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.
Chinese insurers report earnings for six months to June 30
* China Pacific Insurance (Group) Co. Ltd.'s net profit attributable to equity holders of the parent surged 96.1% year-over-year to 16.18 billion yuan, up from 8.25 billion yuan in the year-ago period.
* China Reinsurance (Group) Corp. recorded first-half profit attributable to equity shareholders of the parent of 3.32 billion Chinese yuan, up from 2.33 billion yuan a year ago.
* China Taiping Insurance Holdings Co. Ltd. logged first-half net profit attributable to the company's owners of HK$6.74 billion, up 29.5% from HK$5.21 billion a year earlier.
* People's Insurance Co. (Group) of China Ltd.'s net profit attributable to owners for the six months ended June 30 increased 54.1% to 15.48 billion yuan from 10.05 billion yuan in the prior-year period.
Regulations and other operations
* Dajia Insurance Group established four subsidiaries to take over parts of Anbang Insurance Group Co. Ltd.'s businesses. Dajia's newly formed units will hold Anbang's life insurance, property and casualty insurance, annuity insurance and asset management businesses, Caixin reported.
* The Insurance Regulatory and Development Authority of India has issued an order to revisit its 2015 regulation regarding the obligations of insurers to provide motor third-party liability insurance.
* Allianz Australia Insurance Ltd. will stop issuing consumer credit insurance policies starting Sept. 30. It will also refund more than A$8 million in consumer credit insurance premiums and fees including interest to more than 15,000 consumers.
* Ping An Insurance (Group) Co. of China Ltd. could absorb Lufax Holding if the financial technology arm fails to go public, Caixin reported.
In other news
* Australia's Steadfast Group Ltd. commenced a share purchase plan that allows eligible shareholders to buy up to A$15,000 worth of the company's new ordinary shares without incurring brokerage or transaction costs.
* Indian Bank signed a bancassurance agreement with Tata AIG General Insurance Co. Ltd. wherein the insurer's general insurance policies will be offered to the bank's customers, The Hindu reported.
* China Pacific Insurance (Group) Co. Ltd. has invested in Switzerland-based blockchain company B3i Services AG.
* Greentown China Holdings Ltd. terminated its plan to acquire 900 million shares in Aeon Life Insurance Co. Ltd. for 2.72 billion yuan.
