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CommInsure faces ASIC charges; Westpac life insurance unit sale; Fubon Life fine

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CommInsure faces ASIC charges; Westpac life insurance unit sale; Fubon Life fine

S&P Global Market Intelligence offers our top picks of insurance news stories and more published throughout the week. Please note that some entries have links to third-party sources that may require a subscription.

M&A corner

* The Australian Securities & Investments Commission has charged Colonial Mutual Life Assurance Society Ltd., or CommInsure, with 87 counts of hawking offenses for selling its products over noncompliant and unsolicited phone calls.

* Australia's Westpac Banking Corp. is considering a sale of its life insurance business. The bank has received some interest and is in preliminary discussions, Reuters reported.

* Korea Development Bank has launched a bid to sell KDB Life Insurance Co. Ltd. The sale involves a controlling stake, or about 8.8 million common shares, in KDB Life.

* Tokio Marine Holdings Inc. agreed to acquire high-net-worth specialist Privilege Underwriters Inc. and its subsidiaries, known as Pure Group, for about $3.1 billion.

* Suncorp Group Ltd. agreed to sell car repairs and alternative parts units to vehicle aftercare services provider AMA Group Ltd. as it looks to focus on strengthening its core insurance and banking businesses.

* FWD Group Financial Services Pte. Ltd. has closed its acquisition of SCB Life Assurance PCL for a total consideration of 92.7 billion baht.

* India's Reliance Capital Ltd. completed the sale of its stake in joint venture Reliance Nippon Life Asset Management Ltd. to Japan's Nippon Life Insurance Co. for about 55 billion Indian rupees.

Regulations and other operational activities

* Taiwan's Financial Supervisory Commission imposed a NT$2.4 million fine on Fubon Life Insurance Co. Ltd. for failing to assess risks before investing in foreign stocks, Taipei Times reported.

* South Korea's Financial Services Commission granted a nonlife insurance business license to Carrot General Insurance Co. Ltd., The Chosun Ilbo reported.

* South Korea's Financial Services Commission approved Lotte Group's plan to sell majority stakes in Lotte Insurance Co. Ltd. and Lotte Card CO.LTD.

* Reliance Capital Ltd. will exit the lending business. The decision was rooted in "collateral damage" that Reliance Capital faced because of a slowdown in the economy and a lending crisis in the nonbank financial sector, Reuters reported.

In other news

* Catastrophe risk modeling company Risk Management Solutions Inc. pegged the insured loss from Typhoon Faxai in the range of $5.0 billion to $9.0 billion.

* Two units of Australian asset manager EQT Holdings Ltd. signed new agreements with Colonial Mutual Life Assurance Society Ltd. The agreements raise Equity Trustees Ltd.'s total funds under supervision to more than A$100 billion.

* Japan Post Insurance Co. Ltd. and JAPAN POST Co. Ltd. are considering further delaying insurance sales activities until January 2020, Jiji Press reported.

* Aflac Inc. subsidiary Aflac Japan disclosed the results of a review of postal channel sales following reports that Japan Post. Co. Ltd. improperly sold about 104,000 Aflac-issued insurance policies, resulting in customers being temporarily uninsured or double-charged.