AM BEST AFFIRMS CREDIT RATINGS OF THE PEOPLE'S INSURANCE COMPANY OF CHINA (HONG KONG), LIMITED

HONG KONG, July 22 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of The People’s Insurance Company of China (Hong Kong), Limited (PICC HK) (Hong Kong). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect PICC HK’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management. The ratings also reflect the strategic importance of the company to its parent, The People’s Insurance Company (Group) of China Limited (PICC Group) (China), as the sole overseas insurance entity and a key component of PICC Group’s overseas strategies.

PICC HK’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), remained at the strongest level at year-end 2023. The company’s investment portfolio remains well-diversified, with the majority of its assets allocated to investment-grade bonds, cash and cash equivalents, and preference shares, while the remainder is in listed equities and other investments. With an increasing proportion of liquid invested assets, the company has maintained a strong liquidity position. Other supporting factors include a strong regulatory solvency position, both under the legacy Hong Kong Insurance Ordinance and Hong Kong’s new risk-based capital regime.

PICC HK’s operating performance remains adequate. The company returned to profitability in 2023, with net earnings mainly supported by robust investment income owing to its diversified investment portfolio. In 2023, PICC HK achieved positive underwriting results, driven by its profitable inward business.

The company’s business profile is assessed as limited. PICC HK underwrites direct onshore general insurance in Hong Kong and inward reinsurance from mainland China and other geographic regions. The company’s underwriting portfolio is exposed to moderate concentration risk in terms of sourcing premium revenue from its affiliated company, PICC Property and Casualty Company Limited, despite the stable profit margin. While its presence in Hong Kong’s domestic market remains modest, PICC HK has actively expanded its inward reinsurance portfolio in recent years with a higher retention ratio in 2023, which helps to diversify its business sources. PICC HK established its Macau branch in 2022 to better satisfy insurance demand from Portuguese-speaking countries of the world, as well as to provide one-stop general insurance solutions covering mainland China’s greater bay area, Hong Kong and Macau.

As the group’s sole overseas insurance entity, PICC HK continues to be of strategic importance to the PICC Group. PICC HK plays a key role in deploying the group’s overseas strategies, and benefits from its support implicitly and explicitly. As a way of explicit support from the group, there is a track record of multiple capital injections to PICC HK from PICC Group; the latest being a capital injection of HKD 970 million in December 2020. The company has also benefited from the group’s operational synergies, especially in the areas of underwriting, investment management and risk management.

Positive rating actions could occur if PICC HK further bolsters its presence in its domestic insurance market, further diversifies its reliance on affiliated companies and continues to improve its business profile. Negative rating actions could occur if there is a decline in PICC HK’s operating performance to a level that no longer supports AM Best’s adequate operating performance assessment, or if the support the company receives from its parent weakens notably or the parent’s credit fundamentals deteriorate materially.

Ratings are communicated to rated entities prior to publication. Unless stated otherwise, the ratings were not amended subsequent to that communication.

This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.

AM Best is a global credit rating agency, news publisher and data analytics provider specialising in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.

Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED. 

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MILLIMAN STUDY: INCREASE IN EMBEDDED VALUE AND VALUE OF NEW BUSINESS ACROSS MOST ASIAN MARKETS IN 2023

MUMBAI, July 23 (Bernama-BUSINESS WIRE) -- Milliman, a premier global consulting and actuarial firm, today released its annual 2023 embedded value results: Asia report which includes 2023 embedded value (EV) and value of new business (VNB) results disclosed by major multinational and domestic life insurers across Asia Pacific. The report also analyses and discusses the EV methodologies and assumptions used, and the impact of changes to key regulations in the region.

“An overall increase in EV and VNB across the region in 2023 reflects the bounce back of many economies,” said Milliman Principal and Consulting Actuary Heerak Basu. “With the easing of Covid restrictions and the return of Mainland Chinese visitors, Hong Kong’s VNB more than doubled, while India, Japan and Taiwan showed double-digit EV growth in 2023.”

A complimentary copy of the report is available for download here: 2023 embedded value results: Asia (milliman.com)

A few key insights include:

• The majority of insurers in Asia reported EV growth in 2023, with increases ranging from 1% to 24.1%.
• In line with global trends, bond yields decreased during 2023 in most of the Asian markets, which led Chinese insurers to decrease their investment return and discount rate assumptions for 2023, with mixed responses in other markets.
• VNB experienced an overall growth of 9.9% in the Asia region, with double digit growth in Indonesia and Thailand and 102.8% growth in Hong Kong.
• The implementation of IFRS 17 from 1 January 2023 in certain markets has impacted EV reporting. Some European MNCs have shifted towards IFRS 17 and no longer report EV results for their Asian subsidiaries.

About Milliman

Milliman is among the world's largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe including multiple offices in Asia & the Middle East. For further information, visit milliman.com

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20240722289756/en/


Contact

Charles Carneiro
Marketing & PR
Milliman, Inc.
Tel: +65 90175746
charles.carneiro@milliman.com

Source : Milliman

XSOLLA ACQUIRES LFG TO ENHANCE GAMING CONNECTIVITY AND COMMERCE

Strategic Acquisition Aimed at Empowering Creators and Enhancing User Engagement Across Platforms

LOS ANGELES, July 19 (Bernama-BUSINESS WIRE) -- Xsolla, a global video game commerce company, announces its acquisition of LF.Group, a leader in digital solutions for gaming communities. This strategic collaboration is poised to transform how developers connect with their audiences and manage transactions across various platforms, integrating advanced technology to improve the creator and gamer experience.

This press release features multimedia. View the full release here: 
https://www.businesswire.com/news/home/20240718282494/en/

 

Xsolla's president, David Stelzer, shared, “Investing in technology and providing innovative solutions that enhance the gaming experience for developers is central to our strategy. This acquisition will significantly enrich our capabilities by incorporating LF.Group's technological strengths in our commerce framework.”

LF.Group has been instrumental in player connectivity/gamer connectivity solutions, mainly through its advanced Discord bot technology, which is key to this acquisition. This technology facilitates enhanced interactions and transactions within gaming communities, aligning with Xsolla's strategy to support game developers and publishers monetize their content effectively.

Alexey Moiseenkov, CEO & Co-Founder of LF.Group, emphasized the shared goals of the acquisition. “We are excited to bring our technology and vision to Xsolla. Together, we aim to create a more connected and transaction-friendly gaming environment, expanding beyond traditional platforms to include major messaging services like WhatsApp.”

The collaboration will focus on Xsolla's commerce solution, Xsolla Mall. This solution facilitates the distribution of game content through influencer custom-branded shops and direct-to-consumer stores. It aims to expand its influencer acquisition network and increase the distribution of virtual items and game keys globally. As the integration progresses, both companies are committed to focusing on the end-user experience, ensuring that the innovations developed are impactful and user-friendly.

For more information about the acquisition, please visit: xsolla.pro/lfg.

About Xsolla

Xsolla is a global video game commerce company with a robust and powerful set of tools and services designed specifically for the industry. Since its founding in 2005, Xsolla has helped thousands of game developers and publishers of all sizes fund, market, launch, and monetize their games globally and across multiple platforms. As an innovative leader in game commerce, Xsolla’s mission is to solve the inherent complexities of global distribution, marketing, and monetization to help our partners reach more geographies, generate more revenue, and create relationships with gamers worldwide. Headquartered and incorporated in Los Angeles, California, with offices in London, Berlin, Seoul, Beijing, Kuala Lumpur, Raleigh, Tokyo, and cities around the world, Xsolla supports major gaming titles like Valve, Twitch, Epic Games, Take-Two, KRAFTON, Nexters, NetEase, Playstudios, Playrix, miHoYo, and more.

For additional information and to learn more, please visit: xsolla.com.

About LF.GROUP

LF.Group develops a toolkit that includes a Web platform, an LFG bot in Discord, and a mobile app. All those serve one purpose: to create the easiest way to connect with other gamers of the same skill level and interests. No matter what games you play mostly, some people perfectly match your time slots and in-game goals. LFG tools support all these criteria and even more.

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HONEYWELL TECHNOLOGY PRODUCED IN MALAYSIA SUPPORTS GAS OPERATORS AROUND THE WORLD

KUALA LUMPUR, July 19 (Bernama) -- Honeywell announced that its industry-leading membrane technology is now used in more than 300 major natural gas operations globally, enhancing production and contributing to the 40 million tons of installed CO₂ capture capacity enabled by the company’s technology.¹ This innovation is made in the company's advanced manufacturing facility in Penang and demonstrates Honeywell's alignment of its portfolio with three compelling megatrends, including the energy transition.

Honeywell Separex™ membranes enable oil and gas operators to remove contaminants, such as carbon dioxide and hydrogen sulfide, from natural gas operations. Removing these contaminants makes the natural gas usable as fuel, transformable into petrochemicals, or transportable through pipelines.

“Honeywell's Penang facility is a center of excellence for membrane technology,” said YC Lim, Honeywell president of Malaysia and Singapore. “The expertise of our Malaysian employees and strong relationships with local suppliers in sourcing raw materials are vital to Honeywell’s global operations.”

The technology was recently selected for a carbon capture and storage project in Thailand, where hydrocarbon that would otherwise be flared or burned is captured and geologically stored in depleted gas reservoirs. Honeywell’s membrane technology is also currently deployed at major natural gas operations in Asia-Pacific countries including Petronas’ Kasawari offshore gas development project Malaysia, Indonesia, and Australia.

The Malaysian National Energy Transition Roadmap (NETR) highlighted the importance of decarbonizing Malaysia’s fossil fuel energy sources, and natural gas is being used as a transitional fuel toward renewable sources. Natural gas accounts for approximately 25% of global electricity generation and has become a crucial resource in the energy sector's sustainability efforts,² and is expected to comprise 40% to 50% of the demand by 2050, with Asia anticipated to experience the largest growth in gas demand.³

Honeywell's Penang facility collaborates closely with the company's gas processing R&D center in Des Plaines, Illinois, USA, in developing new products to support their customers' evolving operational requirements and market demands.
 
About Honeywell

Honeywell is an integrated operating company serving a broad range of industries and geographies around the world. Our business is aligned with three powerful megatrends – automation, the future of aviation and energy transition – underpinned by our Honeywell Accelerator operating system and Honeywell Forge IoT platform. As a trusted partner, we help organizations solve the world's toughest, most complex challenges, providing actionable solutions and innovations through our Aerospace Technologies, Industrial Automation, Building Automation and Energy and Sustainability Solutions business segments that help make the world smarter, safer and more sustainable. For more news and information on Honeywell, please visit www.honeywell.com/newsroom. 

 

¹ Includes capacity of deployed Honeywell technology (membranes and chemical & physical solvents) in installed projects enabling CO2 capture from gas streams, of which 15 million tons of the captured CO2 is being utilized for enhanced oil recovery annually.

² https://www.iea.org/energy-system/fossil-fuels/natural-gas

³ https://www.mckinsey.com/industries/oil-and-gas/our-insights/
global-energy-perspective-2023-natural-gas-outlook

 
Source: Honeywell International Sdn Bhd 

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DRIVING PRODUCTIVITY THROUGH SAFER DANGEROUS GOODS TRANSPORT PROGRAM

PETALING JAYA, July 18 (Bernama) -- In a groundbreaking move, the Malaysia Productivity Corporation (MPC) through Chemical Productivity Nexus (CPN) and leading chemical industry experts have joined forces to develop the Dangerous Goods Driver Training Programme (DGDT) - a revolutionary initiative designed to enhance safety, efficiency, and sustainability in the transportation of hazardous materials across the country.

This transformative program sets new standards for competency and ensures the utmost professionalism among dangerous and hazardous chemicals goods drivers, revolutionising the industry. Developed to comply with the ASEAN Framework Agreement on the Facilitation of Goods in Transit (AFAFGIT) Protocol 9, the DGDT program will provides drivers with the knowledge and skills necessary to safely transport dangerous goods, including hazardous chemicals, by road.
 
"Ensuring the safe and responsible transportation of hazardous materials is of utmost importance to the safety of our roads and the protection of our environment”, said Dato' Dr. Mohamed Noor Sany, Champion of CPN. "This program will equip drivers with the necessary expertise to handle these sensitive goods, ultimately enhancing the overall performance, productivity, and image of the transportation industry in Malaysia".
 
The comprehensive DGDT curriculum covers critical areas such as driver duties and responsibilities, driving, maintenance, collection and delivery, information and communication, safety and quality. The training will be delivered through a combination of classroom sessions and hands-on practical exercises, adhering to rigorous industry-driven standards developed in collaboration with key stakeholders.
 
By aligning with industry requirements, the program ensures that drivers are equipped with the latest knowledge and best practices, enhancing their employability, productivity, and career prospects. The DGDT is expected to be fully implemented by the end of 2024, with the first batch of certified drivers set to hit the roads shortly after. 

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GOOD FRAUD PROTECTION TOP PRIORITY FOR MALAYSIANS OPENING BANK ACCOUNT - SURVEY

KUALA LUMPUR, July 18 (Bernama) -- Global analytics software leader FICO in its latest global consumer fraud research, revealed that consumers in Malaysia have a low tolerance for inefficient digital experiences when opening an bank account via mobile app or website.

However, in a statement, FICO said Malaysians selecting a new financial account place a high value on both good fraud protection and ease of use.

According to the study, nearly two in three (64 per cent) expect to answer 10 questions or less or they will abandon a personal bank account application, while one in three (33 per cent) will drop out if asked more than five questions.

Regardless of the number of questions asked, one in four Malaysians will give up on a personal bank account application after 10 minutes.

The survey also highlighted that Malaysian consumers show varying levels of patience for different account opening processes, whereby they are most likely to abandon savings accounts (41 per cent) or personal bank accounts (39 per cent) applications due to complex or time-consuming identity checks.

Close to one in three have abandoned credit card applications (31 per cent) for the same reason, while close to one in four (24 per cent) have been frustrated enough to abandon mortgage loan applications.

In the past year, half of Malaysians have noticed more identity checks when they log in to bank accounts (51 per cent) or make an online purchase (49 per cent).

Despite the rise in identity checks, the survey found that three in 10 Malaysians will stop or reduce the use of existing accounts if the identity verification experience is poor, while seven in 10 consumers expect to answer 10 questions or less, or they will abandon a savings account application.

While some consumers are more tolerant of detailed processes for certain financial products that require thorough scrutiny, the survey clearly shows that expectations for ease of use remain high.

The survey was conducted in November 2023 with 1,001 Malaysian adults surveyed, along with approximately 12,000 other consumers in Canada, the United States, Brazil, Colombia, Mexico, The Philippines, Indonesia, India, Singapore, Thailand, the United Kingdom and Spain.

-- BERNAMA

GMAC Board Election Affirms Continuity, Advancing Equitable Access To Education

KUALA LUMPUR, July 18 (Bernama) -- The Graduate Management Admission Council (GMAC), has announced the election of Itziar de Ros, IESE Business School associate dean of advancement and engagement,  to her first full term, and the re-election of François Ortalo-Magné, dean of London Business School, to another term of four years to its board of directors.

In addition, EY former global vice chair of markets, Jay Nibbe was re-appointed for a second term, whereby all three started their new term on July 1, according to GMAC in a statement.

“Our newly confirmed board, along with our staff across continents, recognises our long-term investment in both the business schools and the candidates aspiring to enter them.

“We remain driven toward realising the vision of a world where every talented person can benefit from the best business education for them, knowing that business school graduates are motivated to take on some of our greatest challenges,” said GMAC Chief Executive Officer, Joy Jones.

GMAC also recognises and thanks its outgoing board member Yuan Ding, China Europe International Business School Cathay Capital Chair Professor in Accounting, for his continuous support of GMAC’s mission over the past four years.

With the GMAC board’s continuity confirmed by its member schools, it also reiterates its commitment to the organisation’s mission to serve prospective candidates with talent and aspirations in business careers and school professionals who are passionate about holistic admission practices to build an inclusive classroom while delivering high quality education and services to their students.

GMAC programmes, products, and services are widely available, and the organisation takes additional measures to ensure everyone with aspirations has opportunity as its commitment to cultivating an inclusive talent pipeline spans decades.

GMAC is a non-profit association representing over 200 graduate business schools globally, with offices in China, India, the United Kingdom, and the United States.

-- BERNAMA