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South Korea's ING Life draws interest; India to review insurers' performance

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.

Potential insurance deals

* South Korea-based Shinhan Financial Group Co. Ltd. and KB Financial Group Inc. reportedly expressed interest in acquiring ING Life Insurance Korea Ltd.

* Commonwealth Bank of Australia is exploring alternatives for its life insurance unit in Indonesia, including a possible sale, as part of a strategic review.

* Separately, Insurance Australia Group Ltd., Germany's Allianz SE, Ping An Insurance (Group) Co. of China Ltd. and American International Group Inc. are among the companies showing an interest in Commonwealth Bank of Australia's general insurance business.

* U.S.-based Goldman Sachs Group Inc. is said to be in talks to acquire a stake in India's Royal Sundaram General Insurance Co. Ltd., the insurance unit of Sundaram Finance Ltd.

Regulatory, legal developments

* Former Anbang Insurance Group Co. Ltd. Chairman Wu Xiaohui's trial began at a Shanghai court over alleged fraudulent fundraising and embezzlement.

* India's Finance Ministry is set to conduct a performance review of all state-led insurance companies in a bid to contain their underwriting losses.

* New Zealand-based CBL Corp. Ltd. obtained approval to postpone a creditors' watershed meeting to gather more information to decide on the company's future following regulatory scrutiny over its capital reserves.

Earnings corner

* People's Insurance Co. (Group) of China Ltd. and unit PICC Property & Casualty Co. Ltd. reported year-over-year increases in net profit for the year ended Dec. 31, 2017.

* Taiwan's Fubon Financial Holding Co. Ltd. posted an 11.8% year-over-year gain in net income for 2017.

* China Taiping Insurance Holdings Co. Ltd.'s net profit for 2017 rose to HK$6.14 billion from HK$4.83 billion in the prior year.

In other news

* China's Ping An Insurance (Group) hired banks to prepare for an IPO of its OneConnect financial management portal on the Hong Kong stock exchange.

* Taiwan-based Fubon Life Insurance Co. Ltd. may become the largest shareholder of South Korean insurer Hyundai Life Insurance Co. Ltd. if shareholder Hyundai Mobis Co. Ltd. decides to forfeit its options in a recapitalization of the insurance company.

* Tropical cyclone Debbie, which hit the Australian states of Queensland and New South Wales from March 28, 2017, through early April 2017, caused property insurance market losses of A$1.74 billion, according to the fourth and final loss estimate by Zurich-based catastrophe insurance data provider PERILS AG.

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