• Zurich APAC saw life premiums grow by 44% while its P&C business grew 11%.

• Operating profits for Zurich’s life insurance business in Asia-Pacific increased 88%.

• Globally, Zurich reported a 39% increase in profits for its life insurance business and a 7% increase in profits for its P&C lines globally.

• The insurer expects its compounded annual growth rate for earnings per share to exceed 10% for the 2023-2025 period.

• Manulife completes reinsurance backbook deal with Global Atlantic.

• Deal, first announced in December, involves ceding of CA$13bn (US$9.64bn) worth of business and has been labelled “the largest LTC reinsurance transaction ever.”

• Global Atlantic to assume an 80% quota share of the LTC blocks and a 100% quota share of other blocks, including U.S. structured settlements and two Japanese whole life product blocks.

• Transaction highlights growing interest in Asian markets for asset-intensive reinsurance deals, with more deals expected in this year.

• The IRDAI maintains obligatory cession rate at 4% 25 for GI policies, excluding terrorism and nuclear pool premiums.

• General insurers must cede 4% of the sum insured of each policy to GIC Re, with no cap on the sum insured.

• The obligatory cession rate has gradually reduced from 20% to 4% to balance competition and industry stability.

• Confirmation comes amid IRDAI's efforts to develop the country's reinsurance industry - including recent proposal of new collateral requirements and engagement with international reinsurers to set up onshore operations in India.

• AM Best affirms Energas FSR at ‘A’ (Excellent) and Long-Term Issuer Credit Rating at ‘a’.

• The outlook remains ‘negative’ for PETRONAS’s captive insurer.

• Captive has a five-year average COR of 68.4%; however, it has concentration risk in the underwriting portfolio.

• Recent increases in large loss frequency and higher reinsurance retention levels have added volatility.

• Zurich Insurance revises Kotak General acquisition plan and will purchase a 70% stake upfront for 55.6bn rupees (US$671m).

• The Initial plan, announced November 2023 had been for the acquisition of a 51% stake, with 19% to follow within three years.

• Deal remains the largest investment by a global insurer in India's GI market.