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Allianz optimistic about 2012 development

The Allianz Group has a rich history dating back to 1890 and prides itself on being able to offer solutions in insurance, banking and asset management areas. Insurance wise, Allianz thrives in Europe and has especially excelled itself in the German market. 2012 has started off in a positive direction for the company and CEO Michael Diekmann sees this trend continuing for the rest of the year. On May…

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Ongoing Confusion over Foreigners' Inclusion in China's Social Security System

There continues to be continued uncertainty over whether, as well as how, China is going to include foreign workers in the nation's social security scheme, with only 3 cities so far, including the nation's capital, having committed themselves to registering and taxing foreign employees. The inclusion of foreigners in China's social security taxation structure is part of

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Chinese Insurers See Premium Income Growth Amid Mixed Markets

Despite mixed stock movements in China recently, Chinese insurance companies have seen premium income grow over last year's results, including China Life which recently begun trading in Hong Kong and Shanghai. China Life Insurance, China Pacific Insurance Group and Ping An Insurance Group, which includes Ping An Life Insurance, Ping An Health Insurance, Ping An Annuity and Ping An Casualty Insurance,…

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Manulife and Bank of China Solidify Partnership

Manulife Financial Corporation, Canada's largest insurance company, has signed a new two-year cooperation agreement with Bank of China in a bid to further strengthen their bancassurance distribution network and sell more insurance products in the world's second largest economy. The deal was announced at a signing ceremony in Bank of China's Beijing headquarters on Wednesday. The agreement will expand…

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New China Life Targets $4 Billion Dual IPO

In a move that runs contrary to volatile global financial market conditions at present, New China Life Insurance yesterday filed an application to the Hong Kong exchange to begin raising as much as HK$31.2 billion (US$4 billion) in funds through a dual initial public offering (IPO) in Hong Kong and Shanghai. This listing could be the first in a series of IPOs by Chinese insurance companies as…

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More Capital Necessary for Chinese Insurers to Grow

Chinese insurance companies will need to raise more than CNY110 billion(US$17 billion) of fresh external funding to support their industry's further growth and development over the next three years, according to credit analysts from Standard & Poor's Ratings Services. Although the credit outlook for China's life and property insurers will remain stable to positive, the ratings agency expects the industry…

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CIRC Post Chinese Insurer Profits

New data released this week by the China Insurance Regulatory Commission (CIRC) confirms what many industry analysts have already noted; that the Chinese market is fast becoming one of the most lucrative in the world and will continue to present distinct business opportunities. According to the latest CIRC figures, the total premium income reported by Chinese insurance companies' surpassed CNY 805.66…

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Starr to Buy Major Stake in Dazhong Insurance

Starr International, a Bermuda-based private insurance holding company, has acquired a 20 percent stake in the Chinese property insurer Dazhong Insurance Co Ltd.

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China Could Introduce Expatriate Insurance Tax

The People's Republic of China is considering a new tax on expatriate workers and their employers as it plans to broaden the country's first social insurance law to include foreign nationals who now work within the world's second largest economy. These new fees would be part of the Chinese government's broad social-security reforms

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China Pacific Delivers Good Results For 2010

China Pacific Insurance Group (CPIC Group), mainland China's third-largest life insurer, has posted a 16.3 percent increase in net profit for last year, up to 8.557 billion yuan (US$1.3 billion) from 7.356 billion yuan (US$1.1 billion) in 2009, as premiums expanded. CPIC Group's Announcement of Audited Annual Results reported income from the insurance business in 2010 at 139.56 billion yuan (US$21.27…

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