What's new this week - 23 Aug 2019

| 24 Aug 2019

A curation of the latest and most important developments in the insurance industry to keep you up to date.

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First up, executive movements in the industry. And there are quite a few. Who moved where?


Did we miss any? Reach out to #TeamAAN Email: Connect@AsiaAdvisersNetwork.com 


HSBC considers bid for Aviva’s Asian Assets

HSBC Holdings is in the early stages of weighing a bid for Aviva’s Asian assets, reported Bloomberg, citing people with knowledge of the matter.

HSBC is said to be weighing an offer for at least part of Aviva’s Asian business as it seeks ways to diversify its business in the region. A deal would bolster London-based HSBC’s insurance presence in Singapore and other parts of Southeast Asia.

Previously, it was reported that Aviva is working with a financial adviser on a possible sale of its Asia unit, with a formal process likely to begin in the fourth quarter. Media reports put the value at more than US$2 billion, with Bloomberg quoting as high as $4 billion.

Aviva’s new CEO Maurice Tulloch confirmed in August that the insurer is examining options for its Asian business as its turnaround takes shape, said South China Morning Post.


Indonesia: Distribution updates on bancassurance, digital and partnerships

The following new bancassurance partnerships were reported:

Sun Life established a partnership with PT Bank Muamalat Indonesia (Bank Muamalat) to increase the contribution from Syariah business.

PT Asuransi Jiwa Taspen (Taspen Life) signed a memorandum of understanding with PT Bank Pembangunan Daerah Jawa Barat dan Banten (Bank BJB) and PT Telekomunikasi Indonesia Tbk (Telkom) to offer premium discounts to civil servants who receive their salaries through Bank BJB.

Digital Channel

Prudential announced a strategic partnership with PT Visionet Internasional (OVO). Through this cooperation, Prudential and OVO customers can carry out online transactions, including electronic payments, submitting claims and simplified underwriting.

Other partnerships

PT AXA Financial Indonesia (AXA Financial) announced its partnership with the Indonesian Muslim Clerical Body to launch a Waqf feature. This feature allows policyholders to donate part of their benefits to less fortunate Muslims.

PT BNI Life (BNI Life) is now in collaboration with the Ministry of Villages, Disadvantaged Regions and Transmigration to provide extra life insurance benefits to civil servants working in villages.

Find out more in the August edition of Milliman's Life in Indonesia newsletter


Indonesia: Manulife Launches MiFuture Income Protector (MiFIP)

Mr Ryan Charland, CEO, Manulife Indonesia, at the launch of MiFIP.

Manulife Indonesia has launched a protection solution product, MiFuture Income Protector (MiFIP) offered through its agency channel.

It is a traditional insurance product which provides a wide range of benefits including up to 6 times premium, enabling customers to be comfortably prepared for their golden days, unaffected by market movement.

MiFIP benefits include:

  • Offering up to 6 times from premium paid
  • Flexibility to choose targeted age and targeted fund
  • Flexibility Underwriting (Simplified Issuance Offer/SIO)
  • Flexibility to choose currency of IDR or USD

This product targets customers in the productive age and those who wish to prepare a wealth transfer for their loved ones and the future generation.

Mr Ryan Charland, President Director & CEO of Manulife Indonesia, said: “We are strongly committed to keep making lives easier for Indonesian customers in every phase of their lives, including their golden years. MiFIP eliminates our customers’ concerns about their income, especially their retirement.”


Australia: Actuaries Institute Green Paper urges retirement reform

Three of Australia’s leading superannuation and retirement experts have urged the Federal Government to give broad scope to its pending review of Australia’s retirement system, to better integrate the Age Pension, superannuation and aged care.

In the Actuaries Institute Green Paper, the following points were highlighted:

• Australian retirees will face greater diversity in wealth, health and longevity outcomes.

• More retirees will reach retirement age as renters, or not having paid off their family home.

• The Actuaries Institute believes structural reform will deliver a fairer retirement for all.

• Options for review should be bold and consider universal benefits, the means tests, the treatment of the family home, and an end to tax concessions for large super fund balances.

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