Jordan French Insurance Company (JOFICO) has a financial performance that Fitch Ratings views as a rating weakness although it is improving since 2023. Fitch, in a report released yesterday, says that it expects JOFICO to report positive profitability in 2024.
Takaful generated contributions totalling MAD43.5m ($4.4m) in the first half of 2024, 50% higher than the MAD29m reported for the corresponding six months in 2023, according to data released by the Moroccan Insurance Federation.
National Reinsurance Corporation's (Nat Re) strong business growth in non-property lines during 2023, mainly driven by the acquisition of foreign agriculture treaties, is viewed to support business diversification; however, effective underwriting risk management remains crucial, says AM Best.
Life insurers posted a 14% year-on-year growth in new business premiums to INR350.2bn ($4.2bn) in the month of September, primarily driven by a surge in individual non-single premium collections, according to data released by the Life Insurance Council.
Fitch Ratings has assigned UAE-based Union Insurance Company a first-time Insurer Financial Strength (IFS) Rating of 'BBB' with a 'Positive' outlook.
The operating performance of General Insurance Corporation of India (GIC Re) is viewed as adequate, supported by a five-year average return-on-equity (ROE) ratio of 6.5% (FY 2020-2024), says AM Best.
State-owned Société Nationale d'Assurance (SAA or National Insurance), Algeria's biggest insurer, has a track record of stable operating performance, with profit before tax ranging from DZD2.5bn ($22.6m) to DZD3.6bn between 2019 and 2023, translating in a five-year weighted average return on equity of 6.3% (as calculated by AM Best).
New China Insurance (NCI), a listed life insurer, has announced a significant profit increase for the first three quarters of 2024.
India's non-life insurance industry reported a 7% year-on-year increase in gross direct premium (GDPU) underwritten to INR1,539bn ($18.3bn) in the first three quarters of this year, according to provisional data released by the General Insurance Council.
Sumitomo Life Insurance Company's core profit margin moderately improved to 12% in the financial year ended March 2024 (FYE2024), from 11% a year earlier, notes Fitch Ratings.