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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.

CIMB-Principal signed up 8 partners 

 

 
CIMB-Principal has signed up 8 companies for its PRS Plus partner programme - a collaboration with employers to systematically introduce their employees to PRS. CIMB-Principal anticipates that it can hit a PRS fund size of RM2 bil in 5 years time. http://bit.ly/TAS1122a


CIMB-Principal Asset Management Bhd anticipates its newly launched Private Retirement Scheme to account for 20 per cent of its revenue in five years and with a fund size of RM2 billion.

 

Posted by Loo Hai Thursday, November 22, 2012 7:11:00 PM Categories: CIMB PRS
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How Attractive is the Great Retirement Plan Return? 

So how attractive is the investment return for a 35-year old policyholder who purchases Great Retirement Plan?

Based on the information provided in the newspaper article, we apply the following actuarial formula to work out the return to the policyholder:

By solving the above actuarial formula, we obtain an annual return of 3.56%.

Comparisons

As a comparison, EPF has a minimum guaranteed return of 2.5% and has declared between 4.25% to 6% in the past 10 years.

Maybank is currently offering 3.8% on fixed deposit of 60 months.

News Background

Great Eastern became the first life insurance company to roll out a deferred annuity product to take advantage of the RM3,000 tax relief, in response to the various Private Retirement Schemes (PRS) launched by unit trust companies.

The Great Retirement Plan provides guaranteed yearly income of 10 or 15 years from age 60 and 55 respectively. An example was given in the newspaper article for a policyholder aged 35:

Premiums paid: RM3,000 from age 35 for 10 years

Deferred annuity received: RM65,475 in 15 equal installments from age 55.

Posted by Loo Hai Thursday, November 22, 2012 2:01:00 PM Categories: Annuity Great Eastern PRS
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News Posts 20121119-20121121 

Manulife aims to secure RM90 mil in PRS sales in the 1st year. The fund manager also targets to deliver 9% p.a. return. http://bit.ly/TAS1121b
Manulife Asset Management hopes its PRS funds will outperform »
KUALA LUMPUR: Manulife Asset Management Services Bhd hopes to generate annual returns of at least 9% with its newly-launched private retirement scheme (PRS), the Manulife PRS NESTEGG Series.
The bidders for CIMB Aviva have been shortlisted but no names were disclosed in this article. http://bit.ly/TAS1121a


KUALA LUMPUR: CIMB and Aviva have shortlisted potential
bidders for the sale of CIMB-Aviva and both will have to agree on the bidders, said MIDF Research.

Insurance News

19 Nov 2012  -  Public
Manulife is launching its PRS Nestegg Series with 3 core funds initially: Growth, Moderate and Conservative. There is also plan to launch shariah-compliant funds by end of 2012. http://bit.ly/TAS1119a


MANULIFE Asset Management (Malaysia) Sdn Bhd will offer offshore funds next year if demand for the Private Retirement Scheme (PRS) gets off to a flying start.

 

Posted by Loo Hai Thursday, November 22, 2012 12:32:00 PM Categories: Aviva Manulife Merger PRS
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News Posts 20121112-20121118 

Insurance News

17 Nov 2012  -  Public
 
Life insurer's response to PRS - Great Eastern has launched a deferred annuity plan called Great Retirement Plan which takes advantage of the RM3,000 tax relief made available for retirement savings. Policyholders can choose retirement age of 55 or 60 with 15 and 10 years respectively of guaranteed yearly income.http://bit.ly/TAS1117a
BERNAMA - Great Eastern Launches 'Great Retirement Plan »
KUALA LUMPUR, Nov 16 (Bernama) -- Great Eastern Life Assurance (Malaysia) Bhd today launched the 'Great Retirement plan', a first-of-its-kind retirement plan with a guaranteed yearly income for 10 or ...

Insurance News

16 Nov 2012  -  Public
 
Manulife will gear up its agents to target employers rather than the man on the street in promoting participation in PRS. http://bit.ly/TAS1116a


MANULIFE Asset Management (Malaysia) Sdn Bhd plans to encourage employers to urge their employees to participate in its Private Retirement Scheme (PRS), its top executive said.

Insurance News

12 Nov 2012  -  Public
 
CIMB-Principal is the second PRS provider to go live with 2 schemes: CIMB-Principal PRS Plus and CIMB Islamic PRS Plus. There are 5 funds available under each scheme: Conservative, Moderate, Growth, Equity and Asia Pacific Ex Japan Equity. http://bit.ly/TAS1112a


CIMB-Principal Asset Management Bhd has received Securities Commission (SC)'s approval for its Private Retirement Scheme (PRS) funs, CIMB-Principal PRS Plus and CIMB Islamic PRS Plus.

Insurance News

11 Nov 2012  -  Public
 
Travis Atkinson is the new CEO for AmG and Kurnia while Duncan Brain moved on to be IAG's Head of Southeast Asia. http://bit.ly/TAS1111b
AmBank appoints Atkinson to head AmG Insurance, Kurnia Insurans »
AmBank Group has appointed Travis Atkinson as chief executive officer of AmG Insurance Bhd and Kurnia Insurans (Malaysia) Bhd.

Insurance News

11 Nov 2012  -  Public
 
The reason of Friends Life pulling out of AmLife and AmTakaful is that they do not want to participate in inorganic growth for which AMMB is very much interested in. http://bit.ly/TAS1111a


KUALA LUMPUR: AMMB Holdings Bhd hopes that talks with Friends Life FPL for the latter's 30 per cent stake in AmLife Insurance Bhd and AmFamily Takaful Bhd will be completed by end of this year.

 

Posted by Loo Hai Monday, November 19, 2012 10:30:00 AM Categories: AmG AmMetLife AmMetLife Takaful Executive Movement Great Eastern Kurnia Manulife PRS
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News Posts 20121105-20121111 

 
 
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Travis Atkinson is the new CEO for AmG and Kurnia while Duncan Brain moved on to be IAG's Head of Southeast Asia. http://bit.ly/TAS1111b
AmBank appoints Atkinson to head AmG Insurance, Kurnia Insurans »
AmBank Group has appointed Travis Atkinson as chief executive officer of AmG Insurance Bhd and Kurnia Insurans (Malaysia) Bhd.
 
The reason of Friends Life pulling out of AmLife and AmTakaful is that they do not want to participate in inorganic growth for which AMMB is very much interested in. http://bit.ly/TAS1111a


KUALA LUMPUR: AMMB Holdings Bhd hopes that talks with Friends Life FPL for the latter's 30 per cent stake in AmLife Insurance Bhd and AmFamily Takaful Bhd will be completed by end of this year.

Insurance News

8 Nov 2012  -  Public
 
The pull out of Friends Life from AmLife and AmFamily Takaful should be completed by end of this year. http://bit.ly/TAS1108a


KUALA LUMPUR: AMMB Holdings Bhd aims to conclude negotiations with UK-based life insurance and pension provider, Friends Life FPL Ltd, for the proposed repurchase of 30 per cent stake each in two joint-venture companies -- AmLife Insurance Bhd (AmLife) and AmFamily Takaful Bhd (AmFamily). 

Insurance News

6 Nov 2012  -  Public
 
AIA AFG Takaful signed an MoU with MBSB and launched MBSB i-Medic, a bancatakaful medical product. The new product targets to secure 4,000 customers and generate RM3,5 mil to RM4 mil contributions by end 2013. MBSB's bankatakaful commission stands at RM18 mil currently and aims to increase it to RM30 mil by 2014. http://bit.ly/TAS1106a
MBSB aims for higher fee-based income from bancatakaful segment »
Malaysia Building Society Bhd (MBSB) is aiming for its fee-based income for the bancatakaful segment to increase to RM30 million by the end of next year.

Insurance News

5 Nov 2012  -  Public
 
Prudential acquired Thanachart Life for £368 million from Thanachart Bank. The acquisition will double Prudential's market share in Thailand. Prudential and Thanachart Bank have also agreed on an exclusive 15-year bancassurance partnership. http://bit.ly/TAS1105b
Prudential strikes $590mil Thai insurance deal, turns up heat on AIA »
HONG KONG: Prudential plc has agreed to buy the insurance unit of Thailand's Thanachart Bank for 368 million pounds (US$590 million) in cash, turning up the heat on rival AIA Group Ltd in the fast-gro...
 
Oil palm and rubber plantation firms want the Foreign Workers' Health Insurance Protection Scheme (premium: RM120) postponed as injury-related accident cases are already covered by the Workmen Compensation Insurance (premium: RM72). http://bit.ly/TAS1105a


MIRI: Oil palm and rubber plantation firms, which are already footing the medical bills of their foreign workers, are pressing on with its appeal to the government to reconsider implementation of the Foreign Workers' Health Insurance Protection Scheme. 

 

Posted by Loo Hai Monday, November 12, 2012 11:02:00 AM Categories: AIA AmG AmMetLife AmMetLife Takaful Executive Movement Kurnia Merger Prudential
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News Posts 20121029-20121104 

Insurance News

1 Nov 2012  -  Public
 
Insurance experts said that insurance products should be simple, transparent, meeting consumers needs and with robust pricing. http://bit.ly/TAS1101f
Insurance companies told to make their products ‘transparent’ »
KUALA LUMPUR: Insurance companies should simplify the products they sell and make them transparent for customers, according to Swiss Re managing director (property and specialty) Asia Mike Mitchell.
 

Insurance News

1 Nov 2012  -  Public
 
The motor insurance de-tariff, nothing really new being mentioned by the DFM.http://bit.ly/TAS1101e
Awang Adek: Insurance premium payments for vehicles to increase in stages until 2015 »
KUALA LUMPUR: Motor vehicle premium payments, currently the lowest in the region, will see changes by 2015 to reflect actual risks factors said Deputy Finance Minister Datuk Dr Awang Adek Hussin.

Insurance News

1 Nov 2012  -  Public
 
Features of Hwang PRS Solutions: 1) 0 front-end fees; 2) 4 funds available: Growth, Moderate, Conservative and Syariah Growth; 3) Targeted return 5-11%; 4) No capital guarantee; 5) Min investment: RM100 per fund; 6) Min top-up: RM50; 7) Min entry age: 18. Hwang is targeting RM100 mil in 3 years.http://bit.ly/TAS1101b http://bit.ly/TAS1101c http://bit.ly/TAS1101d

Insurance News

1 Nov 2012  -  Public
 
Ahman Rizlan Azman has been appointed the new CEO of Etiqa Takaful.http://bit.ly/TAS1101a


KUALA LUMPUR: Etiqa Takaful Bhd yesterday announced the appointment of Ahmad Rizlan Azman as its new chief executive officer (CEO).

Insurance News

31 Oct 2012  -  Public
 
PwC identified heightened regulatory environment post global financial crisis and greater market volatily as two of the challenges faced by the insurance industry.  http://bit.ly/TAS1031f
Insurance sector faces heightened regulatory environment »
KUALA LUMPUR: Increased regulations for the insurance industry, which have become more pronounced after the global financial crisis, will be a key challenge for the industry, according to the Pricewat...
 

Insurance News

31 Oct 2012  -  Public
 
With the mutual recognition of financial planners and financial advisers by BNM and SC, AFA's proposal for a single licensing framework may not longer be required. http://bit.ly/TAS1031e
Financial advisers association hopes for single licence »
Local financial advisers need not apply for separate licences to provide insurance and investment consultation in the near future, if the single licensing framework proposed by the Association of Fina...

Insurance News

31 Oct 2012  -  Public
 
BNM and SC signed an MoU covering various aspects including mutual recognition of financial planners and financial advisers. http://bit.ly/TAS1031d


KUALA LUMPUR: Bank Negara Malaysia (BNM) and the Securities Commission Malaysia (SC) yesterday signed a memorandum of understanding (MoU) to enhance the scope of collaboration and cooperation.

Insurance News

31 Oct 2012  -  Public
 
How big is the PRS market? Yesterday we heard RM39 bil, today RM18 bil. Realistically there are only 1 mil taxpayers in Malaysia. Even everyone takes advantage of the RM3,000 tax relief, the market size is only RM3 bil. And of course not all of the 1 mil taxpayers will buy PRS, due to various reasons such as lack of awareness. Also those taxpayers at lower tax brackets may not find the tax relief attractive enough for them to lock up their money for retirement. What's your view?
 

Insurance News

31 Oct 2012  -  Public
 
Hwang has become the first company to launch PRS. http://bit.ly/TAS1031a   Manulife estimates the potential market size of PRS to be RM18 bil per year, based on 8 mil customers. http://bit.ly/TAS1031b
Hwang IM launches private retirement scheme »
Hwang Investment Management, which received the Securities Commission's approval for its private retirement scheme (PRS), launched the scheme on Wednesday.

Insurance News

30 Oct 2012  -  Public
 
Climate change is identified as one of the biggest risks to the insurance industry with increased frequency and severity of weather related natural disasters. With increase in insurance penetration rate and population in Asia, general insurers will face a greater concentration of exposure to natural disasters. Life insurers meanwhile may face higher incidences of diseases. http://bit.ly/TAS1030c
Climate change ranks as one of the biggest risks to insurance industry »
KUALA LUMPUR: Climate change is one of the biggest risks to the insurance industry, says Bank Negara Governor Tan Sri Dr Zeti Akhtar Aziz.

Insurance News

30 Oct 2012  -  Public
 
The potential market for PRS is estimated to be RM39 bil per year (13 mil Malaysians paying RM3,000 each). http://bit.ly/TAS1030b


KUALA LUMPUR: Malaysia's private retirement scheme (PRS) which was launched in July could generate RM1 trillion in savings in 25 years which can help the country's capital market, retirees, as well as the country's economy in a big way.

Insurance News

30 Oct 2012  -  Public
 
Allianz General launched a Hotel Shield policy targeting specifically budget hotels. http://bit.ly/TAS1030a
Allianz policy for budget hotel »
KUALA LUMPUR: Allianz General Insurance Company (M) Bhd has introduced Hotel Shield policy, the first of its kind that offers various insurance protections specially designed for budget hotels.

Insurance News

29 Oct 2012  -  Public
 
PERWAKIM in its recent general meeting passed a resolution to request for an increase in agents commissions. The request will be submitted to BNM.http://bit.ly/TAS1029b
2012年10月29日 - 普險代理員公會大會議決‧要求保險公司增15%傭金 - 國內 - 星洲日報 »
(吉隆坡28日訊)大馬普險代理員公會(PERWAKIM)代表大會議決,向一般保險公司要求將代理員所抽取的傭金提高15%。

Insurance News

29 Oct 2012  -  Public
 
Volunteer firefighters will be covered with group insurance by the government wef 1/1/2013. http://bit.ly/TAS1029a
Volunteer firefighters to get group insurance cover from Jan 1 »
KUALA LUMPUR: The Government has agreed to provide group insurance cover to volunteer firefighters starting Jan 1 next year as an incentive against the dangers they encounter on the job.

 

Posted by Loo Hai Sunday, November 4, 2012 9:52:00 PM Categories: Allianz Commission Etiqa Executive Movement Financial Adviser Motor Insurance Product PRS
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News Posts 20121022-20121028 

 
 
 
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Insurance News

24 Oct 2012  -  Public
 
Mohd Sahimy Man is the new CEO of MNRB Retakaful. http://bit.ly/TAS1024a


MNRB Retakaful Bhd (MRT) has announced the appointment of Mohd Sahimy Man as the new Chief Executive Officer from Oct 1, 2012, taking over from Ismail Mahbob who retired in May 2012. 

 

 

Posted by Loo Hai Sunday, October 28, 2012 5:27:00 PM Categories: Executive Movement MNRB
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