Saudi Re has posted net profits of SAR124.4m ($33.2m) for 2023, compared to SAR76m for 2022, according to annual financial statements filed by the reinsurer with Tadawul. The increase was 64% or SAR 48m higher than the 2022 net profit.
Qatar's listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.
Huatai Property & Casualty Insurance (Huatai P&C) is expected to improve its underwriting performance gradually over the next two years, says Fitch Ratings.
2023 has seen the Saudi insurance industry bounce back strongly to profitability after an extremely challenging 2022, without any insurer reporting a net loss, points out Badri Management Consultancy, an international actuarial and business consulting company.
Takaful companies paid out a total of MYR8.74bn ($1.85bn) in 2023, 24.40% higher than in 2022, according to data released by the Malaysian Takaful Association (MTA).
Insurance companies in South Korea saw their net profit soar by 45.5% in 2023 compared to 2022 on higher sales, according to preliminary data from the Financial Supervisory Service (FSS).
Maybank Ageas Holdings Berhad (MAHB) reported an unaudited net profit after tax of MYR353.9m [$75m] in 1H2023 (1H22 restated: net loss of MYR95.8m) under the new accounting standard, IFRS 17, notes Fitch Ratings.
Compagnie Commune de RĂ©assurance des Etats Membres de la CIMA (CICA-RE) -- Common Reinsurance Company of CIMA Member States --has a track record of adequate operating performance, says AM Best.
The completion of the acquisition of Singapore Life Holdings (SLH) by Sumitomo Life Insurance Company (IFS Rating: A+/Stable) on 18 March 2024 has been followed by a ratings upgrade. Singapore Life is also known as Singlife.
Hong Kong-listed Sunshine Insurance Group Co has reported a lower net profit for 2023 despite achieving a higher turnover, as compared to 2022.