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Sunday, 13 May 2012

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. 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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Insurance News 4 May 2012  -  Public
Bruce Hodges has been appointed executive director and CEO of ING effective 30/4/2012. http://bit.ly/TAS0504b
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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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. 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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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. 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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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. 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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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. 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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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%.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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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. 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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Insurance News 30 Apr 2012  -  Public
The new name for MAA is Zurich Insurance Malaysia Bhd.http://bit.ly/TAS0430a
Zurich Insurance Group renamed Malaysian Assurance Alliance Bhd (MAA Assurance) to Zurich Insurance Malaysia Bhd effective today.

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