Hannover Life Re of Australasia (HLR Aus), a unit of Hannover Re, has agreed to acquire the Australian direct life insurance portfolio from Swiss Re Life & Health Australia, operating under the iptiQ brand.
Japanese insurance companies are expanding overseas and making acquisitions primarily because the domestic market has matured, with limited growth potential due to a shrinking and aging population, according to the latest report by AM Best.
Solidarity Bahrain has received the Central Bank of Bahrain's final approval for the acquisition of Bahrain National Insurance Company (BNI) and Bahrain National Life Company (BNL) for a total purchase price of BHD75m ($199m) in cash.
At its 51st Annual General Meeting, the Life Insurance Association of Malaysia (LIAM) elected Mr Ben Ng, CEO of AIA, as president and Ms Vibha Coburn, CEO of Manulife Insurance, as vice president.
Japanese life insurer Dai-ichi Life Holdings Inc. will take a 15.1% stake in an Australian life insurer Challenger.
Japan's insurers are taking advantage of growth opportunities in international markets, particularly in the United States, Australia and other developed economies to maintain long-term growth and diversify revenue streams, says AM Best.
Taiwan's financial regulator, the Financial Supervisory Commission (FSC), has given the green light to the merger of Taishin Financial Holding Co and Shin Kong Financial Holding Co.
MS&AD Insurance Group Holdings has announced its decision to proceed with specific discussions and preparations for the merger of Mitsui Sumitomo Insurance and Aioi Nissay Dowa Insurance within the group. The target date for the merger is in April 2027.
These are the highlights for all events and updates across the industry this week.
Solidarity Bahrain's successful pursuit of an inorganic growth strategy has strengthened the group's position as the number one insurance provider in Bahrain and marks a step towards growing an international business. This statement appears in Solidarity's 2024 annual report released last week.