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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.

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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GE affected by non-par mark-to-market loss 

Insurance News

  -  August 1, 2013
Great Eastern's Q2 net profit falls 77% mainly due to mark-to-market value fall in the Singapore non-par fund. Total weighted new sales however increases by 34% in Q2.
Great Eastern Holdings 2Q net profit falls 77% - Straits Times Insurance group Great Eastern Holdings reported on Wednesday that its net profit for the second quarter ended June 30 plummeted 77 per cent over the previous year to $18.6 million.


Posted by Loo Hai Tuesday, August 6, 2013 8:10:00 PM Categories: Great Eastern
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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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MAA and Zurich settle dispute 

Insurance News

  -  July 29, 2013
MAA and Zurich has settled their longtime dispute with net amount payable into the escrow account by Zurich of RM78.83 mil.  The dispute was over certain downward adjustments made to the draft completion accounts and statement of aggregate net asset value of disposed subsidiaries.
MAA Group, Zurich settle longtime dispute - The Sun Daily PETALING JAYA (July 25, 2013): MAA Group Bhd, controlled by the Melewar group, which is linked to the Negeri Sembilan royalty, will finally get to proceed with plans to buy new businesses after reaching a settlement agreement with Zurich Insurance Co Ltd yesterday.


Posted by Loo Hai Monday, July 29, 2013 5:57:00 PM Categories: MAA Zurich
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Improved Takaful myGen Life in the pipeline 

Insurance News

  -  July 29, 2013
STMB plans to introduce improved version of Takaful myGen Life and launch a new standalone health takaful by the end of the year to boost revenue.  It expects its revenue to grow at 20%, the same growth rate as the industry.
Takaful Malaysia sees better H2 growth - Business Times PETALING JAYA: Syarikat Takaful Malaysia Bhd (Takaful Malaysia) expects its revenue growth to equal the industry growth of 20 per cent this year.


Posted by Loo Hai Monday, July 29, 2013 5:45:00 PM Categories: Product STMB Strategy
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