Takaful International, which is a subsidiary of GIG Bahrain, has posted a net profit attributable to shareholders of BHD937,289 ($2.48m), in 2023, compared to BHD858,000 in 2022, representing an increase of 9%.
Central Reinsurance Corporation, Taiwan's sole locally incorporated insurer, has posted a whopping 725% increase in net profit in 2023, according to financial statements posted on the reinsurer's website.
The General Insurance Association of Singapore (GIA) yesterday announced year-on-year growth for both its domestic and offshore general insurance segments, with a combined increase of 10.1% in gross written premiums to S$10.2bn ($7.6bn).
The operating performance of Paris-headquartered global reinsurer SCOR SE is assessed as adequate, supported by improved underwriting in 2023 and solid investment activities result over the business cycle, says AM Best.
The Hong Kong general insurance industry is set to grow at a compound annual growth rate (CAGR) of 6.3% from HK$67.0bn ($8.6bn) in 2024 to HK$85.6bn ($10.9 bn) in 2028, in terms of gross written premiums (GWP), forecasts GlobalData, a data and analytics company.
Wafa Assurance, a leading insurer in Morocco, has posted a consolidated turnover of MAD12,724m ($1,266.4m) for 2023, an increase of 9.3% compared to 2022.
New business premiums generated from mainland Chinese visitors (MCVs) to Hong Kong dropped by 18.9% in the fourth quarter of 2023 to HK$12.1bn, compared to the third quarter of last year, according to data from the Hong Kong Insurance Authority (IA).
AIA China delivered growth of 20% in the value of new business (VONB) to $1,037m in 2023, driven by a double-digit increase in the group's Premier Agency channel and excellent growth from the bancassurance channel, Hong Kong-headquartered AIA said yesterday as it released its financial results for 2023.
AIA's Hong Kong business outpaced that of mainland China in 2023 to become the largest contributor to the group's value of new business (VONB) in 2023 as the territory captured the very strong demand of mainland Chinese visitors (MCVs) following the full resumption of normal cross-border travel in February 2023.
The domestic underwriting profit of Nippon Life Insurance Company started to recover from mid-2023, after the government eased COVID-19 restrictions in May 2023, said Fitch Ratings.