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.
Bangladesh wants new insurers to list and other regulatory news
* Bangladeshi Finance Minister Mustafa Kamal is requiring 31 local insurers to list or merge in order to satisfy a precondition of their license, Asia Insurance Review reported. The minister said the insurers were required to publicly list within three years of launching their operations, but many were not able to comply. These include Meghna Life Insurance Co. Ltd., Sunflower Life Insurance Co. Ltd. and Crystal Insurance Co. Ltd.
* The Philippine Insurance Commission is allowing insurance companies to participate in securities borrowing and lending transactions, Asia Insurance Review reported. The total allowable investments should not exceed 5% of the total admitted assets for life insurers and 10% of the total net worth for nonlife insurers and reinsurers.
* South Korea's MG Non-Life Insurance Co. Ltd. received conditional approval from the Financial Services Commission to proceed with its recapitalization plan, Yonhap News Agency reported, citing industry sources.
M&A corner
* The Pakistani government will sell a 20% stake in state-owned State Life Insurance Corp. of Pakistan Ltd., Business Recorder reported, citing sources. The stake sale will not affect the insurer's management control but will place State Life Insurance on the active privatization list, according to the report.
* Private equity firm Warburg Pincus LLC is looking to acquire an additional 20.5% stake in IndiaFirst Life Insurance Co. Ltd. from Andhra Bank, The Economic Times reported. Warburg Pincus already holds a 26% in the insurer.
* Tokio Marine Capital Co. Ltd.'s management team will acquire the private equity fund manager from Tokio Marine Holdings Inc. unit Tokio Marine & Nichido Fire Insurance Co. Ltd. and change its name to T Capital Partners Co. Ltd.
* AXA Liabilities Managers SAS completed the acquisition of the nonlife legacy portfolio of Munich Re Malaysia, with effect from Oct. 1.
Products and investments
* PT AIA Financial, a unit of Hong Kong-based AIA Group Ltd., invested in Indonesian ride-hailing and payments company Gojek during the latter's ongoing Series F financing round.
* Tokio Marine & Nichido Fire Insurance Co. Ltd., Sompo Japan Nipponkoa Insurance Inc., Mitsui Sumitomo Insurance Co. Ltd. and Aioi Nissay Dowa Insurance Co. Ltd. are increasing accident insurance premiums by about 4% in October, Jiji Press reported.
In other news
* State Bank of India has dropped its plans to list its unit, SBI General Insurance Co. Ltd., as there is no need for additional capital, Press Trust of India reported, citing the bank's chairman, Rajnish Kumar.
* MS&AD Insurance Group Holdings Inc. said the gross loss from Typhoon Faxai, which hit Japan on Sept. 9, will amount to approximately ¥100 billion, based on past natural disasters.
* Singapore Life Pte. Ltd. rebranded itself as Singlife and introduced Singlife Account, an investment-linked insurance plan that allows customers to access funds via a debit card. The rebranding is part of the company's expanded strategy that aims to connect savings, investment and protection plans under one platform.
