Insurance

AIG sells private bank to Aabar for US$254m

AIG agreed to sell its private banking unit to Abu Dhabi-based Aabar Investments PJSC for 307 million Swiss francs (US$254 million), as the insurer sheds assets to pay back some costs of its US$152 billion federal bailout. Aabar said its purchase of AIG Private Bank also includes the assumption of up to 100 million Swiss francs (US$83 million) of loans. It said the closing price is subject to adjustment.

Mitsui Sumitomo Insurance to open Doha branch next month

Mitsui Sumitomo Insurance Co. said it will open a branch in Doha, Qatar, becoming the first foreign insurer to set up shop in the Middle Eastern nation. Business is scheduled to begin on January 1st and will cater mainly to Japanese firms. The Mitsui Sumitomo Insurance Group Holdings Inc. (8725) unit has locations in the United Arab Emirates and elsewhere in the Middle East. It aims to increase its premium revenue in the region 150 per cent to 2 billion yen in two years.

GCC markets see major Growth across insurance and wealth management sectors in 2008

Turbulent economic times in 2008 have spurred UAE consumers to take a cautious but steady approach to plan ahead for their financial wellbeing and future, according to industry experts. "The recent market turbulence has alerted people to take stock of and review their medium- and long-term financial goals in a number of areas," said Nigel Watson, Sales Director at Nexus Group of Companies.

Takaful Malaysia eyes Indonesia for expansion

Islamic insurer Takaful Malaysia said it is seeking a strategic partner in Indonesia to tap opportunities in the world's most populous Muslim country. Takaful wants to increase its network of 33 to 34 branches in Indonesia, managing director Hassan Kamil said. "That is not large enough to gain any presence," Hassan told reporters after Takaful's annual shareholders' meeting.