S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries may have links to third-party sources that may require a subscription.
Japanese insurers post results for the fiscal first quarter ended June 30
* Japan Post Insurance Co. Ltd. reported a 0.9% year-over-year decline in first-quarter net income to ¥33.78 billion from ¥34.09 billion.
* Dai-ichi Life Holdings Inc.'s first-quarter net income attributable to shareholders of the parent company rose 24.9% to ¥51.77 billion from ¥41.44 billion a year ago.
* Meiji Yasuda Life Insurance Co. posted a 29.3% year-over-year decline in net profit for the first quarter to ¥30.81 billion from ¥43.55 billion.
* Sumitomo Life Insurance Co. logged a net loss attributable to the parent company of ¥3.41 billion for the first quarter, versus a surplus of ¥9.17 billion a year ago.
* Tokio Marine Holdings Inc.'s net income for the fiscal first quarter grew 10.8% to ¥112.71 billion from ¥101.74 billion a year earlier, thanks to a decline in natural catastrophes in Japan and growth in its overseas business.
* Sompo Holdings Inc.'s consolidated first-quarter net income attributable to shareholders stood at ¥30.56 billion, down 44.9% from ¥55.51 billion in the year-ago period.
Half-year, second-quarter results elsewhere in Asia-Pacific
* Ping An Insurance (Group) Co. of China Ltd.'s first-half consolidated net profit attributable to shareholders of the parent company was up by 68.1% year over year to 97.68 billion Chinese yuan.
* Australia's QBE Insurance Group Ltd. logged higher statutory net profit after tax for the half-year ended June 30 at US$463 million, compared with US$358 million in the year-ago period, due to significantly stronger investment returns.
* Samsung Fire & Marine Insurance Co. Ltd.'s second-quarter net profit dropped 46.4% to 195.3 billion South Korean won from 364.5 billion won a year ago.
Deals, updates and more
* Standard Life (Mauritius Holdings) 2006 Ltd. has sold 67.1 million shares in India-based HDFC Life Insurance Co. Ltd. at an average price of 480.7 Indian rupees per share.
* Sun Hung Kai Properties Ltd.'s joint venture with Ping An Insurance (Group) Co. of China Ltd. placed the winning 13.26 billion-yuan bid for a 175,300-square-meter mixed-use site in Hangzhou, China, Mingtiandi reported.
* A Mirae Asset Financial Group-affiliate emerges as the front-runner to purchase 15 luxury hotels across the U.S. from China's Anbang Insurance Group Co. Ltd., Bloomberg News reported, citing people with knowledge of the matter.
* U.S.-based private equity firm Blackstone Group Inc. is likely to bid for a US$2.4 billion property portfolio in Japan being put up for sale by Anbang Insurance Group Co. Ltd., Reuters reported, citing two people familiar with the company's plans.
In other news
* The Australian Prudential Regulation Authority will impose an additional A$250 million capital requirement to Allianz Australia Ltd. due to its heightened operational risk.
* U.S.-based Aflac Inc. will file for the delisting of its common shares from the Tokyo Stock Exchange after receiving authorization from the company's board of directors to do so.
* India's Reliance Capital Ltd. said its joint auditors and legal experts confirmed that the company did not commit any violations under India's companies law as alleged by its former auditor Price Waterhouse & Co. Chartered Accountants LLP.