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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.

Sun Life to build capabilities this year 

Insurance News

  -  September 30, 2013
Sun Life will spend this year focusing on building its capabilities in terms of strengthening its distribution channels and product range, improving its ICT, branding and human resource. It expects to reap the fruits only in 2014 and beyond. Sun Life currently has only 7 financial services consultants but target to increase it to 50 by year-end and to 150 and 300 by end of 2014 and 2015 respectively.
Sun Life to boost capabilities by growing business in competitive market - The Star PETALING JAYA: Fresh from the acquisition by its parent Sun Life Financial Inc (Sun Life) of a substantial stake in CIMB Aviva Assurance Bhd and CIMB Aviva Takaful Bhd, Sun Life Malaysia Assurance Bhd has drawn out a game plan to gain a stronger foothold and prominence in the local insurance and takaful market.


Posted by Loo Hai Monday, September 30, 2013 5:48:00 PM Categories: Strategy Sun Life
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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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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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Takaful Ikhlas sets targets 

Insurance News

  -  August 12, 2013
Takaful Ikhlas has set the following targets for FY 3/2014 and beyond:
  1. Grow total combined gross contributions by 20% to RM900 mil (actual achievement in FY 3/2013 was 8.05% growth)
  2. Improves its ranking by a notch in 2 years
  3. Boost its regular contributions from 45% currently to 70% of total family contributions in 3 to 4 years.

To achieve the targets, it will deploy the following strategies:

  1. Strengthen family takaful agency
  2. Penetrate Gen Y and non-Muslim markets
  3. Equip distribution channels with the right tools
  4. Improve its products
  5. Expand into group takaful
Tall order but Takaful Ikhlas is up to the challenge - The Sun Daily PETALING JAYA (Aug 12, 2013): Takaful Ikhlas Sdn Bhd, the Islamic insurance arm of MNRB Holdings Bhd, is eyeing to grow its total combined gross contributions by 20% to RM900 million for the current financial year ending March 31, 2014 (FY14) from about RM751 million a year ago.


Posted by Loo Hai Monday, August 12, 2013 7:27:00 PM Categories: Ikhlas Strategy
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Allianz' initiatives to improve claims service 

Insurance News

  -  August 12, 2013
Allianz General has launched several initiatives to improve its claims service. The initiatives include the enhancement of claims settlement turnaround time, trainings, systems improvements and branding.
Allianz General fast tracks claims service - Business Times KUALA LUMPUR: Allianz General Insurance Co (Malaysia) Bhd (Allianz General) is fast tracking its claims service through a series of new initiatives.


Posted by Loo Hai Monday, August 12, 2013 7:14:00 PM Categories: Allianz Strategy
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Allianz to launch retirement products by year end 

Insurance News

  -  August 6, 2013
Allianz is planning to launch its retirement products by end of the year. With its new partnership with HSBC, Allianz is targeting RM300 mil new business this year. The best selling products for the company are critical illness and health insurance, with education product as the 3rd pillar.
Allianz to grow assets under management by 10%-15% in H2 - The Sun Daily KUALA LUMPUR (Aug 6, 2013): Allianz Malaysia Bhd aims to grow its assets under management (AUM) by 10% to 15% in the second half of this year from about RM10 billion now, as it launches new retirement-linked insurance products, said its CEO Jens Reisch.


Posted by Loo Hai Tuesday, August 6, 2013 8:18:00 PM Categories: Allianz Annuity Bancassurance Medical Product Product PRS Strategy
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Zurich sets targets for GI and Life businesses 

Insurance News

  -  July 31, 2013
Zurich targets to grow its GI GWP to RM570 mil in 2013 from RM480 mil recorded last year.  For life insurance business, it sets a target of RM150 mil APE.  The life insurance product strategy will centre on ILP while for GI, it will tap into new segments such as SME, infrastructure and specialised insurance and expand marine cargo and property.
Zurich Insurance eyes RM570mil premiums - The Star KUALA LUMPUR: Zurich Insurance Malaysia Bhd aims to grow its general insurance gross written premiums to RM570mil this year from RM480mil it recorded last year.


Posted by Loo Hai Wednesday, July 31, 2013 9:33:00 PM Categories: Strategy Zurich
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