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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.

Direct channels are critical ETP target this year 

Insurance News

  -  May 13, 2014
One of the critical ETP targets identified by the government this year is to establish a framework for the provision of basic life insurance and family takaful products through direct channels. Advertising and marketing efforts will also be intensified to increase membership of PRS.  http://bit.ly/TAS140513a 

 

Posted by Loo Hai Tuesday, May 13, 2014 6:38:00 PM Categories: PRS Takaful
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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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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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PRS scorecard shows a very slow take up 

Insurance News

  -  June 26, 2013
The PRS scorecard so far: 30,000 PPA account holders with net asset value of RM100 mil.  Much lower than anticipated by most when it was launched 6 months plus ago.
Prioritising security in retirement - KiniBiz “The rollout of the Private Retirement Scheme otherwise known as PRS late last year marked a major milestone for the pension landscape and investment management industry in Malaysia,”

 

Posted by Loo Hai Wednesday, June 26, 2013 11:09:00 AM Categories: PRS
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AIA launced PRS with 4 funds 

Insurance News

  -  May 17, 2013
AIA today rolled out PRS with 4 funds. As at end of March 2013, only 24,000 Malaysians signed up for PRS despite the RM3,000 tax incentive.
AIA rolls out its Private Retirement Scheme - Business Times American International Assurance Bhd (AIA) today rolled out its Private Retirement Scheme (PRS), further augmenting its comprehensive suite of products, which aims to address the protection, savings and retirement needs of its over 2.6 million policyholders.

 

Posted by Loo Hai Friday, May 17, 2013 9:04:00 PM Categories: AIA PRS
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PRS off to a slow start 

Insurance News

  -  Mar 16, 2013
PRS' report card so far: 24,000 members, 31,000 accounts, RM72 mil contributions, 5 out of 8 providers gone live. Last year we heard the most optimistic PRS market size estimate of RM39 bil. Certainly we have a long long way to go before reaching that target!
CEO sees great response to retirement scheme - The Star PETALING JAYA: The Private Pension Administrator Malaysia (PPA) says this year is “momentum” year, as more individuals are expected to sign up for the private retirement scheme (PRS) in line with its efforts to communicate the need for retirement saving to the public.

 

Posted by Loo Hai Saturday, March 16, 2013 8:59:00 PM Categories: PRS
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AIA to return ING's licence by June 

Insurance News

  -  Mar 15, 2013
AIA targets to operate under a single licence by June. The full integration with ING will take 18 to 24 months. In terms of market share, the merged entity ranks number 1 in terms of total premium but number 3 in terms of new business. AIA has filed its PRS product with regulator and target to launch in the next few months.
AIA set to operate under single licence by June - The Star KUALA LUMPUR: American International Assurance Bhd (AIA) is set to operate under a single licence in Malaysia by June, after acquiring ING Group's local insurance operations.

 

Posted by Loo Hai Friday, March 15, 2013 9:04:00 PM Categories: AIA ING Market Share Merger PRS
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