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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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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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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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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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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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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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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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 »
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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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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