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.
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.