Paris-headquartered AXA Liabilities Managers (AXA LM) has made its 20th acquisition with its recent procurement of Munich Re Malaysia's non-life legacy portfolio. The transaction was made through AXA LM's fund AXA DBIO II which invests in run-off portfolios and companies.
The IRDAI has started informal talks with insurance companies whose shareholding structure faces disruption with the proposed merger of 10 state owned banks into four, said a source aware of the development.
The federal government has decided to sell a stake of 20% in State Life Insurance Corporation (SLIC) sans management control, according to well-informed sources in the Finance Division.
Reliance Capital is said to have cancelled a sale of its general insurance unit, Reliance General Insurance, to consumer banking firm Hero Fincorp.
AXA SA and Affin Bank Bhd are reported to be considering options including a potential sale of their life and general insurance business in Malaysia, disclosed a Bloomberg report citing anonymous sources familiar with the matter.
A merger of Saudi insurance companies should preferably involve more than two insurers, Mr Adel Al-Issa, spokesman for insurance companies, has said.
IDBI Bank, rescued by the government and state-owned LIC, has announced plans to sell its stake in its insurance joint venture IDBI Federal Life Insurance.
HDI Sigorta, a subsidiary of German insurance giant Talanx, has received approval from the General Directorate of Insurance of the Finance and Treasury Ministry to purchase non-life insurer Ergo Sigorta.
The Ministry of State-Owned Enterprises (BUMN) has officially appointed Bahana Indonesian Business Development (BPUI) as the holding company of state owned insurers.
Shenzhen listed Hubei Biocause Pharmaceutical has announced that it plans to merge with Guohua Life with the merged entity to adopt the insurer's name.