As earnings season kicks off, Ping An takes the lead by releasing the first annual report among A-share (stocks listed on mainland China exchanges) listed insurance companies.
Recently, AIA Group Limited announced its full-year 2024 results. Its wholly owned subsidiary in mainland China, AIA Life Insurance (AIA Life), achieved a 20% increase in new business value and a 10% growth in annualized new premiums.
The property insurance industry has always been characterized by a "winner-takes-all" situation in China, with leading insurers dominating the majority of the market share. In this market environment, ZhongAn Online (ZhongAn) has emerged as a groundbreaking force in recent years, with rapid growth in total premiums and a quick rise into the top 10.
These are the highlights for all events and updates across the industry this week.
Sun Life has appointed Mr Bennet Li as senior vice president and CFO for Asia.
Vietnam's insurance industry is witnessing a surge in strategic capital expansion, boosting investor confidence and reigniting interest in insurance stocks.
Saudi Reinsurance Co (Saudi Re) yesterday announced that it posted a net profit after zakat and attributable to shareholders of SAR474.8m ($126.6m) for 2024. This figure is 281% higher than the SAR124.4m chalked up in 2023.
The Securities and Exchange Commission of Pakistan (SECP) has amended the General Takaful Accounting Regulations, 2019, for takaful companies to disclose their takaful results in their published financial statements.
In 2024, underwriting losses widened for non-listed P&C insurers, though the overall deficit showed signs of improvement. Among 74 companies, 54 reported a combined ratio exceeding 100%. Notably, 37 insurers fell within the 100%-110% range-10 more than in 2023-while only eight exceeded 120%, down by six year-on-year.
Gross written premiums for the insurance industry in Egypt registered notable growth rates in 2024 with takaful contributions, in particular, showing outstanding performance.