Reih Angeles is Deputy News Editor at (Re)in Asia, steering the desk's breaking coverage of Asia Pacific insurance and reinsurance. Areas of specialty include insurer and life results, reinsurance and catastrophe losses, cyber, and regulatory change across India, Korea, China and Hong Kong.
Insurance penetration improved to 1.78% in 2025, as insurers paid 121.9bn pesos (approx. US$2.08bn) in life benefits and sector assets climbed past 2 trillion pesos.
The transaction, first announced in February 2025, covers both US protection and pension risk transfer units, and will see the Japanese insurer also take a 5% economic stake in L&G itself.
The company's minimum 90 day voluntary suspension of new sales begins on 9 February, as the insurer moves to implement governance and sales-practice reforms.
Despite a decline in the measurements of its capital, the insurer posted a 33.5% rise in net profit in 1H25, driven by higher investment income and growth in new business value.
The partnership's initial scope will cover IRBCF and IFRS 17 (Ind-AS), using a single consolidated platform to improve speed, scalability and controls.
