MII Achieved Better Performance in 2011
2011 was another meaningful year for MII, during which the Institute’s performance was pushed to greater heights with the passion of its team, and support from the insurance industry and Bank Negara Malaysia. MII exceeded most of its KPIs and achieved significant financial performance despite its position as a non-profit organisation. In 2011, MII’s revenue increased by 16% to RM17,672,941 from RM15,225,424 in 2010, due to higher participation in its examinations, training programmes and conferences. The positive performance earned MII a higher surplus after tax of 81% at RM1,945,410 compared to RM1,074,007 in 2010. The higher revenue reported was also derived from its continuous efforts in introducing new training and education programmes, penetration of new markets, increase in the conduct of the examinations and prudent cost management. Among the major achievements in 2011 was the increased number of candidates taking MII examinations throughout the year. In 2011, MII achieved a phenomenal figure of 115,609 candidates taking its examinations at nine ComputerBased Examination (CBE) centres, 22 manual examination centres nationwide and at MII international centres as compared to 112,000 candidates in 2010. This contributed to an increase of 3,670 candidates involving 1,096 examination sessions. The number of professional, technical and non-technical programmes remained strong with over 200 classes conducted in 2011, attracting 7,996 participants. The year also saw MII receiving more international participation in its training and education programmes with 427 foreign participants from Bangladesh, Indonesia, Iran, Seychelles, Kazakhstan, Bhutan, Mongolia, Vietnam, Nigeria, Maldives and Saudi Arabia, among other countries. 2011 was another milestone in the enhancement of knowledge amongst the insurance community. Last year, MII organised seven conferences which drew 3,613 participants and 81 speakers. MII also achieved steady progress and developments in its mission to promote insurance knowledge and information. MII Knowledge Centre received 6,576 visitors in 2011, an increase of 21% over 2010. The Knowledge Centre made numerous achievements in improving contents, services and facilities, all of which are in line with one of MII’s objectives to provide a specialised insurance knowledge centre the industry can be proud of. MII also takes pride in having been given the mandate to lead the Knowledge Management Task Force (KMTF). KMTF, which consists of MII, Asian Institute of Finance (AIF), IBFIM, Institut Bank-Bank Malaysia (IBBM), and International Centre of Education in Islamic Finance (INCEIF). This unit looks into the integration and rationalisation of knowledge management resources, technologies and expertise among its members. MII also launched the first Competency Framework for the Malaysian Insurance and Takaful Industry (CF-MITI) last year. CF-MITI was developed together with LIMRA/LOMA USA and The Australian and New Zealand Institute of Insurance and Finance (ANZIIF), Australia. The framework serves as a complete set of Competency Framework for major key job profiles in the context of the Malaysian insurance
and takaful industry. CF-MITI will be the foremost performance standards (guideline), in technical and behavioural areas, for insurance and takaful industry in Malaysia. In line with Bank Negara Malaysia’s Financial Sector Blueprint to establish talent development support to build a dynamic financial sector in Malaysia, by developing talent at entry level, promoting continuous learning for the existing workforce and ensuring an adequate supply of skilled talent to meet the challenges are the primary objectives. MII will continue to generate improved learning and education programmes and facilities to meet these needs. MII organised its 34th Annual General Meeting on 29 June 2012 at The Ritz-Carlton Kuala Lumpur. During the meeting, three new directors were elected to join the MII board of directors and they are En Md. Adnan Md. Zain, CEO of MCIS Zurich Insurance Berhad, Mr Chua Seck Guan, CEO of MSIG Insurance (Malaysia) Berhad and Mr Francis Lai Vun Sen, CEO of Progressive Insurance Berhad.
(From left) Pn Khadijah Abdullah, CEO of MII, En Hashim Harun, Chairman of MII and Mr M. Chandrasegaran a/l S. Murugasu, company secretary
Members attending the meeting