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Wednesday, 17 October 2012

News Posts 20121008-20121014

Insurance News  14 Oct 2012  -  Public
So what will happen to car insurance if you own one of these driverless cars?  Would the car manufacturer take up the insurance instead of you because if there is an accident, it is no longer you that are at fault as you are a mere passenger.
Lloyds is questioning whether driverless cars will shift the need for insurance away from consumers and towards manufacturers. Autonomous, or driverless, cars navigate using sophisticated technologies...

Insurance News  12 Oct 2012  -  Public
More news on AIA ING merger, including: 1) Second largest bancassurer post merger; 2) No 1 in market share is as measured by total premiums (including in-force block?); 3) "Will take the best from both sides" "too early to consider retrenchment" "natural attrition would not be surprising" "reassure our colleagues from ING that whatever we do will be fair and transparent".
The purchase of ING by AIA does not affect AIA's ratings, according to S&P.
Standard & Poor's Ratings Services said today that its ratings and outlook on American International Assurance Co. Ltd. (AIA; local currency AA-/Stable/--; cnAAA/--) and American International...

Insurance News  12 Oct 2012  -  Public
Tune Insurance, previously named Oriental Capital Assurance and for which 80% of its stake was bought for RM151.91 mil, is slated for listing next year with an estimated market capitalisation of close to RM800 mil.
BUSAN: The initial public offering (IPO) fervour surrounding maverick businessman Tan Sri Tony Fernandes continues – now he is considering to float the Tune Group.

Insurance News  12 Oct 2012  -  Public
AmG wants to keep Kurnia's brand post merger.  The plan is for both AmG and Kurnia to be under AmG's licence.  It would be interesting to see whether this is allowed by BNM as this will create the first insurance company in Malaysia that sells products under two different brands.
The plan will possibly see Kurnia surrender its insurance licence and operate under AmG's operating licence.

Insurance News  11 Oct 2012  -  Public
AmG held a special event to welcome Kurnia into its family.  Post merger, AmG will become the largest general insurer in the country and market leader in motor insurance.
Ambank Group is eyeing 50 per cent growth for its motor insurance from 22 per cent currently, said Duncan Brain, Chief
Executive Officer AmG Insurance Bhd and Kurnia Insurans (M) Bhd.

Insurance News  11 Oct 2012  -  Public
It is interesting to see what would happen to ING Public Takaful Ehsan post AIA-ING merger. AIA already has a stake in AIA AFG Takaful and under the current BNM rules, they are not allowed to hold 2 takaful licences. Merging AIA AFG with ING Public will mean Public Bank and Alliance Bank having JV in takaful, feasible?

Insurance News  11 Oct 2012  -  Public
Contrary to the earlier report, AIA has claimed No. 1 in market share post merger with ING, unseating Great Eastern as well.
The deal catapults AIA to the top, displacing Great Eastern that has market share of 22.9%.

Insurance News  11 Oct 2012  -  Public
AIA has agreed to pay US$1.73 bil (another report says US$1.68 bil) in cash to buy ING's Malaysian insurance operations. The deal values ING at 1.8 times its embedded value, much higher than the value of AIA which is at 1.5 times. The purchase of ING will push AIA from the No. 4 position to No. 2 in Malaysia, unseating Prudential. AIA had earlier acquired Aviva's Sri Lankan operations less than a month ago.
AMSTERDAM: ING said it has agreed to sell its Malaysian insurance unit to pan-Asian insurer AIA Group Ltd for 1.3 billion euros (US$1.68 billion) in cash, kicking off the Dutch group's long-awaited di...

Insurance News  9 Oct 2012  -  Public
George Chew is Manulife's new CEO effective September 28.
KUALA LUMPUR: Manulife Insurance Bhd (Manulife Malaysia), a subsidiary of Manulife Holdings Bhd, has appointed George Chew as its new chief executive officer (CEO), effective September 28. 

Insurance News  8 Oct 2012  -  Public
So, is it true that Mohamad Salihuddin Ahmad stepped down as CEO of GETSB because he didn't want to report to Koh Yaw Hui?
Malaysia: Great Eastern Takaful CEO steps down amid structural changes. Great Eastern Takaful CEO Mohamad Salihuddin Ahmad has resigned from his position, with local media suggesting that it was in ...

News Posts 20121001-20121007

Insurance News  4 Oct 2012  -  Public
With the removal of the 8% tax on investment income of the annuity fund and RM3,000 tax relief on annuity premiums, insurance companies are likely to launch a slew of annuity products in the near future.
INSURERS are set to launch a slew of annuity products in the near future now that the government has proposed to remove the eight per cent investment income tax on deferred annuity.

Insurance News  4 Oct 2012  -  Public
The takeover deal of ING Malaysia and Thailand by AIA could be completed by year-end and it is worth US$1.8 bil.
PETALING JAYA: A deal worth about US$1.8bil could be struck very soon between AIA Group Ltd and ING Group for the former to acquire the latter’s insurance operations in Malaysia and Thailand as part o...

Insurance News  2 Oct 2012  -  Public

MII has been asked to conduct a research on the adequacy of medical cover and the reasonableness of medical insurance premiums in Malaysia.
KUALA LUMPUR: There is a need for a comprehensive research in the area of medical insurance to ensure consumers are adequately covered with reasonable charges, Deputy Finance Minister Datuk Donald Lim...

Insurance News  1 Oct 2012  -  Public

MAA Takaful claimed leadership in regular investment-linked (basic) and single premium investment-linked businesses with market shares of 31% and 54% respectively. It attributed the success to company's agency force, "war room" concept, products and services as well as its technology and online initiatives.
KUALA LUMPUR: MAA Takaful Bhd, a wholly-owned subsidiary of MAA Group Bhd, is confident of maintaining its market leadership in the investment-linked business, notably in the regular investment-link...

  1 Oct 2012  -  Public

Steve Ong, the previous CEO of ING Funds, has taken up a new role as the CEO of the Private Pension Administrator Malaysia.
PETALING JAYA: The Private Pension Administrator Malaysia (PPA) has appointed Datuk Steve Ong Chong Gain (pic) as its chief executive officer with effect from Oct 1.

Insurance News  1 Oct 2012  -  Public

Great Eastern is planning to launch an annuity product by year end to take advantage of the RM3,000 tax relief. Its new business weighted premium grew 8% in 1H, the number of agents grew 27% and the Malay agents grew 179%. In 2H, it would focus on protection-based products in particular medical and critical illness products.
Great Eastern Life Assurance (Malaysia) Bhd recorded 8% growth in total weighted new business premium in the first half of 2012 and it expects stronger momentum in the second half, with continuous foc...