For many people, financial planning is usually associated with insurance products or even unit trust funds. In reality however, it has a much broader scope. A comprehensive financial plan covers the following areas – investments, insurance, estate planning, cash flow management, taxation planning and others. In short, it involves the process of developing strategies to […]
In an attempt to reverse a recent decline in foreign investment, Myanmar has set up a new ministry tasked with attracting and facilitating fresh inflows, though concerns over the re-imposition of import tariffs by the EU could cool investor appetite. On November 19 the government established the Ministry of Investment and Foreign Economic Relations, a […]
KUALA LUMPUR, Feb 22 — Tune Protect Group Bhd’s net profit rose 6.5 per cent to RM49.31 million in the financial year ended Dec 31, 2018 (FY18) largely due to a RM39.73 million drop in net claims incurred. The digital insurer achieved the…
Indonesia led losses as most Southeast Asian stock markets fell on Friday, as worries of a global growth slowdown continued to hamper investor sentiment, while Vietnam continued to rise for the fifth straight session.
Investors are also exercising caution amid trade talks between the U.S. and China with the tit-for-tat tariffs between the world’s two largest economic powers having already disrupted international trade and slowed the global economy since the trade war started several months ago.
“Slowing global growth is underway, evidenced by falling exports growth in trade-sensitive countries… An improved US-China relation may not provide an immediate boost to demand against the backdrop of peaking trade growth,” said Zhu Huani, an economist at Mizuho Bank said in a note.
The Indonesian benchmark dropped 0.7 percent, leading losses in the region, following the central bank’s decision to hold key rate on Thursday. But for the week, the index is set to snap two straight weeks of losses.
Indonesia’s central bank kept interest rates on hold on Thursday and said it was looking at ways to boost loan growth.
Financial and consumer stocks dragged the index with Telekom Indonesia and Bank Negara Indonesia falling 1 percent and 2 percent respectively.
Malaysian stocks fell 0.6 percent, ahead of the country’s January inflation data to be released later today. The index is, however, set to post its third consecutive weekly gain.
Malaysia’s consumer prices are expected to fall in January, the first decline in nearly a decade, amid a drop in domestic fuel prices, a Reuters poll showed on Wednesday.
The central bank however, said last week that the country was not at risk of deflationary pressure. The index was dragged by losses in healthcare and telecom stocks, with IHH Healthcare Bhd and Maxis Bhd shedding as much as 1.7 percent and 3.4 percent, respectively.
Singapore’s index shed 0.5 percent after the country’s second-biggest listed lender Oversea-Chinese Banking Corp Ltd posted disappointing quarterly financial earnings.
OCBC missed market estimates with a 10 percent drop in quarterly profit, due to a weak performance in its insurance business.
Shares of OCBC dropped as much as 2.2 percent, while those of its peer United Overseas Bank Ltd dipped as much 2.2 percent.
The Vietnam index continued to surge for the fifth straight day and rose 0.4 percent, with gains concentrated in financial stocks. Joint Stock Commercial Bank for Foreign Trade of Vietnam rose 2.8 percent.
Meanwhile, Philippine stocks edged marginally higher.
PETALING JAYA: Allianz Malaysia Bhd’s earnings increased by 15.3% in the fourth quarter ended Dec 31, 2018 (Q4) to RM100.04 million, from RM86.78 million in the previous corresponding quarter mainly due to higher underwriting profit from motor business arising from lower claims and management expenses.
For the quarter under review, the general insurance segment recorded a profit before tax of RM78 million, an increase of 15.7% as compared to the preceding year quarter.
Meanwhile, the life insurance segment recorded a profit before tax of RM50.3 million, a decrease of 15.5% due mainly to higher group claims.
Allianz reported a 7.63% increase in revenue to RM1.3 billion in Q4 from RM1.21 billion, driven by higher gross earned premiums and investment income.
For the full year, its net profit grew 30.9% to RM377.02 million from RM287.96 million a year ago, while revenue was up 7.9% to RM5.18 billion from RM4.8 billion previously.
The general insurance industry reported a marginal growth of 1.5% in gross written premium for the year ended Dec 31, 2018.
Allianz said the group anticipates similar trend in the medium-term given the economic uncertainty and subdued consumer sentiments.
However, it said the general insurance segment will continue to offer innovative products and services in anticipation of a fully liberalised insurance market while further expanding its multi-distribution model to maintain market leadership.
For the life insurance segment, Allianz will continue to leverage on the strength of its multi-distribution channels and increase productivity across distribution channels to generate growth.
The group will also continue to focus on optimising the performance of its insurance businesses and expect to maintain satisfactory results in 2019, it added.
KUALA LUMPUR, Feb 22 — Allianz Malaysia Bhd’s (AMB) net profit increased to RM377.02 million in the financial year ended Dec 31, 2018 (FY2018) against RM287.96 million in FY2017, it said in a filing with Bursa Malaysia today. The company…
LONDON, Feb 21 — Barclays rebounded sharply into profit in 2018, as a vast hit from the previous year on the sale of its African business was not repeated, the British bank announced today. The lender’s performance came despite vast litigation…
KUCHING: AXA Affin General Insurance Bhd (AAGI) solidified its position as a distinguished leader in HR excellence with a big victory scored at the prestigious global HR awards for two consecutive years. The awards won at the Global HR Excellence Awards 2019 were CEO of the Year and 101 Global HR Heroes award. AAGI also […]
SINGAPORE: Singapore announced extra healthcare spending for the elderly and a raft of other handouts in its annual budget as speculation mounts elections may be held this year. Polls must be held by 2021 but analysts suggest they could take place later this year, as the country’s founding family prepares to hand over leadership to […]