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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.

AmLife and AmFamily Takaful valued at RM817 mil 

Insurance News

  -  Jan 8, 2013
Friends Life has disposed of its 30% stake in AmLife and AmFamily Takaful to AmBank Group for RM245 mil. This puts a price tag of RM817 mil on the whole entity of AmLife and AmFamily Takaful. One local newspaper reported that CIMB Aviva would be sold for a total price of US$1.2 bil (RM3.6 bil). Is AmLife + AmFamily undervalued or is CIMB Aviva overvalued?
Resolution sells 30% stake in AmLife, AmFamily Takaful for RM245m - The Star KUALA LUMPUR: Resolution Ltd has disposed of its 30% stake in AmLife, AmFamily Takaful to its joint venture partner, AmBank Group for RM245mil.


Posted by Loo Hai Tuesday, January 8, 2013 2:14:00 PM Categories: AmMetLife AmMetLife Takaful Aviva CIMB Merger
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Latest speculation on disposal of CIMB Aviva 

Insurance News

  -  Jan 7, 2013
This must be the 3rd time we are told that the CIMB Aviva's deal will conclude within 1 week/month. I guess if you speculate long enough, you will get it right one day!
The latest speculation includes that CIMB's portion will be sold to Khazanah for US$500 million and Aviva's stake will be sold to either Manulife or Sun Life. Both Manulife and Sun Life made the same bid, according to the source.
CIMB Aviva suitors to be known this week - Business Times CIMB Group and UK-based Aviva Plc will finalise the buyers of their 51 per cent and 49 per cent stakes respectively in CIMB Aviva Assurance Bhd before the end of this week, according to people with knowledge of the deal.


Posted by Loo Hai Monday, January 7, 2013 9:35:00 PM Categories: Aviva CIMB Manulife Merger Sun Life
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Abdul Latiff new Takaful Ikhlas CEO 

Insurance News

  -  Jan 7, 2013
Abdul Latiff Abu Bakar has been appointed the new CEO for Takaful Ikhlas with a 2-year contract. Abdul Latiff was formerly the CEO of Hong Leong Tokio Marine Takaful. Prior to that, he worked in Etiqa, MAA and Takaful Nasional.
MNRB appoints new CEO for Takaful Ikhlas - Business Times
KUALA LUMPUR: MNRB Holdings Bhd has appointed Abdul Latiff Abu Bakar as the new chief executive officer of the group's Islamic insurance arm Takaful Ikhlas Sdn Bhd.


Posted by Loo Hai Monday, January 7, 2013 9:10:00 PM Categories: Etiqa Executive Movement Ikhlas MAA
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Bill Lisle is CEO for both AIA and ING 

Insurance News

  -  Jan 4, 2013
Effective 26 December 2012, Bill (William) Lisle has been appointed the CEO of both AIA and ING, tasked to lead the integration exercise post merger of the two companies.

Bill's past positions in insurance industry:
2001 Head of Agency Development, AIA Singapore
  Director of Agency Development, South Asia with Prudential Corporation Asia
  Chief Agency Officer, ICICI Prudential, India
2004 General Manager, Distribution, Prudential Malaysia
2005 CEO, PCA Life Korea
2008 CEO, Prudential Malaysia
2009 Managing Director, Aviva, South Asia (covering HK, Malaysia, Singapore, Korea, Sri Lanka, India)
2011 AIA, Group Chief Distribution Officer, Hong Kong
AIA, ING gets new CEO - Business Times William Lisle has been appointed Chief Executive Officer of both AIA Bhd and ING Insurance Bhd, effective Dec 26, 2012, to lead the integration of AIA and ING in Malaysia.


Posted by Loo Hai Monday, January 7, 2013 7:01:00 PM Categories: AIA Executive Movement ING
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AmG Kurnia integration to complete by Q1 2014 

Insurance News

  -  Jan 4, 2013
The integration of Kurnia and AmG is expected to incur RM38 mil, but over a 2-year period, cost savings of RM50 mil can be achieved. Full integration is expected to complete by Q1 2014. AmG's licence will be surrendered back to BNM instead of Kurnia's due to ease of transaction.
Kurnia deal a 'cost saver' - Business Times THE acquisition of Kurnia Insurans (M) Bhd will result in a cost savings of RM50 million for AMMB Holdings Bhd, said a top executive.


Posted by Loo Hai Friday, January 4, 2013 12:30:00 PM Categories: AmG Kurnia Merger
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QBE eyes top market share in trade credit insurance 

Insurance News

  -  Jan 2, 2013
QBE wants to become the largest provider of trade credit insurance and is targeting RM10 mil premiums. The size of trade credit insurance market is estimated to be RM20 mil.
QBE aims to be leader in trade credit insurance - The Star PETALING JAYA: QBE Insurance (M) Bhd, which targets to rake in at least RM10mil in premiums this year for trade credit insurance, has set its sights on becoming the biggest player for this class of insurance business in the country.
Posted by Loo Hai Wednesday, January 2, 2013 8:58:00 PM Categories: QBE Strategy
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Is CIMB Aviva worth US$1.2 billion? 

Insurance News

  -  Dec 28, 2012
If the sale of CIMB Aviva really fetches US$1.2 bil as speculated in this report, compared to the price tag of ING of US$1.68 bil paid by AIA, which do you think is a better deal from buyer's perspective?
CIMB-Aviva joint venture may fetch US$1.2b - Business Times KUALA LUMPUR: The sale of CIMB Group Bhd and British insurer Aviva plc's Malaysian insurance joint venture (JV) could fetch up to US$1.2 billion (RM3.67 billion), people briefed on the matter said.
Posted by Loo Hai Friday, December 28, 2012 9:41:00 PM Categories: AIA Aviva CIMB ING Merger
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