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Monday, 23 April 2012

News Posts 20120416-20120422


Insurance News 19 Apr 2012  -  Public
MAA may be selling its unit trust business if the timing and the pricing is right. http://bit.ly/TAS0419b

PETALING JAYA: Fresh from selling its core insurance business and becoming debt-free, MAA Group Bhd is considering hiving off its fund management business, according to sources.

21 Apr 2012
MAAKL Mutual has subsequently denied that it is up for sale. http://bit.ly/TAS0421a
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Insurance News 20 Apr 2012  -  Public
AirAsia Bhd has entered into a distribution agreement with Tune Ins Holdings Sdn Bhd to provide insurance products to its customers. http://bit.ly/TAS0420c

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Insurance News 19 Apr 2012  -  Public
MAA will implement its rebranding exercise on 30 April, which includes a name change and remodelling of branches. http://bit.ly/TAS0419a

The Malaysian Assurance Alliance Bhd (MAA) is to undergo a "several million-dollar" rebranding exercise following its acquisition by Zurich, chief executive officer Chee Cheong said today.

Insurance News 20 Apr 2012
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Insurance News 20 Apr 2012  -  Public
Marubeni Corp will buy 22% of ACR Capital which results in new capital injection into ACR. The purchase price is reported to be US$250 mil. http://bit.ly/TAS0420b

SINGAPORE: Japanese trading conglomerate Marubeni Corp is buying a 22 percent stake in Singapore reinsurer ACR Capital Holdings in a move that will provide ACR with new capital, the Singapore firm said on Friday.
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Insurance News 19 Apr 2012  -  Public
STMB expects the restructuring of its Indonesian unit to be completed in June 2012. The takaful market in Indonesia is expected to pick up momentum in the next 1 to 2 years. The use of Islamic window is expected to be forbidden. http://bit.ly/TAS0419c

SYARIKAT Takaful Malaysia Bhd expects the restructuring of its Indonesian unit, PT Syarikat Takaful Indonesia (STI), to be completed in June this year.
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Insurance News 18 Apr 2012  -  Public
Some interesting statistics on the merger of AmG and Kurnia: a) Number of agents: 2,900 vs 5,500; b) Branches: 19 vs 30; c) Policyholders: 1 mil vs 3 mil. Based on this, AmG is roughly half the size of Kurnia. http://bit.ly/TAS0418b

NOW that the pricing has been sorted out, Kurnia Asia Bhd faces one last hurdle before selling Kurnia Insurans (M) Bhd – shareholder’s approval at an EGM to be convened soon.
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Insurance News 18 Apr 2012  -  Public
IAG is expanding aggressively into Asia. Following its acquisition of Kurnia, it has entered into another deal to acquire AAA Assurance Corp, Vietnam's 5th largest motor insurer.  http://on.wsj.com/TAS0418c

Insurance Australia Group has taken a further step toward boosting its Asian presence with the planned acquisition of a 30% stake in Vietnam's fifth-largest motor insurer, AAA Assurance Corp., in a de...
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Insurance News 18 Apr 2012  -  Public
STMB targets to increase its market share from 20% in 2011 to 30% this year. It would increase its agents by 15% from the current 20,000 strong. Service standard would be revamped and more Takaful MyCare centres would be opened. http://bit.ly/TAS0418a

BANGI: Takaful Malaysia Bhd will aggressively expand its retail capability to capture a bigger market share from 20 per cent in 2011 to 30 per cent this year.
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Insurance News 17 Apr 2012  -  Public
Takaful Ikhlas' targets for 2012: a) Grow contributions by 28% from RM700 mil to RM900 mil; b) Expand agency force to 7,200 from 5,700; c) Invest RM5 mil in new technology; d) Launch new group medical products and review individual medical plans; e) Enhance its investment-linked products; f) Launch an annuity product. http://bit.ly/TAS0417c

TAKAFUL Ikhlas Sdn Bhd, the Islamic insurance arm of MNRB Holdings Bhd, is embarking on a three-prong strategy to grow its total contributions by 28 per cent to RM900 million for the current financial year, from about RM700 million previously.
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Insurance News 17 Apr 2012  -  Public
Agents and customers of AXA Affin General can now check the status of all motor and non-motor claims submitted via their website. http://bit.ly/TAS0417b

KUALA LUMPUR, 13 April (Bernama) -- AXA Affin General Insurance Berhad (AXA Affin GI) recently launched an Online Claim Status portal which provides all agents and customers with access to claims information via its website:www.axa.com.my
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Insurance News 17 Apr 2012  -  Public
Information memorandums (IMs) on ING's businesses have apparently been sent out to potential suitors and the bid for ING's business will need to be submitted by 3rd week of May. The Malaysian business of ING is estimated to be worth RM3 bil. http://bit.ly/TAS0417a

ING has set a deadline of the third week of May to submit bids for its Asian life insurance business, sources said yesterday, as the Dutch bancassurer kickstarted its Asian divestments to repay part of the bail-out money received during the 2008 financial crisis.

Sunday, 15 April 2012

News Posts 20120409-20120415


Insurance News 14 Apr 2012  -  Public
Great Eastern expects its takaful contributions to grow from RM20 mil last year to RM70 mil this year. The growth in conventional insurance premiums is expected to hit 15% in 2012. Investment-linked business is expected to do well this year after growing 50% in 2010 and 20% in 2011. http://bit.ly/HIYcC9
GREAT Eastern Life Assurance (M) Bhd (Great Eastern) expects a better year this year, driven by the growing interest in investment-linked insurance plans and still-low market penetration rate of life insurance here.
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Insurance News 12 Apr 2012  -  Public
MNRB will unveil its 5-year plan soon which aims to create synergy within the group consisting of Malaysian Re, Takaful Ikhlas, MNRB Retakaful and Malaysian Re (Dubai). http://bit.ly/IajLrY
MNRB Holdings Bhd is drafting a five-year plan to drive the reinsurance group to the next level of profitability.
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Insurance News 12 Apr 2012  -  Public
Manulife targets to increase its investment-linked new business mix from 70% last year to 80% this year. The company achieved RM62 mil new business premium in 2011. http://bit.ly/HOcu1s
KUALA LUMPUR: Despite the current uncertainties and the volatile global economic environment Manulife Holdings Bhd is confident it will be able to perform better this year.
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Insurance News 12 Apr 2012  -  Public
Kurnia will be sold to AmG at a price of RM1.55 bil to be settled in cash. This values Kurnia at 2.05 times book value. Post acquisition, both AmG and Kurnia brands will be used and the integration is expected to take 2 years. The combined AmG-Kurnia business will command 13% of GI market share and with 22% market share in motor insurance, as measured by gross written premium. Post merger, Kurnia will concentrate on its GI businesses in Indonesia and Thailand. http://bit.ly/HCJ8tt, http://bit.ly/Hxzm5G, http://bit.ly/IYocGW
Kurnia Asia Bhd is disposing of its 100% stake in Kurnia Insurans (M) Bhd to AmG Insurance Bhd for RM1.55 billion cash following the completion of a bidding process involving several parties.
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Insurance News 12 Apr 2012  -  Public
MUI has sought BNM's approval for it to sell MUI Continental Insurance to Tokio Marine Insurans. http://bit.ly/HCl21Z
Malayan United Industries Bhd (MUI) has applied to Bank Negara Malaysia for its approval to dispose of the insurance assets and liabilities of MUI Continental Insurance to Tokio Marine Insurans (Malay...
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Insurance News 12 Apr 2012  -  Public
Lonpac has increased its revenue by 18.6% to RM230 mil in Q1 2012 as compared with the same quarter last year. However, claims experience has worsen due to high frequency of catastrophic losses and increased in number of fire and motor claims. http://bit.ly/HxwCKN
PETALING JAYA: LPI Capital Bhd recorded 18.51% decrease in net profit to RM31.5mil for its first quarter ended March 31 compared with RM38.6mil in the corresponding quarter due to higher claims.
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Insurance News 11 Apr 2012  -  Public
Takaful Ikhlas expects Sabah and Sarawak to bring in RM50 mil contribution this year as compared to RM37.7 mil last year. The company is also developing investment-linked products due to their popularity. http://bit.ly/IQ7x8s
ROOM FOR GROWTH: Islamic insurer expects up to RM50 million contribution this year from the two states
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Insurance News 11 Apr 2012  -  Public
GETSB's plan for 2012: a) RM124 mil contribution (Q1: RM7.6 mil); b) Out of which RM30 mil will be from Koperasi Angkatan Tentera; c) 8,000 takaful agents by year end; d) 1 new product in Q3, in addition to the existing 4.http://bit.ly/I3138H
Great Eastern aims for RM124m takaful »
BUTTERWORTH: Great Eastern Takaful Sdn Bhd (GETSB) is aiming for RM124 million in takaful contribution (or premium in conventional insurance) this year after achieving RM7.6 million in the first quarter.
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Insurance News 10 Apr 2012  -  Public
ING Insurance Agency Force Association Malaysia (INGIAFAM) has sought compensation from ING on the latter's planned insurance unit sell-off exercise. The agency forces of ING Hong Kong and ING Korea were apparently compensated from the selling exercise. It is understood that BNM did not agree to INGIAFAM's request. http://bit.ly/HtRiTA
KUALA LUMPUR: The Finance Ministry will discuss with Bank Negara ING Insurance Agency Force Association Malaysia’s (INGIAFAM) request for a fair compensation for agents from the ING Groep NV’s (ING) A...

Tuesday, 10 April 2012

News Posts 20120402-20120408


Insurance News  -  7 Apr 2012  -  Public
OSK Research puts a price tag of RM1.15 bil on Kurnia Insurans. The acquisition of Kurnia by AmG will make the latter the No. 1 general insurer in the country, up from the current 5th position. http://bit.ly/Hlkfwk
PETALING JAYA: AMMB Holdings Bhd’s proposed acquisition of Kurnia Asia Bhd subsidiary Kurnia Insurans (M) Bhd could make it the country’s largest general insurer, analysts said.
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Insurance News  -  7 Apr 2012  -  Public
Alliance Research has estimated that the price of 100% stake in Kurnia Insurans to be between RM963.9 mil and RM2.34 bil, a rather wide range. It further added that this estimate may not serve as a good pricing benchmark for Kurnia given its dominant position in the general insurance market in Malaysia. http://bit.ly/Hq4qpK
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AMMB move should boost earnings
AMMB announced that it had received the Finance Ministry’s approval, through Bank Negara, for the acquisition of a 100% equity interest in Kurnia Insurans.
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Insurance News  -  7 Apr 2012  -  Public
Participate in our Facebook survey:

Into which Private Retirement Scheme (PRS) would you invest to enjoy up to RM3,000 tax relief in 2012?

http://www.facebook.com/InsuranceNews
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Insurance News  -  7 Apr 2012  -  Public

PETALING JAYA: The emergence of intermediaries as providers of private retirement schemes (PRS) will provide contributors the flexibility to invest in a structured manner and boost retirement savings,...
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Insurance News  -  6 Apr 2012  -  Public
AIA, ING Funds, AmInvestment, Manulife Unit Trust, CIMB-Principal, Hwang, Public Mutual and RHB Investment Mgmt are the 8 PRS providers approved by SC. http://bit.ly/HimVLb
SC approves 8 private retirement scheme providers
KUALA LUMPUR: The Securities Commission (SC) has approved eight private retirement scheme (PRS) providers.
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Insurance News  -  5 Apr 2012  -  Public
AmG has received approval from Ministry of Finance on its proposed acquisition of 100% equity interest in Kurnia Insurans. The details of the proposed acquisition will be released subject to the signing of a definitive agreement between AmG and Kurnia Aisa. http://bit.ly/Hfn6eX

PETALING JAYA: The proposed sale of Kurnia Insurans (M) Bhd to AmG Insurance Bhd takes another step forward.
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Insurance News  -  2 Apr 2012  -  Public
MNRB expects its net profit to be lower this year in view of the impact of the Thailand flood loss but the losses are manageable. It also will not pull out of the Thai market. http://bit.ly/HeWch2
Malaysia Reinsurance Bhd is currently assessing losses arising from the recent floods in Thailand but the reinsurer does not expect it to have a negative impact on earnings.

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Insurance News  -  2 Apr 2012  -  Public
DRB-Hicom may sell its 51% and 34.7% stakes in Uni.Asia Life and Uni.Asia General respectively. UOB which owns the rest of the 2 companies may also sell its stakes. http://bit.ly/HakpfE
DRB-Hicom may sell Uni.Asia stake
Billionaire Syed Mokhtar Al-Bukhary’s DRB-Hicom Bhd may sell its stakes in Uni.Asia Life Assurance Bhd and Uni.Asia General Insurance Bhd, three people with knowledge of the matter said.
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Insurance News  -  2 Apr 2012  -  Public
OSK Research values Takaful Malaysia's shares at RM4.42, being 10 times the FY2013 earnings.http://bit.ly/HDiF9K
IN view of the industry’s positive macro outlook, the large Muslim population in Malaysia and Indonesia as well as the company’s cheap valuation, stable dividend payout and strong balance sheet, we ar...
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Insurance News  -  2 Apr 2012  -  Public
AIA is optimistic of achieving stronger growth citing factors: a) Under-insured protection market; b) Its 1.2 mil strong customer base; c) Low insurance penetration rate. Meanwhile AIA-AFG Takaful sold more than 6,000 cases in its 1st 10 months of operations. http://bit.ly/HOOnA2

KUALA LUMPUR: American International Assurance Bhd (AIA Malaysia), which posted RM483mil in annualised new premiums last year, is confident of achieving stronger growth on the back of its 1.2 million ...
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Insurance News  -  2 Apr 2012  -  Public
PruBSN's performance in 2011:- a) 41% increase in pre-tax profit; b) 32% growth in gross contributions; c) 39% increase in assets under management; d) 29% ACE market share.http://bit.ly/HeTDeU
PruBSN pre-tax profit up 41pc
Prudential BSN Takaful (PruBSN) has reported a 41 per cent increase in pre-tax profit to RM19.7 million in 2011 from RM13.9 million a year ago.