Multi-line Insurance

A new Willis survey finds that facultative reinsurance is helping insurers pursue growth in a rapidly softening market, with 60% of insurers expecting to increase their use of it over the next two years against just 13% who plan to buy less. The Facultative Reinsurance Report 2026, published by Willis, a WTW business, and conducted with Coleman Parkes Research, drew responses from 380 senior decision makers at leading insurance companies across North America, Europe, Middle East, APAC and Latin America. More than half, 52%, of insurers identified capital management as a key reason for buying facultative reinsurance, up from 44% in 2024, while 56% said global expansion was among their greatest opportunities in the next two years, up from 39%. 52% named entering new markets and risk areas among their top strategic objectives, up from 45%, and 55% named increasing capacity as a top objective, up from 48%. 82% saw facultative as a key part of their strategies for managing risk, capacity, capital and appetite, while only 22% said they used facultative as a last resort, down from 28% in the 2024 survey. On emerging risks, 57% cited geopolitics, up from 52%, 54% said cyber, up from 24%, and 40% said climate, up from 30%. Garret Gaughan, Global Head of Direct and Facultative at Willis, said the research shows facultative reinsurance is increasingly being used as a strategic tool to help insurers expand capacity, enter new markets and manage capital efficiently.

Axa Chief Executive Officer Thomas Buberl said the insurer will prioritize efficiency and shareholder returns over acquisitions after raising its profitability and growth targets for the next three years. Speaking to Bloomberg Television, Buberl described the new plan as a continuation of the current one, under which all countries and all lines of business are now performing extremely well. He said the next phase centers on organic growth and leveraging that position to gain additional market share, while bolt-on deals will still be considered under the company's long-standing policy. Asked about risks to the outlook, including France's presidential election next year, Buberl said the insurance sector is driven by structural factors such as population growth, rising risk, longer longevity and questions around retirement and health. He added that short-term political uncertainty never does any good for business, but that nobody in France will change their medical or household insurance because of it.

Ageas has completed the sale of its 30.95% stake in Maybank Ageas Holdings Berhad to Maybank for a total cash consideration equivalent to EUR 1.1 billion, including a EUR 53 million pre-completion dividend. The transaction generates a net capital gain after tax of EUR 464 million and values 100% of Maybank Ageas Holdings Berhad at EUR 3.5 billion, implying a price-to-book ratio of about 2x the 2025 IFRS Equity. Ageas said the deal is solvency accretive, adding 23 percentage points to its Solvency II ratio, and allows the group to realise the value created through its more than 25-year partnership with Maybank while enhancing financial flexibility. Ageas thanked Maybank's management and all Etiqa employees for their collaboration and wished the company continued success.

AXA Hong Kong and Macau announced the signing of a Memorandum of Understanding with BytePlus Pte. Ltd., an enterprise-grade technology solutions provider, to integrate BytePlus's Artificial Intelligence and Large Language Models solutions into AXA's operations across the insurance value chain. The co-innovation framework covers three key areas: insurance innovation and future capabilities, including insurance-specific AI models, intelligent agents and decision-intelligence solutions spanning knowledge management, underwriting support, claims processing and multi-channel distribution; customer intelligence for personalised engagement, using predictive data analytics, consumer persona modelling and AI-driven decision support; and AI-powered creativity and marketing enablement, establishing a creativity hub built on multimodal and generative AI technology. David Ng, Deputy Chief Executive Officer of AXA Hong Kong & Macau, said the partnership represents a major milestone for the company's AI roadmap and that AXA aims to co-innovate specialised, insurance-specific AI models while maintaining the highest standards of Responsible AI. Elsa Wang, General Manager of BytePlus Hong Kong & Macau, said Hong Kong is a vital international gateway for enterprise technology deployment and that the partnership provides an ideal platform to co-innovate high-impact, industry-specific solutions. Management and representatives from both companies attended and witnessed the MOU signing ceremony.

TIPH aims to restructure its business portfolio within three years, increasing the proportion of retail clients to 50% from the current 35%, while the proportion of corporate clients will decrease from 65% to 50%. The TIPSOL Loyalty Program is a key tool to connect insurance with lifestyle, expected to generate at least 500 million baht in premiums within the first 12 months. The company targets total premiums of 32-33 billion baht in 2026, growing 5%, higher than the industry's expected growth of 2.5%. Meanwhile, in the first half of the year, Dhipaya Insurance reported a net profit of 645.7 million baht, up 18.7%, and TIPH had a net profit of 578.4 million baht, up 2.3%. The company also approved an interim dividend of 0.50 baht per share, payable on July 23, 2026.

TIPH has launched its digital platform TIPSOL to target retail customers, aiming to increase the retail customer share to 50% from the current 35% and raise the share of motor insurance business to 40% within three years. Meanwhile, the total premium target for 2026 is set at 32-33 billion baht, growing 5%, higher than the industry's expected growth of 2.5%. TIPSOL is expected to generate first-year premiums of no less than 500 million baht and cover seven lifestyle areas, including cars, homes, travel, health, entertainment, restaurants, and pets. Additionally, Dr. Somporn, in his capacity as President of the Thai General Insurance Association, mentioned the government's disaster insurance project for residential properties, stating that the criteria are still under discussion with the Office of the Insurance Commission and the government, with plans to start underwriting on September 16. The government will subsidize an average premium of 500 baht per household, covering 30 million households. It is expected that total premiums will increase by 15 billion baht, with maximum coverage of 75 billion baht per year.

TIPH is proceeding with a major portfolio restructuring, launching the TIPSOL digital platform to tap the retail customer market, with a first-year premium target of 500 million baht and a goal to increase the retail share to 50% within three years. Meanwhile, the total premium target for 2026 is 32-33 billion baht, growing about 5%, higher than the industry's expected growth of 2.5-3%. The first half has already exceeded half of the target. Dr. Somporn Suebthawilkul, CEO of TIPH and Managing Director of TIP, said that TIPSOL will connect the brand with seven lifestyle aspects, covering cars, homes, travel, health, dining-shopping-travel, pets, and superstitions, to create lifetime customers and further brand recommendations. The first phase opens to retail customers with annual policies, while the second phase expands to corporate clients and CEOs. Currently, the Personal Line portfolio stands at 35%, with a goal to increase to at least 50% within three years. The auto portfolio will expand from no more than 25% to 40%, while maintaining Non-Motor greater than Motor to preserve strengths. Additionally, as president of the Thai General Insurance Association, Dr. Somporn revealed about the disaster insurance project for residences, which the government plans to start underwriting on September 16. The government will subsidize an average premium of 500 baht per household, covering 30 million households, adding 15 billion baht to total premiums and providing maximum coverage of 75 billion baht per year. The association is preparing strict criteria for selecting companies, such as a CAR Ratio of no less than 180-200% and two consecutive years of profit. It is expected that about 25 out of 47 companies will pass the criteria. A reinsurance pool will be established, with Thai Re as the pool manager, retaining domestic risk of no more than 5 billion baht, while the remaining 70 billion baht will be transferred abroad.

AXA Hong Kong and Macau has launched GBA EverGuard Medical Insurance, a comprehensive medical protection plan designed to meet rising demand for cross-border healthcare in the Greater Bay Area. The plan offers full cover for hospitalisation, surgery, and non-surgical cancer treatments in the Chinese mainland, with no itemised sub-limits, and provides flexibility for designated illnesses or major surgeries to be treated in Hong Kong, Macau, or Taiwan, subject to a 20% coinsurance. It also includes enhanced Traditional Chinese Medicine treatments, rehabilitation support, and access to AXA Health Concierge for cashless arrangements and healthcare navigation. The launch follows an AXA-commissioned survey of 600 Hong Kong residents, which found that 68% have received medical treatment in the mainland, with 87% worried about treatment costs and 88% concerned about long waiting times in Hong Kong. The plan guarantees renewal up to age 100 and includes value-added services such as a complimentary medical check-up every three years of no-claim.

Loews Corporation reported second-quarter net income of $444 million, or $2.16 per share, up from $391 million, or $1.87 per share, a year earlier, with book value per share rising to $93.52 from $90.71. The holding company's three main units—CNA Financial, Boardwalk Pipelines, and Loews Hotels—all posted higher profits, but underwriting at its largest unit, CNA, deteriorated. CNA's net income attributable to Loews rose to $294 million from $274 million, yet its core income fell to $324 million from $335 million, and its combined ratio widened to 96.5% from 94.1%. Boardwalk Pipelines contributed $100 million in net income, up from $88 million, while Loews Hotels saw net income jump 71% to $48 million. The company repurchased 1.4 million shares for $146 million during the quarter, reducing shares outstanding to 204.4 million.

Swiss Life Holding AG reported strong first-half 2026 results, with fee result up 11% to CHF430 million and net profit up 8% to CHF649 million, while announcing a new CHF250 million share buyback. Profit from operations rose 8% in local currency to CHF967 million, and return on equity reached 20.2% annualized. Cash remittance to the holding company increased 5% to CHF1.2 billion. The SST ratio is estimated at 25% (likely a typo for 225%) at end of June 2026, up from 213% at end of 2025. The company also announced a reduction of around 600 positions by end of 2028, with restructuring costs expected to offset cost savings in 2027-2028. The TELIS acquisition will add 1,800 advisers and contribute an operating result of CHF25-30 million for a full year, with only half recognized in H2 2026.

Swiss Life Group announced plans to eliminate roughly 600 positions by the end of 2028, as the insurer reported an 8% increase in first-half profit. The job cuts, largely through natural attrition, will be split about evenly between Swiss Life's Swiss operations and Swiss Life Asset Managers, with the latter concentrated overseas. Around 100 roles have already been eliminated via selective non-replacement of vacancies, and the group expects roughly 100 further redundancies before the end of 2026. Net profit for H1 2026 reached $801.7 million (SFr649 million), while operating profit climbed 8% at constant currency to SFr967 million. The fee result grew 11% to SFr430 million, lifted by a SFr29 million gain from transferring the Swiss Life International network business to a partner company. Swiss Life also confirmed the completion of its acquisition of TELIS Group on 1 July 2026, though the deal's impact is not in the half-year numbers.

Hartford Insurance Group has partnered with UC Berkeley's Bakar Labs for Energy & Materials to support startups focused on next-generation energy and materials technologies. The insurer will provide risk management expertise to early-stage companies working on advanced energy systems and new materials. This collaboration links Hartford with a leading research hub and may create future insurance opportunities as participating startups mature. The partnership aligns with Hartford's strategy of using technology and data to improve underwriting, particularly in complex areas such as advanced energy systems. However, analysts see earnings under pressure over the next few years, presenting a demanding execution test as peers like Travelers and Chubb also expand in specialty and emerging risk lines.

Allianz, the German insurance giant, is considering acquiring AA, a major British roadside assistance provider, with a bid valued at around £5 billion, or approximately $6.77 billion. EQT, a private equity fund manager, is also among the competing bidders. The private equity owners of AA are running a dual-track process to weigh a direct sale against a potential relisting on the London Stock Exchange. Founded in 1905, AA is known for its iconic yellow breakdown service vans. It listed on the London Stock Exchange in 2014 at 250 pence per share before being taken private by private equity groups.

China Pacific Insurance released its 2026 interim report. Total operating revenue was 212.136 billion yuan, up 5.81% year-on-year, marking four consecutive years of growth. Net profit attributable to the parent company was 30.775 billion yuan, up 10.36% year-on-year, marking three consecutive years of growth. Net cash inflow from operating activities was 115.08 billion yuan. The asset-liability ratio was 89.30%, ranking first among peer companies that have disclosed results, down 0.36 percentage points from the same period last year. The company's return on equity was 9.64%, and diluted earnings per share was 3.20 yuan, up 10.34% year-on-year. The number of shareholders was 128,400, and the top ten shareholders held 7.203 billion shares, accounting for 74.87% of total share capital.

China Pacific Insurance released its 2026 interim report, with first-half net profit attributable to the parent of 30.78 billion yuan, up 10.4% year on year. Operating revenue was 212.14 billion yuan, up 5.8% year on year; second-quarter net profit attributable to the parent was 20.73 billion yuan, up 13.6% year on year. On the liability side, as of the end of the second quarter, insurance contract liabilities stood at 2.63 trillion yuan, up 6.67% from the end of the previous year; total liabilities were 2.93 trillion yuan, up 4.20%. On the investment side, first-half total investment income was 66.022 billion yuan, up 16.1% year on year, with a total investment yield of 2.4%; net investment income was 42.768 billion yuan, up 0.5% year on year, with a net investment yield of 1.5%. The value of new business for life insurance was 10.758 billion yuan, up 12.7% year on year, and the new business value margin rose to 17.5%; the combined ratio for property and casualty insurance underwriting was 95.0%, down 1.3 percentage points year on year. The company's total assets were 3.28 trillion yuan, up 4.3% from the end of the previous year.

China Pacific Insurance announced on August 27 that it plans to distribute a cash dividend of 0.42 yuan per share, before tax, to all shareholders, with an estimated total payout of 4.041 billion yuan.

China Pacific Insurance's newly released 2026 interim report shows double-digit net profit growth in the first half, and the company will pay an interim dividend for the first time. In the first half, CPIC Group achieved total operating revenue of 212.136 billion yuan, up 5.8 percent year on year; net profit attributable to the parent was 30.775 billion yuan, up 10.4 percent; and operating profit attributable to the parent was 21.149 billion yuan, up 6.2 percent. Life insurance new business value reached 10.758 billion yuan, up 12.7 percent year on year, with a new business value margin of 17.5 percent, up 2.5 percentage points from a year earlier. Bancassurance channel first-year regular premium scale grew 32.6 percent year on year. Assets under management exceeded 4 trillion yuan for the first time, up 4.8 percent from the end of last year. Chairman Fu Fan said cumulative dividends since listing have exceeded 130 billion yuan, and the company will implement an interim dividend for the first time this year to improve the stability, sustainability and predictability of dividends.

At least eight Thai listed companies announced interim dividend payments following board meetings on August 25, 2026, with most setting the XD date between September 7-9. Leading the way, BCP pays 3.00 baht per share, followed by TISCO at 2.00 baht, RATCH at 0.70 baht, TIPH at 0.50 baht, OR at 0.30 baht, HMPRO at 0.16 baht, TTB at 0.081 baht (up 23% from last year), and CIMBT at 0.0385 baht. RATCH's total payout is approximately 1,522.50 million baht, while OR's total is 3,600 million baht.

Aegon Ltd. increased its second-half share buyback to €350 million from €200 million after first-half operating capital generation reached €416 million, beating the €376 million median consensus estimate. The company, which is moving toward a U.S. domicile and plans to adopt the Transamerica name, now has a total 2026 buyback program of €550 million, combining the first-half authorization with the new second-half amount. Aegon's risk-based capital ratio stands at 420%, above its 400% operating level, and the company expects €350 million in implementation costs for the redomiciliation through the first half of 2028. Will Fuller is set to become president and chief operating officer in January 2027. Insider Monkey's hedge fund database shows 14 funds held Aegon positions as of March 31, 2026.

The board of Dhipaya Group Holdings approved an interim dividend of 0.50 baht per share from retained earnings. The record date for shareholders entitled to receive the dividend is 10 September 2026, with payment on 23 September 2026. TIPH shares closed at 23.80 baht, up 0.10 baht or 0.42%, on turnover of 5.42 million baht.

Dhipaya Group Holdings Public Company Limited, or TIPH, has announced a cash dividend of 0.50 baht per share from retained earnings. The ex-dividend date, or XD, is set for September 9, 2026, and the dividend payment date is September 23, 2026.

Aegon has implemented a €150 million upsize to its second-half 2026 share buyback program, increasing the total repurchasing pool from €200 million to €350 million. The expansion aligns with Aegon's stated objective to reduce cash capital at holding to approximately €1.0 billion by the end of 2026. The original repurchase plan, which began on July 1, 2026, has so far seen Aegon execute €57 million in share repurchases, representing about 28% of the initial tranche. Barring unforeseen market events, the expanded €350 million buyback is scheduled to conclude by December 23, 2026. As part of the expanded buyback, major shareholder Vereniging Aegon will participate on a pro-rata basis corresponding to its approximately 18.4% voting rights stake, accounting for €26 million of the newly added €150 million allocation and bringing its total participation to €63 million for the full program. Repurchased shares will be executed via a third party on Euronext Amsterdam and capped at daily volume-weighted average prices, and Aegon intends to cancel all shares acquired under the program.

Aegon reported stronger first-half 2026 performance, with operating results up 9% to EUR 804 million, operating capital generation up 27% to EUR 416 million, and free cash flow of EUR 392 million. The company raised planned second-half share repurchases by EUR 150 million to EUR 350 million and increased its interim dividend 11% to EUR 0.21 per share. U.S. business growth was the main driver, as Transamerica benefited from strong sales including a 54% increase in individual life sales and a 12% rise in annuity sales, supported by digitally enabled underwriting. Aegon accepted higher new-business strain while citing attractive expected returns. Capital remained solid while the U.S. relocation proceeds, with a group solvency ratio of 169% and a U.S. risk-based capital ratio of 420%, above its 400% operating target. Aegon's move of its legal seat and future headquarters to the United States remains on schedule, with shareholder approval targeted for October 8 and completion expected in early 2028.

ASR Nederland reported record operating capital contribution and operating result for the first half of 2026, with OCC up more than 7% to EUR773 million and operating result up almost 10% to EUR901 million. The company's operating return on equity exceeded 15%, above its target of more than 12%, and its Solvency II ratio rose 4 percentage points to 222%. Non-life premium income grew 6%, DC pension inflows reached EUR1.5 billion, and annuity inflows increased 38%. ASR also announced an interim dividend of EUR1.39 per share, up more than 9%, and completed a EUR175 million share buyback. The Bovema acquisition adds roughly EUR400 million of annual premiums and is expected to contribute around EUR25 million of run-rate OCC after integration.

Talanx AG reported record first-half 2026 net income of EUR1.5 billion, up 9% year-over-year, and raised its full-year guidance to significantly above EUR2.7 billion. Insurance revenue was stable in euro terms and grew 3% on a currency-adjusted basis, while return on equity reached 21.5%. Primary insurance net income rose 12% to EUR780 million, reinsurance net income increased 7% to slightly above EUR700 million, and the group's solvency ratio stood at 246%. The company booked EUR1.4 billion for large losses against reported losses of EUR942 million, creating a EUR474 million buffer that contributed EUR265 million to net income. Management cited record results in all four segments and a benign large-loss environment as key drivers, while cautioning that the second half is typically weaker and the hurricane season remains a risk.

Aviva reported a 49% decline in profit to £418m for the first half of 2026, while basic earnings per share fell 44% to 12.2p. Operating profit increased 24% to £1.32bn, which the insurer attributed to continued progress on its Direct Line integration and growth across core business lines. General Insurance premiums rose 29% to £8.09bn, with the undiscounted combined operating ratio improving to 93.3% from 94.6% a year earlier. Wealth net flows increased 32% to £7.6bn, and assets under management in Wealth climbed 25% to £261bn. Aviva said it had achieved £100m in run-rate cost synergies from the Direct Line integration against a target of £225m, and it increased the interim dividend by 7% to 14p per share.

Generali Group reported first half 2026 results with operating profit of 172 billion baht, or 4.5 billion euros, and adjusted net profit of 97.2 billion baht, up 13.7% from the same period last year. Gross written premiums totaled 2.04 trillion baht, up 5.8%, supported by property and casualty business growth of 6.3% and net life insurance cash inflows of 318 billion baht. The undiscounted combined ratio improved to 93.8%, and the solvency ratio stood at 216%, reflecting financial strength and the impact of a 500 million euro share buyback under the Lifetime Partner 27: Driving Excellence strategic plan.

Talanx AG reported higher first-half fiscal 2026 profit and raised its full-year outlook. Group net income rose 9 percent to 1.499 billion euros from 1.373 billion euros a year earlier, with earnings per share up 9.1 percent to 5.80 euros. Operating profit grew 11 percent to 3.18 billion euros, while insurance revenue edged up 0.3 percent to 24.256 billion euros. The German insurer now expects to significantly exceed its previous 2026 net income forecast of around 2.7 billion euros, implying a double-digit increase for the year.

AIG reported second-quarter CY2026 adjusted earnings of $2 per share, beating analyst estimates by 3.7%, even as revenue of $7.11 billion fell short of the $7.27 billion consensus. Revenue grew 3.9% year on year, but the top-line miss reflected deliberate contraction in North American property portfolios to preserve risk-adjusted returns amid heightened competition. CEO Eric Andersen highlighted strong momentum in accident and health, high net worth personal lines, and strategic transactions, while emphasizing the company's five strategic priorities including AI-driven underwriting and expense discipline. AIG remains on track to reduce its general insurance expense ratio below 30% by 2027 and announced the acquisition of Everest Insurance operations in Colombia to expand in Latin America.

American Financial Group posted core net operating earnings of $2.82 per diluted share for the second quarter of 2026, a 32% increase driven by higher underwriting profit and improved returns from alternative investments. Net earnings reached $248 million, or $2.99 per share, including $0.17 per share in after-tax non-core realized gains on securities. Property and casualty pretax operating income hit a second-quarter record of $350 million, while the specialty P&C combined ratio improved 1.6 points to 91.5%. Net written premiums grew 6% to $1.92 billion, and the company returned nearly $100 million to shareholders through $26 million in share repurchases and $74 million in dividends. Management also highlighted an expected $125 million pretax gain from the pending sale of the Charleston Harbor Resort, which would contribute approximately $1.20 per share upon closing in the third quarter.

Sony Financial Group has upgraded its full-year consolidated net profit forecast for the current fiscal year ending March 2027 to a profit of 23 billion yen. The previous forecast was for a loss of 16 billion yen. The improvement reflects lower-than-initially-expected bond sale losses at subsidiary Sony Life Insurance under its asset-liability management, as well as a gain from the sale of a settlement-related company. First-quarter net profit came to a profit of 9.2 billion yen, a turnaround from a loss of 24.5 billion yen in the same period a year earlier. Consolidated adjusted net income, which serves as the basis for dividends, rose 44 percent year on year to 31.5 billion yen, while the full-year forecast was kept unchanged at 110 billion yen.

Sony Financial Group announced on the 10th that it has revised upward its net profit forecast for the fiscal year ending March 2027, from a previous loss of 1.6 billion yen to a profit of 2.3 billion yen. Operating profit and pre-tax profit have also been revised from losses to profits. At the operating level, bond sale losses at Sony Life are now expected to be smaller than initially anticipated, while at the pre-tax level, gains from the sale of equity-method investments related to SP.LINKS were factored in. For the previous fiscal year ending March 2026, the company posted a net loss of 860 million yen.

Allianz reported a record first-half operating profit of 9.4 billion euros, up 8.6 percent from a year earlier, and said it is fully on track to achieve its full-year target of 17.4 billion euros, plus or minus 1 billion euros. Total business volume for the six months reached 98.6 billion euros, with internal growth of 4.3 percent driven by Property-Casualty and Asset Management. Shareholders' core net income advanced 15.5 percent to 6.4 billion euros, and core earnings per share rose 17.5 percent to 16.44 euros. The Asset Management segment attracted record third-party net inflows of 84 billion euros, lifting third-party assets under management to a record 2.161 trillion euros. The Solvency II ratio strengthened to 225 percent, and the company completed 1.4 billion euros of its 2.5 billion euro share buy-back program in the first half.

American International Group reported second quarter 2026 adjusted after-tax income per diluted share of $2.00, a 10% increase from the prior year quarter. General Insurance net premiums written rose 9% to $7.5 billion, with growth across all three business segments, and underwriting income increased 10% to $686 million. The General Insurance combined ratio improved 30 basis points to 89.0%, and the accident year combined ratio, as adjusted, also improved 30 basis points to 88.1%. AIG returned $904 million to shareholders through $641 million in share repurchases and $263 million in dividends, and sold its remaining interest in Corebridge for approximately $710 million.