PIDM Eyes Higher Premium Revenue This Year

KUALA LUMPUR, May 12 (Bernama) -- The Malaysian Deposit Insurance Corp (PIDM) aims to rake in RM243 million in premium revenue this year, of which RM82 million will be generated from the Takaful and Insurance Benefits Protection System (TIPS) launched last year.

PIDM's mandate had been expanded to administer the TIPS by Parliament, effective Dec 31, 2010.

Chief operating officer, Md Khairuddin Arsyad, said the remaining RM161 million was expected to come from Deposit Insurance System.

"PIDM is also expected to generate RM11 million in investment income this year," he told a media briefing on its 2010 annual report here Thursday.

In 2010, PIDM's revenue stood at RM115 million, with premium revenue amounted to RM105 million and investment income of RM9.3 million.

Total Deposit Insurance Funds (DIF) for the year amounted to RM431 million, made up of Conventional DIF of RM375 million and Islamic DIF of RM56 million.

Chief executive officer, Jean Pierre Sabourin, said for 2011-2013, PIDM would continue to focus on efforts to support its state of readiness, including building its capacity and capability in terms of operational readiness, improving operational effectiveness, promoting public awareness.

"This includes enhancing education initiatives, and putting in place the required infrastructure, systems and policies and resources to effectively administer TIPS," he said.

-- BERNAMA

Source : http://finance.bernama.com/news.php?id=586043