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Sunday, 22 July 2012

News Posts 20120716-20120722


Insurance News 20 Jul 2012  -  Public
AXA Affin Life opened its branch in Kota Kinabalu today. http://bit.ly/TAS0720c
KOTA KINABALU: The outlook for the financial services industry, particularly in the insurance sector, is positive as Malaysia's increasing population and rising disposable income will result in more p...
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Insurance News 20 Jul 2012  -  Public
It is a bit confusing now. Is the PRS: (a) Lump sum only scheme; (b) Pensions only scheme; or (c) You can choose to receive lump sum or pensions. I always thought it is (a) but the minister seems to say otherwise. http://bit.ly/TAS0720b
KLANG: The Private Retirement Scheme (PRS) will enable workers who contribute to receive money every month rather than a lump sum when they retire, said Human Resources Minister Datuk Seri Dr S. Subra...
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Insurance News 20 Jul 2012  -  Public
Standard Chartered Saadiq will start selling PruBSN's products under a bancatakaful agreement. The products include SmartEdu-i, FirstHorizon-i and LifeLink-i. http://bit.ly/TAS0720a
KUALA LUMPUR: Standard Chartered Saadiq Bhd (Saadiq Malaysia)'s customers now have a wider choice as the bank will start offering takaful products
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Insurance News 19 Jul 2012  -  Public
Etiqa's financial strength rating has been affirmed at A with stable outlook by Fitch Ratings. Etiqa's capital adequacy ratio (CAR) at Dec 2011 was about 248%. http://bit.ly/TAS0719a
PETALING JAYA: Fitch Ratings has affirmed Etiqa Insurance Bhd’s insurer financial strength (IFS) rating at A with stable outlook.
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Insurance News 18 Jul 2012  -  Public
The Private Retirement Scheme (PRS) will be available to the public from September this year with 24 funds managed by the 8 providers for the investors to select from. A Private Pension Administrator (PRA) has also been established and tasked with enabling infrastructure for the PRS.http://bit.ly/TAS0718b
KUALA LUMPUR: The voluntary Private Retirement Scheme (PRS) was launched on Wednesday by Prime Minister Datuk Seri Najib Tun Razak that will allow employees and self employed the opportunity to save f...
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Insurance News 18 Jul 2012  -  Public
Syed Moheeb won the "Takaful Leader of the Year" award and "The Asset Triple A Awards, Islamic Finance". http://bit.ly/TAS0718a
The President and Chief Executive Officer of Takaful Ikhlas Sdn Bhd (Takaful IKHLAS), Datuk Hj Syed Moheeb Syed Kamarulzaman, has won two international accolades. 
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Insurance News 17 Jul 2012  -  Public
Etiqa Takaful won the Best Bancatakaful, Best Takaful Company and Best Marketing awards at the 6th International Takaful Summit in London.http://bit.ly/TAS0717a
KUALA LUMPUR: Etiqa Takaful Bhd won three awards at the 6th International Takaful Summit, in London recently.
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Insurance News 16 Jul 2012  -  Public
The bid for ING has reached the end of 2nd round today. AIA, Manulife, Dai-ich Life, KB Financial Group, Korea Life and 2 consortia (headed by Mark Wilson and Richard Li respectively) are expected to submit their binding bids. The bids could set the stage for a final round of negotiations. The Southeast Asian operations of ING is expected to fetch $2 bil and could be sold at nearly 2 times the embedded value. http://bit.ly/TAS0716b
HONG KONG: A wide range of suitors, from the son of Asia's richest man and a former rugby player in New Zealand to more established players including AIA Group and Manulife Financial Corp, are expecte...
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Insurance News 16 Jul 2012  -  Public
MCIS Zurich launched the MCIS Zurich Asiapac Fund and targeted to increase the investment-linked share of business from the current 30% to 50% within 1 year. http://bit.ly/TAS0716a
MCIS Zurich Insurance Bhd believes it is able to boost the take-up rate of its investment linked-funds, helped by strong demand as well as new products.

Sunday, 15 July 2012

News Posts 20120709-20120715


Insurance News 13 Jul 2012  -  Public
Allianz General has enhanced its Travel Care plan which includes cover for the insured's home, belongings and pets while they travel.  http://bit.ly/TAS0713c
Allianz unveils travel care plan »
Allianz General Insurance Co (Malaysia) Bhd (Allianz General) has introduced the enhanced Allianz Travel Care insurance plan offering added protection for individuals, families, their belongings and their home while travelling. 
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Insurance News 13 Jul 2012  -  Public
Mark Wilson, the former chief of AIA Group, is leading a consortium in the bid for ING's Asia insurance unit. He faces competition from AIA, Manulife and Dai-ichi. http://bit.ly/TAS0713b
NEW YORK: Global private equity fund Blackstone Group LP is backing Mark Wilson, the former chief of AIA Group Ltd, in the bidding for ING Groep NV’s Asia insurance unit, a source directly familiar wi...
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Insurance News 12 Jul 2012  -  Public
AIG will invest RM89.6 mil in AIG Global Services Sdn Bhd (an information infrastructure service provider that provides support to AIG companies worldwide) and Chartis Technology and Operations Management (a shared service centre for insurance and financial services and operations management).http://bit.ly/TAS0712b
 
KUALA LUMPUR: American International Group (AIG) will invest RM89.6 million to expand its Malaysian operations to provide support services for its businesses worldwide.
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Insurance News 12 Jul 2012  -  Public
ACE Jerneh has appointed Steve Crouch as the new Country President for Malaysia. http://bit.ly/TAS0712a
ACE Jerneh gets new Country President »
ACE Jerneh Bhd (ACE Jerneh), part of the leading global insurance and reinsurance group, ACE Group of Companies, today announced the appointment of Steve Crouch as its new Country President with immediate effect. 
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Insurance News 11 Jul 2012  -  Public
GIC Re of India will open a branch office in KL. It currently operates out of Labuan and with KL office functioning only as a marketing office.http://bit.ly/TAS0711a
General Reinsurance of India to open KL branch »
THE General Reinsurance of India (GIC Re), the national reinsurer of India, will open its Kuala Lumpur branch office tomorrow.
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Insurance News 9 Jul 2012  -  Public
LPI's Q2 2012 results (vs Q2 2011):- PAT: RM40.43 mil (RM31.42 mil); Revenue: RM265.03 mil (RM213.79 mil). LPI will continue to focus on growing its core underwriting business and preferred risks. The industry is expected to see intense competition with further rate erosion. http://bit.ly/TAS0709b
LPI Capital Bhd kicked off the March-June earnings season, with net profit up 28.6% to RM40.43mil from RM31.42mil a year ago due to its focus on risk selection and its diversified business model.
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Insurance News 9 Jul 2012  -  Public
Prudential, Manulife, AIA and Sun Life have apparently been short-listed into the 2nd stage of bidding for a stake in CIMB Aviva. It was reported that there were 10 suitors in the 1st round. http://bit.ly/TAS0709a
SINGAPORE/HONG KONG: Four potential buyers, including Prudential Plc and Manulife, have made it through to a second stage of bidding for Aviva's insurance business in Malaysia in a deal worth about US...

News Posts 20120625-20120708


Insurance News 6 Jul 2012  -  Public
Allianz launched the Allianz Academy which is an avenue for employees to participate in learnings and developments. http://bit.ly/TAS0706b
Allianz Malaysia Bhd hopes to sustain its double-digit earnings for this year amid uncertainty in global economic growth.
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Insurance News 6 Jul 2012  -  Public
According to the Deputy Finance Minister, the government is considering giving a separate RM6,000 tax deduction for life insurance premiums. Currently life insurance premiums and EPF contributions are combined for the purpose of calculating the RM6,000 tax deduction. http://bit.ly/TAS0706a
醫藥保險非常重要,醫藥費也不斷的增加,因此,可考慮實行有關的方案。他今日出席34屆大馬全國壽險大會9屆大馬保險精英頒獎禮模擬支票移交儀式後,向記者發表談話。 另外,他說,政府將在不久後向國會提呈有關修改保險領域的修正案,讓我國的保險領域更加開放及富有競爭力。 與此同時,他也呼吁業者們針對 ...
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Insurance News 4 Jul 2012  -  Public
PIAM is considering allowing general insurance agents to represent more than 2 general insurance companies. http://bit.ly/TAS0704c
(吉隆坡3日訊)大馬普險公會主席黃建德指出,該公會考慮到保險市場的競爭和未來挑戰,將檢討今後是否准許國內的保險代理員代理超過兩家註冊的保險公司的保單。 他說,普險公會目前規定這些代理員只能代理最多兩家保險公司的保單,但是據公會瞭解,不少代理同時間可能代理超過兩家公司的保單,以建立銷售網
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Insurance News 4 Jul 2012  -  Public
Allianz refused to comment on whether it is bidding for a stake in CIMB Aviva. Allianz General currently has a bancassurance agreement with CIMB Bank. http://bit.ly/TAS0704a
 
Allianz unfazed by competition » KUALA LUMPUR: Allianz Malaysia Bhd says it is unfazed by increasing competition from existing or new foreign players in the insurance landscape as the penetration rate in the country is still small.
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Insurance News 3 Jul 2012  -  Public
The gross written premium of GI industry is expected to grow 7-10% this year. The growth is expected to be attributed to medical, fire and motor insurance classes. In 2011, motor, fire and medical insurance contributed 46.4%, 16.5% and 6% respectively to the total gross written premium. Agency distribution which contributed 61% of the business in 2011 is expected to remain the dominant distribution channel. http://bit.ly/TAS0703a
The general insurance industry is expected to experience an increase in gross written premium of between 7% and 10% this year.
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Insurance News 2 Jul 2012  -  Public
Tokio Marine targets to be in the top 5 within the next 3 to 5 years.  Its strategies include doubling the agency force, improving its productivity and increasing the contribution of bancassurance channel from the current 30% to 50% of new business.  http://bit.ly/TAS0702a
KUALA LUMPUR: Tokio Marine Life Insurance (M) Bhd aims to be a top five insurance company, growing its business organically through doubling its manpower and expanding its bancassurance distribution c...
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Insurance News 30 Jun 2012  -  Public
The government is exploring the feasibility of including sleep disorder treatments in insurance coverage. http://bit.ly/TAS0630a
KUALA LUMPUR: Sleep disorders may be considered as another area for insurance companies to provide coverage, said Health Minister Datuk Seri Liow Tiong Lai.