FBC Reinsurance (FBC Re) has returned to profitability in the year to 31 December 2023, chalking up pre-tax profits of $7.3bn, compared to a loss of $2.6bn for the previous year.
Global reinsurer MS Reinsurance, part of the world-leading insurance group MS&AD, has produced a net profit of $366m for 2023, a significant turnaround from a net loss of $50m for 2022.
Tokio Marine Holdings (TMH), Japan's biggest P&C insurance group, has announced that it chalked up an 85.7% jump in net profits attributable to owners of the parent company to JPY695.8bn ($4.46bn) in the fiscal year ended 31 March 2024 (FY2023).
Taiwan's strengthening economy will likely underpin steady insurance demand and drive modest premium growth for the P&C insurance sector in 2024, said S&P Global Ratings (S&P).
The record profitability (after zakat & tax) seen in the insurance industry in 2023 has continued in 2024 with the sector reporting a 48% upsurge in net profits to SAR879m ($234m) in 1Q2024 from SAR594m in 1Q2023, says Badri Management Cosultancy.
AM Best has upgraded Dubai Insurance Company's (DIN) Financial Strength Rating to 'A' (Excellent) from 'A-' (Excellent) and the Long-Term Issuer Credit Rating to "a" (Excellent) from "a-" (Excellent) of Dubai Insurance Company (PSC) (DIN) (). The outlook of these credit ratings has been revised to 'Stable' from 'Positive"
Gulf Insurance Group (GIG) has announced a net profit of KWD10.9m ($35.6m) for the quarter ended 31 March 2024, 5.2% lower compared to KWD11.5m for the corresponding quarter last year.
Thai Reinsurance Public Company (THRE) has reported a net profit of THB57m ($1.58m) for the first quarter of 2024, 418% higher than in 1Q2023 due to improved reinsurance results.
India's general insurance industry is set to grow at a compound annual growth rate (CAGR) of 9.9% from INR3.35tn ($40.36bn) in 2024 to INR4.89tn ($57.3bn) in 2028, in terms of gross written premiums (GWP), forecasts data and analytics company GlobalData.
The stability of Guoren Property and Casualty Insurance's underwriting profitability is expected to be tested, says Fitch Ratings.