May 27, 2018

Looking East

Looking East
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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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Maybank to spin off, list Etiqa

Malayan Banking Bhd (Maybank) is preparing to spin off and list its Etiqa insurance arm on the local stock exchange. Etiqa, which has operations in Malaysia, Singapore, the Philippines and Indonesia, is estimated to be worth at least USD1 billion, according to two sources. It would have a bigger market...

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Zurich mulls Malaysia stake sale, IPO

Zurich Insurance is considering a sale of a share of its stake or initial public offering of its wholly-owned Malaysian life insurance unit. This development comes at a time when foreign insurers have been mandated to divest stakes in their local units to 70 percent by Malaysia’s central bank last...

Mitsui Life to boost investment

Mitsui Life Insurance plans to increase foreign bond investments without currency hedging by more than JPY240 billion (USD2.23 billion) in the current financial year to March 2019, a senior company official has said. The firm also plans to increase investments in credit products, such as corporate bonds, in both Japanese...

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PNB MetLife to file for IPO by August

PNB MetLife Insurance is going ahead with its IPO plans with an aim to file by August. According to sources, the company is looking at an offering before August 2018, making it the fourth listed life insurer in India. Last year, ICICI Prudential was the first in the sector to...

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NZ FMA sanctions 11 advisers

New Zealand’s investment regulator has sanctioned 11 life insurance advisers and is investigating a further three after a closer look at 24 advisers found that half lacked care and diligence in their advice and most failed to recognise conflicts of interest. The Financial Market Authority zeroed in on the 24...

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Life insurers to merge corporate pension ops

Japan’s top six life insurers plan to unify corporate pension management in the next six years or so as an aging society and rock-bottom interest rates dim the businesses’ prospects. Corporate-Pension Business Service, a 50-50 joint venture run by Nippon Life Insurance and Dai-ichi Life Insurance will join forces with...

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Grab and Chubb partner to supply in-app services

On-demand transportation and fintech platform Grab has announced a partnership with Chubb to offer insurance solutions for Grab’s driver-partners. The companies will also explore leveraging data technology from Grab’s platform, including telematics, machine learning and predictive analytics to offer insurance solutions personalised to the specific needs of different private-hire vehicle...

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