launched three insurance plans -- PruBSN Protect, PruBSN ProtectPlus and PruBSN CrisisCover.
September 13, 2010

Insurance News Niosh is calling for insurance coverage to be provided to the mentally ill.
PETALING JAYA: Insurance coverage should be provided for the mentally ill, while their parents should be given income tax relief, said National Institute of Occupational Safety and Health (Niosh) chairman Tan Sri Lee Lam Thye.
September 13, 2010

Sunday, 12 September 2010

News Post 20100906-20100912

Insurance News Great Eastern China, which currently has its presence in Chongqing and Sichuan, is targeting a branch in Shaanxi this year and another 6 in the next 3 years. The Singapore PM visited their Chongqing head office recently.
PM Visit AFTER stamping its mark on western China over the last four years, Singapore's leading life insurance group Great Eastern Life now wants a greater footprint in the country by expanding across the central and eastern regions.
September 9, 2010

Insurance News KATM, Great Eastern's JV partner in takaful, is no stranger to the OCBC group and in that sense to Great Eastern. OCBC owns significant share of both Great Eastern and Pacific Insurance and KATM has significant ownership in Pacific Insurance. The takaful JV may be able to capitalise on KATM's 140,000 members.
Chart The Great Eastern Life Assurance Co Ltd says its alliance with Koperasi Angkatan Tentera Malaysia Bhd (KATM) will provide access to the latter's 140,000 members nationwide.
September 9, 2010

Insurance News Charlie Oropeza, the CEO of Prudential, was presented with "Outstanding Entrepreneur" award which recognises outstanding individuals for displaying entrepreneurial attributes.
Charlie Oropeza PRUDENTIAL Assurance Malaysia Bhd, an insurance and financial services provider, yesterday announced the award of "Outstanding Entrepreneur" given to its chief executive officer Charlie Oropeza (picture) at the Asia-Pacific Entrepreneurship Awards 2010 Malaysia.
September 9, 2010

Insurance News New bancassurance product from HLA with the following features: Term Life, double SA on accidental death, refund of premiums (including extra loadings) on expiry.
KUALA LUMPUR, Sept 9 (Bernama) -- Hong Leong Bank (HLB) has launched a bancassurance plan that promises customers a refund on premiums paid.
September 9, 2010

Insurance News 1 more article on the issuance of 4 new takaful licences and its impact. Most of the points have been covered and reported previously.
Chart Malaysia'a takaful industry is expected to step up its performance now that an additional four operators have been issued licences to start business next year, said industry players.
September 8, 2010

Insurance News OAC wants to build its agency force and brand name. The acquisition of Tahan Insurance would increase its agency force from 2,600 to more than 3,000 and strengthen its brand.
Ng Kok Kheng PETALING JAYA: Building the agency force and brand name are two key areas Overseas Assurance Corp (M) Bhd (OACM) will bank on to strengthen its position in the insurance market with the acquisition of Tahan Insurance Malaysia’s general insurance business.
September 8, 2010

Insurance News AIG has filed an application last Thursday to list AIA on the HK Stock Exchange. CIMB is 1 of the 11 bookrunners.
PETALING JAYA: CIMB Group has been selected as one of the 11 bookrunners for AIA Group Ltd’s US$15bil initial public offering (IPO).
September 6, 2010

Sunday, 5 September 2010

News Post 20100830-20100905

Insurance News More Malaysians are taking up multiple health insurance policies and with coverage up to an advanced age due to: 1) Rising medical costs 2) Longer life expectancy 3) Long queues at public hospitals 4) Employers do not normally provide post-retirement medical coverage.
PETALING JAYA: Rising medical costs have prompted more Malaysians to take up multiple health insurance policies, with some even extending their cover up to the age of 100.
September 5, 2010

Insurance News Ng Keng Hooi apparently would join AIA as its regional managing director, responsible for Thailand, the Philippines, India and Taiwan. He would be based in Singapore. Keng Hooi was headhunted in late July by his previous colleague from Prudential, Mark Tucker.
Ng Keng Hooi Straits Times Singapore, 4 Sep, 2010, SaturdayGreat Eastern group chief exec joining AIA He will be regional MD and focus on achieving profitable growth at AIA By Lorna Tan, Senior CorrespondentMr Ng says he is leaving GE with the knowledge that the business is in good shape.
September 5, 2010

Insurance News Here is the link to the official announcement by Great Eastern on the resignation of its Group CEO.
3 September 2010 – Great Eastern Holdings Limited (the “Company”) announced today that its Group Chief Executive Officer Mr Ng Keng Hooi has resigned to take on a regional appointment in a multi-national corporation. His last day of service with the Company will be 30 September 2010.
September 3, 2010

Insurance News With the issuance of 4 new Takaful licences, the competition is expected to be stiffer and existing Takaful players will need to up their game and find their niche. The 4 new Takaful operators have good infrastructure in place and are "ready to go".
Syed Moheeb PETALING JAYA: Existing takaful operators will have to “up their game” and gear up for stiffer competition as the granting of four new licences by Bank Negara on Wednesday will see more players fighting for a share of the profit slice.
September 3, 2010

Insurance News Pacificmas has applied to BNM for the approval to dispose of Pacific Insurance to Fairfax Asia.
KUALA LUPUR: PACIFICMAS BHD has sought the authorities’ approval to enter into a definitive shares sale agreement with Fairfax Asia Ltd to dispose of its stake in The Pacific Insurance Bhd.
September 3, 2010

Insurance News Ng Keng Hooi has resigned as the Group CEO of Great Eastern, his last day of service will be 30/9/10. He is taking on a regional role with a MNC, rumoured to be AIA joining Mark Tucker.
SINGAPORE: Singapore insurer Great Eastern Holdings said today that group chief executive officer Ng Keng Hooi has resigned to take on a regional appointment in a multinational corporation.
September 3, 2010

Insurance News Great Eastern launched a critical illness (CI) rider that pays upon early CI detection. The rider - Smart Early Payout CriticalCare is attachable to ILP. The rider allows multiple claims for different CIs or across severity levels within the same CI.
KUALA LUMPUR, Sept 1 (Bernama) -- Great Eastern Life Assurance (M) Bhd is confident its newly-launched "Smart Early Payout CriticalCare" product will be a key contributor to achieve a 40 per cent growth in "Smart Protect" business for financial year 2010.
September 2, 2010

Insurance News The names and targeted start dates of the 4 new takaful companies:- AmTakaful Bhd: June 2011; Great Eastern Takaful Sdn Bhd: early 2011; ING-Public (no news on official name yet): by 1H 2011; AIA-Alliance (no news on official name yet): no news on start date yet.
AMMB Holdings Bhd, one of the four joint ventures to get the family takaful licences, will get the business started in June, 2011, group managing director Cheah Tek Kuang said today.
September 2, 2010

Insurance News This diagram from Business Times provides a good summary of the shareholding structure of the 4 new takaful joint ventures.
Chart The decision to grant the licences was driven by the favourable economic conditions since the announcement made on April 27 last year, says Bank Negara Malaysia
September 2, 2010

Insurance News ING has launched a new plan with Public Bank: PB-ING BIC Income plan. Plan features: 5-year SP ILP; 97% of premiums invested in A$ notes; 100% premiums returned on maturity in A$; upside potential linked to equity performance in Brazil, India and China.
Public Bank Bhd and ING Insurance Bhd today jointly launched the PB-ING BIC Income Plan, a five-year single premium investment-linked insurance plan.
September 2, 2010

Insurance News DiGi has teamed up with Etiqa Takaful to provide PA plan with RM1.2 mil targeted contributions. Last year DiGi teamed up with AIG General (now Chartis) to provide a similar plan.
SUBANG JAYA: Digi Telecommunications and Etiqa Takaful Bhd are targeting RM1.2 million in sales within the first year for its newly launched Takaful personal accident (PA) plan.
September 1, 2010

Insurance News BNM has issued 4 instead of 2 new takaful licences due to strong applications and more favourable prevailing economic conditions. The new licencees are: AIA+Alliance, AMMB+FP, ING+Public, GE+KATM.
Following the announcement made on 27 April 2009 on the issuance of two family takaful licences under liberalisation of the financial services sector, Bank Negara Malaysia has received several strong applications for the family takaful licences.Given the more favourable prevailing economic condition...
September 1, 2010

Insurance News The planned sale of Nan Shan to China Strategic and its partner Primus was rejected by Taiwan regulators. Taiwanese bank Chinatrust Financial may be the next potential buyer.
TAIPEI: Taiwan regulators rejected AIG's planned $2.2 billion sale of its Taiwan unit to a China-related group, citing regulations on mainland investment, and leaving the insurer facing another auction.
August 31, 2010

Insurance News Kurnia's strategy of increasing non-motor business is on track with non-motor business growth of 23% in 2010 1H. 3 non-motor products were launched in 1H with 3 more planned in 2H. Non-motor underwritting profit reached RM24 mil in 1st 6 months of the year.
Motor insurer Kurnia Insurans (Malaysia) Bhd (KIMB) achieved a 23 per cent growth in its non-motor business for the first six months of 2010.
August 30, 2010

Insurance News Great Eastern has embarked on an aggressive agent recruitment exercise targeting 6,000 agents in 2010 and another 6,000 next year. 3,000 new agents have been recruited since beginning of the year.
Song Hock Wan JOHOR BARU: Great Eastern Life Assurance (M) Bhd, the country’s largest and oldest insurer wants to recruit more fresh graduates and professionals to become its agents.
August 30, 2010