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AMP Life sale update; Heungkuk Life fine; SBI General Insurance IPO

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AMP Life sale update; Heungkuk Life fine; SBI General Insurance IPO

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.

Deals and IPOs

* Australia-based AMP Ltd. revised the terms of its agreement with Resolution Life to sell its Australian and New Zealand wealth protection and mature businesses, AMP Life. The revised terms include a total consideration of A$3.0 billion.

* Mitsui Sumitomo Insurance Co. Ltd. will swap 19.98% out of the 25.22% shares of India's Max Life Insurance Co. Ltd. it holds for a 21.43% stake in Max Financial Services Ltd. The Japanese insurer will sell the remaining 5.24% Max Life shares to Max Financial.

* South Korea's KDB Life Insurance Co. Ltd. is working on a new plan to find a buyer after multiple failed attempts. The insurer's parent, Korea Development Bank, is committed to selling the unit within 2019, The Korea Economic Daily reported.

* State Bank of India Chairman Rajnish Kumar said the bank prefers to postpone the planned IPO of SBI General Insurance Co. Ltd., by one more year, Moneycontrol reported. The proposed IPO is now expected to take place in the year starting April 1, 202.

Earnings corner

* Insurance Australia Group Ltd.'s net profit after tax for the year ended June 30 rose 16.6% to A$1.08 billion from A$923 million year over year.

* Japan's MS&AD Insurance Group Holdings Inc.'s net income attributable to owners of the parent for the quarter ended June 30 grew 14.5% to ¥95.99 billion from ¥83.86 billion a year ago.

* Suncorp Group Ltd.'s net profit after tax for the year ended June 30 plunged 83.5% to A$175 million from A$1.06 billion year over year. The insurer's profit for the period includes a A$910 million after-tax noncash loss on the sale of its Australian life business.

* Suncorp Group's board also proposed a A$506 million capital return with related share consolidation to distribute the remaining surplus capital from the sale of its Australian life insurance business to ordinary shareholders.

In other news

* CIMB Islamic Bank Bhd. and Takaful Ikhlas General Bhd. forged a bancatakaful partnership to provide general takaful products and solutions to the Islamic bank's customers.

* South Korea's Financial Supervisory Service fined Heungkuk Life Insurance Co. Ltd. 1.82 billion won for offering business contracts to tsis inc. on preferential terms between 2014 and 2016.

* Myanmar's Ministry of Planning and Finance assured that no last-minute changes were made to its rules on joint ventures between local and foreign insurers in both the life and nonlife segments of the country's insurance market, Asia Insurance Review reported.