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Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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Monday, 23 February 2009
Has Prudential overtaken Great Eastern?
Prudential claimed that it had attained the top position in the Malaysia life insurance market. It captured RM659 mil new business weighted premium, compared to RM606 mil in 2007. The figures apparently include the sales figures of Prudential BSN Takaful.Great Eastern, the leader in conventional business, does not currently have takaful licence.
Source: Business Times, Prudential
Labels: Great Eastern, Prudential, Prudential BSN
About Me
- Name: Teh Loo Hai
- Location: Kuala Lumpur, Malaysia
Loo Hai is an actuarial recruiter cum actuarial consultant. He has over 20 years of work experience gained in Malaysia and Australia in the actuarial, insurance, takaful and pension fields.
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5 Comments:
Hi Mr Teh,
I'm a bit confused as there is a statement saying Great Eastern netted RM975 million for NB in 2008.
How could Prudential come tops even they combine their takaful wing at RM659 mllion?
RM975 mil is total premium (i.e. 100% annualised premium + 100% single premium).
RM659 mil is weighted premium (i.e. 100% of annualised premium + 10% of single premium).
I think that's the answer.
Here's the report on Great Eastern's 975 million New Business premium.
http://www.lifeisgreat.com.my/lig4/newlig/corporate/popup/news/2009/Feb_09/InsurerNewbusinesspremiumsgrowthtoslowto15pc.jpg
Also, it's worth looking at the total expenditures made by each insurers. Unfortunately such figures are not made easily accessible through public press releases.
Am not saying that New Business Premium is not an important benchmark, but it's just part of the big picture.
Thank you Mr Teh & yowchuan on these facts. I learned something today.
Cheers!
Can you pls tell which are the top 3 insurance companies in Malaysia.
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