Saudi Reinsurance Co (Saudi Re) yesterday announced that it posted a net profit after zakat and attributable to shareholders of SAR474.8m ($126.6m) for 2024. This figure is 281% higher than the SAR124.4m chalked up in 2023.
AM Best's ratings of (re)insurers in the Middle East and North Africa (MENA) have generally trended positively. This is despite challenging regional geopolitical conditions, says the global credit rating agency.
Key challenges in the Nigerian insurance market include sluggish growth, low penetration rates, and the under-utilisation of technology, according to a report launched by the Financial Institutions Training Centre (FITC).
While higher reinsurance costs in the UAE will spur premium growth, they may also weigh on earnings, particularly those of smaller and midsize players, according to S&P Global Ratings credit analyst Emir Mujkic.
Interest in asset-intensive reinsurance as a solution is broadening across Asia, Aon's strategic growth leader for Life and Health Reinsurance Solutions, APAC, Danny Alexander has said.
To lead its newly established M&A and Strategic Solutions team, Miller has appointed Mr Andrew Johnson, Ms Edwina Charlton and Mr Rupert Newman as head of broking.
Active Capital Reinsurance (Active Re) has said that it marked its 17th anniversary in 2024 with several favourable key performance indicators.
Arab Insurance Group (Arig) has announced positive financial results for 2024, with net profit amounting to $26.44m attributable to shareholders, almost 90% higher than the $13.98m chalked up for 2023.
Japan Post Insurance plans to invest $2bn into a new reinsurance sidecar-like co-investment vehicle sponsored by US life, retirement and annuities insurance and reinsurance company, Global Atlantic Financial Group.
Kenya Reinsurance Corporation (Kenya Re) has officially launched its life reinsurance operations in international markets, starting a new chapter in the reinsurer's expansion strategy.