Gains on a relatively high allocation to Indian equities carried the year’s earnings, though the same holdings expose the reinsurer’s balance sheet to market risk.
Disciplined underwriting and tight expense control kept the Hong Kong insurer’s net-net combined ratio at 90.3% in 2025 as motor, accident and health, and employees’ compensation business expanded.
The upgrade reflects Beazley’s strategic importance to Zurich, with the combined specialty platform expected to generate around US$15bn in business volumes.
Upcoming capital reforms and tighter underwriting discipline should support earnings stability, although volatility is likely to persist in the near term.
Fewer troubled member builders, better recoveries and bigger budgets for state-led projects should lift results at the Korean guarantor after weak profitability since 2023.
AIA Global will offer offshore wealth products alongside the group's franchise in Hong Kong and Singapore, which accounted for about 46% of new business value in H1 2026.
Fair value gains from lower interest rates and a favourable equity market drove the turnaround, while Fitch expects investment profits to moderate in 2026.
The State Grid-owned insurer's solvency ratio was 275% at the end of H1 2026, unchanged from the end of 2025, while disciplined risk selection kept its combined ratio at 93% in 2025.
Higher capital charges on the insurer's investments outpaced growth in its available capital, while cautious risk selection kept its agricultural book profitable.
