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.

BNM gave green light to AMMB 

Insurance News

  -  August 27, 2013
BNM has given green light to AMMB to commence negotiations with potential strategic partners for equity participation in its life and takaful businesses.
AMMB gets BNM's nod - The Sun Daily PETALING JAYA (Aug 26, 2013): AMMB Holdings Bhd (AmBank Group) has received Bank Negara Malaysia's (BNM) nod to commence negotiations with "several shortlisted global insurers" to establish a new strategic partnership for its life insurance and family takaful businesses.

 

Posted by Loo Hai Tuesday, August 27, 2013 6:59:00 PM Categories: AmMetLife AmMetLife Takaful BNM Merger
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Great Eastern Takaful to achieve RM80 mil contributions 

Insurance News

  -  August 25, 2013
Great Eastern Takaful is set to double its contribution income from RM40 mil last year to RM80 mil this year. The company currently has 70,000 contributors which comprises of 20-25% non-Muslims.
Great Eastern Takaful expects to double premium income - The Borneo Post ALOR SETAR: Great Eastern Takaful Sdn Bhd (Great Eastern Takaful), which set up operations only in 2010, is optimistic it would be able to double its premium income this year.

 

Posted by Loo Hai Sunday, August 25, 2013 4:51:00 PM Categories: GETSB
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Policy owner can no longer appoint himself as trustee under FSA 

Insurance News

  -  August 23, 2013
Under the new FSA, policy owner can no longer appoint himself/herself as the trustee of the policy moneys. In the event no trustee is appointed, the nominee who is competent to contract will be the trustee.  If the nominee is incompetent to contract, the parent of the incompetent nominee (other than the policy owner) will be the trustee. Only when there is no surviving parent of the incompetent nominee, the Public Trustee will be appointed. The newspaper article seems to create a false impression that everyone should rush out and appoint a licensed trust companies as the trustee.
For our agent readers out there, have you encountered any practical problem in the appointment of trustee since the new FSA came into force?
Life policy owners can no longer be trustees - The Sun Daily KUALA LUMPUR (Aug 23, 2013): Policy owners and insurance companies have an inevitable headache looming, as they scramble to make sure they comply with a new rule which stipulates that policy owners can no longer name themselves as the trustee to their life policies.

 

Posted by Loo Hai Friday, August 23, 2013 5:52:00 PM Categories: FSA
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Sun Life Malaysia kicks off with RM640 mil target 

Insurance News

  -  August 22, 2013
Sun Life Malaysia, the new player in the local insurance and takaful industries, is targeting first year annualised premium of RM640 mil for this year.
Sun Life aims to achieve RM640m FYAP - Business Times SUN Life Malaysia, a new player in the Malaysian insurance market, aims to achieve first year annualised premium (FYAP) of RM640 million for fiscal year 2013.

 

Posted by Loo Hai Thursday, August 22, 2013 6:40:00 PM Categories: Aviva CIMB Strategy Sun Life
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AmLife and AmTakaful's potential partners shortlisted 

Insurance News

  -  August 22, 2013
AmLife and AmTakaful should have a new partner by end of this year. A few potential partners have been shortlisted and BNM is expected to respond to AMMB's application within the next 2 weeks.
AMMB targets end-2013 for partner in insurance biz - The Star KUALA LUMPUR: AMMB Holdings Bhd hopes to shortlist a new partner for its insurance business in October and finalise the deal by year-end, says group managing director Ashok Ramamurthy.

 

Posted by Loo Hai Thursday, August 22, 2013 6:32:00 PM Categories: AmMetLife AmMetLife Takaful BNM Merger
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AmBank considers strategic collaborations with other insurers 

Insurance News

  -  August 17, 2013
AmBank is exploring options to grow its life and takaful businesses and is open to strategic collaborations with other insurers.
AMMB open to strategic collaborations with third party insurer, says Alliance Research - The Edge KUALA LUMPUR (Aug 17): Alliance IB Research has maintained its Neutral rating on AMMB Holdings Bhd (AMMB) at RM7.96 with a lower target price of RM7.89 (from RM8.07) and said AMMB open to strategic collaborations with third party insurer to accelerate its expansion plan.

 

Posted by Loo Hai Saturday, August 17, 2013 7:25:00 PM Categories: AmG AmMetLife AmMetLife Takaful Bancassurance Strategy
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STMB share price surges 

Insurance News

  -  August 15, 2013
Insurance stocks have enjoyed a good run in the local share market recently. In particular, STMB stocks have run up close to 75% this year alone.
Insurance stocks on upward momentum - The Star PETALING JAYA: Shares of insurers on Bursa Malaysia have been getting some attention lately among certain investors as they catch up in price, tradability and valuations with the wider financial services sector.

 

Posted by Loo Hai Thursday, August 15, 2013 9:21:00 PM Categories: STMB
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