The Tunisian Insurance and Reinsurance Company (STAR), Tunisia's biggest insurer, has announced that its net profit fell by 15.47% to TND26.97m ($8.64m) in 2023 from TND31.90m in 2022, according financial statements lodged with the Tunis bourse.
Motor insurers posted a combined underwriting loss of TRY33bn ($1bn) in 2023 in the traffic (compulsory motor third-party liability) insurance branch, according to Insurance Association of Türkiye president Ugur Gulen. No company made an underwriting profit in the branch.
The insurance penetration rate in Turkiye reached 2.3% for the first time in the last 10 years and the country is moving towards the goal of reaching 3%, according to Mr Ugur Gulen, who was re-elected as the president of the Insurance Association of Türkiye (TSB) in April 2024.
Damaan Islamic Insurance Company 'BEEMA' (Beema)'s operating performance is viewed as strong, says AM Best. The insurer has consistently reported robust technical performance, with a five-year (2019-2023) weighted average combined ratio of 79.7%, as calculated by AM Best.
The unaudited 1Q2024 net profits reported by China's five major 'A-share'-listed insurance groups amounted to a combined CNY83bn ($11.5bn), 9.2% lower than in the corresponding quarter in 2023.
China Life Insurance, the nation's largest life insurer, has announced that its net profit fell year on year by 9.3% in 1Q2024 as investment yields declined.
Motor insurance premiums accounted for 43.7% of non-life insurers' total premiums in 1Q2024, representing a drop of one percentage point from 44.7% in 1Q2023, according to data released by the National Financial Regulatory Administration (NFRA).
Aviva-COFCO Life Insurance Co has maintained solid premium growth over the past few years, reporting a 43% increase in premium income in 2023, mainly driven by the strong growth of its long-term regular-premium savings products, notes Moody's Ratings.
Peak Reinsurance Company (Peak Re), the Hong Kong-based global reinsurer, has announced that it has achieved its best-ever net profit of $200m, as the reinsurer released its annual results for the year ended 31 December 2023.
The Tanzanian life insurance market offers numerous growth opportunities, says the international professional services firm Deloitte.