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Monday, 21 February 2011

News Posts 20110214-20110220

Insurance News Great Eastern proposes to return S$364 mil to its shareholders as it believes its existing capital is in excess of its requirements.
Great Eastern Insurance firm Great Eastern has proposed a capital reduction that will result in a cash distribution by the company to its shareholders of about S$364 million.
February 17, 2011

Insurance News ACE Synergy has a new head for its A&H division.
ACE Synergy Insurance Bhd has appointed Amir Ghaffar as head of accident and health (A&H) division to lead the charge for the next phase of its growth.
February 17, 2011

Monday, 14 February 2011

News Posts 20110207-20110213

Insurance News This news article summarises some of the development in the takaful industry in the past 2 weeks, including the launch of AIA AFG Takaful and Mitsui Sumitomo eyeing HLTMT.
Malaysia is attracting global companies such as American International Group Inc and Mitsui Sumitomo Insurance Co seeking to tap growth in the country’s US$4 billion Islamic insurance market.
February 9, 2011

Monday, 7 February 2011

News Posts 20110131-20110206

Insurance News The draft guidelines on RBC for Takaful is expected to be released by BNM soon. The implementation of RBC is expected to be after the feedback of the industry on the exposure draft. Once RBC is implemented, there could be another round of M&A but this time in the takaful industry.
Datuk Syed Moheeb Some takaful operators may need to inject new capital to maintain their licence to operate takaful business when the proposed risk-based capital framework is implemented.
February 4, 2011

Tuesday, 1 February 2011

News Posts 20110124-20110130

Insurance News The market share in takaful industry: (1) Etiqa: 25% (2) PruBSN: 16-18% (3) Ikhlas.
AIA AFG Takaful Bhd (AATB) is confident of emerging as one of the top three family takaful providers in Malaysia within three years.
January 29, 2011

Insurance News Mercer will sell its actuarial insurance consulting business in Malaysia, Mercer Zainal Sdn Bhd, to the management of Mercer Zainal end of this month. The business will be renamed Actuarial Partners.

Insurance News Tokio Marine may pull out of HLTMT where it has 35% stake. Earlier report stated that Mitsui Sumitomo is the potential buyer but this was subsequently denied by Tokio Marine. Instead, the stake may be sold to Hong Leong Group.
Tokio Marine Holdings Inc may sell its 35 per cent stake in a Malaysian Islamic insurance venture to Hong Leong Group, Hideyuki Ishii, a spokesperson told Bloomberg News.
January 28, 2011

Insurance News AIA AFG Takaful Bhd was officially launched by the DG of BNM today. The DG identified microtakaful, medical and retirement products as the untapped areas of business within the family takaful industry.
The Malaysian takaful industry, the second largest in the world with total assets of US$3.2 billion in 2009, will see the entry of another two takaful joint ventures by year-end.
January 28, 2011

Insurance News BNM is appointing 3 new AG, including Donald Jaganathan. Donald will be responsible for the financial conglomerates supervision, insurance and takaful supervision and banking supervision departments. He was once the Director of Insurance Supervision Department.
KUALA LUMPUR: Bank Negara will have three new assistant governors -- Donald Joshua Jaganathan, Abu Hassan Alshari Yahaya and Marzunisham Omar -- with effect from Feb 1, 2011.
January 27, 2011

Insurance News The sale of Pacific Insurance is targeted to be completed by April 2011.
We refer to the announcements dated 3 December 2010 and 30 December 2010 (“Announcement”) in relation to the Proposed Disposal. Unless otherwise stated or defined, all the terms used herein shall carry the same meaning as defined in the Announcement.
January 27, 2011

Insurance News AmFamily Takaful Berhad was officially incorporated on 26/1/2011.
We refer to our announcement dated 1 September 2010 on the approval by Bank Negara Malaysia for the joint application by AMMB Holdings Berhad (“AHB”) and Friends Provident Group plc (“FP Group”), AHB’s joint venture partner in its life insurance business, for a family takaful licence under the Takaful Act, 1984.
January 27, 2011

Insurance News PIAM, FAWOAM and Amla reached agreement to cap automotive parts discount at 20%. The implementation is expected to be after CNY.
FEDERATION of Automobile Workshop Owners Association Malaysia (FAWOAM) has reached an agreement with motor insurance companies to cap automotive parts discounts at 20 per cent.
January 26, 2011