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

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

Hong Kong Life streamlines insurance applications with ‘iAM Smart’ technology

Hong Kong Life

Hong Kong Life has further expanded its application of “iAM Smart”, an innovative InsurTech, achieving a first-in-market milestone in the Hong Kong insurance industry. Last year, Hong Kong Life made history as the first life insurance company to adopt “iAM Smart” authentication for account login, providing customers with a secure and convenient way to access … Read more

CITIC, FWD announce bancassurance partnership in Macao

FWD Bancassurance

China CITIC Bank International Limited (CNCBI) and FWD Hong Kong (FWD) have announced a groundbreaking bancassurance partnership in Macao, marking the first collaboration of its kind between the two entities in the region. The partnership will provide a diverse range of insurance products and services to CNCBI’s customers, including high-net-worth individuals. FWD’s innovative, customer-led insurance … Read more

MSIG Insurance, HSBC ink exclusive 15-Year deal to grow bancassurance business in Singapore

MSIG Insurance has signed an exclusive 15-year general insurance distribution agreement with The Hongkong and Shanghai Banking Corporation Limited (HSBC) in Singapore. Under this agreement, MSIG will provide its commercial and personal suite of insurance solutions to HSBC’s customers in Singapore, utilizing the bank’s commercial and personal banking channels, including its retail branches and digital … Read more

China Life Insurance, 10 other state-owned insurers establish $4.9bn equity fund

China Life Insurance and 10 other state-owned life insurers, together with one state-owned fund manager, have established a massive equity investment fund worth CNY33.9 billion ($4.9 billion). The fund’s purpose may serve to dispose of financial institutions’ risks, according to a report by the Securities Times on April 24. Aside from China Life Insurance, other … Read more

Ageas to streamline European portfolio with French business sale to Carac

International insurance group Ageas has announced the sale of its French life insurance, savings, and pension business to La Mutuelle Epargne Retraite Prévoyance Carac (Carac), following consultation with employee representatives. The divestment includes Ageas France, Ageas Retraite, Ageas Patrimoine, and Sicavonline, with a consolidated perimeter representing IFRS technical provisions of EUR3.9 billion and an IFRS … Read more