What this blog is about?

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.

STMB profit grew 23.7% 

Insurance News

  -  Feb 28, 2013
STMB's PBZT grew 23.7% to RM125.5 mil from RM101.4 mil. Higher surplus and net wakalah fee contributed to the growth. Family Takaful business also generated higher sales. STMB also plans to increase the number of exclusive/preferred partnership with major financial institutions to grow the bancatakaful business.
BIMB posts gross profit of RM714m for 2012 - Business Times BIMB Holdings Bhd's profit before zakat and taxation (PBZT) rose by 20.9 per cent, or RM123.7 million, to RM714.1 million for financial year ended December 31, 2012.


Posted by Loo Hai Thursday, February 28, 2013 9:17:00 PM Categories: STMB
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ASM elects new Council members 

The Actuarial Society of Malaysia (ASM) today held its AGM at Berjaya Times Square Hotel and elected its new Council members for 2013-14, as follows:

President: Yap Chee Keong
Immediate Past President: Liew Pek Hin
Vice President: Wan Saifulrizal Wan Ismail
Secretary: Lim Weng Soon
Treasurer: Kelvin Hii Chee Yun
Committee Members: Vas Ramanujam
Krystle Lim Pei Chin
Jack Soh Wai Sun
Charlene Lee Shen-Yi
Auditor: Lim Kuan Hong

In his speech as the new President, Yap Chee Keong told the members that Malaysia was one of the few countries with its own regulator not recognising the local actuarial qualification: Fellow of Actuarial Society of Malaysia (FASM).  The new Council under his leadership would work towards having FASM qualification recognised by the regulator.

Earlier in the day, 3 local actuaries: Farzana Ismail, Patrick Cheah and Kelvin Hii presented their talk to an audience of over 100.

ASM also announced that its Fellow membership has crossed the mark of 100 for the first time in its 35 years history.

Posted by Loo Hai Tuesday, February 26, 2013 7:03:00 PM Categories: actuary ASM
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Lonpac focuses on organic growth 

Insurance News

  -  Feb 26, 2013
Lonpac will continue its strategy of focusing on organic growth going forward. It may also consider a capital repayment.
LPI may consider capital repayment - The Edge KUALA LUMPUR: LPI CAPITAL BHD [] may consider a capital repayment to reward its shareholders who have been long with the company, said CEO Tee Choon Yeow.


Posted by Loo Hai Tuesday, February 26, 2013 6:39:00 PM Categories: Lonpac Outlook Strategy
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Allianz expects competitive and challenging market 

Insurance News

  -  Feb 24, 2013
Following the recent merger and acquisition activities, Allianz expects the insurance market to be increasingly competitive and challenging.
Allianz 4Q net profit up 32.4% to RM849.75 mill - The Edge KUALA LUMPUR (Feb 22): ALLIANZ MALAYSIA BHD [] recorded a net profit of RM44.05 million for its fourth quarter ended Dec 31, 2012, 32.4 % up from 4Q11’s net profit of RM33.26 million.


Posted by Loo Hai Sunday, February 24, 2013 6:00:00 PM Categories: Allianz Merger Outlook
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Tune Insurance's strategy on Indonesia and Thailand 

Insurance News

  -  Feb 19, 2013
Tune Insurance sees Thailand and Indonesia as high priority in its overseas expansion plans. The strategy is to acquire general insurance licences in those markets without buying big "brick and mortar" institutions.
Tune Ins IPO secures strong foreign institutional investors - The Edge KUALA LUMPUR: Tune Ins Holdings Bhd’s IPO has received strong response from foreign institutions, with some 70% of the institutional offering mopped up by large foreign institutional investors.


Posted by Loo Hai Tuesday, February 19, 2013 9:39:00 PM Categories: Strategy Tune
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OSK is neutral on life insurance industry 

Insurance News

  -  Feb 19, 2013
OSK concurs with LIAM's projected new business growth of 10% in 2013. The 2012 growth rate of 2.2% however came in below expectations. OSK remains cautious on the life insurance industry given the unclear direction and uncertainties in regulation changes and industry liberalisation.
OSK: 'Neutral' on insurance, top buy Syarikat Takaful - The Edge KUALA LUMPUR (Feb 19): OSK Retail Research is maintaining its “Neutral” call on the insurance sector as data of new business growth for 2012 came in below expectations.


Posted by Loo Hai Tuesday, February 19, 2013 9:27:00 PM Categories: Outlook
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Average Malaysian is grossly under-insured - LIAM 

Insurance News

  -  Feb 18, 2013
LIAM's press release:
  1. RM6.7 bil claims in 2012, 19% higher than RM5.6 bil in 2011.
  2. RM7.6 bil paid on maturity and surrender.
  3. RM1.02 trillion sum insured in 2012, 8% higher than RM946 bil in 2011.
  4. Per capita sum insured: RM34,700 (2012), 6.7% higher than RM32,533 (2011).
  5. Huge protection gap compared to ideal sum insured per capita of RM310,000.
  6. New business weighted premium grew 2.2% in 2012 to hit RM4.3 bil.
  7. 49.5% (2012) of new business was ILP, compared with 45.6% in 2011.
  8. Anticipated NB growth rate in 2013: 10%.
  9. More annuity products will be rolled out.
  10. Medical insurance to enjoy high growth rate.
  11. Alternative channels will grow but agency channel will still be dominant.
LIAM: Life insurers paid RM6.7b in claims in 2012 - The Star KUALA LUMPUR: A total of RM6.70bil was paid out in life insurance claims in 2012, up 19% from RM5.6bil a year ago, according to the Life Insurance Association of Malaysia (LIAM).
LIAM: New commerce to grow in 2013 - Business Times The Life Insurance Association of Malaysia (LIAM) envisages that new business will grow 10 per cent this year, taking into consideration the projected economic growth rate of about 5 per cent.


Posted by Loo Hai Monday, February 18, 2013 5:54:00 PM Categories: Annuity LIAM Medical Product Outlook Product
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