Insurance News

ASM AGM and Dinner 2010

2010-02-26T15:24:00.000+08:00

The Actuarial Society of Malaysia held its Annual General Meeting and Dinner yesterday in Hotel Impiana KLCC. The event was attended by close to 100 members, despite it being held on the eve of a long weekend.

The event started with 2 invited speakers delivering papers that were not technical, for a change. Sridharan Nair, a PwC auditor, presented the broad insurance outlook post Global Financial Crisis while Sophia Ch'ng shared her work experience in particular in areas related to her winning the YAMA award.

The AGM proper started more than 30 minutes after the scheduled time with various reports from Council members. An amendment to the ASM's Constitution to formally introduce the FASM (Fellow of Actuarial Society of Malaysia) designation was put to vote after lengthy discussions. It was resolved that a new FASM must be recommended by 2 existing FASMs and must fulfill 1-year related actuarial work experience locally within the 3 years preceding the application to become an FASM. The FASM must also be a Fellow of a recognised global actuarial body such as The Institute of Actuaries of Australia, The Institute of Actuaries in England, Society of Actuaries in the United States, Faculty of Actuaries in Scotland, the Canadian Institute of Actuaries and the Casualty Actuarial Society in the United States.

With the change in Constitution in 2008, yesterday also saw the election of ASM's first ever President Elect - Liew Pek Hin. Liew's existing Vice President position was in turned filled by Yap Chee Keong. Nicholas Yeo in turn was elected to fill the position vacated by Chee Keong.

The full list of ASM 2010-2011 Council:

President:	Patrick Cheah
President Elect:	Liew Pek Hin
Vice President:	Yap Chee Keong
Secretary:	Nor Aida Daud
Treasurer:	Azim Mithani
Committee Members:	Yoon Yew Khuen
	Chin Tze How
	Loh Sheng Chieh
	Nicholas Yeo

Buffet dinner was served immediately after AGM. 15 lucky members also walked away with shopping vouchers sponsored by MLRe during dinner.

Sophia Ch'ng presenting her Paper: Experience and Achievements relating to YAMA awards.

MC of the day.

Sridharan Nair presenting "Reshaping the Insurance Industry".

The AGM in full force.

President delivering his speech.

The ASM Council 2010/11.

News Digest 20100201-20100205

2010-02-06T10:49:00.003+08:00

Insurance News RHB Cap wants to increase its stake in RHB Insurance by buying from the other shareholders.

http://bit.ly/d5klaz
RHB Cap talks to buy bigger stake in RHB Insurance
PETALING JAYA: RHB Capital Bhd announced that Bank Negara has no objection in principle for the company to begin negotiations with the remaining shareholders of RHB Insurance Bhd to acquire the remaining equity interest in RHB Insurance not already owned by RHB Capital.

Insurance News Prudential opens its new training academy in Ukay Perdana, KL. Prudential has 11,000 agents, out of which 3,000 are bumi agents. The corresponding figures a year ago were 9,000 and 1,500. Islamic products contributed 15-20% of its revenue.

http://bit.ly/c60nTn http://bit.ly/aG9NT4
Prudential eyes increase in number of agents
PRUDENTIAL Assurance Malaysia Bhd expects to increase the number of agents this year following the opening of its new training academy.Its chief executive officer Charlie Oropeza said in line with the ...

Insurance News EON Bank achieved bancassurance sales of RM105 mil in 2009 and is now targeting RM200 mil for 2010. EON Bank partners Uni.Asia in their bancassurance venture.

http://bit.ly/aFBdGx
EON Bank sets RM200m bancassurance sales target
EON Bank Group, the seventh biggest bank by assets, aims to double bancassurance sales to RM200 million this year on more new products. This is compared to RM105 million sales booked last year, chief executive officer Michael Lor said. ...

Insurance News OCBC given extension until 17/10/2010 to resolve holding 2 GI licences in OACM and Pacific Insurance.

http://bit.ly/9rAqRK
OCBC unit given extension to comply with conditions
PETALING JAYA: Oversea-Chinese Banking Corp Ltd (OCBC) wholly owned unit, OCBC Capital (M) Sdn Bhd, has been granted a one-year extension to Oct 17 by Bank Negara to comply with the two conditions imposed by the central bank for the takeover of PacificMas Bhd, which was completed in April 2008.

Insurance News Great Eastern targets 25% growth this year, to hit RM1 bil NB premium. Emphasis will be on agency, bancassurance and younger population.
1. Agency: recruit more graduates/professionals, Agency Transformation Programme, Go4More - help agents to break their own glass ceiling
2. Bancassurance: tie-up with OCBC
3. Low cos...t products for young population

http://bit.ly/be1DuT
Great Eastern eyes RM1bil in new premiums
PETALING JAYA: Great Eastern Life Assurance (M) Bhd, the country’s largest and oldest insurer, is targeting RM1bil in new business premiums this year.

Insurance News The growth of takaful industry in Malaysia in 2009 is estimated to be 15% on total contribution basis. Main challenge identified by MTA is attracting quality talents.

http://bit.ly/dbqGZk
Takaful industry to see steady growth
THE takaful industry will continue its steady growth momentum this year in line with the expansion of the industry globally which has seen an annual growth rate of 25 per cent the past few years.The industry ...

News Digest 20100124-20100130

2010-01-30T11:27:00.000+08:00

Insurance News Etiqa Takaful Bhd appoints Shahril Azuar Jimin as its new CEO. http://bit.ly/cxXiRn

Shahril Is New CEO Of Etiqa Takaful :: Bernama.com

Insurance News The government proposed in GTP for insurers to reduce insurance premiums for cars, motorcycles and houses installed with security features. But surely the motor tariff will have to go in the first place. Right? http://bit.ly/8XTcx5

Five initiatives shortlisted to check crime
The Home Ministry has shortlisted five initiatives to achieve the target of reducing the overall crime index by at least 5% by the end of this year, according to the GTP Roadmap.

Insurance News HSBC Amanah Takaful will launch 7 products this year, focusing on medical and retirement. http://bit.ly/cnBWIG Meanwhile, an insurance survey by HSBC shows that 49% of Malaysians plan to save more in the next 6 months. 58% of the survey respondents are likely to buy products that offer capital protection. http://bit.ly/9L05nT

HSBC Amanah Takaful to launch 7 products in 2010
HSBC Amanah Takaful (Malaysia) Sdn Bhd, the Islamic insurance arm of HSBC Bank Malaysia Bhd, plans to launch up to seven products this year. Chief executive officer Zainuddin Ishak said the company is now focused on traditional long-term plans such as retirement and medical health. ...

Insurance News Zurich Financial now says it wants to have controlling stake in its joint venture in Malaysia but would do it in such a way that all parties are comfortable. Zurich Financial currently holds 40% stake in the JV. http://bit.ly/cF3fXV

Zurich Financial eyes controlling stake in Malaysian venture
DAVOS: Swiss insurer Zurich Financial Services Ltd is exploring ways to take a controlling stake in its Malaysian joint venture and grow its business in Indonesia, its Asia-Pacific head said yesterday. ...

Insurance News Great Eastern denies that it is in talks to sell a stake in Malaysian unit. http://bit.ly/a9hgGR

Great Eastern not in talks to sell stake in Malaysian unit
GREAT Eastern Holdings Ltd (GEH) said it is not in talks to sell a stake in its Malaysian insurance arm, Great Eastern Life Assurance (Malaysia) Bhd (GELM). "We wish to state that we are currently not ...

Insurance News Allianz General is paying profit commission of RM6.26 mil to its qualifying agents (25% of its agency force) before Chinese New Year. http://bit.ly/81tH9B

Allianz pays commissions to agents early
Allianz General Insurance Co (M) Bhd (AGIC) kept its promise for the fourth consecutive year by making an early profit commission payment.In a statement today, AGIC's chief executive officer Ng Hang Ming ...

Insurance News Tokio Marine is targeting a lower growth rate of 10% in 2010 compared with the 20% it achieved in 2009. However, it still expects to outpace the industry's expected growth rate of 6-7%. Prefers non-motor lines of business e.g. fire, marine, cargo and PA. Not ruling out acquisition. http://bit.ly/81WhB0

Tokio Marine expects 10% premium growth this year
KUALA LUMPUR: Tokio Marine Insurans (Malaysia) Bhd (TMIM) expects a premium growth of between five to 10 per cent this year, its chief executive officer Dr Michael Heng Kiah Ngan, said Tuesday.

Insurance News Will Great Eastern divests it stake in Malaysia? How much is the divestment, if any? Is Khazanah the suitor or any other parties? Is divestment a pre-condition of being granted the takaful licence? Would IPO be an option if a direct shareholder cannot be found? This article may shed some light. http://bit.ly/8iwedl

Khazanah said among suitors for Great Eastern
A group of potential suitors, including state-owned investment agency Khazanah Nasional Bhd, is said to have lined up for a stake in Singapore's Great Eastern Life Assurance (Malaysia) Bhd to help realise the insurer's takaful ambition. ...

Insurance News Takaful Malaysia won the Global Diamond Award while its Group MD Hassan Kamil won the "Smart Entrepreneur" Award. http://bit.ly/6YbYwS

Takaful Malaysia, group MD win major awards

Insurance News While many may think that China and India markets are hot, Prudential is scaling back its growth ambitions in both countries. Instead investment would be pushed into fast-growing economies in southeast Asia, including Malaysia, Vietnam and Indonesia. The reason for such decision seems to be the slow relaxation of restrictions on foreign ownership of financial firms in China and India. http://bit.ly/7CJkyf

Prudential to Scale Back on India, China - NYTimes.com
LONDON (Reuters) - Britain's biggest insurer Prudential has begun a shake-up of its Asian business that will see it scale back its ambitions for growth in India and China, The Sunday Times said.

Insurance News LIAM, ACE Synergy and Prudential spoke on 2010 outlook and challenges. http://bit.ly/8H8IxQ

Malaysian insurers in for better times
PETALING JAYA: Despite facing some hurdles, the local insurance industry has a promising outlook with new life business weighted premium forecast to grow 12.5% to RM3.6bil this year.

News Digest 20100117-20100123

2010-01-23T12:04:00.001+08:00

Insurance News TokioMarine has promoted Deputy CEO Dr Michael Heng as CEO, replacing PhangKwang Chee who has helmed the top post for the past 9 years. TokioMarine's market share grew from 48th position in 1999 to 5th position last year. http://bit.ly/7AXC0g

Tokio Marine names new CEO
Tokio Marine Insurans (Malaysia) Bhd today announced the appointment of Dr Michael Heng Kiah Ngan as its new chief executive officer.Heng, who was previously the company's deputy chief executive officer, ...

Insurance News Etiqa launches Triple Lifestyle Protector. Features: 15% SA paid every 3 years from 5th policy year; 100% SA returned at maturity; premium payment period of 20 years or until age 85. http://bit.ly/7vkOOd http://bit.ly/8KXxzy

BERNAMA - Etiqa Insurance Jangka Pelan Terbaharu Dapat Sambutan Baik
KUALA LUMPUR, 20 Jan (Bernama) -- Etiqa Insurance Bhd menjangka pelan Triple Lifestyle Protector yang dilancarkan baru-baru ini di mana ia menawarkan pelbagai faedah di bawah satu polisi mendapat sambutan yang baik. ...

Insurance News Prudential is targeting the largely untapped and underserved bumiputera market, focusing on young generation especially those below age 25. Great Eastern has also previously unveiled strategies that include targeting young generation. http://bit.ly/6nHL5D http://www.actuaries.com.my/news/2010/01/strategies-of-prudential-and-great.html

Prudential to tap into growing Bumi market
LEADING life insurer Prudential Assurance Malaysia Bhd wants to tap into the growing Bumiputera market by increasing its Bumiputera agents, said its top executive. Chief executive officer Charlie Oropeza ...

Insurance News Prudential launches an aggressive branding campaign covering 9 markets in the region in 7 languages on "The Power of Listening". http://bit.ly/5XgKaj

The power of listening
PRUDENTIAL Corporation Asia recently launched “The Power of Listening”, its largest branding campaign in its 85-year history in Asia.The campaign reinforces the company’s “Always Listening. Always Understanding” ...

Insurance News Tune Money aims to double insurance policies sold to 3,000-4,000 this year. Currently it partners Multi-Purpose for motor insurance and Tokio Marine for PA and home insurance. Takaful is in the pipeline as well as H&S, life, travel and pets. http://bit.ly/8Ne1wd http://bit.ly/5kaKoB

Tune Money aims for RM4m net profit this year
ONLINE financial services provider Tune Money Sdn Bhd, which has been profitable since last April, aims for a net profit of up to RM4 million this year as it grows its prepaid card and insurance base. ...

Insurance News Zurich Financial has come out to clarify that the partners in MCIS Zurich are still keen to work together although admitting some of the facts reported earlier on the tension in the relationship were not wrong. Zurich Financial is also not selling its stake in MCIS Zurich. http://www.actuaries.com.my/news/2009/12/no-strained-ties-between-shareholders.html http://bit.ly/7Guc11

MCIS Zurich owners deny rift, remain keen on takaful ops
MCIS Zurich Insurance Bhd's major shareholders have denied that there is any rift between them and say they remain keen to build the business together. They also denied that Switzerland's largest insurer, Zurich Financial Services Ltd (Zurich FS), might sell its shares in MCIS Zurich. ...

Insurance News Allianz General launched a Directors' and Officers' liabilities insurance product. http://bit.ly/54HdEh

Allianz debuts product for corporate leaders
Allianz General Insurance Company (Malaysia) Bhd (AGIC) today launched a new generation of insurance protection, specially tailored for leaders of Malaysian corporations."Allianz Protect Platinum goes ...

Insurance News MFPC launches Syariah RFP programme, appoints MPM as examination facilitator. http://bit.ly/6MHuhm

Insurance News Takaful Ikhlas is the winner of best brand in the services -Islamic protection and the healthcare insurance categories. http://bit.ly/7TIDUk

Takaful wins Brand Laureate awards
TAKAFUL Ikhlas Sdn Bhd has won two awards at the BrandLaureate SMEs Chapter Awards 2009 for brands in corporate branding. It was named the best brand in the services -Islamic protection and the healthcare insurance categories. ...

News Digest 20100110-20100116

2010-01-16T12:18:00.000+08:00

Insurance News It is TM Asia's turn to say that they want to double their premiums, but this time it seems to be a target set for only Sabah or the most for East Malaysia. The company also wants to be 1 of the top 5 in 2 to 3 years' time mainly through its agency force. http://bit.ly/6BDdfE

TM Asia Life aims to double premium
TM Asia Life Malaysia Bhd, which has embarked on an expansion plan in East Malaysia, hopes to double new business premium with the opening of its new premises in Kota Kinabalu. The company, with a strong ...

Insurance News Vincent Kwo is now COO for MAA. http://bit.ly/8O41Hb

MAA appoints chief operating officer
MALAYSIAN Assurance Alliance Bhd (MAA) has appointed Vincent Kwo Shih Kang as chief operating officer from January 2. Kwo, 49, graduated from City University, London, in 1982 where he obtained a Degree ...

Insurance News AXA Affin does not rule out acquisition to achieve its 8% market share target. Our view is that this may in fact be a more feasible route given that doubling the premiums every year is not an easy task at all. Perhaps AXA should explore with UOB and see whether the latter has intention to sell its insurance units in Malaysia? http://bit.ly/6dFGcH

AXA Affin not ruling out acquisitions, partnerships
AXA Affin Life Insurance Bhd hopes to grow its share of the local life insurance market from 1.5 per cent to 8 per cent by 2012, as it undertakes a AXA global branding exercise.Its chief executive officer ...

Insurance News It is unusual to have an Islamic bank that doesn't have any takaful operations to comment on takaful. OCBC Al-Amin commented that the growth of takaful lagged behind Islamic banking. Great Eastern, which is owned by OCBC, is believed to have applied for 1 of the 2 new takaful licences to be issued this year. GE has also recruited the ex-CEO of Prudential BSN to enhance its chance of getting the new licence. http://bit.ly/6hKEVH

Malaysian takaful growth lags banks
Growth in Malaysia’s takaful Islamic insurance industry has lagged the sharia banking sector as insurers struggle to find a home for premiums and players lack distribution channels, Singapore’s ...

Insurance News AXA Afiin Life needs to double premiums to be top 5 player by year 2012. http://www.actuaries.com.my/news/2010/01/axa-affin-life-needs-to-double-premiums.html

Insurance News: AXA Affin Life needs to double premiums
www.actuaries.com.my
Axa Affin Life has a huge target to achieve by year 2012. It has to grow its market share from the current 1.5% to 8%, to be among the top 5 in the industry. Its NB premium was RM162 mil in 2009, the target set for 2010 is RM320 mil and RM100 mil for total premiums and weighted premiums respectively...

Insurance News Dedicated to all our readers who are insurance agents. http://www.youtube.com/watch?v=ysA-wtl8-YI&feature=autofb

Insurance agent - Bangkok Life advertisement
Bangkok Life Assurance advertisement

Insurance News CIMB Aviva Takaful launched EasyLife Takaful Series and expects to secure contributions of RM35-40 mil. The takaful player aims to increase its market share from the current 2-3% to 5% in 2 years time. There are currently 8 takaful players in the market with 2 new licences to be issued soon. http://bit.ly/6nmFtQ http://bit.ly/6p0TRW http://bit.ly/5Q3TlO

CIMB Aviva aims for 5pc market share
CIMB Aviva Takaful Bhd is looking to increase its market share to five per cent in two years in line with the steady growth of the takaful industry, chief executive officer Muhammad Fikri Mohamad Rawi ...

Insurance News CIMB Wealth Advisors which started distribution for AIA since March 2009 secured RM7.6 mil premium in 2009. It sets a target of RM25 mil for 2010 planning to tie up with more insurers after obtaining its financial advisor licence. http://bit.ly/6ceiyR

CIMB Wealth sees RM25m premiums
CIMB Wealth Advisors Bhd aims to secure RM25 million premium this year from insurance and takaful products, chief executive officer Tan Beng Wah said today.The company managed to secure RM7.6 million premium ...

AXA Affin Life needs to double premiums

2010-01-13T20:42:00.003+08:00

Axa Affin Life has a huge target to achieve by year 2012. It has to grow its market share from the current 1.5% to 8%, to be among the top 5 in the industry. Its NB premium was RM162 mil in 2009, the target set for 2010 is RM320 mil and RM100 mil for total premiums and weighted premiums respectively.

Strategies deployed to meet the targets:

Leverage on global brand signature: "Redefining Standards"
Increase number of agents from present 400 to 3,000 by 2012
Launch 1 new product each quarter

Source: Business Times, The Edge

Bangkok Life Advertisement

2010-01-13T19:23:00.004+08:00

I received request from some of you who do not have Facebook account to publish the video on this blog as the link on the right hand panel does not work properly. Here it is:

Prudential buys UOB Life

2010-01-07T08:14:00.005+08:00

Prudential will pay S$428 mil to buy UOB Life. As part of the deal, United Overseas Bank (UOB) will also sell Prudential's life, accident and health insurance policies for 12 years at the bank's branches in Singapore, Indonesia and Thailand.

What will happen to Uni.Asia, which UOB also has a stake in?

Source: The Edge Singapore

Strategies of Prudential and Great Eastern

2010-01-04T20:33:00.004+08:00

With liberalisation announced last year, the top 2 life insurance players are strategising for 2010 and beyond:

Prudential

Expand bumiputera agency force, capitalising on its takaful licence
Agents to become wealth planners, provide advice based on needs and risk profile of clients
Expand bancassurance with the right partners
Grow investment-linked business

Great Eastern

Improve professionalism, leadership and selling skills of agents
Grow bancassurance following tie-up with OCBC post liberalisation
Target younger population and new entrants to job market

Source: The Star

No change in voluntary cessions

2010-01-01T19:42:00.003+08:00

Malaysian Reinsurance Berhad has received confirmation from BNM that the Voluntary Cessions (VC) levels in 2010 would remain the same as 2009. Specifically:

VC on Motor, PA, H&S: 4% quota share, no cession limit
VC on other classes: 5% quota share, no cession limit
Auto-Facultative and Auto-Treaty: 15% VC. Retrocessions: 20% VC

For years 2011 and 2012:

4% revised to 2.5%
5% remains
15% and 20% remain

Source: Bursa

Industry outlook by LIAM

2009-12-29T15:28:00.004+08:00

LIAM expects new business to grow at 17% and 12.5% for year 2009 and 2010 respectively. 2010 should see introduction of micro insurance and annuity products to take advantage of tax relieves announced in the Budget.

With the completion of FSMP in 2010, further liberalisation would be seen in areas such as:

allowing insurers to distribute other personal financial service products
removal of caps on operating expenses
granting of new licences for innovative players

The liberalisation measures announced in 2009 are expected to result in:

more bancassurance partnership
opening of more branches
higher foreign equity holding
application of the 2 new takaful licences

Source: Business Times 1 & 2

Tender called to sell Tahan

2009-12-29T14:53:00.004+08:00

Tahan Insurance will be sold through a tender to be called in January 2010. The company is currently under control of BNM due to failure to comply with minimum CAR of 130% under RBC.

Under BNM's control, Tahan implemented a turnaround plan that focuses on a few key areas including:

tightening management and accountability
strengthening organisation's people and agents
reducing exposure to loss making motor business
managing claims and management expenses, including settling claims promptly
recovering old debts from agents, reinsurers and insurers
tightening underwriting terms

Source: Business Times 1 & 2

No strained ties between shareholders in MCIS Zurich

2009-12-23T22:49:00.005+08:00

MCIS Zurich denies that there is strained ties between the 2 major shareholders: Koperasi MCIS Bhd, which owns 43.69%, and Zurich Asia Holdings Ltd, which owns 40% of MCIS Zurich.

Zurich Asia Holdings Ltd is also not selling its stake in MCIS Zurich, according to CEO of MCIS Zurich.

Earlier, Business Times reported the alleged strained relationship due to the following:

Zurich FS' proposal of selling 30% of MCIS Zurich to EON was blocked by Koperasi as Koperasi will lose its control on MCIS Zurich. The EON deal would improve MCIS Zurich's market share as EON Bank is currently giving its bancassurance business to Uni.Asia
Zurich FS did not support Koperasi's proposal to apply for the new takaful licence unless Koperasi was willing to lose its control on MCIS Zurich

Source: The Star 1 & 2, Business Times 1 & 2

Findings from Retire-Meter

2009-12-10T21:27:00.003+08:00

Findings from Prudential Retire-Meter:

9% respondents have clear idea how much is needed for their retirement
65% expressed concern of not having enough money to live through retirement
>50% would retire as soon as reaching financial independence
75% would start savings for retirement now if knowing the amount required for retirement

Source: Business Times

AIG is now Chartis

2009-12-10T21:11:00.004+08:00

AIG General Insurance (M) Bhd is now called Chartis Malaysia Insurance Bhd.

Chartis' strategies and targets:

7.5% gross premium growth for 2010
Higher contributions from aviation and household contents
4 new branches: Klang, Sungai Petani, Seremban and 1 in East Coast
Increase agency force from 2,800 to 3,000
Fire insurance: focus on SMEs
Expands regional processing centre in Technology Park

Source: The Star

Desk calendars to be given away

2009-12-09T15:31:00.004+08:00

We have 20 desk calendars to be given away to Insurance News regular readers.

To receive one of the calendars, all you have to do is email us a scanned copy of your recent business card.

The calendar will be mailed to the business address on your business card and due to cost constraint, we will only mail to an address in Malaysia.

The first 15 readers with an insurance related job title (including but not limited to actuarial title) on their business cards will be sent a desk calendar. The 16th to 20th readers with an actuarial title on their business cards will also receive the same.

Uni.Asia's distribution strategy

2009-12-08T20:53:00.004+08:00

Uni.Asia says it is on multiple distribution strategy and is stronger in alternative distribution than in tied-agency system.

Uni.Asia currently has 4 bank partners and is looking for more bancassurance tie-ups. Products are claimed to be tailor-made after analysing profile of banks' customer base. The market share of the company in regular premium bancassurance products is claimed to be 36%, ranking number 1 in the industry.

The company has also expanded its other sales channels such as telemarketing, direct marketing and worksite marketing.

Source: Business Times

BSC intends to increase stake in MAA Takaful

2009-12-04T21:17:00.003+08:00

Bahrain's Solidarity Company (BSC), a 40% unit of Ithmaar Bank, has intention to increase its stake in MAA Takaful. However, the deal has to be a win-win situation for both BSC and MAA Holdings.

Source: The Star

Jerneh's Suitors

2009-11-27T11:48:00.004+08:00

The 3 foreign parties interested in acquiring Jerneh are said to be:

Generali
HSBC
Samsung Fire and Marine

Generali and Jerneh Asia have been partners in Asia since 1999. HSBC on the other hand partners Jerneh and EPF in HSBC Amanah Takaful.

Source: Business Times

Jerneh in M&A Negotiations

2009-11-21T12:15:00.003+08:00

Unnamed foreign insurance companies have expressed interest in acquiring Jerneh. Jerneh is currently 80% owned by Jerneh Asia and 20% owned by Paramount Global Assets Sdn Bh.

Jerneh and the foreign parties have applied to BNM to proceed on negotiations.

Source: Bursa, Business Times

MAA Takaful will not be sold to AHB

2009-11-17T19:12:00.003+08:00

AmG Insurance Berhad will proceed to acquire general insurance business of MAA, the price will however be revised to RM180 mil from RM254.8 mil (subject to further adjustments).

The revision of price is in view of 4.9% equity stake in MAA Takaful Berhad will not now be sold to AMMB Holdings (AHB). The equity holding in MAA Takaful is considered to carry some strategic value.

Source: Bursa 1 & 2

Pricing Associate

2009-11-17T15:37:00.005+08:00

We are now searching for an actuarial Associate for a pricing position to be based in Kuala Lumpur. The ideal candidate should meet the following requirements:

An Associate of a recognised actuarial body
At least 2 years experience in pricing life insurance products
Familiar with Prophet software

The job offers

Opportunity to travel to a neighbouring country on a regular basis
International work experience
MNC work environment

This position is also eligible for the reward under our current iPhone Campaign, subject to the same terms & conditions.

Please contact us to find out more.

Note: Please refer to Vacancies page (updated: 17/11/09) for more actuarial positions.

Talk to acquire STMB ended

2009-11-16T19:00:00.004+08:00

Abu Dhabi-Kuwait-Malaysia Strategic Investment Corp has pulled out from talk to acquire not more than 49% of STMB citing reason: "it is no longer conducive due to changes in economic conditions".

Source: Business Times

Takaful Health

2009-11-16T16:32:00.003+08:00

Prudential BSN Takaful today launched Takaful Health, a sister product of PRUhealth, whereby a no claim bonus of up to RM500 will be paid if there is zero claim in previous certificate year.

Other features:

Provides comprehensive hospital and medical coverage
Coverage until 80 years old
Rider to Takafulink (protection) and Takaful Cerdik (education)

Source: The Star

INGeasi for Retirement

2009-11-14T18:04:00.003+08:00

Features of INGeasi for Retirement:

3 packages:

Life as Usual
No Worries
Unleash

Guaranteed yearly income (in multiples of RM120) from age 55 to 85
Annual non-guaranteed cash dividends
Non-guaranteed terminal dividend
Death and TPD coverage
Sum insured = 20 x annual retirement income
Waiver of premium on critical illness
Family income until age 65 (subject to maximum 20 years) if death/TPD before age 65
Premium payment term: lower of 20 years or reaching age 60
Cash-out option

Source: The Edge, ING