Monday, May 28, 2007
Negative rates shaky, says Manila cbank
Philippine central bank governor Amando Tetangco said on Friday negative real interest rates were unsustainable even as the monetary authority lowered its forecast for average inflation in 2007. The benchmark Philippine 91-day Treasury bill rate hit 2.935 percent at an auction on Monday, close to record lows, while the annual inflation rate in February fell to a four-year low of 2.6 percent. Removing a 20 percent withholding tax on the T-bill yield and comparing it to inflation leaves real interest rates close to negative territory. A negative interest rate environment is something that cant be sustained for a period of time, Tetangco told a bankers forum. Interest rates in the GS (government securities) market are reacting to a lower inflation rate and reduced budget deficit and (an) expectation that the supply of GS will go down in the future as the government reduces borrowing.
Tuesday, May 1, 2007
Takaful Nasional aims for US$75m premiums from offshore products
KUALA LUMPUR: Takaful Nasional Sdn Bhd is aiming for US$75mil in premiums from offshore products by end-July, with the launch of its international currency business unit (ICBU), on Friday.
Chief executive officer Mohd Tarmidzi Ahmad Nordin speaking to reporters at the launch said, "The US75mil target is for our first tranch of offshore products."
Although foreign-currency products was "new territory" for the company, the target was achievable as a recent launch of a similar onshore product by Maybank Life achieved RM700mil sales within a week, Tarmidzi said.
Takaful Nasional is part of Maybank's insurance arm, having merged with Mayban Fortis in December 2005.
Mayban Fortis Holdings Bhd head of offshore business Eduard C. Holtz said "We will be working on these products (the first tranch) from now to the end of July," but added that the group also planned to launch a new product in the second quarter.
"Tentatively, we are looking at launching one or two new products per quarter," he said.
The company is targeting high net worth middle-eastern customers in Dubai and Bahrain as well as those banking in Switzerland and Singapore.
While Takaful Nasional also provides general takaful products, the focus of the offshore business would be on single premium, investment-linked family products, Holtz said.
Chief executive officer Mohd Tarmidzi Ahmad Nordin speaking to reporters at the launch said, "The US75mil target is for our first tranch of offshore products."
Although foreign-currency products was "new territory" for the company, the target was achievable as a recent launch of a similar onshore product by Maybank Life achieved RM700mil sales within a week, Tarmidzi said.
Takaful Nasional is part of Maybank's insurance arm, having merged with Mayban Fortis in December 2005.
Mayban Fortis Holdings Bhd head of offshore business Eduard C. Holtz said "We will be working on these products (the first tranch) from now to the end of July," but added that the group also planned to launch a new product in the second quarter.
"Tentatively, we are looking at launching one or two new products per quarter," he said.
The company is targeting high net worth middle-eastern customers in Dubai and Bahrain as well as those banking in Switzerland and Singapore.
While Takaful Nasional also provides general takaful products, the focus of the offshore business would be on single premium, investment-linked family products, Holtz said.
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