Tokio Marine Insurans Names New Chief Executive Officer

BERNAMA    January 22, 2010 17:21 PM

KUALA LUMPUR, Jan 22 (Bernama) -- Tokio Marine Insurans (Malaysia) Bhd on Friday announced the appointment of Dr Michael Heng Kiah Ngan as its new chief executive officer.
Heng, who was previously the company's deputy chief executive officer, replaced Phang Kwang Chee who has been transferred after nine years at the helm, Tokio Marine said in a statement.
"Phang helped to build one of the most dynamic and fastest growing non-life insurance companies in Malaysia," Heng said.
"From a lowly 48th position when the company was acquired in 1999, we became the fifth largest general insurer in Malaysia at the end of 2009," he said.
Heng said despite an initial difficult and challenging operating environment, Tokio Marine recorded a 20 per cent premium growth in 2009.
It secured over RM700 million premium last year, up from RM580 million in 2008, with an estimated net operating and investment pre-tax profit of about RM80 million, he said.
Heng said the company's paid-up capital was increased by another RM178 million last year.
"Despite the tough market conditions, we have been able to surpass our targets comfortably," he said.