TOKIO MARINE Group will transfer the existing portfolio of policies written out of Continental European operations to its newly established insurance company subsidiary, TOKIO MARINE Europe S.A. (TME), in preparation for the UK's exit from the European Union (EU).
In Q3 2018 the PZU Group recorded the highest quarterly net profit in the last five years. At Group level, the net profit reached PLN 1.56 billion (EUR 366.75 million) in Q3 and increased by 34.6% y-o-y, to PLN 3.9 billion (EUR 916.9 million) for the first three quarters.
AXA XL's Reinsurance operation announced that it has acquired all third-party ownership interests in its majority-owned asset management affiliate, New Ocean Capital Management Limited.
According to the market results published by CAP - the professional association of the Czech insurers -, the local market saw a 5.55% y-o-y increase in GWP, to EUR 3.78 billion, most of which came from the non-life insurance segment.
On November 14 Standard & Poor's announced about improvement of the financial rating of the Kazakh leading insurer EURASIA to BBB-, outlook stable. The insurer has also improved the national rating to kzAAA.
The Supervisory Board of Zavarovalnica TRIGLAV reappointed the President of the Management Board of Zavarovalnica TRIGLAV Andrej SLAPAR for a new five-year term of office and approved the proposal submitted by the President of the Management Board, reappointing Uros IVANC and Tadej COROLI as Members of the Management Board.
In 3Q2018, the Slovene TRIGLAV Group posted a profit before tax of EUR 69.9 million, 8% more y-o-y, mostly thanks to the profitable underwriting. Considering the business conditions anticipated until the year end, the Group confirms its annual profit guidance.
According to the preliminary data for 9 months this year, provided by the All-Russian Insurance Association (ARIA), Russian life insurers generated GWP in the amount of RUB 342.6 billion (+36% y-o-y).
International General Insurance Holdings Limited (IGI), the international specialist commercial insurer and reinsurer, has announced the appointment of Nasser ZAGHA to the newly-created role of Chief Technology Officer.
Among the nominees of the 2018 European Excellence Awards, the leading Award for European PR and communications, there are three entries belonging to the insurance world: the Polish Insurance Association, Swedbank and Gjensidige Insurance.
The International Accounting Standards Board has voted to propose a one-year deferral of the effective date for IFRS 17, the new insurance contracts Standard, to 2022.
Global insurance broker Willis Towers Watson (WTW) expanded its presence in Kazakhstan - by opening a new entity to serve clients in "this key Central Asian growth market", as the company officials affirmed in a statement.
For 3 quarters Uzbek insurers generated GWP in the amount of almost UZS 1.2 trillion. At that voluntary classes collected UZS 984.4 billion from the total GWP, according to the data of the Ministry of Finance of Uzbekistan.