The Communist Party branch of the Resolution and Disposal Department of the National Financial Regulatory Administration (NFRA) has stating that it will improve the resolution process for insolvent financial institutions that will give priority to self-rescue funds to absorb losses, and explore the use of private capital to participate in the restructuring of ailing small and medium-sized financial institutions.
Nippon Life Insurance Company (Nippon Life), the biggest life insurance company in Japan, has announced that it has reached an agreement with Corebridge Financial and its parent company American International Group (AIG) to acquire a 20% equity interest in Corebridge.
Wafa Assurance, a leading insurance company in Morocco, has received approval to operate a life insurance subsidiary in Gabon, in a strategic move to expand its footprint in Africa.
Singlife has introduced Singlife Dementia Cover, the first insurance policy in the market specifically designed to provide annual financial support to individuals diagnosed with dementia and other mental health conditions.
The sale of health insurance policies with maternity benefits is growing at 80% annually, according to data from Insurtech platform company, PolicyBazaar.
The National Tax Service, under the Ministry of Economy and Finance, is looking into the reasons why corporate tax revenues have failed to increase proportionately despite insurers recording their highest-ever net profits after the adoption of IFRS 17 in 2023.
State-owned financial investment company, Dalian State-owned Financial Capital Operation Co (Dalian FCO) has become the largest shareholder of Aeon, ousting Chinese property giant Dalian Wanda Group from the topmost position.
French global insurer has teamed up with the Universal Postal Union (UPU) to promote inclusive insurance, including in Africa. The partnership to scale inclusive insurance through postal networks globally starts with joint research, followed by technical assistance programmes.
Wataniya Insurance Company has reported a significantly improved net profit of SAR85m ($22.7m) in 2023 (under IFRS17 accounting standards) versus a net loss of SAR28m in 2022, notes Fitch Ratings.
The share of life insurance in the Arab region varies from country to country from only about 2% of the premiums in some markets to over 51% in others, pointed out Mr Chakib Abouzaid, the secretary-general of the General Arab Insurance Federation (GAIF).