On August 29th, 2023, the Annual General Meeting for the CAB stakeholders has been held at the Seri Pacific Hotel, Kuala Lumpur. The objective of the AGM is to provide the annual report of production through CAB for the year 2023.
The agendas of the meeting are as below:
Here's the performance of CABFAC:
As for CABCO's performance in FYE2023:
In FYE2023, CAB improved its reporting features based on user and administrator feedback. Additionally, CAB Interface project secured participation from five CAB members, including Etiqa General Insurance Berhad, Etiqa General Takaful Berhad, Lonpac Insurance Bhd, Allianz General Insurance Company (Malaysia) Berhad, and MSIG Insurance (Malaysia) Berhad. The project with Berjaya Sompo Insurance Berhad was completed in February 2023, and similar initiatives will continue with other CAB members in future fiscal years.
The bureau manager reported that as at 31st March 2023, the total volume of transactions increased by 6.6% compared to the previous financial year. The total net premium channeled through CAB increased by 33.5% to RM 1.25 billion compared to RM 938 million in FYE2022. Of the total net premium, 68% of the premium represented broker business. Net premium from the broker business increased by 16% to RM 302 million from RM 261 million in the preceding financial year.
On 27th July 2023 the Supervisory Board adopted the audited accounts of the Central Administration Bureau for the period ended 31st March 2023 together with the Auditors’ Report thereon.
As per Article 8.6 (vii) of the Collective Agreement, the Supervisory Board had considered the income of the CAB and budget for the forthcoming year.
Income & Expenses for FYE 2020
| FYE2023 | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| Total operating income | 1,697,160 | 1,264,203 | 2,961,363 |
| Total operating expenses | (1,299,864)) | (782,484)) | (2,082,348)) |
| Surplus from operation | 397,296 | 481,719 | 879,015 |
| Tax on interest income | (83,906)) | (65,531)) | (149,437)) |
| Net surplus | 313,390 | 416,188 | 729,578 |
| FINANCIAL YEAR ENDED (FYE) | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| 2012 | - | (195,562) | (195,562) |
| 2013 | 163,637 | 9,589 | 173,226 |
| 2014 | 429,966 | 707,569 | 1,137,535 |
| 2015 | 398,156 | 247,660 | 645,816 |
| 2016 | 157,445 | 261,340 | 418,785 |
| 2017 | 411,889 | 413,343 | 825,232 |
| 2018 | 323,051 | 405,912 | 728,963 |
| 2019 | 160,052 | 295,299 | 455,351 |
| 2020 | (533,092) | 225,050 | (308,042) |
| 2021 | (284,041)) | 347,581 | 63,540 |
| 2022 | 41,623 | 229,580 | 271,203 |
| 2023 | 313,390 | 416,188 | 729,578 |
| Total amount | 1,582,076 | 3,363,549 | 4,945,625 |
| Transaction Charges @ RM1.00 per transaction |
| Transaction levy @ 0.20% on net accepted premium but for CABCO with ceiling of RM5,000 whichever is lower |
| Annual Fee @ RM7,195 per member |
| Annual Fee @ RM1,500 per broker |
| Monthly fee of RM50 for brokers |
| BUDGET FYE2021 | CABFAC (RM) | CABCO (RM) | TOTAL (RM) |
| Total operating income* | 1,591,755 | 1,170,000 | 2,761,755 |
| Total operating expenses | (1,725,110) | (1,317,090) | (3,042,200) |
| Loss from operation | (133,355) | (147,090) | (280,445) |
| Tax on interest income | (54,300) | (45,000) | (99,300) |
| Net surplus | (187,655) | (192,090) | (379,745) |
*Including transaction charges, annual fee and interest income
The report and proposal were accepted with no rejection by the stakeholders.
The members of Supervisory Board for tenure 2019/20 as below:
| No. | Company | CEO Name | Role |
| 1 | Pacific & Orient Insurance Co. Bhd. | Mr. Noor Muzir Mohamed Kassim | CAB Chairman |
| 2 | AIG Malaysia Insurance Berhad | Mr. Antony Lee | PIAM Representative |
| 3 | Malaysian Reinsurance Berhad | Mr. Ahmad Noor Azhari Abdul Manaf | Permanent Member |
| 4 | Allianz General Insurance Co. (M) Berhad | Mr. Sean Wang Wee Keong | Board Member |
| 5 | Etiqa General Takaful Berhad | Mr. Shahrul Azuan Mohamed | Board Member |
| 6 | Kuwait Reinsurance Company | Mr. Abdallah Badaoui | Board Member |
| 7 | Lonpac Insurance Berhad | Mr. Looi Kong Meng | Board Member |
In accordance of the Collective Agreement, nomination forms were circulated to all participants on 7th August 2023 for the seats on the Supervisory Board. As the number of nominations has not exceeded the number of vacancies, election of the new Supervisory Board members is therefore not required.
As all agendas has been discussed, the meeting opened for Q&A session to all participants including those who watch through video conference.
The meeting then concluded at 5.00 noon as there is no further matter arose.
