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The two listed insurance companies’ aggregate net profit for the first quarter of 2011 stood at OMR1.69 million (US$4.4 million), down 56.4% y-o-y, as regional unrest and domestic political and economic instability took a heavy toll on the Omani market, said Kuwait-based Global Investment House in a report. According to the report, “Oman Corporate Profitability [...]
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. [...]
UAE residents least reliant on state pension – HSBC
June 17th, 2011 
gary Only 2% of the UAE residents rely on the state pension – the lowest in the world – compared with the global average of 16%, according to a survey conducted by HSBC. The survey, based on interviews with over 17,000 respondents in 17 countries, also shows that nearly 43% of UAE residents do not have [...]
Managers say Florida Retirement System doing well
June 17th, 2011 gary Despite forecasts of looming trouble in government-employee pensions, and a sluggish national economy, managers of the state’s investments got an encouraging report Thursday on the Florida Retirement System’s investments. Ash Williams, director of the State Board of Administration, said the fund’s assets have a net value of $126.7 billion. That’s up by about $17 billion [...]
Best’s Rating Notification – CNL/Insurance America Inc
June 16th, 2011 gary AMBest A.M. Best Company has made the following rating update: Company: CNL/Insurance America Inc AMB Number: 183 Current Rating: A- Previous Rating: A- To obtain more information about this company, please visit: http://www3.ambest.com/frames/fs.asp?site=ratings&RefNum=183&tab=4 For Definitions of Best’s Ratings and Not Rated Categories (NR) visit: http://www.ambest.com/ratings/definition.html
UK SUBSIDIARY OF INDIA’S MASTEK WINS US$13 MLN CONTRACT
June 16th, 2011 gary Indian IT solutions provider Mastek Ltd (BSE:523704) on Wednesday said its UK-based subsidiary has bagged a Rs 58.7 crore (US$13.09 million) multi-year framework contract in that country. Mastek UK Ltd, a wholly-owned subsidiary of the company, has signed a multi-year framework agreement for IT services in the UK with an initial minimum commitment of GBP [...]
Presidential aide proposes unified social insurance tax
June 14th, 2011 gary Social insurance tax should be slashed to 30% from the current 34% for companies of all sizes, if the government does not find a convenient system of tax administration and differentiation of companies according to their size, presidential aide Arkady Dvorkovich told reporters today. He commented on the government’s proposal to differentiate the tax rate [...]
New China Life Insurance Takes Leading Spot in China
June 14th, 2011 gary New China life insurance Company is to celebrate its 15th anniversary in September this year. The insurer’s total assets have come to more than CNY 300 billion. The insurance company has 17 million customers and its annual premium income exceeded CNY 93 billion currently. New China life insurance set up over 1450 branches, central sub-branches, [...]
Taikang Life to Invest CNY 3 bn in Chengdu Rural Bank
June 14th, 2011 gary It is reported that Beijing-based Taikang life insurance Co. (Taikang Life) will invest CNY 3 billion to participate in the private share placement of Chengdu Rural Commercial Bank. What’s more, the possibility cannot be ruled out for Taikang Life to become the strategic investor and controlling shareholder of Chengdu Rural Bank. In August 2010, Taikang [...]
