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This year, some insurers of China conducted the equity transfers. This March, Guodian Capital Holding Co. as a subsidiary of state-owned Guodian Corporation had purchased a 50% stake in Old Mutual-Guodian life insurance, previously known as Skandia-BSM life insurance; and Shao Guoyong, the General Manager of Guodian Finance Company, was appointed as the Board Chairman [...]
Insurance Firm Sues CPA for $5.7 Million
An insurance company claims that relying on false financial statements has cost it $5.7 million. Travelers Casualty & Surety Co. of America has filed a federal lawsuit against the CPA, H. Neal Privitt of Little Rock, who provided the financial statements in an attempt to recover the money. Travelers was the surety bonding company for [...]
ASIAN-BASED IGATE’S Q3 NET INCOME UP 60% AT US$14.3 MLN
US-based, Indian-focused IT outsourcing firm iGATE on Wednesday said its net income jumped by 60.67 per cent to US$14.3 million in the quarter ended September 30, 2010. The company, which earns 80 per cent of its revenue from North American markets, had registered a net income of $8.9 million in the third quarter last year. [...]
OCBC China Performs Well
December 2nd, 2010 
gary OCBC China, the China-incorporated subsidiary of OCBC Bank, has been growing rapidly in China’s Mainland. As early as 1925, OCBC Bank had opened a branch in Xiamen, a major city of Fujian Province. In August 2007, when OCBC China started operation, the Singaporean lender already had five branches in China’s Mainland. During the more than [...]
Smaller Insurers Try to Attract Banks
December 2nd, 2010 gary As the salespersons of insurance companies are not allowed to sell products in banking outlets, many smaller insurers have to try every means to make the lenders sell their products. In addition, the new policy of China Banking Regulatory Commission (CBRC) requires that each outlet of a commercial bank can sell the products of not [...]
Taiping Life Insurance Records over CNY30bn Premium Income
December 2nd, 2010 gary Taiping life insurance Co., Ltd. has brought in more than CNY 30 billion premium revenue as of November 28, leaping by 51.55 percent year on year, achieving the goal of the year ahead of schedule. The insurance company gained CNY 10 billion premium income in 78 days by March 19, and the revenue exceeded CNY [...]
PICC Life Made More-than-Expected Profits
December 2nd, 2010 gary PICC Life, the life insurance unit of Beijing-based People’s Insurance Company (Group) of China Limited (PICC), has been performing strongly in the profit making during the five years since its inception. Over the past year, the life insurer realized the net profits of CNY 44 million and during the first 10 months of this year, [...]
AUST’S SUNCORP-METWAY TO OFFLOAD INVESTMENT BIZ TO NIKKO ASSET
November 21st, 2010 gary Australia’s Suncorp-Metway Ltd (ASX:SUN) will sell its Tyndall Investments business to Japan’s Nikko Asset Management for up to A$128.5 million (US$126.24 million), as the insurer and bank pursues its stated simplification strategy. Suncorp says it will remain Tyndall Investment’s major client, with about $18 billion of funds under management. Suncorp and Tyndall say the transaction [...]
TAIWAN’S HON HAI SIGNS CO-OP ACCORDS WITH SILICON VALLEY FIRMS
November 21st, 2010 gary Hon Hai Group, the world’s largest contract electronic product maker, signed memoranda of understanding (MOUs) Thursday with venture capital firms from California’s Silicon Valley to serve as an incubator for new technology development in Taiwan. On behalf of Hon Hai, group founder Terry Gou signed the cooperation agreements with the U.S. venture capitalists, including NEA, [...]
Two Chinese Insurers Join Underwriting of ITER Project
November 17th, 2010 gary Ping An Property Insurance Co. and China Pacific Property Insurance Co. have become co-insurers of contractor’s all risks for International Thermonuclear Experimental Reactor project (ITER), recommended by the Ministry of Science and Technology of China (MOST). According to the MOST announcement, the two insurers will account for 3% of the overall contractor’s all risks insurance, [...]
