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Tuesday, 20 December 2011

News Posts 20111211-20111217


Insurance News  -  18 Dec 2011  -  Public
PruBSN will open more branches and launch more products next year although the CEO did not reveal the details. http://bit.ly/v0Wuu3

PruBSN expansion plans
KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN) plans to add new branches and launch more products next year.
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Insurance News  -  15 Dec 2011  -  Public
Plus' sukuk with longest tenure of 25 years and a high yield of 5.07% would be a good investment instrument for life insurers in their effort of achieving better asset and liability management. The sukuk carries AAA rating. http://bit.ly/w3xp3B

PLUS Bhd’s record RM23.4 billion (US$7.3 billion) Islamic bond sale is attracting life insurers with higher-than-average yields and maturities of as much as 25 years.
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Insurance News  -  15 Dec 2011  -  Public
Kurnia has neither admitted nor denied that it was in talk with IAG to sell its GI business to the latter. http://bit.ly/sEEex2

PETALING JAYA: Kurnia Asia Bhd said it was still in negotiations for the possible disposal of an equity interest in Kurnia Insurans (M) Bhd (KIMB) and it could not comment on the price or the relevant...
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Insurance News  -  15 Dec 2011  -  Public
Takaful IKHLAS has forked out RM12,000 to provide 60 needy children with basic school gear for next month. http://bit.ly/tUCn7H

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Insurance News  -  14 Dec 2011  -  Public
Zurich has made an application to MAS for a full subsidiary licence for its life insurance business in Singapore. With that, it plans to double its life insurance premiums in 3 years. Zurich expects emerging markets to contribute about half of its new life insurance business by 2013, up from the current 26% contributions. http://bit.ly/vzTDq8

Zurich Financial Services plans to double its life insurance premiums generated in Singapore over the next three years.
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Insurance News  -  14 Dec 2011  -  Public
Kurnia may be announcing this week the sale of its GI business to IAG. Congratulations to 1 of our readers who last week tipped us with "KurniaAM"! The deal may be priced at 2.5 to 3 times book value.http://bit.ly/trEBI2

PETALING JAYA: General insurance company Kurnia Asia Bhd will likely announce its decision to sell an equity stake in its wholly-owned subsidiary Kurnia Insurans (M) Bhd (KIMB) to Insurance Australia ...
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Insurance News  -  14 Dec 2011  -  Public
PruBSN has announced the winners of 'Prudential BSN Takaful's Funancier Cartoon It!' contest. The contest aimed to introduce the Takaful concept in a light and fun way. The contest called for comic strips in 5 different Takaful categories: a) Exclusion in Takaful Plan; b) Basic Takaful terminology; c) Takaful Benefits; d) Types of Takaful Cover; e) Takaful Agent. http://bit.ly/teJyyj

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Insurance News
  -  14 Dec 2011  -  Public
An assemblyman claimed that there were rampant cases of Singaporeans dumping their cars in Johor and went back to Singapore to file an insurance claim on car theft. http://bit.ly/rXuKdk

AN assemblyman has called for an investigation into Singaporeans who “dump” their vehicles in Johor to claim insurance when they return to the island republic.
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Insurance News  -  14 Dec 2011  -  Public
There has been no positive progress in MAC's attempt to get insurance companies to cover HIV/AIDS medical expenses. http://bit.ly/vbtyRr

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Insurance News  -  13 Dec 2011  -  Public
Prudential's NB sales increased 13% from RM655 mil (2010 Jan-Sep) to RM743 mil (2011 Jan-Sep). The CEO attributed the growth to: a) High productivity by agency force; b) Growing banca business; c) Product innovation; d) Service and operational excellence. 73% of its NB sales came from investment-linked and on average 6 riders were attached to each basic policy. http://bit.ly/uruPUk

Prudential: Strong sales momentum to continue
PRUDENTIAL Assurance Malaysia Bhd will likely surpass the RM1 billion mark in new business sales this year, given the strong performance it recorded in the first nine months.
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Insurance News  -  13 Dec 2011  -  Public
AmTakaful will have RM100 mil in capital with AMMB and Friends Providend owning 70% and 30% respectively. http://bit.ly/vETqaC

AMMB, Friends invest in takaful venture
AMMB Holdings Bhd and Friends Provident Group Plc will invest RM100 million in their Islamic insurance joint venture, according to statement from Resolution Ltd, Friends Provident’s parent.
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Insurance News  -  13 Dec 2011  -  Public
Fitch believes that the outlook of insurance market in Malaysia is stable and will be driven by: a) Government measures; b) Low penetration rate; c) Improving product reach via banca and direct channels. Meanwhile investment-linked products will be affected by the volatility in stock market and the underwriting deficit from compulsory motor cover will constrain the profitability of the general insurers. http://bit.ly/tIX0EQ

HONG KONG, December 12 (Fitch) Fitch Ratings says in a new report that its Rating Outlook for Malaysia's insurance is Stable, supported by sound operating profitability, steady market growth and manag...
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Insurance News  -  13 Dec 2011  -  Public
European insurers such as Aviva, AXA and Allianz are at risk of having their credit ratings downgraded by S&P due to the rise in systemic stresses in the eurozone. http://bit.ly/snrZjl

Aviva, AXA and Allianz threatened by S&P downgrade. Aviva, AXA and Allianz are under threat of credit rating dow...
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Insurance News  -  13 Dec 2011  -  Public

The Malaysian AIDS Council is in talks with insurance companies to insure HIV/AIDS medical expenses. http://bit.ly/vMECc1

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Insurance News  -  13 Dec 2011  -  Public
Swiss Re's CEO Stefan Lippe has decided to step down in 2012 by taking early retirement after spending almost 30 years with Swiss Re.http://bit.ly/tK5l7E

Swiss Re CEO announces early retirement. Story link: Swiss Re CEO announces early retirement. by Richard Kilner. The Board of Directors of Swiss Re has announced that Stefan Lippe has decided to step ...
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Insurance News  -  12 Dec 2011  -  Public
The life insurance industry is expected to grow 10-15% in 2012. Drivers for the growth are: a) low penetration rate; b) various government projects and incentives. Products that are expected to do well: a) retirement-related products; b) medical; c) protection-related products. Great Eastern meanwhile projected a 15% growth next year for its combined conventional and takaful businesses with takaful outperforming conventional. Allianz spotted potential opportunities in general insurance business in the SME sector. http://bit.ly/vM46RW


PETALING JAYA: Despite the challenging economic environment, the life insurance industry is expected to chart new business premiums growth of between 10% and 15% next year. The Life Insurance Associat...

Sunday, 11 December 2011

News Posts 20111204-20111210

Insurance News  -  9 Dec 2011  -  Public
Has Kurnia found a buyer? http://bit.ly/rXZ0Or

Kurnia Asia Bhd, a Malaysian insurer, rose to a one-month high in Kuala Lumpur trading as Hong Leong Financial Group Bhd said its stock price is poised to rally.
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Insurance News  -  8 Dec 2011  -  Public
More than 20 agents from an unnamed insurance company has lodged their complaint to MCA on their contracts being unfairly terminated.http://bit.ly/t2UBZK

指公司無理解僱14天生效20保險代理失業失傭金. 國內. 2011-12-07 18:02. 這班代理不滿被解僱而向張天賜(左2)求助。左1為郭撲進。(圖:星洲日報). (吉隆坡7日訊)逾20名來自全國各地的某家保險公司代理申訴,上半年遭公司無理解僱且在14天生效,令他們失去工作及常年累積的紅利、花紅和傭金等,因此深感不滿! ...
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Insurance News  -  8 Dec 2011  -  Public
ING set aside RM4.6 bil provision for the loss-making variable annuity business in US as the policyholder behaviour diverged from the earlier assumptions made by ING. http://bit.ly/usNFWo

THE HAGUE: Dutch banker ING said yesterday it was setting aside a fourth-quarter provision of e900 million to e1.1 billion (RM4.62 billion) to cover commitments on US-based annuity products.
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Insurance News  -  7 Dec 2011  -  Public
Great Eastern launched "Great Cash Gain" endowment plan. Features: a) Choice of limited or full payment term; b) 180% SA at maturity and on death & TPD; c) Double indemnity on accidental death.http://bit.ly/rWLXZ5

Great Eastern Life launchs flexible endowment plan
Great Eastern Life Assurance (Malaysia) Bhd today launched a flexible endowment plan called "Great Cash Gain".
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Insurance News  -  7 Dec 2011  -  Public
2 fund managers voiced their opinions on PRS. PRS must have its own unique selling propositions in order to attract investors. One such USP is that it provides an alternative for those who want to have some say in the asset allocation of their retirement scheme. http://bit.ly/sQP7Dn

PETALING JAYA: Fund managers are mixed on the feasibility of setting up a private retirement scheme (PRS), as they need to know how it is governed and how different it is from a typical unit trust.
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Insurance News  -  5 Dec 2011  -  Public
Chartis has appointed 2 key management staff. http://bit.ly/vDBAzz

Chartis announces new appointments
Chartis Malaysia Insurance Bhd,a property-casualty and general insurance company, has appointed Soo Wai Har as its Finance and Corporate Senior Vice-President and Director.
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Insurance News  -  5 Dec 2011  -  Public
Application for Private Retirement Scheme (PRS) licence is now open and submission for a licence must reach SC by 15 February 2012. Successful applicants must meet various criteria including expertise in pension or retail fund management. A minimum of 3 funds must be offered under PRS namely: Growth, Balanced and Conservative funds. Applicant also must have assets under management of at least RM1 bil annually within the last 3 consecutive years. There was no mention of requirement to provide pensions as part of the retirement benefit. http://bit.ly/spQTti


KUALA LUMPUR (Dec 5): The Securities Commission Malaysia (SC) has finalised the eligibility requirements for private retirement scheme (PRS) providers and eligible firms can now make submissions to be approved as PRS providers.

Sunday, 4 December 2011

News Posts 20111128-20111203


Insurance News  -  1 Dec 2011  -  Public
PruBSN launched Giro Takaful Hajj with BSN. Giro Takaful Hajj provides protection and savings for future Hajj and Umrah pilgrims. The bancatakaful arrangement between PruBSN and BSN currently has 6 products available. http://bit.ly/srKmzb

BSN: Takaful products to up revenue
Bank Simpanan Nasional (BSN) expects its wealth management division to contribute up to 15 per cent of the bank's revenue next year, driven by new product launches and increasing demand for takaful products.
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Insurance News  -  29 Nov 2011  -  Public
FSA will ban retail sales of "death bonds", which is Traded Life Policy Investments. Buyers of "death bonds" basically bet on the lifespan of US policyholders. The death bonds are considered too complex and risky for retail investors. http://reut.rs/vMGdbY

By Myles Neligan and Huw JonesLONDON, Nov 28 (Reuters) - Britain's finance watchdogis to ban retail sales of Traded Life Policy Investments(TLPIs), a form of bet on the lifespan of U.S. policyholdersk...
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Insurance News  -  29 Nov 2011  -  Public
Khazanah had committed to purchase US$150 mil worth of H-shares in New China Life Insurance Co Ltd. Khazanah currently owns 31.58% stake in ACR Capital Holdings Pte Ltd, which in turn owns Asia Capital Reinsurance Group Ptd Ltd. http://bit.ly/tLTSA6

PETALING JAYA: Khazanah Nasional Bhd is actively pursuing investments in healthcare and insurance sectors, going by recent reports.
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Insurance News  -  29 Nov 2011  -  Public
Prudential's new business APE hit RM293 mil in Q3 2011, up 14% compared with the corresponding figure last year of RM258 mil. http://bit.ly/u55X8a

Prudential Assurance Malaysia Bhd (PAMB) registered a 14 per cent growth in the third quarter aided by strong business mix and improved agency activity.

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Insurance News  -  28 Nov 2011  -  Public
Great Eastern Takaful targets to venture into Indonesia between Feb and April 2012. It also targets to be the top 3 takaful players in Indonesia within 3 to 5 years. http://bit.ly/tvRp6R

GE Takaful eyes top 3 spot in Indonesia | theSundaily
KUALA LUMPUR (Nov 28, 2011): Great Eastern Takaful Sdn Bhd (GE Takaful) has unveiled a plan to become one of Indonesia's top three takaful players in three to five years, by introducing affordable takaful plans and leveraging on its bancatakaful distribution partnership with Bank OCBC NISP there.

Monday, 28 November 2011

News Posts 20111108-20111127


Insurance News  -  26 Nov 2011  -  Public
HSBC Amanah Takaful uses tailored solutions for different life stages to protect and grow its customers' financial future. Bancatakaful is HSBC's main channel and it believes that such a channel provides a holistic approach to financial planning. http://bit.ly/rpcudd


Insurance News  -  26 Nov 2011  -  Public
Takaful Ikhlas and MAA Takaful will provide group hospital and surgical cover and group personal accident cover respectively to foreign students under the care of FOSMEC from January 2012. The combined contributions for both covers will be RM300 or less. http://bit.ly/vnABki


Insurance News  -  25 Nov 2011  -  Public
MNRB's 6-month results: net loss RM5.94 mil (2010: net profit RM21.26 mil); revenue RM362.85 mil (2010: RM338.97 mil). Thailand flood has impacted its profitability. http://bit.ly/twpKVi
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KUALA LUMPUR (Nov 25): MNRB HOLDINGS BHD [] shares retreated in early trade on Friday after the company said that it expected to face a challenging year in view of the impact of the Thailand flood loss.


Insurance News  -  25 Nov 2011  -  Public
Kurnia's 9 months results: Net Profit: RM36.7 mil (up 57.6%); GWP: RM814.6 mil (up 1.9%). Non-motor business posted a 18% growth. http://bit.ly/tT1mMy


Insurance News  -  25 Nov 2011  -  Public
Manulife's first 9 months results: Pre-tax profit RM65.3 mil (2010: RM57.5 mil); Revenue RM455.2 mil (2010: RM432.7 mil). http://bit.ly/v9IuGY


Insurance News  -  25 Nov 2011  -  Public
STMB's profit rose from RM33.2 mil (9 mths 2010) to RM60 mil (9 mths 2011) while operating revenue also increased by 18% from RM889 mil to RM1.04 bil. The growth was due to the General Takaful and Group Family Takaful. http://bit.ly/rzMdOw

KUALA LUMPUR: Syarikat Takaful Malaysia Bhd’s profit before zakat and taxation increased 81% to RM60 million for the nine months ended Sept 30, 2011 as compared with RM33.2 million last year.

Insurance News  -  24 Nov 2011  -  Public
PruBSN's Q3 NB sales hit RM53.9 mil, up 57% from the same period in 2010. http://bit.ly/rrfxGM

PRUBSN REGISTERS RECORD BREAKING SALES GROWTH IN THE THIRD QUARTER OF 2011 SALES UP 57% FROM Q3 2010, YEAR TO DATE SALES UP 47%. Thursday 24/11/2011. KUALA LUMPUR , Nov 24 (Bernama) -– Prudential BSN ...

Insurance News  -  23 Nov 2011  -  Public
ACE Synergy has teamed up with Aon and Manchester United Football Club to launch Red Protect. The personal accident insurance product targets MU fans aged 18 and above and is expected to sign up 400,000 fans. http://bit.ly/v3bRtO
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Aon Corp, the world's largest insurance broker, has teamed up with the Manchester United Football Club to launch the club's first insurance product in the country.

Insurance News  -  23 Nov 2011  -  Public
Legal & General Gulf Takaful has plan to set up operations in Malaysia. It currently operates in the Middle East and focuses on family takaful business. http://bit.ly/rPx2is

Legal & General Gulf Takaful, a unit of Legal and General Gulf, may set up business operations in Malaysia at some point to meet the growing demand for takaful products, its managing director Manf...

Insurance News  -  22 Nov 2011  -  Public
PwC said the low penetration in Malaysia's insurance industry continued to attract interest from Japanese, Australian and European insurance giants and there is also potential for rationalisation of the takaful market. http://bit.ly/usCxGh
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Malaysian financial services players, especially the banking sector, are keen on merger and acquisition (M&A) deals, said PricewaterhouseCoopers (PwC).

Insurance News  -  21 Nov 2011  -  Public
AmTakaful has apparently yet to receive its operating licence. The company set up a website last month but this has since been removed. AmTakaful has 8 products in plan. Its CEO is Wan Zamri, who was formerly the CEO of AIA Takaful International Bhd. http://bit.ly/tUJVeV
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KUALA LUMPUR AmTakaful Sdn Bhd, the Islamic insurance arm of AMMB Holdings Bhd, has appointed Wan Zamri Wan Zain as its chief executive officer.

Insurance News  -  The reporter made a little blunder: AmTakaful only has family takaful licence and hence they can't be selling motor takaful. Auto Life-i (HPRTT) is apparently a family takaful coverage on the life of the borrower of a car loan, maybe that's where the confusion.
21 Nov 2011   

Insurance News  -  19 Nov 2011  -  Public
Etiqa Insurance and Takaful signed a new collective agreement with the Union. More than 500 non-executives of Etiqa will be entitled to 8 revised benefits: increase in mileage claim, increased laundry allowance, increased meal allowance, eye care and dental extraction, scaling and filing, 90-day maternity leave and retirement age of 57. http://bit.ly/vHI37D
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Etiqa Insurance and Takaful and the National Union of Commercial Workers have signed a new collective agreement for this year until 2013 to offer better working benefits to its non-executive staff.

Insurance News  -  19 Nov 2011  -  Public
Allianz saw its revenue rose by 11% but pre-tax profit came in lower. http://bit.ly/uE5qj3
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Allianz Malaysia Bhd's pre-tax profit for the 3rd quarter ended September 30 2011 fell to RM46.373 million compared to RM50.379 million in the same period last year.

Insurance News  -  19 Nov 2011  -  Public
Prudential may sell or spin off assets from 2013 but it was not made clear which asset or from where. Given that the group is seeking growth in Asia, the sale of assets is not likely to be in Asia.http://bloom.bg/t4RsK5

Prudential Plc’s Chief Executive Officer Tidjane Thiam said he may sell or spin off assets from 2013, according to analysts who attended an investor presentation with the company in Malaysia.

Insurance News  -  17 Nov 2011  -  Public
AIA AFG plans to set up 3 branches next year, 1 each in Klang Valley, northern and southern regions. A new product is also planned for January next year, adding to the 4 products that it currently has. http://bit.ly/sZSTRu

KUALA LUMPUR, Nov 15 -- New takaful operator AIA AFG Takaful Bhd plans to set up three branches next year, its chief executive officer Wan Azman Wan Mamat said.

Insurance News  -  17 Nov 2011  -  Public
The new 10-year Financial Sector Masterplan will be unveiled by the PM next month.http://bit.ly/uYp6XC

KUALA LUMPUR The Financial Sector Masterplan will be launched next month, said Bank Negara Malaysia governor Tan Sri Dr Zeti Akhtar Aziz.

·         Insurance News
ING's CEO Datuk Dr Nirmala may be transferred to the regional office in HK soon taking on a bigger role. When contacted by the reporter, Dr Nirmala neither confirmed nor denied the story. http://bit.ly/rQuUnN

KUALA LUMPUR: Datuk Dr Nirmala Menon is poised to leave her post as chief executive officer (CEO) of ING Insurance Bhd and spearhead the Dutch insurance giant's regional office in Hong Kong soon.

Great Eastern's CEO Koh has been named a Transformational Corporate Leader brand icon. Koh believes that "the achievement does not signify the brilliance of one person alone, but the triumph of each and every member of our Great Eastern family who are all committed to delivering on the brand promise".

Great Eastern Life Assurance (M) Bhd's director/chief executive officer, Datuk Koh Yaw Hui, has been named a "Transformational Corporate Leader" brand icon at the BrandLaureate Brand Icon Leadership Awards 2011.