After a tough year in 2023, the business performance of life insurance companies has not yet recovered.
The GST Council has arrived at a broad consensus on reducing or removing GST on health and life insurance premiums from the current 18%, but a final decision would be taken in the next meeting.
The Insurance and Social Security Supervisory Authority (ACAPS) is preparing to launch the first edition of the "Emergence Programme" to promote innovation and strengthen insurance inclusion.
Singlife has introduced a Limited Pay option for its Elite Term II life insurance plan, offering policyholders an alternative way to manage premium payments while keeping coverage until age 99.
MSIG Asia (MSIG) has announced that it has invested in a major stake in Serenity Health Partners (Serenity), a Singapore-incorporated health solutions provider.
Dubai-listed Sukoon, the third largest insurer in the UAE, has completed the acquisition of the UAE Life insurance portfolio of Chubb Tempest Life Reinsurance.
Dubai Islamic Insurance and Reinsurance Co (Aman) has said that it "will be taking the necessary steps to protect its interests", after Abu Dhabi National Takaful Company (ADNTC) stated that it had terminated an agreement to acquire Aman's life insurance portfolio.
The Insurance Authority has signed a memorandum of understanding (MoU) with the General Organization for Social Insurance (GOSI) to cooperate in providing insurance products and services, developing related electronic and digital transactions, exchanging expertise, and enhancing business development between the two sides, to enhance beneficiary satisfaction.
China's five major 'A'-share listed companies reported a combined net profit attributable to the shareholders of the parent company of CNY171.8bn ($24.2bn) in the first half of this year, exceeding the CNY165.5bn for the whole of 2023, according to data from interim financial statements released by the companies.
Insurers in Hong Kong generated new business premiums of HK$29.7bn ($3.8bn) from mainland Chinese visitors (MCVs) in the first six months of this year, according to data from the Hong Kong Insurance Authority.