Vietnam Insurance Market
|
|
- Arline May
- 8 years ago
- Views:
Transcription
1 Vietnam Insurance Market By Oliver Massmann I. M&A and restructuring process for Vietnam insurance industry: how much value do they really add? 1. UVietnam s insurance market: after all a prospering business Vietnam's insurance market has grown rapidly in recent years and continues to be considered a promising market. In particular, the country s demographic and economic development is expected to fuel further demand for insurance services both in the non-life and life sectors. In the last decade, Vietnam s insurance sector has been transformed from a State-owned monopolist sector to a more open industry with both domestic and foreign insurers as new entrants. Vietnam s international commitments under its WTO accession concessions (with Vietnam s WTO accession having taken effect in January 2007) and bilateral and multilateral market access arrangements (such as the ASEAN Framework Agreement on Services, Bilateral Trade Agreement with the US, and other bilateral and multilateral agreements) have helped to gradually liberalize this sector of the economy further. Notably, from 1 July 2011, foreign insurers are permitted to provide cross-border insurance services to the Vietnamese market. Also, from 1 July 2011, non-life foreign insurers are permitted to set up branches in Vietnam. With an average growth rate of over 20 percent in recent years, Vietnam s insurance market is not only attractive to domestic businesses but also falls into the sights of foreign businesses. The wave of capital raising into the Vietnam insurance market will become more eventful, forecasts A.M Best, a prestigious credit rating company in the world. In fact, an increasing number of prestigious foreign insurers have become strategic partners of domestic insurance companies. Recently, the Insurance Australia Group (IAG) bought 30 percent of AAA Assurance s shares (worth US$16 million) and became a strategic partner of AAA Assurance. Mr. Justin Breheny, IAG s Chief Executive Officer, Asia said IAG could buy more shares of AAA Assurance to increase its ownership to 49 percent in the future. The liberalization of the country's insurance industry has offered numerous investment opportunities to foreign insurers. Currently about 58 insurance companies are operating in Vietnam, among these 29 non-life insurers, 15 life insurers, 12 insurance brokers and 2 reinsurance companies. Besides, there were 32 representative offices of foreign insurance and insurance brokers companies. The non-life insurance market is still largely dominated by domestic insurers. There are about 11 foreign-invested non-life insurers out of a total of 29 including 3 joint ventures and 8 wholly foreign-owned companies. With respect to life insurance, foreign invested insurers make up 14 of the 15 life insurers (including 3 joint ventures and 11 wholly foreign-owned companies), clearly dominating the market. Regarding brokerage services, seven domestic and five foreign-invested companies are operating in this area, with foreign firms making up more than 80% of the market for brokerage services. The number of Vietnamese reinsurance companies increased to two reinsurers in 2011 with a new player - PVI Re (PetroVietnam Reinsurance) in addition to Vietnam National Reinsurance Corporation (VinaRe), both of which are domestic companies. Foreign participation in the
2 Vietnamese insurance market still faces various regulatory challenges. For example, the requirement that the foreign applicant must demonstrate USD2 billion in asset backing limits smaller (and, possibly, newer) entrants. In addition, Vietnamese law also requires that a foreign investor setting up a presence in Vietnam be an actual operator of insurance business when the foreign investor may prefer to hold the investment under a holding company. Full of potential Even two new joiners were not from Asia, Vietnamese life insurance market still had insurance companies from Asia, euro, and America. However, representatives from Asia took the majority part. It was not difficult to find out why Vietnamese life insurance market was still attractive even after hot growing period. According to a survey of Manulife Investor Sentiment Index MISI, more than 30 percent of Asian investors still hold a large amount of money which reflected their pessimistic views about the economies. But from the view of financial groups, redundancy cash in the hand of people meant potential for development. This situation could not be found in euro or developed countries. From the point of investors, there were nowhere better than Asia, where everyone could find their own investment chance and investment target, said Robert A. Cook, Chair cum CEO of Manulife Asia. In Vietnam s case, this was not only the destination that helped many foreign insurance companies CEOs be promoted, it also was the base for life insurance companies to attack other Asian markets. For those reasons, in the near future, Vietnam would have 15, 17 even 20 life insurance companies in the market. Relating to the competitiveness of Vietnamese life insurance market with 15 companies, Robert A. Cook said that his company would welcome the competition. Healthy competition would bring more benefit to customers since they have more choices in products and prices. The important thing would be customer have to feel that the appearance of these insurance companies was to protect their lives, their families other than selling products and gaining profit. Looking at the whole non-life insurance market, two leaders in term of premium revenue were Prudential Vietnam and Bao Viet; the third ranking was Manulife Vietnam. All of companies had tried to break out but many people believed that none of them would be able to surpass Prudential Vietnam in premium revenue in the near future. However, ranking changing might happened in a group of Dai-Ichi Life Vietnam, AIA Vietnam or ACE Life. For lower ranking group, gaining 5 percent market share would not be easy and they have to choose development strategies carefully. 2. URoad-map to restructure Vietnam s Insurance Industry: i. 4-tier classification On 18 September 2012, Vietnam s Minister of Finance issued Decision 2330/QD-BTC, approving a plan to develop the insurance market in Vietnam during the period The plan includes, among other things, a restructuring plan for the Vietnamese insurance sector and a classification of Vietnamese insurance companies into four groups, as follows: 2
3 Group 1 those insurers with good liquidity and profit will be permitted to expand their operations provided they can present a feasible business plan. These companies are subject to supervision by the ISA; Group 2 those insurance companies which maintain acceptable solvency ratios but face challenges such as high operational costs and failure to post a profit for two consecutive years. These companies will be evaluated on their operational efficiencies; Group 3 those insurance companies which fail to maintain minimum solvency levels. The ISA shall assess these companies and may request that they restructure their investments or transfer some policies to another insurer; Group 4 those insurance companies which are insolvent will be placed under special control and may be forced to merge with other insurers or declare bankruptcy. Minister of Finance Vuong Dinh Hue issued Decision 2330/QD-BTC approving a plan for implementing six groups of solutions to develop the Vietnamese insurance market from This is a step towards realizing the development of the Vietnamese market by 2020 as approved by Prime Minister Nguyen Tan Dung through Decision 193/QD-TTg dated February 15, ii. The master plan s key content The Ministry of Finance issued Decision 2330/QD-BTC to approve a plan for implementing six groups of solutions to develop the Vietnamese insurance market from This is a step towards realizing the development of the Vietnamese market by 2020 as approved by Prime Minister Nguyen Tan Dung through Decision 193/QD-TTg dated February 15, Under the strategy, the Vietnam insurance sector's revenue will account for 2-3 percent and 3-4 percent of the country's gross domestic product (GDP) by 2015 and 2020, respectively; the scale of insurance reserve funds, used for compensation and insurance premium payments, will double and increase 4.5 times in 2015 and 2020, respectively, compared to 2010; capital that insurance pours into the economy will increase 1.7 times and 3.5 times in 2015 and 2020, respectively, compared to 2010 to represent 3-4 percent of the country's GDP; the insurance sector's contribution to the state budget will double in 2015 and quadruple by 2020, compared to 2010; state authorities in charge of insurance management will observe 50 percent and all of insurance management and control principles issued by the International Association of Insurance Supervisors (IAIS) by 2015 and 2020, respectively. To reach the previously mentioned targets, the Ministry of Finance prepared a plan for realizing the insurance market development strategy to 2015, aimed at satisfying the different demands of organizations and individuals, contributing to stabilizing the economy and social security, accomplishing international commitments that Vietnam has committed itself to, and gradually narrowing the gap in development level between Vietnam and other countries in the region through the following groups of solutions. 3
4 Improving the law Guiding documents will be issued or amended and supplemented; guidelines will be issued for organizations and individuals to implement new provisions in the law amending and supplementing some clauses of the insurance business law that took effect July 1, 2012; problems faced by insurance businesses in observing the law will be solved to make laws more practical; things will be done to assure that international commitments that Vietnam joins will be implemented effectively; and efforts will be made to make the state management of insurance and insurance business in Vietnam compliant with international standards and international insurance management and supervision rules. Consistent laws related to insurance business will be issued or amended and supplemented; administrative procedures will be simplified to meet international standards to improve the competitiveness of Vietnam insurance sector compared to its counterparts in other countries in the region and countries that have similar conditions with Vietnam; policies encouraging organizations and individuals from the agricultural, forestry and fishery sectors and low-income earners to buy insurance will be constructed. Safety first: insurance business safety, efficiency and competitiveness Less effective insurance businesses will be restructured, while the financial capability, service quality, administration and competitiveness of all insurance businesses will be gradually improved to meet international standards and in accordance with international rules. Policies which encourage insurance businesses to diversify investment profiles, disperse risks, and improve investment efficiency and capital sources safety in compliance with the objectives and solutions described in the Vietnam securities market development strategy for the period as well as the project for developing the Vietnamese capital market to 2020 and plans and schedules for this project's implementation, will be constructed or improved. Another solution is to take the initiative in working with the State Bank of Vietnam to share information related to insurance business policies and the management of insurance businesses belonging to financial and banking groups in accordance with cooperative regulations signed on February 29, 2012 by the Ministry of Finance and the State Bank of Vietnam. Closure and division of the insurance market will be stopped through improving policies on fair competition between insurance businesses to which state groups and corporation contribute capital and other insurance businesses; inspection and supervision will be strengthened and organizations and individuals infracting fair competition policies and regulations will be punished strictly; cooperation will be made to review and evaluate efficiency of state corporations and groups investment capital in insurance businesses to further decrease their rate of holdings in insurance businesses as according to the project to restructure state enterprises during the period. The insurance sector workforce will be assessed and classified, with criteria and conditions for individual positions reviewed and improved, while workforce training and quality will be controlled. 4
5 Breaking new ground Regulations will be released on approving the quality of insurance products with simplified administrative procedures to assure similar conditions for life and non-life insurance businesses that offer the same health insurance products, increasing the attractiveness and competitiveness of insurance products over other financial products especially investment connectivity insurance. Other solutions are to work with relevant organizations to effectively implement programs experimenting with types of insurance benefiting from state assistance, such as agriculture and export credit insurance; to find and suggest ways to solve problems faced by insurance businesses and the insured upon the programs' implementation; to summarize and assess the programs and suggest measures to continue developing these types of insurance in the coming period; to review, amend and supplement required insurance policies related to fire and explosions and motorized vehicle driver liability in accordance with actual economic development demands; to construct and issue regulations and rates of required insurance applied to insurance brokers as stated in the insurance business law and documents providing guidelines for implementing this law. Training on the job To issue new regulations on insurance brokerage workforces and insurance brokerage training; to improve regulations on standardizing training for insurance agents and conditions and standards subject to insurance agents training organizations; to strictly control insurance agent training and certification; and to strengthen inspection and supervision of insurance businesses use of sales agents. Controlling policies To construct an effective control and management system; to strengthen management and control of insurance businesses based on concrete criteria; and to deal with violations according to law. To standardize and develop state agency workforces in charge of insurance business management; to construct proper policies for insurance business management workforces especially those working in fields such as actuary. Promoting international cooperation and integration To construct schedules and plans for insurance business-related negotiations as part of bilateral and multilateral trade agreements, aimed at assuring Vietnam's interests in international integration. To strengthen supervision of international integration; to assess the impact of integration and timely change policies to minimize the negative impacts of the process; To take the initiative in joining the forum of Southeast Asian insurance management agencies and IAIS; to review the observation of management and supervision principles issued by IAIS, based on which to improve insurance business policies; and 5
6 To diversify international cooperation activities and partners; to combine international cooperation with the development of insurance market management and supervision objectives; and to improve the use of financial and technical assistance from international partners./. 3. UM&A activity in insurance industry As an alternative (or in addition, for that matter) to setting up a new company, foreign insurers may acquire shares/equity in existing insurance companies in Vietnam. Foreign investors can also purchase shares in a listed/unlisted company or in an equitised (akin to privatized) Stateowned insurer. Under local law, every transaction that involves 10% or more of the charter capital of a target insurance company (whether by way of an acquisition or an increase of capital/subscription) is subject to the prior approval of the MoF. If acquiring capital contributions in an existing insurer which operates in the form of a limited liability company, foreign investors can acquire up to 100% of an existing insurance company. For example, in late 2005, Australia's QBE Insurance Group Ltd. bought Allianz General Insurance (Vietnam) Co. Ltd. from German insurer Allianz AG and from the International Finance Corporation to convert the company into QBE Insurance (Vietnam) Co. Ltd. In 2007, Japanese Dai-ichi Life Insurance successfully acquired the entire capital contributions in Bao Minh CMG, a joint venture between local Bao Minh Joint Stock Company and Australian Colonial Mutual Life, converting it into a wholly foreign-owned life insurance company. If acquiring shares in an existing shareholding insurance company, the following foreign ownership caps will apply: a. The maximum shareholding by an individual shareholder is limited to 10% of the charter capital of the target company; b. The maximum shareholding by an institutional shareholder is limited to 20% of the charter capital of the target company; and c. The maximum shareholding owned by a shareholder and related persons/affiliates in aggregate is limited to 20% of the charter capital of the target company. An institutional shareholder may own more than 20% of the shares of a shareholding insurance company in the following cases: a. Ownership of shares for the purpose of restoring the solvency of an insurer and re-insurer in case of insolvency; b. Ownership of shares by the State in an insurer or reinsurer in accordance with a restructuring plan; or c. Ownership of shares by a strategic institutional shareholder subject to the MoF's approval; the approval is subject to the following conditions: i. An asset base of at least USD 2 billion; 6
7 ii. iii. iv. Profitable operations (without accumulated losses) during the last three years preceding the application; Operating experience in the finance, banking or insurance sector of at least five years; and Committing not to withdraw capital from the target company for three years. In the last decade, Vietnam has privatized its major State owned insurers by converting them into joint stock companies (including the privatization of Bao Viet Insurance Corporation, the country s largest life and non-life insurance corporation, in 2005 and Bao Minh Insurance Corporation, the country s second largest insurer, in 2004). Whilst the State remains the majority shareholder in Bao Viet and Bao Minh, Sumitomo Life Insurance has acquired an 18% shareholding in Bao Viet Holdings and AXA became a foreign strategic investor with the holding of its 16.65% stake in Bao Minh. Another financial and insurance group of Vietnam, PVI Holdings also has Funderburk Lighthouse Limited and Germany s HDI-Gerling Versicherungs AG (part of the Talanx Group) as shareholders with a 12% and 25% stake respectively. In 2008, SwissRe acquired 25% of the Vietnam National Reinsurance Corporation (Vinare), after Vietnam s main State-owned reinsurer was privatized. Forecast: 4. UWhere did we come from? As forecast by the Ministry of Finance (MOF), the insurance sector of Vietnam in 2013 will maintain its good growth and the growth target of percent against that of The life insurance premium will be increased by two percent during the next year, after one year without much change. Particularly, at emerging markets, the insurance premium will continue to go up strongly, of which non-life insurance premium will be boosted to eight percent. AM Best's 2012 report into the Vietnamese insurance market, predicted growth of 28% in the country's general insurance market along with an 18% uplift in life insurance. Status quo: Non-life insurance premium revenue in the first six months of 2013 picked up only 2.5% yearon-year as many businesses are performing poorly in the tough economic times, according to Vietnam Insurance Association. According to reports by non-life insurers, the premium revenue in the first half of the year totaled some VND11.7 trillion, a slight increase of 2.5% year-on-year, said Phung Dac Loc, general secretary of the insurance association. Last year, the non-life insurance market recorded a growth rate of 12.7% in the first six months and 10.3% over the whole year. 7
8 Still, it is encouraging that premium revenue rebounded in the second quarter with a growth rate of 7.5% after dropping 5% in the first quarter. This partly shows that the economy is on the recovery path, said Loc. Non-life insurers in the year s first half paid total compensation of VND4.6 trillion, or nearly 40% of the total premium revenue. Bao Viet took the lead in terms of premium revenue with VND2.58 trillion, a meager increase of 1.32% over the same period last year, followed by PetroVietnam Insurance (PVI) with VND2.46 trillion, up 12.4% year-on-year. Bao Minh and Petrolimex Insurance (Pjico) came next with VND1.17 trillion and VND1.01 trillion, picking up 6.8% and 3.8% respectively. Only Post & Telecommunication Insurance (PTI) suffered a decline in revenue, earning VND793 billion, down 15% year-on-year. In its financial statement, PTI says the company had incurred a loss of VND10.16 billion from production and business operations by the end of the second quarter, lower than VND26.5 trillion in the first half of However, its financial investment generated a profit of VND41.8 billion, giving the company a total pre-tax profit of VND27.6 billion, identical to the figure last year. Meanwhile, life insurance premium revenue in the first six months of 2013 amounted to VND9.15 trillion, a significant increase of 13.6% year-on-year. In the same period last year, life insurance premium revenue was over VND8 trillion, up 10.4%. As citizens are burdened with many fees such as tuition and hospital charges and the traditional investment channels are less profitable, many of them choose life insurance to invest for the future and to hedge on possible risks, said Loc. 5. UOur recommendation: surviving of the fittest There is a real need to re-structure the Vietnam non-life insurance industry. With currently 29 non-life insurance companies and a few of them facing losses for the past 3 years, the Vietnamese insurance market shall let/push the weakest non-life insurance companies to go bankrupt and create conditions for the others to be acquired and then merged with existing champions insurers in Vietnam. Taken into consideration the size of the Vietnamese insurance market as well as the opening of the ASEAN market (free trade zone) by December 31st 2015, it is recommendable to Vietnam having only 15 to 20 non-life insurance companies with a few champions (be it 3, 4 or 5) to be well prepared tackling the opening of the market in the future. This should also ease opportunities to get business outside of Vietnam within the ASEAN region. To let a few of the weakest insurance companies going bankrupt will also help the Insureds to realize that going for the lowest premium rates does not ensure them to be paid when losses actually occur. Such "correction" of the market will also help the Vietnamese non-life sector to avoid too fierce competition on premium, well under acceptable technical rate levels, especially with respect to the motor/auto insurance sector. 8
9 Regarding the life insurance market, with currently 15 life insurance companies in Vietnam and in light of a quite low penetration rate/ insurance density, there is room for these life insurers to improve and thrive their development in the Vietnamese market. II. The Role of Brokers in Penetrating the Vietnam Insurance Market 6. UOverview on Insurance Broker Insurance brokers must be licensed by the MoF and only enterprises may act as brokers. Brokers provide information on types of insurance, policy terms and premiums, and general information on insurance enterprises to insurance buyers. Brokers may also help the insurance buyers to assess and manage risk, select suitable insurance products, and negotiate and enter into insurance contracts. Normally a broker represents the insurance buyer but receives its commission payment from the insurance company. Brokerage services are most commonly utilized in non-life insurance such as liability insurance, personal accident and health insurance, property insurance, or general liability insurance. In practice, local insurance buyers tend to be not fully aware of the role insurance brokers. In particular, small and medium-sized businesses in Vietnam tend to contact insurance companies directly. The maximum insurance brokerage commission for each insurance service arranged by a broker must not exceed 15% of the actual insurance premium collectible by the insurance company. Brokers and Commissions: the rules of the game Insurance brokers must be licensed by the MOF in accordance with Article 62 to 69 of the Law on Insurance. The scope of work of an insurance broker is always provided in the insurance brokering contract entered into between the broker and insurance buyer. The insurance broker provides the insurance buyer with information about insurance products, premiums, policy terms, advice on the risks and suitable insurance products, facilitating the conclusion of the insurance contract for the benefit of the insurance buyer. In addition, the insurance broker can be authorized by the insurer without any consideration to collect insurance premiums, and pay insurance compensation in relation to insurance contracts which have been facilitated by such insurance broker. The insurer and insurance broker agree on the commissions subject to a cap of 15% of the insurance premiums. The commission for reinsurance brokering services should be in accordance with applicable international practices. 7. UThe Broker as a key player to penetrate the Vietnam Insurance Market? Brokers can definitely assist FDI investors to better understand the Vietnamese insurance market and help them to "design" their insurance programs being in full compliance with Vietnamese legislation & regulation. Brokers in Vietnam can also help proposing "out of the box" insurance policies for specific needs such as tailor made Personal Accident Insurance for employees of 100% foreign owned companies and the like. Concerning the standard local insurance business, i.e. standard policies for companies controlled by Vietnamese Authorities and/or Vietnamese Individuals, the penetration of the brokers is close 9
10 to 0. The competition by Vietnamese authorities for those kinds of companies remain being awarded to the Vietnamese insurance companies. In principle, insurance brokers can help the local insurance company having received the lead insurer position only for seeking reinsurance capacity abroad. 10
Jurisdiction update: Vietnam's Insurance Market March 2013
Jurisdiction update: Vietnam's Insurance Market March 2013 Further information If you would like further information on any aspect of this jurisdiction update please contact a person mentioned below or
More informationINSURANCE VIETNAM 22 DECEMBER 2014
client alert INSURANCE VIETNAM 22 DECEMBER 2014 OVERVIEW OF INSURANCE REGULATIONS The Vietnamese insurance market is one of the most dynamic in South East Asia and by many different measures is seen to
More informationVietnam s Insurance Market: An Overview January 2014
Legal Update Insurance Vietnam 29 January 2014 Vietnam s Insurance Market: An Overview January 2014 1. Introduction Vietnam started liberalising its insurance market by allowing foreign insurers to participate
More informationVIETNAMESE INSURANCE MARKET
VIETNAMESE INSURANCE MARKET Tran Thanh Tu Deputy Director Insurance Research and Training Center Insurance Supervisory Authority of Vietnam 1 AGENDA Market Overview Market History Market Performance Supervisory
More informationIndustry Dynamics and Competitive Landscape in the Vietnamese Non-Life Insurance Industry to 2016: Market Profile
Brochure More information from http://www.researchandmarkets.com/reports/2104740/ Industry Dynamics and Competitive Landscape in the Vietnamese Non-Life Insurance Industry to 2016: Market Profile Description:
More informationFocus on China Market and Pursue Sustainable Value Growth
Focus on China Market and Pursue Sustainable Value Growth (Beginning) Distinguished guests, ladies and gentlemen: Good morning. I 'm Wu Zongmin, from China Pacific Property Insurance Company Limited (CPIC
More informationInformation. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview
Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,
More informationThailand Insurance Sector
Brochure More information from http://www.researchandmarkets.com/reports/606283/ Thailand Insurance Sector Description: Thailand is the 2nd largest economy in Southeast Asia, after Indonesia. It ranks
More informationExisting Scenario of Nepalese Insurance Industry
Existing Scenario of Nepalese Insurance Industry 2012 1 1. BRIEF HISTORICAL BACKGROUND The History of financial system in Nepal began in 1881 with the establishment of Tejarath Adda (The National Treasury
More informationIntroduction of P/C Insurance Market in China
Introduction of P/C Insurance Market in China Context Economic Environment in China P/C Insurance Market in China Development Status Market Potential P/C Insurance Regulation in China Overview Solvency
More information/ Insurance. Regional Highlights * Bosnia and Herzegovina. karanovic/nikolic. /March 2015/
/ Insurance Regional Highlights * /March 2015/ The insurance sector in South Eastern Europe has undergone considerable change in recent years, marked by Croatia s accession to the EU, amendments to legislation
More informationRating Methodology by Sector. Non-life Insurance
Last updated: March 26, 2012 Rating Methodology by Sector Non-life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made
More informationGerman Insurance Association
German Insurance Association Key regulatory and market access issues in relations with specific third countries ID-Number 6437280268-55 Gesamtverband der Deutschen Versicherungswirtschaft e. V. German
More informationRecent trends of dynamically growing and developing life insurance markets in Asia
Recent trends of dynamically growing and developing life insurance markets in Asia Tomikazu HIRAGA, Ph.D. and LL.M. General Manager for Asia, NLI Research Institute Asia is a growth market where foreign
More informationDeregulation and Liberalization in Japanese General Insurance Market
Deregulation and Liberalization in Japanese General Insurance Market 29 th October 2004 Takeshi Oiwa SOMPO JAPAN INSURANCE INC. INDEX 1. Features of Japanese General Insurance Market. P.1-4 2. Development
More informationHealth Insurance and Health Services in ASEAN Framework Agreement on Services
Health Insurance and Health Services in ASEAN Framework Agreement on Services by Tan Tai Hiong & Tri S. Djandam ASEAN Secretariat AsiaPacific Summit on Health Insurance and Managed Care Jakarta, 4 May
More informationForeign Investments flow in Insurance Sector in 2016
Foreign Investments flow in Insurance Sector in 2016 (January 2016) The Associated Chamber of commerce and Industry of India Executive Summary Foreign investment of over Rs 12,000 crore is expected to
More informationHigher FDI in Indian Insurance sector a buzz for the industry
Higher FDI in Indian Insurance sector a buzz for the industry The view from Transactions and Restructuring By Sam Evans, Global Insurance Transactions and Restructuring Lead, KPMG in Switzerland, Shashwat
More informationChina: Trade Facilitation Reform and Economic Development
China: Trade Facilitation Reform and Economic Development Zhang Yansheng Institute for International Economic Research National Development and Reform Commission Development of China s international trade
More informationDevelopment of consumer credit in China
Development of consumer credit in China Shen Bingxi and Yan Lijuan 1 Summary Consumer credit particularly personal consumer loans such as home mortgages and loans financing purchases of automobiles and
More informationTHAILAND INSURANCE IN 2013
THAILAND INSURANCE IN 2013 July 2014 thaire.co.th Thailand Economic Prospects Despite a contraction of 0.6% in the first quarter of 2014, the pace of growth is expected to gradually pick up in the second
More informationHow To Make Money In Indonesia
Client Update An overview of the Indonesian insurance industry for foreign investors 21 February 2014 The Indonesian insurance market has attracted significant interest from international investors in
More informationdirectly and indirectly controlled 100.00% 51.00% 49.00% Nam Ek Company Limited 75.00% 51.00%
Amendments to the Opinion of the Independent Financial Advisor on the Tender Offer of Securities of The Siam Commercial Samaggi Insurance Public Company Limited by Eksupsiri Company Limited dated May 23,
More informationMS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery
MS&AD Insurance Group Holdings 2 nd Information Meeting of FY 2015 (Held on November 25, 2015) Q&A Session Summery Below is a summery of Q&A session from the Information Meeting held on November 25, 2015
More informationProposals of the Suitable Solvency Regulation for the Vietnamese Life Insurance Industry Based on the Experience from the US and Japan
Proposals of the Suitable Solvency Regulation for the Vietnamese Life Insurance Industry Based on the Experience from the US and Japan Nguyen Van Thanh, Takao Atsushi Graduate School of Business Administration,
More informationA look at some rapidly growing general insurance markets in Asia
A look at some rapidly growing general insurance markets in Asia Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries of Australia Biennial Convention 23-26 September 2007 Christchurch,
More informationREPORT OF THE SUPERVISORY BOARD ON OPERATION IN 2013 AND ORIENTATION FOR 2014
JSC BANK FOR FOREIGN TRADE OF VIET NAM Address: 198 Tran Quang Khai St, Ha No Business Registration No. 0100112437 (8 th revision dated 1 st August, 2013) SOCIALIST REPUBLIC OF VIETNAM Independence - Freedom
More informationGovernance, Risk and Compliance - The Vietnamese Insurance Industry
Brochure More information from http://www.researchandmarkets.com/reports/3404649/ Governance, Risk and Compliance - The Vietnamese Insurance Industry Description: The 'Governance, Risk and Compliance -
More informationREFORMS TO LAW ON RESIDENTIAL HOUSING AND LAW ON REAL ESTATE BUSINESS
REFORMS TO LAW ON RESIDENTIAL HOUSING AND LAW ON REAL ESTATE BUSINESS In the last 10 years, the passing of two laws, in particular, marked a significant milestone in the development of real estate legislation
More informationPRC REGULATORY OVERVIEW
Our business is mainly conducted in China. The key laws and regulations regulating our business operations in China include the following: Measures on the Administration of Foreign Investment in the Leasing
More informationThe development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors
The development of non-life markets in Asia with a focus on China and India Opportunities and risks for foreign investors Prepared by John Tucci and Verne Baker Presented to the Institute of Actuaries
More informationEnhancing Life Insurance Regulatory Regimes in ASIA
International Symposium Enhancing Life Insurance Regulatory Regimes in ASIA Multilateral agencies and regulatory changes in life insurance and pension systems Mr H.Y.Mok, Assistant Commissioner of Insurance,
More informationRe: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance
September 8, 2015 MS&AD Insurance Group Holdings, Inc. Re: Agreement to Commence the Process for the Acquisition of Amlin, a UK Insurance Holding Company by Mitsui Sumitomo Insurance Mitsui Sumitomo Insurance
More informationFinancial Services AKBANK
sabanc hold ng 2007 annual report 32 Financial Services AKBANK As of the end of 2007, Akbank was Turkey's most valuable bank having the most profitable banking operations among privately owned banks in
More informationAgreement to Acquire 100% Ownership of Protective Life Corporation
[Unofficial Translation] June 4, 2014 Koichiro Watanabe President and Representative Director The Dai-ichi Life Insurance Company, Limited Code: 8750 (TSE First section) Agreement to Acquire 100% Ownership
More informationI am Nampei Yanagawa of MS&AD Holdings. Thank you for finding the time in your busy schedules to participate in our conference call today.
I am Nampei Yanagawa of MS&AD Holdings. Thank you for finding the time in your busy schedules to participate in our conference call today. Please look at the first page, Slide 1, of the slides entitled
More informationInsurance Supervision Department. The Saudi Insurance Market Survey Report
Insurance Supervision Department The Saudi Insurance Market Survey Report Table of Contents Introduction...3 Overall Insurance Market Performance Gross Written Premiums Overall.. 5 Insurance Penetration
More informationPrivate Sector Life Insurance Companies and the Mutual Insurance Business of the Agricultural Cooperatives (JA-kyosai)
Private Sector Life Insurance Companies and the Mutual Insurance Business of the Agricultural Cooperatives (JA-kyosai) 1. Introduction This report is the 2003 edition of the analysis of the life insurance
More informationNon-Life Insurance in Canada, Key Trends and Opportunities to 2019
Brochure More information from http://www.researchandmarkets.com/reports/3508625/ Non-Life Insurance in Canada, Key Trends and Opportunities to 2019 Description: The 'Non-Life Insurance in Canada, Key
More informationNew Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed
New Developments in Overseas Insurance Business ~ Agreement to Acquire 100% Ownership of a Listed U.S. Life Insurance Group, StanCorp Financial Group, Inc. ~ July 24, 2015 Meiji Yasuda Life Insurance Company
More information21st Century Hungary as Regional Financial Centre
21st Century Hungary as Regional Financial Centre Focus The new Hungarian government is firmly determined to make Hungary the 21st century financial services centre of Central Europe by the recently released,
More informationNational and International Business and Tax Law. Successful investing in Vietnam Massmann s investment guide in Vietnam. 1 st Book THE BASICS
Should you be interested in the whole edition of the Investment Guide Book 1, please contact me any time. OMassmann@duanemorris.com National and International Business and Tax Law Successful investing
More information2.1. Number of Insurance Companies in Portugal, 2001-2009 2.2. Headcount in Portugal Insurance Sector, 2001-2009
TABLE OF CONTENTS 1. Portugal Insurance Market Introduction 2. Portugal Insurance Market Structure 2.1. Number of Insurance Companies in Portugal, 2001-2009 2.2. Headcount in Portugal Insurance Sector,
More informationTemporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法
Temporary Measures on Overseas Use of Foreign Exchange Insurance Funds 保 险 外 汇 资 金 境 外 运 用 管 理 暂 行 办 法 Chapter I General Provisions Article 1 These Measures are formulated in accordance with the Insurance
More informationMunich Financial. Market Figures. Banks
Munich Financial Market Figures Banks 1996 1997 1998 1999 2000 Total number of banks 163 171 172 171 169 Located in Munich 54 53 54 55 54 foreign banks 7 7 7 8 8 Branch offices of domestic banks 97 109
More informationAustralian Insurance Industry - Global Strategic Business Report
Brochure More information from http://www.researchandmarkets.com/reports/604666/ Australian Insurance Industry - Global Strategic Business Report Description: The Australian Insurance Industry Report provides
More informationInsurance/Reinsurance - Sweden
Page 1 of 7 Newsletters Law Directory Deals News Conferences Appointments My ILO Home Insurance/Reinsurance - Sweden Overview (March 2006) Contributed by Advokatfirman Vinge March 14 2006 Introduction
More informationTHE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY
THE ROLE OF FOREIGN INSURANCE COMPANIES IN CHINA'S EMERGING INSURANCE INDUSTRY: AN FDI CASE STUDY Chen Ji College of Business and Administration University of Colorado at Denver & Steve Thomas Political
More informationSecond Generation of Reform in Indian Insurance Industry: Prospects and Challenges
Second Generation of Reform in Indian Insurance Industry: Prospects and Challenges By Dr. R. Kannan Member (Actuary) Insurance Regulatory and Development Authority, India June 24, ICRIER, India 1 Historical
More informationReorganization of Financial Services and Life Insurance Demutualization The View from Abroad
Reorganization of Financial Services and Life Insurance Demutualization The View from Abroad by Hironobu Murakami Life Management Research Dept. 1. Introduction The implementation of financial reforms
More informationCIG PANNONIA LIFE INSURANCE PLC.
CIG PANNONIA LIFE INSURANCE PLC. QUARTERLY PROSPECTUS I. QUARTER 2011. May 18 th 2011 1. Summary CIG Pannonia Life Insurance Plc, (hereinafter: Issuer) publishes today its Quarterly Report regarding I.
More informationArticle from: The Actuary. December 2011 Volume 8 Issue 6
Article from: The Actuary December 2011 Volume 8 Issue 6 16 The Actuary December 2011/January 2012 Life Insurance And The Actuarial Profession In India A Decade After Liberalization The actuarial profession
More informationFREQUENTLY ASKED QUESTIONS. Qn 1. What is the role of the Insurance Regulatory Authority of Uganda (the Authority) in this country?
FREQUENTLY ASKED QUESTIONS Qn 1. What is the role of the Insurance Regulatory Authority of Uganda (the Authority) in this country? The Authority was established under Section 14 of the Insurance Act (Cap
More informationInsurance market outlook
Munich Re Economic Research 2 May 2013 Global economic recovery provides stimulus to the insurance industry long-term perspective positive as well Once a year, MR Economic Research produces long-term forecasts
More informationTalanx posts a pleasing first quarter
Talanx posts a pleasing first quarter Gross written premiums up 12.2 percent in first quarter at EUR 9.4 (8.4) billion EBIT improves by 16.1 percent to EUR 643 (554) million Group net income rises 16.2
More informationINSURANCE DEVELOPMENT PLAN Volume II (2010-2014)
INSURANCE DEVELOPMENT PLAN Volume II (2010-2014) 1 PREFACE The Insurance industry plays a significant role in the social and economic development of a nation, serving as a contributing source of long-
More informationLife & Protection. Scott Ham CEO. John Hunter COO. Analyst & Investor Conference
Life & Protection Scott Ham CEO John Hunter COO Analyst & Investor Conference New York City, December 2010 Key messages Grow profitable new sales Leverage expertise to increase recruiting and expand existing
More informationLIFE INSURANCE INDUSTRY IN CHINA
Unless otherwise indicated, the financial and market share information set forth in this section is based on information reported by companies to the CIRC. The reported information includes premium and
More informationLAW ON PUBLIC DEBT MANAGEMENT
LAW ON PUBLIC DEBT MANAGEMENT THE NATIONAL ASSEMBLY - SOCIALIST REPUBLIC OF VIET NAM Independence Freedom Happiness - No. 29/2009/QH12 Hanoi, June 17, 2009 LAW ON PUBLIC DEBT MANAGEMENT Pursuant to the
More informationRating Methodology by Sector. Life Insurance
Last Updated: March 26, 2012 Rating Methodology by Sector Life Insurance *This rating methodology is a modification of the rating methodology made public on July 13, 2011, and modifications are made to
More informationInternational Section News
Article from: International Section News March 2006 Issue No. 38 Life Insurance in China by Synthia Kwan foreign companies in business development in China s Central and Western regions, (c) encouraging
More informationAgreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group
For Immediate Release Agreement to Acquire Symetra Financial Corporation, A Listed U.S. Life Insurance Group Tokyo, Japan, August 11, 2015 - Sumitomo Life Insurance Company ( the Company ; President: Masahiro
More informationThe Chinese non-life insurance market Are you ready to face the challenge?
The Chinese non-life insurance market Are you ready to face the challenge? White Paper The Chinese non-life insurance market In this White Paper Executive summary...3 The Chinese non-life insurance market...4
More informationOECD-Asia Regional Seminar: Enhancing Transparency and Monitoring of Insurance Markets
OECD-Asia Regional Seminar: Enhancing Transparency and Monitoring of Insurance Markets Regional Experience: Hong Kong Office of the Commissioner of Insurance Financial Services and the Treasury Bureau
More informationFinancial Repression: A Driving Force for Mergers and Acquisitions?
Strategy / Investment Financial Repression: A Driving Force for Mergers and Acquisitions? International capital markets have seen a growing number of corporate mergers and acquisitions (M&A) over the past
More informationMarket Focus. Focus on the Japan Revitalisation Strategy - Strengthening Corporate Governance
Market Focus 5 June 2015 Author: Soichiro Monji General Manager Economic Research Department Focus on the Japan Revitalisation Strategy - Strengthening Corporate Governance In this issue of Market Focus,
More informationTACKLING MANAGEMENT TASKS
TACKLING MANAGEMENT TASKS Asset Soundness Results of Processing Non-Performing Loans in FY2005 We have calculated write-offs and reserve amounts for non-performing loans based on results from selfassessment
More informationMedium-term Business Plan
Mitsubishi UFJ Financial Group, Inc. Medium-term Business Plan Tokyo, May 15, 2015 --- Mitsubishi UFJ Financial Group, Inc. (MUFG) announced today that it has formulated its medium-term business plan for
More informationFinancial Results of the Daiwa Bank (Non-Consolidated)
Our Stockholders To Our Stockholders The Daiwa Bank, Limited Annual Report 2000 The Japanese financial services industry is reaching the final stages of its Big Bang as the implementation of limitations
More informationThe Japanese economy?
The Japanese economy? Franz Waldenberger Japan Center and Munich School of Management --University Munich LMU waldenberger@bwl.lmu.de 1 Outline 2 1. GDP economic recovery 2. GDP per head two lost decades
More informationRanking of the Largest European Insurance Groups 2012. Total, Life and Non-Life
Ranking of the Largest European Insurance Groups 2012 Total, Life and Non-Life November 2013 Total Ranking In an environment marked by economic problems and low interest rates, the ten largest European
More informationInvesting in a 3-D World
Investing in a 3-D World February 10, 2016 by Bill Nasgovitz of Heartland Advisors Executive Summary Slowing growth and swelling corporate debt are expected to result in challenges in the coming quarters.
More informationAutoridade Bancária e de Pagamentos de Timor-Leste Banking and Payments Authority of Timor-Leste
Autoridade Bancária e de Pagamentos de Timor-Leste Banking and Payments Authority of Timor-Leste GOVERNING BOARD RESOLUTION. 06 /2007 Concerning the Approval of the Instruction. 01/2007 On the Licensing
More informationAsset Management Industry Development in Hong Kong, Singapore and China
Asset Management Industry Development in Hong Kong, Singapore and China by Terence Chong Vivian Wong Working Paper No. 7 March 2012 Institute of Global Economics and Finance The Chinese University of Hong
More informationINDIA-AUSTRALIA COMPREHENSIVE ECONOMIC COOPERATION AGREEMENT
23 March 2015 Australia-India Comprehensive Economic Cooperation Agreement Free Trade Agreement Division Department of Foreign Affairs and Trade RG Casey Building John McEwen Crescent Barton ACT 0221 Delivered
More informationWeb. Chapter FINANCIAL INSTITUTIONS AND MARKETS
FINANCIAL INSTITUTIONS AND MARKETS T Chapter Summary Chapter Web he Web Chapter provides an overview of the various financial institutions and markets that serve managers of firms and investors who invest
More informationMEDIA RELEASE NIPPON LIFE INCREASES STAKE IN RELIANCE LIFE INSURANCE FROM EXISTING 26 PER CENT TO 49 PER CENT
MEDIA RELEASE NIPPON LIFE INCREASES STAKE IN RELIANCE LIFE INSURANCE FROM EXISTING 26 PER CENT TO 49 PER CENT NIPPON LIFE TO INVEST RS 2,265 CRORE (US$ 348 MILLION) FOR ADDITIONAL 23 PER CENT STAKE TO
More informationNEWSFLASH October 2009
NEWSFLASH October 2009 INVESTING IN INFRASTRUCTURE IN VIETNAM Vietnam's need for investment in infrastructure to keep pace with and to sustain economic growth has been voiced loudly. To date, the State
More informationCIG PANNONIA LIFE INSURANCE PLC.
CIG PANNONIA LIFE INSURANCE PLC. QUARTERLY PROSPECTUS II. QUARTER 2011. 25 August 2011. 1. Summary CIG Pannonia Life Insurance Plc. (hereinafter: Issuer) publishes its quarterly prospectus today. The purpose
More informationVietnam publishes new regulations for derivatives market
Vietnam publishes new regulations for derivatives market Contents 1. Background 1 JULY 2. Overview 1 3. Types of Instruments 1 4. Who can invest? 2 5. Securities derivatives trading 2 6. Derivative securities
More informationBAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1.
BAD DEBT SETTLEMENT - CRITICAL ISSUES IN BANK RESTRUCTURING IN VIETNAM I. Analytical framework overview 1. Theoretical consideration 1.1. Concept A bad debt or non-performing loan (NPL) can be understood
More informationRegulations on Administration of Reinsurance Business
Regulations on Administration of Reinsurance Business 再 保 险 业 务 管 理 规 定 ( The CIRC Ordinance No. 2 2005 ) (05-10-28) Reviewed and adopted at the Chairman Meeting of the China Insurance Regulatory Commission
More informationRule 4 on Amending Rule on the Licensing of General and Life Insurance Companies dated October 18, 2001
BANKING AND PAYMENTS AUTHORITY OF KOSOVO AUTORITETI BANKAR DHE I PAGESAVE TE KOSOVES BANKARSKI I PLATNI AUTORITET KOSOVA Pursuant to the authority given under Section 17.b of UNMIK Regulation No. 2001/24
More informationAnnex 7. Fact Sheet Estonia
Annex 7. Fact Sheet Estonia 1. Generalities: Some history of the agricultural risk and crisis management policies, programs and tools. Population: 1, 36 million inhabitants GDP 2004 9,4 billion Euro; Inflation
More informationTaiwan Non-Life Insurance Report 2010 1. Non-Life Insurance Overview. (1) Premium Income
Taiwan Non-Life Insurance Report 2010 1. Non-Life Insurance Overview (1) Premium Income In 2010, the Taiwan non-life insurance companies together reported TWD 105.81 billion in premium income, up by TWD
More informationBrazil Insurance Market Intelligence
Brochure More information from http://www.researchandmarkets.com/reports/1213330/ Brazil Insurance Market Intelligence Description: Brazil is the largest insurance market in Latin America and the 10th
More informationSri Lankan Insurance Industry Analysis
Brochure More information from http://www.researchandmarkets.com/reports/2261971/ Sri Lankan Insurance Industry Analysis Description: Sri Lanka insurance industry is witnessing a strong growth inclination
More informationNon-Life Insurance in Australia
Brochure More information from http://www.researchandmarkets.com/reports/1954662/ Non-Life Insurance in Australia Description: Introduction Non-Life Insurance in Australia industry profile provides top-line
More informationNow, I would like to start the financial results presentation of our group for the six months ended September 2012. As usual, I will go over the
Now, I would like to start the financial results presentation of our group for the six months ended September 2012. As usual, I will go over the presentation material, followed by Q&A. Please turn to page
More informationThe Bundesbank's credit register for loans of 3 million Deutsche Mark or more
The 's credit register for loans of 3 million Deutsche Mark or more Changes in the reporting procedure The credit register maintained by the Deutsche records all loans of three million Deutsche Mark or
More informationConsolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP)
Consolidated Financial Results for the First Three Quarters of the Fiscal Year Ending March 31, 2016 (Japan GAAP) Name of Listed Company: Yokogawa Electric Corporation (the Company herein) Stock Exchanges
More informationProposal for the Establishment of the OTC Market for Emissions Trading ISDA Japan Emissions Trading Working Group May 2004
Proposal for the Establishment of the OTC Market for Emissions Trading ISDA Japan Emissions Trading Working Group May 2004 1. Introduction Emissions trading is the mechanism of trading between states or
More information6. Significant Accounting Policies for Preparing Consolidated Financial Statements
6. Significant Accounting Policies for Preparing Consolidated Financial Statements (1) Scope of consolidation (a) Consolidated subsidiaries Principal companies: 327 companies Sumitomo Mitsui Banking Corporation
More informationGUIDE ON SECURITIES TRADING
I. ACCOUNT OPENING GUIDE ON SECURITIES TRADING Step 1: Application for securities trading code with Vietnam securities depository through Korean Investment Securities Vietnam (KIS Vietnam) Individual client
More informationThe Chinese corporate credit bond market. Broad prospects for development
The Chinese corporate credit bond market Broad prospects for development Dear Mr. Martin Scheck, Mr. Spencer Lake, Distinguished Guests, Ladies and Gentlemen, Good Morning! I am very pleased to attend
More informationNN GROUP FINANCIAL SUPPLEMENT 1Q2016
NN GROUP FINANCIAL SUPPLEMENT 1Q2016 NN GROUP FINANCIAL SUPPLEMENT 1Q2016 INTRODUCTION The Financial Supplement includes quarterly financial trend data and is published on a quarterly basis. Figures are
More informationI BASIC PROVISIONS Scope of application Article 1.
I BASIC PROVISIONS Scope of application Article 1. This Law regulates foreign investment into companies and other forms of business establishments with the aim of profit gaining (hereinafter referred to
More informationFurther Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges
Further Developments of Hong Kong s Offshore RMB Market: Opportunities and Challenges Zhang Ying, Senior Economist In recent years, as the internationalization of the RMB has been steadily carrying out,
More informationREPORT COMPLIANCE EVALUATION
REPORT COMPLIANCE EVALUATION The European Council Directive 73/239 EEC on Coordination of Non Life Insurance Laws, Regulations and Administrative Provisions December 2007 This report is designed to evaluate
More informationInsurance and Social Protection Area
Insurance and Social Protection Area July 2015 1. Presentation This is the eleventh edition of the Ranking of the largest European Non-Life insurance groups published by FUNDACIÓN MAPFRE, for 2014 on this
More information