Clare's Feed
Mar 27, 2012

China Life plans to complete $6 billion sub-debt sale in 2012

HONG KONG (Reuters) – China Life Insurance Co Ltd said on Tuesday it plans to complete the issuance of 38 billion yuan ($6 billion) of subordinated debt this year, a day after the world’s biggest life insurer by market value posted its worst-ever quarterly profit slump.

If the issue is approved by shareholders, it would add 50 percentage points to China Life’s solvency margin, Vice-President Liu Jiade told a news conference.

Mar 26, 2012

China Life Q4 profit slumps 82 percent on lower returns

SHANGHAI/HONGKONG (Reuters) – China Life Insurance (601628.SS: Quote, Profile, Research, Stock Buzz) (2628.HK: Quote, Profile, Research, Stock Buzz) posted its biggest quarterly profit slump of 82 percent, hit by lower investment returns and slower growth, and said it faced further headwinds from economic and market uncertainty and fiercer competition.

“Continued inflationary pressure led to an increased tightening of monetary policy and the capital markets experienced depression,” the world’s biggest life insurer by market value said in a statement on Monday.

Mar 16, 2012

China’s Ping An to lift fixed-income investments this year

HONG KONG, March 16 (Reuters) – Ping An Insurance
(Group) Co of China Ltd , the world’s
second-largest life insurer by market value, will increase the
fixed-income products in its investment portfolio this year, its
chief investment officer said on Friday.

“This year we will keep to our strategy of increasing our
holdings of fixed income products,” Timothy Chan said at a
briefing, adding that he didn’t see much room for interest rate
movement.

Mar 16, 2012

Thailand’s Thanachart Bank readies sale of insurance ops: sources

HONG KONG (Reuters) – Thailand’s Thanachart Bank Pcl, backed by Canada’s Bank of Nova Scotia (BNS.TO: Quote, Profile, Research, Stock Buzz), is preparing to sell its insurance operations in a deal could fetch about $500 million, sources familiar with the matter said on Friday.

The sale would likely include a bancassurance deal and could kick off in the next two weeks, one of the sources said. Citigroup Inc (C.N: Quote, Profile, Research, Stock Buzz) had been hired to run the sale, several sources said.

Mar 15, 2012

Ping An Q4 profit up 9 pct, helped by banking

HONG KONG, March 15 (Reuters) – Chinese group Ping An
, the world’s second-largest life insurer
by market value, met forecasts with a 9 percent rise in
quarterly profit, after growth in its banking business offset
lower investment returns.

Chinese insurers, which invest a chunk of their premium
incomes in equities, suffered from a stock market that slumped
22 percent last year. Ping An predicted that 2012 would be
another challenging year.

Mar 15, 2012

Darth Vader quits the Empire after Goldman resignation

HONG KONG, March 15 (Reuters) – If Greg Smith can do
it, so can Darth Vader.

The scathing resignation letter of the Goldman Sachs
executive has inspired a sheaf of online spoofs written on
behalf of several imaginary employees.

Mar 7, 2012

HSBC sells general insurance business for $914 mln

HONG KONG, March 7 (Reuters) – HSBC has
agreed to sell its general insurance businesses to French
insurer AXA Group and Australia’s QBE Insurance Group for $914
million in cash, as Europe’s biggest bank moves ahead with its
plan to divest non-core assets.

The deal, the latest in a series of cost cutting
initiatives under new HSBC CEO Stuart Gulliver, includes 10-year
bancassurance agreements with AXA and QBE.

Mar 7, 2012

HSBC sells general insurance biz for $914 mln

HONG KONG, March 7 (Reuters) – HSBC has
agreed to sell its general insurance businesses to AXA Group and
QBE Insurance Group for a cash consideration of $914 million, as
Europe’s biggest bank moves ahead with its plan to divest
non-core assets.

The deal, the latest in a series of cost cut
initiatives under the new HSBC CEO Stuart Gulliver, includes a
10-year bancassurance agreements with AXA and QBE.

Mar 5, 2012

AIG to sell $6 billion in AIA stock to repay U.S. bailout

HONG KONG (Reuters) – American International Group (AIG.N: Quote, Profile, Research) is selling part of its stake in AIA Group (1299.HK: Quote, Profile, Research) to raise about $6 billion (3 billion pounds), which will help the U.S. insurer repay part of its government bailout.

Markets reacted favorably, with AIG shares rising to their highest levels in 10 months on the news.

Mar 5, 2012

AIG selling $6 billion of AIA shares

HONG KONG (Reuters) – American International Group is selling part of its stake in AIA Group to raise about $6 billion (3.8 billion pounds) to help the U.S. insurer repay a huge federal government bail-out.

AIG is looking to place some 1.7 billion AIA shares in a range of HK$27.15-27.50 per share – a discount of up to 7 percent to Friday’s AIA closing price, according to a term sheet seen by Reuters on Monday.

    • About Clare

      "I am based in New York and write about IPOs and wealth management. I was formerly based in San Francisco, where I wrote about tech companies."
    • Follow Clare