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Japanese insurers post H1 net profit; CIRC warns 3 insurers on governance issues

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 report H1 net profits, other earnings stories

* AXA Life Insurance Co. Ltd. more than doubled its net profit for the fiscal first half to ¥6.53 billion, compared to ¥2.97 billion in the year-ago period.

* MetLife Insurance KK posted a year-over-year decline in net income for the fiscal first half ended Sept. 30. The company reported fiscal first-half net income of ¥13.71 billion, down from ¥21.58 billion in the prior-year period.

* Fukoku Mutual Life Insurance Co. said its fiscal first-half net profit increased year over year to ¥38.07 billion from ¥30.91 billion in Sept. 30, 2016.

* Prudential Life Insurance Co. Ltd. reported a net profit of ¥13.02 billion for the six months to Sept. 30, up from ¥4.71 billion in the year-ago period.

* Asahi Mutual Life Insurance Co.'s net profit for the six months ended Sept. 30 more than doubled in the aggregate to ¥24.79 billion from ¥10.74 billion in same period last year.

* Nippon Life Insurance Co. said that its net profit for the six months to Sept. 30 inched up to ¥114.82 billion from ¥111.57 billion a year earlier despite a decline in premium.

* MS&AD Insurance Group Holdings Inc. is looking to derive half of its profit from its domestic nonlife insurance business and half from its other business, including international holdings, as part of its four-year medium-term management plan.

* Fubon Life Insurance Co. Ltd. said net profit attributable to its parent for the nine-month period ended September increased 16.2% year over year in the aggregate to NT$27.27 billion from NT$23.46 billion.

Chinese regulator warns three insurers over governance issues, other regulatory, M&A activities

* The China Insurance Regulatory Commission issued warnings to Taishan Property & Casualty Insurance Co. Ltd., Yongan Property Insurance Co. Ltd. and Kunlun Health Insurance Co. Ltd. over governance and related-party transaction issues after it warned and fined 16 insurers for similar reasons in October.

* China's securities regulator will reportedly no longer approve new mutual funds that are investing most of their portfolio in Hong Kong's equity market amid concerns that the city's key stock benchmark has risen too quickly to a decade-high.

* South Korea's Financial Services Commission will allow all banks and securities companies to sell insurance via "one-stop shops" and increase the maximum number of such outlets permitted for each institution to five, beginning in January 2018.

* Australian Prime Minister Malcolm Turnbull announced a probe into the country's financial sector to investigate the alleged misconduct of banks and other financial services entities. The royal commission will examine the conduct of banks, insurers, financial services providers and superannuation funds, as well as whether regulators are well-equipped to identify and address misconduct.

* Australia-based Challenger Ltd. is said to be to be running the ruler over AMP Life Ltd., the life insurance division of AMP Ltd., as part of an auction being run by the latter.

* AFFIN Holdings Bhd. unit AFFIN Bank Bhd. plans to buy an additional stake in AXA Affin General Insurance Bhd. from Felda Marketing Services Sdn. Bhd. for 81.44 million Malaysian ringgit.

In other news

* PICC Property & Casualty Co. Ltd. entered into a 10-year strategic cooperation agreement with Chubb Ltd. Under the agreement, the companies will establish "China desks" for Chinese-affiliated enterprises in Chubb's global offices.

* Sompo Holdings Inc. set up a fintech base in Israel, making it the first Japanese insurer to do so in the country.

* Dah Sing Life Assurance Co. Ltd. was renamed as Tahoe Life Insurance Co. Ltd.

* India's Edelweiss Financial Services Ltd. and Japan's Tokio Marine Holdings Inc. infused capital worth 6.70 billion rupees into their joint venture company, Edelweiss Tokio Life Insurance Co. Ltd.

* S&P Global Ratings affirmed China Life Insurance Co. Ltd.'s ratings with a negative outlook and removed the ratings from CreditWatch negative.

* A.M. Best has revised the outlooks to stable from positive and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of "a-" of Malaysian Reinsurance Bhd. (Malaysian Re) (Malaysia).

Featured on S&P Global Market Intelligence

* Growth of Chinese segment in HK life insurance market to return to 'normal'

* Japan's MS&AD could look to US in pursuit of overseas earnings

S&P Global Ratings and S&P Global Market Intelligence are owned by S&P Global Inc.