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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. http://bit.ly/TAS0818a
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. http://bit.ly/TAS0815a
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.http://bit.ly/TAS0814a
(吉隆坡13日訊)馬來西亞保誠保險公司一批代理員,今早在保誠人壽險代理公會的召集下,在總部大廈樓下展開糾察行動,對公司新保險代理合約表達不滿

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. http://bit.ly/TAS0813d
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%). http://bit.ly/TAS0813c
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. http://bit.ly/TAS0813b
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.http://bit.ly/TAS0813a
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.

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