Zurich Insurance is considering a sale of a share of its stake or initial public offering of its wholly-owned Malaysian life insurance unit. This development comes at a time when foreign insurers have been mandated to divest stakes in their local units to 70 percent by Malaysia’s central bank last...
Mitsui Life Insurance plans to increase foreign bond investments without currency hedging by more than JPY240 billion (USD2.23 billion) in the current financial year to March 2019, a senior company official has said. The firm also plans to increase investments in credit products, such as corporate bonds, in both Japanese...
PNB MetLife Insurance is going ahead with its IPO plans with an aim to file by August. According to sources, the company is looking at an offering before August 2018, making it the fourth listed life insurer in India. Last year, ICICI Prudential was the first in the sector to...
New Zealand’s investment regulator has sanctioned 11 life insurance advisers and is investigating a further three after a closer look at 24 advisers found that half lacked care and diligence in their advice and most failed to recognise conflicts of interest. The Financial Market Authority zeroed in on the 24...
Japan’s top six life insurers plan to unify corporate pension management in the next six years or so as an aging society and rock-bottom interest rates dim the businesses’ prospects. Corporate-Pension Business Service, a 50-50 joint venture run by Nippon Life Insurance and Dai-ichi Life Insurance will join forces with...
On-demand transportation and fintech platform Grab has announced a partnership with Chubb to offer insurance solutions for Grab’s driver-partners. The companies will also explore leveraging data technology from Grab’s platform, including telematics, machine learning and predictive analytics to offer insurance solutions personalised to the specific needs of different private-hire vehicle...
The Securities Appellate Tribunal has criticised a member of regulator Insurance Regulatory and Development Authority of India (IRDAI) for making a “false statement” in an order, saying it “virtually amounts to aiding and abetting corruption in the insurance business.” The tribunal also directed the regulator to entrust the matter to...
The insurance regulator China Insurance Regulatory Commission (CIRC) recently greatly expanded rules that govern shareholding in the country’s insurers in a bid to make ownership structures more transparent. The rules, which now have 94 provisions from 37 before, come after the China Insurance Regulatory Commission (CIRC) seized Anbang Insurance...
The High Court has ordered CBL Insurance be placed into interim liquidation on an application by the Reserve Bank as the insurer’s prudential supervisor. In the High Court in Auckland, McGrathNicol’s Kare Johnstone and Andrew Grenfell were ordered as interim liquidators of CBL Insurance. In a statement, the Reserve Bank...
International companies are still in a bid to achieve the deadline on ownership set by the Bank Negara Malaysia (BNM). In June 2017, the regulator advised foreign insurers to raise the equity of local shareholders in their firms to at least 30 percent under an initiative to increase local partnership...
