The net profit attributable to shareholders of China's five major 'A'-share-listed insurance companies for the first three quarters of 2024 climbed steeply year-on-year.
Large losses, such as increased frequency and severity of extreme weather, could increase underwriting volatility at China Re Group, according to S&P Global Ratings (S&P).
PICC Reinsurance is expected to increase its premiums by 8%-10% over the next two years, says S&P Global Ratings (S&P) in its report titled "Asia-Pacific Reinsurance Sector Update - Improvements Are Underway".
China Reinsurance (Group Corporation) [China Re] has reported a net profit of CNY2,411m ($337m) for the first nine months of 2024. The company's insurance income stood at CNY9,539m for the period.
The mainland Chinese insurance industry's premium income reached CNY4.79tn ($672bn) in the first nine months of this year, jumping by 7.2% year on year, according to the National Financial Regulatory Administration (NFRA).
The financial performance of Groupama SDIG Property Insurance Co, a 50-50 Sino-French joint venture, is regarded as 'Good', given its increasing underwriting margin and steady investment yield, says Fitch Ratings.
Korean Reinsurance will likely maintain largely stable underwriting performance over the next two years, says S&P Global Ratings. It expects the reinsurer's combined ratio to be 93%-95%, based on IFRS 17, over the next two years.
Fubon Life Insurance's capital and earnings will likely remain satisfactory over the next two years despite sensitivity to capital market volatility, foreign exchange movements, and uncertainties over financial changes as the sector adopts new accounting norms in 2026, says S&P Global Ratings (S&P).
Qatar Insurance Company (QIC), the leading insurer in Qatar and a dominant player in the Middle East North Africa (MENA) region, has reported a net profit of QAR525m ($144m) for the first nine months of 2024, around 16% higher compared to QAR453m over the corresponding period in 2023.
Total insurance premiums in Jordan in the past nine months of this year amounted to JOD603m ($851m), an increase of about 4.9% compared to the corresponding period in 2023, according to statistics released by the Central Bank of Jordan.