The AXA group has kicked off 2023 with its announcement that it is acquiring the insurance activities of Groupama (Groupama Sigorta and Groupama Hayat) in Turkiye.
London-headquartered BMS, the independent global specialist insurance and reinsurance broker, has announced the acquisition of Austbrokers Coast to Coast (C2C), the specialist Australian corporate, business, and retail broker, effective 17 January. The terms of the transaction have not been disclosed.
Three leading domestic insurance companies are reportedly in advanced talks to merge and form a giant corporation, which would become one of the largest insurance institutions in the UAE.
The Maghrebia group has acquired a 23% stake in GAT Assurances from the private equity firm AfricInvest. The purchase paves the way for a merger between the two companies.
Sukoon (formerly known as Oman Insurance Company) has signed a share purchase agreement to acquire a majority stake (in excess of 93%) in Arabian Scandinavian Insurance Company - Takaful (Ascana Insurance).
2023 will likely see an increase in insurance consolidation, particularly among life insurers, in the Asia region, according to a commentary by Ms Joyce Chan, a partner at the global legal firm Clyde & Co in Hong Kong.
Dubai-listed Islamic Arab Insurance Company (SALAMA) has announced that it will acquire the insurance portfolio of Dubai Islamic Insurance and Reinsurance Company (AMAN) which includes motor, medical, non-motor and group life insurance business.
Insurers will continue to have to deal with regulatory and financial reporting changes, specifically the advent of IFRS 17 and ESG reporting, says Mr Brandon Bruce, ASEAN Insurance Leader at the global professional services firm EY.
Tsinghua Tongfang, whose largest shareholder is China National Nuclear Corporation, plans to lower its asking price for its half of a Chinese life insurer that is also owned by Dutch insurance giant Aegon.
Chinese electric vehicle maker NIO has acquired an insurance brokerage. This followed the establishment of its wholly-owned broking subsidiary, NIO Insurance Brokerage, at the beginning of this year.