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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

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