ASIA INSURANCE – SEPT 15, 2010

CHINA’S PICC POSTS INSURANCE PREMIUM INCOME UP 35% FOR JAN-AUG

BEIJING – The People’s Insurance Company Group of China (PICC) announced on Tuesday that its insurance premium income exceeded 170 billion yuan (US$25.21billion) in the first eight months of this year, up 35 per cent year on year.

By the end of August, total assets of the PICC reached 389.844 billion yuan, an increase of 87.495 billion yuan from a year ago; and total assets under the group’s management hit 856.19 billion yuan, up 29.9 per cent year on year.

PEOPLE’S INSURANCE CO OF CHINA TO GET STRATEGIC INVESTOR

BEIJING – The People’s Insurance Co (Group) of China (PICC), the country’s leading insurance conglomerate, has achieved material progress in bringing in a strategic investor, thus paving the way for its listing, the group’s top management said on Tuesday.

“We’ve entered the final stage of discussions, and the deal will be definitely inked in the fourth quarter,” said Zhou Shurui, chairman of the auditing committee of PICC Group. He declined to give more details about the partner but said it is a domestic company.

CHINA’S PING AN POSTS US$16BLN life insurance INCOME IN JAN-AUG

BEIJING – Ping An Insurance (Group) of China (SEHK:02318, SSE:601318) announced on Monday that its un-audited life insurance premium income reached 112.7 billion yuan (US$16.67 billion) in the first eight months of this year.

The insurer did not provide data for the same period of last year.

INDIAN INSURANCE REGULATOR PROPOSES SCHEME FOR LOWER INCOME POP.

NEW DELHI – India’s insurance regulator Insurance Regulatory and Development Authority (IRDA) last Thursday proposed a standardised scheme for providing life and non-life insurance cover to economically weaker sections in rural and urban areas.

Under the proposed scheme, on which IRDA has invited comments from stakeholders, persons of low income will be provided insurance cover ranging from Rs 100,000-1 million (US$2,163 to US$21,631) at a comparatively low premium.

SUNSHINE INSURANCE GETS CHINESE NOD TO INVEST IN UNSECURED BONDS

BEIJING – The Sunshine Insurance Group recently received approval from the China Insurance Regulatory Commission (CIRC) to directly invest in unsecured bonds.

The CIRC has granted the credit risks management qualification to Sunshine Insurance, which means the company could invest in the unsecured bonds directly.

CHINA reinsurance, TAIKANG LIFE BOTH APPLY FOR IPOS: REPORT

BEIJING – The China reinsurance Group and Taikang Life Insurance have submitted initial public offerings (IPOs) applications to the China Securities Regulatory Commission for approval, according to a Securities Times report on Monday.

China Reinsurance has appointed China Galaxy Securities as its IPO underwriter, while Taikang Life has employed CITIC Securities as its underwriter, the report said.

UNIFORM RATE FOR CASHLESS TREATMENT IN INDIA FINALISED IN A WEEK

NEW DELHI – India’s public sector insurance companies and large hospitals will finalise a uniform rate structure for cashless treatment scheme within a week, said chairman of a state-owned insurer.

“Within a week we will be able to arrive at the package rates of the big corporate hospitals. (They) have given us their own rates (and) based on that we will arrive on a uniform rate structure,” Chairman of New India Assurance Company M Ramadoss told reporters here on Friday on the sidelines of a CII Health Summit.

CHINA TO ENFORCE INSURER EXECUTIVE AUDITS FROM JANUARY 1, 2011

BEIJING – China is to standardize audits of the management staff of insurance companies from January 1, 2011, to improve risk prevention, according to the industry watchdog China Insurance Regulatory Commission last week.

The CIRC said that it has published new regulations on the matter.

INDIAN POLICIES HELP OFFSET HOME STAGNATION OF S.AFRICA’S SANLAM

JOHANNESBURG – More than a million insurance policies signed in India in the past three years have helped South African insurance giant Sanlam offset the company’s stagnation back home.

Sanlam chief executive Johan van Zyl told the daily Business Report that more than 9,000 insurance policies were signed in July 2010 alone by Shriram Life Insurance Company, in which Sanlam has 26 per cent stake.