China's biggest life insurer, China Life, has announced a 30.7% plunge in net profit for 2023 to CNY46.2bn due to its investment performance.
China Taiping Insurance Group's reinsurance business saw net profits fall by more than a fifth (-22.8%) to HK$333.04m ($42.6m) in 2023, according to financial statements presented by the company.
Hong Kong-listed ZhongAn Online P&C Insurance, China's first online-only insurer, marked the 10th anniversary of its establishment with a turnaround in its financial performance, chalking up its highest net profit to date in the 2023 financial year.
Guangzhou-registered Allianz Jingdong General Insurance Company's financial performance and earnings are expected to improve gradually, after slowing its business growth in 2024 and focussing on underwriting risk selection, according to Fitch Ratings.
CITIC Prudential Life (CPL), which is Prudential's 50-50 joint venture in mainland China, saw new business profit fall by 40% reflecting both lower volumes and adverse economic impact, Prudential says in a media release on its 2023 financial results.
Saudi Re has posted net profits of SAR124.4m ($33.2m) for 2023, compared to SAR76m for 2022, according to annual financial statements filed by the reinsurer with Tadawul. The increase was 64% or SAR 48m higher than the 2022 net profit.
Qatar's listed insurance companies posted a combined net loss of QAR360m ($99m) for the financial year ended 31 December 2023, according to annual financial statements lodged by the companies with the Qatar Stock Exchange.
Huatai Property & Casualty Insurance (Huatai P&C) is expected to improve its underwriting performance gradually over the next two years, says Fitch Ratings.
2023 has seen the Saudi insurance industry bounce back strongly to profitability after an extremely challenging 2022, without any insurer reporting a net loss, points out Badri Management Consultancy, an international actuarial and business consulting company.
Takaful companies paid out a total of MYR8.74bn ($1.85bn) in 2023, 24.40% higher than in 2022, according to data released by the Malaysian Takaful Association (MTA).