The Insurance Regulatory and Development Authority of India (IRDA) announced that will soon allow private insurance companies to put forth their initial public offerings (IPOs), and raise funds through the stock market to further fund their individual expansion plans. Speaking at the 14th Annual Conference on Insurance, 'India Insurance: Turning 10, Going on 20', IRDA Chairman Mr J. Hari Narayan stated…

ACE Limited, the Swiss insurer operating in over 50 countries, has successfully completed the acquisition of all shares in both New York Life's Hong Kong and South Korean wholly-owned life insurance subsidiaries for a combined US$425 million in cash. The purchase agreement between the two conglomerates…

Bahrain National Holding (BNH), the parent company of both Bahrain National Insurance and Bahrain National Life Assurance, held its annual shareholder meeting at BNH Tower this past Tuesday, March 29th 2011. Despite the general political tension occurring in the region, BNH's progress has remained undeterred and the firm plans on continuing the expansion of its operations throughout the Gulf. BNH…

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…

South Korea currently boasts one of the ten largest insurance markets in the world with a particularly high-penetration rate in regards to life insurance. While the country's insurance sector is made available to foreign multinationals, both the life and non-life segments continue to be dominated by large domestic companies. In order to maintain their growth, Korean insurance firms are now looking…

New York Life has entered into arrangements to sell its stake in its Shanghai-based joint venture, Haier New York Life Insurance Co. Ltd. Shanghai-based Haier New York Life Insurance had previously been a joint venture between New York Life Insurance and electrical appliance manufacturer, Haier Group, with each partner holding a 50 percent stake. The Haier New York Life Insurance company has a registered…

A number of Mergers and Acquisitions (M&As) between insurance companies have been implemented during 2010 in a bid to strengthen business activities in both mature and emerging markets. These developments have taken place as insurers strive to capture an increase in profitable markets and penetrate new markets to capitalize on shifting global demands. The M&As implemented are planned to facilitate…

New York Life Insurance Company has signed an agreement with ACE Group for the sale of two of New York Life's Asian life insurance operations for US$ 425 million. The deal will see ACE purchase two of New Your Life's wholly owned life insurance subsidiaries in Hong Kong and South Korea, where ACE Group already has property and casualty insurance operations. ACE Group will incorporate the newly purchased…

A research report entitled "Vietnam Insurance Sector Forecast to 2013" by RNCOS, an India-based market research and information analysis company, predicts that the growth in the insurance market in Vietnam will continue being dominated by the non-life insurance segment, which currently accounts for more than 50 percent of the insurance market. The report projects a Compound Annual Growth Rate (CAGR) of around 25 percent between the years 2010 and 2013.

Ping An Insurance (Group) Co. Ltd., listed on the Hong Kong Stock Exchange, has recently announced that its board of directors has approved the plan to merge Ping An Bank Co. with the Shenzhen Development Bank Co.