Canadian financial services group Manulife Financial and MetLife in the US
are understood to be among the potential bidders to acquire a major stake in
AmLife Insurance, the life insurance business of Malaysian bank AMMB
Holdings.
Sources familiar with the matter were quoted by Reuters as saying that Zurich
Insurance Group, Hong Kong-based business man Richard Li's Pacific Century
Group, property and casualty insurer ACE and two underwriters from Japan are
also participating in the bidding.
These companies have placed their first-round of bids to acquire up to 70%
stake in AmLife Insurance, in a deal valued at nearly $350m. As per Malaysian regulations, a foreign company cannot own more than 70%
stake in Malaysian insurance companies.
The potential deal highlights the growing financial influence of the
Southeast Asian' countries, whose businesses have attracted many global
financial firms to set up their operations in the region. With growing income and a young population, Malaysia represents the
ninth-biggest insurance market by premiums.
The news agency further
reported citing Swiss Re estimates that Malaysia's life insurance industry has
increased 13.5% during the last three decades and its ratio premium-to-GDP
touched a strong 3.3% compared to nearly 10% for Hong Kong and over 4% for
Singapore.
Recently, the insurance joint venture of CIMB Group Holdings and Aviva Plc
was acquired by sovereign wealth fund Khazanah Nasional and Sun Life Financial
Inc for $597m.
Someone receiving a large sum of life insurance proceeds all at once could just as easily blow it all in one fell swoop. Some consumers have expressed worry about entrusting a large payout to a young beneficiary or even a spouse who lacks experience managing finances. These customers were concerned that the future needs of their beneficiaries wouldn't be met. And, insurance companies have been listening.
There's now a life insurance option allowing people who buy policies to select instalment payments for their death benefit - known as "instalment-payout life insurance. And it may offer a number of advantages.
The Money Doesn't Have to Come All at Once Policyholders can choose a lump sum, equal payments or a combination of both when deciding how to divide up their death benefits. If instalments are chosen, proceed may be paid out over a period of 10 to 30 years, and the payments can be made either monthly or once a year. Instalment payout can cut premiums Instalment payouts give the insured more control over what happens to the benefit paid upon death and also can offer some cost savings upfront. Depending on the payout plan you choose, your premiums may be lower because the insurance company will hold on to at least part of your money over a longer period of time. This discount can be as much as 20 percent.
Benefit Earns Inflation-Fighting Interest Another potential plus is that a life insurance benefit paid out in instalments may withstand inflation. Insurance company will pay interest to the beneficiary on the remaining proceed. $900,000 death
But the Beneficiary May Need a Lump Sum Instalment payout can put the beneficiary at a disadvantage. The insured can't predict what the future holds for his or her spouse or other survivor, who might need the life insurance proceeds in a lump sum.
Only 10 per cent of West Australians would give up cigarettes to fund a life insurance policy. Many West Australians appear reluctant to give up lifestyle choices for financial protection for their families. Only 15.76 per cent would stop buying coffee and 18.72 per cent would sacrifice take out meals to fund a policy. That reflected national trends from the survey of over 1000 people.
Clearly, Australians don’t want to sacrifice the costs of their lifestyle habits to fund a life insurance policy that will secure their families financial future. However, failing to take out life insurance can leave families at risk of severe financial stress should an unexpected tragedy occur.
For many, an unimaginable amount is at stake. This can range from being unable to cover living expenses to educating their children, or maintaining a roof over their loved one’s heads.
Annual premiums appear to prevent most people from taking out life insurance. A recent survey from LifeInsuranceFinder.com.au found that the primary reason for not taking out cover for 39 per cent of Australians was that it was simply too expensive.
There are ways to make life insurance more affordable:
Apply soon and always review Each birthday you pass triggers a higher rate so your best strategy is to apply for insurance sooner rather than later. Taking out cover early in life will likely secure applicants a better rate as they are likely to be in better physical shape and susceptible to illness than at later stages of life.
Quit smoking Smokers pay as much as double the premium rate of non-smokers. If you are currently paying smoker rates for your life insurance it’s never too late to have your premiums reviewed if you quit.
Applicants who have quit for 12 months or more can generally have their premiums adjusted to reflect non-smoker status. Remember a non-smoker is not someone who has the casual puff with their Friday evening drink - just one cigarette a week will place you in the smoker category.
Consider a Joint Policy Married couples looking to take out cover for both partners can benefit from a 5-10% premium discount on joint policies depending on the provider they choose.
Moderate your drinking Most insurance applicants will be asked how many standard drinks they consume each week.
Those that are perceived to be heavy drinkers may be required to submit a physical medical examination report to show if there are any symptoms indicating alcohol abuse. This may be considered with other indicators including alcohol related driving convictions, job-loss and marital problems.
Consider your Body Mass Index Insurance companies will use a person’s Body Mass Index (BMI) to help them determine if their weight may be impacting on their health and making them a greater risk.
It’s important to note that an underwriter will never look exclusively at BMI weight and will only consider it against any other medical issues that may be present as a result such as, high blood pressure or cholesterol.
As with smokers, it’s never too late for policyholders carrying some extra weight to get in shape and have previous premium loadings reviewed.
There’s a thin line
between leadership and manipulation.
Both can be defined as influencing others. Both deal with trying to get
someone to do what you want them to do. Both use many of the same tools. Both
try to leverage an individual’s beliefs and feelings to elicit a desired
behavior. So how do you know if you’re leading or just being manipulative?
The difference lies in your heart. Ask yourself: Why am
I doing this? Your motives determine whether you’re leading or
manipulating. Are you looking out for yourself or are you serving a greater
good? Are you seeking your own comfort or challenging someone to realize their
potential? Where is your heart?
When your leadership is infested with selfishness, it’s easy to become a
manipulator. Sometimes this is subtle; sometimes it’s obvious. Either way, when
leadership morphs into manipulation, people and organizations suffer. The
victims include:
1. Those who are manipulated. They end up hurt,
disillusioned, and discouraged. Worst of all, their ability to trust is
diminished—which handicaps their ability to lead and function moving
forward.
2. Those who witness manipulation. Their ability to trust is
also degraded. They carry self-protective attitudes forward into future
relationships—especially leader-follower relationships. When we see what others
are capable of doing to us, it makes us wary. It makes us wince and pull
ourselves in.
3. The organization as a whole. It suffers because
collaboration, problem solving, decision-making, and synergy are all diminished
in real-time. The result? Poor solutions. Over time the erosion of trust created
by manipulative leadership is a cancer that will threaten the stability of the
entire organization.
4. The manipulator himself. He will never reach his full
potential, never find that place of maturity, confidence and peace. He will
never know the fullness of satisfaction that comes from using your gifts to
serve others. Some may say he deserves this ongoing turmoil, but remember, he
may be you! We are all naturally self-centered and without conscious effort, our
leadership will naturally slide to serve our own interests.
Everybody thinks they’re a leader – most are far from it. The harsh reality is that we live in a world awash with wannabe leaders. As much as some don’t want to admit it, not everyone can or should become a leader (my take on the born vs. made argument). Simply desiring to be a leader doesn’t mean a person has the character, skill, and courage necessary to be a leader.
If you think you’re a leader, but haven’t been recognized as such, you have a problem. Either you’re incorrect in your self-assessment, or those you report to don’t recognize your talent. Here’s the good news; handled correctly, either scenario can be resolved if you’re willing to do some work.
I’m often asked what it takes to get to the top – it’s as if people want an add water and mix recipe for leadership. While there are many paths to leadership, they’re certainly not all created equal. Perhaps a more telling issue in today’s world is many of those desiring to get ahead, have no desire to help others get ahead.
I never cease to be amazed at the numbers of people in leadership positions that shouldn’t be. Likewise, I’ve stopped being surprised when those charged with leadership development can’t seem to figure out what constitutes a leader. It’s my hope the following list will eliminate the confusion about why someone isn’t a leader. You’re not a leader if…
1. You don’t get results: Real leaders perform – they get the job done – they consistently exceed expectations. No results = no leadership –it’s just that simple.
3. You don’t care: Indifference is a characteristic not well suited to leadership. You simply cannot be a leader if you don’t care about those you lead. The real test of any leader is whether or not those they lead are better off for being led by them.
4. You’re chasing a position and not a higher purpose: If you value self-interest above service beyond self you simply don’t understand the concept of leadership. Leadership is about caring about something beyond yourself, and leading others to a better place – even if it means you take a back seat, or end up with no seat at all. Power often comes with leadership, but it’s not what drives real leaders.
5. You care more about making promises than keeping them: Leadership isn’t about your rhetoric; it’s about your actions.Leadership might begin with vision casting, but it’s delivering the vision that will ultimately determine your success as a leader.
6. You put people in boxes: Stop telling people why they can’t do something and show them how they can. Leaders don’t put people in boxes, it’s their obligation to free them from boxes. True leadership is about helping people reach places they didn’t know they could go.
7. You follow the rules instead of breaking them: Status quo is the great enemy of leadership. Leadership is nothing if not understanding the need for change, and then possessing the ability to deliver it.
8. You churn talent instead of retain it: Real leadership serves as a talent magnet – not a talent repellent. If you can’t acquire talent, can’t develop talent, or can’t retain talent you are not a leader.
9. You take credit instead of giving it: True leadership isn’t found seeking the spotlight, but seeking to shine the spotlight on others. The best leaders only use “I” when accepting responsibility for failures. Likewise, they are quick to use “we” when referring to successes.
10. You care about process more than people: But for the people there is no platform. Without the people you have nothing to lead. When you place things above the people you lead you have failed as a leader.
Many think that leaders are supposed to be demanding, critical, and driven, among other things. The problem is that many of the behaviors exhibited by leaders can easily be classified as bullying behaviors. How do you know if you are being a leader. . . or a glorified bully?
It’s ok to criticize poor performance. But if you publicly criticize performance and humiliate performers, you are being a bully.
It’s ok to encourage people to do things out of their comfort zone, but if you force people to do things they don’t want to do, you are being a bully.
It’s ok to have strong opinions and preferences, and to express them. But if you take feedback personally, become defensive, and ignore the opinion of others, you are being a bully.
It’s ok to feel more comfortable working with certain people. But if you publicly strongly favor or disfavor people, you are being a bully.
Do you notice the difference? A bully doesn’t care about others. A bully is only interested in their own comfort and advancement, regardless of the lateral damage.
A real leader has a robust base of humility, respect for others, and fairness. They can have drive and determination, but they also consider the wellbeing of all.
It was a great loss for a capable Deputy Minister - former deputy higher education minister Saifuddin Abdullah after losing the Temerloh parliamentary seat to PAS Youth chief Nasrudin Hassan.
