News Posts 20100418-20100424

Insurance News While emphasis will still be on Malaysia market due to constraints in resources, Takaful Ikhlas is exploring 3 overseas markets including Indonesia. The other 2 countries were not disclosed but they would be outside Asia and the Gulf region. Where could these be? Any guesses? http://bit.ly/a9eoz7

Takaful Ikhlas mulls overseas expansion

TAKAFUL Ikhlas Sdn Bhd, a subsidiary of Main Board-listed MNRB Holdings Bhd, is weighing options of expanding its business overseas and is looking at three countries including Indonesia as its foreign ...


April 23, 2010

Insurance News Takaful industry sees entrance of more non-bumiputra agents due to factors such as: (1) The introduction of Takaful Basic Examination to enhance knowledge of non-bumi agents on takaful (2) Takaful operators promoting "takaful for all" concept, targeting both muslim and non-muslim customers (3) New takaful players tapping on the non-bumi agents of their conventional business http://bit.ly/cOMWLA

Takaful players counting on non-bumiputra agents

PETALING JAYA: Takaful players of late, have been aggressively scouting for non-bumiputra agents to strengthen their grip in the lucrative Islamic insurance market.

April 23, 2010

Insurance News It is confirmed that Prudential is seeking to list in both HK and Singapore. The target date is 11 May. http://bit.ly/bdiQG6

UK's Prudential to list in Singapore

LONDON: Prudential plc, the UK insurer buying American International Group Inc's main Asian unit, applied for a secondary listing in Singapore as it seeks to expand its shareholder base in the region.The ...

April 23, 2010

Insurance News Takaful Ikhlas aims to increase its contributions from Sarawak operations from RM18 to RM25 mil. http://bit.ly/alKSrf

Takaful Ikhlas eyes RM25mil in premiums from S'wak ops

KUCHING: Takaful Ikhlas Sdn Bhd is eyeing premiums of RM25 million in its third year of operation in Sarawak, President and Chief Executive Officer, Datuk Syed Moheeb Syed Kamarulzaman said Friday.

April 23, 2010

Insurance News The 2009 Annual Insurance Statistics was released by BNM 2 days ago. You could find it here --> http://bit.ly/aaKVFe

BNM Statistics

The following series of Tables 1-5 contain abstracts from the quarterly returns submitted by insurers under section 85, 89 and 193 of the Insurance Act 1996. The figures are for calendar year ending 31 Dec 2009 and business within Malaysia.

April 23, 2010

Insurance News Now everyone has a chance to provide views and suggestions on TPBID. BNM has released details on the TPBID scheme and called for public feedback to be sent to BNM by 14/5/2010. http://bit.ly/9jfbRn

BNM Notices & Announcements

Following the Government's announcement in Budget 2010 on the need to provide adequate access to reasonably priced basic motor insurance coverage, Bank Negara Malaysia is currently working with the relevant ...

April 23, 2010

Insurance News The talk now is Prudential may be seeking a secondary listing on the Singapore Stock Exchange. The listing on HK Exchange apparently has also been approved. http://bit.ly/bWiM4O

Prudential gets HK listing OK, eyes Singapore-sources | Reuters

HONG KONG (Reuters) - British insurer Prudential Plc is considering a secondary listing on the Singapore Stock Exchange, as part of a wider plan to lure Asian investors to its massive $21 ...

April 23, 2010

Insurance News Prudential may be listed on HK Exchange as early as 1st week of May. The exchange officials apparently met with Pru on Wednesday. http://bit.ly/9I8OlS

UPDATE 1-Prudential gets early Hong Kong IPO hearing -source | Reuters

* Pru trying to list quickly ahead of rights offering * Listing, offering key to AIA takeover (Adds details, background) By Kennix Chim HONG KONG, April 21 (Reuters) - Britain's Prudential Plc

April 22, 2010

Insurance News Bar Council called BNM's proposed TPBID as "one of the most drastic and evil schemes". Among its objections include the RM2 mil cap, which it claimed could only cover 90% of the claims, short of 100% it wanted to see; and the set up of Newco which would burden the public due to major shareholding by government. Bar Council also called for a cross-industry working committee to review public feedback and to propose holistic solution with public interest in mind. http://bit.ly/apYtgE http://bit.ly/cmQZH0

Bar Council unhappy with insurance scheme proposal

THE legal fraternity has described Bank Negara Malaysia's proposed reform of the third-party motor insurance scheme as "evil" and against public interest. The Malaysian Bar Council is opposing vehemently ...

April 22, 2010

Insurance News For completeness, here are some more links on TPBID: The Star: http://bit.ly/ct40cv Business Times: http://bit.ly/9ZQLjl

New company for third-party bodily injury and death insurance

KUALA LUMPUR: The Government and insurance industry players will jointly set up a new company (newco) to solely undertake the proposed third-party bodily injury and death insurance scheme (TPBID).

April 21, 2010

Insurance News Etiqa is recruiting agents by targeting visitors to Unit Trust Week 2010. The insurer currently has >18,000 agents, one of the largest in the country. http://bit.ly/9Dcmi6

Etiqa aims to recruit more agents

Malayan Banking Bhd’s insurance and takaful arm Etiqa, is offering visitors to the Unit Trust Week 2010 (MSAM 2010) in Kuching, a career as an agent for the company.Describing the job as more flexible ...

April 21, 2010

Insurance News After talking to so many other parties on the sale of Pacific Insurance without any positive results, PacificMas is finally talking to a closer cousin - Great Eastern. http://bit.ly/cw6Fk4 OCBC was given until 17/10/2010 to resolve holding 2 GI licences in OACM and Pacific Insurance. Earlier news on Pacific Insurance can be found here: http://www.actuaries.com.my/news/labels/Pacific%20Insurance.html

PacificMas gets BNM nod to start talks with Great Eastern over sale of insurer

KUALA LUMPUR: PACIFICMAS BHD has received Bank Negara Malaysia's (BNM) approval to start talks with Great Eastern Group to dispose of its unit The Pacific Insurance Bhd.

April 21, 2010

Insurance News The Australian Competition and Consumer Commission has blocked National Australia Bank from bidding for AXA Asia Pacific Holdings as the takeover would hurt competition for retail investors by reducing the number of retail investment platforms in the market. http://bit.ly/9r78UG Meanwhile regulators in South Korea and Vietnam are studying the competitive impact following the proposed merger of Prudential and AIA. http://nyti.ms/9HCjFw

Aussie regulator blocks NAB bid for AXA unit

SYDNEY:Australia's competition watchdog blocked National Australia Bank's US $13 billion (US$1 = RM3.22) bid for AXA Asia Pacific Holdings yesterday, putting the agreed deal in limbo and allowing rival bidder AMP to make a comeback. ...

April 20, 2010

Insurance News This is the news article published this morning in newspaper before BNM's announcement on TPBID. Someone involved in the TPBID discussion must have leaked it to the papers because whatever published in the article are similar/same as BNM's announcement. http://bit.ly/9duDAI

Move to limit liability in third party claims

The government is looking at limiting liability of motor insurers to third party claimants to RM2 million, with insurers and the government acting as co-owners of a new company (newco) that will underwrite third party injury risks. ...

April 20, 2010

Insurance News BNM unveiled the proposed plan for TPBID. Some key features: (1) A newco to be set up, jointly owned by government & the industry (2) Covers both TPBID and 3rd party property damage (3) Claims may be capped at RM2 mil per life/injured person, RM2 mil figure is not finalised yet (4) 2 scenarios are being evaluated: (a) payment based on fixed scale, limited legal recourse, premium may be same as current (b) payment based on injury/death, full access to courts, premium higher than current. http://bit.ly/9PGzUq

BNM to restructure motor insurance policy

BANK Negara Malaysia has proposed to restructure the country's motor insurance policy in line with the government's aim of ensuring access for motorists to the mandatory Third-Party Bodily Injury and Death ...

April 20, 2010

Insurance News BNM has identified low investment yields as a near-term challenge to the industry and it is important for the industry to go back to basics to ensure sound underwriting. http://bit.ly/awvDfQ

Insurance market to gain momentum

The insurance market is expected to register improved results in 2010 on the back of economic recovery and increasing awareness on the role of insurance as a protection and financial planning tool.In stating ...

April 19, 2010

Insurance News In addition to HSBC, speculation is that other possible suitors for Jerneh are Generali and Samsung Fire and Marine. http://bit.ly/cTSrTU

Talks on sale of insurer spark interest in Jerneh

PETALING JAYA: Investors have been showing keen interest in Jerneh Asia Bhd since it announced in November that it was seeking Bank Negara approval to start talks with certain parties with the aim of hiving off its insurance arm Jerneh Insurance (M) Bhd.

April 19, 2010

Insurance News AXA Affin will focus on conventional business and building distribution channels for the time being and may move into takaful in 2 years' time. AXA Affin currently ranks 16 out of 16 in market share and expects to move up 2 or 3 notches by 2nd quarter this year, banking on AXA group's standardised blueprint. http://bit.ly/atoUMF

AXA Affin Life focused on building solid foundation

PETALING JAYA: AXA Affin Life Insurance Bhd, a relatively new entrant in the insurance market, may venture into the lucrative takaful business in the next two years.

April 19, 2010

Insurance News Prudential will not cut the purchase price of AIA even though there were some questions raised earlier by shareholders on the justifications of the offer price. http://bit.ly/9nY6s3

No pressure to cut AIA offer: Pru’s Asia CEO

HONG KONG: UK insurer Prudential Plc, which last month launched a US$35.5 billion takeover of AIG’s Asian life insurer unit, is not facing shareholder pressure to cut the purchase price, its Asia CEO said. ...

April 18, 2010

News Posts 20100404-20100410

Insurance News Aviva is making a come back in general insurance market starting with Singapore. Aviva General was sold to MSIG in Malaysia in 2006.

Aviva to re-enter Asia general insurance mart

LONDON: British insurer Aviva said yesterday it will re-enter Asia's general insurance business with the launch of services in Singapore, a month after rival Prudential bought the Asian unit of AIG. "Aviva ...
April 10, 2010

Insurance News Proton has been a long-time sponsor of BAM since 1985. However, in February 2010, ING came in as a new sponsor and players started wearing T-shirts with ING's logo in front at the German open. Proton now wants its logo back in front rather than on the sleeve. They may have smelled the chance of the national team winning the Thomas Cup to be held soon.

NST Online Proton demands prominence

PROTON Holdings Berhad is demanding that the Badminton Association of Malaysia (BAM) continues to give it the same prominence which it has enjoyed since 1985. It also wants the company's logo to be featured in front of the T-shirts worn by national players.
April 10, 2010

Insurance News Allianz Life's existing CEO will leave the country to head for Turkey. His position will be taken over by the current CEO of Allianz in Indonesia.

Bursa Announcement - Allianz

The Company wishes to announce that the Chief Executive Officer (“CEO”) of the Company, Mr. Cornelius Alexander Ioannis Ankel has been designated to take over the management of Allianz operations in Turkey.Mr. ...
April 10, 2010

Insurance News Lonpac's underwriting surplus before management expenses in Q1 improved by 52%, on the back of 11.5% increase in revenue, compared to the same period last year.

LPI Capital net profit up

PETALING JAYA: LPI Capital Bhd posted a slight increase in net profit of RM38.32mil for its first quarter results ended March 31, 2010 as compared with RM35.5mil in the previous corresponding period.
April 8, 2010

Insurance News Lai Leong Pin, the Chief Agency Officer of Prudential, has been appointed as Prudential's General Manager.

Prudential Assurance appoints Lai as GM

PRUDENTIAL Assurance Malaysia Bhd has appointed Lai Leong Pin as its general manager.In a company statement, Prudential chief executive officer Charlie Oropeza said Lai’s appointment underlined the importance ...
April 7, 2010

Insurance News The proposed TPBID compensates for injuries but does not cover other vagaries such as loss of current and future income.

CAP hails Najibs statement on insurance

KLANG: The Consumers Asso­ciation of Penang (CAP) has welcomed the Prime Minister’s statement that he will tell Bank Negara to consult all interested parties with regard to the proposed new basic motor insurance coverage for third-party injuries and death.
April 6, 2010

Insurance News Allianz General launched a PA product that covers among others medical expenses related to dengue, malaria, JE; kidnap, snatch theft etc.

Allianz unveils enhanced personal accident plan

ALLIANZ General Insurance Company (Malaysia) Bhd has introduced the enhanced Personal Accident plan Allianz Shield, which is designed to provide a more comprehensive coverage, it said in a statement.Allianz ...
April 6, 2010

Insurance News FOMCA proposes that a fund be setup and managed by government to resolve the TPBID issue. Those who are injured in car accident can seek compensation from the fund. This approach is used in Australian and NZ. The fund can operate in a similar fashion as SOCSO and is to be funded by the public.

消聯：參考外國減少爭議‧應設基金供車禍索賠 | 星洲日報

（雪蘭莪‧八打靈再也）大馬消費人聯合會（FOMCA）總秘書莫哈末沙阿尼建議當局設立一個由政府管理的基金，讓任何在車禍受傷的人士索取賠償金，減少涉 及三號車險的投保人、保險業者及第3方的爭議。
April 6, 2010

Insurance News Maybank will transfer its shares in Mayban Fortis Holdings Bhd to Etiqa International Holdings Sdn Bhd. After the transfer, Etiqa International will serve as the investment holding company for Maybank's insurance, takaful and asset management businesses.

Maybank to transfer stake to Etiqa

Malayan Banking Bhd (Maybank) today announced the proposed transfer of 165.321 million ordinary shares in Mayban Fortis Holdings Bhd, representing its direct equity interest of 69.05 per cent, to Etiqa International Holdings Sdn Bhd.
April 5, 2010

Insurance News Watch out for this type of motor insurance scam that was exposed in UK. A car owner is paid a fee to admit liability for causing car damage and bodily injury in an accident that never happened. The car of the "victim" then gets smashed up in a yard and an insurance claim of around £20,000 is filed.

RSA and BBC expose cash-for-crash scam

Undercover reporters allege that a Woverhampton-based outfit, run by Zeeshan Ahmad, fakes accidents by smashing up cars in a yard.
April 4, 2010

Insurance News HSBC Amanah Takaful will launch a regular contribution retirement product in May, which has features similar to a product sold in HK by HSBC. 7 new products are planned to be rolled out this year. The global financial crisis has affected the single contribution investment-linked plans while favouring non-ILP plans.

Retirement plan to drive HSBC Amanah's growth

HSBC Amanah Takaful (Malaysia) Sdn Bhd, the Islamic insurance arm of HSBC Bank Malaysia Bhd, is poised to launch a new regular premium retirement plan in May that is expected to drive the company's growth for 2010. ...
April 4, 2010

Insurance News PM instructed BNM to consult consumer groups before finalising TPBID scheme. The scheme apparently has a cap of RM100,000 compensation. PM also took note of the loss suffered by the industry in motor insurance.

Consult groups on third party insurance, Bank Negara told

BANK Negara Malaysia (BNM) must take into consideration the plight of the people when proposing new basic motor insurance coverage for third-party bodily injury and death, just like enacting any other policy. ...
April 4, 2010

News Digest 20100203-20100223

Click this link for news digest.

News Digest 20100124-20100130

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

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. ...

Etiqa Takaful to expand in Asian region

Etiqa Takaful claimed that it had penetrated Singapore and Brunei markets and was working with a local company in Pakistan.

It also plans to enhance its sales in the Asian region by expanding to several countries soon.

Source: Business Times

LIAM: A(H1N1) is covered

LIAM has confirmed that all its 16 direct life member companies will be paying claims arising from hospitalisation due to A(H1N1) as well as death due to the flu.

A majority of the medical policies in the market carries exclusion on communicable diseases requiring quarantine by law. LIAM's members have decided to waive such exclusion. However the influenza will be monitored and the policyholders will be duly informed if the decision above is reversed.

Earlier Great Eastern, OAC and Etiqa announced that their medical policies cover A(H1N1).

Source: LIAM, The Star, The Edge 1 & 2, NST

Etiqa Takaful wins Best Banca Takaful Award

Etiqa Takaful was awarded the Best Banca Takaful award in London at the International Takaful Award 2009.

Source: Business Times

STMB wants to overtake Etiqa Takaful

STMB has set itself a target to overtake Etiqa Takaful as the largest takaful player in Malaysia by asset size within 2 years. STMB in the launch of one-stop Takaful myDesk with Lembaga Tabung Haji (LTH) also sets the following goals:

• Sign up 10% more contributors within 1 year
• Achieve RM1 mil contributions within 1 year

Takaful myDesk is along the concept of bancatakaful but instead of using a bank, in this case LTH is used as the distribution and service channel.

Source: Business Times, The Star

Maybank's bancassurance target

Maybank targets to grow its commission from bancassurance by >15% in the next 5 years.

Maybank's bancassurance business made up about RM350 mil of the life insurance premiums.

Source: Business Times

eTiQa Takaful to hit RM1.4 bil contributions

eTiQa Takaful is targeting RM1.4 bil contributions for FYE 30 June 2009, after achieving RM1.0 bil a year earlier. eTiQa claimed to be the largest takaful operator in the world.

The business mix is 70% family and 30% general.

Source: Bernama

Teras Malaysia Extra

NIAM launched Teras Malaysia Extra on 9 February 2009, targeting RM20 mil premiums this year. The earlier version, Teras Malaysia was launched in 1998, generated RM222 mil premiums from 236,000 policyholders.

The product is sold by AMLife, Etiqa, HLA, MAA and MCIS Zurich.

Product Features:

• Term with 100% refund of premiums
• Death: 100% SA
• TPD: 100% SA (up to age 54), max limit: RM1 mil, payment: 20%/80%
• Accidental death: 200% SA (up to age 65)
• CI: RM10,000, covering 36 CIs
• Daily hospital allowance: RM50/day, up to 45 days per year, lifetime limit: 300 days
• Funeral expenses: RM2,000
• 4 different terms: 15, 20, 25 and 30 years; premium payment term = policy term
• SA: min: RM50,000, max: subject to u/w
• Payment mode: Annual, Semi, Quarterly and Monthly
• Min entry age: 16 next birthday
• Max maturity age: 70
• Sample premium: Male age 30, term 30, SA: RM100,000, annual premium: RM1,896

Source: The Star, TAS Research

Etiqa Sells GHS to IRB

Etiqa Insurance closes a Group Hospitalisation & Surgical (GHS) scheme with Inland Revenue Board, covering over 9,000 IRB employees and 18,500 immediate family members of the employees. Premium is expected to be RM6.6 mil in the first year.

Source: Business Times

Etiqa to Double Profits by Next Year

Etiqa believes that the insurance industry will not be affected by the increase in oil and food prices as it is a necessity and it helps to mitigate inflationary pressures.

For FY06, Etiqa achieved gross premiums of RM3.5 bil and profit before tax of RM262.6 mil. Etiqa aims to double the profit latest by next year.

While bancassurance is one of the dominant channels adopted by Etiqa, it recognises the importance of agents. Etiqa has an agency force of 14,000.

Source: BizWeek