The insurance industry saw its net income soar by 45% to more than PHP14.29bn ($246m) in the first quarter of this year, compared to PHP9.86bn in the corresponding quarter in 2023, according to data from the Insurance Commission (IC).
Motor insurance premiums in Saudi Arabia achieved a record level of about SAR14.3bn ($3.81bn) in 2023, jumping by 38% compared to 2022, according to a study by the Financial Analysis Unit of the publication Al-Eqtisadiah.
Higher investment income averaging at a quarterly rate of return on investments (ROI) of 1.7% (1Q2023: 1.3%) has boosted the first-quarter earnings of 77 listed insurers in the GCC region, according to Insurance Monitor, a research and consulting firm.
China's five major 'A'-share listed insurance groups posted a cumulative insurance premium income of CNY1.25tn ($176bn) in the first four months of 2024, 1.47% higher than in the corresponding period in 2023.
Insurance companies in South Korea saw their combined net profit shrink more than 11% from a year earlier in the first three months of the year, according to data from the Financial Supervisory Service.
The insurance industry in Tanzania has posted a total Gross Written Premiums (GWP) of TZS379.40bn ($146.2m) in the first three months of 2024, an increase of 13.6% compared to TZS333.8bn in the corresponding quarter of 2023, according to data released by the Association of Tanzania Insurers (ATI).
Taiwan life insurers are working to strengthen their regulatory capital base in preparation for stricter regulatory capital standards due in 2026, says Taiwan Ratings, which is an S&P Global company.
German reinsurer, Deutsche Rück Group, has announced that it chalked up strong growth in all its markets in 2023, including the Middle East.
Three major Japanese non-life insurance companies have posted record consolidated net profits for the year ended 31 March 2024 (FY2023).
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.