Paris-headquartered Societe Generale (SG), the French financial services giant, has announced that it had reached an agreement to sell its Moroccan subsidiary to financial group Saham, for EUR745m ($793m).
The operating performance of Suez Canal Insurance (SCI) is assessed as adequate, according to AM Best. The insurer has reported a five-year (2019 - 2023) weighted average return-on-equity ratio of 15.8%.
The Financial Planning Standards Board (FPSB) India is planning to increase the representation of women in the financial planning field to achieve a 35:65 ratio of women-to-men certified financial planners (CFPs) by 2030.
The IRDAI has amended the terms of coverage for people with pre-existing health conditions by reducing the maximum waiting period set out in health insurance policies to 36 months from 48 months previously. The change took effect from 1 April 2024 for new and renewed health insurance policies.
Shanghai-headquartered multinational conglomerate Fosun International has reached an agreement with BNP Paribas Group to sell a stake in leading Belgian insurer Ageas to the latter's insurance subsidiary BNP Paribas Cardif.
Total breaches of Code obligations have increased for a third consecutive year according to the latest report released by the Life Insurance Code Compliance Committee (Life CCC).
Japan's Nippon Life Insurance has established a new subsidiary in India to bolster its operations in the market, the company said recently. Nippon Life Asia Pacific, a unit based in Singapore, formed Nippon Life India as its direct subsidiary. The new unit will provide management support and market research for Nippon Life's affiliates in India. Until now, Nippon Life has done business in India through partially owned local entities. The life insurance division offers products to individuals and organizations while the asset management division deals in stocks, bonds and exchange-traded funds. The Indian operations had been overseen by Nippon Life's headquarters in Tokyo, but those functions are being transferred to the Singapore subsidiary starting this fiscal year. The new Indian subsidiary is intended to enhance collaboration with the group's local affiliates there and boost research capabilities, reported Nikkei Asia.
Patients are being hit with rising private health insurance bills as their providers funnel significantly more money into "management expenses", dwarfing any spending increase on rebates and benefits.
Nippon Life Insurance Company (Nippon Life) has announced that its subsidiary, Nippon Life Asia Pacific (Regional HQ) based in Singapore, obtained approval from Indian authorities on 10 April 2024 to establish a subsidiary in Mumbai.
Insurance companies in South Korea, comprising 22 life insurers and 31 non-life insurers, generated KRW13.36tn ($9.68bn) in net income for the year 2023, up by KRW4.18tn or 45.5% from 2022, according to preliminary data released by the Financial Supervisory Service.