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Sunday, 4 March 2012

News Posts 20120227-20120304

Insurance News  -  1 Mar 2012  -  Public
PruBSN has signed an MoU with Kuwait Finance House to distribute takaful products to KFH's customers with the 1st phase focusing on credit-related plans. http://bit.ly/ygfWVb

KUALA LUMPUR, March 1 (Bernama) -- Prudential BSN Takaful Bhd (PruBSN) expects its takaful market share to increase significantly following a collaboration forged with Kuwait Finance House (Malaysia) ...
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Insurance News  -  29 Feb 2012  -  Public
Lonpac expects strong growth in its fire insurance due to the rollout of more ETP projects. It also wants to be involved in large-scale infrastructure projects such as the MRT project provided that the rates are adequate. For the motor business, the loss ratio has gone up to above 80% in 2011 due to MMIP business. http://bit.ly/x0cxbD

LPI Capital Bhd expects its insurance arm, Lonpac Insurance Bhd, to rake in RM1 billion in gross premium income for the first time this year
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Insurance News  -  28 Feb 2012  -  Public
The RBC framework is expected to kick in for takaful industry in January 2013 or 2014. The new framework is not expected to pose difficulties for takaful players as most players have already benchmarked themselves against the RBC for conventional players. The introduction of RBC for takaful is also not expected to result in consolidation in the industry. http://bit.ly/z6zkJK

KUALA LUMPUR: The risk-based capital (RBC) framework for the local takaful industry is expected to take effect by January next year or the following year but will not be onerous to industry players as...
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Insurance News  -  27 Feb 2012  -  Public
Kurnia Insurans delivered RM87.0 profit in 2011, up from RM58.7 mil a year earlier. Overall loss ratio stood at 71.7% compared with 75.9% in 2010. The portfolio mix (motor to non-motor) improved to 80%:20% (2010: 82%:18%). Management expense ratio also improved from 16.2% to 14.8%.http://bit.ly/ytoBwh

Kurnia Asia Bhd (KAB) registered a pre-tax profit of RM61.12 million for the financial year ended Dec 31, 2011, from RM29.63 million previously. Revenue rose to RM1.161 billion from RM 1.096 billion.
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Insurance News  -  27 Feb 2012  -  Public
Prudential issued a press statement neither confirming nor denying that it was relocating its headquarters to Asia. http://bit.ly/zMRgBU

Prudential has noted recent press speculation that it may move its headquarters from London to Hong Kong to avoid the rigour of Solvency II, and has issued the following statement: “Prudential regular...
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Insurance News  -  27 Feb 2012  -  Public
Prudential may move its headquarters to HK to avoid holding extra capital due to a conflict between Solvency II and US insurance regulations. Prudential generates 45% of its sales in Asia.http://reut.rs/yQrabK

LONDON, Feb 26 (Reuters) - Prudential,Britain's biggest insurer, is considering moving itsheadquarters from London to Hong Kong to escape tough newcapital rules for European insurers, the Sunday Times...

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