AmMetLife appoints new CEO | Insurance Business

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The chief financial officer of Malaysia’s AmMetLife Insurance Berhad will be elevated to the role of chief executive officer next month, according to a recent report.

New Straits Times reported that AmMetLife CFO Lee Jiau Jiunn will be replacing outgoing CEO Ramzi Toubassy, who was recently appointed president and CEO of AIG Korea. 

Read more: MetLife to boost Malaysia footprint with new centre of excellence

An insurance veteran, Lee spent almost a decade and a half with AIA in Malaysia and Taiwan before joining AmMetLife, which is a joint venture between Malaysia’s AmBank Group and global insurance giant MetLife. He

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Swiss Re sets out new climate targets

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Investment portfolio

Swiss Re, a founding member of the United Nations-convened Net-Zero Owner Alliance, has committed to transition its investment portfolio to net-zero greenhouse gas emissions by 2050. The new measures announced by the reinsurer include concrete targets to reach this goal:

  • A reduction in carbon intensity of 35% for corporate bond and equity portfolio by 2025; direct real estate portfolio already ahead of 1.5°C pathway by 2025.
  • Long-term objective to exit coal-based assets for the portfolio by 2030.
  • Swiss Re will engage with portfolio companies on developing climate strategies as part of a broader engagement framework.
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India’s Magma HDI adds to coffers in latest funding round

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Read more: India regulator’s chief laments low number of actuaries

The transaction included a primary capital raise of INR 250 crores (around USD 34 million) and a secondary raise of INR 275 crores (around USD 38 million) in order for Magma Fincorp to comply with government ownership regulations in the insurance sector.

Rajive Kumaraswami, chief executive officer and managing director of Magma HDI said that he welcomed the new shareholders and appreciated “continued support from our existing shareholders.”

“The growth capital which the investors bring on board will enable us to expand the business and explore new opportunities,” said Kumaraswami.

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Apple Pay drives OEM pay contactless transactions to exceed $1 trillion

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OEM Pay contactless transactions, driven by Apple Pay, Samsung Pay and Google Pay, will reach more than $1 trillion in 2022, finds Kaleido Intelligence.

This is up 377% from pre-COVID-19 levels in 2019 and will represent around 11% of total instore proximity transactions conducted via contactless and QR code payment methods.

According to Kaleido’s new report, The Future of Instore Retail Payments, OEM Pay transaction value grew 155% in 2020, following the impact of COVID-19. The global pandemic has had a significant effect on how consumers shop: while global instore retail sales declined by 7% in 2020, online sales

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