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Purpose: This blog provides brief insurance news and digest for the busy executives. It is a handy archive covering major insurance news in Malaysia and nearby countries. 

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News Posts 20121022-20121028 

 
 
 
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Insurance News

24 Oct 2012  -  Public
 
Mohd Sahimy Man is the new CEO of MNRB Retakaful. http://bit.ly/TAS1024a


MNRB Retakaful Bhd (MRT) has announced the appointment of Mohd Sahimy Man as the new Chief Executive Officer from Oct 1, 2012, taking over from Ismail Mahbob who retired in May 2012. 

 

 

Posted by Loo Hai Sunday, October 28, 2012 5:27:00 PM Categories: Executive Movement MNRB
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News Posts 20121015-20121021 

Insurance News

21 Oct 2012  -  Public
 
Under the proposed GST, no GST will be imposed on life insurance policy (including education, investment-linked and endowment). General insurance policy (e.g. medical, fire, motor, burglary) on the other hand will attract the normal GST rate. http://bit.ly/TAS1021a
Breaking the tax taboo »
WHEN the Finance Minister tabled Budget 2013 and reduced personal income tax rate by 1%, some quarters have asked if this brings us one step closer to the GST.

Insurance News

20 Oct 2012  -  Public
 
MNRB Retakaful's financial strength rating has been affirmed at BBB+ with a stable outlook by Fitch Ratings. http://bit.ly/TAS1020c
Fitch affirms MNRB Retakaful at BBB+ »
PETALING JAYA: Fitch Ratings has affirmed MNRB Retakaful Bhd’s insurer financial strength rating at BBB+ with a “stable” outlook.

Insurance News

20 Oct 2012  -  Public
 
The latest speculation on the sale of CIMB Aviva is that AIA has pulled out after clinching the ING deal, leaving behind 3 bidders: Manulife, Sunlife and Prudential. Khazanah could also be in the picture with Sun Life buying Aviva's stake and Khazanah taking over CIMB's stake. http://bit.ly/TAS1020b
Khazanah may join other bidders for stake in CIMB Aviva »
PETALING JAYA: With the chapter closed on the sale of ING’s Malaysian insurance operations to AIA Group Ltd, attention on the insurance realm has now turned towards CIMB Aviva Assurance Bhd being dive...

Insurance News

20 Oct 2012  -  Public
 
ING's HK, Macau and Thailand insurance units will be sold to Richard Li for a price of US$2.14 bil. http://bit.ly/TAS1020a

HONG KONG: Hong Kong businessman Richard Li, the younger son of Asia's richest man, is buying ING's Hong Kong, Macau and Thailand insurance units for US$2.14 billion (RM6.53 billion) in cash, bringing the Dutch financial services company a step closer to paying off its state bailout.

Insurance News

18 Oct 2012  -  Public
 
PruBSN has appointed professional racer Nabil Jeffri as its brand ambassador.http://bit.ly/TAS1018c

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN), is confident of remaining number one in the takaful market this year. 

Insurance News

18 Oct 2012  -  Public
 
Etiqa has strong interest in entering Indonesia and sees tremendous potential for takaful products due to the large Muslim population there. However the timing of its entry into the Indonesian market is not to be disclosed to the public yet. Takaful and bancassurance are two potential products to be exported. Etiqa launched 2 products: Takaful Flexi PA and Takaful Driver and Passenger PA with Pos Malaysia recently. http://bit.ly/TAS1018b

KUALA LUMPUR: Etiqa Insurance and Takaful Bhd is on a regional expansion mode and has put Indonesia high on its radar screen.

Insurance News

18 Oct 2012  -  Public
 
Pos Malaysia sold insurance policies with RM170 mil premiums last year. It acts as agent for 8 insurance companies and 2 takaful operators. From April to September 2012, it collected over RM125 mil premiums. http://bit.ly/TAS1018a

POS Malaysia Bhd is looking at diversifying its income stream to get bigger revenue contribution from its non-traditional mail business in five years.

Insurance News

17 Oct 2012  -  Public
 
Friends Life is pulling out of its 30% JV stake in AmLife and AmTakaful. Friends Life acquired 30% of AmLife for RM170 mil in Dec 2008 and contributed another RM30 mil in AmTakaful's capital in Dec 2011. Despite the disposal of its stake, technical support will be provided by Friends Life to AmLife and AmTakaful over an agreed period of time. http://bit.ly/TAS1017a
AMMB get Bank Negara approval tol start talks with Friends Life on repurchase »
PETALING JAYA: AMMB Holdings Bhd has obtained Bank Negara’s approval to commence negotiations with a UK-based pension, life and investment firm Friends Life FPL Ltd for the proposed repurchase of 30% ...

Insurance News

16 Oct 2012  -  Public
 
Tune Insurance's IPO comes sooner than we thought. http://bit.ly/TAS1016a
Tune Insurance plans to offer up to 210 million shares »
PETALING JAYA: The insurance arm of Tune group, Tune Insurance Malaysia Bhd, is expected to offer up to 210.22 million shares for its proposed initial public offering (IPO).

Insurance News

15 Oct 2012  -  Public
 
Prudential's headquarters is likely to remained in UK given that Solvency II is now unlikely to be implemented before 2016. http://bit.ly/TAS1015b
Prudential drops plans for moving HQ from London - Telegraph »
Prudential looks set to keep its headquarters in London despite previous suggestions that it could move to Asia amid concerns about European capital requirements.
 

Insurance News

15 Oct 2012  -  Public
 
AIA will form a transitional steering group comprising four personnel each from AIA and ING to plot its strategic direction post merger. http://bit.ly/TAS1015a
Transitional steering group for AIA »
KUALA LUMPUR: Following the acquisition of ING’s Malaysian insurance business by AIA Group Ltd, the group has formed a transitional steering group to ensure that strategic goals are met for AIA to lea...

 

Posted by Loo Hai Tuesday, October 23, 2012 4:06:00 PM Categories: AIA AmMetLife AmMetLife Takaful Aviva Etiqa ING Manulife Merger MNRB PruBSN Prudential Tax Tune
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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. http://bit.ly/TAS1014a
Driverless cars – a new insurance dilemma : Insurance Daily »
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".http://bit.ly/TAS1012d http://bit.ly/TAS1012e
 
The purchase of ING by AIA does not affect AIA's ratings, according to S&P.http://bit.ly/TAS1012c
S&P:No rating impact on AIA,AIA Bermuda »
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.http://bit.ly/TAS1012b
Tune Group chief Tony Fernandes says listing is on his mind »
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. http://bit.ly/TAS1012a

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. http://bit.ly/TAS1011f

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. http://bit.ly/TAS1011d
#Update* AIA Malaysia becomes biggest life insurer after buying over ING »
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. http://bit.ly/TAS1011b http://bit.ly/TAS1011c
ING announces sale of M'sian insurance unit to AIA for US1.6bil(update) »
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.http://bit.ly/TAS1009a

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? http://bit.ly/TAS1008a
Malaysia: Great Eastern Takaful CEO steps down amid structural changesInsurance Research Center »
::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 ...

 

Posted by Loo Hai Wednesday, October 17, 2012 4:37:00 PM Categories: AIA AmG Executive Movement GETSB Great Eastern ING Kurnia Manulife Merger Nice2Know Tune
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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.  http://bit.ly/TAS1004b

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. http://bit.ly/TAS1004a
Talks in advanced stage for AIA to buy ING’s ops in Malaysia and Thailand »
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.http://bit.ly/TAS1002a
Call for medical insurance study to ensure consumers adequately covered at reasonable charges »
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.http://bit.ly/TAS1001d
MAA Takaful out to maintain leadership in investment-linked business »
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...
 
Insurance News1 Oct 2012
 
Anyone has the corresponding market share figures for PruBSN?

Insurance News

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. http://bit.ly/TAS1001c
Steve Ong is CEO of PPA »
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. http://bit.ly/TAS1001b
Great Eastern records 8% growth in new biz premium in H1 »
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...

 

Posted by Loo Hai Wednesday, October 17, 2012 4:16:00 PM Categories: AIA Annuity Great Eastern ING MAA Merger MII PRS
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