The world's four largest reinsurers recorded a 69% fall in net income in 2020. In 2019 the net income of these four insurers (Munich Re, Swiss Re, Hannover Re and SCOR) was EUR5.07bn ($6.04bn) and it fell to EUR1.56bn ($1.86bn) in 2020.
National Takaful Company (Watania) has announced a net profit of AED18.4m ($5m) in 2020, 40% higher compared to AED13.1m in 2019.
Kuwait Insurance Company's (KIC) strong operating performance, demonstrated by a five-year average (2015-2019) return-on-equity ratio of 8.4%, is driven by the company's solid technical results, notes AM Best in a report.
Thai Reinsurance Public Company Limited's (Thai Re) combined ratio improved to 99% by end-2020 from a peak of 114% in 2018, supported by fewer claims from legacy unprofitable businesses and better performance from non-conventional businesses, notes Fitch Ratings.
The general insurance industry reported a net profit after tax of A$35m ($26.9m) for the year ended 31 December 2020, which was 1.1% of the A$3.1bn posted for 2019, according to data released by the Australian Prudential Regulation Authority (APRA).
Saham Assurance, one of Morocco's biggest insurers, has posted a 50.5% plunge in net profit to MAD201m ($22.4m) for the financial year ended 31 December 2020 (FY2020), compared to MAD406m in 2019.
Weaker economic conditions and an estimated decline in the expat population of about 12% (close to 230,000 people) led to a decline in GWP in the Omani insurance market by 4%-5% in 2020, says S&P Global Ratings.
The Egyptian insurance sector has posted a 25% jump in net surplus to EGP6bn ($382m)-comprising underwriting gains and investment returns-for the 12 months to 31 December 2020, compared to EGP4.8bn in 2019.
Dragon King Life has reported its first annual profit in 2020, following 11 years of losses.
Online life insurance business maintained steady growth in 2020, with a total of CNY211.08bn ($32.6bn) in premiums, a year-on-year increase of 13.6% compared to 2019, according to data released by the Insurance Association of China (IAC) that are based on 2020 Internet life insurance business information submitted by life insurance companies with online operations. The pace of growth was almost double the 6.9% increase in premiums produced by life insurers from all channels.