KUALA LUMPUR: Newly-launched Tune Insurance Malaysia Bhd, formerly Oriental Capital Assurance Bhd (OCA), will be the first company under the Tune group to be listed.
Tune Group co-founder and group chief executive of AirAsia Bhd Tan Sri Tony Fernandes said the listing is possible due to the strong growth projection of Tune Insurance compared to Tune Hotel and Tune Talk.
"The announcement on the listing would be made when the idea has been finalised," Fernandes said after the launch here yesterday.
In May this year, Tune Ins Holdings Bhd bought a controlling 79.8 per cent stake of interest in OCA for RM156.9 million cash, or RM1.96 per share, and renamed the company to Tune Insurance. As at yesterday, Tune Ins owns 83.3 per cent of OCA.
Tune Insurance is licenced to issue policies in all classes of general insurance in Malaysia across a broad range of industry and customer segments. It now has about 1,000 agents and 16 branches nationwide.
Fernandes also said that Tune Insurance is in discussions with other general insurance providers in Asia to boost its capacity.
"We are definitely well positioned to capture growth opportunities in Asia and the timing is right as evidenced in the strong economic fundamentals and favourable demographics, such as expanding population, growing middle class and affluence and an increased realisation of the need for insurance," he added.
Tune Insurance chief executive Su Tieng Teck said its gross premiums are expected to rise to RM330 million next year from RM260 million this year.
"The projection for 2013 was conservative and the growth prospect of the company is imminent. We are looking at double-digit growth, up from the industry's growth of seven per cent," he added.
Tune Insurance also expects to sign up 200,000 new insurance customers a month with the integration of Tune Group, AirAsia and AirAsia X.
Read more: Tune Insurance to be listedhttp://www.btimes.com.my/Current_News/BTIMES/articles/TUNEINS/Article/index_html#ixzz27lohxAQN
Tune Group co-founder and group chief executive of AirAsia Bhd Tan Sri Tony Fernandes said the listing is possible due to the strong growth projection of Tune Insurance compared to Tune Hotel and Tune Talk.
"The announcement on the listing would be made when the idea has been finalised," Fernandes said after the launch here yesterday.
In May this year, Tune Ins Holdings Bhd bought a controlling 79.8 per cent stake of interest in OCA for RM156.9 million cash, or RM1.96 per share, and renamed the company to Tune Insurance. As at yesterday, Tune Ins owns 83.3 per cent of OCA.
Tune Insurance is licenced to issue policies in all classes of general insurance in Malaysia across a broad range of industry and customer segments. It now has about 1,000 agents and 16 branches nationwide.
Fernandes also said that Tune Insurance is in discussions with other general insurance providers in Asia to boost its capacity.
"We are definitely well positioned to capture growth opportunities in Asia and the timing is right as evidenced in the strong economic fundamentals and favourable demographics, such as expanding population, growing middle class and affluence and an increased realisation of the need for insurance," he added.
Tune Insurance chief executive Su Tieng Teck said its gross premiums are expected to rise to RM330 million next year from RM260 million this year.
"The projection for 2013 was conservative and the growth prospect of the company is imminent. We are looking at double-digit growth, up from the industry's growth of seven per cent," he added.
Tune Insurance also expects to sign up 200,000 new insurance customers a month with the integration of Tune Group, AirAsia and AirAsia X.
Read more: Tune Insurance to be listedhttp://www.btimes.com.my/Current_News/BTIMES/articles/TUNEINS/Article/index_html#ixzz27lohxAQN
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