Bahrain National Holding Company (BNH) intends to acquire one or more takaful companies, to diversify the group's business, according to Mr Farooq Yusuf Almoayyed, chairman of the company.
Saudi Reinsurance Company (Saudi Re) has posted net profits before zakat of SAR56.74m ($15.10m) in 2022, an annual increase of 6.43% compared to 2021.
Ping An Insurance (Group) Company of China's net profit attributable to shareholders of the parent company amounted to CNY83.8bn ($12.1bn) in 2022, dropping by CNY17.8bn or 17.6% year on year, according to the Group's audited financial statements for the year ended 31 December 2022 released on 15 March.
Ping An Property & Casualty Insurance Company of China (Ping An P&C) delivered a five-year average return on equity of 18.6% from 2017 to 2021, during which the company consistently demonstrated better-than-average underwriting profitability, with an average combined ratio of 97.4%, notes AM Best.
The completion of AIA Group's 24.99 % equity investment in China Post Life Insurance in January 2022 enables the Group to access significant upside from additional distribution channels and customer segments that are highly complementary to AIA China's strategy, Mr Lee Yuan Siong, AIA group chief executive and president, has said.
AIA China returned to positive growth in the second half of 2022 with VONB up by 3%, says AIA Group in its financial statements released earlier this week.
Sino-foreign life insurance venture CITIC Prudential Life (CPL) has more than doubled new business profit between 2017 and 2022, and continues to outperform the market, said Prudential Plc as it released is financial results for 2022.
Five major A-share listed insurance groups have reported a cumulative combined premium income of CNY757.7bn ($109.8bn) for the first two months of this year, representing an increase of 3.1% over the corresponding period in 2022.
Wholly Korean-owned non-life insurer, KBFG Insurance (China) [KBFG China], has achieved positive operating profit for five consecutive years, with a low-to-mid single-digit return-on-equity ratios reported during that period, says AM Best.
Hong Kong-headquartered Prudential Plc has reported a plunge of 53% (at constant exchange rates) in IFRS profit after tax, from 2021's $2,184m to $1,007m in 2022, which was the first full year for the Group as an Asia and Africa-focused business.