Updated Report of Life Insurance Company financial status

 

To check the financial statement, financial report, and life insurance companies financial status and balance sheet, please download Insurance Report dated year 2005 published by Bank Negara Malaysia. BNM also publishes many reports on this page, including takaful report. At the time of writing, BNM only published the insurance report for year 2005 only. You should check on the page above to find out whether BNM had published the latest report.

 

As updated in year 2005, the balance sheet shows the 16 life insurance companies in Malaysia:

Life Insurance Company in Malaysia

Total Assets

( RM million)

1

Great Eastern Life

23,575

2

AIA

11,639

3

ING

6,046

4

MAA

5,006

5

Prudential

4,319

6

MNI

3,842

7

Mayban Life

3,354

8

Hong Leong

3,132

9

Asia Life

2,379

10

MCIS Zurich

2,123

11

Manulife

1,670

12

Allianz Life

962

13

AmAssurance

941

14

Commerce Life

889

15

Uni Asia Life

704

16

Tahan

227

Total

70,812

Great Eastern Life is still the oldest and largest life insurance company in Malaysia.

For the complete list of life insurance companies and related insurance association, refer this page.

 

Related Association

 

Life Insurance Association of Malaysia LIAM – Persatuan Insurans Hayat Malaysia
http://www.liam.org.my/
4 Lorong Medan Tuanku Satu, Medan Tuanku, 50300 Kuala Lumpur
Tel: 03 2691 6168, 03 2691 6628, 03 2691 8068, Fax: 03 2691 7978

LIAM has a total of 18 members, of which 16 are life insurance companies and 2 life reinsurance companies. It is a statutory requirement under section 22 (1) of the Insurance Act 1996, (or section 3(2) (e) of the repealed Insurance Act 1963) for all life insurance/life reinsurance companies to be members of LIAM.

 

National Insurance Association of Malaysia NIAM
http://www.niam.org.my/
c/o Shamsir Jasani Grant Thornton.
Level 11-1, Faber Imperial Court, Jalan Sultan Ismail, 50250 Kuala Lumpur
Tel: 03 2692 4022, Fax: 03 2691 5229

Currently, it has 32 member companies comprising 17 general insurance companies, 6 composite insurance companies, 4 life companies, 2 takaful companies and 3 reinsurers.

 

The Malaysian Insurance Institute
http://www.insurance.com.my/
5 Jalan Sri Semantan Satu, Damansara Heights, 50490 Kuala Lumpur
Tel: 03 254 4234 Fax: 03 253 9468
Established in 1968, MII’s commitment to providing excellence in insurance education has led to tremendous growth in the number of educational programmes and activities currently offered. MII now leads in providing training and education in Insurance, Risk Management, Actuarial Science, General Management, Investment, Life Insurance, Marketing and Financial Services.

 

For Agent

For life insurance agent-to-be who just went through your examination, you can check your result of Pre-Contract Examination and Investment-linked Examination at:

PCEIA

CEILLI

 

Related Article about Life Insurance:

Top 10 reason to buy life insurance

Managing Risk of Double Tragedy

Bought lousy plan from the best company

ROI of insurance

Investment-linked vs. Traditional Insurance

Sum Assured = Level of Love

Types of Life Insurance Benefits

 


KCLau
KCLau

Personal finance author and trainer

    26 replies to "Everything about Life Insurance Company in Malaysia"

    • NORDIANA BINTI AWANG AHMAD

      i would like to know about history life insurance in Malaysia , when established ?

    • chong

      hi, i am ex hongleong insurance agent, now no more working, how do cancel the hl agent from it?
      thanks

      • KCLau

        you can process it directly with HLA. Anyway, as I know, an agent’s account is terminated automatically when the minimum sales quota is not met at financial year.

    • […] There are so many types of life insurance policy in the market. Currently there are 16 life insurance companies in Malaysia and most of them provides more than 10 products. So how do you choose your first […]

    • […] Everything about Life Insurance Company in Malaysia […]

    • BelyndaOke

      i have taken my pceia exam at 2009, but i din’t save a copy of certificate with me, now i am applying to become insurance agent, how do i get back that copy of certificate, can i know who can i contact and who can help me….. i dont remember the date i take exam already, currently i am a insurance agent of one company and i have my piam cert, but i only have the piam cert number, the insurance agent din’t pass the piam cert to me what should i do, now i am apply second insurance company to become their agent….. hope u can help me solve my problem. TQ

    • wei nan

      may i know why almost all the insurance company located at KL? all other place/state only branches or agency.
      I work as IT programmer in insurance field, currently plan to shift back my hometown, Alor Star. But after search n search, hardly to get even 1 insurance company located at N. of malaysia(ii mean their IT department)?! May i know why? who can ans. me?

    • missingguy

      why in malaysia all the agents are fully commission based?? How come the insurance company or agency never recruit salary based agent?? is it due to responsibility and financial risk?? or is it due to culture or unsuccessful history??

      thank you.

    • missingguy

      Hi,

      would like to know where can find the rules and regulation to guide insurance agent and industry??

      Also is there a rules stated that to open an Life agency needed 500k bank guarantee??

      thank you.

    • John

      “Premiums generated via internet transactions currently account for less than 1% of total gross premiums for the general insurance business,” says a Bank Negara Malaysia spokesperson.

      Although insurers have been allowed to sell insurance products to consumers via the internet since 2000, this alternative distribution channel has not grown as fast as other distribution channels. Why is this happen?

      • KCLau

        Hi John,

        I think it is because insurance company never put their effort in online marketing.
        Just see how many advertisement are there in my blog that is related to insurance? Almost none.
        And another thing is that insurance are mostly sold, not bought.

    • AskChong

      Hong Leong Assurance is aggressively recruiting new agent for Life business.

    • Ak

      Is it standard that every insurance company will need the 1st premium before underwrite a new proposal or commence coverage. Is this a bank negara requirements or insurance company practice?

      • KCLau

        It is not a requirement. But it is a good practice. Because this will avoid agents to try to get clients to sign up first but not really interested to pay. This reduce the bad proposal handled by insurance company.

    • aqma

      can i know how to be an agent for car insurance??

      • KCLau

        You need to take the insurance exam. Then sign up as an agent with any of the general insurance company.

    • rubbaan

      Can i know how much a insurance agent get his commission(%)?Is there any flat rate or the commission is based on the Insurance company?

      • KCLau

        there is a guideline by Bank Negara. Generally, the highest commission can go up to 125% for regular premium plan with over 20 years term.

      • Netmask8

        Take Exam PCEIA # A ( General Insurance (Car/Home Insurance) and # C (Term/Whole Life Insurance) or CEILLI ( Investment-Linked Insurance). Pass the Exam and you may register it with any insurance companies in M’sia.

        http://insurance.com.my/exam/exam_schedule_2011.pdf

        Commission Based on Term (Level Term or Yearly Renewable) / Whole Life are vary depends on insurance companines after negotiate with insurance agent unions .. Usually, 1st year = 45% , 2nd year = 35%, 3rd year = 25%, 4th year = 15%, 5th year = 10% and 6th year = 5% .. If you are paying RM 2k yearly in 1st year, the insurance agent got RM 900 commission in 1st year, RM700 commission in 2nd year (if the client still pay the premium) , RM 500 commission in 3rd year …etc…etc. So, getting more than 100% commissions in 6 years based on insurance agent analysis & consultation.. Min Requirement to take Exam = SPM with 5 passes (inclduing BM) ..

    • YewKim

      Is this the latest data? Asia Life has been changed 2 TM Asia Life 2 yrs ago but y isn’t there any data available?

    • chong boon chean

      hey…just want to ask regarding to the Report of Life Insurance Company financial status…where the data come from?

      • KCLau

        Bank Negara publishes the report every year.

    • […] claimed is from Great Eastern alone, and only for the period of January till March 2007. There are 16 life insurance companies in Malaysia. You know how to do the […]

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