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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.

Acquisition of Kurnia increases scale which gives pricing advantage 

Insurance News

  -  Apr 14, 2013
The acquisition of Kurnia Insurans is to increase the scale which becomes important with the planned de-tariff. Scale allows pricing advantage as you gain more insight. General insurance also gives a higher ROE than banking in Malaysia, a fact that is not that well understood in the industry.  An information memorandum for prospective new investors in AmLife and AmTakaful was planned to be issued last week.
AMMB stays in shape to compete and grow its business - The Star FOR the mid-tier and smaller banks that are competing against the giants of the industry, it's all about fighting fit and staying in the game.

 

Posted by Loo Hai Sunday, April 14, 2013 6:56:00 PM Categories: AmG AmMetLife AmMetLife Takaful Kurnia Merger Strategy Tariff
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Recent M&As and the strategies 

Insurance News

  -  Mar 16, 2013
A compilation of some recent mergers and acquisitions in the market and the strategies of the merged entities, covering Sun Life, AIA, AmGeneral, Berjaya Sompo, Khazanah. "AmG looking for a partner to develop Kurnia"? I think this must be a mistake. First, they are now called AmGeneral and no longer AmG. And why would they look for a partner when they already have IAG? I think the writer got confused with AmLife? Anyone can confirm this?
Major insurance companies angling for market share amid fast expanding economies - The Star A FLOURISHING middle class and a burgeoning economy driven by domestic and intra-regional trade, Asean looks set to become a battlefield for insurance giants clamouring for a piece of the pie.

 

Posted by Loo Hai Saturday, March 16, 2013 9:14:00 PM Categories: AIA AmG Berjaya Sompo Kurnia Strategy Sun Life
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Combined AmG and Kurnia entity is named AmGeneral 

Insurance News

  -  Mar 3, 2013
The combined entity of AmG and Kurnia will be named AmGeneral. For marketing purposes, the company will however maintain both AmG and Kurnia brand names.
AmBank renames insurance subsidiary to AmGeneral Insurance - Business Times KUALA LUMPUR: AmBank Group has renamed its general insurance subsidiary to AmGeneral Insurance Bhd, following the completion of the Kurnia Insurans (M) Bhd acquisition.

 

Posted by Loo Hai Sunday, March 3, 2013 4:56:00 PM Categories: AmG Kurnia
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AmG Kurnia integration to complete by Q1 2014 

Insurance News

  -  Jan 4, 2013
The integration of Kurnia and AmG is expected to incur RM38 mil, but over a 2-year period, cost savings of RM50 mil can be achieved. Full integration is expected to complete by Q1 2014. AmG's licence will be surrendered back to BNM instead of Kurnia's due to ease of transaction.
Kurnia deal a 'cost saver' - Business Times THE acquisition of Kurnia Insurans (M) Bhd will result in a cost savings of RM50 million for AMMB Holdings Bhd, said a top executive.

 

Posted by Loo Hai Friday, January 4, 2013 12:30:00 PM Categories: AmG Kurnia Merger
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News Posts 20121112-20121118 

Insurance News

17 Nov 2012  -  Public
 
Life insurer's response to PRS - Great Eastern has launched a deferred annuity plan called Great Retirement Plan which takes advantage of the RM3,000 tax relief made available for retirement savings. Policyholders can choose retirement age of 55 or 60 with 15 and 10 years respectively of guaranteed yearly income.http://bit.ly/TAS1117a
BERNAMA - Great Eastern Launches 'Great Retirement Plan »
KUALA LUMPUR, Nov 16 (Bernama) -- Great Eastern Life Assurance (Malaysia) Bhd today launched the 'Great Retirement plan', a first-of-its-kind retirement plan with a guaranteed yearly income for 10 or ...

Insurance News

16 Nov 2012  -  Public
 
Manulife will gear up its agents to target employers rather than the man on the street in promoting participation in PRS. http://bit.ly/TAS1116a


MANULIFE Asset Management (Malaysia) Sdn Bhd plans to encourage employers to urge their employees to participate in its Private Retirement Scheme (PRS), its top executive said.

Insurance News

12 Nov 2012  -  Public
 
CIMB-Principal is the second PRS provider to go live with 2 schemes: CIMB-Principal PRS Plus and CIMB Islamic PRS Plus. There are 5 funds available under each scheme: Conservative, Moderate, Growth, Equity and Asia Pacific Ex Japan Equity. http://bit.ly/TAS1112a


CIMB-Principal Asset Management Bhd has received Securities Commission (SC)'s approval for its Private Retirement Scheme (PRS) funs, CIMB-Principal PRS Plus and CIMB Islamic PRS Plus.

Insurance News

11 Nov 2012  -  Public
 
Travis Atkinson is the new CEO for AmG and Kurnia while Duncan Brain moved on to be IAG's Head of Southeast Asia. http://bit.ly/TAS1111b
AmBank appoints Atkinson to head AmG Insurance, Kurnia Insurans »
AmBank Group has appointed Travis Atkinson as chief executive officer of AmG Insurance Bhd and Kurnia Insurans (Malaysia) Bhd.

Insurance News

11 Nov 2012  -  Public
 
The reason of Friends Life pulling out of AmLife and AmTakaful is that they do not want to participate in inorganic growth for which AMMB is very much interested in. http://bit.ly/TAS1111a


KUALA LUMPUR: AMMB Holdings Bhd hopes that talks with Friends Life FPL for the latter's 30 per cent stake in AmLife Insurance Bhd and AmFamily Takaful Bhd will be completed by end of this year.

 

Posted by Loo Hai Monday, November 19, 2012 10:30:00 AM Categories: AmG AmMetLife AmMetLife Takaful Executive Movement Great Eastern Kurnia Manulife PRS
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News Posts 20121105-20121111 

 
 
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Travis Atkinson is the new CEO for AmG and Kurnia while Duncan Brain moved on to be IAG's Head of Southeast Asia. http://bit.ly/TAS1111b
AmBank appoints Atkinson to head AmG Insurance, Kurnia Insurans »
AmBank Group has appointed Travis Atkinson as chief executive officer of AmG Insurance Bhd and Kurnia Insurans (Malaysia) Bhd.
 
The reason of Friends Life pulling out of AmLife and AmTakaful is that they do not want to participate in inorganic growth for which AMMB is very much interested in. http://bit.ly/TAS1111a


KUALA LUMPUR: AMMB Holdings Bhd hopes that talks with Friends Life FPL for the latter's 30 per cent stake in AmLife Insurance Bhd and AmFamily Takaful Bhd will be completed by end of this year.

Insurance News

8 Nov 2012  -  Public
 
The pull out of Friends Life from AmLife and AmFamily Takaful should be completed by end of this year. http://bit.ly/TAS1108a


KUALA LUMPUR: AMMB Holdings Bhd aims to conclude negotiations with UK-based life insurance and pension provider, Friends Life FPL Ltd, for the proposed repurchase of 30 per cent stake each in two joint-venture companies -- AmLife Insurance Bhd (AmLife) and AmFamily Takaful Bhd (AmFamily). 

Insurance News

6 Nov 2012  -  Public
 
AIA AFG Takaful signed an MoU with MBSB and launched MBSB i-Medic, a bancatakaful medical product. The new product targets to secure 4,000 customers and generate RM3,5 mil to RM4 mil contributions by end 2013. MBSB's bankatakaful commission stands at RM18 mil currently and aims to increase it to RM30 mil by 2014. http://bit.ly/TAS1106a
MBSB aims for higher fee-based income from bancatakaful segment »
Malaysia Building Society Bhd (MBSB) is aiming for its fee-based income for the bancatakaful segment to increase to RM30 million by the end of next year.

Insurance News

5 Nov 2012  -  Public
 
Prudential acquired Thanachart Life for £368 million from Thanachart Bank. The acquisition will double Prudential's market share in Thailand. Prudential and Thanachart Bank have also agreed on an exclusive 15-year bancassurance partnership. http://bit.ly/TAS1105b
Prudential strikes $590mil Thai insurance deal, turns up heat on AIA »
HONG KONG: Prudential plc has agreed to buy the insurance unit of Thailand's Thanachart Bank for 368 million pounds (US$590 million) in cash, turning up the heat on rival AIA Group Ltd in the fast-gro...
 
Oil palm and rubber plantation firms want the Foreign Workers' Health Insurance Protection Scheme (premium: RM120) postponed as injury-related accident cases are already covered by the Workmen Compensation Insurance (premium: RM72). http://bit.ly/TAS1105a


MIRI: Oil palm and rubber plantation firms, which are already footing the medical bills of their foreign workers, are pressing on with its appeal to the government to reconsider implementation of the Foreign Workers' Health Insurance Protection Scheme. 

 

Posted by Loo Hai Monday, November 12, 2012 11:02:00 AM Categories: AIA AmG AmMetLife AmMetLife Takaful Executive Movement Kurnia Merger Prudential
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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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