Premium growth in the life insurance market is expected to rebound with increases of 10%-15% forecast for this year and the next, reflecting rising awareness of protection needs and retirement planning, says S&P Global Ratings.
Following up on moves that delegate the supervision of insurance companies to regional bureaux, the CBIRC has sharpened its supervision system by reorganising functions and duties of its departments at head office level.
The five major A-share listed insurance companies in China have posted a combined premium income of CNY581.5bn ($87bn) in January 2021, a year-on-year increase of 6.26%.
Beijing-headquartered China Post Life's net profit in 2020 fell by 26.13% to CNY1.247bn over 2019. This is China Post Life's first drop in net profit in at least five years, in spite of increasing premium income.
Global insurer Allianz announced its consolidated results for the Asia Pacific region for the year ended 31 December 2020, showing that total operating profit for Asia increased by 15.4% (19.0% w/o F/X impact) to EUR551m ($666.4m) compared to 2019.
French global insurer AXA announced yesterday that its underlying earnings decreased by 34% to EUR4.3bn ($5.2bn), notably hit by COVID-19 related claims and by higher natural catastrophes.
The IRDAI has given its formal approval for the acquisition of a stake of up to 12% in Max Life Insurance by Axis Bank and its subsidiaries, Axis Capital and Axis Securities (dubbed Axis entities together), Max Financial Services announced in a stock exchange statement.
More than 90% of mainland Chinese respondents to the 2020 Manulife Asia Care Survey say they have taken action amid the COVID-19 pandemic, with 63% adjusting their diet and 52% exercising more.
While there could be some rate increases for motor policies in the second part of the year and for certain reinsurance lines, GWP growth in the UAE insurance market will likely remain relatively flat in 2021, due to economic uncertainty and a decline in the expat population in Dubai and other emirates in 2020-2021, says S&P Global Ratings in a new report.
UK insurance giant Aviva has agreed to sell its entire 40% shareholding in its pension and life insurance joint venture in Turkey, AvivaSA Emeklilik ve Hayat AS (Aviva SA), to Ageas Insurance International.