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AMP admits to insurance rewriting; Nippon Life ups stake in Indian JV

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.

Earnings sections

* MS&AD Insurance Group Holdings Inc.'s net income attributable to owners of the parent for the fiscal year ended March 31 jumped 25.1% year over year to ¥192.71 billion from ¥154.06 billion a year ago.

* Japan's Sompo Holdings Inc. logged net income attributable to shareholders of the parent of ¥146.63 billion for the fiscal year ended March, up 4.9% from ¥139.82 billion a year ago.

* Tokio Marine Holdings Inc. saw a 3.4% drop in net income attributable to owners of the parent for the fiscal year to ¥274.58 billion from ¥284.18 billion.

M&A corner

* Nippon Life Insurance Co. agreed to acquire Reliance Capital Ltd.'s stake in Reliance Nippon Life Asset Management Ltd., the companies' asset management joint venture in India. Nippon Life will raise its stake to 75% by acquiring an additional 32.125% stake for 45.2 billion Indian rupees.

* U.S.-based Arthur J. Gallagher & Co. has purchased a minority stake in Mumbai, India-based Edelweiss Insurance Brokers Ltd., subject to approval by the Insurance Regulatory and Development Authority of India.

* Aegon NV agreed to sell its 50% stake in a variable annuity joint venture in Japan to partner Sony Life Insurance Co. Ltd. for about €130 million.

Regulations and updates

* AMP Ltd. has admitted that it failed to ensure that its financial advisers act in the best interests of its customers when some of them advised clients to cancel and replace their existing life insurance policies to generate higher commissions, Brisbane Times reported.

* Taiwan's Financial Services Commission will impose stricter regulations on local life insurers in a bid to improve their financial abilities and risk profiles, with effect from the second half of 2019. The commission would also enhance reviews of insurance savings plans, Taipei Times reported.

In other news

* Australia-based Ensurance Ltd. disclosed that it is in advanced discussions with high-net-worth and strategic investors as part of its bid to raise more capital in the near future.

* Korean Reinsurance Co. established a subsidiary in Switzerland. The unit, Korean Re Switzerland AG, received a license from the Swiss Financial Market Supervisory Authority to begin reinsurance operations in Europe, effective June 1, The Korea Economic Daily reported.

* The special committee of the board of China-based Fanhua Inc. has concluded its review of the allegations raised by short sellers in January, concluding that the short-seller reports contained "baseless" speculation and "misleading and inaccurate" allegations.