Egyptian insurance companies generated EGP22bn ($466.2m) in premiums in nominal terms during the first quarter (January-March) of this year, 20.9% higher than the EGP18.2bn during the corresponding quarter in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Global credit rating agency AM Best says that it expects Vietnam National Reinsurance Corporation (VINARE) to continue delivering strong operating performance, supported by favourable underwriting performance and robust investment income.
The Hong Kong insurance industry posted a 12.2% increase in total gross premiums to HK$165.1bn ($21.1bn) in the first quarter of 2024, according to provisional statistics released by the Insurance Authority (IA).
With forecast growth of 7.7% per annum over the next 10 years, China's life insurance market will be behind India's which is predicted to grow at 13.6% per annum, according to Allianz Research in its "Global Insurance Report 2024".
Nine pension insurance companies in China posted a combined net loss of CNY414m ($57m) for the first quarter of this year, according to data from the companies' quarterly solvency reports. Among the nine, five were profitable during the period while four reported net losses.
Union Insurance Company reported materially improved operating results in 2023, driven by a recovery in underwriting profitability to pre-pandemic levels, and the release of reserve provisions for pandemic insurance claims, notes AM Best.
Pricing of insurance is continuing to moderate as rates decline, according to Marsh's May 2024 report, Asia Insurance Market Pricing: 2024 First Quarter. In Asia, rates in 1Q declined 2% after remaining flat for three prior quarters.
State-run listed reinsurer GIC Re has announced that its net profit after tax for the fiscal year ended 31 March 2024 (FY24) reached INR64,973m ($779.2m), 2.9% higher than in FY23.
The high domestic interest rate environment in the Philippines will keep insurers' investment yields strong as companies reinvest their assets into higher yielding fixed-income instruments upon maturity, according to AM Best.
The board of Takaful Emarat Insurance will ask shareholders to vote on special resolutions on whether to continue the company's operations by raising its capital or wind up the company.