Insurance News
Brief insurance news and digest for the busy executives. A handy insurance news archive with main focus on Malaysia. Disclaimer: While all attempts are made to ensure the accuracy of the news herein, we will not be liable for any loss arising from the use of any information contained in this blog. You may reproduce materials published here provided the source (news.actuaries.com.my) is properly acknowledged.
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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
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
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
April 23, 2010
Insurance News Takaful Ikhlas aims to increase its contributions from Sarawak operations from RM18 to RM25 mil. http://bit.ly/alKSrf
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
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
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
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
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
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
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
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
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
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
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
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
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
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
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
April 18, 2010
Labels: AIA/AIG, AXA Affin, BNM, Etiqa, Great Eastern, HSBC, Jerneh, Merger, OAC, Pacific Insurance, Prudential, Takaful Ikhlas, Takaful Malaysia, TPBID
Sunday, 21 March 2010
News Digest 20100309-20100320
Click here for the news digest.
Labels: Accounting, AIA/AIG, Allianz, AmAssurance, BNM, Kurnia, Merger, Motor Insurance, Products, Prudential, Retirement, Takaful Ikhlas, Takaful Malaysia, Tokio Marine
Monday, 1 March 2010
News Digest 20100223-20100301
Click this link for the news digest.
Labels: AIA/AIG, Allianz, ASM, AXA Affin, BH Insurance, BNM, Financial Advisors, Manulife, Merger, Motor Insurance, Prudential, RBC, Takaful Ikhlas, Takaful Malaysia
Tuesday, 23 February 2010
News Digest 20100203-20100223
Click this link for news digest.
Labels: Accounting, AmAssurance, AXA Affin, Bancassurance, BH Insurance, BNM, Etiqa, Great Eastern, Lofsa, MCIS, Merger, OAC, Prudential, RHB Insurance, Takaful Ikhlas, Uni.Asia
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. ...
Labels: Allianz, Business Targets, Etiqa, Executive Movement, Great Eastern, MCIS, Merger, Multi-Purpose, Products, Prudential, Takaful, Takaful Ikhlas, Tokio Marine
Tuesday, 1 September 2009
8.5% growth for MNRB Group
MNRB is projecting 8.5% growth in revenue for FY 3/2010 comapred with 20% achieved in FY 3/2009:
- Malaysian Re: 15-20% growth compared to 20% growth in FY 3/2009
- Takaful Ikhlas: RM600 mil gross contributions for FY 3/2010 (RM580.5 mil FY 3/2009)
- MNRB Retakaful: 30% growth for overseas business
Source: Business Times, The Star
Labels: Business Targets, Malaysian Re, MNRB, Takaful Ikhlas
Wednesday, 20 May 2009
Ikhlas Hajj Savings Takaful
Takaful Ikhlas launched Ikhlas Hajj Savings Takaful in Kuching today.Product features:
- Investment-linked plan
- Protection and savings plan for the purpose of performing haj
- Entry age: 30 to 60 years
- Covers TPD, critical illnesses
Target contributions: RM3 mil in FY 03/2010.
Labels: Business Targets, Products, Takaful Ikhlas
Thursday, 23 April 2009
Ikhlas Big Bike Takaful
Takaful Ikhlas has launched Ikhlas Big Bike Takaful and is targeting RM2mil in contributions for FY 31/3/2010.Product features:
- Covers superbikes of 500cc and above.
- Coverage on loss of life or damage to the machines due to accident or theft.
- Provides assistance in case of any breakdown.
There are about 9,000 big bikes in Malaysia.
Source: The Star
Labels: Business Targets, Friends Provident, Takaful Ikhlas
Wednesday, 22 April 2009
Takaful Ikhlas to reduce reliance on motor
Takaful Ikhlas is targeting its gross contributions at RM600 mil for 2010. This will be achieved by increasing contributions from family takaful and reduce general takaful contributions from motor.Other relevant information:
- RM520 mil was targeted for FY 31/3/2009. Results out soon.
- Achieved RM428 mil contributions in FY 31/3/2008.
- Family:General mix = 80:20
- Motor forms 70% of General Takaful portfolio, target to reduce to 50% by 2011
Source: Business Times
Labels: Business Targets, Takaful Ikhlas
Saturday, 22 November 2008
MNRB posts poor Q2 results
MNRB has reported a net loss of RM13.3 mil in Q2 or RM7.55 mil loss in H1 on higher revenue. Reasons of the poor performance are:- Higher reinsurance claims due to disasters: heavy snowstorm and earthquake in China, floods in Jakarta, cyclone in Myanmar and storms in Europe
- Additional provision for diminution of investments in quoted securities
MNRB also dismissed rumours that its wholly-owned Takaful Ikhlas has attracted bids from three companies, as reported by the Malaysian Reserve.
Meanwhile, Takaful Ikhlas continues to deliver strong results with a net profit of RM6.35 mil, up from RM2.67 mil.
Source: The Star, Business Times
Labels: Merger, MNRB, Takaful Ikhlas
Monday, 17 November 2008
Foreign parties interested in stake in Takaful Ikhlas
The Malaysian Reserve reported that 3 international insurers and an international bank are interested in acquiring a stake in Takaful Ikhlas. However, MNRB has not made a decision on the sale of a stake in Takaful Ikhlas yet. Takaful Ikhlas is looking for a foreign partner that can help it to expand overseas.Source: Reuters
Labels: Merger, Takaful Ikhlas
Thursday, 6 November 2008
RHB Islamic Ties Up with 2 Takaful Operators
RHB Islamic has tied up with Takaful Ikhlas and MAA Takaful to distribute products of the two takaful operators.
Source: Business Times
Labels: MAA, Takaful Ikhlas
Tuesday, 14 October 2008
Takaful Ikhlas Eyes 20% Market Share
Takaful Ikhlas which current has 11% takaful market share is aiming to achieve 20% market share in 2010.In FYE 31 March 2008, the company collected RM428 mil contribution. For FY2009, the targeted contribution is RM520 mil, but this has been subsequently revised to RM600 mil.
Source: Business Times
Labels: Business Targets, Takaful Ikhlas
Friday, 3 October 2008
Takaful Ikhlas to Apply for ICBU Licence
Takaful Ikhlas is planning to apply for international currency business unit (ICBU) licence in 2009. It is currently in discussion with a few parties in GCC (Gulf Cooperative Council), the Middle East and North Africa regions to distribute its family takaful products.Source: Business Times
Labels: Business Targets, Takaful Ikhlas
Tuesday, 30 September 2008
MNRB's Regional Plan
MNRB's main focus in the next few years will be overseas especially in takaful and reinsurance businesses:- Takaful Ikhlas is eyeing the Egyptian (population: 70 mil, penetration rate: 1%) and Indonesian takaful markets
- Takaful venture in Egypt will be with selected partners
- Not ruling out strategic partner for Takaful Ikhlas in Malaysia
- Indonesia has no proper legislation on Islamic Insurance, potential will be tremendous once legislation framework is in place
- Reinsurance business made some inroads to Japan, the Middle East, North Africa and Eastern European countries
- Retakaful will focus in Malaysia, the world's largest takaful player
Source: The Star
Labels: Business Targets, Merger, MNRB, Takaful Ikhlas
Tuesday, 26 August 2008
MNRB Counts on Takaful
MNRB expects its takaful and retakaful businesses to drive revenue growth in the coming years.Some facts:
- Takaful Ikhlas' gross contributions: RM428 mil (FY08) vs RM224 mil (FY07)
- Takaful Ikhlas' net profit: RM11.4 mil (FY08) vs RM1 mil (FY07)
- MNRB Retakaful profit after tax and zakat: RM1.9 mil in first 8 months
- Overseas reinsurance business: currently 18% of its revenue; target: 25% of revenue (FY09)
- MNRB's net profit: RM170.44 mil (FY08) vs RM129.47 mil (FY07)
Source: The Star
Labels: Takaful Ikhlas
Wednesday, 2 July 2008
AmHigh Takaful
AM Islamic Bank has teamed up with Takaful Ikhlas to sell bancatakaful products. 2 investment-linked plans were launched recently: Single Premium (SP) and Regular Premium (RP).Some product features:
- Minimum contribution: RM200 per month (RP), RM5,000 (SP)
- Term: 10 - 52 years (RP), 1 to 52 years (SP)
- Entry age: 18 to 60
- Death benefit: higher of NAV or sum insured
- Sum insured (SP): 125% (entry age 18 - 50) or 105% (entry age 51 - 60) of single contribution
- Sum insured (RP): 60% or 100% of total expected regular contributions
- Death benefit excludes AIDS related death
- Up to 50% of NAV invested overseas
- 2 funds: AmHigh Islamic Cash and AmHigh Islamic Equity
Sales targets: 11,000 certificates worth RM40 mil
Source: The Star & TAS Research
Labels: Products, Takaful Ikhlas
Wednesday, 25 June 2008
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
Labels: Mayban, Takaful Ikhlas
Monday, 28 April 2008
News in Brief
- Prudential and Bank AlJazira in joint venture to conduct takaful business in Saudi Arabia. More >>
- Takaful Ikhlas provides Group PA cover for 104,480 Rukun Tetangga members and paid out RM400,000 claims so far in 2 years. More >>
- Axa Affin Life launched an online game on balancing wealth and quality of life, with top prize of RM50,000.
Labels: AXA Affin, Prudential, Takaful Ikhlas
Monday, 21 April 2008
Takaful Ikhlas Targets 6 Million Clients
After spending at least 1/2 hour scratching my head, I think I finally figured out what the above eye-catching news heading really mean.My first interpretation on the heading was Takaful Ikhlas would get 6 mil clients within 12 months for its Medic Assist Takaful, which is a typical H&S scheme. The 6 mil figure would have put Takaful Ikhlas the largest insurer/takaful operator in Malaysia in terms of policy owners, overtaking the big giants including Great Eastern, AIA, ING and Prudential!
Also given the cheapest contribution for Medic Assist Takaful is RM257, 6 mil customers would bring in at least RM1.5 bil contributions, this is much higher than the 2009 target set by Takaful Ikhlas for the whole company, i.e. RM520 mil.
6 mil clients also means about 1 in 4 Malaysians would sign up for the scheme!
My conclusion is the news heading is misleading, "targets" does not necessarily mean "100% success rate". The 6 mil could be the number of unit trust investors in Malaysia (does anyone know how many unit trust investors are there in Malaysia?).
[Latest News] It is confirmed that the 6 mil clients is a mistake! An advertorial published in Business Times on 22 April confirmed that it should be RM6 mil contributions instead. This works out to be 6,000 clients per year!!!
Source: Bernama & Takaful Ikhlas
Labels: Business Targets, Products, Takaful Ikhlas
Sunday, 20 April 2008
Housing Loan Scheme Promising for Takaful Ikhlas
Takaful Ikhlas is counting on the government housing loan scheme to bring in RM70 mil contributions for FYE March 2009. For FYE 2008, the scheme contributed RM40 mil. Labels: Business Targets, Takaful Ikhlas
Friday, 21 March 2008
Captor for Takaful Ikhlas
Takaful Ikhlas has teamed up with Captor Retail Sdn Bhd to offer its contributors a vehicle security system at RM1,998. The contributors will also get a free PA takaful of RM50,000 sum covered.Labels: Motor Insurance, Takaful Ikhlas
Tuesday, 18 March 2008
Takaful Ikhlas Targets RM520 mil Contributions

Syed Moheeb Syed Kamarulzaman said the target would be achieved through new business strategy and strengthening of internal resources.
Takaful Ikhlas will establish new regional offices in Kuantan, Melaka, Putrajaya and Ipoh. Currently the company has 6 regional offices and 1,009 agents.
http://www.bernama.com.my/bernama/v3/news_business.php?id=321026
Labels: Business Targets, Takaful Ikhlas
