Beijing-headquartered China Post Life's net profit in 2020 fell by 26.13% to CNY1.247bn over 2019. This is China Post Life's first drop in net profit in at least five years, in spite of increasing premium income.
The five major A-share listed insurance companies in China have posted a combined premium income of CNY581.5bn ($87bn) in January 2021, a year-on-year increase of 6.26%.
While there could be some rate increases for motor policies in the second part of the year and for certain reinsurance lines, GWP growth in the UAE insurance market will likely remain relatively flat in 2021, due to economic uncertainty and a decline in the expat population in Dubai and other emirates in 2020-2021, says S&P Global Ratings in a new report.
Paris headquartered SCOR says that COVID-19 is helping to create the conditions for stronger reinsurance growth along with a positive pricing dynamic, even though the pandemic cost the global reinsurance company EUR640m ($777m) in 2020.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
Fitch Ratings considers climate change and its impact on natural catastrophe losses to be one of the most important environmental, social, governance (ESG) risks for non-life and composite insurers, and reinsurers. Nevertheless, climate change has a minimal impact on most insurance ratings within Fitch's portfolio.
Great Eastern Holdings (GEH) has announced that its profit attributable to shareholders declined by 4% decrease to S$960.6m ($727.6m) for the year ended 31 December 2020 (FY2020) amid less favourable financial market conditions for the year, particularly in 1Q2020, compared to last year.
Global insurer Allianz yesterday announced its consolidated results for the Asia Pacific region for the year ended 31 December 2020, showing that total operating profit for Asia increased by 15.4% (19.0% w/o F/X impact) to EUR551m ($666.4m) compared to 2019.
The reinsurance sector in India reported aggregate losses for for the financial year ended 31 March 2020 (FY2020), compared to profits for FY2019, according to the IRDAI's "Annual Report 2019-2020" released recently.
Takaful International Company has reported net profit of BHD1.544m ($4.09m) for the financial year ended 31 December 2020, a 50% increase over the BHD1.031m posted for 2019, according to the company's audited financial statements released last week.