Listed companies in the UAE recorded an aggregate profit decline of 12% to AED602m ($164m) for the first quarter of 2022 when compared with the corresponding period of 2021 when combined profits were AED687m, according to data compiled by Badri Management Consultancy.
The aggregate premium growth rate of China's five major listed life insurers was flat in the first four months of this year, standing at 0.3% year on year with combined premiums reaching CNY791.2m ($117.6m).
China's five major listed insurance group companies posted an aggregate premium income of CNY1,174bn ($174bn) in the first four months of this year, 3.45% higher than in the corresponding period in 2021.
The non-life insurance market in mainland China posted an aggregate net profit of CNY15.82bn ($2.34bn) for the first quarter of this year, representing a drop of 15.8% from the corresponding quarter in 2020.
The net profits of South Korea's non-life insurance industry soared by 72% year on year in 2021 to a record-high of KRW3.7tn ($3.0bn), thanks to markedly improved underwriting performance, especially in the automobile insurance line, notes AM Best.
The aggregate profit of insurance companies listed on UAE stock exchanges fell by 12.9% to AED590.87m ($160.86m) for the first quarter of this year, compared to AED678.07m for the corresponding quarter in 2021.
The top four insurance companies in Saudi Arabia, based on 2021 premium income, have reported weaker net results for the first quarter of this year, as a result of higher claims.
Income inequality within countries is negative for social cohesion, economic growth and financial markets. It is also detrimental to most insurance markets, leading to overall lower insurance penetration and reduced household protection according to a new research published in Sigma by Swiss Re Institute.
Health insurance, which includes both compulsory and non- compulsory lines, accounted for 59.7% of the 2021 total market gross written premiums (GWP) in Saudi Arabia. Health GWP in 2021 amounted to SAR25.11bn ($5.63bn) in underwritten premiums, according to "The Saudi Insurance Market Report 2021" released last week by the Saudi Central Bank (SAMA).
The profitability of the motor insurance branch in Morocco has deteriorated sharply in recent years to the point of pushing the regulator into introducing a provision for price risk to discipline the market.