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Sunday, 26 August 2012

News Posts 20120819-20120826

Insurance News 26 Aug 2012  -  Public
If there is a significant demand for PRS, the SC may issue more licences. However it is not likely that more new licences would be issued this year.
BUILDING DEMAND: Private Retirement Scheme providers will first need to create awareness

Insurance News 24 Aug 2012  -  Public
AIA received about 5000 applications for its Early Pay Critical Illness Rider since its mid-June launch. The rider covers up to 92 critical illness events grouped into 36 categories, with payouts of 30%, 60% or 100% of sum assured, depending on the severity of the illness.
AMERICAN International Assurance Bhd (AIA) has launched a new insurance protection plan that covers early medical treatment for those diagnosed with a critical illness.

Insurance News 23 Aug 2012  -  Public
Pakistan's 5 takaful operators filed a petition to protest the rules which allow conventional insurers to offer takaful services through takaful windows. Pending the final ruling by the court, conventional insurers meanwhile are not allowed to offer takaful services.
DUBAI, Aug 16 (Reuters) - Pakistan's conventional insurancefirms will have to wait a few more weeks to learn if they canopen takaful, or Islamic insurance, windows after a state courton Thursday adjou...

Insurance News 22 Aug 2012  -  Public

ACE Jerneh is totally focused on organic growth but does not rule out further acquisition. The company is targeting double-digit growth annually and will start refurbishing Wisma ACE Jerneh this month.
GENERAL insurer ACE Jerneh Insurance Bhd is interested in mergers and acquisitions (M&As) if it fits into its business strategy, said its top executive.

Insurance News 22 Aug 2012  -  Public
Allianz's authorised agents will soon provide estate planning services offered by OSK following the recent strategic partnership between the 2 companies.
KUALA LUMPUR: Allianz Life Insurance Malaysia Bhd which today signed a strategic partnership agreement with OSK Trustees Bhd, hopes to offer a holistic financial solution to existing customers.

Insurance News 21 Aug 2012  -  Public
Korea Life may not pursue with its planned purchase of ING's Southeast Asian life business due to its "disadvantageous position". It is not clear whether the "disadvantageous position" has any connection with the jailing of the Chairman of the parent group for breach of trust.
SEOUL: Korea Life Insurance Co Ltd is unlikely to pursue its planned purchase of Dutch insurer ING's Southeast Asian life insurance operations, a spokesman for the Korean firm's parent Hanwha Group sa...

Insurance News 21 Aug 2012  -  Public

Professional indemnity insurance may have stronger growth and enjoy more prominence in the next few years due to greater consumer awareness. Competition among the insurance companies however may contain the increase in the premium rates.
PETALING JAYA: Although the recent legal suit brought by Silver Bird Group Bhd against its auditors may bring professional indemnity insurance into play, industry players see this class of insurance ...

Insurance News 21 Aug 2012  -  Public

Insurance fraud would be included in the 4th International Conference on Financial Crime and Terrorism Financing held next month due to the increase in frauds in the sector and also the sector has increasingly becoming a potential money laundering target.
KUALA LUMPUR: The International Conference on Financial Crime and Terrorism Financing 2012 (IFCTF 2012), to be held next month, will address cyber security issues as well as insurance fraud.

Monday, 20 August 2012

News Posts 20120813-20120819

Insurance News 18 Aug 2012  -  Public
Prudential's Asian business is < 1/2 of AIA's but its strategy is to focus on the promising growth markets such as Indonesia and Malaysia, as well as expanding aggressively via bancassurance.
HONG KONG: Prudential plc, after jostling with AIA Group for nearly a century for prominence in Asia, is closing the gap with the region's top foreign insurer, propelled by its advantage in fast-growing Southeast Asia.

Insurance News 15 Aug 2012  -  Public
BNM has granted approval for DRB-Hicom's unit to dispose of its equity interests in Uni.Asia General and Uni.Asia Life. The potential purchasers for the stake remain unnamed at this point in time.
KUALA LUMPUR (Aug 15): DRB-HICOM BHD []’s unit Gadek (Malaysia) Bhd has received Bank Negara Malaysia’s approval to commence preliminary negotiations in relation to the possible disposal on its equity interests in in Uni.Asia General Insurance Berhad (“UAG”) and Uni.Asia Life Assurance Berhad (UAL).

Insurance News 14 Aug 2012  -  Public
Prudential's agents staged a demonstration at its KL Head Office yesterday demanding the resignation of its CEO. The agents were not happy with the new agency contract introduced by the company in November last year whereby certain retirement benefits for the agents were modified or removed.

Insurance News 13 Aug 2012  -  Public

Prudential may stay put in UK rather than moving its HO to HK. Indonesia's business has overtaken HK's to become Prudential's largest business in Asia. The company is planning to enter the Cambodian and Myanmar markets to expand its foothold in south-east Asia.
Insurer downplays fears of Hong Kong move prompted by new European capital rules and reports 13% first-half rise in profits

Insurance News 13 Aug 2012  -  Public

STMB's 2012 1H results compared with 2011 1H:- Profit after tax & zakat: RM52.4 mil (RM38.5 mil, up 36%); Operating revenue: RM875 mil (RM636 mil, up 37%).
KUALA LUMPUR: Takaful Malaysia reported higher profits after taxation and zakat for the first half-year ended in June, an increase of 36 per cent to RM52.4 million, from RM38.5 million for the same period last year.

Insurance News 13 Aug 2012  -  Public
One of South Africa's largest financial services provider, Sanlam, could be eyeing a stake of up to 49% in P&O's insurance business. The source said that the price tag would be over 2 times of NTA.
KUALA LUMPUR (Aug 13):  Pacific & Orient Bhd shares rose in early trade on Monday on a report that one of South Africa’s largest financial services provider was looking to acquire a substantial stake in the company.

Insurance News 13 Aug 2012  -  Public
AIA seems to be able to roll out its PRS nearer to year end rather than in September as announced earlier. AIA currently does not have an asset management licence and that seems to be the reason of them falling behind in launching the product compared with the other 7 PRS providers.
AMERICAN International Assurance Bhd (AIA) is slated to roll out its Private Retirement Scheme (PRS) by the end of this year, said its top executive.

Tuesday, 14 August 2012

News Posts 20120806-20120812

Insurance News 9 Aug 2012  -  Public
Apparently AIA and Manulife are the only 2 bidders left which are interested in buying the entire ING's Asian insurance units (excluding Japan's annuities business). As the bids are unattractive, ING is likely to sell its Asian business piecemeal.
AMSTERDAM: Dutch bank and insurer ING is likely to sell its Asian insurance business, worth about US$7bil, in several separate deals in an attempt to get the highest price and speed up the divestment ...

Insurance News 9 Aug 2012  -  Public

Great Eastern's Group CEO admitted that GE did look into ING and CIMB Aviva as potential acquisition targets but decided to drop them in the end due to lack of strategic fit.

Insurance News 7 Aug 2012  -  Public
According to the 1st lady MDRT agent from Takaful Ikhlas, many Malaysians do not understand the importance and difference between takaful and the conventional insurance. Do you agree and what can be done to change this?
By Prem Kumar Panjamorthy KUALA LUMPUR, Aug 7 (Bernama) -- Many Malaysians do not understand the importance and difference between takaful and the conventional insurance, says Zuraidah Hanim Ibrahim, ...

Insurance News 7 Aug 2012  -  Public

Datuk Syed Moheeb has resigned from Takaful Ikhlas. When approached by the reporter, he mentioned: "I've been postponing my retirement for some time now". But he was also quoted saying that he would continue to contribute his experience to the industry.
by Habhajan Singh Datuk Syed Moheeb Syed Kamarulzaman (picture) will be leaving Takaful Ikhlas Sdn Bhd after building up the homegrown takaful outfit from the ground up to become the nation's third-la...

Sunday, 5 August 2012

News Posts 20120730-20120805

Insurance News 4 Aug 2012  -  Public
Chartis' search for new corporate office is said to be down to a choice between Menara Worldwide and Cap Square Tower.

Chartis narrows it down to two buildings »
CHARTIS Insurance Malaysia Bhd is said to be close to picking either Menara Worldwide or Cap Square Tower as its new corporate office in Kuala Lumpur.

Insurance News 4 Aug 2012  -  Public
Unconfirmed news has it that Great Eastern is bidding for Hong Kong Life Insurance Ltd.
[HONG KONG]. GREAT Eastern Holdings Ltd, an insurer controlled by Singapore's Oversea-Chinese Banking Corp (OCBC), has made a bid for Hong Kong Life Insurance Ltd, two people familiar with the matter ...

Insurance News 3 Aug 2012  -  Public
Allianz launched EduPlus, an education savings plan and targets RM10 mil this year. Allianz wants to increase its market share from 6.4% currently to 8% by 2015. It will drive growth by launching more products and expand multi-distribution capabilities. A retirement plan is also targeted to be launched later this year.

Allianz targets 8pc market share »
ALLIANZ Life Insurance Malaysia Bhd (ALIM) aims to expand its new business market share in the life insurance industry to eight per cent by 2015 from 6.4 per cent currently.

Insurance News 2 Aug 2012  -  Public
Great Eastern saw its weighted new business sales increased by 4% but volatile market led to mark-to-market losses, resulting in 31% drop in its Q2 net profit.
SINGAPORE - Great Eastern Holdings has reported a 31 per cent drop in its second-quarter net...

Insurance News 2 Aug 2012  -  Public
Kurnia has obtained approval from IRB to use the Digital Franking System. It intends to use it to stamp the Foreign Workers Insurance Guarantee and save its agents cost of hiring runners to have the documents stamped at the IRB's office.
KUALA LUMPUR: Kurnia Insurans (Malaysia) Bhd (KIMB)is the pioneer company in Malaysia to obtain the System User Licence from the InlandRevenue Board (IRB) for use of the Digital Franking System (DFS). 

Insurance News 1 Aug 2012  -  Public
ING may sell its Southeast Asian, South Korean and Japanese life insurance operations separately to fetch better price.
ING Groep NV may break up its Asian life insurance operations and is holding talks with buyers interested in the business in different countries, two people with knowledge of the process said.

Insurance News 30 Jul 2012  -  Public
Great Eastern has been reprimanded by MAS as it had failed to ensure that 3 of its appointed representatives meet the minimum entry requirements before commencing the provision of financial advisory service. Great Eastern has since confirmed to MAS that it has put in place policies and procedures to prevent future recurrence of such event.

Insurance News 30 Jul 2012  -  Public
Chartis is sourcing for a new office venue and will likely to move out from its Jalan Ampang office before end of the year.
CHARTIS Malaysia Insurance Bhd will be moving into a new home in Kuala Lumpur by the end of this year.