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Chinese insurance, banking regulators to merge; Sompo sells Canopius

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.

Regulatory developments

* China is set to merge its insurance and banking authorities into one regulatory body, in a bid to enhance scrutiny of the country's financial system. Some of the roles of the China Banking Regulatory Commission and the China Insurance Regulatory Commission will be transferred to the People's Bank of China.

* Philippines' Insurance Commission shut down operations of five nonlife insurers due to their failure to comply with capital requirements. The insurers are First Integrated Bonding and Insurance Co. Inc., Investors Assurance Corp., Metropolitan Insurance Co. Inc., Plaridel Surety and Insurance Co. and Premier Insurance and Surety Corp.

* New Zealand's Momentum Life Ltd. obtained a life insurance license, effective from March 12. The license will allow the company to become the underwriter of its future products.

Deals, ventures and more

* South Korea's NongHyup Financial Group Inc., through its affiliates, plans to enter the Chinese insurance market by making an investment in a new joint venture. Further, an affiliate of the company is looking to enter Southeast Asia through a potential acquisition of stakes in a Vietnamese insurer.

* Sompo Holdings Inc. completed the sale of its 100% stake in Sompo Canopius AG to a private equity consortium led by Centerbridge Partners LP.

* Japanese online services and e-commerce giant Rakuten Inc. completed its tender offer for shares of non-life insurer Asahi Fire & Marine Insurance Co. Ltd. The company made a tender offer of ¥2,664 per share of common stock and ¥10,656 per share of Series A class stock of the insurer.

* Chong Hing Bank Ltd. unit Chong Hing Insurance Co. Ltd. and OCBC Wing Hang Bank Ltd. agreed to extend the long-stop date for the sale of their respective stakes in Hong Kong Life Insurance Ltd. to Sept. 30 from March 20.

* Japan's Nippon Life Insurance Co. agreed to take a 5% stake in Deutsche Bank AG's DWS asset management division through the latter's proposed IPO. Nippon Life and DWS also entered into a five-year strategic partnership that will see more assets under management brought under the DWS name.

In other news

* Japan's T&D Holdings Inc. reportedly plans to convert its pet insurance provider into a general insurer as part of efforts to increase profit across the group.

* General Insurance Corp. of India reportedly obtained approval to kick off operations at Lloyd's of London in April. The new syndicate, named "GIC Syndicate 1947," will operate in accordance with Lloyd's agreed business plan.

* Jaspal Bindra, executive chairman of India's Centrum Group, said the company is looking to enter the insurance business.

* Malaysia's MAA Group Bhd. declared a first interim dividend of 3 Malaysian sen per share for the financial year ending Dec. 31, down from 6 sen per share in the year-ago period.

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