+ 20/11/2008 THE STAR: Search on for new Manulife Insurance CEO PETALING JAYA: Manulife Insurance Bhd is looking for a new president and chief executive officer following the departure of Peter Robertson, the company’s former chief executive. Robertson, 44, and an actuary by profession, vacated his positions as CEO and president on Nov 11 and is believed to be joining a financial services company in Britain, a source told StarBiz. No candidate has been shortlisted and the search for Manulife Insurance’s new CEO is being intensified, according to the source. Robertson was appointed president and CEO of Manulife Insurance in April 2006. He graduated with a bachelor of science degree in mathematics from Kings College, University of London, in 1986, and later qualified as a Fellow of the Faculty of Actuaries in 1990.
+ 19/11/2008 THE STAR: Double-digit premium growth for Prudential It cites transformation strategies for the jump in third quarter PETALING JAYA: Prudential Assurance Malaysia Bhd (Prudential Malaysia) has attributed its double-digit growth in new business premiums in the third quarter to the success of its “transformation” strategies. The insurer registered a 33% growth in new business premiums to RM181mil for the third quarter ended September 2008 compared with the previous corresponding period. Total new business premiums for the first nine months were RM451mil, up 20% from a year earlier.
+ 19/11/2008 BTIMES: CIMB Aviva offers VSS An industry source said that about 200 of the group's conventional insurance and takaful unit employees had accepted the voluntary separation scheme (VSS), offered last month. It is learnt that CIMB Aviva has about 550 employees. News of the VSS scheme is a worrying sign amid the global financial crisis. Already, there are rumours that a similar scheme may be offered at another local insurer as the slowing economy hurts business.
+ 19/11/2008 BERNAMA: New Takaful Players To Drive Industry's Growth, Says Expert KUALA LUMPUR, Nov 14 (Bernama) -- New takaful players maturing by now are likely to be the driver of growth for the industry to met the target of 20 percent by 2010, according to a takaful expert. Currently, takaful penetration is about seven percent compared to 40 percent by conventional insurance, said Takaful Ikhlas Sdn Bhd's president and chief executive officer, Syed Moheeb Syed Kamarulzaman, who has been in the takaful and insurance industry for more than 30 years. Speaking on the "Hello Malaysia" programme produced by Bernama TV recently, he said the central bank had set a target for takaful players to capture 20 percent of the conventional business.
+ 14/11/2008 THEEDGE: MAA exits general insurance biz KUALA LUMPUR: Malaysian Assurance Alliance Bhd (MAA Assurance), which has to divest assets to boost its balance sheet, has hived off its general insurance business and sold another slice of its takaful business. In separate announcements yesterday, AmBank Group and MAA Assurance stated that they had entered into a non-binding memorandum of understanding whereby AmBank Group’s 70%-owned subsidiary, AmG Insurance Bhd, proposed to acquire a 100% stake in MAA Assurance’s general insurance business as well as a 4.9% stake in MAA Takaful Bhd.
+ 14/11/2008 BERNAMA: Prudential Launches New Retirement Plan KUALA LUMPUR, Nov 13 (Bernama) -- Prudential Assurance Malaysia Bhd has launched its latest regular premium investment-linked plan designed for retirement. The plan, the PRUretirement accumulator, offers a guaranteed monthly income to customers on retirement besides capital protection. Its chief executive officer, Bill Lisle said the new plan is ideal given the current economic backdrop and high inflationary prices. "Our recent independent survey, the Prudential Retire-Meter 2008, found that 48 percent of Malaysians fear they might not have enough money to take care of retirement needs in view of the current high inflation," he told reporters when unveiling the new plan Thursday.
+ 13/11/2008 BERNAMA: Exclusive Medical Service To Be Extended To All Sports KUALA LUMPUR, Nov 12 (Bernama) -- The exclusive medical services currently provided to hockey, badminton and gymnastic athletes will be extended to other sports, National Sports Institute Director-General Datuk Dr Ramlan Abd Aziz said. He said the service was currently provided to hockey players and gymnasts because of the higher risk of injuries compared to other sports while badminton was included because it was a priority sport. Speaking to Bernama here, he said, the institute had suggested to the Youth and Sports Ministry to extend the service to all sports. The proposal would involve additional medical officers and ambulance units, he said.
+ 13/11/2008 BERNAMA: PIDM To Conduct Study On Depositor's Coverage Limit KUALA LUMPUR, Nov 12 (Bernama) -- Perbadanan Insurans Deposit Malaysia (PIDM) will conduct a study to see if there is a need to increase coverage limit per depositor after Dec 31, 2010, its chief executive officer Jean Pierre Sabourin said. "We will do a study to see if the RM60,000 guarantee is still relevant or not and come out with policy paper," he said at the "PIDM And You Contest" prize-giving ceremony here Wednesday. Currently, PIDM provides insurance against loss of deposits placed by depositors with member institutions of up to RM60,000. On Oct 16, 2008, the Finance Ministry and Bank Negara Malaysia announced that deposits would be fully guaranteed by the government through PIDM until Dec 31, 2010.
+ 11/11/2008 THE STAR: US Government provides record aid package to AIG WASHINGTON: In a record bailout of a private company, the government on Monday provided a new $150 billion financial-rescue package to troubled insurance giant American International Group, including $40 billion for partial ownership. The action, announced by the Federal Reserve and the Treasury Department, was taken as it became increasingly clear that an original financial lifeline thrown to AIG in September would be insufficient to stabilize the teetering company.
+ 11/11/2008 BTIMES: Malaysians aware of need for financial planning ALMOST all Malaysians, or 93 per cent, are aware that they need financial planning and banks that provide easy-to-understand products are in the best position to capitalise on this, according to a survey by British insurer Aviva plc. The top three features Malaysians look for in financial services are fast and efficient service; advice and help they can trust; and information that is clear and easy to understand. The Aviva 2008 Consumer Attitudes to Savings Survey found that the proportion of consumers who sought advice on a pension or retirement savings plan increased to 48 per cent this year, from 35 per cent in 2004.
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