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.

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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General takaful licences up for grabs? 

Insurance News

  -  June 24, 2013
HSBC Amanah Takaful, PruBSN, HLMT and maybe even CIMB Aviva Takaful are considering disposing their general takaful business, given that under IFSA their family and general takaful businesses are to be separated into 2 legal entities with minimum capital of RM100 mil each. The small size of their general takaful business means that injection of new capital is hardly sensible from commercial point of view.
Takaful companies plan to dispose general biz - The Sun Daily PETALING JAYA (June 24, 2013): At least three Islamic insurers are considering disposing their general takaful business ahead of the Islamic Financial Services Act 2013 (IFSA), which comes into force next month.

 

Posted by Loo Hai Monday, June 24, 2013 6:39:00 PM Categories: Aviva CIMB FSA Hong Leong MSIG HSBC Amanah Takaful Merger PruBSN Takaful
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Acquisition of CIMB Aviva completed 

Insurance News

  -  Apr 12, 2013
Sun Life and Khazanah have completed the acquisition of CIMB Aviva. Ooi Say Teng, the ex-CEO of Uni.Asia Life has been named the new CEO of the company. The company will be rebranded once regulatory approval is obtained.
Sun Life Financial And Khazanah Complete Acquisition Of CIMB Aviva - Bernama KUALA LUMPUR, April 12 (Bernama) -- Sun Life Financial Inc and Khazanah Nasional Bhd Friday announced that they have completed the acquisition of CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd (together, the company) after having obtained approvals from both Malaysian and Canadian regulatory authorities.

 

Posted by Loo Hai Friday, April 12, 2013 9:42:00 PM Categories: Aviva CIMB Executive Movement Merger
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Sun Life's plans for CIMB Aviva 

Insurance News

  -  Mar 14, 2013
Post acquisition of CIMB Aviva, Sun Life wants to introduce a broader product suite including more accident and health coverages. The company will be rebranded. Distribution will be mainly through bancassurance with CIMB bank and BSN.
CIMB Aviva New shareholder Sun Life to introduce broader life insurance products - The Star PETALING JAYA: Canadian insurance giant Sun Life Financial Inc will be undertaking aggressive plans to grow CIMB Aviva, the insurance unit it recently acquired with partner Khazanah Nasional Bhd.

 

Posted by Loo Hai Thursday, March 14, 2013 9:28:00 PM Categories: Aviva CIMB Product Strategy Sun Life
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Khazanah pays a higher price for CIMB Aviva 

Insurance News

  -  Jan 18, 2013
Based on the various versions of report on the price paid for acquiring CIMB Aviva, I think the real picture is as follows:
  1. CIMB disposes 49% stake to Khazanah for RM1.11 bil (RM1,066.5 mil in cash, remaining through shares in Renggis Ventures Sdn Bhd).
  2. Aviva disposes 49% stake to Sun Life for RM734.1 mil in cash.

Total price for the 98% stake is therefore RM1.8 bil in cash.

The question remains: why would Khazanah pay so much higher for the same 49% stake? Can anyone shed some light?

Khazanah and Canada’s Sun Life paying RM1.8bil for CIMB Aviva Insurance and CIMB Aviva Takaful - The Star PETALING JAYA: As speculated, Khazanah Nasional Bhd and Canada's Sun Life Financial Inc have emerged as the buyers of CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd.

 

Posted by Loo Hai Friday, January 18, 2013 9:22:00 PM Categories: Aviva CIMB Merger Sun Life
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Khazanah and Sun Life confirmed buyers of CIMB Aviva 

Insurance News

  -  Jan 17, 2013
It is confirmed that Khazanah and Sun Life are the buyers of CIMB Aviva, both conventional and takaful businesses. CIMB will retain 2% in the companies with Khazanah and Sun Life each taking 49%. There is some confusion in the purchase price as reported by The Star. Our understanding from the press release by CIMB is that the Khazanah's portion is bought at RM1.11 bil. There is no mention of the price paid by Sun Life but presumably it is at the same price, which puts a value of the companies at RM2.2 bil.

Khazanah and Sun Life will have exclusive right to distribute both life and takaful products through CIMB's network in Malaysia.
Khazanah, Sun Life buy CIMB Aiva for RM1.8bil - The Star KUALA LUMPUR: Khazanah Nasional Bhd has confirmed it has teamed up with Sun Life Financial Inc. to acquire 98% of the insurance and takaful business from CIMB Group for RM1.8bil.

 

Posted by Loo Hai Thursday, January 17, 2013 9:32:00 PM Categories: Aviva CIMB Merger Sun Life
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MCIS Zurich appoints new CEO 

Insurance News

  -  Jan 11, 2013
MCIS Zurich has appointed Kevin Jones as its new CEO. Kevin takes over from Md Adnan Md Zain who retired last year. Kevin brings with him years of experience in insurance, including more than 10 years experience in South East Asia. He previously worked in Prudential, AIG, Aviva and was the CEO of CIMB Aviva for over 2 years.

Source: MCIS Zurich's website

 

Posted by Loo Hai Friday, January 11, 2013 10:45:00 AM Categories: AIG Aviva CIMB Executive Movement MCIS Zurich Prudential
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