Asia was the driver of the financial results of Toronto-headquartered Manulife Financial Corporation in the first half of this year, with a 289% jump in net income attributable to shareholders to $424m in the second quarter.
Prudential has appointed Ms Angel Ng as regional CEO, Greater China, customer and wealth. She will join the Group executive committee effective 1 October 2024.
The attitudes of high-net-worth individuals (HNWI) have changed over the past few years, driven by economic and social changes, with many of the younger generation putting an increased focus on ESG and sustainable investing. Asia Insurance Review spoke to Transamerica Life Bermuda's Jeremy Young on how the market has changed and how it has affected their business.
To commemorate Singapore's national day celebrations, AIA is offering six months of complimentary holistic insurance coverage for critical illness and mortality as well as complimentary teleconsultations to residents.
The Monetary Authority of Singapore (MAS) has issued a circular providing further guidance to financial institutions (FIs) in the wealth management sector on the establishment of the sources of wealth (SOW) of their customers, including the risk principles that FIs should consider in the designing of their policies and procedures to establish SOW of their customers in a risk-proportionate and reasonable manner.
The number of millionaires in mainland China in US-dollar terms was 6.01m in 2023, making it the market with the second most number of millionaires among 56 markets studied, according to the "Global Wealth Report 2024" by Swiss investment bank and financial services company UBS.
More than half of Hong Kong employees (52%) are struggling with their finances, according to the new survey by WTW, a leading global advisory, broking and solutions company.
There is good potential for the growing institutional and private wealth investor base in Asia, including Singapore, to invest in insurance linked securities (ILS), according to Mr Lim Cheng Khai, executive director of the Financial Markets Development Department of the Monetary Authority of Singapore (MAS).
The life insurance market in Taiwan is navigating several developments including the adoption of localised Insurance Capital Standards (TW-ICS) and International Financial Reporting Standard 17 (IFRS17) in 2016, and the pressure to raise additional capital of around NT$100bn ($3.1bn) to meet solvency rules.
The number of family offices in China has been growing, with insurance companies being relatively new players in the market.