CPIC posts “solid performance” in 2020 annual results

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Read more: China Pacific Insurance to push through with London listing

Net operating profits of CPIC’s life insurance business increased by 16.7% year-over-year to RMB 25.875 billion (around US$4 billion), with the residual margin growing by 6.5% to RMB 351.077 billion (around US$53 billion) from the end of 2019.

Meanwhile, the group’s property and casualty (P&C) business saw gross written premiums (GWP) amounting to RMB 149.722 billion (around US$23 billion) at the end of 2020, a year-on-year increase of 11.2%. Of this, non-auto business grew by 29.9% and accounted for 35.9% of total P&C GWPs, up by 5.2 points.

“The

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How can insurers jump start their responsible investment journey?

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Insurance organisations fall into the asset owners category, which Chris Fowler, director of signatory relations for the Americas at the PRI, described as “the top of the investment food chain,” with the ability to influence investment decisions and processes.

“Insurance general accounts are very important for PRI, both in terms of the amount of assets they have, and the potential influence they can have over their own direct investment decisions, as well as their third-party investment managers,” Fowler told Insurance Business. “Both of these asset owners in the insurance context – the general accounts and their direct affiliates or third-party

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Microsoft cyberattack could result in a flood of claims

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US organisations are more likely to have been using the compromised Microsoft Exchange servers, as are larger businesses, the report found. Germany, Africa, the Middle East, and Australasia were also identified as high-risk regions. Many smaller companies weren’t affected by the attacks, as they opted to use cloud-based email systems, which weren’t targeted.

The attacks, which are believed to have been carried out by Chinese state-sponsored hackers, exploited vulnerabilities in Microsoft Exchange servers to allow malicious code to be placed on them. The code can be used for ransomware, espionage, or redirecting system resources to mine for cryptocurrency on behalf

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Visa first to settle transactions in USD Coin (USDC)

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Visa says it has nailed a major industry first in bridging the worlds of digital and traditional fiat currencies: the use of USD Coin (USDC), a stablecoin backed by the US dollar, to settle a transaction with Visa over Ethereum—one of the most actively used open-source blockchains.

Visa first to settle transactions in USD Coin (USDC)

Visa is piloting the capability with Crypto.com, a Visa partner and one of the world’s largest crypto platforms, and plans to offer the USDC settlement capability to additional partners later this year.

Support for digital currencies as a new type of settlement

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