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Sunday, 25 April 2010

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 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

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

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

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

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

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

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

* 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

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

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

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

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

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

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

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

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

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

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

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

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Sunday, 18 April 2010

News Posts 20100411-20100417

Insurance News It would be interesting to see what solution/proposal BNM comes up with on TPBID Tuesday next week. So far the unofficial sources seem to think that the scheme will have a cap of RM2 mil, claims to be settled within 1 month and an increase in premium. For compilation of earlier posts on TPBID, visit: http://bit.ly/at9Ont
PETALING JAYA: Bank Negara is scheduled to address key issues involving third party bodily injury and death motor insurance on April 20.
April 17, 2010

Insurance News With the takeover of AIA, Prudential is targeting 1 million agents in Asia. Currently Prudential has 400,000 agents, AIA has 300,000, the combined entity would need another 300,000 agents. Barry Stowe, the chief executive of Prudential Asia, who joined Prudential from AIG in 2006, when asked about earlier speculation that he would lead the integration, said: "What the hell makes anyone think that I would run the integration? I’m the chief executive of Asia; integration is a completely different animal."
Prudential plans to increase significantly its agency workforce to at least one million in Asia as part of a recruitment drive to follow its $35.5 billion acquisition of AIA.
April 15, 2010

Insurance News ISM released the GI industry report card which showed that the industry underperformed in 2009 compared with 2008. The industry is expected to grow 9-11% in 2010, consolidation is expected in the industry with 25 players remaining in conventional GI market. Combined ratio for motor business hit 112% in 2009. http://bit.ly/aMhjhM, http://bit.ly/al1ROM
Industry Performance in a Snapshot
snapshot
April 15, 2010

Insurance News Prudential has assigned its CEO for UK and European operations to lead the Asia Prudential-AIA integration. This has sparked speculation that eventually the UK operations of Prudential will be sold off.
Insurer Prudential said that Rob Devey, CEO of its U.K. and European operations, will lead the integration of Prudential Corp. Asia and AIA Group.
April 14, 2010

Insurance News Saudi Arabia has the highest takaful market share in the whole world in 2008 with US$2.9 bil contributions, Malaysia was 2nd with US$0.9 bil. The total world takaful contributions is expected to hit US$8.8 bil this year. Generating profit is seen as challenging for the industry.
KUALA LUMPUR: The global takaful industry is on track to surpass US$8.8 billion (RM28.42 billion) in contributions this year, said Ernst & Young (EY).
April 13, 2010

Insurance News MSIG now provides professional liability insurance of up to RM500k to Traditional Chinese Medicine practitioners. Annual premium starts from RM388; entry ages: 21 to 70; renewable up to age 80. Cross-border cover can be taken by paying additional premium.
KUALA LUMPUR: MSIG Insurance (Malaysia) Bhd has in collaboration with the Federation of Chinese Physicians and Acupuncturists Association of Malaysia (FCPAAM), introduced a professional liability insurance scheme for Traditional Chinese Medicine (TCM) practitioners.
April 13, 2010

Insurance News Using server to process data is said to be no longer effective. Comes grid computing which claims to be able to reduce time required for actuarial calculations by 97%.
JARING Communications Sdn Bhd has launched OneGrid, believed to be the country's first grid computing centre, or high performance computing (HPC) centre, to help programmers and researchers speed up their work and save costs. ...
April 12, 2010

Insurance News HSBC may be the buyer of Jerneh Insurance, according to an article in Singapore newspaper. The company is valued at RM700 mil according to the same source.
PETALING JAYA: Shares in Jerneh Asia Bhd jumped yesterday on fresh speculation that it may have found a buyer for its 80% stake in Jerneh Insurance Bhd.
April 12, 2010

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Wednesday, 6 January 2010

News Digest 20091116-20100106

Click this link for the news digest.

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Friday, 27 November 2009

Jerneh's Suitors

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

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Saturday, 21 November 2009

Jerneh in M&A Negotiations

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

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Thursday, 26 March 2009

Jerneh targets 10% growth

Jerneh targets a 10% growth for 2009, lower than the 15% growth achieved in 2008.

Other business facts:
  • 2 large business segments: properties (40%) and motor insurance (30%)
  • 3% market share in motor insurance
  • Partners with AAM for its newly-launched product AAMJ2U, which provides 24 hours' accident assistance, post-repair inspection, 12 months' warranty on repair, fast claim approvals, door-to-door insurance, road tax service

Source: Business Times 1 & 2

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Wednesday, 28 May 2008

Jerneh's Regional Expansion

Jerneh's Indonesia life insurance business will start in Q1 2009. Currently, Jerneh is already in the Philippines and Thailand's life and general insurance markets through partnership with Generali (40% stake in Generali Asia NV). Both operations are expected to break-even in 2009.

The Philippines' operations were affected by higher group medical and motor claims in 2008.

Jerneh's Hong Kong business was sold to HSBC Insurance (Asia) Ltd last year.

Source: Business Times

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Saturday, 24 May 2008

Jerneh's 2008 Targets

Jerneh Insurance Bhd targets double-digit growth in gross premiums for FY2008.

It achieved RM311 mil gross premium income in FY2007, a growth of 12% compared with industry growth of 4%.

Other information:
  • Areas growth will come from: corporate sector, small businesses, broking and agency channels.
  • To tie up with organisations to distribute products.
  • To launch new personal accident and motor products.
  • Jerneh commands 40% market share in fire insurance.
  • Well prepared for RBC implementation.

Source: The Star

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