Samsung Fire & Marine Insurance (SFM), South Korea's biggest general insurer, has a long-term track record of strong operating performance supported by highly stable underwriting performance with a low level of combined ratio compared with its peers and robust investment profits, says AM Best.
The prospective underwriting performance of National Reinsurance Corporation of the Philippines (Nat Re) is expected to be supported by ongoing portfolio remediation measures, including reduced participation and/or exiting from unprofitable non-life treaties, says AM Best.
China's removal of COVID-19 pandemic-containment measures has supported new business generation at life insurers in 2023, with PICC Life Insurance Company reporting strong growth in new business value (NBV) in 1H2023. NBV increased by 67% yoy to CNY2.5bn ($342m) in 1H2023, while the value of in-force business after cost of capital rose by about 3.9% to CNY34.8bn.
Almost four-fifths of Chinese personal pension funds are unprofitable after the first group of private pension plans was established nearly a year ago.
Global ocean hull premiums rose in 2022 by 5.7% to reach $8.4bn, the International Union of Marine Insurance (IUMI) has noted.
The 29 members of the General Insurance Association of Japan (GIAJ) posted a combined ordinary profit of JPY767bn ($5.17bn), calculated as the sum of underwriting profit and investment profit, according to the Non-Life Planning Department of The Toa Reinsurance Company.
Aviva-COFCO Life Insurance Company's strategy to focus on long-term regular-paid products has supported its underwriting profitability, notes Fitch Ratings.
Uganda's insurance sector grew by 16.5% to UGX898.10bn ($241.2m) in the first half of this year in terms of GWP compared to the corresponding half of 2022.
Premiums generated by insurance and reinsurance companies inMorocco reached nearly MAD31bn ($3bn) in the first half of 2023, according to data released by the Insurance and Social Security Supervisory Authority (ACAPS).
Malayan Insurance, the biggest non-life insurer in the Philippines, is expected to show a prospective underwriting performance supported by ongoing portfolio remediation measures, as well as business growth in more profitable retail segments, says AM Best.