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FWD Group also purchased HSBC’s stake in a Malaysian insurance joint venture in 2018, [19] acquiring 49% of HSBC Amanah Takaful (Malaysia), [16] now renamed FWD Takaful (Malaysia). [ 21 ] In June 2019, FWD Group purchased MetLife 's business in Hong Kong [ 7 ] [ 14 ] reportedly for around $400 million. [ 10 ]
Great Eastern Life Assurance Co. Ltd, often known as Great Eastern Life or simply Great Eastern, is a Singaporean multinational insurance company and subsidiary of OCBC Bank operating in the Southeast Asia region. Founded in 1908 by Alfred Hewton Fair, it is the largest and oldest life insurance company in Singapore and Malaysia.
DirectAsia was founded in Singapore in 2010 and launched in Hong Kong in 2012 and in Thailand in 2013. [3] [4] During 2013, DirectAsia had gross written premiums of $25.3 million. [5] In 2014, DirectAsia was acquired by Hiscox Insurance to commit further to serving customers in Asia. Hiscox has reached a $55 million agreement with Whittington ...
Deposit insurance or deposit protection is a measure implemented in many countries to protect bank depositors, in full or in part, from losses caused by a bank's inability to pay its debts when due. Deposit insurance systems are one component of a financial system safety net that promotes financial stability.
Takaful Malaysia was established on 29 November 1984 when the Government of Malaysia set up a task force to study the feasibility of establishing an Islamic insurance company in Malaysia. [2] The incorporation of Takaful Malaysia as the first takaful operator in the country was in the same year as the Takaful Act was enacted. [3]
TM Asia Life is a general and life insurance company. It has offices in Malaysia, [1] Singapore [2] and Brunei. [3] The company's insurance plans include i-intellectual, a regular premium investment-linked policy; [1] and TM Legacy Plus, a limited-payment whole life policy which has a minimum benefit feature that increases a policy's sum assured depending on the entry age of the policyholder.
The history of HSBC Insurance can be traced back to when two important companies were established in Hong Kong, namely, Carlingford Swire Assurance (Bermuda) limited, which was set up in 1981 and subsequently renamed HSBC Life (International) Limited in 1992, and Wardley Insurance Company Limited, which was set up in 1978 and subsequently renamed HSBC Insurance (Asia) Limited in 2000.
In 2015, Malaysian Re received approval from Bank Negara Malaysia to conduct family and general retakaful business. [6]Fitch Ratings upgraded Malaysian Re's Insurer Financial Strength (IFS) rating to ‘A’ (Strong) from ‘A−’ (Strong) with a Stable Outlook on 24 January 2019. [7]