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China Construction Bank (CCB, SSE:601939; SEHK:00939) opened an insurance unit, CCB Life, in Shanghai on June 22. The bank is also the first among China’s big four state-owned Banks to establish an insurance business subsidiary, and is one of the bank pilots approved by the State Council and regulators to invest in insurance companies. CCB [...]
Archive for July, 2011
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China Export Credit Insurance Corp. First-Half Growth 51%
Posted by gary on July 29th, 2011
China Export & Credit Insurance Corp. [Sinosure] reported accumulated underwriting income of US$129.13 billion, up 51% year-on-year for the first half of 2011, attributed to continuing domestic economic growth and market expansion to emerging markets. Export credit insurance underwriting income rose 46.1% to US$106.5 billion. Of that, short-term export credit insurance underwrote US$103.81 billion, up [...]
Tibet Branch of Sunshine Insurance Opened
Posted by gary on July 29th, 2011
The fourth property insurance company in Tibet Autonomous Region, the Tibet branch of Sunshine Insurance Group Corporation Ltd. (Sunshine Insurance) was offically opened on July 28. The open of the Tibet branch of Sunshine Insurance marked that Sunshine Insurance has completed the institute layout in 31 provinces, cities and autonomous regions all over the country [...]
S.KOREA’S DAEWOO INT’L CONSIDERS SELLING STAKE IN KYOBO LIFE
Posted by gary on July 14th, 2011
Daewoo International Corp. (KSE:047050), a South Korean trading firm, said Friday that it is considering selling its stake in a local life insurer. In a regulatory filing, the firm, taken over last year by the country’s leading steelmaker, POSCO (KSE:005490), said it will select advisers for selling or securitizing the 24 per cent stake in [...]
INDIA’S HDFC EYEING IPO FOR INSURANCE BUSINESS IN TWO YEARS
Posted by gary on July 14th, 2011
Housing Development Finance Corporation (HDFC, BSE:500010) has said that it may come out with an initial public offering (IPO) for its insurance business in about two years. “We are planning to come up with an IPO for insurance in two years,” HDFC Chairman Deepak Parekh said at the annual general meeting (AGM) of the company. [...]
INDIA’S INSURANCE REGULATOR HITS SBI LIFE INSURANCE WITH FINE
Posted by gary on July 14th, 2011
Indian insurance regulator Irda has imposed a fine of Rs 70 lakh (US$157,843) on SBI life insurance for paying excess commission to the agents in violation of the group insurance guidelines. “Considering the gross and continued nature of the violations, the Authority has come to the conclusion that it is just and proper to impose [...]
SRI LANKA’S SOFTLOGIC BUYS INSURER ASIAN ALLIANCE
Posted by gary on July 14th, 2011
Sri Lanka’s Softlogic Holdings group is buying a 73.5 per cent stake in Asian Alliance Insurance, a listed insurer for 3,308 million rupees (US$30 million), the company said in a stock exchange filing. Softlogic Holding group will buy 53.16 per cent of Asian Alliance held by Asia Capital PLC and its subsidiaries and 20.36 per [...]
INDIA’S INSURANCE REGULATOR TO BAN TPAS FROM GOVT SCHEMES
Posted by gary on July 14th, 2011
India’s insurance regulator is proposing to ban Third Party Administrators (TPA) from operating as intermediary for the government-sponsored health insurance schemes. “The licensed TPAs cannot enter into arrangements for servicing health schemes promoted, sponsored or approved by any non-insurance body including central, state, local governments, firms, corporates during the subsistence of the TPA license granted [...]
Japan’s current account surplus down by 52 per cent in May
Posted by gary on July 9th, 2011
Japan’s current account surplus in May fell 51.7 per cent from a year earlier to 590.7 bn yen on a combination of rising imports and slower exports as a result of the massive earthquake and tsunami in March, the government said Friday. The balance of international payments, considered the widest measure of trade for a [...]
New ministry to run banks, petrochemical industry – Iranian official
Posted by gary on July 9th, 2011
The deputy minister of trade has reported that the National Petrochemical Industry Company will be merged with the Ministry of Industry, Mining and Trade and said: Some state-owned sectors in free zones and Iran’s Export Development Bank and Industry and Mining Bank will be merged with the new ministry. The merger of some sectors in [...]
China May Become the 2nd Largest Insurance Market Globally
Posted by gary on July 9th, 2011
Swiss Re-insurance Company recently reckons that emerging countries will take more shares aggressively in global insurance market, and China may become the world’s second largest insurance market within ten years. According to the 2010 annual assessment report of Swiss Re-insurance, the world’s insurance premium increased by 2.7% year on year, reaching USD 2.52 trillion. Respectively, [...]
Sinosure to Compensate USD99mn To Zhengzhou Yutong Group
Posted by gary on July 9th, 2011
China Export & Credit Insurance Co., Ltd. (Sinosure), a policy-oriented insurer, will compensate up to USD 99 million to Zhengzhou Yutong Group Co., Ltd. for the latter’s defaulted payment by Cuba importer. The compensation will be paid on five installments. The first installment of USD 14.27 million was paid this March and the second installment [...]
