2024 marks the fifth year of the establishment of the Dajia Insurance Group in June 2019 by the Chinese authorities to take over the operations of the now-defunct Anbang Insurance Group.
State-run listed reinsurer GIC Re has announced that its net profit after tax for the fiscal year ended 31 March 2024 (FY24) reached INR64,973m ($779.2m), 2.9% higher than in FY23.
The high domestic interest rate environment in the Philippines will keep insurers' investment yields strong as companies reinvest their assets into higher yielding fixed-income instruments upon maturity, according to AM Best.
Higher investment income averaging at a quarterly rate of return on investments (ROI) of 1.7% (1Q2023: 1.3%) has boosted the first-quarter earnings of 77 listed insurers in the GCC region, according to Insurance Monitor, a research and consulting firm.
The regulatory authorities have been providing window guidance to some insurance asset management companies, advising them to stop selling new investment products to individuals and to control the scale of investment in insurance asset management products by individual investors.
The IRDAI has issued a Master Circular on Actuarial, Finance and Investment Functions of Insurers.
The first two asset-backed securities (ABS), with a total issuance amount of more than CNY2bn ($277m) and managed by insurance asset management companies, have made their debut on the Shanghai Stock Exchange.
ZhongAn Online P&C Insurance has entered into a Sale and Purchase Agreement to purchase two pieces of property on the Bund in the prime district of Huangpu in Shanghai for CNY1,436.6m ($199.1m).
Ping An Insurance Group Co, China's biggest insurer by capitalisation, sold 5.65m shares in HSBC Holdings on 7 May at an average price of HK$69.3074 ($8.87) per share.
Although the capital market in China in 2023 was in the doldrums, insurance asset management companies' overall performance last year was basically stable, with a slight growth. This was after experiencing a significant decline in revenue and profits in 2022.