Taiwan's second biggest non-life insurer Cathay Century Insurance Company has returned to the black, with a full-year net profit of NT$1.2bn ($37.5m) in 2023 from a net loss of NT$19.6bn in 2022 which was predominantly attributed to COVID-19 pandemic insurance claims, says AM Best.
China's five major 'A'-share listed companies reported a combined net profit attributable to the shareholders of the parent company of CNY171.8bn ($24.2bn) in the first half of this year, exceeding the CNY165.5bn for the whole of 2023, according to data from interim financial statements released by the companies.
China Reinsurance (Group) Corporation (China Re), has reported a net profit of CNY5.92bn ($835m) for the first half of 2024, almost three times (286%) the CNY2.07bn posted in the corresponding period in 2023.
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.
Allianz Asia-Pacific reported a 5% year-on-year increase in total operating profit (OP) to EUR388m ($430m) for the first six months of 2024, with contributions from both Life/Health and Property-Casualty business segments, the company reveals in its interim financial statements.
Fitch Ratings has revised the outlook on South Korea-based Hanwha Life Insurance's (HWL) Insurer Financial Strength (IFS) Rating and Long-Term Issuer Default Rating to 'Positive' from 'Stable'. HWL is among the country's top three life insurers.
Macau Insurance Company (MIC) MIC forecasts that its GPW for 2024 to grow on strong contributions from casino developments, while the recovery in the gaming and tourism industry gradually spills over to other parts of the economy, says AM Best.
Indonesia's life insurance industry chalked up premium income of IDR88.49tn ($5.7bn) in the first six months of this year, 2.6% higher than in the first half of 2023, according to data from the Life Insurance Association of Indonesia (AAJI).
Taiwan's biggest life insurer, Cathay Life, reported a net profit of NT$47bn ($1.47bn) in 1H2024, a significant increase from NT$14bn in 1H2023. This 235.7% growth was mainly driven by higher investment income, said CreditSights, a unit of Fitch Group, in a commentary.
Insurance companies in South Korea, comprising 22 life insurers and 31 non-life insurers, generated KRW9.37 ($7bn) in preliminary net income for the first half of 2024, up by KRW253.6bn or 2.8% from the corresponding period a year earlier, according to preliminary data released yesterday by the Financial Supervisory Service.