ZhongAn Online P&C Insurance's operating performance, going forward, would remain subject to investment volatility as well as business risk in the turnaround strategies of its banking and technology segments, in the view of AM Best.
Financial institutions, including insurers and banks, will be required to pay a corporate tax rate of 40%, the government is proposing in the draft Finance Law 2025 (PLF 2025).
The net profits of insurance companies operating in Bahrain fell by 43.5% to BHD15.78m ($41.87m) in the first half of 2024, compared to BHD27.91m in the corresponding period of 2023, according to the "Insurance Market Review June 2024", released by the Central Bank of Bahrain earlier this month.
Singapore's life insurance industry recorded a total of S$4.3bn ($3.2bn) in weighted new business premiums for YTD3Q2024, an increase of 23.5% compared to the corresponding period last year, according to the Life Insurance Association, Singapore (LIA Singapore).
Non-life premium growth is expected to remain robust over the near term and on par with prior years, when New Zealand's non-life gross written premiums recorded average annual growth in the mid- to high single digits, says AM Best.
Sydney-headquartered QBE Insurance Group (QBE), one of the world's top 20 general insurance and reinsurance companies, improved its underwriting performance significantly in the past three years, said Fitch Ratings.
Hannover Re, one of the world's leading reinsurers, has raised its profit target for 2024 and expects Group net income of around EUR2.4bn ($2.56bn) for 2025.
The Moroccan insurance sector has generated a net profit of MAD3.1bn ($312.5m) in the first half of 2024, 3% higher compared to the corresponding half in 2023, according to data from the Insurance and Social Welfare Supervisory Authority (ACAPS). This performance was due to improved technical results.
The combined net profit of the 75 life insurance companies totalled CNY136.49bn ($19.1bn) in the third quarter of this year, a surge of 1070.69% or by 10 times, compared with CNY11.66bn in the corresponding quarter in 2023.
The 84 property and casualty insurance companies that have published their 2024 third-quarter solvency reports by 1 November chalked up a combined net profit of CNY50.68bn ($7.1bn) in the first nine months of this year, an increase of 13.6% year-on-year.