edition
• Ardonagh Group to acquire PSC Insurance Group for AU$2.26bn (US$1.48bn), pending shareholder and court approval.
• Acquisition will form one of Australia's largest privately owned insurance distribution platforms, with AU$3.3bn in gross written premium annually.
• Ardonagh plans to merge PSC Insurance and Envest, acquired by Ardonagh in 2023, with Greg Mullins, CEO of Envest, to oversee the merger of operations.
• MNRB Holdings Berhad reported RM428.4m (US$84.35m) in profits after tax (PAT), up 200%, marking its best financial performance in 50 years.
• Gross Written Premiums and Contributions (GWP/GWC) for the group rose by 17.6% to RM4.0bn, with Malaysian Re achieving RM2.5bn - the first time it surpassed RM2.0bn.
• Takaful IKHLAS saw a GWC of RM1.6bn, with a 43.5% increase in PAT to RM73.6m.
• Investment income hit a five-year high at RM588.3m, up 61.3% from FY2023, with a yield of 5.64%.
• Tokio Marine & Nichido Fire, Sompo Japan, Mitsui Sumitomo, and Aioi Nissay Dowa will raise fire insurance premiums by an average of 10% in October, sources told Jiji Press.
• The increase, the first in two years, is in response to higher claims from natural catastrophes and rising repair costs.
• Indian regulator fines Go Digit General Insurance 10m rupees (US$120k) for not reporting a change in the conversion ratio of compulsorily convertible preference shares (CCPS).
• Go Digit admitted oversight and had corrected the information, but IRDAI imposed the penalty for violating regulations and failing to report change promptly.
• Go Digit General is currently going through an IPO process.
• GlobalData expects India's life insurance segment to reach 13.5 trillion rupees (US$161.6bn) in GWP by 2028.
• Growth to be driven by demand for traditional policies, regulatory changes, and insurtech advancements.
• IRDAI approval of digital insurance marketplace, Bima Sugam, should also help to drive growth.
