Vietnam 

VN, Laos tighten ties in deposit insurance – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

  A Deposit Insurance of Vietnam (DIV) sign displayed at an HDBank office. – Photo kinhtenongthon.vn VIENTIANE — The Deposit Insurance of Vietnam (DIV) has reviewed its co-operation with the Depositor Protection Fund of Laos (DPF) last year, eyeing further improvement in ties. The two sides discussed their co-working efforts last year and exchanged ideas for future co-operation and amendments to the signed memorandum of understanding (MoU). The DPF wanted to learn from the DIV’s experience in capital management, deposit data collection, management and arrangement of information data and internal network systems,…

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China 

China’s Anbang dismantling continues with new state-owned firm taking over insurance assets

China’s dismantling of the Anbang Insurance Group has continued with the newly established state-owned Dajia Insurance Group taking over its property and casualty insurance assets, the Chinese Banking and Insurance Regulatory Commission said on Thursday.Dajia is a joint venture between the China Insurance Security Fund, Sinopec Group and SAIC Motor, with a total investment of 20.36 billion yuan (US$3 billion), the Chinese Banking and Insurance Regulatory Commission (CBIRC) confirmed. It also… Source link

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Home 

Anbang asset disposal gets underway as domestic insurance unit is sold to group of five buyers

Anbang Group has sold its entire stake in Hexie Health Insurance, reflecting the first asset disposal since the state seizure of the conglomerate that was once among China’s most aggressive leveraged buyers of overseas assets.Five buyers including Fujia Group, a privately held company with holdings ranging from petrochemicals to finance, bought the health-insurance unit, according to a statement posted on the website of the Insurance Association of China on Thursday. The stake transfer was… Source link

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Home 

China Taiping Life Insurance well prepared for new opportunities

[Sponsored Article] 2019 marks the 90th anniversary of China Taiping Insurance Group, a Chinese state-owned insurance company founded in Shanghai in 1929. Being the only Chinese state-owned financial and insurance group whose management headquarters is located in Hong Kong, China Taiping has businesses spanning a number of countries and regions, particularly in Mainland China, Hong Kong, Macau, North America, Europe, Oceania, East and Southeast Asia. Celebrating this important milestone,… Source link

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Home 

Hong Kong’s affluent are looking to Singapore for insurance and wealth diversification, amid ongoing civil protests in the city

Insurance technology start-up Singapore Life has reported a 30 per cent uptick in demand from Hong Kong’s high net worth individuals seeking insurance products with legacy planning options, as the recent protests in the city has spurred more Hongkongers to consider parking their wealth in Singapore.Founder Walter de Oude told the Post that over the past three months he has seen some “20 to 30 per cent” growth in applications for its universal life insurance products from Hong Kong residents… Source link

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Richard Li’s FWD pays record US$3 billion for life insurance unit of Thailand’s Siam Commercial Bank

FWD Group, the insurance unit of Hong Kong tycoon Richard Li Tzar-kai’s Pacific Century Group, has agreed to buy SGB Life Assurance, the life insurance business of Thailand’s Siam Commercial Bank, for 92.7 billion Thai baht (US$3 billion), reflecting the largest insurance deal in Southeast Asia in terms of value.Li is the younger son of Li Ka-shing, Hong Kong’s richest businessman.The deal, signed on July 1, is the latest in a string of mergers and acquisitions by FWD across Asia. It comes just… Source link

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Vietnam 

Việt Nam’s insurance industry keeps thriving in H1 2019 – Economy – Vietnam News | Politics, Business, Economy, Society, Life, Sports

    General director of the Ministry of Finance’s Insurance Supervisory Authority Phùng Ngọc Khánh speaks at the conference. Photo mof.gov.vn HÀ NỘI — Việt Nam’s insurance industry maintained positive growth in the first half of this year, with total revenue surging by 24.35 per cent year-on-year to nearly VNĐ71.15 trillion (US$3 billion), the Ministry of Finance’s Insurance Supervisory Authority (ISA) reported on Thursday. During a conference to review the industry’s performance in the first six months of 2019 and implement tasks for the second half of 2019 held in…

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Money 

China’s government sets up Dajia Insurance to take over Anbang’s assets as the disposal of former asset buyer nears

China’s government has established a new insurer to take over the operations of Anbang Group, more than 16 months after one of the country’s biggest asset buyers was put under state ward and its chairman was jailed for fraud.Dajia Insurance Group was registered on June 25 in Beijing with 20.4 billion yuan (US$3 billion) of capital put up by identical shareholders as Anbang, according to documents published by the business registrar.The move is the clearest sign that the China Banking and… Source link

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Singapore 

Insurance linked to high medical inflation, Singapore News

Overuse of insurance and pricey doctors in private practice could be reasons for the high inflation in the healthcare sector, said experts. Medical cost inflation here rose 10 per cent last year, 10 times more than the Singapore economy’s estimated 2018 inflation rate of 1 per cent, according to Mercer Marsh Benefits 2019 Medical Trends Around the World report. The headline inflation officially came in at 0.4 per cent. Singapore was sixth highest of 11 Asian countries surveyed, and its 10 per cent increase was slightly lower than the Asian…

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Home 

Richard Li’s FWD is in talks to buy MetLife’s Hong Kong insurance unit to expand through acquisition

FWD Group is in advanced talks to buy MetLife’s Hong Kong insurance unit in what would be the latest in a string of acquisitions by the insurer backed by billionaire Richard Li, people familiar with the matter said.The companies could reach an agreement in the next few weeks, the people said, asking not to be identified because the discussions are private. A deal could value MetLife Hong Kong at less than US$400 million and would help FWD boost its presence in the former British colony, the… Source link

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