The major German reinsurer, Munich Reinsurance, announced a 3.9 percent fall in net profits for business in 2010 at US$3.36 billion, compared to US$3.5 billion in 2009. There was a big 39 percent decline in profits in the fourth quarter of 2010, reaching US$649.3 million; this was due to the payment of large claims for major floods in Australia and the September 2010 earthquake in New Zealand during…

The Ace Group has released preliminary net after-tax loss figures for the first quarter of 2011 totaling US$450 million from its insurance and reinsurance businesses. This reflects the company's exposure to written business related to major natural catastrophes, which have already occurred in 2011. Ace, the Zurich-based insurer, has released the estimates for losses expected to arise from the well…

The French multinational insurer AXA has announced that it has been given regulatory approval from the China Insurance Regulatory Commission ("CIRC") to sell its 15.6 percent share in China's Taikang Life. AXA is offloading its share in China's fourth largest life insurer for US$1.2 billion, which means that it exits the Taikang Life venture completely. AXA's 15.6 percent stake in Taikang will be…

Japan's Nippon Life Insurance Company has announced that it has entered into an agreement with Reliance Life Insurance of India to acquire a 26 percent stake in the company for an outlay of US$680 million. Nippon Life - one…

The massive 8.9 magnitude earthquake which struck North Eastern Japan on 11th March 2011, triggering a tsunami, is clearly becoming one the world's worst natural disasters. The earthquake which hit the Pacific Ocean just off Japan and initiated the huge tsunami, with the full force subsequently striking the country's northeast townships, has lead to potentially tens of thousands of deaths, left untold…

In the latest developments in the People's Republic of China, the government has pledged to invest in improving the standards of public hospitals as part of its continuing reform programme of the state healthcare system. The overhaul of the healthcare system is being overseen by the National Development and Reform Mission of China and the State Council Medical System Reform Office who have outlined…

Hannover Re, one of the world's leading reinsurers, has announced stronger than expect financial results for 2010, with net income after tax totaling €748.9 million (US$1.05 billion); this beat the Company's previous record level of profitability achieved in 2009 with €734 million (US$1.03 billion). Hannover's operational business was adversely affected by losses recorded during 2010 as a result of…

The French reinsurer specialist Scor is emerging as the front runner to take over troubled insurers Aegon's reinsurance arm Transamerica Re. Early reports indicate that Scor Reinsurance is now ahead of US rivals, the Reinsurance Group of America…

The major British insurer Prudential plc reported better than expected results for 2010, with pre-tax profits totaling £2.1 billion (US$3.36 billion) reflecting a 24 percent year-on-year improvement in earnings. Prudential's operating profit also increased by 24 percent in 2010, amounting to £1.9 billion (US$3.04 billion), with new business sales rising by 23 percent to reach £3.5 billion (US$5.6…

Omega Insurance, the reinsurance specialist, has announced a pre-tax loss of US$42.8 million for 2010 as the property and casualty insurer feels the impact of higher payouts from natural disasters. In comparison, Omega reported a pre-tax profit of US$47.1 million in 2009. The Bermuda-based insurer's gross written premium income for 2010 totaled US$356.1 million - up from US$265.8 million generated…