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Sunday, 2 May 2010

News Posts 20100425-20100501

Insurance News South Korean competition regulator has given the green light to Prudential to acquire AIA. It remains to see if Vietnamese authority would block the deal due to anti-trust. See our earlier post for background of this story.
Prudential wins South Korea go-ahead to acquire AIA
May 1, 2010

Insurance News MAA has received approval from BNM to take the necessary measures to meet the minimum CAR under RBC. This includes potential sale of MAA within 12 months from approval of BNM.
The Board of Directors of MAA Holdings Berhad wishes to announce that its wholly owned subsidiary, Malaysian Assurance Alliance Berhad (“MAA”) had received approval from Bank Negara Malaysia (“BNM”) vide ...
April 29, 2010

Insurance News Tan Liling has been appointed COO for Prudential. She was previously CFO of HLA and ING.
PRUDENTIAL Assurance Malaysia Berhad (PAMB) has appointed Tan Liling as its Chief Operations Officer.She replaces Jeffrey Yem, who has taken up the new role of Chief Information Officer.Tan, is a Bachelor of Economics graduate, from Monash University...
April 29, 2010

Insurance News With the commission ban on financial advice, the number of financial advisers in Australia is expected to reduce and the advisers will need to work harder. Financial advisers are however projected to earn more.
THE cost of financial advice is set to fall under government plans to ban commissions on financial advice now built into managed funds and superannuation.
April 28, 2010

Insurance News It is interesting to note that in UK, the entry age for Term Assurance is as high as 83 and for critical illness it is 74. In Malaysia, for most companies the corresponding figures are 65 and 60. Plenty of room to improve. But of course is there a strong demand at these ages given the relatively younger population here?
Zurich UK Life has announced a range of new improvements to its mortgage and family protection proposition, aimed to appeal to a broad spectrum of advisers and their clients who want life and critical illness cover.
April 28, 2010

Insurance News The integration exercise post Pru-AIA merger would be challenging with the rivalry of both camps. An exodus of senior executives is not ruled out post merger.
British insurer Prudential will try to reassure investors it can seamlessly absorb the Asian arm of AIG next week when it publishes the prospectus for a record $21 billion cash call to fund the takeover.
April 27, 2010

Insurance News Prudential's largest shareholder Capital Research & Management may not be supportive of the AIA deal and may prefer the break-up of Prudential which will bring more value. The rights issue requires 75% of the votes and may not be approved without the support of Capital.
LONDON (Reuters) - Prudential is facing the makings of a shareholder revolt over its $35.5 billion deal to buy AIA, raising the prospect the deal could fail and adding to pressure for a breakup of the ...
April 27, 2010

Insurance News Financial advisers in Australia will not be allowed to receive commissions in future to avoid conflicts of interest. The commission ban applies to retail investment products but does not cover risk products.
SYDNEY:Australia announced sweeping changes to the financial planning industry yesterday, including the banning of commissions for advisers, in the wake of several high-profile corporate collapses.
April 27, 2010

Insurance News BNM's proposed TPBID has received many complaints. http://bit.ly/9jTu40 BNM will assess the feedback. The revamped plan is targeted to be finalised by Q3 this year.
THE government has received many complaints on Bank Negara Malaysia's proposal to restructure the country's third-party motor insurance policy, Deputy International Trade and Industry Minister Datuk Mukhriz Tun Mahathir said yesterday...
April 27, 2010

Insurance News AirAsia has obtained licence to carry out captive insurance in Labuan. This provides flexibility in managing and retaining its risks in aviation, maritime and liability, which should result in lower costs to AirAsia.
AIRASIA Bhd’s subsidiary AirAsia Corporate Services Ltd has received the nod to carry on a Labuan captive insurance business in, from or through tax haven Labuan.It said the primary purpose of establishing ...
April 27, 2010

Insurance News Allianz's RM611 mil rights issue is to repay RM490 mil credit facility obtained in 2007 to purchase Commerce Assurance, to increase capital in Allianz Life and Allianz General and for the purpose of working capital. The share price of Allianz fell after the announcement of rights issue.
PETALING JAYA: Allianz Malaysia Bhd (AMB) has proposed to sell irredeemable convertible preference shares (ICPS) to entitled shareholders under a plan to raise as much as RM611mil in fresh capital, the insurer told Bursa Malaysia yesterday.
April 27, 2010

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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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Sunday, 11 April 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.
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.
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.
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.
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 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.
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 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.
（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.
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.
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.
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.
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

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Sunday, 28 March 2010

News Digest 20100321-20100327

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Sunday, 21 March 2010

News Digest 20100309-20100320

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Tuesday, 9 March 2010

News Digest 20100301-20100309

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Monday, 1 March 2010

News Digest 20100223-20100301

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Tuesday, 23 February 2010

News Digest 20100203-20100223

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Saturday, 6 February 2010

News Digest 20100201-20100205

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 ...

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Saturday, 30 January 2010

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.

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Saturday, 23 January 2010

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. ...

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Thursday, 7 January 2010

Prudential buys UOB Life

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

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Wednesday, 6 January 2010

News Digest 20091116-20100106

Click this link for the news digest.

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Monday, 4 January 2010

Strategies of Prudential and Great Eastern

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

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Thursday, 10 December 2009

Findings from Retire-Meter

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

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Sunday, 15 November 2009

News Digest 20091105-20091116

Click this link for the news digest.

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Wednesday, 23 September 2009

Prudential's strategies

Prudential's new CEO has made known his strategies going forward:

On distribution:
  • Builds its telemarketing reach, possible tie-up with telcos
  • Looks for more bancassurance partners, current sole partner is Standard Chartered
  • Continues to expand its agency force (currently 10,300)
  • Turns more agents to wealth planners (1,800 as at Dec 2008)

On product strategy:

  • Relook at traditional products

On customer service, focus on 5 key service points:

  • Application is made
  • Policy is issued
  • Bill is issued
  • Policy request is made
  • Claim is made

Source: Business Times

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Sunday, 13 September 2009

UOB Life to be sold

United Overseas Bank plans to sell UOB Life and Prudential and Manulife are interested. The sale could raise US$500 mil.

Source: The Star, Business Times

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Thursday, 3 September 2009

Charlie's interview with press

Prudential's CEO Charlie E. Oropeza was interviewed by The Star. Some of the points mentioned in the interview:

  • Liberalisation: widen penetration, greater competition, encourage innovation
  • Bancassurance: complementary rather than competing
  • Consumer awareness on importance of insurance still has room to improve
  • Prudential's strategy on agency force: solutions providers, not product pushers

Source: The Star

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HLA has new CEO

HLA has promoted Loh Guat Lan from COO to CEO, replacing Charlie Oropeza who has earlier joined Prudential Malaysia as CEO.

Guat Lan is believed to be the 2nd lady CEO in life insurance industry in Malaysia after Dr Nirmala.

Statistics on HLA:

  • Gross premium growth: 17.8% (FY 6/08 to FY 6/09)
  • NB growth (CY 07 to CY 08)
    • Regular premium: 41.7%
    • Total premium: 17.7%
Source: Business Times, The Edge

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Saturday, 22 August 2009

Charlie's appointment approved

Charlie Oropeza's appointment as CEO of Prudential has been approved by BNM on 11 August 2009.

Earlier post: Charlie to become Prudential's CEO

Source: Business Times

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Tuesday, 18 August 2009

Prudential's NB grew 5%

Prudential Malaysia achieved 5% growth in new business premiums in 1H 2009.

Some figures:
  • NB annual premium equivalent (conventional + Takaful): RM285 mil (1H 09) vs RM272 mil (1H 08)
  • Agents recruited: 1,635 (1H 09), growth: 29%
  • Total agency force > 10,000

Source: The Edge

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Saturday, 15 August 2009

ASM Actuarial Idol

ASM held its first ever Actuarial Idol Singing Competition in conjuction with its 31st Annual Dinner yesterday at Grand Millennium hotel in Kuala Lumpur.

The event was attended by 170 members. 9 groups participated in the Actuarial Idol Singing Competition. The President and the Immediate Past President were invited as the judges for the competition. However, their scores carried only 50% weightage on the final results, the other 50% was dependent on the audience response. It was no surprise to see strong support groups mainly comprising the fellow colleagues of the competition participants making loud noises during the final moment before the results were finalised.

The Actuarial Idol competition was won by Isaac Chiew from Watson Wyatt, with 2 ladies from Prudential and the trio from Great Eastern winning the 2nd and 3rd places respectively. It was a night full of fun, who dare to say that actuaries are a bunch of boring people!

Earlier that afternoon, Surinderpal Singh and Jefferey Zain each presented a professional paper to the members, one on Genetic Underwriting and the other one on Takaful.

During the dinner, ASM also paid tribute to Benny Ng, a fellow actuary who passed away in April this year.





































More photos

Videos:

  1. Isaac Chiew - My Way

  2. All Contestants

Brought to you exclusively by TAS Search, your friendly actuarial recruitment agency

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posted by Teh Loo Hai @ 8:57 PM   0 Comments Links to this post

Saturday, 18 July 2009

PRUhealth

Prudential launched its new medical insurance plan - PRUhealth.

Some product features:
  • Rider to investment-linked plan
  • Covers hospitalisation, surgeries and outpatient treatments
  • Coverage up to age 100
  • No claim bonus of up to RM500 per year, withdrawn as cash or invested as extra units in ILP
  • Annual claims limit can be waived with additional premiums

Prudential has allocated RM7 mil for its advertising campaign on PRUhealth.

Source: The Star

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Friday, 26 June 2009

Prudential Korea sings different tune

It is interesting to read that in Korea, Prudential seems to sing a totally different tune than their counterparts in this region. Some of the points mentioned by the CEO in the interview are:
  • Concentrating on whole life insurance, shying away from variable life
  • Sticking to direct agency force, shying away from bancassurance, TM
  • "Insurance is for protection. For savings, one should go to the bank, and for investment one should go to a securities company. I don't think insurance companies can do these better than them"
  • Bancassurance is not good for customers
  • "When added up for lifetime, insurance premium is more expensive than a Mercedes"
  • Doubtful about banks would conduct regular financial analysis for customers

Is the market in Korea so much different from here?

Source: The Korea Times

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posted by Teh Loo Hai @ 2:56 PM   2 Comments Links to this post

Wednesday, 24 June 2009

Progress in Transformation of Agents

The following is a summary of the various initiatives taken by insurers and their progress in transforming their agents to financial planners:

Prudential

  • 1,800 out of 9,000 agents have been converted to wealth planners
  • Target another 1,800 to 2,000 this year
  • 40 - 50% agents to be wealth planners in next 5 years
  • Average productivity of agency force: RM69,000 in 2008
  • Wealth planners need to bring in RM200,000 NB annually

Great Eastern

  • Target to have 3,000 Life Planning Advisors (LPAs) by 2010
  • 600 LPAs at end of 2008

Manulife

  • Expect 300 wealth planners by end of 2009
  • Target 50% of agents (total agents: 1,500) to be wealth planners by end of 2010

Source: The Star

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Saturday, 23 May 2009

How did GE and Prudential stake up in Q1 2009?

Prudential has announced its results in Malaysia for Q1 2009 through Bernama. Its NB sales in Q1 2009 grew 17% compared with Q1 2008. This is different from 60% as reported in Prudential's website.

APE for both insurance and takaful sales for Q1 2009 was RM122 mil, for Q1 2008 it was RM105 mil.

GE reported APE for Q1 2009 of RM170 mil. Prudential advertised that it had attained the top position in Malaysia early in the year. LIAM subsequently denied that it issued any public information on the ranking of life insurance companies.

Source: The Star, Business Times

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Sunday, 17 May 2009

Prudential's 2009 Q1 Results

Highlights of Prudential's 2009 Q1 results:

  • Sales was down 5% groupwide compared with 2008 Q1
  • In Asia, sales was down 11%, regular premiums declined 2%, single premiums decreased 72%
  • Linked business was 40% (2009 Q1) and 62% (2008 Q1) of total APE

In Malaysia:

  • Achieved APE of £24 mil, up 60%, premiums for protection benefits was 50% of APE
  • 500 new agents added
  • APE per active agent increased 10%

Source: The Star, Prudential

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Thursday, 14 May 2009

Charlie to become Prudential's CEO

HLA's group MD & CEO Charlie E. Oropeza is tipped to be Prudential's next CEO. Charlie's last day with HLA is believed to be at the end of May.

Prior to joining HLA on 11/7/2007, Charlie was the CEO of Prudential Vietnam and Indonesia.

Source: The Star

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posted by Teh Loo Hai @ 2:10 PM   1 Comments Links to this post

Saturday, 2 May 2009

Insurance cover for HIV-positive

PruProtect, a joint venture between Prudential and a South African firm, is offering life insurance cover for HIV-positive people in UK.

The sum assured is up to £250,000 for a maximum term of 10 years.

Not all HIV-positive people will be able to get cover, initially the target is 7% of these people. In the near future, this will move up to 20%.

Source: Telegraph

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Tuesday, 7 April 2009

Prudential buys over agents

Prudential Singapore is buying over agents from competitors by offering a 'buy-over' package. Prudential targets to recruit 2,000 agents this year, to grow its existing pool of 3,500 to 4,500 by end of the year.

The 'buy-over' package consists of payment to new recruits an average of their past 2 years' income spread over the next 24 months, in addition to the commission of their new sales. The condition is the new recruits must sell as much as they have done over the past 2 years.

Other industry statistics:
  • AIA: current agency force - 4,000, targets to recruit 1,000 this year
  • Great Eastern: current agency force - 2,534, targets to recruit 60 to 80 per month

Source: Strait Times

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Monday, 30 March 2009

Insurers to cut bonuses

Policyholders in Singapore can expect their bonuses on endowment and whole life policies to be cut following a dismal investment performance in 2008.

Company that have decided to cut: Great Eastern
Company yet to decide: AIA
Companies declined to comment: Prudential, NTUC Income, Manulife
Company not cutting: TM Asia

Source: Asiaone

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Friday, 20 March 2009

Prudential to change CEO

Prudential's chief executive, Mark Tucker, will step down in September 2009, to be replaced by the CFO, Tidjane Thiam.

Meanwhile, Prudential's new business profit in Asia grew 15% to £741 mil in 2008.

Source: Insurance Daily

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Monday, 9 March 2009

AIA to be split from AIG

AIA will be separated from AIG and put into a specially created separate legal entity, subject to regulatory approvals.

In a move to convince policyholders, AIA announced that it had a solvency ratio on a pro forma basis of >200% of regulatory requirements as of 30/11/2008 and with A+ rating from S&P.

Other statistics on AIA across 13 Asian markets:
  • >US$60 bil assets under management
  • >250,000 agents, >52,000 agents recruited in 2008
  • 20,000 employees
  • 20 mil customers

Meanwhile, 2 bidders (Prudential and Manulife) for AIA bidded well below AIG's target of US$20 bil. AIG will consider an IPO.

Source: The Star

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