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An executive briefing on insurance for June 24, 2010, prepared by Asia Pulse (http://www.asiapulse.com), the real-time, Asia-based wire with exclusive news, commercial intelligence and business opportunities.
POSTAL FUNDS MUST BE INVESTED SAFELY: JAPANESE MINISTER
TOKYO – Safety should be the overriding concern in investing the vast amount of customer assets held by the government-owned Japan Post group, Japan’s financial Services Minister Shozaburo Jimi said Tuesday.
“Funds in postal savings accounts and insurance policies are not amenable to high risk investment,” Jimi, who doubles as postal reform minister, said in an interview with The Nikkei and other news organizations.
ULIPS INVESTMENT PRODUCTS TO BE TAXED UNDER NEW INDIAN TAX CODE
NEW DELHI – The Indian Finance Ministry has said the unit-linked insurance products (Ulips) are investment products and are therefore likely to be taxed after enactment of the Direct Taxes Code (DTC).
“Ulips are basically investment products and needed to be taxed. The final view, however, will be taken at the time of the formulation of the code”, finance ministry sources said on Thursday.
AUSTRALIA’S SUNCORP-METWAY EYES DOUBLING life insurance BIZ
SYDNEY – Suncorp-Metway Ltd (ASX:SUN) is aiming to more than double new life insurance business over the next three years by building its presence in the direct sales and financial advice markets.
Suncorp Life chief executive Geoff Summerhayes says the company has strengthened and grown its presence in the independent financial adviser (IFA) market through its Asteron brand.
AUSTRALIAN MEDICARE LEVY SURCHARGE STATISTICS UNCLEAR: REPORT
CANBERRA – Fewer younger Australians took out private health insurance after the Australian federal government increased the threshold for the Medicare levy surcharge, a new report reveals.
But it states the extent of the change was too small and the time period post the surcharge change too short “to attribute causality”.
INDONESIA’S PANIN LIFE POSTS US$38 MLN Q1 GROSS PREMIUM INCOME
JAKARTA – Indonesian insurer PT Panin Life (JSX:PNLF) posted Rp350 billion (US$38 million) in gross premium income in the first quarter of this year.
The insurance subsidiary of the Panin Group has set a premium income target at Rp1.68 trillion this year or a 20 per cent rise from last year.
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