KUALA LUMPUR: Prudential Fund Management Bhd has declared an income distribution of 2.83 sen per unit for its Prudential Equity Income, 2.09 sen per unit for Prudential Asia Select Income and 1.93 sen per sen for its Prudential Balanced Fund.

The income distribution for the three funds was for its financial year ended June 30. The company said in a statement yesterday that all investors who had maintained their unit holdings with the three funds as at Aug 20 will be entitled to the income distribution.

Prudential Equity Income, Prudential Asia Select Income and Prudential Balanced Fund generated income of 16.2%, 5.21% and 11.86% respectively for the one year period ended June 30.

“While the funds have performed well, we are cautiously positive for the remainder of the year and expect global markets to continue to be volatile,” said Chris Chan, chief officer, Institutional Asset Management of Prudential Fund Management. — Bernama

For the first six months, the insurer’s new business APE (Annual Premium Equivalent consisting of retail Life Insurance sales and Takaful contributions) increased to RM395 million from RM284 million recorded in the same period last year.

“We have maintained our excellent momentum since the start of the year and delivered consistent, positive double-digit growths for the past two quarters,” said Chief Executive Officer Charlie Oropeza in a statement today.

The robust sales were maintained both in the first and second quarter, recording a 55 per cent and 26 per cent growth respectively.

– BERNAMA

Starting 9 August until 30 August this month, Prudential launches Double Celebration Contest after Hari Raya Aidilfitri and Mooncake Festival. So every proposal approved will get one special and beautiful cookie jar. Hurry up!

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And I will have tight schedule starting next week. One week going to outstation for booth promotion and another week got booth too but in Klang Valley.

During working, I allocate my time to listen for tazkirah. Now, takzirah that I attended already talking about Ramadhan besides Isra’ and Mikraj. I listen to it for my reminders. As human being, I always forget.

Keep move forward!

LONDON: Prudential chief executive Tidjane Thiam is expected to apologise directly to shareholders when the insurer holds its annual general meeting on Monday, days after it was humiliatingly forced to pull its US$35.5bil bid for AIG’s Asian arm.

The botched bid, which racked up £450mil in adviser fees and other costs, has led investors including top 15 shareholder Schroders to call for Thiam to quit, although other Pru owners told Reuters on Friday that it would be premature to force him out.

Pru chairman Harvey McGrath, who has also faced calls to step down, said on Friday the “vast majority” of shareholders supported the company’s top management.

Thiam, who launched the takeover attempt in March after less than six months in the top job, is expected to say sorry to shareholders for incurring the bid costs and not clinching the deal, repeating an apology he first issued on Friday in an interview with Bloomberg Television.
TIDJANE THIAM: “We’ll go back to plan A, which was always about growth in Asia, and push it harder”.

“I am very sorry that we had to spend the money and didn’t get the deal,” he said in the interview.

Thiam, seen as a high flier when he took over as the Pru’s head last October, is still expected to face fierce criticism from investors at the AGM in London, in marked contrast to the rapturous reception he received when attending the same meeting as chief executive designate last year.

Some shareholders are set to vote against the Pru’s remuneration report in protest over generous pay deals handed to some executives, while others are likely to call for a review of the company’s strategy in the wake of the failed bid.

The company is also expected to repeat earlier denials that the takeover attempt implied a lack of faith in its current strategy of pursuing capital-efficient growth with a focus on Asia.

“There was nothing about the AIA acquisition which was not in our strategy,” Thiam said on Friday in an interview with CNBC.

“We’ll go back to plan A, which was always about growth in Asia, and push it harder.”

Pru’s bid for AIG’s AIA unit, which would have ranked as the insurance sector’s biggest ever takeover, was designed to transform the company into Asia’s biggest foreign insurer, giving it a commanding position in one of the world’s fastest growing financial services markets.

But the insurer was forced to ditch the bid last week after its shareholders baulked at the price tag, and AIG rejected a reduced offer.

At the weekend, Pru denied a press report that it planned to resurrect the deal before the end of the year, calling speculation of a revived takeover bid “misguided and inaccurate.” — Reuters

PruBSN Chief Executive Officer (CEO) Azim Mithani said the collaboration was part of the group’s strategies to strengthen its distribution capabilities in the family sector.

“Through this collaboration, Affin Islamic will have access to our innovative range of advisory-based and credit related suite of products, which will enhance their offering to customers.

“As for PruBSN, we will deepen and widen our distribution reach and ensure more Malaysians are able to access our leading products, and cement our place in the Malaysian takaful industry,” he said at a press conference after the MoU signing ceremony here.

Meanwhile, Affin Islamic CEO Kamarul Ariffin Mohd Jamil said the five-year collaboration is expected to double its bancatakaful business which contributes between 15-30 per cent.

“PruBSN has a very strong agency sales force who are highly trained and well motivated. There is a common synergy to collaborate towards promoting and cross-selling both takaful and the bank’s financing products.

“This partnership will allow Affin Islamic to tap ino PruBSN’s expertise and marketing resources to further grow its revenue as well as acquire new customers,” he said.

In the initial stage, it has been agreed that the first product to be marketed under the agreement is an education plan, called PruBSN Educate.

“PruBSN Educate is an investment-liked takaful plan that provides cash back upon the maturity plan.

“Parents who purchase this product for their children are entitled to use the contribution for tax deduction purposes.

The plan will be available at all Affin Islamic branches from August this year,” Azim said. – BERNAMA

Both Malaysian and international brands received accolades of consumers in Reader’s Digest’s annual survey, which honours the very best brands in the country and in Asia, at an award ceremony last night in KL. Guest of honour at the ceremony was Y.B. Dato’ Sri Ismail Sabri bin Yaakob, Minister of Domestic Trade, Co-operatives and Consumerism.

“The true benchmark of success for a brand is the extent to which it wins and holds the trust of consumers, regardless of economic conditions,” says Gwen Loong, Group Advertising Director for Reader’s Digest Asia. “Winning a Reader’s Digest Trusted Brands Award is the ultimate seal of consumer approval. These winning brands are the first choices of consumers – they have proven their trustworthiness and their commitment to quality, value, innovation, social responsibility and to answering consumers’ everyday needs.”

“Because its results are based entirely on consumer voting, the Trusted Brands survey enjoys unparalleled respect,” notes Loong. “This thoroughly objective methodology means our results are accepted and trusted by consumers across Asia.”

“Made in Malaysia” brands enjoy considerable favour among consumers, with home-grown brands named winners in 23 Trusted Brand categories – more than half of the survey.

In the finance sector, Maybank and Public took the top spots as most trusted banks, while Citibank and Maybank were voted top credit card issuing banks, and Bank Islam won sole honours in the Islamic financial services category.

Public Mutual is the most trusted investment fund company, while AIA, Great Eastern and Prudential are consumers’ top choices for insurance protection.

To stay in touch, consumers trust Maxis as their phone service provider, and Streamyx as their internet service provider.

When they’re ready to go places, consumers prefer Malaysia Airlines as their most trusted airline, and Genting Highlands and Langkawi as top family tourist attractions.

On the road, consumers prefer Honda, Proton, and Toyota as their brand of car. They prefer to equip their cars with Dunlop, Goodyear and Michelin tyres, and to fill them up at Petronas and Shell petrol stations.

Airfreight/courier services DHL, FedEx, and PosLaju are trusted to get important documents to their destinations.

Sime Darby Property was named sole winner in the highly competitive property developer category.

Among universities, Universiti Malaya, Universiti Sains Malaysia, Universiti Teknologi Malaysia, and Universiti Teknologi MARA tied for top-of-the-class position.

Jabatan Imigresen Malaysia won as the most trusted government department/agency, while Hospital Kuala Lumpur was named top hospital.

When they look for a meal out, consumers head to family restaurants KFC, McDonald’s, and Pizza Hut.

When it comes to decorating their homes, consumers trust paint from ICI Dulux and Nippon Paint, and floor and wall tiles from White Horse.

To give them a good night’s sleep, Dreamland and Dunlopillo are the mattress brands consumers trust, while consumers opt for Panasonic and York air conditioners to keep them refreshed.

Canon, Nikon and Sony are the most trusted brands in cameras, while Panasonic, Samsung and Sony took top honours for their flatscreen TVs.

Acer, Dell, and HP are consumers’ most trusted choices for their personal computer needs, while Canon and HP attracted the most votes among multi-function printer/copier brands.

When shopping for all these, consumers prefer to visit Senheng electrical appliance stores more than any other.

To put their thoughts on paper, consumers trust Kilometrico, Parker and Pilot more than any other brands of pen.

Consumers trust Kikilala and Kiko to provide the best children’s fashions.

Triumph was named sole winner in the lingerie category, while Calvin Klein, Dior, Estee Lauder and Hugo Boss tied for top spot among perfumes.

In the kitchen, Panasonic is the most trusted brand of refrigerator. Amway, Diamond, Elken and Panasonic are trusted for their water purifier products.

Buruh, Knife and Seri Murni were named trusted cooking oils, while among seasoning products, honours went to Adabi, Ajinomoto and Maggi. The top rice brands are Jasmine and Jati.

Yeo’s, Dutch Lady and Nestle make the most trusted packet drinks, while Dutch Lady is the most trusted milk brand.

Carlsberg was named sole winner in the beer category.

Dynamo, Fab, and Top are Malaysians’ most trusted choices among laundry detergents.

Among vitamin/health supplement brands, consumers trust Amway Nutrilite more than any other.

L’Oreal took sole honours in the hair colour category.

The Reader’s Digest Trusted Brands research study in its 12th year is based on responses to 350,000 questionnaires distributed via Reader’s Digest copies as well as 125,000 telephone interviews of randomly selected, upscale consumers conducted in October 2009. All survey work is carried out for Reader’s Digest by Synovate.

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Fidelity, Legal & General Investment Management and Schroders will hold talks with either Harvey McGrath, the insurer’s chairman, or James Ross, senior independent director on the company’s board, Sky News said on its website.

The investors, angered by the £450mil (US$652.9mil) costs racked up by the failed deal, are set to call for an immediate recruitment process to find a replacement for chief executive Tidjane Thiam, according to Sky News.

Harvey McGrath – AFP

In a separate report, the Financial Times said members of the National Association of Pension Funds planned to meet Prudential on June 22 to discuss whether boardroom changes would be necessary.

Thiam sought to soothe investor anger at the UK-based company’s annual general meeting in London on Monday, apologising for the misadventure’s huge costs and deflecting criticism over what one investor said was a “strategic foul-up of momentous proportions.”

The Times newspaper said investors canvassed by the paper on Tuesday remained critical of the current management, but were now moving towards a push to oust McGrath over Thiam.

The investors also thought Thiam and other top executives at the Pru should waive their annual bonuses if they were to avoid further shareholder backlashes, according to the Times.

“It would be the right thing to do. They need to share some of the pain with shareholders,” the paper reported an unnamed investor as saying.

Prudential could not immediately be reached for comment. — Reuters

But Prudential defended the US$35.5bil offer for American International Assurance, which would have made it Asia’s largest foreign-owned insurer.

“We remain convinced we were right to pursue this business opportunity. We feel it was a risk in proportion to the advantage we would have gained,” chairman Harvey McGrath told several hundred shareholders gathered in London yesterday.

Prudential was facing many of its investors for the first time since the Asian takeover bid was pulled last week after a tortuous process that cost £450mil (US$650mil).

“We believe that however regrettable, it was right to pull out. Please believe…how sorry we are that we incurred costs, only to see the deal fall at the final hurdle,” McGrath said.

Earlier, the insurer published a 28% jump in sales during April and May, ahead of 26% growth reported in the first quarter – numbers it said demonstrated the business remained on track despite the Asian distraction.

The group said its strategy remained unchanged. — Reuters

Source: The Star