Policy and regulation
The China Banking and Insurance Regulatory Commission is requiring insurance companies and insurance asset management companies to deposit their insurance funds in commercial banks that have not committed major violations of laws and regulations, www.cls.cn reported.
Life and health
The government of India trimmed the size of the IPO of state-run Life Insurance Corp. of India by as much as 60% amid weakened investor demand due to the conflict in Ukraine, Bloomberg News reported, citing people with knowledge of the matter. Sovereign wealth funds Norges Bank Investment Management, GIC Pte. and Abu Dhabi Investment Authority have reportedly committed to be anchor investors in the IPO.
Ping An Insurance (Group) Co. of China Ltd. subsidiary Ping An Life Insurance Co. of China Ltd. and ChinaBond Pricing Center Co. Ltd jointly issued the ChinaBond Ping An Life Insurance ESG Integration Strategy Credit Bond Index. An ESG bond index aims to promote high quality sustainable development of various industries through environmental, social and governance investing.
Daiwa Securities Group Inc. has undertaken A$155 million worth of social bonds issued by African Development Bank, The Nikkei reported. Meiji Yasuda Life Insurance Co. has purchased A$100 million worth of the bonds, while Asahi Mutual Life Insurance Co. bought A$55 million. These are the first social bonds issued by the company for Japanese institutional investors. The funds will be utilized for social infrastructure, medical and educational institutions.
The Dai-ichi Life Insurance Co. Ltd. has invested A$132 million in sustainable development bonds issued by the International Bank for Reconstruction and Development. The funds raised by the bonds will be used to support projects that contribute to the transition to a decarbonized society.
AIA Group Ltd.'s value of new business dropped 18% in the first quarter as the omicron variant of the coronavirus temporarily disrupted the insurer's new business sales, Dow Jones Newswires reported.
Great Eastern Holdings Ltd.'s first-quarter profit attributable to shareholders fell 50% to S$220.0 million from S$437.6 million a year earlier.
China Life Insurance Co. Ltd.'s first-quarter net profit fell 46.9% year over year to 15.18 billion yuan. The sharp decline was attributed to lower investment returns caused partly by current equity market volatility.
Bruce de Broize assumed the roles of managing director and CEO at Future Generali India Life Insurance Co. Ltd.
Multiline
PSC Insurance Group Ltd. has agreed to acquire AWIB Pty. Ltd., trading as Alan Wilson Insurance Brokers, for A$17.5 million in cash.
Property and casualty
QBE Insurance Group Ltd. has decided to cease offering liability, motor or property insurance in Ireland, The Times reported. The insurer stopped providing professional indemnity insurance for smaller solicitors' firms in the country in 2021.
Effective in June, Tokio Marine & Nichido Fire Insurance Co., Sompo Japan Insurance Inc. and Mitsui Sumitomo Insurance Co. Ltd. will be discontinuing ocean marine cargo insurance for goods traveling the adjacent waters of Ukraine, The Nikkei reported. The move reflects the elevated risks in the area and the cautious approach to underwriting by reinsurance market.
Korea Deposit Insurance Corp. is pushing forward with its liquidation process of MG Non-Life Insurance Co. Ltd. by appointing an accounting firm to evaluate the insurer, The Chosun Ilbo reported.
The online sales of Taiwan's property and casualty insurers could receive a boost from the growing adoption of digital platforms, S&P Global Ratings said in a report.