In 2024, China's insurance asset management sector extended the growth trajectory it had regained in the previous year, with both revenue and profits accelerating. According to compiled data, the country's 34 insurance asset management firms generated a combined revenue of CNY41.6bn ($5.75bn), up 14.4% year on year. Aggregate net profit rose by 18.07% to CNY18.35bn.
Singapore-based real estate asset manager CapitaLand Investment (CLI) has established its first onshore RMB-denominated master fund in China, according to Securities Times on May 21. The fund, officially named the CapitaLand RMB Master Fund, has a total committed capital of CNY5bn ($690.6m) and is expected to support up to CNY20bn in assets under management (AUM) upon full deployment.
The Securities and Exchange Commission of Pakistan, the country's insurance regulator, has issued a consultation paper proposing measures to promote shariah-compliant intermediaries in the capital market.
According to news platform The Hindu, the Indian government has appointed to Life Insurance Corporation of India (LIC) Mr Dinesh Pant and Mr Ratnakar Patnaik to the posts of managing directors, effective on or after 1 June.
Investment solutions company Amundi has appointed Mr Jian Xiong as insurance specialist for Asia. In his new role, he will strengthen the development of investing offerings and bespoke solutions for insurance clients across Asia.
Income Insurance, a composite insurer in Singapore, has selected JP Morgan as the custodian bank for its assets.
On April 8, the National Financial Regulatory Administration (NFRA) issued the 'Notice on Adjusting Regulatory Ratios for Insurance Funds' Equity Investments', raising the upper limit for insurers' equity asset allocations.
Takaful Emarat achieved a turnaround in its financial results in 2024 when it reported net profits attributable to shareholders of AED11.2m ($3m) compared to a net loss of AED12.4m in 2023, according to the audited consolidated financial statements of the company.
Amid a changing geopolitical landscape, the majority of insurers (52%) in a poll are very concerned about the impact of inflation on their portfolios according to Goldman Sachs Asset Management.
Doha Insurance Group (DIG) has been expanding beyond its domestic market, a strategy that has rewarded the Group in terms of business growth and profitability.