trending Market Intelligence /marketintelligence/en/news-insights/trending/l3jvaoezv1gk0cftcs9_zg2 content esgSubNav
In This List

Japanese insurers post mixed results; IAG considers sale of Asian ops


No disruption on the road to digitization

Climate Credit Analytics: Milestones Achieved


Essential IR Insights Newsletter - April 2023


Practical steps to achieve net-zero underwriting – Set a baseline, define targets and take action

Japanese insurers post mixed results; IAG considers sale of Asian ops

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.

M&A corner

* 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%.

Featured on S&P Global Market Intelligence

China Life hit by regulatory cleanup, reliance on sales of low-margin products