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Monday, 22 November 2010

News Posts 20101115-20101121

Insurance News The AIA takaful JV is officially named AIA AFG Takaful Berhad. It targets to start operation in Q1 next year.
KUALA LUMPUR: Alliance Financial Group Bhd’s subsidiary Alliance Bank Malaysia Bhd has entered into an agreement with American International Assurance Bhd (AIA) to set up a joint-venture company, AIA AFG Takaful Bhd.
November 19, 2010

Insurance News The ING Takaful JV aims to be profitable in year 4 of operations; Great Eastern Takaful also previously set the same target. The ING JV aims to launch its first product in April 2011 and eventually will expand into Indonesia and Hong Kong.
ING PBBank ING and Public Bank Bhd(PBB) new takaful firm aims to be profitable by its fourth year of business as it taps Malaysia’s underserved insurance market, and eventually expand into Indonesia and Hong Kong, its owners said today.
November 18, 2010

Insurance News M&A of insurance companies often fails due to disagreement on price. Traditional valuation methods such as price earnings ratio and net asset value are not appropriate. Some recent failed M&As include P&O with Prudential, Tahan with Tokio Marine, Shriram, Fairfax and Allianz, Prudential with AIA.
PETALING JAYA: The stake sale or takeover negotiations among insurance companies often come to nought as both parties are unable to agree on a price.
November 17, 2010

Insurance News BNM has approved the sale of Pacific Insurance to Fairfax Asia. The details of the sale including the price has yet to be announced.
PACIFICMAS Bhd said it has got the approval from the Minister of Finance through Bank Negara Malaysia to dispose its entire stake in The Pacific Insurance Bhd to Fairfax Asia Ltd.
November 17, 2010

Insurance News For insurance companies with both conventional and takaful licences, should they use the same agency to sell both products or should they have separate agency channels? Companies like Great Eastern, Prudential and AIA seem to prefer one agency while MAA prefers separate agencies. It is not clear which way ING will go.
Salihuddin PETALING JAYA: The dual agency concept, where conventional and takaful policies are sold by the same agents, is gaining popularity, especially among bigger insurance players, as an effective way to boost market share and deepen the penetration rate of insurance in the country.
November 16, 2010

Insurance News Nor Shamsiah will replace Dato' Zamani as the new Deputy Governor.
DG Shamsiah Bank Negara Malaysia wishes to announce the appointment of Puan Nor Shamsiah Mohd Yunus as Deputy Governor for a three year tenure effective 16 November 2010. Puan Nor Shamsiah takes on the position of Deputy Governor following the retirement of Dato' Zamani Abdul Ghani on the completion of his term on 15 November 2010.
November 15, 2010

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