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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.

No immediate GST repricing for AIA 

AIA has no intention to immediately reprice its products with the implementation of GST from April 1. The company will study the impact and monitor the situation as the year goes by. http://j.mp/TAS150316a

Monday, March 16, 2015 9:34:00 PM Categories: AIA Tax
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Life insurance GST status 

Whole life, endowment, term, education and annuity products are exempted from GST while non-life riders are subject to GST, according to LIAM. Fees and charges imposed on investment-linked polices are also subject to GST. http://j.mp/TAS150306a

Friday, March 6, 2015 9:33:00 PM Categories: LIAM Tax
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GST will impede life insurance growth - Namlifa 

Namlifa believes that GST will have negative impact on the growth of life insurance and family takaful businesses and appeals to the government to exempt the premiums of PA and medical riders from GST. http://bit.ly/TAS141023a

Thursday, October 23, 2014 3:37:00 PM Categories: Namlifa Tax
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PRS NESTEGG now comes with vesting option 

Insurance News

  -  August 15, 2013
Manulife has introduced a vesting option in its PRS NESTEGG series for employers whereby employees will be entitled to their PRS after meeting certain vesting conditions such as length of service. The new feature is marketed as a staff retention tool for employers. If the vesting conditions are not fulfilled, the PRS contributions will be channeled back to the employers. Presumably the tax benefits associated with PRS contributions will also need to be paid back to IRB?
Manulife introduces vesting in PRS - The Sun Daily PETALING JAYA (Aug 14, 2013): Manulife Asset Management Services Bhd (MAMSB) has introduced the vesting component to its Private Retirement Scheme (PRS) – the Manulife PRS NESTEGG Series.

 

Posted by Loo Hai Thursday, August 15, 2013 9:05:00 PM Categories: Manulife PRS Tax
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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 20120917-20120923 

 

 
 
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Insurance News

21:01  -  Public
 
BNM is considering giving more flexibility to insurance companies to set their own commission levels. The liberalisation of commissions will also be accompanied by more transparency (commission disclosure?) to protect the policyholders. BNM is also evaluating measures including incentives to encourage more agents to become financial advisors. http://bit.ly/TAS0923a
2012年09月23日 - 國行:符個別經營理念‧或讓保險業擬佣金架構 - 國內 - 星洲日報 »
(吉隆坡22日訊)國家銀行副總裁拿督莫哈末依布拉欣指出,國行正考慮給予保險業與公司更多靈活性,以擬定適合個別經營理念的傭金架構。

 

 
 
Prudential is likely to appoint Philip Seah as its new CEO, replacing Charlie Oropeza who stepped down on 12/9. Seah's appointment is apparently pending approval from BNM. http://bit.ly/TAS0922a


KUALA LUMPUR: Prudential Assurance Malaysia Bhd is expected to appoint Philip Seah, former head of Prudential group's unit in Singapore, as it new chief executive officer.

Insurance News

21 Sep 2012  -  Public
 
Is it true that GETSB's CEO is quitting this month? Where is he going then?http://bit.ly/TAS0921a


KUALA LUMPUR: Great Eastern Takaful Sdn Bhd's chief executive officer Mohamad Salihuddin Ahmad is quitting the company he helped set up in 2010.

Insurance News

20 Sep 2012  -  Public
 
GETSB has called for a special tax relief for takaful contributions, on top of the existing combined EPF and life insurance tax relief of RM6,000.  Meanwhile an independent financial advisor has also called for the tax relief for retirement contribution to be increased from RM3,000 to RM10,000. Feel free to share with us your wish list for the upcoming Budget 2013.http://bit.ly/TAS0920a http://bit.ly/TAS0920b


KUALA LUMPUR (Sept 20): Takaful operators would like to see the government allocate a specific tax rebate for Takaful premiums in a bid to boost the industry in the upcoming Budget 2013, said Great Eastern Takaful chief executive officer Mohamed Salihuddin Ahmad.

 

Posted by Loo Hai Sunday, September 23, 2012 6:50:00 PM Categories: Budget Commission Executive Movement GETSB Prudential Tax
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News Posts 20120910-20120916 

 

Insurance News

14 Sep 2012  -  Public
 
ING Public Takaful launched Investment-Linked Takaful Education plan yesterday. The operator set a target of RM90 mil in contributions company wide for 2012 and has collected RM50 mil up to August. http://bit.ly/TAS0914c
BERNAMA - Takaful Ehsan To Expand Marketing Branch Offices From Next Year »
By Nasir Hassan KOTA BAHARU, Sept 13 (Bernama) -- ING Public Takaful Ehsan Bhd (Takaful Ehsan) will expand its operations by opening more marketing branch offices nationwide from early next year. Its ...

Insurance News

14 Sep 2012  -  Public
 
Lets hope that as predicted by CIMB, the RM6,000 cap of tax relief on life insurance premium is increased in this coming Budget. http://bit.ly/TAS0914b


KUALA LUMPUR: The upcoming Budget 2013 is unlikely to propose any bold taxes that will hamper consumption, but may instead provide sweeteners for targeted households, says CIMB Investment Bank.

Insurance News

14 Sep 2012  -  Public
 
Emmanuel Nivet is the new CEO for AXA Affin General Insurance effective today. http://bit.ly/TAS0914a


AXA Affin General Insurance Bhd has appointed Emmanuel Nivet as the new chief executive officer effective today, replacing Jahanath Muthusamy, who has retired.

Insurance News

11 Sep 2012  -  Public
 
AIA has apparently emerged as the front runner to buy ING's Malaysia and Thailand insurance operations. http://bit.ly/TAS0911a
AIA front-runner to buy ING's Malaysia, Thai insurance units »
HONG KONG: Asian insurer AIA Group Ltd has emerged as the front-runner to buy ING's Malaysia and Thailand insurance operations, sources with knowledge of the matter said, in a deal that could be worth...

 

Posted by Loo Hai Monday, September 17, 2012 4:45:00 PM Categories: AIA Axa Affin Budget ING Tax
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