News Digest 20100321-20100327

Click here for news digest.

News Digest 20100309-20100320

Click here for the 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. ...

PanGlobal's licence revoked

PanGlobal Insurance will have its licence revoked with effect from 13/4/2009, after the approval for its sale to TMIM is granted.

Source: Bursa

Stake in HLA to be sold?

Hong Leong Financial Group Bhd does not rule out "strategic partnership/alliance options with potential partners that could assist HLA to expand and grow its business".

It was earlier reported that HLFG was planning to sell a stake in HLA to a well capitalised foreign company. Tokie Marine & Nichido Fire Insurance Co Ltd was rumoured to be a potential partner.

Source: Business Times, Bursa

Non-life merger in Japan

Japan's No. 2 (Mitsui Sumitomo), No. 4 (Aioi) and No.6 (Nissay Dowa) general insurance companies are in talks to merge. A basic agreement could be reached by March 2009, pathing the way for the formation of the largest non-life insurance company in Japan, surpassing No. 1 Tokio Marine.

Source: The Star

Pan Global Purchase Approved

BNM has approved the purchase of PanGlobal Insurance Berhad by Tokio Marine Insurans (Malaysia) Berhad, subject to the latter complying with the margin of solvency requirement under Section 46(1) of the Insurance Act 1996.

Our earlier post on this story >>

Source: Bursa Malaysia

Tokio Marine to Acquire PanGlobal

PanGlobal has applied to BNM for approval to sell its general insurance business to Tokio Marine Insurance Malaysia for RM15 mil.

Source: Business Times

One Less Suitor for Tahan

Shriram Capital Ltd has pulled out from the negotiation to acquire Tahan. Meanwhile Tokio Marine continues to be in negotiation with Idaman Unggul on the acquisition of Tahan.

Source: Bursa Malaysia

Tokio Marine Interested in Tahan

Tokio Marine Asia Pte Ltd has expressed its interest in acquiring the general insurance business of Tahan. BNM has given approval for Tokio Marine to enter into negotiations with Tahan.

Source: Bursa Malaysia