CITIC Prudential Life (CPL), life insurance giant Prudential's 50-50 joint venture in China, saw annual premium equivalent (APE) sales growth of 13% to $507m in 1H2022 despite headwinds from COVID-19-related restrictions.
The financial performance of Hong Kong-based FWD General Insurance (FWD GI) is expected to continue to improve, despite premium growth volatility from a shifting product mix and pressure on the combined ratio from IT investments, says Fitch Ratings.
Singapore's life insurance industry recorded a total of S$2.63bn ($1.92bn) in weighted new business premiums for 1H2022, a slight contraction of 1.9% as compared to the corresponding period in 2021, according to the Life Insurance Association, Singapore (LIA Singapore) that yesterday unveiled the industry's results for the first six months of this year.
Sydney-headquartered QBE Insurance Group, one of the world's top 20 general insurance and reinsurance companies, has announced that its net profit after tax attributable to equity holders of the company stood at $151m for the first half of this year, 66% down from $441m in the corresponding half in 2021.
The Saudi insurance market is expected to see Gross Premium Written (GPW) grow by 5%-10% in 2022, according to S&P Global Ratings.
Insurance companies in Taiwan reported a pre-tax profit of NT$166.9bn ($5.6bn) for the first six months of this year, with life insurers performing better than non-life companies.
Leading global reinsurer Munich Re generated a profit of EUR1,376m ($1,409m) in the first six months of 2022 and EUR768m in the second quarter.
The Comptroller and Auditor General (CAG) has recommended that public-sector insurers stop subsidising group health insurance business through other insurance branches, given the huge losses posted in group health business.
Doha-headquartered Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East North African (MENA) region, has registered a strong net profit of QAR401m ($110m) for the first half of this year which ended on 30 June 2022. This represents a 14.2% jump from QAR351m posted for the corresponding half last year, despite challenges in the global environment.
One of Australia's biggest financial services companies, Brisbane-headquartered Suncorp has announced that its insurance operations in Australia (dubbed 'Insurance Australia') reported profit after tax of A$174m ($122m) for the financial year ended 30 June 2022 (FY22), a 68.2% fall compared to FY21.