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Sunday, 26 February 2012

News Posts 20120220-20120226


Insurance News  -  25 Feb 2012  -  Public
STMB's profit before tax and zakat in 2011 grew 55% to RM101.4 mil and operating revenue grew 17%. It's bancatakaful and group employee benefit business also grew strongly at 75% last year. http://bit.ly/x7DyHw
KUALA LUMPUR (Feb 24, 2012): Syarikat Takaful Malaysia Bhd (Takaful Malaysia) recorded another year of strong growth with profit before taxation and zakat exceeding the RM100 million mark for the firs...
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Insurance News  -  25 Feb 2012  -  Public
Samsung Life is interested in acquiring ING but no decision has been made as yet. http://bit.ly/A3DiZM

SEOUL: South Korea's Samsung Life Insurance said it is interested in acquiring ING Groep's Asia Pacific insurance operation as part of its overseas expansion strategy.
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Insurance News  -  24 Feb 2012  -  Public
AIA posted a much higher value of new business and also an improvement in margin. With cash of $4.3 bil, it said that it would focus on organic growth and kind of hinted that it may not be interested in acquiring ING. http://bit.ly/xgKfAR

NEW YORK (Feb 23): AIA Group Ltd, Asia's No.3 insurer, reported a 40 percent rise in value of new business (VONB) for the year ended Nov. 30, 2011, as well as growth in Thailand despite last year's devastating floods.
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Insurance News  -  24 Feb 2012  -  Public
MAA reported higher pre-tax profit but with lower revenue. http://bit.ly/ySKHzv

MAA Group Bhd posted RM158.567 million in pre-tax profit for the financial year ended Dec 31, 2011, a jump from RM36.889 million last year.
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Insurance News  -  24 Feb 2012  -  Public
Takaful Ikhlas won the "Best Takaful Provider" awards from the Islamic Finance News 2011 and Euromoney magazine 2012. http://bit.ly/xMdYFS

KUALA LUMPUR: Takaful Ikhlas won two international awards and was honoured as the "Best Takaful Provider" from the Islamic Finance News 2011 and Euromoney magazine 2012.
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Insurance News  -  22 Feb 2012  -  Public
Greg Della is leaving Comminsure to rejoin Zurich Australia. Greg was a director for MCIS Zurich for a number of years before he left Zurich Group in 2011. http://bit.ly/zmPDyc

CommInsure chief financial officer and chief life actuary Greg Della has departed the group to join rival Zurich Australia. Zurich Australia life and investments chief executive Colin Morgan told Inve...
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Insurance News  -  22 Feb 2012  -  Public
ING is going aggressively into investment-linked business via its INGeasi For You series, aiming to grow the segment from the current 17% share of total business to 25% by year end. It targets to secure another 25,000 policyholders on top of the existing 90,000. A Facebook application will be developed to enable users to see years into their future based on their chosen goals and dreams. http://bit.ly/yJ3bPE

ING Insurance Bhd expects to sign up 25,000 policyholders for its new investment-linked insurance package, INGeasi For You, by year-end.
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Insurance News  -  22 Feb 2012  -  Public
ACE Jerneh aims for a double digit GWP growth rate in 2012. The growth will come from all channels: agency, telemarketing and direct marketing. http://bit.ly/zqND7k

KUALA LUMPUR : The merged entity between ACE Synergy Insurance Bhd and Jerneh Insurance Bhd, ACE Jerneh Insurance Bhd (ACE Jerneh) aims to grow its gross written premium (GWP) by a double digit percentage this year.
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Insurance News  -  21 Feb 2012  -  Public
Great Eastern acknowledges that there is no way of knowing what kind of returns its recent rebranding would reap. An insurance industry observer notes that Great Eastern's partnership with "health and welfare" products and services providers as part of the rebranding does not cost it much money but creates values for the providers and GE's customers. How this transforms into tangible returns for GE is however not clear although it will enhance its brand. http://bit.ly/Auz8DL
KUALA LUMPUR: Great Eastern Holdings Ltd’s Life is Great rebranding aims to transform its relationship with its customers, with hopes that the proposition will be able to separate the insurer from its competitors.
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Insurance News  -  20 Feb 2012  -  Public
MAA Assurance will be rebranded as a Zurich Brand Company comes 26 March 2012. Zurich will have to relinquish its 40% stake in MCIS Zurich and is in the process of resolving its shareholdings issue with with Koperasi MCIS. The process would take some time as it involves many parties. Zurich's decision to buy an alternative insurance licence instead of developing MCIS Zurich is because MAA has a bigger business in place and also has more potential. http://bit.ly/zzs0ow

ON March 26, a new era will begin in the Malaysian insurance landscape with the entry of the Zurich Group as a standalone insurance company.

Monday, 20 February 2012

News Posts 20120213-20120219

Insurance News  -  18 Feb 2012  -  Public
The global bleak economic scenario has resulted in increase in the demand of trade credit insurance. The cost of such insurance is however considered high by smaller exporting SMEs.http://bit.ly/zSuBSL


THE demand for trade credit insurance among Malaysian exporters, including the small and medium enterprises (SMEs), to protect for non-payment by overseas buyers have risen significantly amid the glob...
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Insurance News  -  18 Feb 2012  -  Public
The Foreign Workers Health Insurance Protection Scheme will be made compulsory by June 2012 for all foreign workers including domestic helpers and estate workers. Currently there are 25 insurance companies involved in the scheme with 1.4 mil policies sold. The premium is RM120 per policy per year. http://bit.ly/zK2WMa

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Insurance News  -  17 Feb 2012  -  Public
The 6 insurers on MATTA's panel to provide mandatory travel insurance are: Ace Jerneh, Chartis, HLMT, Kurnia, Lonpac and RHB. http://bit.ly/zISYs1

KUALA LUMPUR: The Malaysian Association of Tour and Travel Agents (MATTA) will im­­pose mandatory travel insurance on all its members starting March 1.
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Insurance News  -  17 Feb 2012  -  Public
Great Eastern Takaful launched an new takaful education plan named i-Great Iqra. Targeted contribution is RM15 mil with 7,000 to 8,000 participants in 1st year. http://bit.ly/ACzr3s

Great Eastern Takaful Sdn Bhd upbeat on new product
KUALA LUMPUR: Great Eastern Takaful Sdn Bhd (GETSB) is targeting RM15 million contribution from its latest product, i-Great Iqra, in the first year.
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Insurance News  -  14 Feb 2012  -  Public
Great Eastern Holdings reported 24% lower profit in 2011 mainly due to unrealised mark-to-market losses in deteriorated investment climate. The Capital Adequacy Ratios (CAR) for both Singapore and Malaysia are however more than 200%, higher than the minimum regulatory requirements of 130% and 120% for Malaysia and Singapore respectively. http://bit.ly/ADyToD

Great Eastern Holdings Limited today reported profit attributable to shareholders of S$385.7 million for the financial year ended 31 December 2011, compared with S$507.2 million in 2010.
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Insurance News  -  14 Feb 2012  -  Public
PNB may sell MNRB as part of its divestment plan as announced by Government recently.http://bit.ly/wkhPL0

PETALING JAYA: Companies in the Permodalan Nasional Bhd (PNB) stable such as MNRB Holdings Bhd, Bonia Corp Bhd and Asia File Corp Bhd may be up for sale, industry observers say.
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Insurance News  -  13 Feb 2012  -  Public
Bruce Hodges is the new deputy CEO for ING. He will succeed Datuk Dr Nirmal Menon who has been appointed head of South Asia for ING Insurance Asia Pacific. Bruce came from Sun Life Hong Kong. http://bit.ly/wTjPOd

ING Insurance Bhd today appointed Bruce Hodges as deputy chief executive officer responsible for managing and growing ING Life Malaysia and ING's Takaful joint-venture operations in Malaysia.
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Insurance News  -  13 Feb 2012  -  Public
The US Prudential Financial Inc has apparently expressed interest in bidding for ING's Asian insurance operations. http://bit.ly/zp2p5T

SEOUL (Feb 13): Prudential Financial Inc , the No.2 U.S. life insurer, has hired Bank of America Merrill Lynch to advise on its possible bid for ING Groep NV's Asian insurance operations, South Korean media reported, in what is potentially Asia's second-biggest insurance sale ever.

Sunday, 12 February 2012

News Posts 20120205-20120212


Insurance News  -  12 Feb 2012  -  Public
You can find here the full press release by Great Eastern on transforming from merely a life insurance company to a life company. http://bit.ly/wo8BN6
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Insurance News  -  11 Feb 2012  -  Public
Great Eastern has launched a new strategy by focusing on helping customers to lead healthier lives, instead of focusing on offering financial protection. Health insurance premiums will be lowered for customers who lead healthier lives. http://bit.ly/AyjPsM

Singapore-based insurance company Great Eastern on Friday launched a new strategy focusing on helping customers to lead healthier lives.“While ...
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Insurance News  -  11 Feb 2012  -  Public
Great Eastern opened its 4-storey new building Wisma Great Eastern in Ipoh. The company achieved 12% growth last year with RM1.05 bil weighted new business premium and RM53 bil assets.Great Eastern Ipoh contributed around RM60 mil weighted NB premium in 2011.http://bit.ly/xguYH1

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Insurance News  -  10 Feb 2012  -  Public
ING will sell its Asian insurance and investment management businesses separately. Selling separately is expected to fetch a higher overall price. http://bit.ly/zyHHls

HONG KONG: ING has decided to split the sale of its Asian insurance business by auctioning its investment management business separately, in a move that allows a focused group of suitors to bid for th...

Tuesday, 7 February 2012

News Posts 20120129-20120204


Insurance News  -  4 Feb 2012  -  Public
Interview with Etiqa's CEO. Targets set for Etiqa: 1) Grow gross written premium by 75% by 2015 to RM7.5 bil. 2) Expand assets under management by 30% to RM30 bil in 2015 from RM23 bil currently. The twin debt crises in US and euro zone could mean dark days ahead for the industry.http://bit.ly/xHX9tD
As the CEO of an insurance entity, he is focussed on ‘rebranding and humanising’ the financial service market.
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Insurance News  -  3 Feb 2012  -  Public
Korea Life may be bidding for ING's Asia Pacific insurance operations. http://bit.ly/ydRg3Z

SEOUL: Korea Life Insurance Co Ltd said yesterday that it is reviewing the feasibility of bidding for ING Groep NV’s Asia-Pacific insurance operations.
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Insurance News  -  3 Feb 2012  -  Public
Munich Re's profits plummeted 71% in 2011 due to eurozone debt crisis and catastrophes.http://bit.ly/xzSgco

FRANKFURT: Munich Re, the world’s biggest reinsurer, said profits plummeted last year due to heavy losses from both the eurozone debt crisis and a string of natural catastrophes.
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Insurance News  -  30 Jan 2012  -  Public
The stolen vehicles claims amount has increased from RM340 mil in year 2000 to RM604 mil in 2010. http://bit.ly/xkEqQr

PETALING JAYA: The amount that insurance companies spent on stolen vehicle claims has almost doubled over the past decade, hitting RM604mil last year.
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Insurance News  -  30 Jan 2012  -  Public
ING Public Takaful targets to increase its market share from 2% to 10% by 2015. It will sign up 2 more banks as distributors and increase the number of agents to 1,500 this year. The company launched an investment-linked medical rider today. http://bit.ly/wvEqsS

KUALA LUMPUR: ING PUBLIC Takaful Ehsan Bhd (Takaful Ehsan) is eyeing a 10 per cent market share of the takaful industry by 2015 from the current two per cent.
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Insurance News  -  29 Jan 2012  -  Public
Suggestion to create an online database of contentious insurance claims cases with objective facts, name of insurer, nature of customer dissatisfaction, insurer's response and course of action. The idea is for potential customers to judge themselves which insurance companies to avoid. What do you think? http://bit.ly/AtBAwi

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