Malayan Banking Bhd's (Maybank) insurance asset base which represent funds in management, currently at RM20 billion, is set to grow under the group’s aspiration to rival those managed by Great Eastern Life Assurance (Malaysia) Bhd, Prudential Assurance Malaysia Bhd and American International Assurance Bhd, reports The Star (May 23, 2009).
It aims to be the national insurance champion and is currently the leader in new business premium for the combined conventional and takaful sector as well as gross premiums for general insurance, it added.
This were the insurance-related nuggets from a recent interview by the daily newspaper with Maybank president and CEO 'of barely a year' Datuk Seri Abdul Wahid Omar.
The article started such: The tiger that had roared with so much power at Malayan Banking Bhd (Maybank) over the last decade has been pretty muted since it shocked the market with its overpriced and ill-timed purchase of Bank Internasional Indonesia (BII).
For the third quarter ended March 31, the Maybank group recorded a drop of 34% in its net profit to RM503mil compared with the previous corresponding period while for the nine months, it registered a decline of 18% to RM1.8 bil, due to lower contributions from investment banking, insurance and takaful, higher provisions and interest expense, impairment cost for MCB Bank and forex losses.
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