Asia Pacific Insurance Capital management

Features and key stories

Offshore wind turbines stand in rows across the sea under a blue sky.

A uniformed inspector examines a treaty notice beside a high-speed train marked AIR.

Nighttime Tokyo cityscape with illuminated Japanese signs, high-rises and curving multilane traffic.

Tokyo skyline at dusk, featuring the illuminated Tokyo Skytree surrounded by densely packed buildings.

ACCC blocks IAG's RAC Insurance acquisition for second time

Pacific Life Re completes first Hong Kong asset-intensive reinsurance deal

Insurers urged to treat alternative capital deals as partnerships, not pre-nups

Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium

Bank Rakyat building in Malaysia with Malaysian flag, related to MNRB's Takaful sale.

Modern office building with blue glass windows and a large EtIqa sign on the roof, featuring a yellow smile beneath the letters.

Blue glass skyscrapers in a financial district with bank logos DBS, HSBC and Standard Chartered visible on the towers, against a blue sky with palm trees in the foreground

Panoramic city skyline with tall glass skyscraper and apartment blocks, a rooftop pool in the foreground, and an overcast sky.

Illustration of a mountain with a flag for 2026 and a path leading to a summit with a flag for 2028.

Aerial view of a modern city with a twin-towered building by the water and a circular stadium in the foreground, under a clear blue sky.

Nighttime city skyline with densely packed buildings and bright neon lights, a tall blue-lit tower visible in the distance.

Sunset view of Sydney Harbour: the Opera House with the Harbour Bridge in the background over calm water, framed by green foliage on the sides.

City street at dusk with light trails from moving cars and a lit Tokyo Tower in the distance.

Wide city skyline with tall glass skyscrapers, blue sky, and a tree-lined plaza in the foreground. Central modern buildings flank a historic red-roofed structure to the right.

PICC issues Hong Kong’s first sidecar to cover mainland offshore windfarm risks

The US$12m issuance was conducted through special purpose insurer Great Wall Re.

Japan AIR market braces for stricter regime, not slower growth

Industry experts expect future AIR growth to hinge on access to third-party capacity, suitable matching assets and demonstrable risk transfer.

Shinhan Financial to acquire 77% of Lotte Non-Life for US$516m

The group plans to merge the insurer with Shinhan EZ General Insurance and inject capital ahead of tighter K-ICS requirements.

Pacific Life Re closes second Japan structured reinsurance deal of 2026

The transaction helps an unnamed major life insurer optimise its economic capital position under Japan’s new Economic Solvency Ratio (ESR) framework.

Prismic to reinsure US$5bn of Prudential Financial's Japanese whole life reserves

The deal takes Prismic's in-force and flow transactions with Prudential to more than US$22bn of USD-denominated liabilities.

Second ACCC rejection sends IAG's RAC Insurance bid to public benefit test

Regulator found rival insurers would be unlikely to offset competition lost, but insurer says it will now seek approval on public benefit grounds.

Pacific Life Re completes first Hong Kong AIR deal

Its debut asset-intensive transaction in the market covers whole life liabilities ceded by a pan-Asian insurer

Insurers urged to treat alternative capital deals as partnerships, not pre-nups

AAC2026 panellists said reinsurer track record, collateral quality and recapture readiness matter more than price as AIR and FinRe grow across Asia.

Steadfast inks A$7.7bn takeover deal with Amwins-Dragoneer-KKR consortium

The parties aim to complete the A$7.7bn transaction by December, subject to shareholder, court and regulatory approvals.

MNRB to sell direct takaful arms to Bank Rakyat for US$400m

Malaysian Re's parent will divest Takaful IKHLAS Family and Takaful IKHLAS General to the cooperative bank, and keep its retakaful business.

Maybank to take full control of Etiqa in US$1.2bn Ageas buyout

The billion-dollar deal will be financed through Maybank's internal and external funding and is expected to close in 2026.

Allianz strikes S$2.7bn deal for HSBC Life Singapore

The two groups will also enter a 15‑year exclusive bancassurance partnership, with the deal slated for completion in the first half of 2027.

India, Malaysia drive biggest insurance deals as APAC activity cools in Q2

Against a broader regional slowdown, Southeast Asia stood out as the most active deal market.

Indonesian insurers on track for end-2026 capital rules, but 2028 poses bigger test

More than 80% of insurers have already met OJK's 2026 requirements, but experts say capital alone will not fix weak fundamentals as tougher 2028 rules loom.

China publishes new measures to accelerate build-out of Shanghai reinsurance centre

The eight-point plan seeks to lift trading volumes, strengthen reinsurers' capital, and bring more international capacity into China's market.

RGA signs block coinsurance deals with Sumitomo Life and Anshin Life in Japan

Sumitomo Life turns to reinsurance for the first time as insurers across Asia move in-force blocks off their books.

MAS targets captive and ILS market growth with new corporate structure

Industry participants say the proposed framework, set to launch by 2028, could reduce costs, improve operational efficiency and support broader adoption of captives and insurance-linked securities.

APRA finalises reinsurance reforms easing access to alternative risk-transfer solutions

The reforms, set to take effect from 1 January 2027, expand the role of Appointed Actuaries and streamline regulatory approvals.

Japan's FSA finalises tighter rules on asset-intensive reinsurance

Insurers face broader expectations on stress testing, collateral quality, recapture planning and reinsurer due diligence under the revised guidelines, which apply from July 1.

Pacific Life Re inks third asset-intensive reinsurance deal with Tokio Marine & Nichido Life

Third transaction with Japanese life insurer underscores Pacific Life Re’s growing role in the country’s AIR market.