July 18, 2019

Looking East

Looking East

CHINA – Willis China opens new office in Harbin

Willis China, part of the Willis Group Holdings announced that the Chinese Insurance Regulatory Commission (CIRC) has granted approval for it to open a new office in Harbin.   The Harbin office will be the second new Willis China branch to open this year, following the opening of its Chongqing...

INDIA – LIC purchases shares worth over USD 2 billion

According to a report by BofA-Merrill Lynch, LIC has purchased shares worth over USD 2 billion in Indian companies-mostly in sectors like utilities, energy and software during the April-June period. It also sold shares in media, hotels and consumer good firms worth USD 115 million.   According to the report,...

CHINA – China Life reports 25 percent dip in H1 profits

  According to China Daily, net profits for H1 for China Life amounted to CNY 9.64 billion (USD 1.53 billion), which reflects a drop of 25.7 percent y-o-y.   The company attributed the decrease in profits to the poor performance of the capital market, which led to lower returns from...

VIETNAM – 25 percent of provinces face trouble in expanding health cover

16 out of 63 provinces in Vietnam are facing problems in expanding health cover, said Mr. Tong Thi Song Huong, director of health insurance department at the Ministry of Health. The health insurance rates in these provinces stood between 43-53 percent, compared to the country’s average rate of almost 64...

CHINA – China Life reports 25 percent dip in H1 profits

  According to China Daily, net profits for H1 for China Life amounted to CNY 9.64 billion (USD 1.53 billion), which reflects a drop of 25.7 percent y-o-y.   The company attributed the decrease in profits to the poor performance of the capital market, which led to lower returns from...

AUSTRALIA – Austbrokers??? expansion leads to 20 percent profit growth

Austbrokers raised profit by 20 percent to AUD 25.64 million for H1 of 2012 from acquisitions in the underwriting agencies business and growth in the broking network.   The company says it expects underlying profit growth of 5-10 percent this year as its agency and broker operations expand. Revenue from...

TAIWAN – PM promises second-generation health programme to begin next year

Prime Minister Sean Chen confirmed that the second-generation health insurance programme will be implemented as per schedule starting 1st of January 2013.   A resolution passed on the 3rd of May mentioned that stock dividends should not be summed to calculations of supplementary premium rates, as it is difficult in...

HONG KONG – ING considers selling its HK unit

ING might sell its Hong Kong business worth HKD 1 billion (USD 128 million) to repay the money it had borrowed from the Netherlands government in 2008.   As the Dutch insurer could not find an individual potential buyer of its entire Asian unit valued at about HKD 7 billion,...

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