Orient Insurance, the leading UAE insurance provider and a subsidiary of the conglomerate Al-Futtaim, has announced that its net profit after tax increased by 15% to AED731m ($199m) in 2024, up from AED636m in 2023, according to the company's preliminary financial results for the year ended 31 December 2024.
The Insurance Federation of Egypt (IFE) feted a special milestone on 11 February 2025 -- its 70th anniversary -- at a celebratory event attended by senior insurance industry officials, top executives and professionals.
China's National Financial Regulatory Administration recently released data showing that health insurance premiums totaled CNY977.4bn ($134bn) in 2024, marking an 8.2% year-on-year growth. However, this figure fell slightly short of the industry's earlier projection of CNY 1tn. Among the total, life insurers generated CNY773.1bn in health insurance premiums, up 6.15%, while property insurers recorded CNY204.3bn, reflecting a 16.6% increase.
According to local media, as of February 5, ten Chinese property insurance companies, including Asia-Pacific P&C Insurance, Qianhai Property Insurance, Hua'an Insurance, Bohai Property Insurance, Anhua Agricultural Insurance, and Dubon Insurance, have suspended new online insurance business.
These are the updates on insurance regulation across China this week.
Singapore's life insurance industry ended the year strong with a 19.7% growth, reaching a total of S$5.87bn ($4.34bn) in weighted new business premiums for YTD 4Q2024, compared to last year, primarily due to an increase in the annual premium business, said the Life Insurance Association of Singapore.
Manulife has unveiled a brand campaign in Hong Kong to empower the younger segment to rethink their mandatory provident fund (MPF) and take control of their retirement planning.
A family wealth management survey recently conducted by Hang Seng Bank that interviewed over 500 Hong Kong residents aged 30 to 55 with liquid assets of HKS1m ($130,000) or more revealed that young affluent families set a savings goal of HK$18m to achieve various life objectives. However, many respondents lack a comprehensive financial plan.
A new health insurance plan for senior citizens and individuals with pre-existing conditions will be launched in April.
A recent survey by business insights company MDRi, has revealed a diverse array of health and medical insurance needs across Hong Kong and Singapore.