Subject: Results Page 14 / 29
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- February 17 2023
Allianz’s Asia P&C net earned premium grows 30%, COR up at 98.1%
Group COR increased to 94.2% primarily due to higher attritional losses related to normalisation of claims frequency and claims inflation.
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- February 17 2023
Swiss Re’s P&C Re COR slips to 102.4%, group sees 67% profit fall to US$472m
In FY 2022, the Swiss global carrier was hit by high inflation and large nat cats, including floods in Australia, but saw strong 1.1 2023 renewals.
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- February 17 2023
QBE 2022 COR improves to 93.7%; reinsurance expenses climb 34%
The global carrier's underwriting profit was up 34% to US$933m, while its GWP grew to US$20bn.
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- February 17 2023
Tower ups large event allowance by 33%, expects Gabrielle to trigger reinsurance
The storm is the second event in weeks set to breach the insurer's cat excess of US$7.4m leading to Tower to downgrade its profit guidance.
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- February 17 2023
AUB upgrades profit guidance as Tysers performs ‘ahead of expectations’
The broker expects US$32.3m of profit for H1 2023, which is 8.5% above the mid-point of the guidance.
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- February 15 2023
Covid, nat cat woes continue at Japan’s ‘big three’
Net profits at Tokio Marine fell 27.4%, with Sompo Holdings declining 79.5% and MS&AD dropping 57% for the first nine months of FY 2022.
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- February 13 2023
IAG’s H1 2023 combined ratio increases to 93.7%
Group GWP grew 7.5% on rate increases but underwriting profit was down 10% year-on-year.
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- February 10 2023
Zurich APAC COR improves to 91.7% as P&C GWP jumps 18%
APAC premiums grew to US$3.47bn in FY 2022 as the region saw a strong travel insurance recovery.
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- February 9 2023
Auckland floods could be ‘1-in-250 year’ event: Suncorp NZ
"The significance of this event has reached the corridors of global reinsurers," says CEO Jimmy Higgins.
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- February 3 2023
IAG hit by 15,000 claims from NZ floods, ups FY 2023 nat cat forecast by US$167m
Reinsurance likely to be triggered as the Australian carrier says gross costs for the Auckland event are set to exceed US$248m, above a maximum event retention of US$167m.
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- January 27 2023
Australia’s October 2022 flood losses rise 6.4% to US$598m: Perils
The estimate includes property and motor hull losses for the majority of the market for floods in NSW, Victoria and Tasmania.
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- January 18 2023
Indian non-life insurers generated US$37bn of premiums in 2022
Motor was one of the classes which helped Indian non-life premiums grow 14.65% in 2022.
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- January 17 2023
Sinosure insured US$900bn worth of trade in 2022
The trade-credit insurer saw its SME business grow 15.7% year-on-year covering US$227m in business.
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- January 16 2023
Australian government hints at additional funding for nat cat relief
With the floods shaving off 0.25% of the country's GDP, the treasurer said natural disasters will be a focus of the upcoming budget.
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- January 13 2023
PICC P&C 2022 premium income rose 8.3% to US$70bn
The carrier saw a 22% rise in agri insurance premiums, while motor growth came in at a low 6.2%.
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- January 9 2023
FY 2023 India non-life premiums touch US$22bn
Premiums grew for both private and state-owned insurers with the latter losing market share in the first nine months.
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- November 24 2022
Tower’s FY 2022 COR improves to 90.1% but profits slip
The company said the strengthening of Canterbury earthquake reserves and a customer remediation provision impacted results.
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- November 22 2022
MS&AD to reduce headcount by 6,300 by end of FY 2025
1,900 roles will go by the end of March 2023 as the Japanese giant charts out a three-point plan to improve earnings structure.
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- November 21 2022
Japan’s big three post massive H1 underwriting losses on nat cats, Covid-19
While Sompo Holdings and MS&AD Insurance Group posted net losses for their first six months of the fiscal year, Tokio Marine saw a 70% fall in profits.
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- November 18 2022
Tokio Marine announces US$357m share buyback plan
The Japanese giant will repurchase 25m shares from November 21 through March 24, 2023 'to implement flexible financial policies'.
