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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.

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