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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. 

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MNRB counts on Malaysian Re and Takaful Ikhlas 

MNRB will focus on maintaining its market leader position in the domestic reinsurance market (current market share 53.5%) through its subsidiary Malaysian Re and growing its takaful business through Takaful Ikhlas. http://bit.ly/TAS140918c

Thursday, September 18, 2014 9:15:00 PM Categories: Ikhlas Malaysian Re MNRB
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MNRB Retakaful receives 'BBB+' rating 

Insurance News

  -  September 30, 2013
MNRB Retakaful has received 'BBB+' insurer financial strength rating from Fitch. Positive factors taken into account in the rating were support from MNRB Group, sound capital level and prudent investment strategy while negative factors were competitive and evolving takaful operating environment and high expense ratio. Business portfolio of the company comprises of 60% general retakaful and 40% family retakaful sourced mainly from Malaysia.
Fitch affirms Malaysia's MNRB Retakaful at IFS 'BBB+'/stable - The Edge (Sept 30): The following statement was released by the rating agency. Fitch Ratings has affirmed Malaysia-based MNRB Retakaful Berhad's (MRT) Insurer Financial Strength rating at 'BBB+' with Stable Outlook.

 

Posted by Loo Hai Monday, September 30, 2013 6:52:00 PM Categories: MNRB Ratings
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MNRB to boost Tier 2 capital 

Insurance News

  -  September 4, 2013
MNRB proposes to strengthen its Tier 2 capital via setting up of a subordinated medium term note programme of up to RM250 mil.
Malaysian Reinsurance proposes RM250m debt notes - The Star KUALA LUMPUR: MNRB Holdings Bhd's unit has proposed to set up a subordinated medium term note programme of up to RM250mil in nominal value.

 

Posted by Loo Hai Friday, September 6, 2013 7:05:00 PM Categories: MNRB RBC
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Takaful Ikhlas under pressure to deliver higher profit 

Insurance News

  -  May 6, 2013
Pressure is now on Takaful Ikhlas to deliver higher earnings as its parent MNRB wants a more balanced contribution from all of its various wholly-owned units.  Currently MNRB derives more than 90% of its net profit from Malaysian Reinsurance Bhd.
MNRB to revamp wholly-owned units - Business Times Investment holding company, MNRB Holdings Bhd, will revamp its wholly-owned units to ensure each of them contributes equally to the company, said president/chief executive officer, Mohd Din Merican.

 

Posted by Loo Hai Monday, May 6, 2013 9:07:00 PM Categories: Ikhlas MNRB
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News Posts 20121022-20121028 

 
 
 
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Insurance News

24 Oct 2012  -  Public
 
Mohd Sahimy Man is the new CEO of MNRB Retakaful. http://bit.ly/TAS1024a


MNRB Retakaful Bhd (MRT) has announced the appointment of Mohd Sahimy Man as the new Chief Executive Officer from Oct 1, 2012, taking over from Ismail Mahbob who retired in May 2012. 

 

 

Posted by Loo Hai Sunday, October 28, 2012 5:27:00 PM Categories: Executive Movement MNRB
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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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