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Annual Report
2022
 01 02 08
Contents
Table of
2022 Life Insurance President’s Members of
Industry’s Highlights Message the Management
Committee
2022/2023

10
Management
Committee 2022/2023

11
Industry At A Glance

2022 Event Highlights 18

Report of the Management Committee 27
Performance of the Life Insurance Industry 82
Statistics on Life Insurance Industry 89
Committees and Working Committees 2022/2023 93
Roll of Honour 1974 - 2022 101
LIAM Secretariat 102
Members of LIAM 103
2022 LIFE INSURANCE
INDUSTRY’S HIGHLIGHTS
Sum Assured In Force Number of Agents
in Force Annual Premiums
2022:
2022
RM 1.9 trillion
2022
RM 44.1 billion 85,848
2021:

RM 1.8 trillion RM 42.7 billion

2021 2021
88,068

5.3% 3.5% Number of

First Time 2022:

Number of New Business

Agents
15,517
Policies in Force (Sum Assured) 2021:

19,606
497.7billion
2022
202213.38million RM

RM 461.1billion
2021
202113.37million
Number of Agents
by Gender

0.1% 8% 44,034
Female:

Male: 41,814
New Business New Business
Total Premiums (Number of Policies)

12.0 billion Number of Bank Staff

2022
RM 2022 1.8 million Selling Life Insurance

RM 12.8 billion
2021
2021 1.9 million
16,237
2022:

6.4% 2.1% 2021: 16,928

Source: Bank Negara Malaysia - January 2023

Number of Agents by Education Level 2022

College /
University MCE / SPM HSC / STPM LCE / SRP Primary

41,513 40,083 3,118 998 136

Source: Life Insurance Association of Malaysia (LIAM)

 2 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia Life Insurance Association of Malaysia | ANNUAL REPORT 2022 3

PRESIDENT'S MESSAGE
PRESIDENT'S MESSAGE
O
n behalf of the Management Committee, I am pleased to present the Life Insurance Association
of Malaysia (LIAM) Annual Report for 2022.

2022 was another challenging year as the nation continued to recover from the lingering effects of the
COVID-19 pandemic. Thanks to the Government’s rollout of COVID-19 vaccines, stimulus and aid packages
as well as the easing of pandemic-related restrictions, which have greatly contributed to the country’s economic
recovery, Malaysians were able to cope with the financial, mental, and social impacts of the pandemic.

However, the harsh reality is that the nation had gone through one of the toughest times in its history. The
inflation rate had risen and the cost of living kept increasing, due to the higher prices of commodities and
raw materials. With higher prices for goods and services, Malaysians had no choice but to cut back on their
spending in order to save as much as they could.

rakyat from all walks of life. With the strong support

of LIAM’s 16 member companies and the regulator,
The year 2022 we remained steadfast in our commitment to easing
has been a fulfilling one the financial pressures on the consumers by way
of implementing various strategies and innovative
for LIAM as we continued
plans. Over and above that, we made sure they were
to engage proactively continuously covered with insurance protection and
with the regulator and educated on their roles as responsible consumers.
our key stakeholders to
Additionally the year 2022 saw the industry laying
address the challenges out a five-year roadmap and strategic plan to
facing the industry. achieve the desired targets set under the Financial
Sector Blueprint (FSBP) 2022-2026 launched by
Bank Negara Malaysia (BNM) in January 2022.
On the social front, the country faced ongoing The FSBP 2022-2026 highlights the need for the
challenges related to the pandemic, including the industry to continue to evolve and adapt to meet
continued need for social distancing and other the changing needs of consumers and the wider
measures to prevent the spread of the virus. economy by focusing on key priorities so the industry
Additionally, there were concerns about the long- can contribute to a more dynamic, innovative, and
term impact of the pandemic on Malaysia's workforce, sustainable financial sector in Malaysia.
with many workers experiencing job losses and
I am pleased to present the industry’s significant
reduced income.
activities and developments for the year 2022.
Despite these challenges, Malaysia made progress
in 2022 towards a full economic recovery with the INDUSTRY PERFORMANCE
reopening of the economic and social sectors as well
as the country’s borders effective 1 April 2022. The For the year ending December 2022, the industry
Government implemented further measures to support recorded an increase of 5.3% in sum assured
the country's most vulnerable groups and promote in force amounting to RM1.9 trillion in 2022 as
economic growth, with the hope that the country would compared with RM1.8 trillion in 2021. The total in
emerge from the pandemic stronger than ever. force premium grew by 3.5% in 2022, amounting
to RM44.1 billion as compared to RM42.7 billion in
For the Malaysian insurance industry, despite the 2021. The total number of policies in force rose at a
LOH GUAT LAN challenges brought on by the pandemic, it has, by minimal rate of 0.1% to 13.4 million units in 2022.
President and large, remained resilient, adapting to new market The overall new business sum assured increased
conditions and continuing to meet the needs of to RM497.7 billion in 2022, an increase of 8% from
customers. The year 2022 has been a fulfilling one RM461.1 billion in 2021. However, the number
for LIAM as we continued to engage proactively with of new policies issued fell slightly by 2.1% to 1.8
the regulator and our key stakeholders to address the million units compared with 1.9 million units in
challenges facing the industry. We also embarked on 2021. The new business total premium showed
proactive measures and activities in servicing the a drop of 6.4% in 2022, which amounted to RM12
4 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

PRESIDENT'S MESSAGE

billion in comparison with RM12.8 billion in 2021. ACCELERATION OF DIGITAL TECHNOLOGY

The life insurance industry recorded an increase TO ENHANCE CUSTOMER EXPERIENCE
of 12.7% in claims payout amounting to RM13.4
billion as compared to RM11.9 billion in 2021. The With the acceleration of digital technology, LIAM
increase was mainly due to higher claims in medical members have adjusted their distribution models to
and disability which rose by 33.7% and 20.6%, effectively respond to a range of market trends, through
respectively. the adoption of new technologies to support the evolving
needs of consumers, increase operational efficiency
INDUSTRY’S 5-YEAR ROADMAP TOWARDS and improve customer experience. By putting the
ACHIEVING FSBP 2022-2026 AGENDA customer at the centre of its operations, the industry will
continue to offer personalised products and services,
During the year, on 27 and 28 May 2022, LIAM improving claims process, and providing seamless
organised a Strategic Planning Meeting with omni-channel experiences to consumers.
captains of industry to develop a 5-year roadmap
In line with the industry’s aspiration to enhance
and identify the industry’s roles as well as priorities
customer experience in medical and health insurance,
towards achieving the goals outlined under the
LIAM is working on the implementation of the
FSBP.
Digital Platform/Platform for Real-time Information
LIAM appointed chairpersons to the respective Sharing & Management (PRISM), a digital platform
working groups and identified industry champions for between insurers and private hospitals or third-
the initiatives based on the strategic thrusts outlined party administrators to facilitate the issuance of
in the FSBP roadmap. Members were briefed on Guaranteed Letters and data exchange.
each strategic thrust, the various key initiatives, and
To support a vibrant digital financial services
what success would look like in 2026 with the action
landscape, we will review the laws and regulations
plan in place for the industry to achieve the desired
and proposed measures to enable end-to-end
objectives. Among the key strategic thrusts include:
digitalisation of business processes such as the use
• Enhancing financial capability and access, and of digital signature and digital nomination to provide
effective usage of financial services towards a seamless policyholders’ experience.
greater financial inclusion;
ELEVATING THE INDUSTRY’S FINANCIAL
• Shaping a financial system that upholds fair and EDUCATION AGENDA THROUGH
responsible dealings with financial consumers; PARTNERSHIP WITH FINANCIAL
EDUCATION NETWORK (FEN)
• Advance digitalisation of the financial sector to
support a vibrant digital financial services landscape LIAM has been collaborating with the Financial
and futureproof the financial sector workforce; Education Network, an inter-agency platform co-chaired
by BNM and the Securities Commission Malaysia and
• Developing professional standard and best with members comprising the Ministry of Education,
practices for consumers/insurers through the Ministry of Higher Education, Perbadanan Insurans
LIAM Professional Standards Committee; and Deposit Malaysia, Employees Provident Fund (EPF),
Agensi Kaunseling dan Pengurusan Kredit (AKPK)
• Working with the Joint Committee on Climate and Permodalan Nasional Berhad. FEN is committed
Change and other relevant stakeholders on best to raising the level of financial literacy in Malaysia. One
practices to support ESG and combatting climate of FEN’s key achievements is the National Strategy for
change. Financial Literacy 2019–2023, which outlines strategic
priorities to elevate financial literacy and promote
Moving forward, LIAM will be working closely with responsible financial behaviour of consumers
BNM, the industry’s key stakeholders, and its 16 across all life stages. Since 2020, LIAM has been
member companies to seek further guidance and collaborating with BNM – a member of FEN – on
support to ensure the smooth implementation of the several annual financial education initiatives including
respective initiatives in achieving the FSBP agenda. the Financial Literacy Month and My Duit Story.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 5

PRESIDENT'S MESSAGE

Beginning 2023, LIAM has become an official Find (CFF) forms completed by staff, agents and
partner of FEN, hence providing greater opportunity representatives of life insurance companies and
for LIAM to work closely with FEN and its partners family takaful operators.
and affiliations in undertaking various awareness
campaigns and financial literacy initiatives as well as These best practices, which are expected to be
fostering financial consumer protection amongst the implemented by insurers and takaful operators
public in Malaysia. (ITOs) by 1 July 2023, were issued as guidance
notes to ITOs and are non-binding rules or mandatory
In December 2022, in support of FEN objectives, requirements. In this regard, ITOs are to develop
LIAM kicked off a new, fun challenge targeted their own policies and criteria based on the examples
at the youth – a short video competition on provided and review their criteria against the best
social media called #NoFOMO Social Wellness practices as a benchmark. The development of best
Challenge (#NoFOMOChallenge). Riding on the practices is in tandem with FSBP 2022-2026’s vision
tagline Live Well, No Fear of Missing Out, the of elevating the financial well-being of households
#NoFOMOChallenge invites the youth to create a and businesses, one of which is to shape a financial
short video content using humour, memes, tragedy, or system that upholds fair and responsible dealings with
drama based on the three key elements of wellness financial consumers by strengthening professional
namely physical, emotional, and financial wellness. standards and disclosure practices.

The campaign aims to inculcate wellness habits In April 2022, BNM issued an Exposure Draft on
among the young generation, as well as inspire them the Professionalism of Insurance and Takaful
to be creative and innovative in raising insurance Agents with proposed requirements for Insurers
awareness on unforeseen risks and promoting and Takaful Operators (ITOs) to ensure their agents
the importance of financial planning using such are competent, qualified and act professionally in
social media platforms as TikTok, Instagram and the best interest of customers at all times. This is
YouTube. The initiative is seen as a strategy to to bolster public confidence in the integrity of the
combat misconceptions about insurance, educate agency workforce as a trusted and reliable channel
young people on key issues and guide them towards for the distribution of insurance and takaful products.
becoming educated consumers.
The Exposure Draft also proposed policies to enhance
LIAM is also engaging proactively with other FEN the professionalism of agents by reinforcing the
partners and members in its financial education safeguards that are in place to ensure consistent
programmes. In the coming months, LIAM will delivery of improved customer outcomes, including
be working with the Financial Industry Collective requirements relating to minimum qualifications, fit and
Outreach (FINCO) to spread financial literacy in proper criteria, due diligence processes, continuous
schools across Malaysia. We will also be working with professional development and corrective actions that
AKPK to embark on a financial education initiative must be taken in the event of misconduct by agents.
targeted at tertiary students and working adults in the
country. LIAM is also working with EPF to expand its One of the key requirements proposed in the
coverage to the working-age population of Malaysia. Exposure Draft is the due diligence process to
ensure that only qualified individuals who meet the
ENHANCING AND STRENGTHENING fit and proper criteria are appointed as agents. For
PROFESSIONAL STANDARDS OF entry requirements, in addition to entry qualifications
INTERMEDIARIES AND AGENCY for life insurance agents of passing the Pre-Contract
WORKFORCE Examination, they would be required to pass either
Module 2 of the Registered Financial Planner (RFP)
Together with the Malaysian Takaful Association offered by the Malaysian Financial Planning Council
(MTA) and the National Association of Malaysian (MFPC) or Module 2 of the Certified Financial Planner
Life Insurance and Family Takaful Advisors (CFP) offered by the Financial Planning Association
(NAMLIFA), LIAM has developed a best practices’ of Malaysia (FPAM). LIAM has engaged with BNM
guide for evaluating the advisory process and to put forward proposals to further improvise the
recommendations based on Customer Fact proposed measures for BNM’s consideration.
6 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

PRESIDENT'S MESSAGE

Meanwhile, the Balanced Scorecard (BSC) ENHANCING SOCIAL PROTECTION OF B40

framework under the Operating Costs Control (OCC) COMMUNITY THROUGH PERLINDUNGAN
guideline will be undergoing a review in 2023 and TENANG INITIATIVE
among the areas that would be re-evaluated are the
BSC key performance indicators. It is heartening to note that the implementation of the
Perlindungan Tenang Voucher (PTV) Programme
Under the BNM Policy Document on OCC, which was from 30 September 2021 to 30 November 2022, has
first issued in December 2017, BNM had pledged brought positive impact to the social protection of the
to ensure that its policies would remain relevant B40 community in the country. The industry is indeed
and continue to meet the intended objectives and grateful to the government for this move.
outcome, and accordingly had indicated that the
policy document would be reviewed within 5 years of About 8.4 million eligible Bantuan Prihatin Rakyat
its issuance before it is amended or replaced. (BPR)/Bantuan Keluarga Malaysia (BKM) recipients
from the single, household and senior citizen categories
With these measures in place, we are on the right were offered RM50 and RM75 vouchers to participate in
track towards shaping the industry to uphold fair and the PTV Programme through the collaboration between
responsible dealings with financial consumers as the government and the insurance and takaful industry.
envisaged in the FSBP 2022-2026. This initiative has paved the way for the introduction of
financial planning among the lower-income group in the
SUSTAINABILITY AND ENVIRONMENTAL, country. It augurs well in encouraging more Malaysians
SOCIAL AND GOVERNANCE (ESG) ISSUES to take up life insurance protection, as an immediate
financial relief in the event of a misfortune or anything
To enhance the resilience of the financial sector unforeseen.
against climate-related risks and to facilitate a just
and orderly transition to a low-carbon economy, Meanwhile, as of end-December 2021, over 1.7
BNM issued a policy document on Climate Risk million vouchers worth over RM85.4 million were
Management and Scenario Analysis which took effect redeemed by the BPR recipients under the RM50
on 30 November 2022, setting out the principles PTV and as for the RM75 PTV, over 4.9 million
and requirements on climate risk management and vouchers worth over RM353 million were redeemed
scenario analysis for financial institutions. by the BKM recipients as at 30 November 2022.

Indeed, recognising the importance of sustainability Despite the discontinuation of the PTV initiative, we
and ESG issues, the industry is taking every effort hope policyholders will continue with their insurance/
to engage with key stakeholders to promote green takaful coverage of the Perlindungan Tenang
economy and sustainable business practices. LIAM, protection plans to enjoy the benefits, as part of their
through the newly-formed Committee and Working family’s financial planning.
Committees on climate change and environmental,
social and governance (ESG), is working very closely FUTUREPROOF FINANCIAL SECTOR
with BNM and relevant government agencies and WORKFORCE TO CREATE A DYNAMIC AND
bodies to formulate best practices and guidance SUSTAINABLE TALENT ECOSYSTEM
for the industry to support ESG and climate change
initiatives towards the transition to a greener The insurance industry is undergoing a digital
economy. transformation; hence the industry’s workforce
needs to be trained in new technologies and digital
The Committees would look into the initiatives that skills to support the industry’s growth and future
cover three main areas in relation to climate change developments. This includes organising reskilling
namely to integrate climate-related and environmental and upskilling programmes to help employees adapt
risks in prudential regulation and supervision, to the changes. To remain competitive, we need to
support orderly transition to a low-carbon economy embrace innovation by creating an environment for
and integrate climate risks in the life insurer’s internal employees to feel empowered to test new ideas and
functions and operations. find solutions to problems.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 7

PRESIDENT'S MESSAGE

In moving forward, the industry needs to identify As we reflect on our past and look towards our
future-ready talent and develop diverse skillsets for future, let us remember the qualities that have made
multi-competencies to ensure that the industry can us successful thus far – our hard work, dedication
futureproof its workforce to remain competitive and and passion for what we do. Let us also remember
relevant in a rapidly changing market. the importance of innovation, adaptability and a
commitment to excellence in everything that we do.
LIAM will collaborate with the Malaysian Insurance LIAM is honored to be a part of this journey. Let us
Institute (MII) on the development of all types of skills remain committed to our values, embrace change and
to support the digital workforce. continue to push the boundaries of what is possible.
The on-going LIAM Structured Internship Here’s to another 25 years of success and growth!
Programme will expand its pool of resources for
potential workforce from various disciplines and to
participate in major career fairs to attract talents as ACKNOWLEDGEMENT
well as showcase the vast career opportunities in
I wish to record my deepest appreciation for my
the industry.
colleagues on the LIAM Management Committee
for the trust they placed in me to lead the
CELEBRATING 25 YEARS OF
Association for the past 3 years. I am honored
ACHIEVEMENTS OF MALAYSIAN LIFE
to be given this opportunity to serve the industry
REINSURANCE GROUP BERHAD
as LIAM President. It has been a truly rewarding
On behalf of LIAM, I would like to take this opportunity and memorable experience and I am indebted
to congratulate the Malaysian Life Reinsurance to the members’ steadfast support and wise
Group Berhad (MLRe), the first professional life counsel which has enabled me to carry out my
reinsurance company in Malaysia, on its 25th duties as LIAM President efficiently.
anniversary celebration on 2 December 2022.
I also wish to thank all the Chairmen and members
Formed by LIAM in response to the Government’s call of the various Committees, Working Groups and
to enhance the capability of the local life insurance Task Forces for your time, commitment, and
industry to retain insurance risks locally, MLRe was valuable contributions in assisting LIAM with the
set up as a joint venture between LIAM member various industry issues and challenges.
companies (holding 70% shares of MLRe) and the
On behalf of LIAM, I also wish to thank the offices
Reinsurance Group of America (RGA) (holding 30%
of BNM, Ministry of Finance, Ministry of Health,
shares of MLRe).
the Inland Revenue Board, Royal Malaysian
It was officially launched on 5 May 1997 by YAB Customs and Excise Department, Ministry of
Dato’ Seri Anwar Ibrahim in his then capacity as Education, EPF, Perbadanan Insurans Deposit
Minister of Finance. He was a signatory of MLRe’s Malaysia and other Government agencies for the
life reinsurance licence. cooperation and support extended to us.

LIAM is proud that MLRe has grown from strength In closing, a special thank you goes out to Mark
to strength over the past 25 years to become a O’Dell and his team at the LIAM Secretariat for the
major life reinsurance player providing reinsurance smooth running of the office and their dedication
solutions covering both mortality and morbidity risks and diligence in serving the members and industry.
in the Malaysian market. Offering the best of local
knowledge and international technical expertise LOH GUAT LAN
and resources, MLRe competes directly in the President
open market against more established foreign life
reinsurers and has contributed to the development of
talents in the reinsurance business and retention of
outflow of premiums.
8 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia Life Insurance Association of Malaysia | ANNUAL REPORT 2022 9

MEMBERS OF THE MANAGEMENT COMMITTEE 2022/2023

4
11
10
5

1
2

3 6
7 8

Vibha Coburn Ben Ng 1

Loh Guat Lan 10
Raymond Lew Mark O’Dell YBhg. Dato Koh Yaw Hui
3 2 6 7
Management Committee Management Committee President Vice President Chief Executive Officer Management Committee

4
Toi See Jong 5
Paul Low 8
Khoo Ai Lin 9
Nancy Tan 11
Lim Eng Seong
Management Committee Management Committee Management Committee Executive Secretary Management Committee
10 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

MANAGEMENT COMMITTEE
2022/2023
PRESIDENT

Loh Guat Lan

Hong Leong Assurance Berhad

VICE-PRESIDENT

Raymond Lew
Sun Life Malaysia Assurance Berhad

MEMBERS

AIA Bhd. Prudential Assurance Malaysia Berhad

Main Representative : Ben Ng Main Representative : Lim Eng Seong
Alternate : Heng Zee Wang Alternate : Sim Ng
: Datin Veronica Selvanayagy : Kamarul Hisham

Etiqa Life Insurance Berhad Sun Life Malaysia Assurance Berhad

Main Representative : Paul Low Hong Ceong Main Representative : Raymond Lew
Alternate : Leong Su Yern Alternate : Ho Teck Seng
: Jon Chong Yong Kong : Irina Lim

Great Eastern Life Assurance (Malaysia) Berhad Tokio Marine Life Insurance Malaysia Bhd.
Main Representative : YBhg. Dato Koh Yaw Hui Main Representative : Toi See Jong
Alternate : Jeffrey Yem Alternate : Kang Yu Fen
: Loke Chang Yueh

Hong Leong Assurance Berhad Zurich Life Insurance Malaysia Berhad

Main Representative : Loh Guat Lan Main Representative : Khoo Ai Lin
Alternate : Ong Kheng Heng Alternate : Thai Mei Lih
: Alan Ho
Manulife Insurance Berhad
Main Representative : Vibha Coburn
Alternate : Tan Chue Chau
: Jasbender Kaur
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 11

INDUSTRY AT A GLANCE
27 January 2022 18 February 2022
01 January Speaking session – Webinar Industry meeting on Stamp Duty
Economist Forum Briefing and Assignment Policy
20 January 2022 Panel Discussion
18 February 2022
Meeting with EY on MFRS 17 Tax
27 January 2022 Industry meeting on Customer
Project Update
Meeting on Study on Turnover Service Index Survey
17 January 2022 of Agents with Inspire Group
Asia 21 February 2022
Meeting with MTA on JPN
Meeting on Withholding Tax agent
Database
commission with Inland Revenue
17 January 2022 Board
Meeting on proposed healthcare 02 February
23 February 2022
digital platform
Joint Technical Committee
8 February 2022 Industry meeting – handover of
19 January 2022
Press Release - LIAM urges former Chairmanship
Meeting on Study on Turnover
life insurance agents to respond to
of Agents with Inspire Group
survey on “Turnover of Agents” and 25 February 2022
Asia
stand a chance to win Touch & Go Meeting with MDEC - Introduction
20 January 2022 e-wallet credits of MDEC and Healthtech
Meeting with Milliman on emerging Initiatives, and Discussion on Areas
8 February 2022 of Potential Collaboration
markets initiative
Engagement meeting with MTA MC
21 January 2022 members 28 February 2022
Meeting with MTA on JPN Press Release - Life insurance
8 February 2022 industry registers double-digit
Database
Engagement meeting with ROSE growth of 12.4% or RM12.8 billion
24 - 28 January 2022 Foundation in new business total premiums in
MyFinTech Week 2021
9 February 2022
25 January 2022 Meeting with ISM and MTA on JPN 28 February 2022
Meeting on proposed healthcare Portal Presentation on innovation in
digital platform with PMCare and making healthcare affordable by
10 February 2022
ISM KPJ Group
Joint Presentation by PWC on
26 January 2022 Budget 2022 Proposal
Meeting with EY on MFRS17
10 February 2022
project update
Perlindungan Tenang Voucher
03 March
26 January 2022 (PTV) Steering Committee Meeting
MHIT #AmbilTauBarulahTau catch with Ministry of Finance 2 March 2022
up meeting with BNM Industry Meeting on Medical
14 February 2022
and health Insurance/Takaful
27 January 2022 Meeting on 13th Fee Schedule with
Repricing
Press Release - Life Insurance Ministry of Health
Industry conducts “Study on 2 March 2022
16 February 2022
Turnover of Agents” to further Industry Meeting on PTV
Meeting on proposed healthcare
enhance and strengthen agents’ responsible marketing
digital platform with Association
professionalism
of Private Hospitals in 3 March 2022
27 January 2022 Malaysia MHIT #AmbilTauBarulahTau
Meeting with BNM on Utilisation Videos’ Voice over
17 February 2022
of Savings in Commission from recording
Meeting on Study on Turnover
Underperformers of Balanced
of Agents with Inspire Group
Scorecard (BSC)
Asia
12 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

INDUSTRY AT A GLANCE

3 March 2022 14 March 2022

Industry Meeting on issues Industry Briefing on ISM 04 April
related to guaranteed letters with shareholders proposal by
Association of Private Hospitals in ISM
1 April 2022
Malaysia and Malaysian Medical
14 March 2022 Meeting on Study on Turnover of
Association
Meeting with Futurise and Agents with Inspire Group
3 March 2022 Digitalisation and Innovation
1 April 2022
Meeting with ISM on Claims and Committee
Industry Briefing by Centre of
Underwriting Exchange – Accident
15 March 2022 Applied Data Science (CADS)
& Health (CUE-A&H)
MHIT #AmbilTauBarulahTau on the Data-Driven Organization
4 March 2022 Testimonial Videos Maturity Assessment Industry
IIC Webinar – expand the horizon Shooting Report
of responsible finance
21 March 2022 4 April 2022
7 March 2022 Media Interview with LIAM Meeting on Medical and health
Meeting with Brunei Insurance and President by The Busy Insurance/Takaful Repricing and
Takaful Association Weekly risk pooling with BNM

7 March 2022 25 March 2022 4 April 2022

LIAM-ROSE Foundation Webinar: Virtual Prize Giving Ceremony – Industry Meeting on Open Data
Towards Cervical Cancer MyDuitStory 2.0 Priorities and used cases with
Elimination in Malaysia BNM
26 March 2022
8 March 2022 MFPC My Money & Me Webinar, 4 April 2022
Meeting with Milliman on emerging Central Region – LIAM as Meeting on Exposure Draft Climate
markets initiative supporting organisation Risk Management and Scenario
Analysis with BNM
8 March 2022 29 March 2022
Engagement meeting with PIAM Industry Meeting with ISM on CUE- 6 April 2022
MC members A&H Meeting on Stamp Duty for
assignment policy
9 March 2022 29 March 2022
7th Academic Quality Assurance Meeting between LIAM, MDEC 7 April 2022
Committee Meeting with management and Futurise to Meeting with ISM on Acquisition
MII discuss on areas that LIAM can of Shares from PIAM in the New
work with Futurise on Digitlization Company of ISM
9 March 2022 in the insurance industry
Introductory meeting with ISM and 9 April 2022
MDEC 30 March 2022 Judging Session MII Hackathon
48th Annual General Meeting and Semi Final
10 March 2022 LIAM Management Committee
Judging session MyDuitStory 2.0 13 April 2022
Meeting
Competition Meeting with ROSE
31 March 2022 Foundation
11 March 2022 Press Release - LIAM re-elects
Special Briefing to insurers and 14 April 2022
Loh Guat Lan as President and
TPAs on 13th Fee Schedule with Industry Briefing on Best Practice
Raymond Lew as Vice-President
Ministry of Health Guide on CFF
for the term 2022/2023
11 March 2022 14 April 2022
31 March 2022
Briefing by ISM on the objective Meeting on Stamp Duty for
Industry Briefing on
Claims and Underwriting assignment policy
Perlindungan Tenang Voucher
Exchange/ Accident and health Programme 15 April 2022
database
Industry Meeting on Review
of Guidelines on Movement of
Agents
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 13

INDUSTRY AT A GLANCE

21 April 2022 19 May 2022 2 June 2022

Buka Puasa Dinner with Media and LIAM Hari Raya Digital Platform Steering
Stakeholders Gathering Committee Meeting

21 April 2022 19 May 2022 2 June 2022

Working Group Meeting with ISM Press Release - Life insurance Meeting on Stamp Duty for
on CUE-A&H industry brings festive cheer to four Assignment Policy
children’s homes
26 April 2022 3 June 2022
Joint Committee Climate Change 19 May 2022 Meeting on Specifications relating
Meeting CEO Speaking Engagement to Medical and Health Insurance/
at InsurTech Leaders’ Summit: Takaful Re-pricing and Risk
27 April 2022 Panel Discussion – Advancing Pooling
Meeting on Withholding Tax agent Healthcare Through Universal
commission with Inland Revenue Health Insurance Enabled by a 9 June 2022
Board Health Data Exchange Platform Meeting with ISM on ISM
and Empowered Citizen Self- Restructuring, Data Services for
28 April 2022 LIAM members, Digital Health
Care
Meeting on Stamp Duty for Exchange Updates, CUE-A&H
assignment policy 20 May 2022 etc.
BSC Working Committee meeting
30 April 2022 10 June 2022
on BSC KPI Review
CEO Speaking Engagement at Discussion on Survey on
Oncology Summit 2022: Panel 23 May 2022 Consumer Attitude Towards
Discussion – Delivering Cancer Industry Meeting on Exposure Draft Purchase of Life Insurance/ Takaful
treatment and Care on Professionalism of Insurance with Evolve Consulting
and Takaful Agents
10 June 2022
23 May 2022 Discussion on Survey on
05 May Meeting on Stamp Duty for Consumer Attitude Towards
Assignment Policy Purchase of Life Insurance/ Takaful
10 May 2022 with Nielsen IQ
27 – 28 May 2022
Meeting with Milliman on emerging
LIAM Strategic Planning Meeting 19 June 2022
markets initiative
2022 Meeting with LIA on Digital Platform
11 May 2022 Information Exchange
28 May 2022
Meeting with EY on MFRS 17 Tax
MFPC My Money & Me Webinar 15 June 2022
Project Update
Northern Region – LIAM as University Malaya – Certified
11 May 2022 supporting organisation International Pension and
Meeting on Stamp Duty Retirement Programme
30 May 2022 2022
for Assignment Policy with
MFRS 17 Working Group meeting
BNM
with IRB, MOF and BNM 16 June 2022
13 May 2022 Meeting with BNM on Health White
Meeting on Specifications relating Paper
to Medical and Health Insurance/
06 June 18 June 2022
Takaful Re-pricing and Risk
CEO Speaking Engagement at
Pooling
BFM Health And Living Forum
1 June 2022
17 – 18 May 2022 on Will Healthcare Become
Meeting on contribution of RM5
16th LIAM Structured Internship More Expensive After the
with PTV Working Group
Programme Workshop Pandemic?
2 June 2022
18 May 2022 21 June 2022
Engagement Session with
Workshop on the findings of Focus Group Study on Turnover of
Assistant Governor Encik Suhaimi
the Research on Emerging Agents – Agent Leavers
Ali
Markets in Malaysia for BM40
Segment
14 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

INDUSTRY AT A GLANCE

22 June 2022 4 July 2022 26 July 2022

Meeting between BNM, LIAM Industry meeting on Exposure Engagement Session with BNM
and MTA on Exposure Draft on Draft – Professionalism of and ITOs on Open Data Survey
Professionalism of Agents and Insurance and Takaful Agents with responses
Policy Document on Operating FPAM, MII, IBFIM, MFPC and
Cost Controls for Life Insurance NAMLIFA 27 July 2022
and Takaful Business JTC meeting with MND Association
6 July 2022 on TPD Claims
25 June 2022 First Grievance Mechanism
Focus Group Study on Turnover Committee Meeting 29 July 2022
of Agent – Agent Leavers Meeting on Study on Turnover of
(Mandarin) 6 July 2022 Agents with Inspire Group
Small Group Meeting on
25 June 2022 Specifications relating to Medical
MFPC My Money & Me Webinar, and Health Insurance/Takaful Re-
East Coast Region – LIAM as pricing and Risk Pooling 08 August
supporting organisation
6 July 2022
2 August 2022
28 June 2022 Meeting on Stamp Duty for
Engagement with FEN: Virtual
Industry Session on Collaboration Assignment Policy
Financial Education Talk to
with LIAM to Help Its Members
7 July 2022 MySTEP Graduates
Meet BNM's AMLA and
CDD Requirements with Meeting with EY on MFRS 17 Tax
4 August 2022
Halocheck Project Update
Industry Meeting on Health
7 July 2022 White Paper with BNM and
28 June 2022
Meeting on Private Health MOH
Focus Group on Study on Turnover
of Agents – Agency Managers/ Insurance Partnership with
5 August 2022
Leaders Pfizer
Engagement Session on data
8 July 2022 sharing initiatives for the insurance
29 June 2022
Meeting on Survey on Consumer and takaful sector with BNM /
Annual General Meeting of LIAM
buying habits and attitude with Proposed use cases on Risk
Holding & LIAM Property
LIMRA Underwriting, Claims Management
30 June 2022 and Fraud Detection
Industry Meeting and Agency 12 July – 12 Aug 2022
Campaign to promote e-payment – 5 August 2022
Presentation on Customer
Contest on social media Engagement with BNM with
Satisfaction Index Survey (CSS)
ITOs
with MTA and PIAM
15 July 2022
Press Release – New requirement 6 August 2022
30 June 2022
for redemption of Perlindungan MFPC My Money & Me Webinar
Presentation on GL Platform to
Tenang Voucher (PTV) to Southern Region – LIAM as
APHM Board Members
enhance understanding on supporting organisation
financial protection amongst BKM
8 August 2022
recipients
Meeting with MTA and NAMLIFA on
07 July
15 July 2022 Exposure Draft on Professionalism
Press Release – LIAM Lauds the of Agents
4 July 2022 Launch of i-Lindung and urges
Focus Group Study on Turnover 10 August 2022
the Government to open up to
of Agent – Insurance Companies’ Meeting with BNM on Exposure
more life insurers for enhanced
Heads of Agency/Training Draft on Professionalism of
social protection amongst
Agents
Malaysians
15 – 16 August 2022
25 July 2022
Health Policy Summit
Meeting with Management
2022
Committee on Digital Platform
Project
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 15

INDUSTRY AT A GLANCE

17 August 2022 13 September 2022

Meeting with Employees Provident 09 September Press Release - Life Insurance
Fund (EPF) on Expanding EPF Industry Organises Nationwide
Coverage to the Working Age 2 September 2022 Blood Donation & Health
Population of Malaysia for a Better Meeting on Long Term Care with Awareness Campaign at over 40
Future UTAR locations in conjunction with Hari
Malaysia
17 August 2022 3 September 2022
Special Interview with LIAM MFPC My Money & Me Webinar, 14 September 2022
President by Asia Insurance East Malaysia Region – LIAM as Industry Meeting on Industry
Review supporting organisation Roadmap of the FSPB on Advance
Digitalisation of the Financial
19 August 2022 6 September 2022 Sector
Webinar on Private Health Speaker at APEC Health Financing
Insurance Innovation to Strengthen Forum Session on Opportunities 15 September 2022
Universal Health Coverage in for Private Insurance Meeting on Industry Roadmap
Malaysia with Pfizer of the FSBP on Climate Change
7 September 2022 and Environmental, Social and
22 August 2022 13th ASEAN Insurance Congress Governance (ESG)
Presentation of Kembara Panel Discussion on Future of
Bijak Wang Programme by Insurance 19 September 2022
AKPK Networking Dinner with
8 September 2022 NAMLIFA
23 August 2022
13th ASEAN Insurance
Annual Engagement with 20 September 2022
Congress
OFS Virtual Engagement on open data
8 September 2022 scheme governance and review
23 August 2022 of Malaysia’s existing laws and
5th Dialogue Session on Managing
Meeting on Study on Turnover regulations with potential to impact
Escalating Medical Claims Inflation
of Agents with Inspire Group open finance with BNM and World
with BNM and Insurance/Takaful
Asia Bank
Industry
24 August 2022 20 September 2022
9 September 2022
Meeting on Financial Education CEO Speaking Engagement –
MNRB YOULEAD!
Network with BNM Healthcare Trade Mission by US
Programme
Embassy
25 August 2022
12 September 2022
4th Dialogue Session on Managing 26 September 2022
FSBP Working Group Meeting to
Escalating Medical Claims Inflation LIMRA’s visit to LIAM
Develop Professional Standards
with BNM and Insurance/Takaful
and Best Practices for Consumers/
Industry 27 September 2022
Insurers under FSBP Strategic
FSBP Working Group Meeting
25 August 2022 Thrust 2 : Elevate Financial
to Review BSC Guidelines for
Meeting of the Medical Cost Well-being of Households and
Agents under FSBP Strategic
Containment Task Force Businesses
Thrust 2: Elevate Financial
(MCCTF) Well-being of Households and
12 September 2022
Launching of Nationwide Blood Businesses
26 August 2022
Virtual Roundtable session on Donation & Health Awareness
28 September 2022
Climate/ESG Initiatives with BNM Campaign
Meeting on centralised database
and industry associations of agents with MTA and
12 September – 30 November
2022 PIAM
29 August 2022
8th JC3 Meeting Nationwide Blood Donation
29 September 2022
Campaign
Stakeholders Discussion on
30 August 2022
Health White Paper Development
Meeting with Taiyo Life & Daiwa
(Pillar 2) with MOH Planning
Securities
Division
16 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

INDUSTRY AT A GLANCE

17 – 18 October 2022 5 November 2022

10 October Simposium Pengurusan Stress & 9th MFPC Graduation
Kesihatan Mental Pekerja Ceremony – LIAM as supporting
1 October 2022 organisation
18 October 2022
Launching of Financial Literacy
Meeting with BNM on 7 November 2022
Month 2022
establishment of a centralised Industry Networking Dinner with
1 October 2022 database of agents with MII, PIAM APHM at Hilton Hotel, Kuala
World Heart Day LIAM as and MTA Lumpur Sentral
supporting organisation
18 – 22 October 2022 8 November 2022
3 October 2022 Campaign to promote e-payment Press Release - LIAM President,
Discussion on consolidation of – Contest on social media Bonus Ms Loh Guat Lan receives the
OFS and SIDREC into a one-stop Round prestigious “Woman Leader
dispute resolution centre with MTA of the Year Award” at the 26th
19 October 2022 Asia Insurance Industry Awards
and PIAM
LIAM General Meeting 2022
4 October 2022
19 October 2022 8 November 2022
Meeting on Customer Satisfaction
Meeting on Study on Turnover #AmbilTauBarulahTau Contest –
Index Survey with Association and
of Agents with Inspire Group Episode 1
Nielsen IQ Malaysia
Asia
6 October 2022 10 November 2022
20 October 2022 FSBP Working Group Meeting on
CEO Speaking Engagement at
BNM Physical Workshop on Review of BSC Guidelines for Bank
University Malaya – Certified Social
submission of MHIT claims Partners under FSBP Strategic
Protection Analyst (CSPA) – Level
data with Industry Consultative Thrust 2 : Elevate Financial
2 on Insurance Planning
Group Well-being of Households and
7 October 2022 Businesses
21 October 2022
Press Release - LIAM Response
Talk on Financial Scam by BNM to 10 November 2022
on the tabling of 2023 Budget by
LIAM and MII 19th NAMLIFA AKARD Award
the Minister of Finance Malaysia,
Yang Berhormat Tengku Datuk Seri Central Region
25 October 2022
Utama Zafrul Aziz LIAM at FEN Roadshow at 11 – 13 November 2022
Universiti Sultan Azlan Shah, Kuala LIAM Secretariat Staff Team
9 October 2022
Kangsar, Perak in conjunction with Building
CEO Speaking Engagement at
Financial Literacy Month
Selangor International Healthcare
15 November 2022
Conference 2022 on “Conflicts of 28 October 2022 Meeting on Industry Roundtable -
interest and other challenges in LIAM at FEN Roadshow at Digital Signature Healthcare with
private healthcare financing and its Universiti Pendidikan Sultan MCMC
impact on premiums” Idris, Tanjung Malim, Perak in
conjunction with Financial Literacy 15 November 2022
11 – 12 October 2022
Month Meeting between BNM, LIAM
Financial Education Network
and MTA on Exposure Draft on
(FEN’s) National Financial Literacy
Professionalism of Agents
Symposium 2022 11 November
17 November 2022
13 - 14 October 2022
Engagement on e-GL with BNM
17th LIAM Structured Internship 1 November 2022
and ISM
Programme Workshop 2nd Meeting of Grievance
Mechanism Committee 17 November 2022
14 October 2022
Preliminary Chat on BSC with
Industry Meeting on Claims 3 November 2022
BNM Financial Innovation and
and Underwriting Exchange – Industry Briefing on Study Turnover
Development Department
Accident & Health (CUE-A&H) with of Agents
ISM
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 17

INDUSTRY AT A GLANCE

17 November 2022 1 December 2022 13 December 2022

Joint LIAM-MTA Management MCMC Roundtable LIAM Appreciation and Networking
Committee Meeting on Exposure Cocktail with CEOs
Draft on Professionalism of Agents 1 December 2022
– Discussion on requirement to #NoFOMO Social Wellness 13 December 2022
pass RFP/CFP Module 2 Challenge 1st Roadshow UiTM Briefing Session on the Preliminary
Puncak Perdana Results Mortality Study 2016 –
18 November 2022 2020
Meeting between LIAM, MTA 2 December 2022
and NAMLIFA on Exposure Draft #NoFOMO Social Wellness 13 December 2022
on Professionalism of Agents - Challenge 2nd Roadshow UiTM #NoFOMO Social Wellness
Discussion on requirement to pass Shah Alam Challenge 7th Roadshow Universiti
RFP/CFP Module 2 Malaya
2 December 2022
22 November 2022 25th MLRE Anniversary 15 December 2022
#AmbilTauBarulahTau Contest – Dinner #NoFOMO Social Wellness
Episode 2 Challenge 8th Roadshow and 2nd
3 December 2022 Classroom Engagement Universiti
22 November 2022 MFPC My Money & Me Webinar, Kebangsaan Malaysia (UKM),
9th Academic Quality Assurance Selangor – LIAM as supporting Bangi
Committee Meeting organisation
16 December 2022
22 November 2022 5 December 2022 #NoFOMO Social Wellness
Official Launch of AICB #NoFOMO Social Wellness Challenge 9th Roadshow Universiti
Building Challenge 3rd Roadshow UniKL Pendidikan Sultan Idris (UPSI),
British Malaysian Institute Tanjung Malim
24 November 2022
Meeting with Intel 6 – 8 December 2022 19 December 2022
Ventures 48th AIC Meeting in Meeting with Medical Heads/TPAs
Bangkok on Issues Raised by the Grievance
25 November 2022 Mechanism Committee
Meeting with Academy of Medicine 7 December 2022
and MOH #NoFOMO Social Wellness 20 December 2022
Challenge 4th Roadshow University Specifications relating to Medical
30 November 2022 Kuala Lumpur MIIT and Health Insurance/Takaful Re-
LIAM Sabah Liaison Committee pricing and Risk-pooling
Meeting 7 December 2022
#AmbilTauBarulahTau Contest – 21 December 2022
30 November 2022 Episode 3 Meeting with MMA & NCSM on
19th NAMLIFA AKARD Award Pre-existing Condition
Sabah Branch 8 December 2022
#NoFOMO Social Wellness 21 December 2022
Challenge 5th Roadshow and 1st #AmbilTauBarulahTau Contest –
Classroom Engagement at UiTM Episode 4
12 December Puncak Alam
27 December 2022
9 December 2022 #NoFOMO Social Wellness
1 December 2022 Cover Story Special Feature Challenge 10th Roadshow Universiti
LIAM Sarawak Liaison Committee Interview with LIAM President by Teknologi Malaysia (UTM), Jalan
Meeting IMM Adviser Semarak
1 December 2022 – May 2023 12 December 2022 27 December 2022
Youth Engagement Programme #NoFOMO Social Wellness Special Report by The Star
#NoFOMO Social Wellness Challenge 6th Roadshow Universiti – Life Insurance Industry
Challenge Malaysia Sarawak (UniMAS), Performance
Sarawak
18 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

2022 EVENT HIGHLIGHTS

24-28
January
2022

MyFintech Week
and Launching of
Financial Sector
Blueprint 2022-2026

27 Webinar Economist
Forum Briefing and
January
2022 Panel Discussion

25 Meeting with MDEC - Healthtech

Initiatives, and Discussion on
February
2022 Areas of Potential Collaboration
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 19

2022 EVENT HIGHLIGHTS

7
March
2022

LIAM-ROSE Foundation
Webinar: Towards
Cervical Cancer
Elimination in Malaysia

25 Virtual Prize Giving

Ceremony – MyDuit
March
2022 Story 2.0

26
March
2022

MFPC My Money & Me

Webinar, Central Region
20 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

2022 EVENT HIGHLIGHTS

30 48th Annual General Meeting

March
2022

21
April
2022

Buka Puasa Dinner with

Media and Stakeholders

30
April
2022

CEO Speaking Engagement

at Oncology Summit:
Meeting the Promise of
Cancer Care in Malaysia
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 21

2022 EVENT HIGHLIGHTS

17-18 16th LIAM Structured

Internship Programme
May
2022 Workshop

19

19 LIAM Hari Raya Gathering

May
2022

27-28 LIAM Strategic Planning

May Meeting 2022
2022
22 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

2022 EVENT HIGHLIGHTS

Suhaimi Ali

2
June
2022

Engagement Session
with Assistant Governor
BNM Encik Suhaimi Ali

15 CEO Speaking Engagement

at University Malaya: Certified
June International Pension and
2022 Retirement Programme

29 Annual General Meeting

of LIAM Holding &
June
2022 LIAM Property
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 23

2022 EVENT HIGHLIGHTS

12 12
July
2022
- August
2022

Campaign to
promote e-Payment
on Social Media

2 Engagement with FEN:

Virtual Financial Education
August
2022 Talk to MySTEP Graduates

17
August
2022

Meeting on Expanding
EPF Coverage to the
Working Age Population
of Malaysia
24 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

2022 EVENT HIGHLIGHTS

22 Presentation of Kembara Bijak

August Wang Programme by AKPK
2022

12 Launching of Nationwide
Blood Donation and Health
September
2022 Awareness Campaign

1
October
2022

Launching of
Financial Literacy
Month 2022
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 25

2022 EVENT HIGHLIGHTS

13-14 17th LIAM Structured Internship

October Programme Workshop
2022

8 LIAM President Ms Loh Guat

Lan receives "Woman Leader
November of the Year Award" at 26th Asia
2022 Insurance Industry Awards 2022

30 LIAM Sabah Liaison

November Committee Meeting
2022
26 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

2022 EVENT HIGHLIGHTS

1 LIAM Sarawak Liaison

December Committee Meeting
2022

2 #NoFOMO Social Wellness

Challenge Roadshow,
December
2022 UiTM Shah Alam

2 25th MLRe Anniversary

December Appreciation Dinner
2022
Report of the

M Committee
anagement
28 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

REPORT OF THE
REPORT OF THE MANAGEMENT COMMITTEE

MANAGEMENT COMMITTEE

2022 was another busy year for the industry. Despite challenges brought
about by the COVID-19 pandemic, LIAM remained focus on its agenda to serve
the needs of the rakyat and continued to work with regulatory authorities and
stakeholders to develop a progressive life insurance industry for nation building.
The launch of the Financial Sector Blueprint (FSBP) 2022-2026 in January 2022, saw
various efforts being initiated towards the targets set for the life insurance sector.
We are pleased to report the highlights of major activities and issues dealt with
during the year.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 29

REPORT OF THE MANAGEMENT COMMITTEE

REGULATORY

Bancassurance/Bancatakaful
The policy document on Bancassurance/
Bancatakaful business came into force with
effect from 1 January 2023. The requirements
set out in this policy document aims to
ensure that the viability of the bancassurance
channel is widely accessible to consumers,
and guarantee that sound market conduct
practices are strengthened, consumers’
interests are safeguarded, as well as to promote
competitiveness and preserve consumer choice.

The requirements cover several key areas,

which include roles and responsibilities of senior
management and Board; requirements on
upfront fees paid by insurers/takaful operators
to bancassurance/bancatakaful partners;
requirements on disclosure and marketing
to target the customer segment; and training
requirements for staff of bancassurance including
appointed third-party service providers.

Policy Document on Climate Risk Management and Scenario Analysis

This policy document which took effect from 30 November 2022 sets out the principles and requirements
on climate risk management and scenario analysis for financial institutions to enhance the resilience of
the financial sector against climate-related risks and to facilitate a just and orderly transition to a low-
carbon economy.

A Committee and three sub-working groups within LIAM have been formed to introduce guidelines and best
practices to address the adverse impact of climate change on the sustainability of the financial system.

In particular, the three sub-working groups would look into initiatives that cover three main areas in relation
to climate change, namely to integrate climate-related and environmental risks in prudential regulation
and supervision, support an orderly transition to a low-carbon economy, and integrate climate risks in the
life insurer’s internal functions and operations.
30 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

REPORT OF THE MANAGEMENT COMMITTEE

Policy Document on Financial Reporting

The Malaysian Financial Reporting Standards (MFRS) which serve as a basis for financial reporting in
Malaysia have been fully converged with the International Financial Reporting Standards (IFRS) from 1
January 2012.

In view of the changes in financial reporting under MFRS, a financial institution is required under the
Financial Services Act 2013 (FSA) to prepare its financial statements in accordance with the MFRS, subject
to any standards as may be specified by Bank Negara Malaysia (BNM) to reflect specific modifications or
exceptions to the MFRS.

This policy document which came into effect from 1 January 2023, clarifies and sets the minimum expectations
for the application of the MFRS to a financial institution. It also aims to ensure adequate disclosures by a
financial institution in the financial statements to improve comparability for users of financial statements and
better facilitate the assessment of a financial institution’s financial position and performance.

Exposure Draft on Management

of Participating Life insurance
Business
BNM issued the Exposure Draft
on Participating Business on 31
December 2021 to set out the
proposed enhancements to the
requirements on the management
of a participating life insurance fund.
This is pertinent to preserve the safety
and soundness of the participating
life fund and uphold the principles of
protecting policy owners’ interests.
This includes amendments to provide
clarity to the requirements governing
the uses of estate, management of a
small and shrinking participating life
fund, submission of bonus revisions
and independent reviews of the
participating life business.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 31

REPORT OF THE MANAGEMENT COMMITTEE

Medical and Health Insurance

LIAM continues to proactively engage stakeholders,
namely the Ministry of Health, BNM, Association of
Private Hospitals in Malaysia, Malaysian Medical
Association (MMA), and other related organisations to
ensure sustainability of the private medical insurance
industry. This is particularly important given the rise in
medical expenditure which registered around 11.6%
from 2006 to 2021.

Various initiatives have been undertaken including

active engagement with policyholders via short
videos and educational campaigns on social media
as well as managing policyholders' expectations
when insurance premiums are revised.

LIAM also participated actively in the Health White

Paper that was released by the Ministry of Health
in August 2022 which was aimed at reforming the
country’s healthcare system. It also proposed various
reforms to be made to the healthcare sector.

The more recent developments in this area will include

submission of industry feedback to the Exposure
Draft (ED) on Medical and Health Insurance/Takaful
Business issued by BNM on 30 December 2022.

The ED proposed mandating coinsurance and

deductibles as well as the establishment of medical Exposure Draft on Licensing and
claim databases. It also addressed the disclosure Regulatory Framework for Digital
requirements for medical product re-pricing, Insurers and Takaful Operators
communication to policyholders, and disclosure on In a follow-up to the discussion paper issued
projected premium increases. earlier in the year, BNM issued an Exposure
Draft in November 2022 on the licensing and
regulatory requirements for digital insurers and
takaful operators. This is to facilitate the entry of
digital insurers and takaful operators (DITOs) with
strong value propositions to serve the unserved
and underserved market, provide competitive
offerings, and enhance the consumer experience
via the adoption of advanced digital technology
and innovative business models. The Exposure
Draft is in line with the aspiration of BNM’s
Financial Sector Blueprint 2022-2026 to advance
digitalisation of the financial sector and elevate
the dynamism of the insurance and takaful sector
towards sustainability of the financial industry.

The Exposure Draft sets out the requirements

for DITOs to demonstrate their ability and
commitment to contribute towards long-term
socioeconomic benefits for Malaysia.
32 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

TAX ISSUES

Tax Issues Affecting the Industry

The industry appointed PricewaterhouseCoopers (PwC) in 2020 to submit the proposals on the
following three tax issues to the Inland Revenue Board (IRB) and the Ministry of Finance (MOF).

The MOF had responded to the two issues raised by LIAM:

i) 28 February 2022: MOF confirmed that Reinsurance/ReTakaful Discount and Experience Refund are
not taxable. The decision was conclusive, and the issue would not be raised again by IRB.

ii) 28 April 2021: MOF granted the industry’s appeal on the exemption of single-tier dividend up to
year of assessment 2022. However, with effect from year of assessment 2022, the exemption
would be withdrawn.

Budget 2022
The Prosperity Tax/Cukai Makmur and Withholding Tax on
payments made to agent, dealer or distributor - Section 107D,
were two issues that have impacted the industry arising from the
Finance Bill of Budget 2022.

In December 2021, LIAM, PIAM and MTA jointly appointed PwC

to submit a proposal to the Inland Revenue Board (IRB), to seek
a deadline extension for remittance of Withholding Tax (WHT) on
payments made to agents, dealers, or distributors - Section 107D.
It also sought clarification on some operational issues in relation
to the remittance of WHT and Prosperity Tax. The IRB provided
its replies on 23 March 2022 and 8 June 2022 respectively, and
the issues raised by the industry were resolved amicably.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 33

MFRS/IFRS
LIAM appointed Ernst & Yong (EY) in October 2021 to look into
the tax aspect for the implementation of MFRS 17 in January
2023 and to submit a holistic tax proposal that encompasses
the tax structure changes.

Preliminary meetings were held between EY, LIAM with MOF

and IRB to discuss the impact and preparation required by the
industry on the implementation of MFRS 17. It also agreed on
the formation of a Working Group.

Subsequently, the MFRS 17 Working Group comprising EY

and representatives of LIAM, IRB and MOF was formed with
the first Working Group meeting taking place on 30 May 2022.

Currently, the IRB and MOF will not be amending the current
tax legislation until the impact on the tax revenue can be
determined following the implementation of MFRS 17 in 2023.
As such, for tax and reporting purposes, insurers are required
to maintain two sets of accounts.

Stamp Duty Rate for Assignment

of Policies
In December 2021, the IRB implemented a new rate for stamp duty of
assignments on life insurance policies, based on love and affection.
A nominal stamp duty of RM10 per assignment had previously been
imposed. However, such assignments are now assessed based on an
ad valorem rate.

LIAM engaged a law firm to prepare a legal opinion for submission to

BNM on the reasons for maintaining the stamp duty rate of RM10 for
assignment of policy and requested BNM’s assistance to engage with
the IRB to find a solution to this issue. The discussion and efforts to
seek an amicable solution is on-going.
34 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

REPORT OF THE MANAGEMENT COMMITTEE

Digital Platform for Hospitalisation Claims

The industry is currently embarking on the implementation
of a Digital Platform/Platform for Real-time Information
Sharing & Management (PRISM) after undergoing the
due diligence process.

The implementation of the Digital Platform is expected

to improve turnaround time in processing the Guarantee
Letter which would lead to a better customer experience.
In addition, the platform could map non-conforming
information into standardised coding to produce more
meaningful data for analysis that would translate into
benchmarking of claims inflation and fraud detection.

Meanwhile, BNM is mandating the submission of medical

claims data by ITOs in 2023, which would allow digital
platforms to serve as a channel to provide data to BNM
and facilitate the computation of medical inflation rate
and claims ratio.

EXPANDING SOCIAL PROTECTION THROUGH PERLINDUNGAN TENANG

Extension of Perlindungan Tenang Voucher Programme for Low-Income Groups
During the tabling of the 2022 National Budget in Parliament, it was announced that the Perlindungan
Tenang Voucher Programme had been extended to 2022 and the Government had increased the value of
Perlindungan Tenang Voucher (PTV) from RM50 to RM75.

Starting 1 January 2022, all eligible recipients of the 2022 Bantuan Keluarga Malaysia (BKM) from the
Household, Single and Senior Citizen categories were allocated a RM75 PTV to enable them to renew
their existing Perlindungan Tenang policy/certificate for another year, or purchase a new Perlindungan
Tenang protection plan from licensed insurers and takaful operators in the country.
BKM recipients were required to check their
eligibility for the RM75 PTV via the PTV portal at
www.myptv.my. Upon confirmation of their eligibility,
they may explore the features and benefits of the
Perlindungan Tenang protection plans that suit their
needs at www.mycoverage.my. With the voucher, a
BKM recipient is eligible to purchase a new protection
plan or renew his existing Perlindungan Tenang
protection plan for another year. Recipients can also
walk into any branch office of participating insurance
company/takaful operator or authorised Perlindungan
Tenang agent/distributor to check their eligibility and
purchase a Perlindungan Tenang protection plan.

Effective 15 July 2022, BKM recipients can redeem

their RM75 PTV for only RM5 while the balance of
RM70 will be borne by the Government to enable
recipients to enjoy the benefits of insurance/takaful
coverage that provides financial protection in the
event of death, fire or other unfortunate events. The
RM5 contribution is part of the recipient’s insurance
premium or takaful contribution for the Perlindungan
Tenang Protection Plan.

The RM5 contribution for the redemption of the RM75

PTV was a new requirement to further enhance BKM takaful industry, which extends social protection to
recipients’ understanding of the Perlindungan Tenang the lower income group that consists of about 8.4
protection plan and to ensure that BKM recipients million recipients of Bantuan Prihatin Rakyat (BPR).
are fully aware of the insurance/takaful plan they are
purchasing or participating in. As of 31 December 2021, the RM50 PTV programme
had benefitted over 1.7 million people with vouchers
The PTV Programme is a national initiative launched valued at RM85.4 million and as of 30 November 2022,
on 30 September 2021 by the Government of the RM75 PTV Programme had benefitted over 4.9
Malaysia in collaboration with the insurance and million people with vouchers valued at RM353 million.
36 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

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Perlindungan Tenang is an initiative introduced by we believe it will further drive the adoption of life
Bank Negara Malaysia in 2017. This initiative brings insurance among lower income groups in the country
together the insurance and takaful industry to develop and help fulfil the nation’s financial inclusion agenda
insurance and takaful products that meet the needs of of achieving higher insurance penetration and
underserved segments, particularly the lower-income household resilience among the population.
group. It provides basic protection plans
against key risks in life such as death,
accidents, fire, or other unfortunate
events. It must also meet the criteria of
being affordable, easily accessible to the
target audience, provide good protection
value, is easy to understand as well as
easy to purchase and make claims. To
date, there are 34 Perlindungan Tenang
products available in the market.

It is hoped that the new Government

will extend the PTV initiative for the
low-income group for the year 2023 as

RESEARCH AND STUDIES

Mortality Study
LIAM appointed Actuarial Partners Consulting
(APC) on 4 March 2022 to conduct the Mortality
Study for 2016-2020 for the purpose of analysing
the mortality experience of the Malaysian
insured population.

The study is expected to be completed in

January 2023. The Mortality Study is a routine
investigation carried out once every five years to
monitor the mortality experience of the industry
and to propose the latest mortality table. The
last Mortality Study for 2011-2015 was also
conducted by APC.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 37

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Study on Turnover of Agents job when explaining the benefits of insurance to

clients during presentation.
To find out the reasons and mitigate the trend for
the 10,000 agents turnover rate annually, LIAM Some were disenchanted with the profession as they
commissioned a Study on Turnover of Agents with did not earn enough income or find the job satisfying.
10 life insurance companies. Others felt there was a lack of support and had a
general feeling that everything was driven by money.
Conducted by Inspire Group Asia, the study involved
a survey which was sent to over 30,000 former The agency leaders’ focus groups agreed that it
agents who had left the industry from 2019 to was important for leaders to ensure their agents are
2021, as well as several focus groups with selected educated and have the right mindset to succeed in
former agents, agency leaders and life insurance the profession.
companies.
Recommendations that followed included a
The survey discovered that around 48% former structured on-going support system for agents,
agents joined the insurance industry to earn more to implement a robust recruitment process, to
income and 20% joined for the flexible working conduct formal exit interviews, to review the agent’s
hours. About 43% of the agents who left the industry remuneration structure, and to consider conducting a
were in between the age range of 21 and 30, and more in-depth study.
32% were 31 to 40 years of age. Over 67% of these
agents left within two years of joining.

From the analysis of the study, the main reasons

cited were due to unspecified personal reasons,
a shortage of prospects, and an inability to make
enough income.

In the focus groups, former agents disclosed that

while they were provided training and enough
product knowledge, it was insufficient to do a good

Customer Satisfaction Survey 2022/2023

LIAM, PIAM and MTA have jointly engaged NielsenIQ Malaysia to conduct a customer satisfaction survey
to measure the customer service levels of ITOs based on the Customer Service Charter (CSC). The survey
will provide a comprehensive analysis of the industry’s customer service performance and the findings will
help ITOs to improve their services, address shortcomings and gaps as well as meet the customer service
standards specified in the CSC.

The survey which will be done through email, phone calls and online interviews, will be conducted from February
to June 2023. The results of the top five scorers will be published to enable customers to compare the services
of ITOs and find the best service that suits their financial needs. The first survey was conducted in 2017.
Demand Study on Emerging Markets in
Malaysia for B40 and M40 Segments
LIAM and Malaysian Takaful Association
(MTA), in consultation with BNM, had engaged
Milliman Advisors Sdn Bhd, a leading consultant
in micro insurance, to conduct an in-depth
microinsurance/microtakaful study on the B40
and M40 segments.

The study commenced in March 2021 and

concluded in April 2022. Michael McCord, Principal ranging from RM3,152 to RM7,348. It delved into the
and Managing Director, MicroInsurance Centre at experiences of respondents by detailing their views
Milliman, presented the findings of the study to LIAM on risk management, why they make the decisions
members at a workshop held on 18 May 2022. they do, how they see the effectiveness of their
current strategies; their attitudes around insurance/
He also held one-on-one sessions with nine takaful, and to get information about why they use the
companies on how to build distribution channels financial channels they do.
and develop products in microinsurance/micro-
takaful based on the findings of the study. Based on this study on emerging markets, the
industry will work with BNM and key stakeholders to
The study focused on the BM40 segment comprising develop a framework to promote financial inclusion
households with a mean monthly household income through microinsurance/microtakaful.

ENHANCEMENT OF INSURANCE AWARENESS IN EAST MALAYSIA

Sabah and Sarawak Liaison Committee Meetings

On 30 November 2022 and 1 December 2022, LIAM organised two engagement sessions with members of the
LIAM Sabah Liaison Committee in Kota Kinabalu, Sabah, and LIAM Sarawak Liaison Committee in Kuching,
Sarawak, respectively. The LIAM Secretariat was represented by LIAM President Loh Guat Lan and LIAM
CEO Mark O’Dell.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 39

REPORT OF THE MANAGEMENT COMMITTEE

Representatives from industry stakeholders,

namely BNM, the Malaysian Insurance Institute
(MII), NAMLIFA, Pertubuhan Insuran Sarawak and
Malaysian Financial Planning Council (MFPC) were
also invited to discuss areas of collaboration to
further enhance our presence in Sabah and Sarawak
and expand the life insurance market/ownership in
East Malaysia. sessions. Special interview sessions with the LIAM
president and LIAM CEO were also organised
LIAM Sabah Liaison Committee Chairman Jonathan with BERNAMA in Kota Kinabalu and Kuching.
Wong and LIAM Sarawak Liaison Committee Both interviews were well covered in the local and
Chairman Hon Kah Fui presented their respective mainstream media.
upcoming programmes for 2023 at the engagement
During the year, LIAM Sabah jointly organised a
Blood Donation campaign with NAMLIFA on 24
October 2022 at Suria Sabah Shopping Mall in Kota
Kinabalu. The event also received good publicity in
the local media.

LIAM #NoFOMOSocialWellnessChallenge also

had a campus activation programme at University
Malaysia Sarawak on 12 December 2022 to promote
the industry’s latest youth engagement programme
to students.
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Live Well. No Fear of Missing Out

CONSUMER EDUCATION &

AWARENESS PROGRAMMES

Reaching out to the youth via LIAM

#NoFOMO Social Wellness Challenge –
be physically, emotionally and financially
healthy
Following the success of #BUKANEXTRA
Campaign in 2021 and 2022, LIAM launched
a new fun campaign on social media called
#NoFOMO Social Wellness Challenge
(#NoFOMOChallenge).

Riding on the tagline, Live Well, No Fear of Missing

Out, the campaign invited youths to create short
video content using humour, memes, tragedy,
or drama to raise insurance awareness against
unforeseen risks via social media platforms such
as TikTok, Instagram and YouTube.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 41

REPORT OF THE MANAGEMENT COMMITTEE

The #NoFOMOChallenge campaign aims to

inculcate the wellness habit among youths,
inspire and nurture them to be creative and
innovative, as well as promote the importance of
financial planning and protection.

Targeting tertiary students and youths

nationwide, it focuses on three key objectives,
namely awareness on the need for insuring life
and reducing risk, bringing #NoFOMO (No Fear
of Missing Out) into the (Financial Education
Gap) lifestyle via curriculum partnership with
universities/colleges, as well as connecting with
the youth via social media platforms and on-
ground activities.

The youths are required to create a Short

Content Video with any of the three key
elements of wellness – physical, emotional or
financial, that will raise awareness on living well,
living with no fear of missing out, as well as be
physically, emotionally and financially healthy.
The campaign, which offers over RM42,000
worth of prizes, kicked off with the first roadshow
in UiTM Puncak Perdana on 1 December 2022
and will run until 15 May 2023.

The #NoFOMOChallenge encompasses

nationwide roadshows at 40 universities, 12
classroom workshops, engagement with students’
clubs, campaign microsite at www.nofomo.my,
video postings on TikTok and Instagram, social
media postings by KOLs, concluding with a grand
finale Youth Festival in May 2023.
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Consumer Education on Medical and Health

Insurance - #AmbilTauBarulahTau (If you don’t
find out, then you’ll never know)
From 2021 to 2022, the insurance and takaful industry
embarked on an educational campaign on social media
called #AmbilTauBarulahTau (If you don’t find out, then
you’ll never know). The campaign was aimed to raise
awareness among Malaysians on the importance of
Medical and Health Insurance/Takaful (MHIT), educate
them on factors that could lead to changes to insurance
premiums, and highlight their roles as responsible
consumers.

The campaign was

a joint collaborative
effort between LIAM,
PIAM and MTA, which
covered various touchpoints including educational
infographics, educational articles on content portals,
KOL engagement, as well as infographics and
testimonial videos.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 43

REPORT OF THE MANAGEMENT COMMITTEE

The educational infographics were produced in three languages: English, Bahasa Malaysia and
Mandarin and featured general information on MHIT, tips on making claims, reasons behind medical
inflation, factors that affect MHIT policy’s sustainability and the role as responsible MHIT policyholders.
Subsequently, four testimonial videos on the sharing of real-life experiences of policyholders were also
developed and boosted on social media to create a more positive impact on consumers.

To add momentum and generate more awareness on the campaign, a contest was held during the
boosting period of the videos. The videos garnered over 7.2 million views and reached about five
million viewers. A total of 180 winners were chosen throughout the eight-week campaign, with winners
walking away with RM100 e-wallet credits each.

The campaign was also supported by video postings in Bahasa Malaysia and English by a key opinion
leader, Dr Malar Santhi Santherasegapan who shared the importance of medical insurance and
encouraged her followers to be more proactive in finding out about their medical policy and how to
maintain its sustainability.

Educational articles were also featured in “Siakap Keli” Portal (Bahasa Malaysia content portal),
Lee Sharing (Mandarin content portal) and BURO 24/7 (English content portal), aimed to educate
policyholders on their medical insurance plan, its importance, and factors that will affect the policy’s
sustainability and how to claim responsibly.
44 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

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Watch, Answer & Win Contest to promote

e-Payment
From 12 July to 12 August 2022, LIAM embarked
on an e-Payment campaign on Facebook and
Instagram called “Watch, Answer & Win” contest.
The objective of the campaign is to educate and
encourage policyholders to use e-Payment as a
payment method for their premiums, making claims
and receiving dividends for their insurance policy.

The six-week contest offered RM15,000 cash prizes

in the form of e-wallet credits to 100 lucky winners
throughout the contest period. A four-episode video
on e-payments was posted weekly on social media.
Winners were selected based on their correct
answers to the three simple questions related to the
four-episode videos.

October Financial Literacy Month

In conjunction with the Financial Literacy Month 2022 held
in October, FEN conducted a nationwide tour programme
called “Program Jelajah Negara”. Themed “Financial
Wellbeing: Let's Go Digital with Confidence”, a flag-off
ceremony for the tour was held on 1 October 2022 at
Sasana Kijang. It was officiated by BNM Deputy Governor,
Datuk Jessica Chew Cheng Lian and was witnessed by
representatives from the financial industry. The tour focused
on initiatives to improve digital financial literacy, especially
the importance of the wider use of cashless payments, as
well as to create greater awareness and vigilance against
financial fraud.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 45

REPORT OF THE MANAGEMENT COMMITTEE

LIAM members also took part in the FEN Roadshows in

Perak to promote Perlindungan Tenang products to the local
community. On 25 October 2022, MCIS Insurance Berhad set
up a booth at Universiti Sultan Azlan Shah, Kuala Kangsar,
Perak. Meanwhile, on 28 October 2022, Hong Leong
Assurance Berhad set up a booth and conducted a talk at
Universiti Pendidikan Sultan Idris, Tanjung Malim, Perak,
which received overwhelming response from participants.
46 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

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#MYDUITSTORY 2.0 Video Competition to

Promote Insurance and Takaful
During the year, LIAM, MTA and PIAM collaborated
with BNM and Financial Education Network (FEN) on a
financial education initiative to create awareness on
the importance of insurance and takaful protection via
a short video competition called #MyDuitStory 2.0.

With the theme focusing on Insurance and Takaful, the

#MyDuitStory 2.0 targeted over 100 universities and
teacher training colleges in the country. Participants
were required to produce a short video in the most
creative and dramatic way to raise awareness on
personal financial risk management.

A briefing by the industry on the topic, “Personal

Financial Risk Management” was conducted on
Facebook Live and was well attended by over
1,000 students. The session provided better
understanding amongst the students on financial
risk management and what actions they need to
take in managing financial risks in their daily life.

A virtual prize-giving ceremony was conducted

live on MyDuitStory Facebook on 25 March
2022 and was graced by YBhg Datin Arlina Ariff,
Development Finance and Inclusion Director,
BNM. A total of RM33,000 cash prizes were
given away to the top 13 winners.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 47

REPORT OF THE MANAGEMENT COMMITTEE

COMMUNITY ENGAGEMENT
PROGRAMMES

Life Insurance Industry Brings Hari Raya

Festive Cheer to Four Children’s Homes
LIAM together with its 16 member companies brought
festive cheer to about 150 children and their caretakers
during the LIAM Hari Raya Open House held on 19
May 2022 at the multipurpose hall in AICB Building,
Jalan Dato Onn, Kuala Lumpur.
48 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

REPORT OF THE MANAGEMENT COMMITTEE

The children and teenagers, aged between 7 and 17, were from
Rumah Penyayang Darul Ilmi, Gombak; Rumah Amal Limpahan
Kasih, Puchong; Rumah Chrestus, Cheras, and Rumah Keluarga
Kami, Kajang. Over 150 industry stakeholders, regulators, business
partners and media friends joined in the celebration in the spirit of
Keluarga Malaysia.

The children and teenagers were all smiles when the LIAM team
headed by its President Loh Guat Lan handed over 150 goodie
bags containing teddy bears, coin boxes, tumblers, stationery,
mugs, utensil sets and string bags to the children. The LIAM team
was also represented by its CEO Mark O’Dell and chief executive
officers of other life insurance companies.

This year’s gathering was made even more special as Malaysian Life
Reinsurance Group Berhad (Malaysian Life Re) which celebrated
its 25th anniversary, contributed RM10,000 in addition to LIAM’s
contribution of RM10,000, making the total donation-in-kind of
RM20,000 to the homes.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 49

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50 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

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Nationwide Blood Donation and Health

Awareness Campaign
In conjunction with Hari Malaysia on 16 September
2022, LIAM, in collaboration with Pusat Darah
Negara and NAMLIFA organised a Nationwide
Blood Donation & Health Awareness Campaign
2022. The 1.5-month-long campaign, which took
place from 12 September to 30 November 2022,
aimed to bring the life insurance industry closer
to the rakyat, enhancing the industry’s image as a
caring and responsible corporate citizen.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 51

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The campaign was launched by former Deputy Health Minister 1, Yang Berhormat Dato' Dr Haji Noor Azmi
Bin Ghazali who represented the former Minister of Health, Yang Berhormat Khairy Jamaluddin on 12
September 2022, at the Concourse Area of Medan MARA in Kuala Lumpur.

In the Klang Valley, LIAM worked with MARA, KPJ Healthcare Berhad, UKM Specialist Centre, ROSE
Foundation, National Kidney Foundation of Malaysia and BP Healthcare Group to organise a blood donation
drive and healthcare awareness activities and talks for four consecutive days from 12 September to 15
September 2022. The event was held from 10am to 4pm at the Concourse Area of Medan MARA, Jalan
Raja Laut, Kuala Lumpur.
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The four days of activities included healthcare

exhibitions, health talks by experts, free health
screenings including body posture, eyes, and mouth
screenings as well as advisory and consultancy
services. The industry collected over 1,800 blood
bags throughout the campaign period.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 53

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Reaching Out to Schools via

Financial Industry Collective
Outreach (FINCO)
During the year, the industry saw FINCO embarking on a closer collaboration
with the Ministry of Education Malaysia (MOE) which enabled them to scale
English programmes from 163 to 1,060 schools across Malaysia.

Under the FINCO Reads programme, which is now positioned as MOE’s

Highly Immersive Programme, FINCO set up 245 reading corners in
classrooms providing students with access to great books, resources, and
storytelling to encourage the development of good reading habits. The
programme has benefitted 79,549 students nationwide.

Under the Life Aspiration programme, FINCO engaged with 28,475 students
via the Aspire Workshops, Careers InSight Career Fair as well as Careers
InSight Student Videos. These videos, in which students interviewed
professionals about their industry, garnered thousands of views.

In line with the National Strategy for Financial Literacy and the FSBP 2022-
2026, FINCO undertook a financial literacy programme called FINCO Good
SENS (set up Social Enterprise Network for Schools) which was expanded
to 29 schools this year. With the added participation of other states, the
programme has impacted 1,021 students, set up 73 social enterprises in
schools, and delivered 11 financial literacy workshops.

The financial industry had also raised RM421,000 under the disaster relief
pillar to assist 7,720 students.

A financial literacy survey was also conducted involving over 1,000 young
people across Malaysia and the results will be shared in early 2023.
54 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

LIAM OF
REPORT STRUCTURED
THE MANAGEMENT COMMITTEE
INTERNSHIP PROGRAMME
The LIAM Structured Internship Programme
which was introduced in September 2016
has to-date benefitted over 730 students
from over 80 universities locally and abroad.
The programme provides undergraduates a
three-month internship experience in 16 life
insurance and re-insurance companies in
Malaysia.

The programme was initiated to generate

awareness of the vast career opportunities in
the life insurance industry and to encourage
graduates to make life insurance a career of
choice. It is open to Malaysian undergraduates
from local and overseas universities, from all
disciplines.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 55

During
REPORT the OF
year, LIAM
THE organised two workshops
MANAGEMENT COMMITTEE aimed
to expose interns to soft skills training, particularly
in communication and presentation skills as well as
to build their self-confidence before they enter the
corporate world.

The 16th LIAM Structured Internship workshop was

held on 17 and 18 May 2022. It was the first face-to-
face workshop after a lapse of more than two years
due to the Movement Control Orders (MCOs) and other
restrictions imposed by the Government to curb the
spread of COVID-19.

The workshop was attended by 38 interns. LIAM

CEO Mark O’Dell and Prudential Assurance Malaysia
Berhad CEO Lim Eng Seong were invited to share their
work experience and advice on charting a successful
career path.

The 17th workshop was held on 13 and 14 October

2022 with 36 interns. The interns had an interesting
session with the CEO of Great Eastern Life Assurance
(Malaysia) Berhad, YBhg. Dato Koh Yaw Hui who
shared his work experience and imparted valuable
advice on forging a successful career in the industry.

Moving forward, LIAM will work with the Malaysian

Insurance Institute (MII) to further promote the
Programme through career fairs in a bid to attract fresh
graduates and undergraduates from a broad spectrum
of disciplines to join the industry as a career of choice.
 Media
E ngagement
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REACHING OUT TO CONSUMERS THROUGH CONTINUOUS

MEDIA ENGAGEMENT
During the year, LIAM continued to engage proactively with the media through the issuance of press statements,
engagement programmes, exclusive interviews on radio and TV stations as well as e-mail interviews. A total of
11 press statements on various topics and issues were shared with the media in 2022.

These included a study on the turnover of agents, the industry’s performance, re-election of LIAM President and
vice-president, a Hari Raya gathering with children, Perlindungan Tenang Voucher Programme, Nationwide
Blood Donation campaign, LIAM response to Budget 2023, and the LIAM President winning Woman Leader
of the Year Award.

As a token of appreciation for their continued support, LIAM hosted a “Buka Puasa” event for members of the media
on 21 April 2022 at the Thyme Out Café in Bangunan AICB. The event was attended by CEOs of LIAM member
companies and representatives from the branding and communications department of LIAM member companies.

LIAM CONDUCTS “STUDY ON TURNOVER OF AGENTS”

TO FURTHER ENHANCE AND STRENGTHEN AGENTS’ PROFESSIONALISM
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LIFE INSURANCE INDUSTRY REGISTERS DOUBLE-DIGIT GROWTH OF 12.4%

OR RM12.8 BILLION IN NEW BUSINESS TOTAL PREMIUMS IN 2021

LIAM RE-ELECTS LOH GUAT LAN AS PRESIDENT AND

RAYMOND LEW AS VICE-PRESIDENT FOR THE TERM 2022/2023
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 59

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LIFE INSURANCE INDUSTRY BRINGS FESTIVE CHEER

TO FOUR CHILDREN’S HOMES
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NEW REQUIREMENT FOR REDEMPTION OF PERLINDUNGAN TENANG VOUCHER (PTV)

TO ENHANCE UNDERSTANDING ON FINANCIAL PROTECTION AMONG BKM RECIPIENTS

LIAM LAUDS THE LAUNCH OF I-LINDUNG

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LIFE INSURANCE INDUSTRY ORGANISES NATIONWIDE BLOOD DONATION & HEALTH

AWARENESS CAMPAIGN AT OVER 40 LOCATIONS IN CONJUNCTION WITH HARI MALAYSIA
62 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

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LIAM RESPONSE ON THE TABLING OF 2023 BUDGET

BY THE MINISTER OF FINANCE MALAYSIA

LIAM PRESIDENT RECEIVES THE PRESTIGIOUS “WOMAN LEADER OF THE YEAR AWARD”
AT THE 26TH ASIA INSURANCE INDUSTRY AWARDS 2022
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 63

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MEDIA EXCLUSIVE INTERVIEWS

THE BUSY WEEKLY

(9 APRIL 2022)

SMART INVESTOR
THE STAR
(JULY 2022)

THE SUN
(27 DECEMBER 2022)
NEW SUNDAY TRIBUNE
(11 DECEMBER 2022)

THE BUSY WEEKLY

(9 APRIL 2022)

THE STAR
(JANUARY 2023)

UTUSAN BORNEO SABAH

(9 DECEMBER 2022)
 Engagement with

KeyStakeholders
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ENGAGEMENTS WITH STAKEHOLDERS

Bank Negara Malaysia

LIAM had a virtual engagement session with BNM
Assistant Governor Suhaimi Ali and his team on 2 June
2022. LIAM was represented by its President Loh Guat
Lan and CEOs of member companies.

LIAM shared with BNM the industry’s strategies and

support for the key thrusts of the Financial Sector Blueprint
2022- 2026 which was brainstormed at the LIAM Strategic
Planning meeting attended by industry captains in May
2022. LIAM also took the opportunity to seek BNM’s
guidance on various issues including Medical and Health
Insurance cost containment initiatives, digitalisation initiatives such as e-nomination and e-signature, stamp
duty rate on absolute assignment of policy, guideline on Agent Professionalism and 6% SST on group insurance.

On 5 August 2022, an engagement session with BNM was organised to discuss

data sharing initiatives for the insurance and takaful sector. Subsequently, on
20 September 2022, LIAM attended a virtual engagement session with BNM
and the World Bank on open data. The World Bank is developing the technical
notes on open data governance in Malaysia and has sought the industry’s
view on the appetite for open finance and its foreseeable challenges, insurtech
development and the current state of the interface development and adoption
of the application programme.

LIAM also consults BNM on a regular basis on various industry matters especially with the Financial
Development and Innovation Department, Insurance and Takaful Supervision Department, Financial Inclusion
Department and Consumer and Market Conduct Department.

In addition to the above, LIAM also participated in various financial education activities organised by BNM
under the Financial Education Network including MyDuitStory 2.0 Competition, Financial Education Talk to
MySTEP Graduates, launching of Financial Literacy Month 2022, National Financial Literacy Symposium
2022, and the FEN Roadshows in Kuala Kangsar and Tanjung Malim in Perak.
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Malaysian Insurance Institute

LIAM worked closely with the Malaysian Insurance Institute (MII) on matters related
to training and examinations for the agency force. During the past year, LIAM had
contributed industry feedback on the review of the Pre-Contract Examination for
Insurance Agents (PCEIA) and the Certificate Examination for Investment-linked
Life Insurance (CEILLI) textbooks which is carried out by MII.

In the coming months, LIAM will engage closely with MII on the development of
the Future Skills Framework for the Financial Sector, one of the priorities specified
in the FSBP 2022- 2026. The framework aims to build a dynamic and sustainable
industry-led talent ecosystem to enhance talent capabilities and support the
transition of the workforce in tandem with the development of the financial
services sector.

Among the key initiatives under the framework include an analytical study of the financial sector workforce which
encompasses skills gap analysis, job adjacency analysis and training recommendations, and participation in major
career fairs to showcase the vast career opportunities across the industry.

Ombudsman for Financial Services

The Ombudsman for Financial Services (OFS) is an alternative
complaint or dispute resolution channel to settle disputes between
financial consumers and members of OFS which comprise
financial service providers including life insurance companies.

The annual engagement session between OFS and LIAM

members for the year was held virtually on 23 August 2022.
Some 28 representatives from LIAM members comprising
heads and senior executives of Claims, Customer Service
and Complaints Handling departments attended this session
where OFS highlighted the number and types of complaints
received, registered, and resolved as of 30 June 2022 as well as
observations on some of the complaints related to life insurance.

LIAM members took the opportunity to seek feedback from OFS

on issues including the turnaround time to resolve cases and a
request to reduce case fees.
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Perbadanan Insurans Deposit Malaysia

In consideration of the negative impact of COVID-19 to the industry, PIDM granted the request by the industry
for a 50% levy reduction for 2020 and 2021.

Noting that PIDM is embarking on a comprehensive review of the Differential Levy System Framework, LIAM
had proposed to PIDM in September 2022 for a lower levy rate as a relief to contain the operating costs to the
business, resulting from the current challenging market outlook, higher inflation, and lower disposable income
in the year 2022.

In its November 2022 reply, PIDM stated that its current focus is to determine a differential levy system taking
into consideration various factors. It added that at this moment, LIAM’s request for a lower levy for year of
assessment 2023 will not be considered.

Ministry of Health
A meeting was held between LIAM, the MOH and the Academy of Medicine of Malaysia on 25 November
2022 to discuss the establishment of a process to handle issues relating to the 13th Fee Schedule.

The meeting discussed and agreed on the process flow in channelling queries/issues relating to the Fee
Schedule between ITOs with the respective Medical Society before any disputed issues are referred to
MOH for resolution.

Association of Private Hospitals, Malaysia and Malaysian

Medical Association
The Grievance Mechanism Committee (GMC) was formed in July 2022 following a proposal by MMA to LIAM
on the formation of a committee to discuss complaints raised by doctors in relation to the Guaranteed Letter
process/approval by TPAs/insurers.

The GMC comprised 12 members, with four members from the MMA and two members each from the APHM,
LIAM, PIAM and MTA. The first and second meetings were conducted in July and November 2022 respectively.
MOH and BNM were also invited to attend these meetings as observers.

The GMC serves as a platform for the Associations to table issues for discussion, as well as to promote and
enhance better understanding and relationship among members. The GMC has no authority to enforce power
in resolving disputed claim issues.

Issues discussed at the GMC meetings would be circulated to members via a Circular with the First Circular
of GMC 1/2022 issued on 29 September 2022.
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ISM Insurance Services Malaysia Berhad

ISM Insurance Services Malaysia Berhad (ISM)
has been providing its services to the insurance
industry since it commenced operations in April
2005. Currently, it has 48 members comprising
general and life insurance companies, reinsurance
companies as well as takaful operators.

LIAM has been working closely with ISM on

major industry projects, notably the COVID-19 Test
Fund (CTF) where ISM developed and managed
the portal for submission of claims for the CTF from
2020 to 2021, and the Perlindungan Tenang Voucher (PTV) Programme where
it developed and managed the portal for the public to check on their eligibility for
the voucher from 2021 to 2022.

Moving forward, LIAM is collaborating with ISM to further expand ISM’s data
services to the industry.

Registrar of Unclaimed Monies

About 25 representatives from LIAM members, mainly from the Finance
Operation, Policy Servicing and Customer Service departments, attended a
virtual meeting with the Refund Unit of Registrar of Unclaimed Moneys on 2
August 2022. The meeting discussed various operational issues pertaining to
the repayment of unclaimed monies and ways to improve the process to make
it more efficient for claimants as well as insurance companies and Unclaimed
Moneys.

Employees Provident Fund

On 17 August 2022, LIAM, PIAM and MTA had an engagement session
with Employees Provident Fund (EPF) to explore the feasibility of insurance
companies/takaful operators to enrol all registered life insurance/takaful agents
as members/contributors of EPF.

LIAM had conducted a survey with member companies and found that all 14
members have already established their own long-term service/gratuity scheme
for their agents, which are managed by respective insurance companies.

Nevertheless, LIAM and its member companies would be happy to collaborate

with EPF via roadshows/other platforms to promote the EPF self-contribution
scheme on a voluntary basis as well as promote the EPF self-contribution
scheme to its agency force as an additional top-up to their current long-term
service/gratuity scheme. LIAM will organise one session between EPF and LIAM
members for a better understanding of EPF’s proposal.
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ROSE Foundation
Further to several engagements between LIAM and ROSE
Foundation, a LIAM-ROSE Foundation Webinar was successfully
held on 7 March 2022 with the topic “Towards Cervical Cancer
Elimination in Malaysia”, attended by about 130 participants from
the life, general and takaful industry. The webinar was aimed to
educate, generate awareness, and provide further understanding
on the developments in cervical screening and HPV tests as the
preferred primary form of screening as a protection from the risk
of cervical cancer.

The speakers at the webinar included Prof Dato’ Dr. Adeeba

Kamarulzaman, Professor of Medicine & Infectious Diseases
at Universiti Malaya; Dr Zakiah Binti Mohd Said, Public Health
Physician, Family Health Development Division, Malaysia’s Ministry
of Health; Prof Marion Saville, Executive Director & Public Officer,
Australian Centre for the Prevention of Cervical Cancer (ACPCC),
Melbourne, Australia; Prof Dr Woo Yin Ling, Professor of Obstetrics
and Gynaecology at Universiti Malaya and Prof Karen Canfell,
Director of the Cancer Research Division at Cancer Council NSW Australia.

LIAM’s collaboration with ROSE Foundation was timely and beneficial as we continue to proactively play our role in
creating awareness and reaching out to the community around us.

Malaysian Financial Planning Council

LIAM continued to collaborate with MFPC on the “My Money & Me” financial planning
webinars during the year. Focusing on financial wellbeing with the theme of “Build
your future: Be smart about money”, the webinars were also in collaboration with
MTA, FEN and various financial services institutions in Malaysia.

Other than exposing the insurance and takaful industry to the target audience
nationwide, we could also leverage on MFPC’s e-Learning platform as our educational
contents will be shared on the same platform and is accessible by the public.

For Kuala Lumpur, East Coast and East Malaysia Region, the webinars were
officiated by the former Minister of Finance Yang Berhormat Tengku Datuk Seri
Utama Zafrul bin Tengku Abdul Aziz. In the Northern Region, the webinar was
officiated by Yang Amat Berhormat Tuan Chow Kon Yeow, Chief Minister of
Penang, and the final webinar in Selangor was officiated by Yang Berbahagia
Tan Sri Abdul Wahid Omar, Chairman of Bursa Malaysia Berhad.

Among the topics covered were the importance of financial

planning, money management, investment, introduction to unit
trust, retirement planning as well as tax benefits.

LIAM and MTA speakers covered the topic on “The Importance

of Life Insurance/Takaful Protection and Nomination”.

On 5 November 2022, LIAM CEO Mark O’Dell was certified

as a Registered Financial Planner (RFP) under the Capstone
Programme at the 9th MFPC Graduation Ceremony held at
Berjaya Times Square Hotel, Kuala Lumpur.
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MEETINGS

LIAM Strategic Planning Meeting 2022

LIAM organised a one-and-a-half day Strategic Planning Meeting on 27 and 28 May 2022 at Le Meridien
Putrajaya, IOI Resort City, Putrajaya, for industry captains to review the Association’s on-going activities,
brainstorm ideas and formulate strategies for the Association’s five-year plan to achieve desired targets
set for the industry under the FSBP 2022-2026.

The meeting was attended by 31 representatives comprising CEOs and senior personnel of LIAM member
companies and was facilitated by PricewaterhouseCoopers. The members also had a fruitful session with
special guests from BNM’s Financial Development and Innovation Department Director Lau Chin Ching,
and her team members.
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48th ASEAN Insurance Council Meeting

Delegates from the life and general insurance Associations of ASEAN countries congregated in Bangkok
for the 48th ASEAN Insurance Council meeting from 6 to 9 December 2022. LIAM was represented by its
President Loh Guat Lan, Vice-President Raymond Lew and CEO Mark O’Dell.

This was the first face-to-face meeting after a lapse of two years due to the COVID-19 pandemic. The 46th
meeting in 2020 and 47th meeting in 2021 were held virtually.

The AIC is a regional organisation comprising life and general insurance associations formed to foster ties and
cooperation among ASEAN insurers. The council meeting is held annually in a designated ASEAN country.
Over the years, the AIC has proven to be an excellent platform for insurers to discuss and share information
on current issues facing the industry. Key issues discussed at the meeting were shared with the ASEAN
Insurance regulators at the Joint meeting held on 8 December 2022.

WEBINARS AND CONFERENCES

Webinar Economist Forum & Panel Discussion: Insurance

Industry Outlook 2022 and Beyond
On 27 January 2022, LIAM CEO Mark O’Dell was invited as a panellist
together with industry leaders, Lau Chin Ching, Director of Financial
Development and Innovation, BNM, and Antony Lee, PIAM Chairman
at the “Forum: Insurance Industry Outlook 2022 and Beyond” organised
by MII. The forum was led by Dr William Thomas, Director of Economist
Intelligence Corporate Network for South-East Asia. The webinar was
attended exclusively by Insurance/Takaful industry C-Suite’s level.
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Oncology Summit: Meeting the Promise of Cancer Care in Malaysia

The Galen Centre organised an Oncology Summit “Meeting the Promise of Cancer Care
in Malaysia” on 29 and 30 April 2022. It was launched by YB Datuk Aaron Ago Dagang,
former Deputy Minister of Health II. LIAM CEO Mark O’Dell participated as a panellist
during the discussion on delivering cancer treatment and care. He spoke on medical
insurance and its importance in cancer treatment. Other panellists included Sew Boon Lui,
Founding President, Society for Cancer Advocacy & Awareness Kuching (SCAN) Metastastic Breast Cancer
Patient, Dr Anand Sachithanandan, President, Lung Cancer Network Malaysia, and Maheswari Jaganthan,
Patient Navigation Programme Manager, Cancer Research Malaysia. The session was moderated by Azrul
Mohd Khalib, CEO of Galen Centre.

InsurTech Leaders’ Summit ‘Elevating the

Insurance Value Proposition at the Intersection of
IoT and Ecosystems’
The InsurTech Leaders’ Summit was held virtually and
also in-person in Kuala Lumpur on 18 May 2022 with the
theme “Elevating the Insurance Value Proposition at the
Intersection of IoT and Ecosystems”. The Opening Keynote
Address was delivered by Lau Chin Ching, Director BNM
Financial Development and Innovation Department.

On 19 May 2022, LIAM CEO, Mark O’Dell moderated a

panel discussion on “Advancing Healthcare Through Universal Health Insurance Enabled by A Health Data
Exchange Platform and Empowered Citizen Self-Care”. The summit also featured speakers from MII, PIAM,
PolicyStreet, Axiata Digital and other captains of industry.

Certified International Pension and Retirement Programme 2022

LIAM CEO Mark O’Dell spoke on Protection Planning at the Certified International Pension and Retirement
Professional organised by Social Wellbeing Research Centre (SWRC) held on 15 June 2022. The three-day
event was held at Azman Hashim Building, Faculty of Business and Economy, Universiti Malaya and was
attended by 35 participants.

Effective 1 August 2022, Mark O’Dell has been appointed as Industry Fellow at SWRC, Universiti Malaya.
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APHM International Healthcare Conference and Exhibition

LIAM CEO, Mark O’Dell represented the industry as a panellist at the Association of Private Hospitals, Malaysia
(APHM) Conference on 1 June 2022. The panel discussion was also participated by Lau Chin Ching, BNM
Financial Development and Innovation Department Director and Stanley Lam, CEO of Mahkota Medical Care
Melaka, who discussed “Thrust and Sustainability in Healthcare from the Perspective of Healthcare Insurance
Industry, Bank Negara and Private Hospitals. ” The conference was officiated by Yang Berhormat Dato’ Dr Haji
Noor Azmi Ghazali, the former Deputy Minister of Health 1.

BFM Health & Living Seminar

BFM Radio organised a Health & Living seminar on 18 June 2022. LIAM CEO, Mark O’Dell represented LIAM at
the BFM Health & Living Live panel session. The half-day health event featured doctors and health specialists
who discussed how to transform Malaysia’s healthcare system, cope with new mental health challenges as
well as manage long COVID-19 problems. The panel session discussed the topic “Will Healthcare Become
More Expensive After the Pandemic?” and was also joined by Azrul Mohd Khalib, CEO of Galen Centre.
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Webinar on Private Health Insurance Innovation to

Strengthen Universal Health Coverage in Malaysia
Pfizer Malaysia together with LIAM organised a webinar on
“Private Health Insurance Innovation to Strengthen Universal
Health Coverage in Malaysia” on 19 August 2022. LIAM CEO
Mark O’Dell delivered the Opening Remarks during the webinar,
which was well attended by LIAM members.

The webinar was to provide more insights into how Pfizer and
private insurers could work hand in hand to collaborate, co-
create, and build towards an innovative healthcare as well as
to strengthen universal healthcare coverage for the future of
Malaysians.

Virtual Financial Education Programmes with

MySTEP Graduates
As part of LIAM’s continuous engagement with FEN, LIAM
participated in a Virtual “Financial Education Talk“ for about
120 MySTEP Graduates on 2 August 2022. MySTEP is
a programme announced by the Finance Ministry which
provides training and short-term placements in the Public
Sector, Government-linked companies, and its strategic
partners to upskill Malaysian youths and support their
transition into long-term employment.

LIAM speaker, Encik Muhamad Yusof bin Sulaiman from Sun

Life Malaysia, who covered the topic “Insurance and Risk
Protection“ attracted the students’ interest with an engaging
and lively presentation. Other speakers from Securities
Commission, AKPK and Private Pension Administrator were
also present to brief participants at the session.

13th ASEAN Insurance Congress

The 13th ASEAN Insurance Congress,
organised by the ASEAN Insurance Training
& Research Institute (AITRI) under the
auspices of the AIC, was held online and
also onsite at The Majestic Hotel Kuala
Lumpur on 6 and 7 September 2022. It
attracted some 165 participants.

With the theme “Building Resilience for a

Changing World“, the Congress featured
a line-up of about 39 speakers from Asia,
Europe and North America. LIAM President,
Loh Guat Lan delivered a special address at
the opening ceremony and LIAM CEO Mark O’Dell was a panellist on the Panel Discussion on Future of Insurance.
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MNRB YOULEAD! Programme

LIAM CEO Mark O’Dell presented an industry update to 40 participants from the industry at the MNRB YOULEAD!
Programme held at Hard Rock Hotel, Penang on 9 September 2022. The programme targets young managers
with high potential, who could take the organisation and the industry to greater heights. It focuses on effective
leadership fundamentals, deciphering key industry issues and knowledge sharing sessions/regulatory updates
in the insurance industry by experts in related fields. It also aims to provide a networking platform amongst
peers to support their individual career growth within the industry. It was organised by Malaysian Reinsurance
Berhad in collaboration with LIAM, PIAM, MTA and ASEAN Insurance Council (AIC).

US Embassy - Healthcare Trade Mission

LIAM CEO Mark O’Dell delivered a presentation on “Healthcare System in Malaysia” and the role of private
health insurers in Malaysia to delegates at the Healthcare Trade Mission organised by the US Embassy at
Four Seasons Hotel Kuala Lumpur on 21 September 2022. The delegates expressed their interest in working
with the insurance industry on the healthcare system in Malaysia.
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Certifi
fie
ed Social Protection
Analyst (CSPA) - Level 2;
Topic: Insurance Planning
As an Industry Fellow at SWRC,
University of Malaya, LIAM CEO
Mark O’Dell was invited to give a
lecture on “Insurance Planning: at the
Pension and Retirement Professionals
Programme” (PRPP) to Certified
Social Protection Analyst (CSPA) –
Level 2 students on 6 October 2022.

Selangor International Healthcare Conference 2022

LIAM CEO Mark O’Dell spoke on “Misalignment of Interest and Other Challenges in Private Health Care Financing
and Its Impact on Premiums” at the Selangor International Healthcare Conference on 9 October 2022. This three-
day conference was organised by Infomed with Invest Selangor Berhad from 7 to 9 October 2022 at Kuala Lumpur
Convention Centre. It was aimed at engaging healthcare stakeholders to address key healthcare issues and its
challenges and solutions.

Panellist for MCMC Industry Roundtable: Digital

Signature in Healthcare 2022
The Malaysian Communications and Multimedia Commission
invited LIAM to be one of the panellists at the industry roundtable
on Digital Signature in Healthcare 2022. The industry was
represented by LIAM CEO Mark O’Dell. The hybrid session was
held on 1 December 2022 at MCMC Office, Cyberjaya.

Mark O’Dell shared the roles of LIAM, challenges and opportunities

in the insurance industry.
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OTHER ACTIVITIES
LIAM President receives
‘Woman Leader of the Year Award’
LIAM President, Loh Guat Lan was awarded the prestigious
‘Woman Leader of the Year Award’ at the 26th Asia Insurance
Industry Awards 2022 organised by the Asia Insurance
Review, a renowned organisation for insurance in Asia.

The awards presentation ceremony was held on 31 October 2022 at Marina Bay Sands Expo and Convention
Centre, Singapore to recognise and salute excellent leaders in the insurance industry.

Loh’s leadership and inspirational qualities made her the unanimous choice for ‘Woman Leader of the Year’
by the Panel of Judges which represented a cross section of the industry including regional and international
market leaders.

Its president since 2019, Loh’s stewardship of LIAM has been characterised by innovative ideas, strategic
thinking and tireless efforts to position LIAM as a reputable organisation in the domestic and regional level. LIAM
has also built a great relationship, and to some extent, influence, among regulators, peers, and stakeholders.

World Heart Day

On 1 October 2022, LIAM supported
World Heart Day: Use Heart for
Every Heart organised by KL City Art
Gallery in collaboration with Yayasan
Jantung Negara at KL City Art Gallery,
Kuala Lumpur. The event was held
in conjunction with the international
heart awareness campaign to create
awareness on cardiovascular disease
and inspire people to take charge of
their heart health. Over 100 people
attended the event, in which included
a Zumba session, health screening,
health forum and arts exhibition related
to World Heart Day.
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Networking Dinner with APHM

LIAM organised a networking dinner for insurers, takaful operators and Board of APHM at Hilton Kuala Lumpur
on 7 November 2022. The gathering was aimed to build rapport with APHM and discuss the proposed Digital
Platform. Among the attendees at the dinner were LIAM President Loh Guat Lan, LIAM CEO Mark O’Dell,
PIAM Chairman Antony Lee, MTA CEO Mohd Radzuan Mohamed, APHM President Datuk Dr Kuljit Singh and
representatives from LIAM, PIAM, MTA and APHM.

Launch of AICB Building

The AICB Building was officially launched by
the BNM Governor Tan Sri Nor Shamsiah Mohd
Yunus, witnessed by AICB Chairman Tan Sri
Azman Hashim, senior management officials
of AICB, tenants and stakeholders from the
insurance and banking industry on 22 November
2022. LIAM was represented by its President Loh
Guat Lan and CEO Mark O’Dell.
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LIAM Staff Teambuilding

The LIAM Secretariat organised a
teambuilding/offsite activity for all
employees as part of the staff training
and development programme in Phuket,
Thailand, from 11 to 13 November 2022.
The teambuilding aimed to foster better
communication and collaboration among
the secretariat staff. Some of the activities
held included Thai Cooking Class, Magic
Rope Game and Guess the monument.

Appreciation and Networking

Cocktail for CEOs
In appreciation of the support of its
members and contribution towards the
industry over the past one year, LIAM held
an appreciation and networking cocktail
for industry captains at Vertigo, Banyan
Tree Hotel on 13 December 2022. The
event was attended by 24 representatives
from the industry.
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Simposium Pengurusan Stress & Kesihatan Mental Pekerja

On 17 – 18 October 2022, some employees from LIAM Secretariat attended a Symposium on Employee Stress
Management & Mental Health held in Bangi Golf Resort. The symposium was conducted by professional
speakers from various backgrounds – medical doctor, yoga exercise trainer, hypnotherapist, and psychologist.

Moderated by a famous actor and TV personality, Fahrin Ahmad, and attended by about 50 participants from
various companies, the symposium was aimed to help participants learned how to cope and manage stress,
the importance of emotional intelligence at work, and enhance awareness on mental health. Activities like yoga
exercise, stress talk, mental health talk and complimentary health checkup were organized for participants.
Participants also had the opportunity to have an interesting and engaging session with Dr Malar Santhi A/P
Santherasegapan, an influencer and Key Opinion Leader with many followers on social media, who spoke on
stress management and mental health in Malaysia.

Talk on Financial Scam

In conjunction with Financial Literacy Month
2022, LIAM organised a talk on financial scam for
employees from LIAM Secretariat and MII staff on
21 October 2022.

The talk was aimed to enhance awareness among

the staff on financial scams and to take precaution to
protect themselves from becoming victims.

Speaker, Vijayadurai Singgatore from LINK Department of BNM spent about one and a half hours with the staff to
highlight on some of the prominent cases and shared tips on how to avoid from being a victim of financial scams.

CONCLUSION
The LIAM Management Committee would like to pay its tribute to LIAM President Loh Guat Lan, the recipient
of the prestigious “Woman Leader of the Year Award” at the 26th Asia Insurance Industry Awards 2022.
Congratulations! This recognition is a testament to your hard work, dedication, and unwavering commitment
to excellence. As a woman leader, you are an inspiration to many and have paved the way for the future
generation of women to succeed. Keep up the great work and continue to inspire others with your leadership
and determination.

The LIAM Management Committee also wishes to record its appreciation and gratitude to all LIAM members
for their steadfast support and participation in the initiatives and activities organised by LIAM during the year.
We look forward to the continuous support and commitment as we take on new challenges moving towards
the industry’s goals as set out in the FSBP 2022-2026 while serving the insurance needs of the rakyat and
contributing towards the country’s economy.
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PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Life Insurance Business
The life insurance industry recorded an overall healthy performance for the year ending December 2022.

TOTAL BUSINESS IN FORCE

Sum Assured In Force

The industry recorded an increase of 5.3% in sum assured in force amounting to RM1.9 trillion in 2022 as
compared with RM1.8 trillion in 2021. The sum assured in force of investment-linked grew by 8% from RM841
billion in 2021 to RM908.7 billion in 2022 while group policies increased by 5% from RM612.7 billion to RM643.2
billion in 2022.

January to December
RM Million/ Type
2021 2022 Growth
Traditional 325,764 322,494 -1.0
Investment-Linked 840,989 908,652 8.0
Group Policies 612,710 643,159 5.0
Total 1,779,463 1,874,305 5.3

In Force Premiums
The total in force premium grew by 3.5% in 2022, amounting to RM44.1 billion as compared to RM42.7
billion in 2021. Investment-linked in force premium grew by 6.7% from RM26.1 billion in 2021 to RM27.9 billion
in 2022 whereas traditional policies and group policies recorded a slight decline in growth by 1.6% and
0.2% respectively.

January to December
RM Million/ Type
2021 2022 Growth
Traditional 16,128 15,862 -1.6
Investment-linked 26,118 27,875 6.7
Group 411 410 -0.2
Total 42,657 44,147 3.5

Number of Policies In Force

The total number of policies in force rose at a minimal rate of 0.1% to 13.4 million units in 2022. While traditional
policies and group policies registered a drop in growth, the total number of policies in force for investment-
linked grew by 4% amounting to 6.4 million units in 2022.

January to December
Type
2021 2022 Growth
Traditional 7,153,842 6,914,137 -3.4
Investment-Linked 6,191,641 6,442,188 4.0
Group 27,512 27,436 -0.3
Total 13,372,995 13,383,761 0.1
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PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Life Insurance Business

NEW BUSINESS
New Business – Sum Assured
The industry recorded a growth of 8% in the new business sum assured amounting to RM497.7 billion in 2022
as compared to RM461.1 billion in 2021. The new business sum assured of traditional policies recorded the
highest growth of 14.9% amounting to RM26.1 billion in 2022 while group policies increased by 9.8% to reach
RM334.2 billion in 2022. The new business sum assured of investment-linked policies recorded a marginal
growth of 2.5% to RM137.4 billion.

January to December
RM Million/ Type
2021 2022 Growth
Traditional 22,752 26,139 14.9
Investment-Linked 134,054 137,392 2.5
Group 304,255 334,207 9.8
Total 461,061 497,738 8.0

New Business – Total Premium

The new business total premium fell by 6.4% amounting to RM12 billion in 2022, compared to RM12.8 billion
in 2021. However, the new business total premium of group policies registered a strong growth 13.1% from
RM3.9 billion to RM4.5 billion in 2022. Meanwhile investment-linked policies fell by 18.9% and traditional
policies also dropped by 3.2% in 2022.

January to December
RM Million/ Type
2021 2022 Growth
Traditional 2,145 2,076 -3.2
Investment-Linked 6,697 5,434 -18.9
Group 3,951 4,467 13.1
Total 12,793 11,977 -6.4

New Business – New Policies

The number of new policies issued in 2022 also posted a slight decline of 2.1% from 1.9 million units in 2021
to 1.8 million units in 2022. While both traditional policies and investment-linked policies registered a dip in
growth of 1.2% and 3.9%, respectively, new group policies recorded a strong growth of 6.5% amounting to
20,768 units in 2022.

January to December
Type
2021 2022 Growth
Traditional 1,165,423 1,151,313 -1.2
Investment-Linked 691,332 664,355 -3.9
Group 19,498 20,768 6.5
Total 1,876,253 1,836,436 -2.1
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PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Life Insurance Business

CLAIMS PAYOUT
The life insurance industry recorded an increase of 12.7% in claims payout amounting to RM13.4 billion as
compared to RM11.9 billion in 2021. The increase was mainly due to higher claims in medical and disability
which rose by 33.7% and 20.6%, respectively.

January to December
RM/ Benefit
2021 2022 Difference Growth
Death 1,830,154,284 1,814,532,683 -15,621,601 -0.9
Disability 89,540,934 107,946,280 18,405,346 20.6
Medical 4,610,672,441 6,163,799,351 1,553,126,910 33.7
Bonuses 3,346,160,919 3,162,473,293 -183,687,626 -5.5
Others 2,003,810,013 2,144,558,651 140,748,638 7.0
Total 11,880,338,591 13,393,310,258 1,512,971,667 12.7

Outlook
The changing consumer sentiment and shift in priority spending following the reopening of the economy and
country’s borders, could be one of the contributing factors to the slowdown in new business growth with many
favoring lifestyle purchases and travel, compared to longer term needs such as life insurance. We expect this
trend to ease in the coming months.

On the outlook of 2023, the industry is positive on charting a strong performance in the year ahead as efforts
are being stepped up on the initiatives earmarked to achieve the targets of building a resilient and dynamic
sector under the Financial Sector Blueprint 2022 – 2026.

Source:

Bank Negara Malaysia Monthly Highlights and Statistics January 2023

(New Business and Total Business In Force)

Life Insurance Association of Malaysia (LIAM)

(Claims Payout)
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PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Life Insurance Business (2018 - 2022)

NUMBER OF POLICIES

New Business (Units) Total Business In Force (Units)

1,836,436
2022 13,383,761

1,876,253
2021 13,372,995

1,222,048
2020 12,849,001

1,315,232
2019 12,409,947

1,238,249
2018 12,667,037

3,000,000 6,000,000 9,000,000 12,000,000 15,000,000

SUMS INSURED

New Business (RM million) Total Business In Force (RM million)

497,738.1
2022 1,874,305.4

461,061.0
2021 1,779,462.7

437,247.5
2020 1,685,757.4

470,279.6
2019 1,615,201.7

452,101.8
2018 1,510,010.8

400,000 800,000 1,200,000 1,600,000 2,000,000

* Source: Bank Negara Malaysia - Monthly Highlights and Statistics January 2023
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PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

NEW BUSINESS : TOTAL PREMIUMS

New Business: Total Premiums (RM million)

11,976.5
2022

12,792.5
2021

11,385.7
2020

11,761.4
2019

10,303.5
2018

2,000 4,000 6,000 8,000 10,000 12,000 14,000

TOTAL BUSINESS IN FORCE: ANNUAL PREMIUMS

Total Business In Force: Annual Premiums (RM million)

44,147.2
2022

42,656.9
2021

2020 39,342.0

36,969.6
2019

34,393.6
2018

5,000 10,000 15,000 20,000 25,000 30,000 35,000 40,000 45,000

* Source: Bank Negara Malaysia - Monthly Highlights and Statistics January 2023
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 87

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

INCOME

Premium income Net investment income Profit on sale of assets and miscellaneous income

2021 RM million 2022 RM million

5,039.0 3,339.4
9.0% 6.0%

10,576.2 11,130.6
18.9% 20.2%
Total: Total:
RM 56,100.8 40,485.6 RM 55,154.4 40,684.4
72.2% 73.8%
million million

OUTGO (EXPENDITURE)

Net policy Agency Management Loss on disposal of assets

benefits remuneration expenses and other outgo

2021 RM million 2022 RM million

12,149.0 12,259.5
26.2% 24.7%

Total: 25,103.2
Total: 28,127.9
RM 46,373.9 54.1% RM 49,697.1 56.6%
4,052.6
3,837.1 million 8.1%
million
8.3%

5,257.2
5,284.7
10.6%
11.4%

* Source: Bank Negara Malaysia - Monthly Highlights and Statistics January 2023
88 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

ASSETS OF LIFE INSURANCE FUNDS

Property, plant and equipment Loans Investments Investment properties

Cash and deposits Other assets Foreign assets

2021 RM million

Loans
224,294.1
• Mortgages: 2,417.5
• Policy: 8,348.4 11,257.1 Total:
• Others: 491.2
2,183.9
RM 280,681.8
Investments million
• Malaysia Government papers/ 18,069.7
guaranteed loans: 34,585.7
• Corporate/ debt securities: 178,798.9 5,361.1
• Others: 10,909.4
16,396.5
3,119.4

2022 RM million

Loans
• Mortgages: 1,988.3
• Policy: 8,214.7
• Others: 485.7

Investments 228,054.1
• Malaysia Government papers/
10,688.7
Total:
guaranteed loans: 39,314.6
• Corporate/ debt securities: 176,659.9 RM 283,019.7
• Others: 12,079.6
2,191.2
million
16,588.4

5,701.6

16,684.8
3,110.9

* Source: Bank Negara Malaysia - Monthly Highlights and Statistics January 2023
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 89

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

NUMBER OF AGENTS

Number of Agents

88,068
100,000

85,848
82,042
75,999
75,707

80,000

60,000

40,000

20,000

2018 2019 2020 2021 2022

NUMBER OF AGENTS BY AGE

< 21 21 - 30 31 - 40 41 - 50 > 50
28,835
28,255

28,225

30,000
26,234
26,214

26,013
24,899
24,434
24,400

23,419

25,000
17,302
16,637

20,000
15,590
14,554
14,042

12,744
12,382
11,917

15,000
11,325
11,011

10,000
2,087

1,959

5,000
1,820

1,802

1,564

2018 2019 2020 2021 2022

* Source: Life Insurance Association of Malaysia (LIAM)

90 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

NUMBER OF AGENTS BY GENDER

Male Female

44,430

44,034
50,000

43,638

41,814
41,035
41,007
38,136
37,952

37,863
37,755

40,000

30,000

20,000

10,000

2018 2019 2020 2021 2022

NUMBER OF AGENTS BY ETHNIC GROUP

Malay Chinese Indian Others

53,341

60,000
52,294

52,123
51,280

50,073

50,000

40,000

30,000
16,899

16,183

16,168
15,959
15,015
13,323

13,293
13,012

20,000
11,294
10,220

10,000
1,645

1,598
1,440
1,309
1,195

2018 2019 2020 2021 2022

* Source: Life Insurance Association of Malaysia (LIAM)

 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 91

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

NUMBER OF AGENTS BY EDUCATION LEVEL

Primary LCE/SRP MCE/SPM HSC/STPM COLLEGE/UNIVERSITY

50,000

41,989
41,662

41,513
40,461

40,148

40,083
39,520

37,567
40,000
32,316
30,886

30,000

20,000

10,000

3,197
3,045

3,118
2,888

2,821
1,293

1,178

1,126

1,075

998
179

164

156

145

136
2018 2019 2020 2021 2022

DISTRIBUTION OF AGENTS BY STATES

121
Perlis
Total:
3,216

85,848
1,414
Kedah
8,278 Kelantan
Pulau
Pinang 6,184 615 West Malaysia: 78,567
Perak Terengganu East Malaysia : 7,281 11
2,033
Labuan
Pahang 2,524
18,559
Sabah
Selangor
4,621
16,155 Negeri Sembilan
Kuala Lumpur
3,429
13,942
Melaka
Johor
4,746

Sarawak

* Source: Life Insurance Association of Malaysia (LIAM)

92 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

PERFORMANCE OF THE LIFE INSURANCE INDUSTRY

Statistics on Life Insurance Industry (2018 - 2022)

NUMBER OF BANK STAFF SELLING LIFE INSURANCE

Number of Bank Staff Selling Life Insurance

17,809
20,000

17,252
17,002

16,928

16,237
15,000

10,000

5,000

2018 2019 2020 2021 2022

LIAM MEMBERS WITH BANCASSURANCE TIE-UPS

01 AIA Bhd. 02 Allianz Life Insurance 03 AmMetLife 04 AXA AFFIN Life

Malaysia Berhad Insurance Berhad Insurance Berhad

05 Etiqa Life 06 Gibraltar BSN 07 Great Eastern Life Assurance

Insurance Berhad Life Berhad (Malaysia) Berhad

08 Hong Leong 09 Manulife Insurance 10 Prudential Assurance

Assurance Berhad Berhad Malaysia Berhad

11 Sun Life Malaysia 12 Tokio Marine Life Insurance

Assurance Berhad Malaysia Bhd.

LIST OF BANKS WITH REGISTERED BANK STAFF SELLING LIFE INSURANCE PRODUCTS

Affin Bank Berhad Citibank Berhad OCBC Bank (Malaysia)

Berhad
Alliance Bank Malaysia HSBC Bank Malaysia
Berhad Berhad Pos Malaysia Berhad
AmBank (M) Berhad Hong Leong Bank Public Bank Berhad
Berhad
Bank of China (Malaysia) RHB Bank Berhad
Berhad Industrial and Commercial
Standard Chartered
Bank of China (Malaysia)
Bank Simpanan Nasional Bank Malaysia
Berhad
CIMB Bank Berhad United Overseas Bank
Malayan Banking Berhad
(Malaysia) Berhad

* Source: Life Insurance Association of Malaysia (LIAM)

 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 93

COMMITTEES AND WORKING COMMITTEES

OF LIAM 2022/2023
ADMINISTRATION & Chan Tuck Wai Alan Tan
FINANCE COMMITTEE Gibraltar BSN Life Berhad Gibraltar BSN Life Berhad

Teo Chun Seng Lo Chin Loon

CHAIRMAN Great Eastern Life Assurance Great Eastern Life Assurance
Toi See Jong (Malaysia) Berhad (Malaysia) Berhad
Tokio Marine Life Insurance
Malaysia Bhd. Brandon Tan Soeren Kruse
Hannover Re, Malaysian Branch Hannover Re, Malaysian Branch
MEMBERS Ong Kheng Heng Elmen Tan Yew Seng
Datin Veronica Selvanayagy Hong Leong Assurance Berhad Hong Leong Assurance Berhad
AIA Bhd.
Jyunichi Washizaki Aisah Yap
Jeevan A/L Parinpanayagam Manulife Insurance Berhad Manulife Insurance Berhad
AmMetLife Insurance Berhad
Junaidah Mohd Sekak Benjamin Loh Wei Hung
Lim Yit Lin Malaysian Life Reinsurance Group MCIS Insurance Berhad
Etiqa Life Insurance Berhad Berhad
Liaw Chen Loong
Hue Liew Loon Karen Foong Cheng Keat Prudential Assurance Malaysia
Great Eastern Life Assurance MCIS Insurance Berhad Berhad
(Malaysia) Berhad
Kamarul Hisham Irina Lim
Sarah Sio Prudential Assurance Malaysia Sun Life Malaysia Assurance Berhad
Hannover Re, Malaysian Branch Berhad
Wong Poh Ling
Ong Kheng Heng Vanissa A/P Daniel Bavani Tokio Marine Life Insurance
Hong Leong Assurance Berhad Sankaran Malaysia Bhd.
Hiten Asher Sun Life Malaysia Assurance Berhad
Raymond Wong
MCIS Insurance Berhad Andrew Ngou Chee Mun
Zurich Life Insurance Malaysia
Tokio Marine Life Insurance
Berhad
Malaysia Bhd.
CLIMATE CHANGE AND
ENVIRONMENTAL, SOCIAL Teresa Wong
AND GOVERNANCE Zurich Life Insurance Malaysia
DIGITAL PLATFORM
COMMITTEE STEERING COMMITTEE
Berhad

CHAIRMAN MEMBERS
Khoo Ai Lin DIGITALISATION & Ben Ng
Zurich Life Insurance Malaysia INNOVATION COMMITTEE AIA Bhd.
Berhad
YBhg. Dato Koh Yaw Hui
CHAIRMAN
Great Eastern Life Assurance
CO-CHAIR Raymond Lew
(Malaysia) Berhad
Chai Tze Siang Sun Life Malaysia Assurance Berhad
AIA Bhd. Krishnamoorthy Rao
MEMBERS MPI Generali Insurans Berhad
MEMBERS Zippo Tan
Corrine Yeo AIA Bhd. Chua Seck Guan
Allianz Life Insurance Malaysia MSIG Insurance (Malaysia) Bhd
Stefan Ritz
Berhad Zafri Abdul Halim
Allianz Life Insurance Malaysia
Liaw Mei Yean Berhad Etiqa Family Takaful Berhad
AmMetLife Insurance Berhad Wan Ahmad Najib Bin Wan
Grace Yew
Vincent Fong AXA AFFIN Life Insurance Berhad Ahmad Lotfi
AXA AFFIN Life Insurance Berhad FWD Takaful Berhad
Joanne Teh
Carrie Khoo Pao Yee Etiqa Life Insurance Berhad Ahmir ud Deen
Etiqa Life Insurance Berhad Prudential BSN Takaful Berhad
94 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

EDUCATION & MALAYSIAN TAKAFUL Brandon Luke Valladares

EXAMINATION COMMITTEE ASSOCIATION (MTA) Gibraltar BSN Life Berhad

Nurulkhysan Hamzah Juliet Wong

CHAIRMAN
Great Eastern Takaful Berhad Great Eastern Life Assurance
Vibha Coburn
(Malaysia) Berhad
Manulife Insurance Berhad Dr Prema A/P Sundralingam
Takaful Ikhlas Family Berhad Jefferey Zain
MEMBERS Malaysian Life Reinsurance Group
PERSATUAN INSURANS AM
Dawn Seng Berhad
MALAYSIA (PIAM)
AIA Bhd.
Eza Dzul Karnain
Dr Aden Yusof Yong
Hooi Wai Sum Manulife Insurance Berhad
Allianz General Insurance Company
Allianz Life Insurance Malaysia
(Malaysia) Berhad Gayathri Saravana Kumar
Berhad
MCIS Insurance Berhad
Dr Noorulainah Jalaludheen
Nasirudeen Bin Abdul Rashid
MPI Generali Insurans Berhad Angeline Tung Tze Ling
AmMetLife Insurance Berhad
Prudential Assurance Malaysia
ASSOCIATION OF PRIVATE
Sarah Gan Berhad
HOSPITALS MALAYSIA (APHM)
AXA AFFIN Life Insurance Berhad
Tricia Loh
Datuk Dr Kuljit Singh
Aminudin Bin Daud Sun Life Malaysia Assurance Berhad
Etiqa Life Insurance Berhad Erica Lam
Koh Sing Yeen
Andy Ng MEDICAL MALAYSIAN Tokio Marine Life Insurance
Great Eastern Life Assurance ASSOCIATION (MMA) Malaysia Bhd.
(Malaysia) Berhad
Dr Gunalan Palari@ Erin Hwang
Pusparajah A/L Muthu Arumugam Palari Zurich Life Insurance Malaysia
Krishnansamy Berhad
Dr Vasu Pillai Letchumanan
Hong Leong Assurance Berhad
Dato Dr Venugopal Balchand
Leon Joshua PERLINDUNGAN TENANG
Manulife Insurance Berhad Dr Liew Shan Fap VOUCHER STEERING
COMMITTEE
Ahmad Zubir Aziz
MCIS Insurance Berhad
Datuk Johan Mahmood
Shirleen Gan Merican
Sun Life Malaysia Assurance Berhad Ministry of Finance
INDUSTRY PROMOTION
Joddie Leong Siew Yoke Shamili Poonmalar
COMMITTEE
Tokio Marine Life Insurance Vellapandian
Malaysia Bhd. Ministry of Finance
CHAIRMAN
Rajan Anthony Ben Ng Nur Hanee Mohamad
Zurich Life Insurance Malaysia AIA Bhd. Ministry of Finance
Berhad
Lau Chin Ching
MEMBERS Bank Negara Malaysia
Chen Mei Ling
GRIEVANCE MECHANISM Surannit Sureen Chit
AIA Bhd.
COMMITTEE Bank Negara Malaysia
Shamala Gopalan
Mark O’Dell
LIFE INSURANCE ASSOCIATION Allianz Life Insurance Malaysia
Life Insurance Association
OF MALAYSIA (LIAM) Berhad
of Malaysia
CHAIRMAN Anusyia Sakthinathan
Zainudin Ishak
Dr Sharliza Mohd Salleh AmMetLife Insurance Berhad
Malaysian Reinsurance Berhad
Prudential Assurance Malaysia Wan Nor Azira Mazlan
Mohd Radzuan Mohamed
Berhad AXA AFFIN Life Insurance Berhad
Malaysian Takaful Association

MEMBERS Eric Saw Teong Giap

Julie Chong
Dr Kumari Sangaran Kutty Etiqa Life Insurance Berhad
Persatuan Insurans Am Malaysia
AIA Bhd.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 95
COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

Mahendran Samiappan Khoo Poh Beng Yvonne Gan

ISM Insurance Services Malaysia Zurich Life Insurance Malaysia Great Eastern Life Assurance
Berhad Berhad (Malaysia) Berhad

Dr Sharliza Mohd Salleh

PRODUCT SERVICES & PROFESSIONAL Prudential Assurance Malaysia
TECHNICAL COMMITTEE STANDARDS COMMITTEE Berhad

Dr Yvonne Tay Sheau Torng

CHAIRMAN CHAIRMAN Tokio Marine Life Insurance
Toi See Jong Paul Low Malaysia Bhd.
Tokio Marine Life Insurance Etiqa Life Insurance Berhad
Zafri Abdul Halim
Malaysia Bhd. Etiqa Family Takaful Berhad
MEMBERS
MEMBERS Dawn Seng Dr Kasthuri Dhevi Naidu
Ang Siau Fung AIA Bhd. Prudential BSN Takaful Berhad
AIA Bhd. Shirley Chiang Chua Seck Guan
Lee Chee Sin AmMetLife Insurance Berhad MSIG Insurance (Malaysia) Bhd
Allianz Life Insurance Malaysia Vincent Fong Krishnamoorthy Rao
Berhad AXA AFFIN Life Insurance Berhad MPI Generali Insurans Berhad
Nelson Yu Jon Chong Yong Kong
AmMetLife Insurance Berhad Etiqa Life Insurance Berhad JOINT TECHNICAL MEDICAL
Teoh Seng Hong Susan Ong COMMITTEE
AXA AFFIN Life Insurance Berhad Gibraltar BSN Life Berhad
MEMBERS
Leong Su Yern Andy Ng Chooi Joo Lee
Etiqa Life Insurance Berhad Great Eastern Life Assurance
Allianz Life Insurance Malaysia
(Malaysia) Berhad
Lai Wei Chong Berhad
Gibraltar BSN Life Berhad Vibha Coburn Leong Chee Wan
Manulife Insurance Berhad
Chan Chia Khow AmMetLife Insurance Berhad
Great Eastern Life Assurance Suresh Tanigajalam Kuan Lian Ti
(Malaysia) Berhad MCIS Insurance Berhad
Etiqa Life Insurance Berhad
Lau Phooi Wan Idariah Idris Yvonne Gan
Hannover Re, Malaysian Branch Prudential Assurance Malaysia
Great Eastern Life Assurance
Berhad
Jessica Sum (Malaysia) Berhad
Hong Leong Assurance Berhad Yap Poh Ling
Teh Geok Bee Hannover Re, Malaysian Branch
Malaysian Life Reinsurance Group Dr William Eow
TASK FORCE ON MEDICAL
Berhad Hong Leong Assurance Berhad
COST CONTAINMENT ON
Tan Chue Chau MEDICAL AND HEALTH Jennee Loh
Manulife Insurance Berhad INSURANCE Manulife Insurance Berhad

Woo Chee Chang Wong Yoke Kim

CHAIRMAN
MCIS Insurance Berhad MCIS Insurance Berhad
YBhg. Dato Koh Yaw Hui
Ankur Bassi Great Eastern Life Assurance Dr Muhammad Faiz Ab Kadir
Prudential Assurance Malaysia (Malaysia) Berhad Prudential Assurance Malaysia
Berhad Berhad
MEMBERS
Patrick Chow Christine Michael
Manisha Keyal
Sun Life Malaysia Assurance Berhad Sun Life Malaysia Assurance Berhad
AIA Bhd.
Koh Sing Yeen Rachel Chin
Jackie Chin
Tokio Marine Life Insurance Zurich Life Insurance Malaysia
AXA AFFIN Life Insurance Berhad
Malaysia Bhd. Berhad
96 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

LIAM SABAH LIAISON Ooi Haw Yun Tan Kun Hung

COMMITTEE Allianz Life Insurance Malaysia Allianz Life Insurance Malaysia
Berhad Berhad
CHAIRMAN Shamla Palani Vincent Wong
Jonathan Wong Yu On AXA AFFIN Life Insurance Berhad AmMetLife Insurance Berhad
Hong Leong Assurance Berhad
Leong Su Yern Steven Tong
MEMBERS Etiqa Life Insurance Berhad AXA AFFIN Life Insurance Berhad
Daryl Lim Leong Chee Wei Paul Low
AIA Bhd. Gibraltar BSN Life Berhad Etiqa Life Insurance Berhad
Beatrice Idek Loke Chang Yueh Andy Ng
AXA AFFIN Life Insurance Berhad Great Eastern Life Assurance Great Eastern Life Assurance
Euralia @ Henny Binti Esidol (Malaysia) Berhad (Malaysia) Berhad
Etiqa Life Insurance Berhad
Ong Kheng Heng Pusparajah A/L Muthu
Desmond Sim Kwang Wei Hong Leong Assurance Berhad Krishnansamy
Prudential Assurance Malaysia Hong Leong Assurance Berhad
Tan Chue Chau
Berhad
Manulife Insurance Berhad John Lau
Hiten Asher Manulife Insurance Berhad
MCIS Insurance Berhad Suresh Tanigajalam
LIAM SARAWAK LIAISON Kang Yu Fen MCIS Insurance Berhad
COMMITTEE Tokio Marine Life Insurance
Fennie Lee
Malaysia Bhd.
Prudential Assurance Malaysia
CHAIRMAN Khoo Poh Beng Berhad
Hon Kah Fui Zurich Life Insurance Malaysia
Priscilla Goh
Hong Leong Assurance Berhad Berhad
Sun Life Malaysia Assurance Berhad
MEMBERS Joddie Leong Siew Yoke
Daryl Lim Tokio Marine Life Insurance
AIA Bhd. WORKING COMMITTEES/
WORKING GROUPS Malaysia Bhd.
Kenneth Chu
Josephine Lim
AXA AFFIN Life Insurance Berhad AGENT LEAVER STUDY
Zurich Life Insurance Malaysia
WORKING GROUP
Raymond Chin Siaw Yiew Berhad
Etiqa Life Insurance Berhad
MEMBERS
Ting Lee
Emily Wong
Great Eastern Life Assurance
AIA Bhd.
(Malaysia) Berhad CLAIMS WORKING GROUP
Ken Ng Kean Hooi
Desmond Sim Kwang Wei
Great Eastern Life Assurance
Prudential Assurance Malaysia MEMBERS
Berhad (Malaysia) Berhad
Dr Shamala Gopala Krishnan
Chong Kuet Nguan Koh Hoe Shin AIA Bhd.
Tokio Marine Life Insurance Hong Leong Assurance Berhad
Felicia Leong
Malaysia Bhd. Chew Siew Keng Allianz Life Insurance Malaysia
Prudential Assurance Malaysia Berhad
Berhad
Leong Chee Wan
AmMetLife Insurance Berhad
TASK FORCE ON FINANCIAL
SECTOR MASTERPLAN AGENT PROFESSIONALISM Jackie Chin
BLUEPRINT FRAMEWORK WORKING AXA AFFIN Life Insurance Berhad
GROUP
Kuan Lian Ti
MEMBERS Etiqa Life Insurance Berhad
Ching Ing Chian MEMBERS
Leong Chee Soong Ng Hooi Bee
AIA Bhd.
AIA Bhd. Gibraltar BSN Life Berhad
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 97
COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

Dr Anne Mathews Amelia Loh Shirleen Gan

Great Eastern Life Assurance Malaysian Life Reinsurance Group Sun Life Malaysia Assurance Berhad
(Malaysia) Berhad Berhad
Joddie Leong Siew Yoke
Yap Poh Ling Senthil Woon Wai Keong Tokio Marine Life Insurance
Hannover Re, Malaysian Branch Manulife Insurance Berhad Malaysia Bhd.

Dr William Eow Norlin Fatima Albakri Rajan Anthony

Hong Leong Assurance Berhad MCIS Insurance Berhad Zurich Life Insurance Malaysia
Berhad
Wendy Wong Idariah Idris
Malaysian Life Reinsurance Group Prudential Assurance Malaysia
Berhad Berhad

Jennee Loh Erin Low CUSTOMER SATISFACTION

Manulife Insurance Berhad Sun Life Malaysia Assurance Berhad INDEX SURVEY WORKING
GROUP
Wong Yoke Kim Loh Chee Hoong
MCIS Insurance Berhad Tokio Marine Life Insurance
MEMBERS
Malaysia Bhd.
Hiew Kum Yuen Sharon Neo
Prudential Assurance Malaysia Irene Cheng AIA Bhd.
Berhad Zurich Life Insurance Malaysia
Mayuthini Ganeson
Berhad
Christine Michael Great Eastern Life Assurance
Sun Life Malaysia Assurance Berhad (Malaysia) Berhad

Serene Chang Low Shea Ni

Zurich Life Insurance Malaysia CPD WORKING COMMITTEE Prudential Assurance Malaysia
Berhad Berhad
CHAIRMAN Saravanan Vijayakumar
Andy Ng Zurich Life Insurance Malaysia
Great Eastern Life Assurance Berhad
(Malaysia) Berhad
COMPLIANCE OFFICERS
NETWORKING GROUP MEMBERS DATA CHECKING
Goh Chian Chang ARRANGEMENT WITH
AIA Bhd. JABATAN PENDAFTARAN
MEMBERS
NEGARA (JPN) WORKING
Tay Hwee Loo Hooi Wai Sum COMMITTEE
AIA Bhd. Allianz Life Insurance Malaysia
Malathi Muniandy Berhad
MEMBERS
Allianz Life Insurance Malaysia Nasirudeen Bin Abdul Rashid Poo Shiah Feng
Berhad AmMetLife Insurance Berhad AIA Bhd.
Shirley Chiang Sharifah Fazlina Binti Syed Jackie Chin
AmMetLife Insurance Berhad Jaafar AXA AFFIN Life Insurance Berhad
Aw Teck Yee Etiqa Life Insurance Berhad
Ng Hooi Bee
AXA AFFIN Life Insurance Berhad Loi Yaw Yuen Gibraltar BSN Life Berhad
Great Eastern Life Assurance
Razana Abdul Rahim Elaine Lee
(Malaysia) Berhad
Etiqa Life Insurance Berhad Great Eastern Life Assurance
Chan Tuck Wai Brandon Lim (Malaysia) Berhad
Hong Leong Assurance Berhad
Gibraltar BSN Life Berhad Kho Beng Kai
Helen Quat Li Huang Ahmad Zubir Aziz Manulife Insurance Berhad
MCIS Insurance Berhad
Great Eastern Life Assurance Hiew Kum Yuen
(Malaysia) Berhad Kuang Ming Peng Prudential Assurance Malaysia
Prudential Assurance Malaysia Berhad
Elvina Ting
Berhad
Hannover Re, Malaysian Branch

Benjamin Khoo Teng Kar

Hong Leong Assurance Berhad
98 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

FINANCIAL SECTOR WORKING GROUP TO Lim Li Meng

MASTERPLAN BLUEPRINT REVIEW THE BALANCED Allianz Life Insurance Malaysia
WORKING GROUPS ON SCORECARD GUIDELINES Berhad
THRUST 2 – ELEVATE THE FOR AGENTS
Janey Lee
FINANCIAL WELL-BEING
OF HOUSEHOLDS AND CHAIRMAN AmMetLife Insurance Berhad
BUSINESSES Chai Tze Siang
Kwan Shuk Yee
AIA Bhd.
AXA AFFIN Life Insurance Berhad
WORKING GROUP TO MEMBERS Rhymie Zulkifli
DEVELOP PROFESSIONAL Tan Kun Hung Gibraltar BSN Life Berhad
STANDARDS AND
Allianz Life Insurance Malaysia
BEST PRACTICES FOR Chan Chee Wei
Berhad
CONSUMERS/INSURERS Great Eastern Life Assurance
Nasirudeen Bin Abdul Rashid (Malaysia) Berhad
CHAIRMAN
AmMetLife Insurance Berhad Sophia Tan
Andy Ng
Steven Tong Hong Leong Assurance Berhad
Great Eastern Life Assurance
(Malaysia) Berhad AXA AFFIN Life Insurance Berhad Rose Sei Lam
Manulife Insurance Berhad
Nicole Wai Sheau Yuen
MEMBERS
Etiqa Life Insurance Berhad Lee Sook Yann
Leong Chee Soong Prudential Assurance Malaysia
AIA Bhd. Rhymie Zulkifli
Berhad
Gibraltar BSN Life Berhad
Tan Kun Hung Priscilla Goh
Allianz Life Insurance Malaysia Andy Ng Sun Life Malaysia Assurance Berhad
Berhad Great Eastern Life Assurance
(Malaysia) Berhad Koh Hooi Fong
Vincent Wong Tokio Marine Life Insurance
AmMetLife Insurance Berhad Chung Yee Huei Malaysia Bhd.
Hong Leong Assurance Berhad
Steven Tong
AXA AFFIN Life Insurance Berhad John Lau
Manulife Insurance Berhad
Jon Chong Yong Kong FINANCIAL SECTOR
Etiqa Life Insurance Berhad Lim Ai Wui
MASTERPLAN BLUEPRINT
MCIS Insurance Berhad
Soeren Kruse WORKING GROUPS ON
Hannover Re, Malaysian Branch Sim Ng THRUST 4
Prudential Assurance Malaysia
Pusparajah A/L Muthu Berhad WORKING GROUP ON
Krishnansamy
INTEGRATE CLIMATE-RELATED
Hong Leong Assurance Berhad Priscilla Goh
AND ENVIRONMENTAL RISKS
Sun Life Malaysia Assurance
Liau Kok Chu IN PRUDENTIAL REGULATION
Berhad
Manulife Insurance Berhad AND SUPERVISION
Joanne Ling
Raama Rau Krishnan CHAIRMAN
Tokio Marine Life Insurance
MCIS Insurance Berhad Mohammad Junaid Khalid
Malaysia Bhd.
Iqbal
Fennie Lee Josephine Lim AIA Bhd.
Prudential Assurance Malaysia
Zurich Life Insurance Malaysia
Berhad CO-CHAIRMAN
Berhad
Teresa Wong
Shirleen Gan WORKING GROUP TO Zurich Life Insurance Malaysia
Sun Life Malaysia Assurance Berhad REVIEW THE BALANCED Berhad
Loh Chee Hoong SCORECARD GUIDELINES
Tokio Marine Life Insurance FOR BANK PARTNERS MEMBERS
Malaysia Bhd. Low Siew Mooi
MEMBERS
AmMetLife Insurance Berhad
Rajan Anthony Jimmy Tee
Zurich Life Insurance Malaysia AIA Bhd. Siti Yusmawati Binti Mohd
Berhad Yusoh
AmMetLife Insurance Berhad
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 99
COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

Wan Ann Jian CO-CHAIRMAN Loke Chang Yueh

AmMetLife Insurance Berhad Teresa Wong Great Eastern Life Assurance
Zurich Life Insurance Malaysia (Malaysia) Berhad
Vincent Fong
Berhad
AXA AFFIN Life Insurance Berhad Leong Yong Shern
Hannover Re, Malaysian Branch
Cheah Ui Hin MEMBERS
AXA AFFIN Life Insurance Berhad Leong Chee Wan Jessica Sum
AmMetLife Insurance Berhad Hong Leong Assurance Berhad
Kamarul Hisham
Prudential Assurance Malaysia Liaw Mei Yean Sze Chuen Cheah
Berhad AmMetLife Insurance Berhad Manulife Insurance Berhad
Kenny Lo Chiang Han Chan Tuck Wai Teh Geok Bee
Sun Life Malaysia Assurance Berhad Gibraltar BSN Life Berhad Malaysian Life Reinsurance Group
WORKING GROUP ON Berhad
Ong Kheng Heng
SUPPORT ORDERLY Hong Leong Assurance Berhad Hiten Asher
TRANSITION TO A LOW-
MCIS Insurance Berhad
CARBON ECONOMY Teo Chun Seng
Great Eastern Life Assurance Ankur Bassi
CHAIRMAN (Malaysia) Berhad Prudential Assurance Malaysia
Mohammad Junaid Khalid
Berhad
Iqbal Kirenjeet Kaur Fateh Singh
AIA Bhd. Manulife Insurance Berhad Chew Chin Lim
Sun Life Malaysia Assurance Berhad
Jyunichi Washizaki
CO-CHAIRMAN
Manulife Insurance Berhad Wong Wei Yuan
Teresa Wong
Zurich Life Insurance Malaysia Tokio Marine Life Insurance
Ngou Chee Mun
Berhad Malaysia Bhd.
Tokio Marine Life Insurance Malaysia
Bhd. Rafidah Abdul Jamal
MEMBERS Zurich Life Insurance Malaysia
Corrine Yeo Berhad
Allianz Life Insurance Malaysia INTERNATIONAL FINANCIAL
Berhad REPORTING STANDARDS
(IFRS)/ MALAYSIAN ISM CLAIMS AND
Jeannie Foo FINANCIAL REPORTING UNDERWRITING EXCHANGE
Allianz Life Insurance Malaysia STANDARDS (MFRS) 17 – ACCIDENT & HEALTH
Berhad WORKING GROUP WORKING GROUP
Brandon Tan
Hannover Re, Malaysian Branch CHAIRMAN MEMBERS
Ong Kheng Heng Manisha Keyal
Amelia Loh
Hong Leong Assurance Berhad
Malaysian Life Reinsurance Group AIA Bhd.
Berhad MEMBERS Ho Ai Mee
Karen Foong Cheng Keat Ang Siau Fung Allianz Life Insurance Malaysia
MCIS Insurance Berhad AIA Bhd. Berhad

Esther Ong Chin Yien Ping Liew Sin Hon

Prudential Assurance Malaysia Allianz Life Insurance Malaysia AXA AFFIN Life Insurance Berhad
Berhad Berhad
Ng Hooi Bee
WORKING GROUP ON Jeevan A/L Parinpanayagam Gibraltar BSN Life Berhad
INTEGRATE CLIMATE AmMetLife Insurance Berhad
RISKS IN THE BANK’S Yvonne Gan
Kelvin Wong
INTERNAL FUNCTIONS AND Great Eastern Life Assurance
AXA AFFIN Life Insurance Berhad
OPERATIONS (Malaysia) Berhad
Teoh Pei Khoon
CHAIRMAN Dr William Eow
Etiqa Life Insurance Berhad
Mohammad Junaid Khalid Hong Leong Assurance Berhad
Iqbal Lee Kok Wah
Jennee Loh
AIA Bhd. Gibraltar BSN Life Berhad
Manulife Insurance Berhad
100 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

COMMITTEES AND WORKING COMMITTEES OF LIAM 2022/2023

Mogana Balasandran Noriza Md. Noh Chan Kong Fai

Prudential Assurance Malaysia Gibraltar BSN Life Berhad AmMetLife Insurance Berhad
Berhad
Laura Chien Su’ Lynn Lee Chin Fen
Soh Pei Ling Great Eastern Life Assurance AXA AFFIN Life Insurance Berhad
Tokio Marine Life Insurance (Malaysia) Berhad
Malaysia Bhd.
Lim Yit Lin
Zindhuja Manoharan Etiqa Life Insurance Berhad
Mahendran Samiappan Hannover Re, Malaysian Branch
ISM Insurance Services Malaysia Lee Kok Wah
Anna Choo Ai Nha Gibraltar BSN Life Berhad
Berhad
Hong Leong Assurance Berhad
Jason Ho Hue Liew Loon
Karen Loh Great Eastern Life Assurance
ISM Insurance Services Malaysia
Manulife Insurance Berhad (Malaysia) Berhad
Berhad
Nur Hasyimah Mahmud Sarah Sio
Robert Pereira
MCIS Insurance Berhad Hannover Re, Malaysian Branch
ISM Insurance Services Malaysia
Berhad Aline Agnes Pasang Har Mei Li
Prudential Assurance Malaysia Hong Leong Assurance Berhad
Berhad
LIAM STRUCTURED Junaidah Mohd Sekak
INTERNSHIP PROGRAMME Amardeep Kaur Gill Kuldip Malaysian Life Reinsurance Group
WORKING GROUP Sun Life Malaysia Assurance Berhad
Berhad
Ng Cho Ming
CHAIRMAN Alex Lee Chin Yau
Tokio Marine Life Insurance
Dennis Tan Manulife Insurance Berhad
Malaysia Bhd.
Great Eastern Life Assurance Chin Chuan Ying
(Malaysia) Berhad Kelly Sidhu
MCIS Insurance Berhad
Zurich Life Insurance Malaysia
MEMBERS Berhad Fiona Kuak
Fennie Wan Prudential Assurance Malaysia
AIA Bhd. Berhad
TAXATION WORKING GROUP
Teresa Teng Vivien Lee Yuen Ching
Allianz Life Insurance Malaysia Sun Life Malaysia Assurance Berhad
MEMBERS
Berhad
Tracy Lee Rachel Lee Siew Mooi
Kavitha Selvarajoo AIA Bhd. Tokio Marine Life Insurance
AmMetLife Insurance Berhad Malaysia Bhd.
Chin Yien Ping
Moh Siew Wei Allianz Life Insurance Malaysia Joanne Lim
Etiqa Life Insurance Berhad Berhad Zurich Life Insurance Malaysia
Berhad

Note: REGULATION/ ENFORCEMENT (DISCIPLINARY) COMMITTEE

Pursuant to Article 16(A) of the LIAM Constitution, the Disciplinary Committee shall comprise five members of the Management Committee.
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 101

ROLL OF HONOUR 1974 - 2022

1974
1974 – 1980 2006 – 2009 2009 – 2011
The late YBhg. Dato’ Ng Lian Lu Allahyarham Encik Md
N.A. Kularajah AmAssurance Berhad Adnan Md Zain
Malaysian Cooperative Insurance (currently known as AmMetLife MCIS Zurich Insurance Berhad
Society Insurance Berhad) (currently known as MCIS
(currently known as MCIS Insurance Berhad)
Insurance Berhad)

1980 – 1984 2004 – 2006 2011 – 2012

Goh Cheong Hua Ezamshah Ismail Mohd Din Merican
The Asia Life Assurance Society Commerce Life Assurance Bhd Etiqa Insurance Berhad
Ltd (currently known as Sun Life (currently known as Etiqa Life
(currently known as Tokio Marine Malaysia Assurance Berhad) Insurance Berhad)
Life Insurance Malaysia Bhd.)

1984 – 1986 2002 – 2004 2012 – 2015

Steve Wong K. H. Chia Vincent Kwo
British American (Malaysia) Hong Leong Assurance Berhad Uni.Asia Life Assurance Berhad
Insurance Bhd. (currently known as Gibraltar
(currently known as Manulife BSN Life Berhad)
Insurance Berhad)

1986 – 1989 1999 – 2002 2015 – 2018

Amarudin Tajuldin YBhg. Datuk L. Meyyappan Toi See Jong
Arab-Malaysian Eagle Assurance MCIS Insurance Berhad Tokio Marine Life Insurance
Bhd Malaysia Bhd.
(currently known as AmMetLife
Insurance Berhad)

1989 – 1990 1996 – 1999 2018 – 2019

Hashim Ismail Ezamshah Ismail Anusha Thavarajah
American International American Malaysian Life AIA Bhd.
Assurance Co. Ltd. Assurance Sdn Bhd
(currently known as AIA Bhd.) (currently known as Sun Life
Malaysia Assurance Berhad)

1990 – 1993 1993 – 1996 2019

YBhg. Dato’ Annuar Senawi Alex Foong Soo Hah Loh Guat Lan
Malaysia National Insurance Sdn British American Life Insurance Hong Leong Assurance Berhad
Bhd Bhd
(currently known as Etiqa Life (currently known as Manulife
Insurance Berhad) Insurance Berhad)

2022
102 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

LIAM SECRETARIAT

4 8 10
6
2 7 9
5
11
3

Mark O'Dell
1 Chief Executive Officer
Muhammad Fitri bin Mohd Naim
7 Accounts & Operations Executive
Nancy Tan
2 Executive Secretary
Ng Yen Lee
8 Public Affairs Officer
Siti Maznah binti Abdul Hamid
3 Administration Officer
Nazmiah binti Che Md Nor
9 Accounts Officer
Rashidah binti Abd Rashid
4 Public Relations Officer
Deborah Tan
10 Senior Executive, Admin & Finance
Norizan binti Hassan
5 Head, Corporate Communications
Ainatul Najlaa binti Baharuddin
11 Public Relations Officer
Aveline Tan
6 Head, IT
 Life Insurance Association of Malaysia | ANNUAL REPORT 2022 103

MEMBERS OF LIAM
ENTITY BRANDS LOGO – ETIQA LIFE INSURANCE

FULL COLOUR

AIA Bhd. Etiqa Life Insurance Berhad

Ben Ng Paul Low Hong Ceong
Chief Executive Officer Chief Executive Officer Life Insurance
PANTONE BLACK C / ETIQA YELLOW
PANTONE BLACK U PANTONE 109 U /
100K PANTONE 1235 C
R0 G0 B0 25M 100Y
HEX 000000 R255 G191 B0
HEX FFBF00

PANTONE PANTONE

Level 21, Tower C, Dataran Maybank,

BLACK C 1235 C

Menara AIA, 99, Jalan Ampang,

50450 Kuala Lumpur No.1, Jalan Maarof, 59000 Kuala Lumpur
1300 88 1899 / 03-2056 1111 (Overseas) 03-2297 3888 / 1 300 13 8888
[email protected] 03-2297 3800
http://www.aia.com.my [email protected]
http://www.etiqa.com.my

Allianz Life Insurance

Malaysia Berhad
Charles Ong Gibraltar BSN Life Berhad
Chief Executive Officer
Lee Kok Wah
Level 29, Menara Allianz Sentral, Chief Executive Officer
203, Jalan Tun Sambanthan,
Level 21, Mercu 2, KL Eco City,
Kuala Lumpur Sentral, 50470 Kuala Lumpur
No.3, Jalan Bangsar, 59200 Kuala Lumpur
03-2264 1188 / 03-2264 0688 / 1 300 22 5542
03-2298 2000 / 1300 22 6262
03-2264 1199
03-2298 2222
[email protected]
[email protected]
http://www.allianz.com.my
http://www.gibraltarbsn.com

AmMetLife Insurance Berhad

Lee Jiau Jiunn
Great Eastern Life Assurance
Chief Executive Officer
(Malaysia) Berhad
Level 24, Menara 1 Sentrum, YBhg. Dato Koh Yaw Hui
No. 201, Jalan Tun Sambanthan, Chief Executive Officer
50470 Kuala Lumpur
03-2271 8000 / 1 300 88 8800 Menara Great Eastern,
03-2272 3226 303, Jalan Ampang, 50450 Kuala Lumpur
[email protected] 03-4259 8888 / 1 300 13 0088
https://www.ammetlife.com 03-4259 8000
[email protected]
http://www.greateasternlife.com

AXA AFFIN Life Insurance

Berhad
Rebecca Tan
Chief Executive Officer Hannover Re Malaysian Branch
Ralf Weyand
8th Floor Chulan Tower,
Chief Executive Officer
No.3 Jalan Conlay,
50450 Kuala Lumpur Level 32, Mercu 2, No. 3, Jalan Bangsar,
03-2117 6688 / 1 300 88 1616 KL Eco City, 59200 Kuala Lumpur
03-2117 3698 03-2687 3600
[email protected] 03-2687 3760
http://www.axa.com.my http://www.hannover-re.com
104 ANNUAL REPORT 2022 | Life Insurance Association of Malaysia

MEMBERS OF LIAM

Hong Leong Assurance Berhad Prudential Assurance

Loh Guat Lan Malaysia Berhad
Group Managing Director / Lim Eng Seong
Chief Executive Officer Chief Executive Officer

Level 3, Tower B, PJ City Development, Level 20, Menara Prudential,

No. 15A Jalan 219, Seksyen 51A, Persiaran TRX Barat,
46100 Petaling Jaya, Selangor 55188 Tun Razak Exchange, Kuala Lumpur
03-7650 1818 / 03-7650 1288 03-2771 0228
03-7650 1991 / 03-7650 1299 [email protected]
[email protected] https://www.prudential.com.my
http://www.hla.com.my

Sun Life Malaysia Assurance Berhad

Malaysian Life Reinsurance
Raymond Lew
Group Berhad
Chief Executive Officer
Patrick Cheah Gim Guan & President
Chief Executive Officer
Level 11, No. 338, Jalan Tuanku Abdul Rahman,
Unit 39-A-6, Level 39, Tower A,
50100 Kuala Lumpur.
Menara UOA Bangsar,
03-2612 3600 / 1300 88 5055
No. 5 Jalan Bangsar Utama 1,
03-2698 7035
59000 Kuala Lumpur
[email protected]
03-2780 6611
http://www.sunlifemalaysia.com
03-2780 6622
[email protected]
http://www.mlre.com.my
Tokio Marine Life Insurance
Malaysia Bhd.
Manulife Insurance Berhad Toi See Jong
Vibha Coburn Chief Executive Officer
Chief Executive Officer Ground Floor, Menara Tokio Marine Life,
16th Floor, Menara Manulife, 189, Jalan Tun Razak, 50400 Kuala Lumpur
6, Jalan Gelenggang, Damansara Heights, 03-2603 3999
50490 Kuala Lumpur 03-2164 0988
03-2719 9228 / 03-2719 9112 [email protected]
03-2092 2960 http://www.tokiomarine.com
[email protected]
http://www.manulife.com.my
Zurich Life Insurance Malaysia
Berhad
MCIS Insurance Berhad Khoo Ai Lin
Prasheem Seebran Chief Executive Officer
Chief Executive Officer
Level 23A, Mercu 3,
Wisma MCIS, Jalan Barat, No. 3, Jalan Bangsar, KL Eco City,
46200 Petaling Jaya, Selangor 59200 Kuala Lumpur
03-7652 3388 03-2109 6000 / 1 300 888 622 (Malaysia) /
03-7957 1562 03-2109 7999 (Overseas)
[email protected] [email protected]
http://www.mcis.my https://www.zurich.com.my

*as at 31 December 2022

Perlindungan yang Mampu dan Mudah untuk Semua
Simple and Affordable Protection for All
For details, visit www.mycoverage.my
Level 6, AICB Building, No. 10,
Jalan Dato Onn, 50480, Kuala Lumpur.
Tel ● 603-2691 6168 / 6628 / 8068
Website ● www.liam.org.my
Email ● [email protected]

LIAM - Life Insurance Associa�on of Malaysia

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