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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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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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
Also see http://bit.ly/TAS0420a
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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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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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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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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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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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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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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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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.
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