China is able to safeguard the payment of pensions from the government-run basic pension scheme on time and in full despite reductions in social insurance premiums last year, the country's human resources minister said last week.
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.
China has announced it will set up a unified national pension system before 2025 so that pension funds can flow from regions with younger working populations to rapidly graying areas.
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.
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.
GWP growth in Saudi Arabia is estimated to be up to 5% in 2021, supported by the Hajj and Umrah Medial Insurance Programme, the Inherent Defects Insurance Scheme, and higher motor insurance penetration, according to S&P Global Ratings.
ASABRI, the state-owned insurance company that serves members of the Indonesian military and police, has suffered investment losses estimated at IDR23tn ($1.65bn).
The Australian Prudential Regulation Authority (APRA) intends to intensify its focus on areas of the superannuation industry that will be familiar to the public and where it is clear there is more work to do - governance, underperformance and members' best interest.
The 2018 programme to transfer 10% of centrally-administered state enterprises' equity to the national pension fund is now completed, the Ministry of Finance has said.
India's Budget proposal to increase the foreign direct investment limit for insurers to 74% from 49% is credit positive, as it provides Indian insurers with new sources of funding and access to external knowhow that can improve their underwriting performance and unlock new operating efficiencies, according to a statement issued by Moody's Investors Service.