Beazley the Dublin based insurance specialist has posted a pre-tax profit of US$250.8 million (£155.6 million:€84.7 million) for 2010. This is up from US$158.1 million (£98 million:€116.4 million) recorded in 2009, representing an increase of 59 percent for year-on-year results. A breakdown of Beazley's operations in 2010 shows that the insurer generated a 21.4 percent return on equity reflecting…
Swine Flu, the Influenza A variant which first made headlines around the world during 2009, has reemerged as a potentially severe threat within the Chinese city of Hong Kong in recent weeks. Since January 24th 2011 there have been 9 confirmed deaths due to Swine Flu infection in the city, and current Hong Kong Hospital Authority figures indicate that there are 38 patients in local hospitals…
The hospital chain Fortis Healthcare has recorded consolidated net profits of Rs 34.5 crore (US$7.6 million) for the third quarter ending 31 December 2010 compared to Rs 21.74 crore (US$4.8 million) during the same period in 2009. This reflects a 58 percent improvement in year-on-year profit margins. Total revenue climbed to Rs 371.43 crore (US$90 million) during the period - up from Rs 232.48 crore…
Assicurazioni Generali, the Italian based multi-national insurer, has been identified as potential bidders for a stake in the Russian owned VTB Bank. The state-controlled lender is the second largest in the country and, according to unsubstantiated reports, Generali has expressed an interest in acquiring a 1 percent stake in VTB. The potential deal could be in the region of US$300 million and comes…
As the UK braces itself for the largest shake-up of the National Health Service (NHS) since its inception in 1948, the UK's private healthcare sector is poised to benefit from the changes proposed in the provision of medical services which arise from the reforms. Under the…
The Health Funds Association of New Zealand (HFANZ) has reported a significant decline in the numbers of individuals covered by private health insurance within the country. Approximately 10,000 policyholders have discontinued their health insurance policies during 2010. Given a number of financial pressures resulting…
Prudential Financial Incorporated has announced the finalization of transactions for the acquisition of AIG's Japan-based insurance companies - AIG Star Life Insurance and AIG Edison Life Insurance Companies. The US insurer's take-over of AIG Star Life Insurance and AIG Edison Life covers the purchase of both companies for a total price of approximately US$4.8 billion. This is comprised of US$4.2…
India's MaxBupa has entered the microinsurance healthcare market, with a group plan called Swasthya Pratham. The joint venture between the British United Provident Association (BUPA) and locally based insurer Max India has introduced the new health insurance product specifically to cater for the low-income, vulnerable element of Indian society. MaxBupa's newly launched affordable health insurance…
Reinsurance Group of America, Inc. (RGA), the life reinsurer, reported a strong improvement in net income during the fourth-quarter of 2010 amounting to US$196.7 million. This compared to net income of US$112.41 million delivered for the same period in 2009 reflecting a near 75 percent increase in profit for the comparable period last year. The Missouri-based insurer's surge in year-on-year profit…
Malaysia's AIA AFG Takaful Bhd has set its sights on growth in the Malaysian takaful insurance market by expanding its reach in the Southeast Asian country. The Kuala Lumpur based joint venture is taking positive steps to penetrate the growing takaful bancassurance business in Malaysia. AIA AFG Takaful Bhd is a 70:30 percent joint venture between American International Assurance (AIA) and Malaysia's…
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