CHAPTER 6 - Competitor
- 6.1 Direct Competitors
6.1.1 Prudential
Prudential Assurance Malaysia Berhad (PAMB) was established in Malaysia in 1924. For the financial year ended 2010, it achieved a record RM1.021 billion in new business annual premium equivalent (APE), representing a 24% growth on 2009. This new business APE comprised Life Insurance sales and Takaful contributions. Takaful products distributed by PAMB’s Wealth Planners and agents are underwritten by Prudential BSN Takaful Berhad.
- 6.1.2 Takaful
Syarikat Takaful Malaysia Berhad (Takaful Malaysia) was incorporated on the 29th of November 1984. The current authorised capital of Takaful Malaysia is RM500 million and paid-up capital is RM162.817 million. It commenced operation on the 22nd of July, 1985 prior to its official launching on the 2nd of August 1985 by the then Prime Minister of Malaysia, Tun Dr. Mahathir Mohamed. The incorporation of Takaful Malaysia was based on the recommendation of the “Task Force on the Study for the Establishment of an Islamic Insurance Company in Malaysia” (Task Force) set up by the Government of Malaysia in 1981. The Task Force in its report concluded that a takaful company based on the principle of al-Mudharabah would be a viable venture in view that its participants would have the opportunity to save, invest and earn profits based on this principle.
6.1.3 Tokio Marine Life
At Tokio Marine Life, we are truly inspired by this simple and noble philosophy - 'Omoiyari'. Omoiyari is the practice of profound understanding and inituitive action. To be thoughtful. To see beyond the obvious. To consider possibilities and fulfill potentials. To act for others.Tokio Marine Life is committed to protect all that is important to you now and prepare you for what tomorrow may bring. The Tokio Marine Group is also engaged in general insurance business in Malaysia through our sister company Tokio Marine Insurans (Malaysia) Berhad.
6.2 Indirect Competitors
6.2.1 Etiqa
Etiqa is the Insurance & Takaful arm of Maybank Group. We pride ourselves on our comprehensive policies without any jargon or hidden clauses, and more importantly, without any catch. At Etiqa, we place people over policies.
In 2005, Mayban Ageas (formerly known as Mayban Fortis), Maybank’s insurance and takaful arm consisting of Mayban General Assurance, Mayban Life Assurance and Mayban Takaful merged with Malaysia National Insurance Berhad, Malaysia's largest national insurer and its subsidiary, Takaful Nasional Sdn Bhd, Malaysia's premier Takaful provider. The merger catapulted Mayban Ageas to the position of second largest insurer in Malaysia.
6.2.2 CIMB Aviva
CIMB Aviva is a joint venture between CIMB Group and Aviva plc. CIMB Group is Malaysia’s second largest financial services provider and one of Southeast Asia’s leading universal banking groups, and Aviva is the world’s sixth largest* insurance group and the largest insurance services provider in UK. CIMB Aviva offers a comprehensive range of Life insurance and Takaful products and services available at CIMB Bank and CIMB Islamic which operate on a dual banking platform in 325 branches in Malaysia.
CIMB Aviva also rides on the global expertise of Aviva, which services 53 million customers across Europe, North America and Asia Pacific. Aviva recorded total sales of £47.1 billion (RM234 billion) and funds under management of £402 billion (RM2.63 trillion) at 31 December 2010.
6.2.3 Hong Leong Assurance
Hong Leong Assurance Berhad (HLA) is one of the largest insurance companies in Malaysia. It is a well-established and respected Malaysian brand offering financial planning and protection solutions to meet the various needs of Malaysians at different cycles of their lives. Commitment to the customer is the key to HLA's success, where service is provided through a large network of branches, agents and brokers throughout the country as well as bancassurance and alternative distribution channels.
HLA began as a General Insurance business under the name of Malaysia Pacific Insurance Berhad in 1972. The Life Insurance business was added into its portfolio a year later. In December 1982, Hong Leong Assurance Sdn Bhd, a composite insurance company was formed eventually acquiring the entire General and Life business of Malaysia Pacific Insurance. Today, HLA is a subsidiary of HLA Holdings Sdn Bhd (HLAH), which is wholly-owned by Hong Leong Financial Group Berhad (HLFG), the financial services arm of Hong Leong Group Malaysia.
