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Fosun eyes Suncorp life biz; IAG unit to make refunds

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.

M&A updates

* China-based Fosun International Ltd. has joined a race to acquire Australia-based Suncorp Group Ltd.'s A$1.5-billion life insurance portfolio. Bids for the business are due in late January 2018.

* AFFIN Holdings Bhd. unit AFFIN Bank Bhd. obtained approval from the Malaysian central bank to acquire an additional 5.81% stake in AXA Affin General Insurance Bhd. from Felda Marketing Services Sdn. Bhd. for 81.44 million ringgit.

* South Korea's Financial Services Commission gave final approval to Mirae Asset Life Insurance Co. Ltd.'s proposed merger with PCA Life Insurance Co. Ltd. The merger is expected to be completed by February 2018.

* PSC Insurance Group Ltd. agreed to acquire Melbourne-based Insurance Solutions Corp. Pty. Ltd. for A$4.2 million and Canberra-based Capital Insurance Brokers Pty. Ltd. for about A$4.7 million.

Regulatory developments

* The China Insurance Regulatory Commission will curb the business activities of insurers with low asset liability management capabilities in a bid to address risks in the country's insurance sector.

* China's insurance regulator asked Kunlun Health Insurance Co. Ltd. to replace certain existing shareholders with new ones in three months. The move comes as part of China's crackdown on the illegal transfer of benefits to shareholders of insurance companies.

* Commonwealth Bank of Australia's life insurance business will pay A$300,000 to a consumer advice service following findings by the Australian Securities and Investments Commission that the unit likely placed misleading advertising on its websites.

* Insurance Australia Group Ltd. unit Swann Insurance (Aust) Pty Ltd. will offer to refund customers A$39 million after the Australian Securities and Investments Commission found the insurer sold add-on insurance products with little or no value to them.

* South Korea's Financial Services Commission approved a set of amendments to insurance industry supervisory regulations to tighten pricing limits on private medical insurance.

In other news

* Hong Kong-based AIA Group Ltd. is seeking to further expand in mainland China, with plans to enter lesser-known cities in the country and hire more sales agents.

* PICC Reinsurance Co. Ltd. has collaborated with AIR Worldwide to assess and manage its portfolio of catastrophe risk reinsurance business.

* Taikang Insurance Group Inc. favors investments into infrastructure projects, emerging sectors supported by the Chinese government and healthcare services, according to a senior manager of the group.

* General Insurance Corp. of India or GIC Re, received in-principle approval from the Lloyd's of London franchise board to set up a new syndicate.

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