With interest rates remaining higher for longer, Lloyd's is looking to achieve another year of strong overall earnings this year, according to Mr Tim Prince, director, analytics, at AM Best.
Aon, a leading global professional services firm, has launched its Growth Decision Framework - a consulting service that assists insurers to develop the positive traits associated with optimum performance and that enable market cycle resilience. It has been launched as insurers approach the January 2025 renewal season.
The operating performance of Sierra Leone-headquartered WAICA Reinsurance Corporation (WAICA Re) is viewed as strong, considering it has reported robust return-on-equity (ROE) ratios in recent years, which have significantly exceeded the benchmark interest rates in the markets where it operates, says AM Best.
Taiwan's second biggest non-life insurer Cathay Century Insurance Company has returned to the black, with a full-year net profit of NT$1.2bn ($37.5m) in 2023 from a net loss of NT$19.6bn in 2022 which was predominantly attributed to COVID-19 pandemic insurance claims, says AM Best.
China's five major 'A'-share listed companies reported a combined net profit attributable to the shareholders of the parent company of CNY171.8bn ($24.2bn) in the first half of this year, exceeding the CNY165.5bn for the whole of 2023, according to data from interim financial statements released by the companies.
China Reinsurance (Group) Corporation (China Re), has reported a net profit of CNY5.92bn ($835m) for the first half of 2024, almost three times (286%) the CNY2.07bn posted in the corresponding period in 2023.
Shin Kong Financial Holding (SKFH), Taiwan's fifth-largest financial conglomerate, has reported a net profit of NT$20.5bn ($640m) in the first half of the year.
Allianz Asia-Pacific reported a 5% year-on-year increase in total operating profit (OP) to EUR388m ($430m) for the first six months of 2024, with contributions from both Life/Health and Property-Casualty business segments, the company reveals in its interim financial statements.
Fitch Ratings has revised the outlook on South Korea-based Hanwha Life Insurance's (HWL) Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating to 'Positive' from 'Stable'. HWL is among the country's top three life insurers.
Macau Insurance Company (MIC) MIC forecasts that its GPW for 2024 to grow on strong contributions from casino developments, while the recovery in the gaming and tourism industry gradually spills over to other parts of the economy, says AM Best.