RSS Feed
The loss in the business of compulsory traffic accident liability insurance for motor vehicles (hereinafter compulsory traffic insurance) amounted to CNY 7.24 billion in 2010, according to data from the Insurance Association of China. Wherein, underwriting loss accumulated to CNY 9.71 billion and income from investment reached CNY 2.47 billion. Data showed up to 101.41 [...]
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. [...]
China Re H1 Combined Premiums up 50%
August 10th, 2011 
gary According to China reinsurance (Group) Corporation (China Re)’s information, the company gained CNY 28.26 billion combined premiums in the first half of 2011, expanding by 50.47 percent year on year. Therein, China Continent Property & casualty insurance Company Ltd., a subsidiary of China reinsurance, earned CNY 8.52 billion premiums, increasing by 24.2 percent year on [...]
PICC Insurance H1 Premiums Gains 9.8%
August 10th, 2011 gary PICC life insurance Co., Ltd. obtained CNY 51.94 billion premiums as of June 30, 2011, up 9.8% year on year. These represent 7.6% market share according to the new accounting standards and 9.1% market share in line with the old accounting standards. The insurer ranked No.5 in the domestic life insurance market. Its total assets [...]
China Construction Bank Opens Insurance Business In Shanghai
July 29th, 2011 gary 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 [...]
China Export Credit Insurance Corp. First-Half Growth 51%
July 29th, 2011 gary 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
July 29th, 2011 gary 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
July 14th, 2011 gary 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
July 14th, 2011 gary 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. [...]
