Maybank in talks with partners on takaful

Maybank is still in talks with partners abroad to expand its takaful business. Earlier, Maybank called off a plan to establish an international Takaful holding company with ICD.

Source: The Star, Business Times

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 Signed Up NUBE

Etiqa is offering its Group Hospitalisation and Surgical (GHS) Takaful plan to National Union of Bank Employees (NUBE).

Out of 28,000 members of NUBE, 20,000 members are targeted to sign up the scheme within the next 3 months, paying RM300 each, bringing in total contribution of RM6 mil.

On other news, Etiqa assured that they have no direct investment in US. Etiqa Takaful was also in talks with several parties in the Middle East to build its distribution channels there.

Source: Business Times, The Star

Pesona Lady

Etiqa launched 2 non-life personal accident products: Pesona Lady and Takaful Pesona Lady. Target sales: RM13 mil in 1 year and 52,000 customers.

Product Features:

• Coverage: female cancers, ATM cash withdrawal losses, facial reconstructive surgery or dental treatment due to accident, infertility due to accident, delivery of twins, snatch theft, kidnap and abduction.
• Pesona Lady: premium starts from RM22/month
• Takaful Pesona Lady: contribution starts from RM24/month

Source: Business Times

BizPac

Etiqa Takaful launched a comprehensive package for SMEs/SMIs involved in the manufacturing industry, targeting RM14 mil in contributions.

BizPac is distributed through 39 Maybank Business Centres nationwide. It is reported that there are more than 590,000 SMEs/SMIs operators in the country.

Source: Bernama

Takaful Al-Waqi

Mayban Takaful (Etiqa Takaful) launched a new product: Takaful Al-Waqi last week.

Product Features:

• Single contribution investment-linked
• 2-year term
• Target fund size: RM200 mil
• 90% invested in fixed income investments
• Balance in commodity related portfolio
• Minimum contribution: RM20,000
• Entry ages: 18 to 70 years

Other business news on Maybank:

• 6 new products are planned for the next 12 months

Source: Maybank, Bernama

Maybank to Enter Pakistan Takaful Market

Maybank has received BNM's approval to acquire 30% of the Pak-Kuwait Family Takaful Co Ltd. Pak-Kuwait Family Takaful Co Ltd was in the process of applying for a license to conduct family takaful business in Pakistan.

Source: The Star

News in Brief

Etiqa Takaful has 10,000 agents and wants to focus on agency training. The hiking fuel prices and inflationary fears are expected to result in people less likely to consider an insurance policy.

Source: The Star

Takaful Ikhlas collected RM12.4 mil from Pahang in 2007 and is aiming for RM32.7 mil this year.

Source: The Star

Takaful Medic-Save Rider

Etiqa Takaful recently launched Etiqa Takaful Medic-Save Rider. This is a medical rider that can be attached to basic family takaful plans and it comes with a medical card for hassle-free admission.

Etiqa Takaful targets 20,000 policies and has achived 5,000 policies since the product soft launch in Feb 2008.

Some product features:

• H&S benefits
• Emergency & outpatient benefits
• Guaranteed renewal up to 75 years old

Source: Bernama

Etiqa Teams Up with Touch 'n Go

Etiqa Takaful has teamed up with Touch 'n Go in selling motor takaful.

Touch 'n Go card holders with Etiqa co-branded cards are given free PA of RM10,000 and hospital reimbursement plan worth RM2,000 when they register their Touch 'n' Go cards. Those with the co-branded SmartTAG will also receive theft coverage on their SmartTAG.

In the registration, part of the information asked is the vehicle registration details. If the registrants also purchase motor takaful from Etiqa, they get free reload on their Touch 'n Go cards.

Source: The Star & TAS Research

Maybank to Establish International Takaful Holding Company

Maybank has signed an MoU with the Islamic Corporation for the Development of the Private Sector (ICD) to jointly explore the feasibility of establishing an international takaful holding company. ICD is the commercial arm of the Islamic Development Bank.

The new holding company targets to commence operations by end of 2008.

Source: Bursa Malaysia