Consolidation is trending in South Korea's life insurance sector, with industry players facing rising challenges amid prevailing low interest rates and looming new rules.
The Chinese insurer has poached a senior investment executive from its US rival and named a new chief financial officer after a government-ordered shakeup last year.
Australian bodies urge postponing IFRS 17 implementation; Swiss Re, Temasek and others weighs Anbang investment; HK retirement system criticised; Dai-Ichi invests into cybernetics, and more.
Anbang seeks to offload Japan property assets; Korea Post plans investments into several alt asset classes; CIC's fixed income head leaves; EPF adds tech mandate within PE allocation, and more.
Now in the hands of a state-controlled fund, the once-highly acquisitive Chinese insurer is expected to return to insurance basics before eventually being returned to the private sector.
Anbang’s fall should serve as a serious warning for other Chinese insurers looking to take advantage of insurance sales to help fund asset acquisitions.
Chinese insurer's downfall serves as a reminder not to flout regulators' wishes, but it also reveals a lot about Beijing's attitude towards corporates it deems too important to fall.
It makes sense for Chinese regulators to restrict domestic insurance firms' aggressive moves into risk assets. Doing so should reduce market volatility and boost bond liquidity.
Big Chinese insurers such as Anbang and Ping An are making strides into property. Korea's Poba is doing the same, and fund managers hope more smaller asset owners will follow suit.
The country's insurance companies are increasingly seeking to invest assets overseas, as they seek higher and diversified returns. It offers international fund houses a big opportunity.
Chinese insurance firms' assets soared last year thanks to a boom in high-cash-value policies, but they may struggle to meet these liabilities, say industry observers.
Aussie fund manger AMP Capital and China Life joined forces and will set up a fund management company. Analysts say the insurer/fund manager partnership will be fruitful.