In The News

Melaysiakini.com

Wednesday, 29 June 2022

PETALING JAYA: Liberty Insurance Berhad (LIB), sebuah syarikat subsidiari Liberty Mutual Insurance (Liberty), telah menerima kelulusan daripada Menteri Kewangan untuk mengambil alih AmGeneral Insurance Berhad (AmGeneral). Setakat hari ini, AmGeneral dimiliki oleh AmBank Group (AmBank) sebanyak 51 peratus dan 49 peratus lagi dimiliki oleh Insurance Australia Group (IAG). 

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Melodyinter.com

Tuesday, 28 June 2022

PETALING JAYA: AMMB Holdings Bhd subsidiary AmGeneral Holdings Bhd has obtained approval from the Minister of Finance for the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). 

AmGeneral Insurance is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group. Upon completion of the deal, Liberty Insurance will acquire 100% of AmGeneral Insurance’s shares, while AMMB will receive a share of the sale proceeds and 30% consideration shares. The signing of the sale and purchase agreement and other transaction agreements will be in July 2022. 

As part of the transaction, AMMB will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AmGeneral Insurance and Liberty Insurance will be formally merged at a subsequent date. 

AMMB Group CEO Datuk Sulaiman Mohd Tahir said the partnership with Liberty Mutual is key to propelling its general insurance business to greater heights. 

“We are optimistic on the sustained growth opportunities that this dynamic union will bring about,” he added. 

Liberty Insurance has 450 employees across six regional offices and 24 branches in Malaysia. It distributes personal, commercial, and other product lines through multiple channels including a 2,000- agent workforce as well as franchises, car dealers and banca partners. 

“This is a transformational moment for Liberty in Malaysia. This approval solidifies our path toward deal completion and integration with AmGeneral, and realising the possibilities of what we can accomplish together,” said Liberty Mutual global retail markets east president & COO Defne Turkes.

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THE EDGE CEO Morning Brief, Malaysia

Wednesday, 29 June 2022

KUALA LUMPUR (June 28): AMMB Holdings Bhd's 51%-owned subsidiary AmGeneral Holdings Bhd (AGHB) has obtained approval from the Minister of Finance (MoF) for the sale of its 100% stake in AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AGHB had on July 19 last year inked an implementation agreement with LIB for the disposal of AGIB at a price tag of RM2.29 billion (subject to adjustment), to be satisfied via cash and a 30% stake in LIB. "AGIB is currently 51%-owned by AMMB and 49%-owned by Insurance Australia Group (LAG). Upon completion of the deal, which is subject to customary closing conditions, LIB will acquire 100% of AGIB's shares, while AMMB will receive its share of the sale proceeds in the form of cash and consideration shares. As a result, AMMB will hold a 30% interest in the businesses of AGIB and LIB," AMMB'S statement said Following the approval from MoF for the sale of AGIB to LIB, AMMB anticipates signing the sale and purchase agree ment and other transaction agreements for the AGIB disposal in July 2022 pursuant to the terms of the implementation agree ment entered into between AGHB and LIB last year.

It added that further announcements will be made in due course. As part of the transaction, AMMB said it will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AGIB and LIB will be formally merged at a subsequent date. Commenting on the partnership, AMMB group chief executive officer Datuk Sulaiman Mohd Tahir said the strategic partnership with a global insurance leader like Liberty Mutual is key to propelling its general insurance business to even greater heights. "We are optimistic on the sustained growth opportunities that this dynamic union will bring about," Sulaiman said. Based in Kuala Lumpur, LIB has approximately 450 employees across six regional offices and 24 branches in Malaysia. The company distributes its personal, commercial, and other product lines through multiple channels, including a 2,000-agent workforce as well as franchises, car dealers and banca partners. AMMB's share price closed up five sen or 1.34% to RM3.79, which translates to a market capitalisation of RM12.56 billion. The stock has risen 30% from RM2.92 over the past one year.

THE SUN DAILY

Wednesday, 29 June 2022

PETALING JAYA: AMMB Holdings Bhd subsidiary AmGeneral Holdings Bhd has obtained approval from the Minister of Finance (Mor) for the sale of its wholly owned subsidiary AmGeneral Insurance Bhd (AGIB) to Liberty Insurance Bhd (LIB). AmGeneral Insurance is currently 51%owned by AMMB and 49%-owned by Insurance Australia Group. Upon completion of the deal. Liberty Insurance will acquire 100% of AmGeneral Insurance's shares, while AMMB will receive a share of the sale proceeds and 30% consideration shares. The signing of the sale and purchase agreement and other transaction agreements will be in July 2022. As part of the transaction, AMMB will enter into a 20-year new bancassurance partnership with the prospective merged entity for the distribution of general insurance products. The operations of AmGeneral Insurance and Liberty Insurance will be formally merged at a subsequent date. AMMB Group CEO Datuk Sulaiman Mohd Tahir said the partnership with Liberty Mutual is key to propelling its general insurance business to greater heights. "We are optimistic on the sustained growth opportunities that this dynamic union will bring about," he added. Liberty Insurance has 450 employees across six regional offices and 24 branches in Malaysia. It distributes personal, commercial, and other product lines through multiple channels including a 2,000-agent workforce as well as franchises, car dealers and banca partners. "This is a transformational moment for Liberty in Malaysia. This approval solidifies our path toward deal completion and integration with AmGeneral, and realising the possibilities of what we can accomplish together," said Liberty Mutual global retail markets east president & CO0 Defne Turkes.

SETAKAT hari ini, separuh daripada populasi Malaysia tidak mempunyai perlindungan insurans dan kadar yang membimbangkan ini menyebabkan kerajaan mengambil pelbagai langkah untuk membantu menjadikan insurans lebih mampu milik terutamanya dalam kalangan berpendapatan rendah.

Dalam pembentangan Bajet 2022, kumpulan B40 layak untuk menebus baucar bernilai RM75 untuk membeli pelan Insurans Perlindungan Tenang.

Inisiatif ini untuk memastikan lebih ramai memiliki insurans terutama bagi melindungi daripada kejadian tidak diingini.

Kemalangan mengejut biasanya akan menyebabkan mangsa ditimpa kesusahan terutama dari segi kewangan untuk membiayai bil perubatan yang tinggi atau kos pengebumian. Oleh kerana bencana alam dan kejadian tidak diingini sememangnya tidak dapat diduga atau dielakkan, sekarang adalah masa terbaik untuk mendapatkan perlindungan insurans.

Berikut adalah antara sebabnya:

1. Mampu milik

Salah satu sebab utama mengapa terdapat ramai masih belum memiliki perlindungan insuran adalah kerana kos yang tinggi. Banyak pilihan insurans dengan harga mampu milik disesuaikan mengikut keperluan individu.

2. Pelbagai manfaat

Dalam masa memerlukan, produk ini melindungi mangsa kemalangan dan keluarga mereka dengan meringankan beban kewangan dan mengurangkan tekanan. Selain perbelanjaan perubatan, sesetengah pelan menawarkan perlindungan bagi kos ambulans, perbelanjaan penginapan hospital serta pendapatan dalam tempoh rawatan di hospital akibat kemalangan. Tidak lupa juga perbelanjaan pengebumian jika diperlukan, hilang upaya kekal dan pembedahan pergigian atau pembedahan pemulihan lain akibat kemalangan.

3. Proses semudah A, B, C

Tiada borang permohonan yang panjang untuk diisi, malah dengan hanya beberapa klik, anda akan mendapat perlindungan insurans dengan serta-merta. Begitu juga proses tuntutan yang lancar dan efisien dengan pilihan membuat tuntutan menggunakan telefon atau menerusi talian utama yang dikhaskan.

4. Pelan yang disesuaikan mengikut keperluan

Tiada satu pakej insurans yang mampu memenuhi keperluan setiap individu kerana semua mempunyai keperluan berbeza. Perlindungan yang mencukupi bagi sesetengah orang mungkin tidak memadai bagi orang lain. Kebanyakan pelan insurans adalah fleksibel kerana syarikat-syarikat insurans memahami akan jangkaan dan kemampuan kewangan setiap individu adalah berbeza.-UTUSAN

LIBERTY INSURANCE BERHAD Kuala Lumpur

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