Qatar Islamic Insurance Group (QIIG) is assessed to have a strong operating performance, says AM Best. The insurer has reported robust technical performance consistently, with a five-year (2019-2023) weighted average combined ratio of 72.0%.
Société Tunisienne de Réassurance (Tunis Re) showed an average return-on-equity ratio of 7.6% from 2019 to 2023, says AM Best.
The growth of the mainland Chinese non-life sector slowed in 1Q2024 on deceleration in the expansion of motor insurance, which accounted for 44% of sector premiums, says Fitch Ratings. Motor insurance growth decelerated to 2.6% year on year in 1Q2024 despite strong sales of new-energy automobiles.
Oman Reinsurance Company (Oman Re) has generated a good financial performance, as reflected in net income return on equity of 8.4% in 2023 (2022: 7.5%), says Fitch Ratings.
The Indonesian Life Insurance Association (AAJI) has announced that the life market chalked up premium income of IDR46tn ($2.8bn) in the first quarter of 2024.
The UAE's biggest insurer Orient Insurance will continue to increase its revenue by at least 10% per year in 2024 and 2025, as the insurer continues to expand its business in the UAE and in the wider Middle East and North Africa region, says S&P Global Ratings.
Takaful contributions in Egypt jumped by 56.4% during the first quarter of this year to reach EGP2.8bn ($747m), compared to EGP1.8bn during the corresponding period in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Several non-life insurance companies in Vietnam have reported profit increases of over 40% in the first quarter of 2024.
Egyptian insurance companies generated EGP22bn ($466.2m) in premiums in nominal terms during the first quarter (January-March) of this year, 20.9% higher than the EGP18.2bn during the corresponding quarter in 2023, according to a report released by the Financial Regulatory Authority (FRA) on non-banking financial activities.
Global credit rating agency AM Best says that it expects Vietnam National Reinsurance Corporation (VINARE) to continue delivering strong operating performance, supported by favourable underwriting performance and robust investment income.