Prudential plc has reported a 17 percent increase in third quarter sales for 2010, driven by flourishing Asian insurance markets. The UK based insurer reported that Prudential Group's sales reached £809 million (US$1.3 billion) for the third-quarter of 2010 - a figure which beat analyst's predictions of £773 million (US$1.23 billion). Prudential's highly published failed bid for AIG's Asian arm, AIA,…

The compulsory Philippine insurance coverage scheme took effect on the 8th of November 2010. This means that it is mandatory for all overseas Filipino workers (OFWs) to be covered by Philippine government imposed compulsory insurance. The insurance law, which has been enacted by the government of the Philippines, is causing controversy in Hong Kong where many thousands of Filipino domestic helpers…

Britain's Prime Minister David Cameron is leading the largest British delegation to China ever undertaken. The latest visit to China - which has the second largest economy in the world - could pave the way for increased relations between Chinese and British businesses, with the Standard Life insurance company set to become a possible beneficiary of the current trade talks. China has become a pivotal…

AXA, the France based insurer, has reportedly entered talks with Australian wealth management group AMP in a bid to take over AXA Asia Pacific Holdings Ltd. The joint bid - in excess of A$ 10 billion (US$ 10 billion) - has come to light after previous takeover pursuers National Australia Bank (NAB) had their bid rejected by regulators. The potential deal follows the failed takeover valued at A$13.…

There are more signs that the Asian economy is leading the way in global financial recovery, with the Singaporean life insurance industry announcing robust earnings during the third quarter of 2010, including a 17 percent growth in new insurance sales during the first nine months of this year. The not-for-profit Singaporean trade body - Life Insurance Association (LIA) - which is licensed by the Monetary…

UK-based insurer Admiral has announced that it has entered into new agreements with Bermuda-based XL Re and Spain-based Mapfre Re, which will augment existing arrangements between Admiral and other reinsurers such as Munich Re, Swiss Re, New Re and Hannover Re. The new agreements will gradually replace its existing deal with Hannover Re, which will have a reducing share of Admiral's business over the…

Aviva, the second biggest United Kingdom-based insurance company, reports strong sales growth in the first nine months of 2010. The company which provides life and general insurance worldwide announced a sales increase of 5 percent to generate total sales of £35.9 billion (US$ 57.4 billion: € 43 billion). Sales in the UK during the third quarter leaped by 26 percent to £2.4 billion (US$ 3.8 billion:…

Zurich Financial Services (Zurich) has completed a deal to acquire the majority stake in PT Mayapada Life of Indonesia. This will give the multinational Swiss insurer immediate access to the Indonesian life insurance market. PT Mayapada Life is a subsidiary of the Mayapada Business Group - which will retain a 20 percent interest in the Indonesian life insurer - with Zurich holding 80 percent in the…

The Indian life insurance sector has stabilized, with strong profitability levels forecast for insurance companies. This prospect was highlighted in a recently released study by the Confederation of Indian Industry (CII) and Ernst and Young (EY). Insurance policy renewal to set to stimulate revenue and growth in the overall business. The life insurance market in India is planning to focus on insurance…