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Tuesday, 26 October 2010

News Posts 20101018-20101024

Insurance News MTUC is now objecting PPF as the investment returns are not guaranteed. In particular MTUC seems to be against insurance companies.
PETALING JAYA: The Malaysian Trades Union Congress (MTUC) has called on the 10 million contributors to the Employees Provident Fund (EPF) not to participate in the proposed Private Pension Fund (PPF) as returns for their investment are not guaranteed.
October 20, 2010

Insurance News The SC will be the regulator for private pension fund. A small number (5 to 6) of reputable and credible unit trust and insurance players will be picked to manage the fund. Additional tax relief will be granted gradually.
The Securities Commission (SC) will regulate and monitor the Private Pension Fund, which will be tabled in parliament next year, said Finance Ministry sources today.
October 20, 2010

Insurance News HSBC Amanah Takaful's CEO predicts that takaful industry will overtake conventional insurance in 10 years' time in terms of penetration rate (defined as premiums expressed as % of GDP). This is in view of the 4 new takaful licences issued recently. The challenge of growth however lies in sufficient supply of shariah compliant investment instruments.
Zainudin MALAYSIA'S Islamic insurance industry will surpass its conventional counterpart in 10 years with the entry of new players but it needs more assets to expand further, an Islamic insurer said yesterday.
October 19, 2010


Insurance News With the award of 4 new takaful licences, the talent war has intensified and some staff pinching is expected. Areas identified include actuarial, product development and investment.
Hassan Kamil MALAYSIA'S Islamic insurance industry will surpass its conventional counterpart in 10 years with the entry of new players but it needs more assets to expand further, an Islamic insurer said yesterday.
October 18, 2010




Insurance News AIA shares are being offered in an IPO from today to Thursday and expect to raise up to US$20 bil.
HONG KONG: AIA Group Ltd said yesterday it could raise up to US$20 billion (US$1 = RM3.09) in its global public offering this month, putting it on track to be the world's second biggest IPO of 2010.
October 18, 2010

Insurance News Deputy Finance Minister said government may manage the private pension fund.
The Government may manage the Private Pension Fund but is waiting for feedback on the fund proposed under Budget 2011, says Deputy Minister of Finance Datuk Donald Lim Siang Chai.
October 18, 2010

Sunday, 17 October 2010

News Posts 20101011-20101017

Insurance News MTUC wants government to control the PPF as "the scheme might collapse if left in the hands of the profit-driven private sector". Do you agree?
THE much talked about Private Pension Fund (PPF), targeted at those outside the current pension scheme and the self-employed, should not be left in the hands of profit-driven companies.
October 16, 2010

Insurance News Budget 2011: Double tax deduction will be given on payment of takaful contribution for export credit to companies approved by MoF. Currently only payment of conventional premium for such purpose is given double taxation. This Budget announcement will result in equal tax treatment between conventional insurance and takaful.
October 15, 2010

Insurance News Budget 2011: Private Pension Fund to be launched in 2011. Existing RM6,000 tax relief for EPF and insurance premiums combined can be used to purchase private pensions. No additional tax relief granted, not as proposed under Economic Transformation Programme whereby additional RM6,000 tax relief is to be made available.
October 15, 2010

Insurance News Great Eastern Takaful will launch 2 products early next year: I Great Damai (protection) and I Great Abadi (investment). 15 riders will also be made available.
GE KAT KUALA LUMPUR: The new joint-venture (JV) takaful unit formed by Great Eastern Holdings Ltd and Koperasi Angkatan Tentera Malaysia Bhd (KAT) hopes to start operations by January, subject to receiving the operating licence from Bank Negara.
October 15, 2010

Insurance News Bancassurance channel dominates the SP sales with 66% market share but when it comes to RP business it only commands 12% market share. On total premium basis, bancassurance is the 2nd largest channel with 32% share of the premiums.
Market Share PETALING JAYA: Bancassurance is fast becoming a formidable No. 2 distribution channel in the insurance industry behind agency.
October 15, 2010

Insurance News Great Eastern takaful JV sets itself a target date of 11 Jan 2011 to be operational and 4 years to bring in the 1st profit. The JV will also make Malaysia the headquarters for takaful and commits to expand business overseas within 1 year. Brunei and Indonesia are the 2 likely markets.
Great Eastern Holdings Ltd plans to recruit more Bumiputera agents to further strengthen its agency infrastructure, especially in takaful services.
October 14, 2010

Insurance News AmLife will distribute its AmMedic plan through IHM and targets to secure RM2 mil premiums in 1st year and RM3 mil yearly thereafter.
AmLife Insurance Bhd (AmLife), previously known as AmAssurance Bhd, aims to generate RM3 million premiums annually from its partnership collaboration with Integrated Healthcare Management Sdn Bhd (IHM).
October 13, 2010

Insurance News Manulife Holdings Bhd's single largest shareholder is making a conditional take-over offer but intends to maintain the listing status of the company.
Manulife Century Holdings (Netherlands) B.V. (MHCN), which now has 48.66 per cent equity interest in Manulife Holdings Bhd (MHB), has offered RM3.22 per share for the remaining shares it does not own under a conditional take-over offer.
October 13, 2010

Insurance News In the effort of fighting insurance frauds which cause policyholders money through higher premium rates, the Australians launched a fraud hotline for frauds to be reported in an anonymous and convenient ways.
A new phone service is encouraging Australians to report suspected insurance fraud. The Insurance Fraud Hotline, set up by a Sydney-based investigations company, provides an online hub to report fraud information. People can upload pictures, videos and scanned documents. It is secure and users can ...
October 11, 2010

Insurance News Tokio Marine Life launched Opt-Income policy, a 20-year participating anticipated endowment plan and targets to secure RM20 mil premium within a month.
KUALA LUMPUR: Tokio Marine Life Insurance Malaysia Bhd expects to secure RM20mil in sales within a month from its new Opt-Income policy.
October 11, 2010

Insurance News LIAM hopes that in the coming Budget government would remove the 8% tax on investment income in life fund. The removal of tax would benefit policyholders and put life insurance funds on level playing field with other investments such as unit trusts.
KUALA LUMPUR: The Life Insurance Association of Malaysia (LIAM) wants the government to remove the 8% tax on investment earnings that is currently imposed on life insurance funds in the Budget 2011 to be tabled in Dewan Rakyat this Friday.
October 11, 2010

Sunday, 10 October 2010

News Posts 20101004-20101010

Insurance News Jerneh group says it would not consider getting back into insurance due to it's tight regulations.
KUALA LUMPUR: Jerneh Asia Bhd chairman Datuk Lim Chee Wah said the deal to sell the company’s 80% stake in Jerneh Insurance Bhd was signed earlier Thursday.
October 7, 2010

Insurance News AIA's IPO values the company at US$30.5 bil, slightly higher than the offer from Prudential of US$30.4 bil. The value is also equivalent to 1.2 to 1.3 times embedded value.
HONG KONG: AIA Group Ltd, which aims to raise about US$15bil through a Hong Kong listing, flagged a series of business risks including the collapsed bid from Prudential Plc as it launched the share offering yesterday.
October 6, 2010

Insurance News MAA's total new business premium market share has dropped from 12.6% in 2008 to 8.7% in 2009. BNM has also given MAA until March 2011 to comply with minimum capital adequacy requirement.
PETALING JAYA: RAM Rating Services Bhd has downgraded the stand-alone rating of MAA Holdings Bhd’s RM200mil Commercial Papers/Medium-Term Notes (CP/MTN) under its CP/MTN programme (2007/2014), from BBB3/P3 to BB3/NP.
October 6, 2010

Insurance News The life insurance industry is expected to grow 20% this year after achieving 24% growth in 1H. True insurance penetration rate is lower than 41% if multiple policies are taken into account. A separate tax relief of RM6,000 for life insurance alone rather than combined with EPF contributions is essential as the country moves to become high-income nation. Post-retirement distribution phase needs must be addressed in the private pension initiative.
Adnan Zain The Life Insurance Association of Malaysia (Liam) expects the local life insurance industry to grow 20 per cent this year backed by strong economic growth in the first six months.
October 5, 2010

Insurance News Life insurers are ideal provider of private pension scheme as they have the characteristics of holding long-term investment view, capacity to handle ever-increasing fund size and ability to design various solutions to suit different investment objectives at different life stages. The investment objectives can be significantly different pre and post retirement age.
Sophia Chng KUALA LUMPUR: The initiative by the Government to set up private pension funds is expected to promote the private pension industry and retirement planning in Malaysia. However, it needs skilled insurers and fund managers that have long-term views for it to be effective.
October 4, 2010

Insurance News Friends Provident intends to make their takaful JV in Malaysia their global takaful centre of excellence. FP is supportive of Malaysia's ambition to be the leading global Islamic financial hub.
The UK-listed life and pension company, Friends Provident Group plc, plans to turn its new takaful joint venture in Malaysia into its global takaful centre of excellence.
October 4, 2010

Insurance News Bijak Malaysia, the leading bancassurance product, should secure >RM50 mil gross premiums by year end. Other products in the pipeline from NIAM include guaranteed renewable medical plan, takaful term plan and critical illness plan.
Raymond Lew HONG KONG: The National Insurance Association of Malaysia (Niam) is confident of doubling its gross premiums in excess of RM50mil for Bijak Malaysia by year-end, fuelled by surging demand for bancassurance products.
October 4, 2010

Sunday, 3 October 2010

News Posts 20100927-20101003

Insurance News The 15.2% stake in RHB Insurance is valued at RM44.49 mil or 1.85 times book value. Earlier Jerneh Insurance was priced at 1.07 times book value.
KUALA LUMPUR: RHB CAPITAL BHD [] is buying out a 15.2% stake in RHB Insurance Bhd from Nissay Dowa General Insurance Co. Ltd for RM44.49 million.
September 30, 2010

Insurance News ING expects its Takaful JV with Public Bank to gain 20% market share within 5 years. Public Bank group owns 40% of the JV and not 60% as reported in the article by BT.
ING Insurance Bhd and Public Bank Bhd will set up their joint-venture company for family takaful business next year, ING Insurance's chief financial officer Anusha Thavarajah said today.
September 30, 2010

Insurance News Peter Miller, the Head of Insurance at CIMB Group, is joining Tune Money as its new CEO. It is believed that Miller's position at CIMB would be filled by a CEO of one of the life insurance companies.
TUNE Money Sdn Bhd, the one-stop online financial services company under Tune Group, today announced the appointment of Peter Miller as its new chief executive officer effective Friday (Oct 1).
September 29, 2010

Insurance News RHB Capital has received BNM's approval to acquire 15.2% of RHB Insurance from Nissay Dowa.
PETALING JAYA: RHB Investment Bank Bhd has received Bank Negara’s approval for RHB Capital to acquire 15.2% of the paid-up share capital of RHB Insurance from Nissay Dowa, it told Bursa Malaysia yesterday.
September 28, 2010

Insurance News Agents have a big potential to improve the current insurance penetration rate of 41%. In Malaysia, only 20.5% of the agents are bumiputras.
Adnan Zain PETALING JAYA: Insurance agents in Malaysia have a big potential to expand the life insurance market since its penetration rate has only reached 41%, Life Insurance Association of Malaysia president Adnan Zain said.
September 27, 2010