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Sunday, 24 June 2012

News Posts 20120618-20120624


Insurance News 19 Jun 2012  -  Public
Aviva is selling its 49% stake in CIMB Aviva and interested bidders could include AIA, Manulife, Prudential PLC and AXA.. Successful bidder is likely to tie up with CIMB for bancassurance distribution. http://bit.ly/TAS0619a
SINGAPORE/HONG KONG: AIA Group , Manulife and Prudential PLC are among companies that have made initial bids for the life insurance joint venture of Malaysia's CIMB Group and Aviva in a deal estimated...
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Insurance News 18 Jun 2012  -  Public
The government seems to be exploring a lifetime pension scheme for private sector employees. Anyone with more information? http://bit.ly/TAS0618a
KUALA LUMPUR: A life-long pension scheme for private sector employees should be established to counter poverty among retirees, said Human Resources Minister Datuk Seri Dr S. Subramaniam.

Saturday, 23 June 2012

News Posts 20120611-20120617


Insurance News 14 Jun 2012  -  Public
STMB is close to concluding a property deal in UK. It will also set up an SPV in IOFC to hold its overseas property investment. http://bit.ly/TAS0614c
Syarikat Takaful Malaysia Bhd is close to concluding an overseas investment deal specifically in the UK property market which would mark its foray into overseas property investments.
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Insurance News 14 Jun 2012  -  Public
MARC expects both life and general insurance industries to perform well in the next few years. For GI, workmen's compensation, employers' liability, contractors' all risks and engineering are expected to do well with the upcoming mega projects. http://bit.ly/TAS0614b
KUALA LUMPUR: The Malaysian insurance industry is expected to remain encouraging for both life and general insurance going forward, despite moderating economic growth, Malaysia Rating Corp Bhd (MARC) ...
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Insurance News 14 Jun 2012  -  Public
Zurich aims to move into the top 5 position within the next 3-5 years from its current 8th position. It will adopt multi-channel strategy and plans to forge bancassurance partnerships with the leading banks. http://bit.ly/TAS0614a
ZURICH Insurance Malaysia Bhd aspires to break into the top five in the insurance market in the next three to five years, said its top executive.
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Insurance News 13 Jun 2012  -  Public
Ernst & Young identified strong competition, evolving regulations and a shortage of takaful expertise as the key risks in both the GCC and South East Asia takaful markets. http://bit.ly/TAS0613b
KUALA LUMPUR (June 13): Malaysia's contribution to the global Takaful industry is expected to increase to US$2.4 billion (RM7.64 billion) this year from US$1.4 billion in 2011.
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Insurance News 13 Jun 2012  -  Public
Under the new financial services legislation, the boards would need to have regard to the interest of policyholders, the long-term viability of the insurance companies and to have in place reasonable standards for fair dealings. Board-level engagements on risk issues must also be strengthened further.http://bit.ly/TAS0613a
The new financial services legislation, which will increase the general duties and responsibilities of the board of financial institutions, will be tabled in the current Parliament sitting, says Bank ...
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Insurance News 11 Jun 2012  -  Public
The net contribution for family takaful increased at a compound rate of 20% p.a. between 2007-11. The net contribution is expected to further increase by RM3 bil in the next 2-3 years from RM4.2 bil currently. Malaysia is the largest and most mature family takaful market with 73% of the total global contribution.http://bit.ly/TAS0611b
KUALA LUMPUR (June 11): Malaysia's market size in total net contribution for the family takaful business is expected to grow by another RM3 billion in the next two to three years from RM4.2 billion at present.
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Insurance News 11 Jun 2012  -  Public
LIAM's President (not CEO as reported by The Star) opines that Malaysians still do not save enough for retirement and children's education.  Educating the public on the importance of life insurance is not easy due to the broadness of the market. He also projects a growth rate of 10-12% this year, up from the previously quoted figure of 7-10%. http://bit.ly/TAS0611a
PETALING JAYA: A lot more can be done to educate the public about the benefits of having life insurance, said Life Insurance Association of Malaysia (LIAM) chief executive officer Vincent Kwo Shih Kan...

Wednesday, 13 June 2012

News Posts 20120604-20120610


Insurance News 8 Jun 2012  -  Public
Kamaludin Ahmad is now the new CEO for Etiqa Insurance. http://bit.ly/TAS0608a
KUALA LUMPUR (June 6, 2012): Etiqa Insurance Bhd has appointed Kamaludin Ahmad as its new CEO effective Monday. Reporting to Etiqa Insurance & Takaful CEO Hans De Cuyper, Kamaludin, 43, will helm ...
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Insurance News 7 Jun 2012  -  Public
Half of Manulife's sales came from Asia compared with about 25% 5 to 6 years ago, signifying the success of its strategy by shifting the business focus from North America and Canada to Asia. Asia is seen as a growth engine for Manulife due to its large middle-class population. Manulife has also expressed interest in takaful business. http://bit.ly/TAS0607d
INSURER Manulife Financial Corp is betting on Asia for growth as it expands organically and explores potential acquisitions.
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Insurance News 7 Jun 2012  -  Public
Manulife aims to launch several funds under the PRS by October 2012. It is expected that the other 7 approved PRS providers will also roll out their funds around the same time. Contributions to PRS are tax deductible up to RM3,000 per year. http://bit.ly/TAS0607c
KUALA LUMPUR: Manulife Unit Trust Bhd (MUTB), a unit of Manulife Holdings Bhd, aims to launch several funds under the private retirement scheme (PRS), earliest, by October this year
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Insurance News 7 Jun 2012  -  Public
The total number of insurance and insurance-related companies registered with LOFSA increased by 22 to 181 in 2011. Total assets increased by 16.1% and the gross contributions for takaful and retakaful sectors recorded a 54.6% growth rate. http://bit.ly/TAS0607b
KUALA LUMPUR (June 7): The banking sector in the Labuan International Business and Financial Centre (IBFC) reported a steady increase of 13% in total assets to US$38.3 billion (RM121.41 billion) as at end-2011.
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Insurance News 7 Jun 2012  -  Public
HSBC Amanah Takaful has been given 4 awards by MTA. http://bit.ly/TAS0607a
KUALA LUMPUR (JUNE 7): HSBC Amanah Takaful (Malaysia) Sdn Bhd has been named the Top Bancatakaful Provider 2011, Top Bancatakaful Producer, Takaful Young Manager and the Best in Corporate Social Responsibility by the Malaysia Takaful Association (MTA).
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Insurance News 4 Jun 2012  -  Public
Zurich wants to develop bancassurance to become one of its core distribution channels. Bancassurance contributes 15% of the whole Zurich group's business globally. http://bit.ly/TAS0604a
KUALA LUMPUR: Switzerland-based insurance giant Zurich Insurance Group is planning to have a presence in bancassurance operations here as part of its strategic move to command a stronger position in t...

News Posts 20120528-20120603


Insurance News 3 Jun 2012  -  Public
INGIAFAM has asked for a compensation of RM80 mil vs RM40 mil offered by ING. The agency force association compared its compensation vs that offered to the agents in Hong Kong and concluded that the offer made to agents in Malaysia was insufficient. http://bit.ly/TAS0603e
(吉隆坡1日訊)馬來西亞ING保險代理員公會(ING IAFAM)尋求荷蘭駐馬來西亞大使館的支持,協助他們向ING荷蘭總公司爭取總值8千萬令吉的賠償金,以合理對待盈利比香港更高的大馬保險業務代理員。 該會總會長和致輝說,在ING為了集資解決債務而尋求脫售亞太區保險業務後,該公司向大馬ING提出1千萬歐元(4千萬令吉)的 ...
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Insurance News 3 Jun 2012  -  Public
PruBSN has achieved RM63.1 mil in ACE in Q1 2012,  a 28% growth over the same period last year.  http://bit.ly/TAS0603d
Prudential BSN Takaful Bhd (PruBSN)'s first quarter 2012 annual contribution equivalent marked a robust 28 per cent increase, strengthening to RM63.1 million from RM49.2 million in the same quarter last year.
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Insurance News 3 Jun 2012  -  Public
Soo Wai Har has been appointed Deputy CEO for Chartis.http://bit.ly/TAS0603c
KUALA LUMPUR: Chartis Malaysia has appointed Soo Wai Har as senior vice-president for commercial division and deputy chief executive officer.
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Insurance News 3 Jun 2012  -  Public
Maybank has signed an SPA to dispose of about 70% of the shares of AsianLife Financial Assurance Corp. The deal was priced at 1.5 times book.  http://bit.ly/TAS0603b
KUALA LUMPUR : Malayan Banking Bhd’s (Maybank) indirect unit, AsianLife and General Assurance Corp (ALGA), has signed a share purchase agreement with STI Investment Inc to dispose of about 70 per cent of the shares of AsianLife Financial Assurance Corp (ALFA). 
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Insurance News 3 Jun 2012  -  Public
Khoo Kah Siang has been appointed CEO for GELS and OACS.http://bit.ly/TAS0603a
Great Eastern Holdings Ltd on Thursday appointed Khoo Kah Siang as CEO (Singapore) and principal officer of of The Great Eastern Life Assurance Company Ltd (GEL) and The Overseas Assurance Corporation...
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Insurance News 29 May 2012  -  Public
Government proposed a group insurance scheme covering FT taxi drivers. Cover includes accidental, life and medical benefits. Wonder who the insurer is.http://bit.ly/TAS0529a
KUALA LUMPUR: Taxi drivers in the Federal Territories (FT) will be covered by a group insurance scheme similar to that of hawkers and petty traders as announced by Prime Minister Datuk Seri Najib Tun ...
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Insurance News 28 May 2012  -  Public
STMB has achieved a 33.5% growth in its profit before tax and zakat with 38.8% revenue growth. The higher profit is attributed to higher surplus transfer from Family Takaful Fund and higher wakalah fee. Change in reserving methodology also contributed to RM4.7 mil additional profits. http://bit.ly/TAS0528d
Syarikat Takaful Malaysia Bhd has recorded a 33.5 per cent rise in its profit before taxation and zakat (PATZ) of RM37.512 
million for the first quarter ended March 31, 2012 compared with RM28.096 million in the same period last year.
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Insurance News 28 May 2012  -  Public
The large and growing middle-income population in the country with higher disposable income is expected to propel the life insurance industry to hit 10% growth this year. http://bit.ly/TAS0529c
The life insurance industry in Malaysia is expected to see a 10% growth in premiums this year, based on the regional economic growth, said Bank Negara Malaysia assistant governor Donald Joshua Jaganat..