Kuwait Reinsurance Company (Kuwait Re) has announced that it achieved a profit after tax of KWD14.13m ($45.8m) in 2024 compared to KWD10.83m in the previous year, a jump of 30.4%, according to a statement the company lodged with the Kuwait stock exchange.
Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company's preliminary financial results for the year ended 31 December 2024.
As property insurers release their solvency reports, data shows that over 60 insurers generated more than CNY900bn ($123.5bn) in auto insurance premiums in 2024, with underwriting profits seeing significant growth compared to 2023. However, despite the overall positive trend in the auto insurance market, challenges persist in the NEV insurance sector.
China's National Financial Regulatory Administration recently released data showing that health insurance premiums totaled CNY977.4bn ($134bn) in 2024, marking an 8.2% year-on-year growth. However, this figure fell slightly short of the industry's earlier projection of CNY 1tn. Among the total, life insurers generated CNY773.1bn in health insurance premiums, up 6.15%, while property insurers recorded CNY204.3bn, reflecting a 16.6% increase.
These are the updates on insurance regulation across China this week.
Singapore's life insurance industry ended the year strong with a 19.7% growth, reaching a total of S$5.87bn ($4.34bn) in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business, said the Life Insurance Association of Singapore.
IAG yesterday announced its first half results for financial year 2025, reporting a net profit after tax of AUD778m ($488m), up 91% from $407m in 1H24.
Suncorp Group reported net profit after tax (NPAT) of A$1.1bn ($692m). The result includes a one-off gain on sale of A$252m of Suncorp Bank, which was completed in July 2024. Other factors that supported the result include favourable natural hazard experience, positive investment returns and the nonrecurrence of prior year reserve strengthening, which impacted the prior period.
Qatar General Insurance & Reinsurance Company (QGIRCO) has announced a net profit of QAR28.963m ($8m) in 2024 versus net loss QAR1.47bn in the previous year, according to the company's annual financial statement lodged with the Doha Stock Exchange. The earnings per share amounted to QAR0.033 as of 31 December 2024 against loss per share QAR1.675 for the same period in 2023, said the statement noting that the proposal of the Board of Directors is not to distribute dividends.
Gross written premiums for Dhofar Insurance Company (Dhofar Insurance) reached OMR91m ($236.5m) in 2024 compared with OMR73.95m in the previous year, a 23% jump according to the company's preliminary results lodged with the Muscat Stock Exchange.