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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...

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