July 16, 2018

Looking East

Looking East

SBI set to sell stake in insurance arm

State Bank of India (SBI) chairman Rajnish Kumar recently conveyed that the lender is looking to sell stakes in some of its subsidiaries over the next two years. “All our subsidiaries have done exceedingly well. They hold large value, which is waiting to be unlocked. We have plans to unlock...

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Health, motor lead general premiums in India

Indian general insurance companies saw growth of 13.8 percent (year-on-year) in gross direct premium in for the first quarter of 2018. Segments such as health and motor insurance, according to market participants, largely led this growth. Data from the Insurance Regulatory and Development Authority of India (IRDAI) show that general...

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Allianz sees 29.9% hike in Q1 profit

Allianz Malaysia Bhd’s net profit for the first quarter ended March 31, 2018 jumped 29.9 percent to MYR87.23 million from MYR67.17 million in 2017, due mainly to higher contribution from both general and life insurance segments. Revenue grew 5.2 percent to MYR1.27 billion compared to MYR.21 billion in the previous...

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Singapore PDPC fines 3 insurers

Singapore’s privacy regulator has fined three insurance companies inadvertently disclosing policyholders’ insurance documents to the wrong people. Aviva, NTUC Income Insurance Co-operative and AIG Asia Pacific Insurance have been fined USD30,000, USD10,000 and USD9,000 respectively by the Personal Data Protection Commission (PDPC). All three cases involved lapses in printing and...

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Life sales up 14%: SLIA

Sales of life insurance in the Singapore market have seen a 14 percent hike in the new premiums recorded, according to figures supplied by the Singapore Life Insurance Association. The Association has announced that from the period January-March 2018, new premiums accounted for SGD925.1 million (USD6980 million), a 14 percent...

MS to buy 37.5% stake in BoCommLife

Pending regulatory approvals, Mitsui Sumitomo, a unit of MS&AD Insurance Group Holdings Inc., will acquire the stake in Shanghai-based BoCommLife Insurance Co. from a unit of Commonwealth Bank of Australia. BoCommLife Insurance is a subsidiary of state-backed Bank of Communications Co., one of China’s top five banks. In 2016, some...

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Still more to do for climate change: AODP

Although many insurance companies in Japan are aligning towards strengthening their capacities against climate change, their progress seems slow owing to investment strategies that are still not subscribing to the Paris Agreement goals. In a report by the Asset Owners Disclosure Project (AODP), part of responsible investment organisation ShareAction, titled Got...

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Anbang gets USD9.7 bn capital injection

Anbang Insurance Group Co. has announced that it will receive a USD9.7 billion capital injection from an industry-rescue fund to help stabilise its operations and keep it solvent while it tries to find new private investors. The large capital infusion comes a month and a half after China’s insurance regulator...

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IAG set to sell SE Asia businesses

Insurance Australia Group is set to sell its four Southeast Asian businesses in deals that could be valued at about USD500 million, under a review of its Asian operations. IAG, Australia’s biggest general insurer by market share, has ventures in Malaysia, Thailand, Vietnam and Indonesia in Southeast Asia, and could...

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Merger process of 3 insurers

The Indian government recently held preliminary meetings to set in motion the proposed merger process of three state-owned general insurers. The proposal for merger of Oriental Insurance, National Insurance Company and United India Insurance was announced in the Budget for 2018-19. A couple of meetings have taken place but these...

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