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May
17

ING Receiving Bids for Asian Businesses

ING Groep may see a flurry of activity in the near future as it has received multiple bids for their asset management operations in Asia, as well as seeing multiple parties squaring up to bid on their Asian life insurance assets. ING must sell off their global insurance business in order to fulfill their agreement with the European Commission and repay the US$7 billion bailout it received in 2008.…

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May
16

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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May
10

AXA to Expand Footprint in Korea

French global insurance group AXA SA has made a move to strengthen its position in South Korea's important direct insurance market through the acquisition of general insurer Ergo Daum Direct in a deal announced this past week. Officials representing both AXA and the Dusseldorf-headquartered ERGO Insurance Group completed and signed a share purchase and sales agreement on May 3rd which will…

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Feb
14

Singapore Life Insurance Sector Progress

Singapore's life insurance industry has been able to weather volatile global capital markets to great affect this past year, with new business premiums crossing the S$2 billion threshold for the first time in 2011 according to a new report. In their year-end dataset released this week, the Life Insurance Association of Singapore (LIA) revealed that the…

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Dec
20

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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Dec
16

India May Soon Let Insurers Form Subsidiaries & JVs Overseas

Indian insurance regulator IRDA (Insurance Regulatory and Development Authority) is currently drafting guidelines which would allow Indian insurance and reinsurance companies to open branch offices, subsidiaries or joint-ventures overseas. IRDA is currently circulating preliminary draft guidelines on what would be required of Indian insurance companies in order to allow them to open operations…

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Dec
15

Maldives Enlists Allied Insurance for Universal Health Insurance

The Maldivian government will move forward on plans to engage in a public private partnership with Allied Insurance to provide universal health insurance in the island nation. The government had previously invited insurance companies to draw up plans for providing universal health insurance for the island and submit them to be considered for the partner position. The Maldivian Finance Ministry made…

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Dec
13

Thailand Flooding to Hit Reinsurance Industry

With the flooding in Thailand beginning to abate after it first started in July, the cost of covering all the P&C (property & casualty) insurance claims and other flood-related claims may come to upwards of US$10 billion for the insurance industry. With the rains during Thailand's monsoon season causing flooding across many parts of the country over the last few months, the loss of life and property…

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Sep
23

AXA partners with Wasilah in Saudi Arabia

This week, Europe's second largest insurer AXA selected Wasilah Insurance Agency to be its new business partner in the Kingdom of Saudi Arabia. The deal comes as part of the French insurance company's plans to further develop and promote its products in the Gulf region. On September 20th 2011, AXA Cooperative Insurance Company, the French insurance company's Saudi Arabia-based shareholding company,…

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Sep
09

Increasing Activity in Asia from Zurich and Munich Re

Multinational insurance companies are continuing to look towards the Asia Pacific region for sustained premium growth and innovative new business opportunities to offset the more stagnant performance forecast for their home markets. This week, representatives from Swiss insurer Zurich Financial Services Group told media that they were planning to expand their operations in Indonesia considerably…

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