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Apr 20, 2012

Pru UK eyes Thai bank’s insurance assets-sources

HONG KONG, April 20 (Reuters) – British insurer Prudential
Plc is considering bidding for the insurance business of
Thailand’s Thanachart Bank, sources said, in an around $500
million deal that would help it better tackle arch rival AIA in
the Southeast Asian nation.

The Thanachart Bank unit, which is set to be auctioned, is
expected to include life and non-life assets as well as a
bancassurance arrangement. Some Japanese and European insurers
are also expected to participate in the process, the sources who
had direct knowledge of the matter said.

Apr 17, 2012

Marine insurance: the stranglehold on Iran?

HONG KONG/TOKYO (Reuters) – Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear programme.

A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from covering Iranian oil exports anywhere in the world. With around 90 percent of the world’s tanker insurance based in the West, the arcane world of reinsurance and liability coverage has become a powerful weapon.

Apr 17, 2012

Analysis: Marine insurance: the stranglehold on Iran?

HONG KONG/TOKYO (Reuters) – Marine insurance, or lack of it, may yet turn out to be the most effective sanction used by Western nations in 17 years of tightening the screws on Iran’s nuclear program.

A European Union oil embargo on Iran, set to take effect in July, prohibits EU insurers from covering Iranian oil exports anywhere in the world. With around 90 percent of the world’s tanker insurance based in the West, the arcane world of reinsurance and liability coverage has become a powerful weapon.

Apr 12, 2012

Japan MS&AD paying $530 mln for NY Life’s India JV stake

TOKYO/HONG KONG (Reuters) – Japan’s MS&AD (8725.T: Quote, Profile, Research) is acquiring New York Life’s 26 percent stake in a joint venture with Max India (MAXI.NS: Quote, Profile, Research) for about $530 million, in another example of Japanese companies’ growing appetite for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty insurer by revenue, is among the industry’s most aggressive in expanding in Asia through acquisitions, buying both life and non-life assets to secure growth beyond its weak home market.

Apr 12, 2012

Japan MS&AD buying NY Life’s India JV stake for $540 mln-sources

TOKYO/HONG KONG, April 12 (Reuters) – Japan’s MS&AD
is set to buy New York Life’s 26 percent stake in a
joint venture with Max India for about $540 million,
two sources said on Thursday, signaling the continued appetite
of Japanese companies for overseas assets.

MS&AD Insurance Group, Japan’s largest property-casualty
insurer by revenue, is among the industry’s most aggressive in
expanding in Asia through acquisitions, buying both life and
non-life assets to secure growth beyond the weak home market.

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.

    • 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."
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