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The Azerbaijani Finance Ministry announced results of operations for January-August of the top ten insurance companies. About 78.32 percent of the total insurance charges and 81.3 percent of total payments fall to them. About 27 insurance companies operated in Azerbaijan that period and one reinsurance company. Insurance company Premiums for January-August, 2010 in million manats [...]
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. [...]
Ranking of Azerbaijani insurers’ activity for January-August
September 24th, 2010 
gary Summary of 27 Insurance companies operating in Azerbaijan in January-August 2010: Name of insurance companies Premiums for January-May in million manats Payments for January-May In million manats Authorized capital of Insurers Kinds of insurance A-Qroup Sigorta 5.19 3.82 2.56 3 14 AIG Kaspian Insurance company 1.34 0.04 3.5 1 7 Alfa Sigorta 1.58 0.13 3.1 [...]
Life insurers’ foreign units post greater losses in H1
September 24th, 2010 gary South Korea’s top three life insurers posted greater losses in their overseas operations in the first half of this year due to increased costs, the financial watchdog said Thursday. The combined net loss of the eight overseas units operated by the three biggest life insurance firms, including Samsung life insurance Co., came to US$4.3 million [...]
INDIAN INSURER ICICI LIFE LAUNCHES THIRD UNIT-LINKED PRODUCT
September 23rd, 2010 gary Indian insurer ICICI Prudential Life on Tuesday announced the launch of ICICI Pru LifeLink Wealth SP, which is the life insurer’s third unit-linked insurance product under the new Insurance Regulation and Development Authority (IRDA) regime. The new product aims to save customers the hassle of remembering premium payment dates or policies getting discontinued because of [...]
VIRGIN MONEY TEAMS UP WITH TOWER AUSTRALIA
September 23rd, 2010 gary Virgin Money will enter the life insurance market in an alliance with Tower Australia (ASX:TAL), the companies announced on Thursday. The introduction of life insurance products by early 2011 represents a broadening of Virgin Money’s current insurance portfolio, Virgin Money Australia managing director Matt Baxby said. He said there is a lot of opportunity to [...]
JAPAN LIFE INSURERS’ GROUP EYES TAX REFUNDS ON 220,000 POLICIES
September 22nd, 2010 gary Beneficiaries of more than 220,000 policies may be eligible for refunds of overpaid taxes when school tuition insurance and other products that pay out benefits like an annuity are included, life insurance Association of Japan Chairman Koichiro Watanabe said Friday. Life insurers have withheld income taxes for more than 120,000 of these policies. For the [...]
SRI LANKAN CORPORATE LAWSUITS ON THE RISE: INSURANCE ANALYST
September 22nd, 2010 gary Corporate lawsuits are on the rise in Sri Lanka with the collapse of financial firms and a new company law making directors and executives more accountable, an insurance industry analyst said. Not only globally but in Sri Lanka too the trend of claims filed against corporate executives exposing them to potential personal liabilities for violations [...]
ING-BOB Life Insurance Raises Registered Capital to CNY1.3bn
September 17th, 2010 gary ING-BOB life insurance Co., Ltd., a 50-50 joint venture between ING Group and Bank of Beijing, has won regulatory approval to increase its registered capital to CNY 1.3 billion from CNY 900 million. Both shareholders will inject CNY 200 million to keep their holdings unchanged after the capital increase. Bank of Beijing, or BOB, this [...]
