The operating performance of Kenya Reinsurance Corporation is seen as adequate, considering its return-on-equity ratio has consistently exceeded the generally high inflation level in Kenya in recent years, says AM Best.
2024 is set to be another profitable year for the Islamic insurance sector in the GCC. Net profits in 2023 had already reached a record of almost $1bn, mainly due to rate adjustments in previously underperforming lines and higher investment returns, says S&P Global Ratings (S&P).
IAG, the biggest non-life insurer in Australia and New Zealand, has announced its results for the financial year ended 30 June 2024, reporting a net profit after tax (NPAT) of A$898m ($605.3m), an increase of 7.9% on FY23.
Jubilee General Insurance Company has a history of strong earnings, with a five-year (2019-2023) weighted average return on equity of 17.6%, notes AM Best.
Listed insurers in the GCC region have registered an impressive growth of 8.0% in after-tax profits with a mere y-o-y increase of 1.1% points in the net combined ratio (NCR) as the damage from a series of rain events, including the UAE's record-breaking rainfall in April 2024 has been contained to a large extent by reinsurance arrangements for most insurers.
Al-Etihad Cooperative Insurance Company has announced that it has received an Insurance Financial Strength Rating (IFSR) of 'A3' with a 'Stable' outlook from Moody's Ratings.
Brisbane-headquartered Suncorp Group yesterday reported an increase in earnings driven by improved underlying margins, positive investment returns and natural hazard costs below allowances.
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.