British United Provident Association (BUPA) announced results for the year ending 31st December 2010, with strong international sales contributing to a 9 percent jump in revenue to total £7.58 billion (US$12.12 billion) for the year. However, the health insurers' surplus before taxation expense was down by 72 percent to £118.0 million (US$188.8 million) from £416.5 million (US$666.4 million) reported…
Fortis Healthcare Ltd, the Indian private hospital chain, has bought a 28.6 percent stake in Lanka Hospitals Corporation, a privately operated hospital in Sri Lanka for a reported US$ 36 million. The minority share in the Sri Lanka-based private hospital was bought through Fortis' overseas investment arm, Fortis Global Healthcare Holdings, which was established in Singapore as a platform for private…
The Dubai Health Authority (DHA) and Green Crescent Insurance Company signed a service level agreement on March 5th 2011. The contract was signed at DHA headquarters by Khalid Al Sheikh Mubarak, Deputy Director General of the DHA and Carl J. Sardegna, CEO of Green Crescent Insurance Company. This deal makes Green Crescent the first insurance company in the UAE to have direct billing access to the…
The protracted sale of the American International Group's (AIG's) Taiwanese life insurance arm - Nan Shan Life - is now set for review by Taiwan's financial regulator; this is expected to be completed within the first half of 2011. The Financial Supervisory Commission (FSC) in Taiwan is evaluating the US$2.16 billion bid by the locally based Ruentex Group for AIG's Taiwan's life insurance operation;…
Britain's second largest insurer Aviva has reported sound results for 2010, with a 33 percent jump in net profit to reach £1.46 billion (US$2.33 billion). This compares with results in 2009 when a profit level of £1.1 billion (US$1.76 billion) was achieved. Aviva also highlights plans for an overhaul of global operations during 2011. Aviva's pre-tax profits came in at £2.44 billion (US$3.90 billion)…
As global insurers report earnings for 2010, mixed trading positions are emerging. While some insurers have announced strong growth compared with 2009, other multinational insurers have struggled to create income growth in markets with an underlying position recognizing tough trading conditions. In general terms, economic conditions in 2010 showed many signs of global recovery following the financial…
Aegon, the troubled life insurer, has reported a year-on-year fall in net earnings during the fourth-quarter of 2010; earnings totaled €318 million (US$438 million) compared to €393 million (US$541 million) achieved in quarter four 2009. This represents a 19 percent decline in profitability for the 13 week reporting period, although underlying earnings before tax showed a 2 percent improvement. The…
A study by the Sub-Panel of Thailand's Senate Standing Committee on Public Health has highlighted serious issues affecting the provision of public healthcare services for the near 50 million members of this developing country. The national system - introduced in 2001 with the laudable aim of equal access to quality healthcare for all citizens - is suffering from serious underfunding and lack of…
Zurich Financial Services has announced that a reduction in its stake of the Chinese insurance venture with New China Life Insurance (NCI) from 20 percent to 15 percent after it agreed to sell 5 percent of its holdings to an undisclosed buyer. Zurich valued its interest in the Chinese life insurer at approximately US$1 billion when it released its annual results for 2010 in February this year. Zurich…
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