Income Insurance, a composite insurer in Singapore, has selected JP Morgan as the custodian bank for its assets.
China's insurance sector has made a significant move into gold investments. Recently, China Life became the first domestic insurer to complete a gold transaction on the Shanghai Gold Exchange, signaling the official rollout of insurers' gold investment strategies.
These are the updates on insurance regulation across China this week.
Since 2023, Chinese InsurTech companies have actively sought listings on US and Hong Kong stock exchanges. While some, like Cheche Technology and U-Bx Technology, have successfully gone public, many others have faced delays or suspensions in their IPO processes.
Global gold prices have been soaring in recent years, repeatedly hitting record highs. Meanwhile, Chinese insurers have been struggling with a "shortage of investable assets." The downturn in real estate prices and local government debt restructuring has significantly reduced their allocation to alternative assets, leaving them with limited options in bonds and equities. This lack of investment channels has constrained returns on insurance capital.
Prudential has appointed Mr Ray Farris as chief economist. In this new created role, he will drive economic analysis and insights for both Prudential and Eastspring Investments, Prudential's asset management arm.
Sun Life has appointed Mr Benjamin Deng as president of Asia asset management, effective 1 January 2025. He will join Sun Life's Asia Executive Team in this newly created role.
East Africa Reinsurance Company(EARe) has a track record of adequate operating performance, with return-on-equity moderately exceeding the inflation in Kenya over the past five years, says AM Best.
HSBC has appointed Mr William Chan as global CIO and head of investments for global insurance.
Aviva Investors has appointed Mr Denis Resovac as head of insurance solutions sales. In this newly created role, he will be responsible for leading the development of investment solutions for Aviva Investors' insurer clients across APAC.