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.
China to transfer Anbang assets, other deal news
* The Chinese government is said to be moving Anbang Insurance Group Co. Ltd.'s businesses to a new company called Dajia Baoxian, Bloomberg News reported, citing sources. It is unclear if property assets acquired by Anbang, including the Waldorf Astoria Hotel in New York, would also be moved to Dajia Baoxian or sold separately.
* India-based Reliance Capital Ltd. is in advanced talks to sell wholly owned subsidiary Reliance General Insurance Co. Ltd. to Hero FinCorp Ltd., The Economic Times reported, citing sources. The potential sale could value the general insurer at 55 billion Indian rupees to 60 billion rupees
* South Korea's Lotte Group agreed to sell a 53.49% stake in Lotte Insurance Co. Ltd. to private equity investor JKL Partners Inc. for 373.4 billion won, or 5,199 won per share. The terms of the asset sale are pending regulatory approval and could still change.
* Ion Pacific Ltd has made a US$7.3 million investment in Singapore Life Pte. Ltd., a move that gives the Hong Kong-based company exposure to Southeast Asia's life insurance market, DealStreetAsia reported.
* U.K.-based Talbot Underwriting Ltd., a unit of American International Group Inc., is combining its regional underwriting capabilities into a single hub based in Singapore. The move would result in the closure of its office in Australia and the Talbot Division of Lloyd's China.
* South Korea-based Hanwha General Insurance Co. Ltd. plans to set up an online insurance unit sometime in June.
* Taiwan Life Insurance Co. Ltd. will stop selling high-return insurance savings plans as the island's Financial Supervisory Commission moves to improve reviews of such products and lower the ratio of death benefits, the Taipei Times reported.
In other news
* Swiss Re Capital Markets Corp. has closed on Security First Insurance Co.'s US$100 million Series 2019-1 catastrophe bond, the first issued under Rule 144A to utilize Singapore's new insurance-linked security regulatory regime.
* Japan's Meiji Yasuda Life Insurance Co. said net surplus attributable to the parent company slid to ¥229.58 billion for the fiscal year ended March 31 from ¥265.04 billion in the prior-year period.
* Japan-based Sumitomo Life Insurance Co. reported a net surplus attributable to the parent company for the fiscal year ended March 31 of ¥48.27 billion, down from ¥69.84 billion a year ago.