PREMIUMPrivate insurers unfazed by insurance scandals despite trust concerns

first_imginsurance-companies Jiwasraya Asabri Bumiputera consumer business Forgot Password ? Log in with your social account LOG INDon’t have an account? Register here Google Facebook Private insurers have brushed off concerns that scandals involving state-owned insurance companies have hurt the industry as the sector continues to grow despite being clouded by trust issues.Adira Insurance chief executive officer (CEO) Julian Noor said the company still experienced a premium collection growth of about 8 percent year-on-year (yoy) in 2019 despite controversies surrounding state insurer Asuransi Jiwasraya.“This is because the problem is in a state-owned insurer while private ones face no problems. Thus, the public will be smart enough not to generalize and it will be an opportunity for private insurers to offer even better services right now to their customers,” Julian said.Read also: Relaxed foreign ownership rule for insurers could save Jiwasraya: ExpertsJulian’s statement contradicted high-ranking officials who have expressed concern … Topics : Linkedinlast_img read more

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Top Danish pension funds struggle for investment returns in H1

first_imgAverage-rate pension plans received a 0.9% return in the first half, and PFA’s pre-tax total return related to average-rate products was 0.5%.However, PFA has seen an influx of new business since the end of last year, gaining 237 new corporate customers and 39,000 private customers, according to the interim financial report.Regular contributions were up 7% from the same period last year, the firm said.Allan Polack, PFA’s group chief executive, said he was pleased with the results even though the financial markets had been particularly challenging.“The fact that our contributions are increasing by 7% is great in a mature market and proves that we are able to gain market share and that the customers have confidence in PFA’s ability to generate more value for their savings,” he said.He said PFA’s increased focus on unlisted assets had proved advantageous in challenging markets. Alternative investments contributed a 1.6% return in the first half, while real estate gained 4.3%.“This is an area we anticipate will generate high returns going forward,” Polack said.PensionDanmark ekes out return in first halfMeanwhile, labour-market fund PensionDanmark, which mainly covers blue-collar workers, also described the first half as “challenging”. Torben Möger PedersenThe pension fund reported a slight increase in regular premiums, to DKK6bn from DKK5.9bn in the same period last year, and a small positive investment return of DKK1.1bn before tax – translating into a 0.5% gain for 40-year-old scheme members and 0.6% for those aged 65.The pre-tax return for average-rate products was 0.8%.The highest contributions to PensionDanmark’s total investment return came from real estate at 4.4%, private equity with 4.2% and infrastructure which generated 2.7%.Torben Möger Pedersen, chief executive of the Copenhagen-based pension fund, said: “The half-year has been challenging with moderate investment returns close to zero for both equity and bonds alongside with substantial fluctuations, especially in share prices.”Total assets rose to DKK239.7bn at the end of June from DKK 224.1bn 12 months earlier.Membership numbers climbed to 721,000 at the end of June, from 705,281 at the same point in 2017.Möger Pedersen said the 1.9% increase in ongoing premiums indicated “continued positive development in employment for our members”. Two of Denmark’s largest pension funds struggled to generate returns in the first half of the year, according to their interim reports.PFA, the country’s largest commercial pension fund, reported a slim overall profit on its investments in the first half, leaving some customers with losses.The total return on investments was DKK838m (€112.4m) in the January-to-June period, down from DKK9.5bn in the same period last year. Total assets reached DKK718bn at the end of June, up from DKK622bn.Pre-tax market rate returns amounted to between -0.5% and zero, PFA reported, with these figures inclusive of the “CustomerCapital” share of profits that, as a mutual company, PFA passes on to its savers.last_img read more

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Dunne reflects on missed chance

first_img Press Association The 22-year-old began the day as joint leader on 12 under, after a brilliant 66 in the third round, seeking to become the first amateur since Bobby Jones in 1930 to win the Open. However, he never really gave himself a chance after duffing his approach to the first short of the burn and then sliced his tee shot at the next onto the tournament’s practice chipping green. Irish amateur Paulo Dunne insists it was his own game and not the high-pressure atmosphere of being in the final on the last day of the Open which spooked him. center_img He recovered those two dropped shots by the fifth but by then his rivals were pulling away and a back nine of 40 saw him finish on six under, nine shots off making the play-off alongside playing partner Louis Oosthuizen, Zach Johnson and Marc Leishman. “I was nervous but nothing anything different to the last three days,” he said. “But the last three days I got off to a steady start and settled into the round and today I had a couple shots that I hadn’t seen in any practice or any range sessions I’ve had. “It kind of just rattled me a little bit. I didn’t really know where they came from and I just never settled in after it. “I don’t think there are many positives to put on a 78 in a final round but I’m sure there’s still stuff I can learn from it that’ll be positive going forward and help me in the future.” Before this week Dunne was still planning on playing in the Walker Cup at Royal Lytham and St Annes in September but his performance at St Andrews may produce a change of heart. “I haven’t really been thinking about it,” added the Irishman, who graduated from the University of Alabama with a degree in business finance in April. “I’ve got to go tomorrow morning to a Walker Cup practice session at Lytham so I’ll just think about it for the next few days and make a decision but right now there’s nothing concrete “I have 10 days off in my schedule any way so I’ll just get some rest. “I’ve played a lot of golf since I’ve come back from America so I kind of need a bit of a break after that and a bit of recovery and reflection.” last_img read more

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