The Company for Cooperative Insurance (Tawuniya), a Top Three insurer in Saudi Arabia, has formed a strategic partnership with Ejaro, a car rental platform company.
Several Chinese insurance companies late last week sent senior executives to the headquarters in Shenzhen of China Vanke, the country's second biggest property developer by sales, to conduct negotiations on extending Vanke's debt repayment period for at least a year.
Chinese insurers have exposure to the real estate sector in the form of bonds, loans, equities, and alternative assets (such as debt schemes), notes S& P Global Ratings (S&P).
Some Chinese insurers have sounded the alarm over the debt and liquidity risk of Vanke, China's second-biggest property developer by sales, reported Bloomberg quoting people familiar with the matter.
Credit trends in the Asia-Pacific insurance sector remain steady, though prospects vary across regions, says S&P Global Ratings (S&P). Of the Asia-Pacific insurers S&P rates, 98% have a stable outlook
The average annual rate of return on Chinese insurers' investments in 2023 fell to the lowest in 15 years, although it exceeded 2022's rate if unrealised gains were counted, official data showed.
Two major listed life insurance groups in China have established a fund management company to oversee a CNY50bn ($6.96bn) joint pilot investment fund.
Of the 134 unlisted insurance companies in China which have released their 4Q2023 solvency reports, foreign-owned and large locally-incorporated insurers -- in the life and non-life segments -- generally showed a higher return on equity ratio (RoE) than the other players.
Japan's largest property-and-casualty insurers said they would sell cross-shareholdings after the government pressured them to abandon the decades-old practice, reported Bloomberg.
Investment income continued to be the main source of profit for insurers in 2023, on the back of increases in the key interest rate due to the restrictive monetary policy pursued by the Central Bank of Tunisia (BCT).