Insurance & Reinsurance 01 (May 08 - Sep 14)

Re: Insurance & Reinsurance

Postby winston » Tue May 08, 2012 6:20 am

Life insurance policy sales up in Q1 By Kristie

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SINGAPORE: Life insurance policy sales in Singapore grew modestly during the first quarter of this year.

According to the Life Insurance Association of Singapore (LIA), sales grew by 12 per cent from the same time last year.

For the first quarter of 2012, the industry clinched S$517 million in weighted new business premiums, up from S$460 million during the same time last year.

LIA said that this was largely due to a 22 per cent increase in annual premium sales to S$360 million in the quarter.

Single premium sales on the other hand saw a dip of 5 per cent to S$157 million.

President of the Life Insurance Association Mr Tan Hak Leh said: "Single premium plans are sensitive to low interest rate environment, hence attracting less investors."

He also expects "challenging conditions" to prevail in 2012.

Mr Tan said: "The life insurance industry in Singapore is likely to face very difficult conditions this year mostly because of the uncertain global economy, as well as the interest rates in Singapore remaining at close to a historical low. During times of uncertainty, consumers tend to defer the decision to make financial commitments such as buying a life insurance contract."

Total new sales from the previous quarter declined by 5 per cent to S$517 million from S$542.9 million.

Source: CNA

http://www.channelnewsasia.com/stories/ ... 02/1/.html
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Re: Insurance & Reinsurance

Postby winston » Tue May 08, 2012 8:48 pm

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CIRC: Complaints against CHINA LIFE (02628) constitute highest proportion

China Insurance Regulatory Commission (CIRC) announced that it received a total of 1,120 complaints from insurance consumers regarding their rights in the first quarter of this year, down 11.25% YoY. The complaints include 1,239 valid issues.

CIRC received 779 complaints against insurers in the very same quarter. The 'top' five insurers which were complained against are as follow: CHINA LIFE (02628) (210 complaints), PING AN (02318) (115 complaints), NCI (01336) (85 complaints), CPIC (02601) (52 complaints) and Taikang (49) complaints.

Number of issues confirmed to be in violation of rules and discipline amounted to 62 while number of issues unveiling a part of the truth equaled 78. CIRC issued eight warnings to the relevant companies and persons, who were fined RMB188,000.

Source: AAStocks Financial News
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Re: Insurance & Reinsurance

Postby winston » Thu May 10, 2012 8:28 am

Aviva puts Malaysian business on block - sources

* Has operations in 10 Asian countries
* Also selling Taiwan assets

By Denny Thomas and Clare Baldwin

HONG KONG, May 9 (Reuters) - Aviva has put its Malaysian operations on the block and is close to hiring a bank to help with the sale process, sources said on Wednesday, as the British insurer moves ahead with a plan to exit non-core markets.

The deal, which is in its early stages, could fetch about $200 million and comes at the same time that Dutch financial company is exiting its Asian insurance and investment management operations.

Aviva would not comment. The sources declined to be identified as the process is confidential.

One source said the sale process has not been launched and the recent shake-up in the company's top ranks -- chief executive Andrew Moss stepped down on Tuesday after a shareholder revolt over pay -- could slow the sale.

Rapid economic growth and the rise of the middle class in Asia is driving demand for insurance products in the region. Companies with sub-scale operations are finding it hard to gain market share and improve profitability.

Aviva is also in the process of exiting its loss-making Taiwan operations, a process that has been long delayed. .

It has operations in 10 Asian countries, mostly joint ventures, and Asia Pacific operations made up 2 percent of 2011 group operating profit.

Aviva entered Malaysia in June 2007 in a joint venture with CIMB Group, paying 500 million ringgit ($164 million) for a 49 percent stake, according to CIMB's website. CIMB is Malaysia's second-largest lender by assets.

The joint venture's net profit fell marginally to 31.8 million ringgit last year, while net premiums it underwrote dropped about 30 percent to 230 million.

The Malaysian life insurance market is forecast to grow 5.3 percent this year and 5.5 percent in 2013, according to Swiss Re.

The strong economic growth has attracted global financial institutions and sources said the Aviva auction could attract interest from AIA Group, Sun Life Financial and Manulife Financial Corp.

http://www.reuters.com/article/2012/05/ ... 8L20120509
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Re: Insurance & Reinsurance

Postby winston » Tue May 29, 2012 8:51 am

Malaysia Life insurance sector may grow 10% this year By SHARIDAN M. ALI

KUALA LUMPUR: Banking on economic growth of the region, which is currently at the forefront of global fiscal environment, Malaysia's life insurance industry is expected to grow by 10% this year.

Bank Negara assistant governor Donald Joshua Jaganathan said Asia was at the forefront of global economic growth, with projected gross domestic product expansion of 7.3% to 7.9% in the next two years, and this would bode well for insurance market in the region.

“It has been forecast that premiums in emerging Asia could potentially grow 9.5% and 11.5% for the life and non-life market respectively,” he said.

http://biz.thestar.com.my/news/story.as ... c=business
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Re: Insurance & Reinsurance

Postby winston » Thu May 31, 2012 6:16 pm

Manulife Said in Second Round of ING Asia Insurance Bidding By Cathy Chan and Maud van Gaal

Manulife Financial Corp. (MFC) and AIA Group Ltd. (1299) are among companies that were invited to make second- round bids for ING Groep NV (INGA)’s Asian insurance business, said four people with knowledge of the matter.

http://www.bloomberg.com/news/2012-05-3 ... dding.html
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Re: Insurance & Reinsurance

Postby winston » Thu Jun 28, 2012 11:30 am

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DJ MARKET TALK: China Insurers Inexpensive But No Catalysts - Deutsche

1112 [Dow Jones] Deutsche Bank expects the successful launch of China Life's (2628.HK) product initiatives in April to drive a 2H12 growth recovery, which should serve as a positive catalyst for re-rating of the stock given the market's relatively low expectation.

On the other hand, it eyes Ping An (2318.HK) as "a crowded trade" and believes the stock could underperform on growth disappointment and unfavorable developments in China's economy because of its banking and trust businesses.

The house lowers its 2012 VNB (value of new business) growth forecasts for the sector, and says that trading at an average 4.3X 2012 NB, "we believe the sector valuation is inexpensive but we see a lack of fundamental catalysts for re-rating in the near term."

It prefers China Life and China Pacific Insurance (2601.HK), while Ping An is its least favorite. China Life is up 0.6% at HK$19.62.

Source: Dow Jones Newswire
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Re: Insurance & Reinsurance

Postby winston » Wed Aug 01, 2012 8:41 am

:lol: :roll: :lol:

Hedge Funds Getting Burned in Offshore Insurance: Street Whispers By Antoine Gara

NEW YORK (TheStreet) -- After earning Wall Street fame for making billions by buying protection against the U.S. subprime mortgage market, John Paulson's newest foray into the world of insurance is off to a loss-making start as the hedge fund manager bleeds red ink from the shores of Bermuda.

In April, Paulson's struggling hedge fund Paulson & Co. teamed Validus Holdings(VR) on a $500 million-plus joint investment to create PaCRe, a Bermuda-based reinsurance company with policies underwritten by Validus and an investment portfolio managed by Paulson & Co.

See if (VR) is traded within the Action Alerts PLUS portfolio by Cramer and Link

So far, the venture is down sharply, as Paulson suffers from losses in many of his largest funds, adding to a forgettable 2011.

According to Validus's second quarter results released on July 26, the joint venture between it and Paulson lost roughly 10% of the initial investment during the quarter.

http://www.thestreet.com/story/11645195 ... L_btb_html
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Re: Insurance & Reinsurance

Postby winston » Sat Aug 25, 2012 10:00 am

Singapore’s life insurance market to post stable growth through to 2016

Singapore’s life insurance market has been forecast to post stable growth through to 2016, with experts predicting it to record a compound annual growth rate (CAGR) of 4.7%. This increase will be driven by the positive economic development in Singapore.

The industry put in a strong performance in 2011, with the Singapore Life Insurance Association (LIA) reporting that on a weighted basis, total new premium income came in at S$2.007 billion ($1.6 billion), up 21.6% on the S$1.651 billion recorded in 2010.

The industry’s performance in 2011, points to the fact that the market remains in a strong position. The economy as well as consumer sentiment went through uncertain times during 2011, and it’s good to note that the life insurance industry has remained resilient.

The rise in premium income marked the second year of recovery following the slump in new business in 2009. In that year, weighted new premium income fell by 17.5% compared with 2009 to S$1.41 billion.

Singapore’s population is aging rapidly, and the older age group accounted for 9.9% of the country’s total population in 2011. This is expected to grow at a rapid rate of 5.8% annually from 2012 to 2020, which in turn will lead to a boost in the life insurance market.

Demand for life insurance products is expected to grow rapidly due to the low interest rates offered by local banks on saving products, offering scope for investment-linked insurance products.

http://www.officialwire.com/pr/singapor ... h-to-2016/
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Re: Insurance & Reinsurance

Postby winston » Thu Sep 20, 2012 2:56 pm

DJ Prudential-Fosun Insurance JV Gets China Regulatory Approval

SHANGHAI--A China-based life-insurance joint venture between Prudential Financial Inc. (PRU) and Fosun International Ltd. (0656.HK) has approval from the China regulator to commence business, according to Prudential Financial.

Pramerica Fosun Life Insurance Co. is an equal partnership with registered capital of 500 million yuan ($79.37 million), Newark, N.J.-based Prudential Financial said in a statement dated Tuesday.

Prudential Financial and the Shanghai-based Fosun International established the partnership a year ago, making it the first since 2008. It is expected to start business in the fourth quarter, Prudential Financial said, adding that Kenny Wu, a 27-year veteran of the Chinese life insurance industry, will be general manager.

It is the latest attempt by a foreign insurer to succeed in a market that, in spite of growing demand, has proven difficult.

Problems with local partners and administrative hurdles are among issues plaguing foreign insurers, who were supposed to be big winners from China's joining the World Trade Organization in 2001. The U.S. demanded equal treatment for foreign insurers.

Dozens of joint ventures were established. But the hoped-for success never materialized.

China has complied with the letter of WTO requirements, foreign executives say, but its regulator employs measures that clash with their spirit, by protecting local companies from competition.

This allegedly allows locals to build unassailable market positions as foreigners struggle to even establish a presence.


Source: Dow Jones & Company, Inc.
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Re: Insurance & Reinsurance

Postby winston » Fri Oct 19, 2012 4:17 pm

I dont really understand the rationale for this transaction but what do I know ...

ING to sell insurance units in Hong Kong, Macau to PCG

Dutch banking and insurance group ING said Friday it will sell its insurance units in Hong Kong and Macau to Pacific Century Group, for US$2.14 billion (1.64 billion euros) in cash.

The Dutch group said the latest transaction, which also includes its Thai combined life insurance operations, will deliver a net gain of approximately 1 billion euros in the in the first quarter next year.

Pacific Century Group is a private firm founded by Richard Li, chairman of Hong Kong's largest telecom operator HKT, and has interests in financial services, real estate, satellite communications, media and telecommunication services in Asia.

Source: AFP Asian Edition
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