Insurance Industry: China hits insurance industry with nearly $10m fines - By: Gary Robinson |

Chinese insurance regulators has issued more almost $10m in fines a gainst intermediaries and insurance firms in the first four months of 2018.

China’s promise of getting tough on financial services companies that do not follow guidelines in 2018 has seen around 60 insurance companies – a mix of intermediaries and companies –  hit with more than 63 million yuan (about $9.8m) in penalties in the January-April period, according a report in specialist local news outlet Securities Daily.

Insurance firms and intermediary agencies were fined for irregularities, including misguiding sales pitches and fake materials, according to the report.

Read more: China hits insurance industry with nearly $10m fines - International Investment

Netherlands Insurance Industry: Reinsurance Group Arm to Grow Life Insurance in Netherlands - by Zacks Equity Research

Leidsche Levensverzekeringen Maatschappij N.V., the Netherlands-based life insurance subsidiary of Reinsurance Group of America, Incorporated (RGA - Analyst Report) has agreed to purchase the life insurance policy portfolio of PGGM Levensverzekeringen. However, the terms remain undisclosed.

PGGM, also based in the Netherlands, provides asset management, pension fund management and consultancy services to its institutional clients. Per the closed-block transaction, PGGM will transfer 75,500 life insurance policies to Reinsurance Group.

With the acquisition, the company’s portfolio run-off solutions will find a market in Europe. Plus, Reinsurance Group will benefit from the ‘realignment of the financial services industry’.

Reinsurance Group remains focused on strategic buyouts that strengthen its operations. Recently, the Zacks Rank #3 (Hold) insurer acquired Elite Sales Processing, Inc. in an attempt to bolster its underwriting business in the U.S. In April, the company bought Aurora National Life Assurance Company. Reinsurance Group’s strong liquidity supports its inorganic growth initiatives.

Reinsurance Group holds a niche position in the U.S. and Canada reinsurance markets. Moreover, the company is expanding its international operations to reap the benefits of diversification. It is poised to benefit from the changing life reinsurance pricing environment. Its expanding business in the pension risk transfer market also looks promising.

Reinsurance Group Arm to Grow Life Insurance in Netherlands - August 21, 2015 - Zacks.com