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Sunday, 17 April 2011

News Posts 20110404-20110410

Insurance News HLTMT expects to secure RM100 mil to RM150 mil in FY 6/11. 2 new family takaful products are planned for this year. It recently launched Matta Haj and Umrah PA Takaful scheme and targets to secure RM2 mil in contributions.
Abdul Khalid Salleh KUALA LUMPUR: Hong Leong Tokio Marine Takaful Bhd (HLTMT) is looking to book between RM100 million and RM150 million in contributions for the financial year ending June 30.
April 09, 2011

Insurance News OSK expects more M&As in insurance industry citing RBC and max 70% foreign ownership as factors.
MORE mergers and acquisition (M&A) news is expected from the local insurance industry, driven by an easing of regulations by Bank Negara Malaysia.
April 08, 2011

Insurance News MNRB intends to inject RM100 mil capital into Takaful Ikhlas with the recently obtained unsecured credit facility.
MNRB Holdings Bhd has obtained an unsecured credit facility of up to RM120 million from Amanah Investment Bank Bhd for a twelve-month tenure from the date of initial draw down with an interest rate of 4.25 per cent per annum.
April 06, 2011

Insurance News MAAH has denied the earlier report on sale of 70% of MAA conventional business to Zurich for RM1.2 bil.
KUALA LUMPUR: MAA HOLDINGS BHD (MAAH) denies that it is poised to sell a 70% stake in its unit Malaysian Assurance Alliance Bhd to Zurich Insurance Co. Ltd for an estimated RM1.2 billion.
April 06, 2011

Insurance News BNM has released the annual insurance statistics for 2010.
Consolidated Insurance Industry Statistics - The following series of Tables 1-5 contain abstracts from the quarterly returns submitted by insurers under section 85, 89 and 193 of the Insurance Act 1996. The figures are for calendar year ending 31 Dec 2010 and business within Malaysia.
April 06, 2011

Insurance News What is needed goes beyond shariah conformity. We need players with right quality & calibre, responsive to consumer needs, able to deliver value propositions such as innovative products, competitive price, transparency & service quality. Strong opportunities for growth exist in Takaful due to i) Underserved areas such as M&H ii) Country transforming into high-income nation iii) MIFC proposition.
KUALA LUMPUR: A critical factor that will determine the success in taking the takaful industry to the next level of development is the existence of players with the right quality and calibre.
April 06, 2011

Insurance News It is speculated that MAAH will sell 70% of MAA's conventional business to Zurich for RM1.2 bil. As Zurich is not allowed to hold 2 insurance licences, would they sell MCIS Zurich or would they merge it with MAA? Read the article for more details.
MAA's & MZ's FY2009 & FY2010 The RM1.2 billion deal does not include MAAH's Islamic insurance unit, MAA Takaful Bhd, says an industry source.
April 06, 2011

Insurance News The DM in PM's Department estimated that 10% of claims incurred are fraudulent. With RM17.4 bil claims paid in 2009, the fraudulent claims amounted to RM1.7 bil!
The insurance industry is now facing a big challenge in managing claims due to mounting losses experienced by their policyholders.
April 05, 2011

Insurance News STMB launched mySME and targets RM10 mil contribution in the next 12 months.
Syarikat Takaful Malaysia Bhd, expects a premium income of RM10 million over the next 12 months from its newly-launched Takaful mySME plan.
April 05, 2011

Insurance News ING Public Takaful Ehsan aims to secure RM31 mil contribution in 1st year, and growing to RM800 mil by 2015 to capture 10% market share. Both agency force and bancassurance will be used to distribute the products. Products planned for this year include investment-linked, term PA and medical.
KUALA LUMPUR: ING Public Takaful Ehsan Bhd targets to grow its market share to 10% with projected contributions of over RM800 million by 2015.
April 05, 2011

Insurance News Deputy Governor's Speech at the Launch of ING Public Takaful Ehsan
It is my pleasure to be here with you this morning for the official launch of ING Public Takaful Ehsan. Indeed, this momentous occasion, which also celebrates an alliance between ING Management Holdings (M) Sdn Bhd, Public Bank Bhd and Public Islamic Bank Berhad, signifies yet another milestone in our continuous endeavour to provide sufficient financial safety net for the general population and at the same time, promote the development of a progressive takaful industry, that is agile, dynamic and able to adapt to the increasingly challenging environment.
April 05, 2011

Insurance News MAA shares were suspended after lunch today pending "announcement of a material transaction". Speculation was the Zurich deal may be concluding. MAA shares moved up by 25% last Friday in a single day. However the announcement after market close today says that the discussion with Zurich is still ongoing.
The Company notes the recent movement in its share price and consequentially the request by the Company for the suspension of its shares from trading by Bursa Malaysia Securities Berhad.
April 04, 2011

Insurance News Standard Chartered Saadiq currently partners Etiqa Takaful in offerring takaful products and has no plan to apply for a takaful licence in Malaysia.
JOHOR BARU: Standard Chartered Saadiq (Saadiq) currently has no plans to apply for takaful licence in Malaysia.
April 04, 2011

Insurance News MII didn't tell us this. So some credits should be given to ANZIIF for the CF-Miti launched last week.
The Australian and New Zealand Institute of Insurance and Finance (ANZIIF) has helped the Malaysian Insurance Institute (MII) build a competency framework for both general and life insurance.
April 04, 2011

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