Asia has traditionally been the principal market outside the UK for international life business but growth in sales from the two key regional hubs of Hong Kong and Singapore has come to a halt, says Provisca founder Bryan Low.
With the clock now ticking on the UK’s departure from the European Union, some people are rethinking their living and employment situation. Click through the slides below to find the best and worst expat destinations, according to research firm InterNations.
Standard Life has agreed to sell its wholly-owned Hong Kong life operation to its Chinese joint venture company Heng An Standard Life Insurance Company (HASL), underlining its move towards an investment-led business focus.
India’s largest lender, the State Bank of India (SBI), has announced that it is looking to sell a 10% stake in a life insurance joint venture with SBI Life, as it prepares to launch an initial public offering (IPO).
Life insurance and annuity business in Hong Kong increased by 49% in 2016 to HK$179.1bn (£18.4bn, $23bn, €21.3bn), latest figures released by the Office of the Commissioner of Insurance (OCI) show.
A new mandatory provident scheme and stronger disclosure rules will impact asset and wealth managers, according to Kittikun Tanaratpattanakit, senior research analyst at Morningstar Thailand.
The financial industry continues to be “plagued by egregious misconduct” and requires signficant reform, the Monetary Authority of Singapore’s managing director has said.
JP Morgan Asset Management plans to launch more funds for China distribution through the mutual recognition of funds scheme, even though overall MRF sales have been slowing, said Henry Tong, head of China retail business.
US authorities are planning to file criminal charges against Malaysian financier Jho Low in connection with the stricken sovereign wealth fund 1Malaysia Development Bhd (1MDB), the Wall Street Journal reported.
Hong Kong’s Securities and Futures Commission (SFC) has obtained an interim court order to freeze bank accounts connected with a suspected $15m (£12.1m, €13.9m) US Ponzi scheme that invested in Brazilian and African gold mines.
Hong Kong Life Insurance has been sold to local investment firm First Origin International for HK$7.1bn (£738m, $914m, €850m) in the latest insurance M&A deal in the special administrative region.
Indonesia has raised more than $330bn (£265bn, €381bn) from at least 745,000 taxpayers as its tax amnesty approaches next week’s closing date of 31 March.
