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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. 

Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we are not liable for any loss arising from the use of any information contained in this blog.

Reproduction: You may reproduce materials published here provided that the source (actuaries.com.my/insurance-news) is properly acknowledged.

Is CIMB Aviva worth US$1.2 billion? 

Insurance News

  -  Dec 28, 2012
If the sale of CIMB Aviva really fetches US$1.2 bil as speculated in this report, compared to the price tag of ING of US$1.68 bil paid by AIA, which do you think is a better deal from buyer's perspective?
CIMB-Aviva joint venture may fetch US$1.2b - Business Times KUALA LUMPUR: The sale of CIMB Group Bhd and British insurer Aviva plc's Malaysian insurance joint venture (JV) could fetch up to US$1.2 billion (RM3.67 billion), people briefed on the matter said.
Posted by Loo Hai Friday, December 28, 2012 9:41:00 PM Categories: AIA Aviva CIMB ING Merger
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High single-digit growth for conventional, 20% growth for takaful 

Insurance News

  -  Dec 28, 2012
OSK predicts a high single-digit growth in conventional insurance and a growth rate of around 20% for the takaful industry in 2013. It has a "buy" call on both STMB and Allianz and a "neutral" call on LPI Capital.
OSK upbeat on insurance sector's income - Business Times KUALA LUMPUR:OSK Research Sdn Bhd has projected a high single-digit growth in premium income for the insurance industry next year.
Posted by Loo Hai Friday, December 28, 2012 9:16:00 PM Categories: Allianz Lonpac Outlook STMB
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School bus insurance covers up to RM100,000 

Insurance News

  -  Dec 27, 2012
The insurance covering students taking licensed school buses as announced in Budget 2013 will have a limit of RM100,000 on death and permanent disability due to accident.
Insurance coverage for 1.5 million students from January - The Star KUALA LUMPUR: Some 1.5 million students in primary and secondary schools who take school buses will be protected with insurance cover starting January 2013.
Posted by Loo Hai Thursday, December 27, 2012 10:17:00 PM Categories: Budget
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Manulife and Sun Life final bidders for CIMB Aviva? 

Insurance News

  -  Dec 27, 2012
CIMB Aviva's CEO Yen Saw has moved to Jakarta. Currently 2 deputy CEOs are running the show and facilitating the sale of the company. Apparently the final buyer has been further narrowed down to Manulife and Sun Life.
Sale of CIMB Aviva drawing to a close? - Business Times KUALA LUMPUR: Aviva plc has moved chief executive officer (CEO) of its Malaysian unit CIMB Aviva Assurance Bhd to head its Indonesia unit, signaling that the sale of the Malaysian insurance arm is drawing to a close.
Posted by Loo Hai Thursday, December 27, 2012 10:01:00 PM Categories: Aviva CIMB Executive Movement Merger Sun Life
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STMB's transformation programme key to strong share performance 

Insurance News

  -  Dec 25, 2012
STMB's transformation programme has driven its share price up three-fold in 2012. The transformation involved infusion of new blood into the company and providing value-added services to customers.
Takaful Malaysia insurer reaps the fruits of its transformation journey - The Star PETALING JAYA: Syarikat Takaful Malaysia Bhd (Takaful Malaysia), which has seen its share price move up almost three-fold since January, attributes the upsurge partly to its transformation journey and various strategies to solidify its position in the competitive takaful industry.

 

Posted by Loo Hai Tuesday, December 25, 2012 5:28:00 PM Categories: STMB Strategy
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8 PRS licences are sufficient 

Insurance News

  -  Dec 25, 2012
The 8 PRS licences are sufficient for now to allow the existing players to recover their expenses. With the increase of the mandated retirement age to 60, the withdrawal age for PRS will remain at 55, in line with EPF. Earlier withdrawal of PRS which is only allowed for Account B is subject to 8% tax.
Private retirement schemes: 'Eight is enough' - Business Times PRIVATE RETIREMENT SCHEMES: Administrator says it will not give out anymore licences for now

 

Posted by Loo Hai Tuesday, December 25, 2012 10:24:00 AM Categories: PRS
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PruBSN won Best Takaful Operator Asia 

Insurance News

  -  Dec 25, 2012
PruBSN has won the Best Takaful Operator (Asia) award recently based on its robust financial performance and product innovation.
PruBSN is Asia's Best Takaful Operator - Business Times Prudential BSN Takaful Bhd (PruBSN) was named Best Takaful Operator (Asia) at the recent 2012 Islamic Business and Finance Awards in Dubai, the United Arab Emirates.
Posted by Loo Hai Tuesday, December 25, 2012 10:06:00 AM Categories: PruBSN
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