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PICC to sell stake in insurance broker; Tian Ruixiang files for US 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.

M&A corner

* Anbang Insurance Group Co. Ltd. is selling its 35% stake in Chengdu Rural Commercial Bank Co. Ltd., which could fetch the insurer about 16.5 billion yuan, Reuters reported.

* PICC Property & Casualty Co. Ltd. agreed to acquire a 92.71% equity interest in Zhongsheng International Insurance Brokers Co. Ltd. from People's Insurance Co. (Group) of China Ltd. for 236.4 million yuan in cash.

* New Zealand's TOWER Insurance Ltd. completed its purchase of Youi NZ Pty. Ltd.'s insurance portfolio.

* TBB Insurance Agency Co. Ltd. and TBB Property Insurance Agency Co. Ltd. merged into their parent, Taiwan Business Bank Co. Ltd., and dissolved following the deal completion on Jan. 2.

Regulations and other measures

* Indonesia's maximum amount of monthly taxable wages used to calculate the country's health insurance contributions increased to 12 million rupiah from 8 million rupiah, effective Jan. 1, Bloomberg Tax reported.

* Chinese authorities aim to further diversify commercial health insurance products via reforms and innovation to meet growing public demands, Xinhua News reported.

In other news

* Chinese insurance broker Tian Ruixiang Holdings Ltd. filed a prospectus with the U.S. Securities and Exchange Commission for an IPO of its class A common shares.

* AIA Co. Ltd. intends to convert its Shanghai branch into a wholly owned subsidiary of AIA Co.

* Japan Post Holdings Co. Ltd. CEO Masatsugu Nagato and Senior Vice President Yasuo Suzuki resigned to take management responsibility for selling improper life insurance products, The Wall Street Journal reported.

* Insurance claims for property losses due to Australia's bushfires could amount to A$600 million, with about 1,300 homes razed so far across New South Wales, Victoria, South Australia and Queensland since late August, The Sydney Morning Herald reported.