What this blog is about?

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.

News Posts 20121015-20121021 

Insurance News

21 Oct 2012  -  Public
 
Under the proposed GST, no GST will be imposed on life insurance policy (including education, investment-linked and endowment). General insurance policy (e.g. medical, fire, motor, burglary) on the other hand will attract the normal GST rate. http://bit.ly/TAS1021a
Breaking the tax taboo »
WHEN the Finance Minister tabled Budget 2013 and reduced personal income tax rate by 1%, some quarters have asked if this brings us one step closer to the GST.

Insurance News

20 Oct 2012  -  Public
 
MNRB Retakaful's financial strength rating has been affirmed at BBB+ with a stable outlook by Fitch Ratings. http://bit.ly/TAS1020c
Fitch affirms MNRB Retakaful at BBB+ »
PETALING JAYA: Fitch Ratings has affirmed MNRB Retakaful Bhd’s insurer financial strength rating at BBB+ with a “stable” outlook.

Insurance News

20 Oct 2012  -  Public
 
The latest speculation on the sale of CIMB Aviva is that AIA has pulled out after clinching the ING deal, leaving behind 3 bidders: Manulife, Sunlife and Prudential. Khazanah could also be in the picture with Sun Life buying Aviva's stake and Khazanah taking over CIMB's stake. http://bit.ly/TAS1020b
Khazanah may join other bidders for stake in CIMB Aviva »
PETALING JAYA: With the chapter closed on the sale of ING’s Malaysian insurance operations to AIA Group Ltd, attention on the insurance realm has now turned towards CIMB Aviva Assurance Bhd being dive...

Insurance News

20 Oct 2012  -  Public
 
ING's HK, Macau and Thailand insurance units will be sold to Richard Li for a price of US$2.14 bil. http://bit.ly/TAS1020a

HONG KONG: Hong Kong businessman Richard Li, the younger son of Asia's richest man, is buying ING's Hong Kong, Macau and Thailand insurance units for US$2.14 billion (RM6.53 billion) in cash, bringing the Dutch financial services company a step closer to paying off its state bailout.

Insurance News

18 Oct 2012  -  Public
 
PruBSN has appointed professional racer Nabil Jeffri as its brand ambassador.http://bit.ly/TAS1018c

KUALA LUMPUR: Prudential BSN Takaful Bhd (PruBSN), is confident of remaining number one in the takaful market this year. 

Insurance News

18 Oct 2012  -  Public
 
Etiqa has strong interest in entering Indonesia and sees tremendous potential for takaful products due to the large Muslim population there. However the timing of its entry into the Indonesian market is not to be disclosed to the public yet. Takaful and bancassurance are two potential products to be exported. Etiqa launched 2 products: Takaful Flexi PA and Takaful Driver and Passenger PA with Pos Malaysia recently. http://bit.ly/TAS1018b

KUALA LUMPUR: Etiqa Insurance and Takaful Bhd is on a regional expansion mode and has put Indonesia high on its radar screen.

Insurance News

18 Oct 2012  -  Public
 
Pos Malaysia sold insurance policies with RM170 mil premiums last year. It acts as agent for 8 insurance companies and 2 takaful operators. From April to September 2012, it collected over RM125 mil premiums. http://bit.ly/TAS1018a

POS Malaysia Bhd is looking at diversifying its income stream to get bigger revenue contribution from its non-traditional mail business in five years.

Insurance News

17 Oct 2012  -  Public
 
Friends Life is pulling out of its 30% JV stake in AmLife and AmTakaful. Friends Life acquired 30% of AmLife for RM170 mil in Dec 2008 and contributed another RM30 mil in AmTakaful's capital in Dec 2011. Despite the disposal of its stake, technical support will be provided by Friends Life to AmLife and AmTakaful over an agreed period of time. http://bit.ly/TAS1017a
AMMB get Bank Negara approval tol start talks with Friends Life on repurchase »
PETALING JAYA: AMMB Holdings Bhd has obtained Bank Negara’s approval to commence negotiations with a UK-based pension, life and investment firm Friends Life FPL Ltd for the proposed repurchase of 30% ...

Insurance News

16 Oct 2012  -  Public
 
Tune Insurance's IPO comes sooner than we thought. http://bit.ly/TAS1016a
Tune Insurance plans to offer up to 210 million shares »
PETALING JAYA: The insurance arm of Tune group, Tune Insurance Malaysia Bhd, is expected to offer up to 210.22 million shares for its proposed initial public offering (IPO).

Insurance News

15 Oct 2012  -  Public
 
Prudential's headquarters is likely to remained in UK given that Solvency II is now unlikely to be implemented before 2016. http://bit.ly/TAS1015b
Prudential drops plans for moving HQ from London - Telegraph »
Prudential looks set to keep its headquarters in London despite previous suggestions that it could move to Asia amid concerns about European capital requirements.
 

Insurance News

15 Oct 2012  -  Public
 
AIA will form a transitional steering group comprising four personnel each from AIA and ING to plot its strategic direction post merger. http://bit.ly/TAS1015a
Transitional steering group for AIA »
KUALA LUMPUR: Following the acquisition of ING’s Malaysian insurance business by AIA Group Ltd, the group has formed a transitional steering group to ensure that strategic goals are met for AIA to lea...

 

Posted by Loo Hai Tuesday, October 23, 2012 4:06:00 PM Categories: AIA AmMetLife AmMetLife Takaful Aviva Etiqa ING Manulife Merger MNRB PruBSN Prudential Tax Tune
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News Posts 20121008-20121014 

Insurance News

14 Oct 2012  -  Public
 
So what will happen to car insurance if you own one of these driverless cars?  Would the car manufacturer take up the insurance instead of you because if there is an accident, it is no longer you that are at fault as you are a mere passenger. http://bit.ly/TAS1014a
Driverless cars – a new insurance dilemma : Insurance Daily »
Lloyds is questioning whether driverless cars will shift the need for insurance away from consumers and towards manufacturers. Autonomous, or driverless, cars navigate using sophisticated technologies...

Insurance News

12 Oct 2012  -  Public
 
More news on AIA ING merger, including: 1) Second largest bancassurer post merger; 2) No 1 in market share is as measured by total premiums (including in-force block?); 3) "Will take the best from both sides" "too early to consider retrenchment" "natural attrition would not be surprising" "reassure our colleagues from ING that whatever we do will be fair and transparent".http://bit.ly/TAS1012d http://bit.ly/TAS1012e
 
The purchase of ING by AIA does not affect AIA's ratings, according to S&P.http://bit.ly/TAS1012c
S&P:No rating impact on AIA,AIA Bermuda »
Standard & Poor's Ratings Services said today that its ratings and outlook on American International Assurance Co. Ltd. (AIA; local currency AA-/Stable/--; cnAAA/--) and American International...

Insurance News

12 Oct 2012  -  Public
 
Tune Insurance, previously named Oriental Capital Assurance and for which 80% of its stake was bought for RM151.91 mil, is slated for listing next year with an estimated market capitalisation of close to RM800 mil.http://bit.ly/TAS1012b
Tune Group chief Tony Fernandes says listing is on his mind »
BUSAN: The initial public offering (IPO) fervour surrounding maverick businessman Tan Sri Tony Fernandes continues – now he is considering to float the Tune Group.

Insurance News

12 Oct 2012  -  Public
 
AmG wants to keep Kurnia's brand post merger.  The plan is for both AmG and Kurnia to be under AmG's licence.  It would be interesting to see whether this is allowed by BNM as this will create the first insurance company in Malaysia that sells products under two different brands. http://bit.ly/TAS1012a

The plan will possibly see Kurnia surrender its insurance licence and operate under AmG's operating licence.

Insurance News

11 Oct 2012  -  Public
 
AmG held a special event to welcome Kurnia into its family.  Post merger, AmG will become the largest general insurer in the country and market leader in motor insurance. http://bit.ly/TAS1011f

Ambank Group is eyeing 50 per cent growth for its motor insurance from 22 per cent currently, said Duncan Brain, Chief
Executive Officer AmG Insurance Bhd and Kurnia Insurans (M) Bhd.

Insurance News

11 Oct 2012  -  Public
 
It is interesting to see what would happen to ING Public Takaful Ehsan post AIA-ING merger. AIA already has a stake in AIA AFG Takaful and under the current BNM rules, they are not allowed to hold 2 takaful licences. Merging AIA AFG with ING Public will mean Public Bank and Alliance Bank having JV in takaful, feasible?

Insurance News

11 Oct 2012  -  Public
 
Contrary to the earlier report, AIA has claimed No. 1 in market share post merger with ING, unseating Great Eastern as well. http://bit.ly/TAS1011d
#Update* AIA Malaysia becomes biggest life insurer after buying over ING »
The deal catapults AIA to the top, displacing Great Eastern that has market share of 22.9%.

Insurance News

11 Oct 2012  -  Public
 
AIA has agreed to pay US$1.73 bil (another report says US$1.68 bil) in cash to buy ING's Malaysian insurance operations. The deal values ING at 1.8 times its embedded value, much higher than the value of AIA which is at 1.5 times. The purchase of ING will push AIA from the No. 4 position to No. 2 in Malaysia, unseating Prudential. AIA had earlier acquired Aviva's Sri Lankan operations less than a month ago. http://bit.ly/TAS1011b http://bit.ly/TAS1011c
ING announces sale of M'sian insurance unit to AIA for US1.6bil(update) »
AMSTERDAM: ING said it has agreed to sell its Malaysian insurance unit to pan-Asian insurer AIA Group Ltd for 1.3 billion euros (US$1.68 billion) in cash, kicking off the Dutch group's long-awaited di...

Insurance News

9 Oct 2012  -  Public
 
George Chew is Manulife's new CEO effective September 28.http://bit.ly/TAS1009a

KUALA LUMPUR: Manulife Insurance Bhd (Manulife Malaysia), a subsidiary of Manulife Holdings Bhd, has appointed George Chew as its new chief executive officer (CEO), effective September 28. 

Insurance News

8 Oct 2012  -  Public
 
So, is it true that Mohamad Salihuddin Ahmad stepped down as CEO of GETSB because he didn't want to report to Koh Yaw Hui? http://bit.ly/TAS1008a
Malaysia: Great Eastern Takaful CEO steps down amid structural changesInsurance Research Center »
::Malaysia: Great Eastern Takaful CEO steps down amid structural changes. Great Eastern Takaful CEO Mohamad Salihuddin Ahmad has resigned from his position, with local media suggesting that it was in ...

 

Posted by Loo Hai Wednesday, October 17, 2012 4:37:00 PM Categories: AIA AmG Executive Movement GETSB Great Eastern ING Kurnia Manulife Merger Nice2Know Tune
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News Posts 20121001-20121007 

Insurance News

4 Oct 2012  -  Public
 
With the removal of the 8% tax on investment income of the annuity fund and RM3,000 tax relief on annuity premiums, insurance companies are likely to launch a slew of annuity products in the near future.  http://bit.ly/TAS1004b

INSURERS are set to launch a slew of annuity products in the near future now that the government has proposed to remove the eight per cent investment income tax on deferred annuity.

Insurance News

4 Oct 2012  -  Public
 
The takeover deal of ING Malaysia and Thailand by AIA could be completed by year-end and it is worth US$1.8 bil. http://bit.ly/TAS1004a
Talks in advanced stage for AIA to buy ING’s ops in Malaysia and Thailand »
PETALING JAYA: A deal worth about US$1.8bil could be struck very soon between AIA Group Ltd and ING Group for the former to acquire the latter’s insurance operations in Malaysia and Thailand as part o...
 

Insurance News

2 Oct 2012  -  Public
 
MII has been asked to conduct a research on the adequacy of medical cover and the reasonableness of medical insurance premiums in Malaysia.http://bit.ly/TAS1002a
Call for medical insurance study to ensure consumers adequately covered at reasonable charges »
KUALA LUMPUR: There is a need for a comprehensive research in the area of medical insurance to ensure consumers are adequately covered with reasonable charges, Deputy Finance Minister Datuk Donald Lim...

Insurance News

1 Oct 2012  -  Public
 
MAA Takaful claimed leadership in regular investment-linked (basic) and single premium investment-linked businesses with market shares of 31% and 54% respectively. It attributed the success to company's agency force, "war room" concept, products and services as well as its technology and online initiatives.http://bit.ly/TAS1001d
MAA Takaful out to maintain leadership in investment-linked business »
KUALA LUMPUR: MAA Takaful Bhd, a wholly-owned subsidiary of MAA Group Bhd, is confident of maintaining its market leadership in the investment-linked business, notably in the regular investment-link...
 
Insurance News1 Oct 2012
 
Anyone has the corresponding market share figures for PruBSN?

Insurance News

1 Oct 2012  -  Public
 
Steve Ong, the previous CEO of ING Funds, has taken up a new role as the CEO of the Private Pension Administrator Malaysia. http://bit.ly/TAS1001c
Steve Ong is CEO of PPA »
PETALING JAYA: The Private Pension Administrator Malaysia (PPA) has appointed Datuk Steve Ong Chong Gain (pic) as its chief executive officer with effect from Oct 1.

Insurance News

1 Oct 2012  -  Public
 
Great Eastern is planning to launch an annuity product by year end to take advantage of the RM3,000 tax relief. Its new business weighted premium grew 8% in 1H, the number of agents grew 27% and the Malay agents grew 179%. In 2H, it would focus on protection-based products in particular medical and critical illness products. http://bit.ly/TAS1001b
Great Eastern records 8% growth in new biz premium in H1 »
Great Eastern Life Assurance (Malaysia) Bhd recorded 8% growth in total weighted new business premium in the first half of 2012 and it expects stronger momentum in the second half, with continuous foc...

 

Posted by Loo Hai Wednesday, October 17, 2012 4:16:00 PM Categories: AIA Annuity Great Eastern ING MAA Merger MII PRS
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News Posts 20120924-20120930 


 
 
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[Budget 2013] Takaful sector
1) Takaful assets RM18.3 bil account for 9% of total insurance and takaful assets (Jul 2012) cf RM16.9 bil 8.6% (Dec 2011).
2) Net contributions RM2.6 bil (Jan-Jul 2012) cf RM2.2 bil (Jan-Jul 2011).
3) New family takaful contributions: RM2 bil (Jan-Jul 2012) cf RM1.6 bil (Jan-Jul 2011).
4) Market penetration rate for family takaful: 13% (Jul 2012) cf 12.8% (Dec 2011).
5) Gross direct contributions for general takaful grew 14.2% to RM1 bil (Jan-Jul 2012) cf 18.1% RM0.9 bil (Jan-Jul 2011).
6) Updated Guidelines on Valuation Basis for Liabilities of Family and General Takaful Business were issued on 15/5/2012.
 
 
[Budget 2013] Insurance sector
1) CAR: 216.7% (Jul 2012) cf 222.5% (Dec 2011).
2) Market penetration rate for life insurance: 54.4% (Jul 2012) cf 54.7% (Dec 2011).
3) ILP NB premiums grew 24.8% to RM1.7 bil (Jan-Jul 2012) cf 24.3% RM1.4 bil (Jan-Jul 2011).
4) GI gross direct premiums grew 9.1% to RM9.1 bil (Jan-Jul 2012) cf 7.1% RM8.4 bil (Jan-Jul 2011).
5) Lower overall loss ratio was recorded: 59.2% (Jul 2012) cf 60.8% (Jul 2011).
6) No. of direct insurance companies reduced from 37 (Life 9, General 22, Composite 6 - Dec 2011) to 36 (Life 9, General 21, Composite 6 - Jul 2012).
 
Insurance NewsYesterday 11:04Edit
 
Can anyone tell me why there is a big jump in the insurance penetration rate from 43+% to 54+%? Did BNM change the calculation basis and if so what was changed?
 
[Budget 2013] The only item on LIAM's wish list that received positive news yesterday in the Budget announcement was the removal of the 8% tax on investment income on deferred annuity. With the removal of the 8% tax, deferred annuity fund will now enjoy the same tax status as PRS and will be able to compete on level playing field for retirement savings.  http://bit.ly/TAS0929a http://bit.ly/TAS0929b


The Life Insurance Association of Malaysia (LIAM) said the government's removal of the eight per cent investment 
income tax on deferred annuity will allow policyholders to enjoy better returns on their retirement savings. 

Insurance News

28 Sep 2012  -  Public
 
[Budget 2013]
Government will allocate RM40 mil to provide insurance cover for 2 years for 2 mil students taking licensed school buses to and from school. The insurance will cover accidental death and TPD.

Group insurance scheme will be set up for the army and police force with maximum cover of RM15,000. The scheme will cover 242,000 members and costs RM12 mil to the government.

1.5 months bonus for public servants, 0.5 month has already been paid before Hari Raya, another 0.5 month will be paid in December, and the balance 0.5 month in January 2013.

1% reduction in personal income tax rate for chargeable income between RM2,500 to RM50,000.
 

Insurance News

28 Sep 2012  -  Public
 
Insurance industry can expect the "best practice" as described in the prudential framework on corporate governance to be elevated to principles or minimum expectations to be met. Areas that were covered by BNM in its recent review included independence and board size and composition. http://bit.ly/TAS0928d
BNM completes review of corporate governance framework »
Bank Negara Malaysia (BNM) has completed a review of the existing corporate governance framework for banking and insurance industries and expects to consult with the industry later this year, said as...

Insurance News

28 Sep 2012  -  Public
 
[Budget 2013] A group insurance scheme will be made available for registered hawkers and small businesses with coverage of up to RM5,000. The cost to the government for the scheme is RM16 mil a year. http://bit.ly/TAS0928b
 
[Budget 2013] Finance and insurance and transport are expected to expand slower at 4.2% and 5.2%. http://bit.ly/TAS0928a
Economic Report 2012/2013: Slower growth in 2012 »
The government expects the Malaysian economy to grow at a slower pace of between 4.5% and 5% in 2012 compared with 5.1% for 2011, weighed by downside risks from the external sector.

Insurance News

28 Sep 2012  -  Public
 
Having fewer PRS providers may not be a bad thing as it can result in administrative efficiency, according to EY. Increasing the awareness of PRS is important as we cannot simply assume that people will take up PRS voluntarily.http://bit.ly/TAS0928c
E&Y says awareness on private pension schemes is important »
KUALA LUMPUR: Having fewer providers to manage a pension plan like the recently launched Private Retirement Scheme (PRS), will result in better administrative efficiency, according to Ernst & Youn...

Insurance News

27 Sep 2012  -  Public
 
Oriental Capital Assurance has been rebranded as Tune Insurance. It plans to undertake M&A in Indonesia and Thailand to boost its capacity. The company has targeted RM330 mil gross premiums next year, up from RM260 mil in 2012.http://bit.ly/TAS0927b


Tune Insurance Malaysia Bhd will be the first entity under the Tune Group to go public. 

Insurance News

27 Sep 2012  -  Public
 
A few Malaysian takaful operators are interested in capturing the Indonesian market due to the high-growth potential. Takaful operators that have recently expressed their interest include GETSB and Etiqa. http://bit.ly/TAS0927a


Malaysian Islamic insurers are expanding into neighboring Indonesia to tap growth three times as fast as in their home market, where Standard & Poor’s predicts tighter rules will curb expansion.

Insurance News

26 Sep 2012  -  Public
 
S&P is more positive on the developments of takaful in Malaysia than in other countries. In particular it cited the more sophisticated regulatory oversight and the stronger investment profile of the industry as 2 factors. The main concern for takaful industry worldwide is the lack of global standards in accounting and Shariah compliance.  http://bit.ly/TAS0926c
Malaysia's takaful market healthy, sustainable, says S&P »
Malaysia's takaful industry appears to be more healthy and sustainable compared to its peers in other countries as its development is underpinned by strong fundamentals, says Standard & Poor&#...

Insurance News

26 Sep 2012  -  Public
 
AmG has completed the acquisition of Kurnia Insurans. KSK Group Bhd (formerly known as Kurnia Asia Bhd) will concentrate on its general insurance business in Indonesia and Thailand after pulling out of Malaysia.http://bit.ly/TAS0926b


PETALING JAYA (Sept 26): KSK Group Bhd, formerly known as KURNIA ASIA BHD [], has completed the deal to dispose its wholly-owned subsidiary Kurnia Insurans (Malaysia) Bhd to AmG Insurance Bhd for RM1.63 billion on Wednesday.

Insurance News

26 Sep 2012  -  Public
 
We may soon know whether CIMB will pull out from CIMB Aviva. It was reported that Prudential, Manulife and Sun Life could be potential buyers of CIMB Aviva.http://bit.ly/TAS0926a


KUALA LUMPUR: CIMB Group could make a decision as early as this Saturday if it will part with its 51 per cent stake in CIMB Aviva Assurance Bhd, people familiar with the matter said.

Insurance News

25 Sep 2012  -  Public
 
LIAM's Budget wishlist: 1) Separate the RM6,000 tax relief for life insurance premium from EPF contribution. 2) Increase the medical insurance premium tax relief from RM3,000 to RM6,000. 3) Abolish the 8% tax on investment income for both life fund and annuity fund. 4) The tax relief of RM3,000 on annuity premium is currently only available for year 2012 to 2021. To extend beyond 2021.  http://bit.ly/TAS0925a


The Life Insurance Association of Malaysia (LIAM) has proposed the government give a separate tax relief of RM6,000 on insurance premiums alone in Budget 2013. 

Insurance News

24 Sep 2012  -  Public
 
And here is the English version of the article on commission liberalisation in Malaysia. http://bit.ly/TAS0924a


BANK Negara Malaysia is considering more flexibility for the insurance industry and insurance companies in order to formulate a commission structure which is suitable with their respective business philosophies.

 

 

Posted by Loo Hai Sunday, September 30, 2012 4:47:00 PM Categories: AmG Aviva BNM Budget Etiqa GETSB LIAM Merger PRS Tune
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News Posts 20120917-20120923 

 

 
 
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Insurance News

21:01  -  Public
 
BNM is considering giving more flexibility to insurance companies to set their own commission levels. The liberalisation of commissions will also be accompanied by more transparency (commission disclosure?) to protect the policyholders. BNM is also evaluating measures including incentives to encourage more agents to become financial advisors. http://bit.ly/TAS0923a
2012年09月23日 - 國行:符個別經營理念‧或讓保險業擬佣金架構 - 國內 - 星洲日報 »
(吉隆坡22日訊)國家銀行副總裁拿督莫哈末依布拉欣指出,國行正考慮給予保險業與公司更多靈活性,以擬定適合個別經營理念的傭金架構。

 

 
 
Prudential is likely to appoint Philip Seah as its new CEO, replacing Charlie Oropeza who stepped down on 12/9. Seah's appointment is apparently pending approval from BNM. http://bit.ly/TAS0922a


KUALA LUMPUR: Prudential Assurance Malaysia Bhd is expected to appoint Philip Seah, former head of Prudential group's unit in Singapore, as it new chief executive officer.

Insurance News

21 Sep 2012  -  Public
 
Is it true that GETSB's CEO is quitting this month? Where is he going then?http://bit.ly/TAS0921a


KUALA LUMPUR: Great Eastern Takaful Sdn Bhd's chief executive officer Mohamad Salihuddin Ahmad is quitting the company he helped set up in 2010.

Insurance News

20 Sep 2012  -  Public
 
GETSB has called for a special tax relief for takaful contributions, on top of the existing combined EPF and life insurance tax relief of RM6,000.  Meanwhile an independent financial advisor has also called for the tax relief for retirement contribution to be increased from RM3,000 to RM10,000. Feel free to share with us your wish list for the upcoming Budget 2013.http://bit.ly/TAS0920a http://bit.ly/TAS0920b


KUALA LUMPUR (Sept 20): Takaful operators would like to see the government allocate a specific tax rebate for Takaful premiums in a bid to boost the industry in the upcoming Budget 2013, said Great Eastern Takaful chief executive officer Mohamed Salihuddin Ahmad.

 

Posted by Loo Hai Sunday, September 23, 2012 6:50:00 PM Categories: Budget Commission Executive Movement GETSB Prudential Tax
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News Posts 20120910-20120916 

 

Insurance News

14 Sep 2012  -  Public
 
ING Public Takaful launched Investment-Linked Takaful Education plan yesterday. The operator set a target of RM90 mil in contributions company wide for 2012 and has collected RM50 mil up to August. http://bit.ly/TAS0914c
BERNAMA - Takaful Ehsan To Expand Marketing Branch Offices From Next Year »
By Nasir Hassan KOTA BAHARU, Sept 13 (Bernama) -- ING Public Takaful Ehsan Bhd (Takaful Ehsan) will expand its operations by opening more marketing branch offices nationwide from early next year. Its ...

Insurance News

14 Sep 2012  -  Public
 
Lets hope that as predicted by CIMB, the RM6,000 cap of tax relief on life insurance premium is increased in this coming Budget. http://bit.ly/TAS0914b


KUALA LUMPUR: The upcoming Budget 2013 is unlikely to propose any bold taxes that will hamper consumption, but may instead provide sweeteners for targeted households, says CIMB Investment Bank.

Insurance News

14 Sep 2012  -  Public
 
Emmanuel Nivet is the new CEO for AXA Affin General Insurance effective today. http://bit.ly/TAS0914a


AXA Affin General Insurance Bhd has appointed Emmanuel Nivet as the new chief executive officer effective today, replacing Jahanath Muthusamy, who has retired.

Insurance News

11 Sep 2012  -  Public
 
AIA has apparently emerged as the front runner to buy ING's Malaysia and Thailand insurance operations. http://bit.ly/TAS0911a
AIA front-runner to buy ING's Malaysia, Thai insurance units »
HONG KONG: Asian insurer AIA Group Ltd has emerged as the front-runner to buy ING's Malaysia and Thailand insurance operations, sources with knowledge of the matter said, in a deal that could be worth...

 

Posted by Loo Hai Monday, September 17, 2012 4:45:00 PM Categories: AIA Axa Affin Budget ING Tax
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News Posts 20120903-20120909 

 
It is confirmed that Sanlam is eyeing 49% equity stake in P&O. BNM has granted approval for the preliminary negotiations to proceed.http://bit.ly/TAS0908a


KUALA LUMPUR: Pacific & Orient Bhd has obtained approval 
from Bank Negara Malaysia to begin preliminary negotiations for the proposed divestment of its equity interest in Pacific & Orient Insurance Co Bhd. 

Insurance News

7 Sep 2012  -  Public
 
PruBSN's market share hit 29.1%, according to its CEO. The company would focus on product innovation, meeting customers' needs and building wide distribution network to stay as No. 1. http://bit.ly/TAS0907a


KUALA LUMPUR: Prudential BSN Takaful (PruBSN) intends to 
maintain its position as the number one takaful operator in Malaysia this year, said its chief executive officer, Azim K. Mithani.

Insurance News

6 Sep 2012  -  Public
 
Maybank launched 2 retirement products: 1) Smart Retirement - RP endowment (20 or 30-year term) with guaranteed yearly cash payout. 2) Golden Retirement - SP investment-linked plan with 10 years guaranteed payout, each payout is 11% of SP. http://bit.ly/TAS0906a
Maybank targets RM250m premiums from retirement planning products »
Malayan Banking Bhd has launched two new retirement plans, tapping into a growing market segment and targeting to garner some RM250mil in premiums in the first year.

Insurance News

5 Sep 2012  -  Public
 
Buyers of ING's Asian units are asked to to acquire part of the Japanese unit together with the Southeast Asian and HK business, according to an unconfirmed source. http://bit.ly/TAS0905a


ING Groep NV, facing a regulatory deadline to sell its insurance business, is pressing prospective buyers of operations in Southeast Asia and Hong Kong to also acquire part of its Japanese unit, three people with knowledge of the matter said.

Insurance News

4 Sep 2012  -  Public
 
Great Eastern pointed out that the picketing yesterday was by a small group of its 17,000 agents and did not represent the majority. Most outstanding agency issues had been addressed through bilateral dialogues and the company had to balance the interests of shareholders, policyholders, agents and other interested parties in its decision. http://bit.ly/TAS0904c
2012年09月04日 - 大東方:大部份課題解決‧僅小部份代理請願 - 國內 - 星洲日報 »
(吉隆坡3日訊)大東方壽險有限公司指出,今午在公司總部大廈前舉行和平請願者只是一小部份代理,他們的意見並不代表全體1萬7千名代理員的意見。

Insurance News

4 Sep 2012  -  Public
 
The picketing in Miri requested the removal of the CEO of Great Eastern.http://bit.ly/TAS0904b
Peaceful picketing – BorneoPost Online | Borneo , Malaysia, Sarawak Daily News | Largest English Daily In Borneo »
MIRI: Twenty- four life insurance agents led by Great Eastern Life Field Force and Agents Association of Malaysia (Gelfaam) Miri chairlady Tan Ah Choo (in a picket in front of the Great Eastern Life A...
 

Insurance News

4 Sep 2012  -  Public
 
Great Eastern's agents held peaceful picketing at 15 locations in the country yesterday requesting management to resolve outstanding issues in the agency contract and to treat agents as business partners and not as employees.http://bit.ly/TAS0904a
2012年09月04日 - 大東方代理不滿福利被忽視‧15地請願 - 國內 - 星洲日報 »
(吉隆坡3日訊)近千名馬來西亞大東方壽險代理員公會(GELFAAM)與馬來西亞大東方集團經理公會(GSM)的會員舉行和平請願行動,要求公司管理層正視代理的福利與問題。
 

 

Posted by Loo Hai Sunday, September 9, 2012 12:19:00 PM Categories: Etiqa Great Eastern ING Merger P&O PruBSN
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