The combined profit before tax of 26 listed insurance companies in the UAE grew by 7% to AED1,044m ($284m) in 1H2024 from AED975m in 1H2023, according to Badri Management Consultancy, an international company that specialises in actuarial services and provides financial services, strategic HR consulting, data management, business intelligence and other services.
The combined net profit of South Korea's five major non-life insurers reached KRW4.84tn ($3.6bn) in the first half of this year, 22% higher than in the corresponding period in 2023.
Government-owned general insurer National Insurance Company (NIC) is aiming to return to profit in the current fiscal year ending 31 March 2025 (FY2025), after incurring losses for nearly a decade, one of the company's directors said.
Kenya Reinsurance Corporation has posted a 10% fall in profits after tax to KES1.06bn ($8.2m) for the first half of 2024 from KES1.17bn in 1H2023, despite a 20% jump in insurance revenue, according to the company's interim financial statements.
Qatar Insurance Company (QIC), the leading insurer in Qatar and the Middle East and North Africa (MENA) region, has reported a net profit of QAR360m ($99m) for the first half of 2024, rising 11% from QAR325m over the corresponding period in 2023.
Watania International Holding (WIH), has reported a net profit of AED 7.9m ($2.15m) for the first half of 2024, according to interim financial statements filed by the company.
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.