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 mixed results
Several Japan-based insurers reported their results for the nine-month period ended Dec. 31, 2017.
* Nippon Life Insurance Co. said its net profit for the period fell to ¥170.01 billion from ¥178.41 billion in the year-ago period.
* Similarly, MS&AD Insurance Group Holdings Inc., Tokio Marine Holdings Inc., T&D Holdings Inc. and Sumitomo Life Insurance Co. reported year-over-year decreases in their respective net profits for the period.
* Meanwhile, Sompo Holdings Inc. said its net profit for the period rose 25% year over year to ¥137.24 billion from ¥109.78 billion.
* Dai-ichi Life Holdings Inc. also reported an increase in net income attributable to shareholders, to ¥199.22 billion from ¥183.51 billion.
* Among others, Japan Post Insurance Co. Ltd. and Meiji Yasuda Life Insurance Co. reported increases in their respective profits for the nine-month period.
Earnings results elsewhere in Asia-Pacific
* General Insurance Corp. of India or GIC Re, reported net profit of 6.73 billion Indian rupees for the quarter ended Dec. 31, 2017, compared to a net loss of 4.01 billion rupees in the prior-year period.
* Suncorp Group Ltd.'s net profit attributable to owners for the half ended Dec. 31, 2017, declined year over year to A$452 million from A$537 million. Meanwhile, Insurance Australia Group Ltd.'s net profit for the half jumped 23.5% year over year to A$551 million from A$446 million.
* Great Eastern Holdings Ltd.'s group profit for the quarter ended Dec. 31, 2017, surged 117% year over year.
Warnings, fines and more
* China's insurance regulator warned 19 P&C insurance companies over problematic products and forbade 10 insurers from making changes to their products for three months.
* South Korea's Financial Supervisory Service fined Kyobo Life Insurance Co. Ltd. 413 million won for violating the country's insurance laws.
* Seven Philippine insurers voluntarily surrendered their operating licenses after failing to meet the minimum net worth requirement of 550 million Philippine pesos.
* Taiwan's Financial Supervisory Commission imposed a NT$2.4 million fine on Hua Nan Financial Holdings Co. Ltd. unit South China Insurance Co. Ltd. for rule violations.
* Insurance Australia Group Ltd. is reviewing a possible sale of its Asian businesses and has tapped Goldman Sachs to help it find a buyer for the assets.
* Hong Kong-based Peak Reinsurance Co. Ltd. agreed to sell a 13.1% stake in new shares to a subsidiary of Prudential Financial Inc. for an undisclosed sum.
* Aviva Plc closed the sale of a 60% stake in its Hong Kong subsidiary, AVIVA Life Insurance Co. Ltd., to China's Hillhouse Capital Group Holdings and Tencent Holdings Ltd.
* New Zealand's CBL Corp. Ltd. will exit its French construction business over concerns that it will consume high levels of capital in the long term.
* India's Max Life Insurance Co. Ltd. reportedly emerged as the front-runner to acquire a majority stake in IDBI Federal Life Insurance Co. Ltd.
* China Life Insurance Co. Ltd. is said to be in talks to acquire up to A$3 billion worth of life insurance assets from AMP Ltd.
In other news
* New Zealand-based TOWER Ltd. expects the financial impact of recent weather activity in New Zealand to be about NZ$5 million after tax.
* Sumitomo Life Insurance will open its digital innovation hubs in April, which will collaborate with startups and other companies to create new businesses and services.
* Ping An Insurance (Group) Co. of China Ltd. through unit Ping An Asset Management Co. Ltd., increased its stake in U.K.-based HSBC Holdings Plc to 6.17% from 5.98%.
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