Dubai Islamic Insurance & Reinsurance Co (Aman) has received the regulatory clearance to sell its individual life insurance portfolio to Abu Dhabi National Takaful Co.
Qatar Islamic Insurance Group's (QIIG) ability to generate strong operating returns is demonstrated by its five-year weighted average return-on-equity ratio of 13.8% (2018-2022), says AM Best.
The management of Orient Insurance, the largest and most profitable listed insurer in the UAE, took strategic steps over the past 12 months to improve the average asset quality of its investment portfolio by shifting a significant amount of fixed deposits from lower-rated or unrated banks to higher-rated banks, S&P Global Ratings (S&P) has pointed out. As of first-quarter 2023, about 86% of investments were in investment-grade entities compared with only 19% at year-end 2021.
The earnings of Malaysia's local insurance and takaful sector are expected to stage some recovery this year amid volatility in the global financial markets, according to RAM Rating Services (RAM Ratings).
The National Insurance Commission (NAICOM) has mandated takaful and retakaful companies to appoint officers to be called NAICOM Relationship Officers.
The UAE insurance sector continued to grow in 2022, with the number of licensed entities increasing by 5.53% to 553 in 2022 from 524 in 2021, according to the Central Bank of the UAE (CBUAE).
The Indonesian Life Insurance Association (AAJI) does not rule out the possibility that there could be mergers and acquisitions in the sector to meet capital requirements over the longer term.
Takaful International Company (GIG Takaful Bahrain), which provides Islamic insurance solutions in Bahrain, has announced that it has become the first takaful company in the region to adopt new Financial Accounting Standards (FAS) 43 and 30, issued by the Accounting and Auditing Organization for Islamic Financial Institutions (AAOIFI).
The National Insurance Commission (NAICOM) has issued two sets of guidelines for the (re)takaful sector.
Islamic insurers, licensed under Morocco's takaful regulations, generated contributions totalling MAD11.8m ($1.18m) in 2022, the first year of their operations, according to data released by the Insurance and Social Welfare Control Authority (ACAPS).