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Monday, 28 May 2012

News Posts 20120521-20120527

Insurance News 22 May 2012  -  Public
Nicholas Kua is the new CMO for Great Eastern Life. Nicholas was previously with Axa Affin Life.
Great Eastern Life Assurance (Malaysia) Bhd has appointed Nicholas Kua as its new Chief Marketing Officer.

Sunday, 20 May 2012

News Posts 20120514-20120520

Insurance News 19 May 2012   -  Public
Allianz targets to grow its gross written premiums in life and general by 15% this year to RM3 bil. The growth would be driven by product innovation and Allianz's wide distribution base.
KUALA LUMPUR (Bernama): Allianz Malaysia Bhd is aiming for a 15% growth to RM3bil this year from RM2.6bil in 2011 for gross written premiums in its life and general insurance segments.

Insurance News 19 May 2012  -  Public
Potential first-round bidders for ING's Asia insurance business are Manulife, Metlife, Prudential Financial Corp, AIA, South Korea's KB Financial Group, Korea Life, Sun Life, Zurich and Generali. Samsung Life has however pulled out last minute. ING has prohibited bidders from forming consortium in the 1st round however in 2nd round this is allowed. ING is expected to announce by end of May the successful 1st round bidders.
HONG KONG (Reuters) - Global insurers Manulife Financial Corp , Metlife and Prudential Financial Corp are among suitors expected to place first-round bids on Friday

Insurance News 17 May 2012  -  Public
HLM Takaful has appointed Mohd Fauzi Yaakub as its new CEO.
Hong Leong MSIG Takaful Bhd (HLM Takaful) has appointed Mohd Fauzi Yaakub as its new Chief Executive Officer (CEO) effective May 15, 2012.

Insurance News 15 May 2012  -  Public
The Deputy Finance Minister Donald Lim has succeeded in obtaining the approval from the government to allow ING to compensate it's agents following the pending insurance unit sell-off exercise. The compensation amount would be negotiated between ING and INGIAFAM.
(彭亨雲頂高原14日訊)在財政部副部長拿督林祥才介入協調下,大馬ING保險公司代理員要求該公司脫售大馬業務時付賠償金給代理員,終獲得批准。 林祥才日前在ING保險代理員公會30週年紀念聯歡晚宴宣佈,經他向首相兼財政部長反映實況後,終獲首相首肯,即時批准上述要求。 他也親自把國行的批准信,轉交給ING保險代理員 ...

Sunday, 13 May 2012

News Posts 20120507-20120513

Prudential has launched Project Listen in celebrating its 88th anniversary.
PRUDENTIAL Assurance Malaysia Bhd (PAMB) has kicked off its 88th anniversary celebration by lending its ears to fellow Malaysians in Project Listen as a tribute to Malaysians for inspiring 88 y...

Insurance News 11 May 2012  -  Public
Reuters reported that Aviva planned to sell the 49% stake in CIMB Aviva. The Wall Street Journal further reported that Aviva had hired Morgan Stanley to help with the sale deal. Both CIMB and Aviva however declined comment. CIMB could have the right of first refusal should the stake be made available for sale.
KUALA LUMPUR: Britain’s second-largest insurer Aviva plc’s sale of its Malaysian life-insurance business could offer a buying opportunity for its competitors looking for a slice of the industry pie h...

Insurance News 10 May 2012  -  Public
Sales in Asia has helped to propel Prudential UK Q1 sales to a 9% growth. The growth rates for the 3 key markets were: Asia (21%), US (3%) and UK (-5%).
LONDON: Prudential plc, the UK's biggest insurer by market value, said first-quarter sales rose 9 per cent, driven by health and protection products in Asia.

Insurance News 10 May 2012  -  Public
Prudential is confident in outperforming the estimated industry growth of 7-10% this year. The CEO attributed the expected out performance to: a) strong and strategic partnership on bancassurance; b) healthy and quality agency recruitment; c) more innovation and expansion.
KUALA LUMPUR: Prudential Assurance Malaysia Bhd (PAMB) is upbeat over outperforming the 7%-10% average industry growth this year, compared with the 8% new business sales annual premium equivalent (APE...

Insurance News 8 May 2012  -  Public
The PIDM's funds at at 31 Dec 2011 amounted to: (i) general insurance: RM948 mil; (ii) life insurance: RM36.7 mil; (iii) general takaful: RM2.1 mil; (iv) family takaful: RM4.4 mil.
NATIONAL deposit insurer Malaysia Deposit Insurance Corporation (PIDM) reported a RM226.8 million revenue for the financial year ended December 31 2011.

Insurance News 8 May 2012  -  Public
Allianz General is counting on its consistency of policy issuance and timely payment of claims to give itself competitive edge. For 2012, it targets gross written premiums of RM1.65 bil to RM1.7 bil, up from RM1.46 bil last year. The company is also adding telemarketing as a new distribution channel. Actuaries' involvement in risk management is seen to be limited by the severe shortage of qualified and experienced GI actuaries.
KUALA LUMPUR: Allianz General Insurance Company (M) Bhd (AGIC), which is targeting gross written premiums of RM1.65bil to RM1.7bil this year, is unperturbed by the proposed merger of Kurnia Insurans 

News Posts 20120430-20120506

Insurance News 5 May 2012  -  Public
Great Eastern launched its latest endowment plan - The Great Treasure Wonder, and projected RM100 mil sales. The plan provides 20 or 25 years protection, with 5-year limited premium payment and pays survival benefits every 6 months. The product is available for a limited period - until RM100 mil is achieved or until July 2, whichever comes first.
KUALA LUMPUR: Great Eastern Life Assurance (Malaysia) Bhd is projecting RM100 million premium income from its latest endowment plan, The Great Treasure Wonder.

Insurance News 4 May 2012  -  Public
Bruce Hodges has been appointed executive director and CEO of ING effective 30/4/2012.
KUALA LUMPUR (May 4): ING Insurance Bhd has appointed Bruce Hodges as its executive director and chief executive officer, effective April 30.

Insurance News 3 May 2012  -  Public
STMB predicts that once the RBC is implemented for takaful operators after end-2013, consolidation will be likely in the takaful industry. STMB will then start exploring M&A by acquiring weaker players.
Syarikat Takaful Malaysia Bhd will consider mergers and acquisitions to grow its market share if it finds suitable partners for the exercises.

Insurance News 2 May 2012  -  Public
ING Agency Force Association urged BNM to approve a compensation by ING Malaysia to the agents. The compensation is equivalent to 10% of the sales proceeds and to be paid from shareholders' fund.
ING Insurance Agency Force Association Malaysia (INGIAFAM) today staged a peaceful gathering here, urging Bank Negara to approve ING Malaysia's proposal for a fair compensation for the agency force from the ING Groep NV's (ING) Asian units sell-off exercise. 

Insurance News 1 May 2012  -  Public
STMB, currently ranks 2nd out of 11 takaful operators, aims to recapture the top position within the next 3 to 5 years. The company recently launched Takaful myGenLife, a comprehensive investment-linked product and targets to collect RM20 mil contributions.
KUALA LUMPUR: Syarikat Takaful Malaysia Bhd is eyeing to emerge as the top market leader in the takaful market over the next three to five years through an aggressive rebranding campaign.

Insurance News 30 Apr 2012  -  Public
A special insurance scheme would be offered to fishermen. The scheme was approved by the Cabinet and an open tender was called for to select the insurer. The premium for the scheme is RM100 per year.
PORT KLANG: Agro-based and Agriculture Industry Minister Datuk Seri Noh Omar has urged fishermen to be patient over a special insurance scheme that would be offered to them soon.

Insurance News 30 Apr 2012  -  Public
Prudential's combined conventional and takaful annual premium equivalent sales hit RM1.107 bil in 2011, an 8% improvement over the year before. It recruited 4,500 agents last year. Agency and bancassurance business mix was 91%:9%.
KUALA LUMPUR (April 30): Prudential Assurance Malaysia Berhad (PAMB) surpassed the RM1 billion mark for the second year in a row after closing RM1.107 billion in total new business Annual Premium Equivalent (APE) sales which comprised both life insurance and Takaful contributions for the financial year 2011, posting an 8% increase from its performance of RM1.021 billion in 2010.

Insurance News 30 Apr 2012  -  Public
P&O has further improved its loss ratio in 2011 to 59.3%, from 65.7% in 2010 and 72.4% in 2009. It enhanced its underwriting margin by shifting its premium mix away from motor insurance.
Fitch Ratings has affirmed Pacific & Orient Insurance Co. Bhd's Insurer Financial Strength Rating (IFS) at 'BBB' while the outlook is stable.

Insurance News 30 Apr 2012  -  Public
The new name for MAA is Zurich Insurance Malaysia Bhd.
Zurich Insurance Group renamed Malaysian Assurance Alliance Bhd (MAA Assurance) to Zurich Insurance Malaysia Bhd effective today.

Wednesday, 2 May 2012

News Posts 20120423-20120429

Insurance News 27 Apr 2012  -  Public
Tune Money is interested in acquiring foreign-based insurance companies. It recently proposed to acquire OCA for RM157 mil. It is also looking to start an undisclosed line of business and is waiting for approval from BNM.
Tune Money keen to buy foreign insurance firms »
KUALA LUMPUR: Tune Money Sdn Bhd, the financial services arm of the Tune Group, plans to acquire foreign-based insurance companies and is in discussions with several parties now, its chief said.
Insurance News 26 Apr 2012  -  Public
LIAM has applied to MyCC to be exempted from complying with the Competition Act 2010. MyCC has yet to arrive at a decision on whether the exemption is justified. Under the Competition Act, there are 4 criteria that must be met to earn an exemption.
PETALING JAYA: Four parties from the logistics, insurance, and food industries have applied to the Malaysia Competition Commission (MyCC) to be exempted from complying with the Competition Act 2010.
Insurance News 26 Apr 2012  -  Public
MCA will provide insurance coverage to its members, which provides RM4,000 for funeral expenses, permanent/partial disability and accidental death. Does anyone know which insurance company underwrites the scheme?
KUALA LUMPUR: The MCA will provide insurance coverage to its members following requests from them.
Insurance News 25 Apr 2012  -  Public
Takaful Ikhlas' plan for the year: a) Increase the number of agents from 4,000 to 5,000; b) Allocate 5% of payroll for training purposes; c) Invest RM5 mil over the next 2 years to develop cloud computing systems; d) Launch a new group health and medical product.
By Norshafawati Ab Wahab KOTA KINABALU, April 25 (Bernama) -- Takaful Ikhlas Sdn Bhd plans to increase the number of agents to 5000 this year from 4000 previously. President/CEO Datuk Syed Moheeb Syed...
Insurance News 24 Apr 2012  -  Public
STMB has embarked on a "We Should Talk" campaign, an aggressive effort to engage and connect with its potential clients and investors.
Takaful Malaysia listed as OSK top 5 »
Syarikat Takaful Malaysia Bhd (Takaful Malaysia), was listed among the top five companies in the 2012 edition of OSK Top Malaysia Small Cap Companies - 30 Jewels, launched today.
Insurance News 23 Apr 2012  -  Public
Takaful Ikhlas targets to increase contributions from non-Muslim customers to RM8 mil in 2012 from RM1 mil last year. To achieve this, it intends to recruit 200 non-Muslim agents, up from 50 currently.
Takafu lkhlas eyes non-Muslims segment »
Takaful Ikhlas Sdn Bhd expects gross contributions from non-Muslims to increase to RM8 million this year from RM1 million previously.