Five East Asian life insurance companies recorded billion-dollar raises in 1H 2024, rising to the top of the list of Asia Pacific insurance and insurtech companies with the largest capital raises during that period, according to an S&P Global Market Intelligence Analysis.
New China Life Insurance Co. Ltd. sits at the top spot, logging a US$1.38bn debt issuance that closed on June 20. The proceeds will be allocated to replenish the company’s capital and improve its solvency.
Sinatay Life Insurance Co. Ltd., another life insurer from mainland China, recorded the third-highest amount raised within the period, closing a US$1.30bn funding round on April 2.
Meanwhile, Japan’s Nippon Life Insurance Co. was in the second spot on the list, raising US$1.32b, while Sumitomo Life Insurance Co. landed in the fourth spot, with US$1.04bn capital raised. In fifth place is Hong Kong-based AIA Group Ltd., with a $1bn debt issuance.
Property and Casualty Activity
Among the top 10 insurance and insure-tech companies in the Asia-Pacific region, India’s Go Digit General Insurance Ltd. was the lone property and casualty insurer that made it to the list. It recorded a combined US$454.5m raised from its May IPO and a separate funding round.
On the other hand, Australia’s Suncorp Group Ltd. and Insurance Australia Group Ltd. also drew upon the capital markets in 1H 2024. Suncorp gained a US$238.4m capital raise on May 14th, while Insurance Australia group completed a US$228.8m capital raise on March 26th.
Insurtech
In the insurtech sector, Cover Genius Pty. Ltd., another Australia-based insurer, was the top fundraiser, having a US$79.7m funding round that ended on May 15h.
In the insurance technology sector, Australia-based Cover Genius Pty. Ltd. was the biggest fundraiser with a $79.7 million funding round that closed May 15.
Overall activity
Asia-Pacific insurance underwriters managed to raise a combined $10.28b. The said amount came from 42 capital raises within 1H 2024, as per S&P’s analysis. In 2023, underwriters raised US$20.93bn from 90 capital raises, while in 2022, they managed to secure US$17.20bn from 94 capital raises.
Insur-tech companies in the Asia-Pacific region logged around US$220m from 20 capital raises in 1H 2024. They obtained US$1.35bn in 20203 from 50 capital raises, and in 2022, they obtained US$1.11bn from 73 capital raises.
