Continental Reinsurance, a Pan-African reinsurance company, has reported a 228% surge in pre-tax profit to NGN23.51bn ($14.14m) for 2023, rising from NGN7.17bn in 2022. The profit increase was achieved on huge gains in underwriting and investment.
Turkiye Sigorta,the leading non-life insurer in Turkiye, and Turkiye Hayat Emeklilik, the country's biggest life insurer, have announced a combined net profit of TRY11.22m ($340m) for the first six months of 2024.
Sukoon Insurance, the second biggest insurance company in the UAE in 2023 based on insurance revenue, posted net profits attributable to owners of the company of AED126.09m ($34.33m) for the first half of 2024, 3.9% higher than the AED121.63m in 1H2023.
The operating performance of Egyptian Takaful Property & Liability Insurance Company (EGTAK is assessed as adequate, says AM Best.
Higher interest rates have resulted in life insurance premium growth in advanced markets, according to Swiss Re's sigma report, World insurance: strengthening global resilience with a new lease of life.
The pre-tax profit of insurance companies in Taiwan for the first six months of this year stood at NT$229.7bn ($6.99bn), 313.1% higher than in 1H2023, according to data released by the Financial Supervisory Commission (FSC).
The government has asked state-controlled general insurers, who are struggling to improve their solvency ratio and profits, to the exit the motor and health insurance segments, which have been identified as significant loss-making branches.
Societe Tunisienne de Reassurance (Tunis Re), the leading reinsurer in the northern African country, has reported a 12.5% increase in turnover in the first six months of this year to TND118.6m ($38.2m), compared to the corresponding half in 2023, according to data published by the reinsurer.
The results of Hyundai Marine & Fire Insurance Co's (HMF) long-term insurance lines are expected to improve from premium rate increases and the company's efforts to improve the medical indemnity loss ratio trend, while both auto and general lines remain relatively stable, said AM Best.
Taishan Property & Casualty Insurance Co (Taishan P&C), in which Germany's ERGO Group has a 24.9% stake, is expected to report better operating results in 2024-2025 on an improvement in underwriting results and a stable investment yield, said Fitch Ratings.