Thursday 29 February 2024

• Geopolitical tensions and volatile macro-economic outlook meant global insurance deal making fell in 2023.

• Asian M&A activity fell less than European and North American markets over the last 12 months but from a lower base.

• Sumitomo Life’s $1.25bn acquisition of Singapore Life and Hinduja Group’s $1.18bn buy of Reliance’s insurance arm were the headline 2023 Asia Pac M&A deals.
• Interest from European carriers meant that India saw an increased amount of M&A activity compared to 2022.

• Financial Secretary Paul Chan announced measures in the 24-25 Budget.

• Chan said government will continue to develop ILS, including establishment of a dedicated regulatory regime and a pilot grant scheme.

• Efforts are being made to encourage Mainland and overseas companies to establish captive insurers in Hong Kong.

• Budget also includes plans to help overseas companies re-domicile in HK, an emphasis on green and sustainable finance, HK$100m to develop the finance and risk management industries, and developments within the marine sector.

Brooks announces departure after close to a decade with Chubb, also revealing his next move will be a 6 month-contract role at Insurance Advisernet.

• Thai Re reported a net profit of THB 231m (US$6.4m) for the year ending 31 Dec 2023, a 219% increase from 2022.

• A 21% increase in net written premiums was attributed to strategic positioning post-COVID-19 and hard market conditions.

• Reinsurance results turned a profit of THB 124m (US$3.43m) from a THB 330m (US$9.14m) loss in 2022.

• The company's combined ratio improved to 96.8%.

• Net investment income increased by 45% to THB 64m (US$1.77m).

• Fitch Ratings withdrew the Insurer Financial Strength (IFS) Rating of Sri Lanka Insurance Corporation Limited (SLIC), following SLIC's reorganisation on 1 Feb 2024.

• SLIC is now a holding company, with its insurance operations split into two entities: Sri Lanka Insurance Corporation General Limited and Sri Lanka Insurance Corporation Life Limited.

• S&P affirmed HSBC Life Singapore's ratings at 'A+' with a stable outlook.

• The affirmation follows a revision in S&P's criteria for insurers' risk-based capital on 15 Nov 2023.

• The insurer's market share grew slightly to above 4% in 2023, with growth attributed to a larger salesforce and deeper strategic partner collaborations.

• S&P expects HSBC Life Singapore to capture market growth through an expanding product suite and profitability to improve over the next three to five years due to scale efficiencies and reduced integration costs.

Tokyo-based Harwood joined the specialty MGA in January as Managing Partner for Mergers & Acquisitions.