Someone asked for my views about the impact to consumers, after Prudential buys over AIA. The policyholders should not be affected by the change of ownership. Their money is kept in a separate insurance fund. It does not matter who the owner is.
However, the change of management may affect the philosophy in the distribution of bonus. The new management may be more generous or less generous in distributing bonus to policyholders out of the surplus in the insurance fund, compared to the previous owners.
Tan Kin Lian
I wonder if there is a public online database to show the vital statistics of insurers.
ReplyDeleteE.g.
1. annual bonus payouts over the years.
2. maturing and terminal bonus payouts for each year.
3. yearly performance of the par fund.
4. yearly breakdown of par fund by asset classes.
5. average expense ratios (costs) of policies over the years.
6. dollar amounts and percentage growth of API and SPI over the years.
7. dollar amounts of claims by death, TPD, CI, HI, motor, other GI over the years.
The whole insurance industry operates in a black box -- no transparency at all.
Some 18 years ago, I come in contact with Agents from NTUC, AIA, Prudential, GE, AVIVA, Manulife.
ReplyDeleteMy conclusion. Prudential is the toughest to get approval to buy insurance for life or critical illness policies especially when you have pre-existing illnesses.
Lesser insurance companies, lesser competition and so more lousy products?
ReplyDeleteI don't like Prudential... one less choice...
ReplyDeletePrudential? My experience tells me, not to be too optimistic about generousity where bonus is concern.
ReplyDeleteEnough said.
I think it is a good idea to have Prudential to buy over AIA. If not, AIA policyholders and shareholders will be in trouble.
ReplyDeleteIn Singapore, we will have a more consolidated insurance scene. Left with few big players and some smaller players. Perhaps A will buy over Manulife next and Aviva to exit the country altogether (like in Taiwan).
Good for consumers because now will not need to compare so many products and waste time.
Brilliant move by Prudential. Iy am going to buy AIG and Prudential's shares.
Pru will have 3 companies, each with different culture and they will operate and use the 'the shield and spear ' marketing ploy to confuse the already confused CONNED sumers.
ReplyDeleteAIA is a good company. Prudential is a another good company.
ReplyDeleteWatch out folks! Together, the combined sales force will overwhelmed Singapore consumers!
Pru already makan-ed UOB Insurance. The next acquisition would be HSBC followed by Manulife. AXA/Aviva have to merged or just focus on GI or get out of Singapore.
The two local insures NTUC and GE will have to merge to be a formidable force to contest with Pru-AIA merger.
The big will get bigger, the rich will get rich!
GE should makan up ntuc and life will be great becuase ntuc was born different with a unfair silver spoon.
ReplyDeleteNTUC is now different becuase they wear new clothing a yellow safron cloth to look holely but nothing changed inside. The agents are still product pushing and peddling agents.