China's motor insurance branch chalked up an underwriting profit of CNY13.50bn for 1H2024, jumping by 56.8% compared to the first half of 2023, according to an analysis of the financial performance of the non-life sector.
The green insurance premium income of Ping An Insurance (Group) Company of China amounted to CNY37.3bn ($5.2bn) for the 2023 financial year, nearly 49% higher than in 2022.
Hyundai Insurance (China) [HIC] is expected to as a minor player in China's non-life insurance market in the intermediate term, says AM Best. This would be despite the insurer achieving significant growth in its top line.
The Corporate Affairs Ministry (MCA) has gazetted the much-awaited new accounting standard Ind AS 117 on 'Insurance Contracts', taking Indian accounting standards for insurers closer to global standards.
Gulf Insurance Group (GIG), a leading insurance group in the MENA region and the largest in Kuwait, yesterday announced a net profit of KWD16.8m ($54.7m) for the first half of 2024, plunging by 33.6% from KWD25.3m for the corresponding period last year.
Bahrain National Holding (BNH) has reported a net profit attributable to shareholders of BHD2.64m ($7.01m), a 37% decrease from the attributable net profit of BHD4.16m achieved during the first half of 2023.
The overall turnover of the six Tunisian (re)insurers listed on the Tunis bourse amounted to TND835.16m ($270.87m) in the first half of 2024, an increase of 10.3% compared to the corresponding half in 2023.
Singapore's life insurance industry achieved a total of S$2.86bn ($2.16bn) in weighted new business premiums for 1H2024, an increase of 30.4% compared to the corresponding period a year ago, announced the Life Insurance Association, Singapore (LIA Singapore).
Giant life insurer, Dai-ichi Life, demonstrated a mixed financial performance in the first quarter of the current fiscal year which started on 1 April 2024 (FY24). The company faced a decline in premium income but saw improvements in other areas, including investment income and core profit, says CreditSights, a FitchSolutions company.
Thailand's life insurance industry is set to grow at a compound annual growth rate (CAGR) of 4.4% from THB660.4bn ($19.2bn) in 2024 to THB781.7bn in 2028, in terms of gross written premiums (GWP), forecasts and analytics company, GlobalData.