India's life insurance sector saw a 14.8% y-o-y increase in premiums in June 2024, reaching INR42,434 crore ($5bn), with significant improvements in both premium collections and policy issuances. The performance highlights a strong and growing demand for life insurance in India.
Among Taiwan's major life insurance companies, six major players tallied an aggregate after-tax profit exceeding NT$49bn ($1.76bn) in January 2022. This amounted to an increase of close to 3.6% compared to the NT$47.4bn clocked in January of the previous year. Several of these major life insurers broke their monthly profit records or came close to doing so in January.
The Board of Directors of AIA Group has announced the Group's financial results for the year ended 31 December 2020.
Great Eastern Holdings' total weighted new sales (TWNS) rose 23% y-o-y to S$1,545.3 million (US$1,172.2 million), according to its financial results for year ended 31 December 2020.
The Hong Kong insurance industry recorded a 6% y-o-y growth in total gross premiums to $313.7 billion (US$40.48 billion) for the first half of 2020, according to Insurance Authority (IA)'s provisional statistics released on 31 August.
Malaysia's life insurance industry recorded an overall dip of 12.6% to MYR5,244m ($1,254m) in new business total premiums in the first half of 2020, compared to the corresponding period in 2019, according to the Life Insurance Association of Malaysia (LIAM).
The life insurance industry in Singapore recorded a 13% y-o-y decline in sales in the first six months of the year, according to industry results for the period January to June 2020 from Life Insurance Association, Singapore (LIA Singapore).
Taiwan's life insurance sector posted an 8.4% fall in premium income, to NT$1,536.2bn ($52.2bn) in the first half of 2020, according to statistics from the Life Insurance Association (LIA-ROC).
Sun Life of Canada (Philippines) has retained its position as the leading life insurance company in the Philippines last year, said the Insurance Commission (IC).
The majority of the insurance industry is in the midst of tackling the significant challenges posed by the implementation of material accounting and actuarial system changes required to comply with the new IFRS 17 regulation on how insurance contracts should be accounted for. In recognition of the sheer complexity of this regulatory change the mandatory "go-live" date has been shifted to 1 January 2023, adding an extra twelve months for insurance companies to complete their work.
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