German global insurer Allianz Group has received approval from regulators in China to move its entire stake in a property insurance joint venture with Chinese e-commerce giant JD.Com to its local unit, a move intended to streamline its operations in China.
Huize Holding, a Nasdaq-listed Chinese insurance technology platform company, has announced that its international arm Poni InsurTech has completed its acquisition of 71.7% stake in Vietnam-based Global Care Consulting Joint Stock Company. The Vietnamese InsurTech company specialises in digital transformation solutions for the insurance industry.
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.
UAE-listed Abu Dhabi National Takaful Company (ADNTC) has terminated an agreement to acquire the life insurance portfolio of Dubai Islamic Insurance & Reinsurance Company (AMAN).
Estimates are that, in 2023, a third of the total number of insurance companies in Indonesia (excluding Shariah business units or windows [UUS]) that have a capital of less than IDR250bn ($16m), meaning that they are unlikely to meet new minimum capital requirements by the deadline of 2026, and so will likely be involved in M&As, according to Algo Research which offers research on the Indonesian financial sector.
Woori Financial Group (Woori FG) has signed a stock purchase agreement to acquire Tongyang Life Insurance and ABL Life Insurance for a total sum of KRW1.55tn ($1.15bn). Woori FG will acquire a 75.34% stake in Tongyang Life for KRW1.28tn and a 100% stake in ABL Life for KRW265.4bn.
The Competition Authority of Kenya (CAK) has approved the proposed acquisition of 51% shareholding in Monarch Insurance by a consortium of three firms, Ondoba, Kenyoro and Equico Thirteen.
CTBC Financial Holding has announced a revised plan to take over Shin Kong Financial Holding as it seeks to outdo a merger proposal between the latter and Taishin Financial Holding.
Liva Group, a leading multi-line insurer in the GCC, has said that a potential merger between Liva Insurance Company (Liva KSA) and Malath Cooperative Insurance Company was part of a strategy to expand its footprint in Saudi Arabia.
Shin Kong Financial Holding has agreed to merge with a smaller rival in a deal that sets up a takeover battle for Shin Kong with another suitor, CTBC Financial Holding Co, reports Bloomberg.