The insurance industry's profitability (after-zakat & tax) in the Kingdom of Saudi Arabia (KSA) stood at SAR3.0bn ($800m) in the first nine months of 2024, growing by 15% from SAR2.6bn in the corresponding period in 2023, according to a report by Badri Management Consultancy which provides consulting services in the actuarial, strategic and technology fields.
Reinsurance: SCOR's P&C profitability restored; L&H earnings under pressure Global reinsurer SCOR's P&C results are to remain strong in 2024 and 2025, says Fitch Ratings. However, the L&H results are expected to be negative in 2024, but to recover in 2025.
T&D Insurance Group is strengthening its capital base by expanding underwriting profits and reducing exposure to market risk, says S&P Global Ratings (S&P) in a new report.
KB Insurance Co (KBI), South Korea's fourth biggest non-life insurer, maintains an adequate operating performance as adequate, with its return-on-equity and combined ratios being largely in line with its domestic industry average, according to an assessment by AM Best.
Insurance spending per capita increased by 30% to SAR2,034 ($541.50) in 2023 from SAR1,564 in 2022 in Saudi Arabia, according to the Insurance Authority (IA).
FWD Group Holdings has announced strong new business growth highlights for the nine months ended 30 September 2024.
Liberty Mutal Insurance has appointed to its recently formed APAC team Mr David Tam as chief information officer; Mr Robert Mercer as head of claims; Mr Tibor Nagy as CFO, effective 6 January 2025 and Ms Vidhi Kapoor as regional head of HR, effective 6 January 2025.
Tanzania Reinsurance Company (TAN RE) has a track record of strong operating performance, evident by a return-on-equity (RoE) ratio that exceeded 10% in each of the past five years, says AM Best in a report.
The Saudi Reinsurance Company (Saudi Re) posted a surge of 351% in net profit after zakat to SAR475m ($126.5m) for the nine months ended 30 September 2024.
Oman Re, the Sultanate of Oman's sole reinsurer, has reported a net profit after tax of OMR1.4m ($3.7m) for the first three quarters of this year, down from OMR1.9m for the first nine months of 2023.