Policy and regulation
The China Banking and Insurance Regulatory Commission authorized insurers to participate in securities lending as part of its initiative to boost short-selling activities in stock and bond markets, Reuters reported.
Chinese insurers held 11.6 trillion yuan of bonds, stocks and securities funds at the end of October.
Life and health
Indian conglomerate Hinduja Group Ltd. and Abu Dhabi Investment Authority are in talks to acquire Axa SA's 49% stake in its Bharti Axa Life Insurance Co. Ltd. joint venture, The Economic Times reported, citing people familiar with the matter. The stake could be worth around $1 billion.
Jefferies was tapped to be an adviser for the potential transaction, with due diligence likely to conclude by early 2022, according to the report.
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Star Health and Allied Insurance Co. Ltd. will cut its IPO size after the offering received a "tepid" response from high net worth individuals during an extended subscription period that ended Dec. 2, resulting in a shortfall of about $100 million, Reuters reported.
The company intends to reduce the offering size to the extent of the undersubscribed portion.
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AIA Group Ltd. completed the divestment of its entire directly managed listed equity and fixed-income exposure to coal mining and coal-fired power businesses as part of its commitment to achieving net-zero greenhouse gas emissions by 2050.
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Bank of East Asia Ltd. is considering selling its general insurance business, Blue Cross (Asia-Pacific) Insurance Ltd., in a potential deal that could raise up to $400 million, Bloomberg News reported.
The Hong Kong-based lender could begin a formal sale process for the unit as soon as early 2022.
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Athene Holding Ltd. and Apollo Global Management Inc. received approval from the Australian Prudential Regulation Authority to acquire a 3% stake in Challenger Ltd. from an existing shareholder as part of their acquisition of a 15% minority interest.
The transaction will raise Athene and Apollo's stake in Challenger to 18%.
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China Pacific Life Insurance obtained a license from the Hong Kong Insurance Authority that would allow it to operate long-term insurance business in Hong Kong, Insurance Business Asia reported.
Multiline
Assicurazioni Generali SpA is in talks to increase its stake to up to 74% from 49% in two Indian insurance businesses as Future Group considers exiting the joint ventures by selling its entire stake for 30 billion rupees, Reuters reported.
Future Group holds a 51% stake in a non-life insurance joint venture and jointly holds another 51% stake in a three-way life insurance joint venture with another Indian company.
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Malene Insurance Brokers rebranded to Howden Takaful Brokers following its merger with Howden Group Holdings Ltd. in February 2019, Asia Insurance Review reported.
Howden Takaful became the largest takaful broker in Malaysia, offering Shariah-compliant solutions across Howden's product range.
Property and casualty
Willis Towers Watson PLC has acquired Sydney-based aviation industry broker Aerosure, which will become part of Willis Towers Watson's global aerospace business.
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Ensurance Ltd. appointed Tom Kent CEO, effective Jan. 1, 2022. Tony Leibowitz will revert to the group nonexecutive chairman role.
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