1. Friends Life-AMMB in Family Takaful Venture
Business Times, 6/1/2012
Friends Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year. It is understood that the joint venture, AmFamily Takaful Bhd, will offer three major products lines, namely protection, investment-linked savings and pensions. According to a spokesperson, AmFamily Takaful, which is 30 per cent owned by Friends Life, plans to launch the products in the first quarter of 2012. "This is an exciting development and position us well to participate in the ongoing growth in the Asian region," Friends Life international managing director John Van Der Wielen said in a statement.. 
2. Prudential's New Chief Risk Officer
Business Times, 4/1/2012
Kuala Lumpur: Prudential Assurance Malaysia Bhd has appointed Bernard Chang Tze Wah as its new chief risk, compliance and legal officer, with effect from October 2011. Chang, with over 11 years of diversified exposure in legal, compliance, risk management and corporate secretarial functions, will advise Prudential Assurance Malaysia on matters pertaining to legal, regulatory and statutory requirements..
3. Swiss Insurer Mulls MCIS Zurich Exit Option
The Sun Daily, 5/1/2012
Petaling Jaya: Zurich Financial Services Group, a leading insurance group, is in talks with its partners in MCIS Zurich Insurance Bhd to look into various options regarding its 40% stake in the latter. This comes in the wake of its recent acquisition of Malaysian Assurance Bhd (MAAB). Under the regulations, insurers are not allowed to own more than one insurance company in Malaysia. Thus, the Zurich Group has to look at an exit option for its MCIS Zurich stake. "We are discussing the options for MCIS Zurich. Zurich currently owns 40% stake in MCIS Zurich," Phil Smith, head of special projects, global life Asia-Pacific and Middle East told SunBiz in an email reply yesterday. MAAB's CEO Chee Cheong said Zurich is fully committed to the Malaysian insurance market and looks forward to a long and prosperous relationship with the various stakeholders in the market..
4. Insurance Company Eyes New Markets
The Hindu, 6/1/2012
Star Health and Allied Insurance Company was looking at new markets to drive growth, said its vice-president A.M. Mallesh. Addressing a press conference here on Thursday, he said that while Tamil Nadu accounted for 30 per cent of Rs. 1,250 crore raised in premium in the previous fiscal, Star Health had already generated Rs. Rs. 150 crore in Maharashtra and Rs. 80 crore in Karnataka in retail business alone without any government contracts. The company was focussing on the North-East with a sales officer stationed at Sikkim. Star Health, which had implemented the previous government's Kalaignar health insurance scheme for a year, was looking to repeat last year's performance in premiums. Of the same target of Rs. 1,250 crore, the company had already raised Rs. 840 crore by December..
5. Life Insurance Industry Projects Moderate Growth
Business Times, 5/1/2012
Malaysia's life insurance new business premium is anticipated to moderately grow between 14 per cent and 15 per cent this year, compared with the lower double-digit growth in 2011. The Life Insurance Association of Malaysia (LIAM) believes that growth would hinge upon several market opportunities. "Among the factors (for growth) are the current low penetration rate of life insurance at about 42.83 per cent, which would spur internal market demand, the government's Economic Transformation Programme and higher tax incentives for retirement products that would provide a platform for growth of the life insurance sector," it told Business Times. It also added that the new private retirement scheme administrated by the Securities Commission of Malaysia would be a source of growth in the coming year..
6. Confusion On Medical Insurance Coverage
The Malay Mail, 4/1/2012
In general, the Hospital & Surgical Insurance (HSI) policy covers you against expenses incurred whilst you are hospitalised, due to a covered illness or as a result of an accident. Generally, you would only be covered as an in-patient unless it is an emergency out-patient treatment due to an accident. In addition, day surgeries are also covered for certain procedures nowadays, like cataract operation, whereby you need not stay overnight at the hospital. With the “Day Surgery” benefit, you need not purposely stay a night to qualify for the coverage and this reduces your total medical costs. A HSI policy usually covers hospital accommodation and nursing expenses, surgical expenses (surgeon’s fees & costs associated with surgery), physicians’ expenses and in-patient tests..
7. Earthquakes Prompt Record Insurance Claims in 2011
The Sun Daily, 5/1/2012
Natural disasters, led by catastrophic earthquakes in Japan and New Zealand, cost a record US$380 billion in 2011, more than double the figure for 2010 and triple the average for the past decade, insurance experts reported on Wednesday. Insurance industry losses from these disasters reached a record US$105 billion in 2011, according to Munich Re, the world's biggest reinsurer. The cost to insurers from the earthquake and tsunami in Japan in March, which caused nearly 16,000 deaths, was estimated at US$35 billion to US$40 billion, the company said in its annual review of the prior year's natural disasters..
8. Century's Thai Unit To Be Restored By 1Q
The Edge Malaysia, 4/1/2012
Kuala Lumpur: Century Logistics Holdings Bhd said restoration works for flood damages on its distribution centre in Thailand are expected to be completed by the end of the first quarter (1Q) this year. In a statement to Bursa Malaysia yesterday, Century said flood waters surrounding its distribution centre in Rojana Industrial Park, Ayutthaya receded on Nov 28. The distribution centre is held under Century's indirect 90%-owned subsidiary, Century Resources (Thailand) Ltd (CRT). "Based on the preliminary assessment conducted by the loss adjustors of the insurers, there was clear indication that the 2.5 metres of floods since Oct 7 had caused some rust, corrosion and general..
9. JAL Plans Up To US$13bil IPO Share Sale Of Japan Airlines Could Happen As Early As September, According To Sources
The Star, 6/1/2012
Tokyo: Japan Airlines Co, the carrier that exited bankruptcy last year, is planning an initial public offering that may raise as much as 1 trillion yen (US$13bil) as early as September, two people familiar with the matter said. The government-backed fund that holds about 97% of JAL's voting rights and other investors are considering selling 500 billion yen to 1 trillion yen of shares, said the people, who declined to be identified because the process is private. Taro Namba, a spokesman for Tokyo-based JAL, declined to comment on the size of the planned sale. Nomura Holdings Inc and Daiwa Securities Group Inc will lead the offering, Namba said, as JAL prepares for what could be among the two biggest Japanese IPOs since 1998. The airline, which delisted in.. |
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1. Friends Life-AMMB in Family Takaful Venture
Business Times, 6/1/2012
Friends Life PPL Ltd, a UK-based pension, life and investment firm will roll out a family takaful business in Malaysia with its local partner AMMB Holdings Bhd this year. It is understood that the joint venture, AmFamily Takaful Bhd, will offer three major products lines, namely protection, investment-linked savings and pensions. According to a spokesperson, AmFamily Takaful, which is 30 per cent owned by Friends Life, plans to launch the products in the first quarter of 2012. "This is an exciting development and position us well to participate in the ongoing growth in the Asian region," Friends Life international managing director John Van Der Wielen said in a statement..
2. Prudential's New Chief Risk Officer
Business Times, 4/1/2012
Kuala Lumpur: Prudential Assurance Malaysia Bhd has appointed Bernard Chang Tze Wah as its new chief risk, compliance and legal officer, with effect from October 2011. Chang, with over 11 years of diversified exposure in legal, compliance, risk management and corporate secretarial functions, will advise Prudential Assurance Malaysia on matters pertaining to legal, regulatory and statutory requirements..
3. Swiss Insurer Mulls MCIS Zurich Exit Option
The Sun Daily, 5/1/2012
Petaling Jaya: Zurich Financial Services Group, a leading insurance group, is in talks with its partners in MCIS Zurich Insurance Bhd to look into various options regarding its 40% stake in the latter. This comes in the wake of its recent acquisition of Malaysian Assurance Bhd (MAAB). Under the regulations, insurers are not allowed to own more than one insurance company in Malaysia. Thus, the Zurich Group has to look at an exit option for its MCIS Zurich stake. "We are discussing the options for MCIS Zurich. Zurich currently owns 40% stake in MCIS Zurich," Phil Smith, head of special projects, global life Asia-Pacific and Middle East told SunBiz in an email reply yesterday. MAAB's CEO Chee Cheong said Zurich is fully committed to the Malaysian insurance market and looks forward to a long and prosperous relationship with the various stakeholders in the market..
4. Insurance Company Eyes New Markets
The Hindu, 6/1/2012
Star Health and Allied Insurance Company was looking at new markets to drive growth, said its vice-president A.M. Mallesh. Addressing a press conference here on Thursday, he said that while Tamil Nadu accounted for 30 per cent of Rs. 1,250 crore raised in premium in the previous fiscal, Star Health had already generated Rs. Rs. 150 crore in Maharashtra and Rs. 80 crore in Karnataka in retail business alone without any government contracts. The company was focussing on the North-East with a sales officer stationed at Sikkim. Star Health, which had implemented the previous government's Kalaignar health insurance scheme for a year, was looking to repeat last year's performance in premiums. Of the same target of Rs. 1,250 crore, the company had already raised Rs. 840 crore by December..
5. Life Insurance Industry Projects Moderate Growth
Business Times, 5/1/2012
Malaysia's life insurance new business premium is anticipated to moderately grow between 14 per cent and 15 per cent this year, compared with the lower double-digit growth in 2011. The Life Insurance Association of Malaysia (LIAM) believes that growth would hinge upon several market opportunities. "Among the factors (for growth) are the current low penetration rate of life insurance at about 42.83 per cent, which would spur internal market demand, the government's Economic Transformation Programme and higher tax incentives for retirement products that would provide a platform for growth of the life insurance sector," it told Business Times. It also added that the new private retirement scheme administrated by the Securities Commission of Malaysia would be a source of growth in the coming year..
6. Confusion On Medical Insurance Coverage
The Malay Mail, 4/1/2012
In general, the Hospital & Surgical Insurance (HSI) policy covers you against expenses incurred whilst you are hospitalised, due to a covered illness or as a result of an accident. Generally, you would only be covered as an in-patient unless it is an emergency out-patient treatment due to an accident. In addition, day surgeries are also covered for certain procedures nowadays, like cataract operation, whereby you need not stay overnight at the hospital. With the “Day Surgery” benefit, you need not purposely stay a night to qualify for the coverage and this reduces your total medical costs. A HSI policy usually covers hospital accommodation and nursing expenses, surgical expenses (surgeon’s fees & costs associated with surgery), physicians’ expenses and in-patient tests..
7. Earthquakes Prompt Record Insurance Claims in 2011
The Sun Daily, 5/1/2012
Natural disasters, led by catastrophic earthquakes in Japan and New Zealand, cost a record US$380 billion in 2011, more than double the figure for 2010 and triple the average for the past decade, insurance experts reported on Wednesday. Insurance industry losses from these disasters reached a record US$105 billion in 2011, according to Munich Re, the world's biggest reinsurer. The cost to insurers from the earthquake and tsunami in Japan in March, which caused nearly 16,000 deaths, was estimated at US$35 billion to US$40 billion, the company said in its annual review of the prior year's natural disasters..
8. Century's Thai Unit To Be Restored By 1Q
The Edge Malaysia, 4/1/2012
Kuala Lumpur: Century Logistics Holdings Bhd said restoration works for flood damages on its distribution centre in Thailand are expected to be completed by the end of the first quarter (1Q) this year. In a statement to Bursa Malaysia yesterday, Century said flood waters surrounding its distribution centre in Rojana Industrial Park, Ayutthaya receded on Nov 28. The distribution centre is held under Century's indirect 90%-owned subsidiary, Century Resources (Thailand) Ltd (CRT). "Based on the preliminary assessment conducted by the loss adjustors of the insurers, there was clear indication that the 2.5 metres of floods since Oct 7 had caused some rust, corrosion and general..
9. JAL Plans Up To US$13bil IPO Share Sale Of Japan Airlines Could Happen As Early As September, According To Sources
The Star, 6/1/2012
Tokyo: Japan Airlines Co, the carrier that exited bankruptcy last year, is planning an initial public offering that may raise as much as 1 trillion yen (US$13bil) as early as September, two people familiar with the matter said. The government-backed fund that holds about 97% of JAL's voting rights and other investors are considering selling 500 billion yen to 1 trillion yen of shares, said the people, who declined to be identified because the process is private. Taro Namba, a spokesman for Tokyo-based JAL, declined to comment on the size of the planned sale. Nomura Holdings Inc and Daiwa Securities Group Inc will lead the offering, Namba said, as JAL prepares for what could be among the two biggest Japanese IPOs since 1998. The airline, which delisted in.. |
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Announcement Dear MII & KC members, We are pleased to inform that Knowledge Management Centre of Bank Negara Malaysia (BNM), located at Sasana Kijang is now open to public. It was officiated by The Prime Minister of Malaysia, Y.A.B Datuk Seri Mohd Najib Tun Abdul Razak on 14th September 2011. Besides the BNM staffs, the Knowledge Management Centre can also be visited by the public. Among the facilities offered are discussion room, research area, multimedia room, internet access and a lot more. KMC, BNM opening hours start from 7.30 am - 6.30 pm (Monday to Friday). Should you be interested to make an official visit to KMC BNM, kindly please contact Encik Ghazali Mohamed Fadzil at
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or Puan Masyitah Md Isa at
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. Thank you. |
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Last Updated ( Tuesday, 03 January 2012 )
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1. Insurance Industry To See More Consolidation, Says OSK
Bernama, 27/12/2011
Kuala Lumpur: OSK Research Sdn Bhd expects more consolidation in the local insurance space in the future. The research firm said that local insurance companies had become attractive mergers and acquisition targets for foreign players, after Bank Negara Malaysia raised the foreign ownership limit to 70 per cent from 49 per cent. "The industry's premium income has been on an uptrend and is likely to stay that way, whether in good or bad times, based on historical trends," OSK said in a statement Tuesday. Overall, it said, premium income growth is positively correlated with the consumer sentiment index (CSI)..
2. Aman To Host Takaful Course In Dubai
Trade Arabia, 20/12/2011
The Dubai Islamic Insurance and Reinsurance Company (AMAN), the largest Islamic Insurance provider in the UAE, in partnership with UAE Takaful Re and MNRB Malaysia, has announced plans to host 'Fundamentals of Takaful,' a three-day educational course on Takaful, which will be held from January 9, 2012 to January 11, 2012 at the Al Murooj Rotana Hotel in Dubai. The event will be inaugurated by Fatima Mohammed Ishaq Al Awadi, deputy director general, UAE Insurance Authority, and will also give the opening keynote address. ‘Fundamentals of Takaful’ will follow a training course specially designed by the Malaysian Insurance Institute (MII), a leading insurance education and training institution, and is also part of AMAN’s quality-based initiative to raise further awareness on the importance of Takaful products and services for UAE..
3. M&A Activities To Spur Insurance Sector in 2012
The Edge Malaysia, 28/12/2011
Petaling Jaya: Merger & acquisition (M&A) activities, which has kept the financial services industry bustling this year, is expected to continue in 2012, particularly in the insurance sub-sector, a PricewaterhouseCoopers official said. Angie Wong, PricewaterhouseCoopers Malaysia's executive director of financial services said M&A in the local insurance scene would continue to be spurred by low penetration rates in the life insurance market as well as the fragmented general insurance business, thanks to a relatively mature regulatory environment. The government's decision to liberalise ownership structures..
4. Southwestern China Region Buys Insurance For Residents Prone To Animal Attacks
Bernama, 28/12/2011
Kunming, China: Residents who have suffered animal attacks in the southwestern region of Xishuangbanna this year will receive 9 million yuan (US$1.43 million) in compensation from a government-funded insurance project, local authorities said Wednesday. This year's compensation more than doubled the 4 million yuan offered in 2010, as the government in Xishuangbanna Dai autonomous prefercture of Yunnan province paid more for insurance in 2010 to make sure it would cover all state-protected wild animals in the region, said Chen Yong, head of the prefecture's wild animal conservation station. The insurer has already paid villagers 4.57 million yuan and it is still processing the rest of the claims, Xinhua news agency..
5. Insurance Sector In For Further Consolidation
The Star, 29/12/2011
Petaling Jaya: More excitement might be in store for the local insurance industry as it goes into further consolidation in 2012 after a year laden with numerous corporate exercises. An analyst with a local research house said there might be further consolidation in the industry, with the authorities raising foreign ownership limit and the need for local insurers to buff up their capital under the risk-based capital (RBC) framework implemented in 2009. The RBC framework implemented under the Insurance Act 1996 aims to enhance insurers' underwriting procedures, as well as technical expertise in assets and liabilities..
6. Men Take Lead In FInancial Decisions, Reveals HSBC Report
Bernama, 29/12/2011
Kuala Lumpur: Men are taking the lead in decision-making across most aspects of financial planning, according to a HSBC's report. The report, entitled "the Future of Retirement: Why family matters", said 68 % per cent of Asian men and 65 per cent of men worldwide said that they made all or most of the financual decisions in the household, compared with 58 per cent and 53 per cent of women in Asia and globally, respectively. In a statement today, HSBC said according to the report, the only exception in Asia was China, where 63 per cent of women claimed they make all or most of the financial decisions..
7. Company Ends The Year With A Kind Deed
The Star, 30/12/2011
While many herald the new year with parties, the Tokio Marine Life Insurance Bhd staff members decided to do something close to their hearts — charity. Bearing gifts, 15 staff members brought cheer to children of Yayasan Sunbeams Home. They greeted the 94 children with a special breakfast and later entertained them with games. During the visit, the company also contributed RM10,000 along with grocery items to the home. The money was raised by Tokio Marine Life staff members. Company deputy chief exe-cutive officer Jun Tokura said the contribution was their gesture of spreading happiness among the children as they join.. |
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1. 2012 Could Prove Even Wilder Ride Than 2011
Reuters, 15/12/2011
London: The ancient Mayans attached special significance to 2012, possibly the end of time. That has spawned a rush of apocalyptic literature for the holiday season. But you don't have to believe the world is about to end to realise that next year contains perhaps the widest range of political risks to the global economy in recent history. With elections and leadership changes in the most powerful countries, Europe in crisis, ferment in the Middle East and worsening economic hardship driving unrest and discontent everywhere, 2012 could be just as volatile as 2011 if not worse. The current year may yet carry a sting in its tail, with worries over the euro and jitters over a possible Israeli strike on Iran likely to keep financial markets and policymakers on tenterhooks all the way to the New Year..
2. Over 1,000 Books Donated To Children From Pertubuhan Rahoma Darul Fakir
Bernama, 19/12/2011
Kuala Lumpur: Prudential BSN Takaful Berhad (PruBSN) Launched Its Fifth Mini Library At Pertubuhan Rahoma Darul Fakir Today In Conjunction With The Company’s Flagship CSR Initiative A-Book, A-Child, A-Week. The Launch, Officiated By Encik Azim Mithani, The Chief Executive Officer Of PruBSN Saw 36 Children Receiving Over 1,000 Books For Children Aged Between 7 To 17 Years Old Donated By The Company, Its Staff And Agents. The company has established one mini library in the vicinity of each of its five branches in Petaling Jaya, Sungai Petani, Kota Bharu, Johor Baharu and today in Kuala Lumpur. This CSR initiative was rolled out in conjunction with the company’s 5th anniversary this year. “With the gift of books – the gift of knowledge, we hope that we touch and change the lives of these children for the better”. He added that the company plans to open more mini libraries when it expands its branch network in Malaysia..
3. Prudential Assurance Malaysia Reports 14 Per Cent Growth in 3Q11, New Business APE Increases To RM293 million
The Borneo Post, 27/12/2011
Kuching: Prudential Assurance Malaysia Bhd (PAMB) posted a 14 per cent growth in the third quarter of 2011 (3Q11) which saw its new business annual premium equivalent (APE) increasing to RM293 million from RM258 million recorded in the same quarter a year earlier. Similarly, its year-to-date APE, which consists of life insurance sales and takaful contributions, rose 13 per cent to RM743 million from RM655 million recorded in the same period of 2010. Takaful products distributed by PAMB are underwritten by Prudential BSN Takaful Bhd. Commenting on the quarterly result, PAMB’s chief executive officer, Charlie Oropeza said, “We have maintained our excellent momentum since the start of the year and consistently delivered positive double-digit growth against a very good set of numbers. “Our growth is underpinned by the high productivity of our agency force, an expanding Bancassurance business, strong business mix and continuous product innovation.” Besides focusing on the long term sustainability of the business, the company also launched PRUkasih recently, its latest corporate social responsibility (CSR) project which taps the fundamentals of its business of providing protection to people..
4. Two Insurance Schemes To Protect Syabas Workers
The Star, 28/12/2011
Kuala Lumpur: Syarikat Bekalan Air Selangor (Syabas) has two insurance schemes – Group Personal Accident Takaful Scheme and Group Life Takaful Scheme – to cover all its employees. Syabas technical development division executive director V. Subramaniam said both schemes had been in effect since Syabas began managing water supply in Selangor, Kuala Lumpur and Putrajaya in 2005. “Previously, our staff could only depend on Socso or private insurance plans,” he said after handing over insurance compensation of RM239,000 to the next of kin of three of its employees who had died..
5. Women Loses Car To Conman
The Star, 30/12/2011
Kuala Lumpur: A real estate agent regrets the day she opted for a “hassle-free” way to sell her Smart car. Not only did she lose her car to a conman, Santha Devi Govindaraj, 52, has to continue paying the RM950 monthly instalments and still owes the bank another RM43,000 for a car she no longer owns. Santha Devi hired a private investigator to track down the man after realising that she was conned when he stopped answering her calls. “We managed to track him down and handed him over to the police, but they released him after a week, saying that it was not a criminal offence,” said Santha Devi during a press conference at Wisma MCA here yesterday..
6. The Future of Retirement: Why Family Matters
The Star, 30/12/2011
Kuala Lumpur: Men are taking the lead in decision-making across most aspects of financial planning, according to a HSBC report. The report on The Future of Retirement: Why Family Matters said 68% of Asian men and 65% of men worldwide said they made all or most of the financial decisions in the household, compared with 58% and 53% of women in Asia and globally, respectively. HSBC said in a statement that the only exception in Asia was China, where 63% of women claimed they made all or most of the financial decisions, compared with 58% of men. HSBC said the report was done by Cicero Consulting polling over 17,000 people in 17 countries, with over 7,300 from Asia. The idea was to explore changing attitudes towards retirement and financial planning. In terms of retirement planning, the report said only 29% of Asian women on average were most likely to take sole responsibility, compared with 37% of men; India.. |
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1. Takaful Ikhlas Launches "Ikhlas, Cuti-cuti Keluarga" Campaign For Civil Servants
Bernama, 23/12/2011
Kuala Lumpur: Takaful Ikhlas Sdn Bhd has launched a new campaign for government servants, called 'Ikhlas, Cuti-Cuti Keluarga'. In a statement today, the provider of takaful services and products said all government staff who had chosen Takaful Ikhlas for housing loan approved from Jan 1 to Feb 29, 2012 would receive free holiday packages. "The holiday packages consist of a three-day two-night accommodation package worth RM1,500 to any destinations within Malaysia allocated by the agencies appointed by Takaful Ikhlas," it said..
2. Insurance Agent Brutally Murdered
The Star, 23/12/2011
Kuala Lumpur: An insurance agent was found brutally murdered with 15 stab wounds in her rented room. A passer-by noticed Rozanah Yusak, 35, waving her hands frantically, in a bid to seek help, from the window of her rented shophouse in Desa Kepong here at 2am yesterday. He ran to her side, but by the time he reached the window, she had collapsed in a pool of blood. He then alerted the police. Police believe jealousy was the motive based on the many stab wounds. Gombak deputy OCPD Supt Rosly Hassan said Rozanah, whose identity card and mobilephone were missing, had been staying alone in the house..
3. Statistics Show Chinese Women Have Average Life Expectancy of 79.8 Years
The Star, 23/12/2011
Putrajaya: Chinese women live the longest in the country with an average life expectancy of 79.8 years based on the Department of Statistics Malaysia 2010 records. Minister in the Prime Minister's Department Tan Sri Nor Mohamed Yakcop said Indian women are in second place with (76.2 years), Malay women (75.3 years), Chinese men (74.4 years), Malay men (70.5 years) and Indian men rank the lowest at 68 years. “According to the 2010 statistics, in general, women in the country had a higher life expectancy..
4. Checks On Landslide-Prone Hillslopes
The Star, 23/12/2011
Ipoh: The state Public Works Department is keeping an eye on landslide-prone hillslopes in view of the current monsoon season. Its director Datuk Dr Safry Kamal Ahmad said the department's personnel were out on the field, checking for signs of erosion. “Top on the list is Route 59 of the Tapah-Cameron Highlands stretch where we have identified more than 30 hotspots,” he said yesterday. “Of the 30, we have carried out repair works on three,” he said, adding that the department had constructed retaining walls..
5. Fewer Accidents At Workplace
The Star, 23/12/2011
Putrajaya: The rate of accidents at workplaces has halved over the past decade. Human Resources Minister Datuk Seri Dr S. Subramaniam said the rate had fallen from 10.3 cases for every 1,000 workers to 5.72 last year. "This shows the success of joint efforts by the Government, employers and employees to reduce workplace accidents,” said Dr Subramaniam at the opening of the National Occupational Health and Safety Awards dinner here. “We need to look at alternatives that can help improve the levels of occupational health and safety to further reduce workplace accidents,” he said..
6. Tokio Marine To Buy Delphi Financial For US$2.7bil
The Star, 22/12/2011
Tokyo: Tokyo Marine said it will buy US insurer Delphi Financial Group for US$2.7bil, the latest in a string of deals by Japan's second-largest property-casualty insurer aimed at growing outside its mature home market. Tokio Marine said yesterday it would pay US$43.875 for each class A share, compared with the last traded price in New York of US$25.43. Tokio Marine, which spent US$4.7bil to acquire US insurer Philadelphia Consolidated in 2008, said the deal would mark its entrance into the US life insurance market as it sought growth opportunities outside Japan..
7. Pricing Key In Kurnia Unit Sale
The Star, 21/12/2011
Petaling Jaya: Pricing would be a key consideration in the proposed sale of Kurnia Asia Bhd's general insurance arm Kurnia Insurans (M) Bhd (KIMB) to AmG Insurance Bhd, analyst said. In separate filings with Bursa Malaysia on Monday, Kurnia and AMMB Holdings Bhd AmG's parent company with a 51% stake said they had submitted an application to Bank Negara for AMMB to potentially acquire a 100% equity interest in KIMB. No details were given on the pricing. This confirms an earlier report..
8. AMMB-Kurnia Deal Likely Earnings Neutral For Bank
The Edge Malaysia, 21 December 2011
Maintain neutral with target price RM6.26. We do not view AMMB's proposed acquisition of Kurnia Insurans (M) Bhd as a re-rating catalyst as it is unlikely to boost its earnings in the near term. Based on our estimate, the deal is expected to be largely earnings neutral for AMMB. Given AMMB's keen interest in expanding its insurance business, we are not surprised by its proposal to acquire Kurnia. We continue to value AMMB at a 10% discount to its discounted dividend model (DDM) value and rate the stock a "neutral"..
9. More Evacuees Return Home In Johor As Floodwaters Recede
Bernama, 21/12/2011
Johor Baharu: Fine weather since yesterday saw more flood evacuees returning to their homes overnight in Johor, leaving only 2,991 at relief centres as at 10 am Wednesday. Last night, 3265 people were at the relief centres, according to a report on the National Security Council portal. It said 31 relief centres remained open, 16 in Kluang, five each in Batu Pahat and Segamat, three in Pontian and two in Kulai Jaya. It also said that the level of Sungai Lenik in Ladang Chaah, Segamat, had dropped from 6.25 metres yesterday to six metres but remained above the danger mark.. |
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