Philippines: PDIC Pays P614m to Depositors of Closed Banks

The Philippine Deposit Insurance Corporation (PDIC) has announced the disbursement of P614 million in deposit insurance payments to depositors of banks closed in 2023 by the Monetary Board of the Bangko Sentral ng Pilipinas (BSP). This payout covered 15,796 valid deposit accounts across seven banks, fulfilling 87 percent of the total deposit liabilities from 18,080 … Read more

Great Eastern Holdings Demonstrates Resilience Amid Market Challenges

Great Eastern Holdings

SINGAPORE — Great Eastern Holdings, one of Asia‘s leading insurance groups, has reported a resilient performance despite the ongoing market challenges, underscoring the company’s robust financial health and strategic adaptability. In a statement released on Tuesday, Great Eastern Holdings detailed its financial performance, highlighting key metrics that showcase the company’s sustained growth and commitment to … Read more

Prudential Hong Kong Forms Medical Partnership to Expand Healthcare Access

Prudential Hong Kong

HONG KONG — Prudential Hong Kong announced on Tuesday a significant medical partnership aimed at broadening healthcare access for its customers, marking a pivotal step in enhancing its health insurance offerings across the region. The collaboration is set to provide Prudential’s policyholders with unprecedented access to a wider network of medical facilities and specialists, ensuring … Read more

Samsung Life Insurance’s net profit soars 19.7% in 2023

Samsung Life Insurance

Samsung Life Insurance Co., South Korea’s leading life insurer, reported a notable 19.7 percent increase in net profit for the year 2023, reaching 1.89 trillion won ($1.41 billion), up from 1.58 trillion won the previous year. This growth is attributed to the insurer’s strategic expansion into highly profitable health insurance products and its stable asset … Read more

Vietnam eyes $4,000 fine for life insurers giving incorrect advice

Vietnam

The Ministry of Finance in Vietnam is proposing a decree that could see life insurance companies fined up to VNĐ100 million (about $4,000) for intentionally providing incorrect advice to consumers. This move is part of a broader effort to address violations in the insurance industry and enhance consumer protection. The decree, when implemented, will impose … Read more

Philippine gov’t launches national insurance indemnity program

Philippine Insurance

The Philippine government, through the Bureau of Treasury (BTr), has launched the National Insurance Indemnity Program (NIIP) that aims to provide cover for what it describes as strategically important government assets. These assets include school buildings, the Department of Finance said. Finance Secretary Benjamin E. Diokno said the program is just one of the many … Read more

Oona Insurance buys out JV partner in the Philippines

Oona Insurance

Insular Life (InLife) and Oona Insurance group (Oona) today jointly announced that they are entering into an agreement, with InLife selling its 40% stake in their non-life insurance joint venture, Oona Insular Insurance Corporation (Oona Philippines), making it Oona’s fully owned subsidiary. Oona Philippines and Insular Life will continue their cooperation arrangements to cross-sell insurance … Read more

Shinhan EZ General Insurance Enters Indonesian Market with Tap Insure Partnership

South Korean insurance titan Shinhan EZ General Insurance has announced its entry into the Indonesian market. The company, a subsidiary of Shinhan Financial Group Co. Ltd, is partnering with Tap Insure, a key player in the PasarPolis insurtech ecosystem. This partnership is not just a foray into a new market but a potential game-changer in … Read more

Aon set to acquire Global Insurance Brokers, strengthening its foothold in India

Global professional services firm, Aon plc (NYSE: AON), announced its intention to acquire the prominent Indian company, Global Insurance Brokers. The acquisition, which is pending regulatory approval, is expected to amplify Aon’s risk capital capability in the burgeoning Indian market. Global Insurance Brokers, established in 1973, boasts a reputable legacy in India. As a composite … Read more

SOA Research Institute launches international longevity illustrator tool

Society of Actuaries

The Society of Actuaries (SOA) Research Institute has introduced the International Longevity Illustrator, a complimentary tool designed to assist individuals and couples in Singapore, Hong Kong, and Canada to estimate their lifespan. This tool will help users to plan their retirement more effectively. To utilize the International Longevity Illustrator, users need to input basic information … Read more