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. http://bit.ly/TAS0505b
KUALA LUMPUR: Great Eastern Life
Assurance (Malaysia) Bhd is projecting RM100 million premium income from its
latest endowment plan, The Great Treasure Wonder.
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KUALA LUMPUR (May 4): ING Insurance
Bhd has appointed Bruce Hodges as its executive director and chief executive
officer, effective April 30.
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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. http://bit.ly/TAS0503a
Syarikat Takaful Malaysia Bhd will
consider mergers and acquisitions to grow its market share if it finds suitable
partners for the exercises.
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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. http://bit.ly/TAS0502a
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.
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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. http://bit.ly/TAS0501a
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.
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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. http://bit.ly/TAS0430d
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.
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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%.http://bit.ly/TAS0430c
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.
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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. http://bit.ly/TAS0430b
Fitch Ratings has affirmed Pacific
& Orient Insurance Co. Bhd's Insurer Financial Strength Rating (IFS) at
'BBB' while the outlook is stable.
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Zurich Insurance Group renamed
Malaysian Assurance Alliance Bhd (MAA Assurance) to Zurich Insurance Malaysia
Bhd effective today.