This week in insurance: Japan seeks int’l growth, Ping An cuts carbon footprint, Tokio Marine sells Mitsubishi stake

AXA Hong Kong and Macau also partnered with Ant Bank (Hong Kong) and AlipayHK.

Asia-Pacific's insurance sector from 7 to 11 April noted some signficant trends with rising healthcare costs in Malaysia, and Japanese seeking international growth.

A growing number of Singaporeans are targeting financial freedom by midlife, with 63% aspiring to achieve financial independence between the ages of 40 and 60, according to a new report released by CIMB Singapore.

Despite more than half of respondents believing they will need over $1m to get there, 72% still say the goal is realistic—and 43% feel confident managing their finances toward it.

In Malaysia, rising healthcare costs have been a burgeoning problem stemming from medical inflation, an ageing population, and the growing incidence of non-communicable diseases, according to Malaysian Reinsurance Berhad’s (Malaysian Re) latest report.

Public sector under funding remains a central issue, with healthcare expenditure in Malaysia accounting for only about 4% of GDP—well below the 6% to 7% average seen in comparable economies, revealed the Malaysian Insurance Highlights (MIH) 2025.

India allocates about 3.3% of its GDP to healthcare, with per capita expenditure estimated at around $80. But, healthcare infrastructure is expected to improve significantly by 2030

The improvement will be supported by structural developments such as the doubling of medical education seats, the expansion of hospital bed capacity, and growing insurance coverage, which currently covers about 40% of the population, CareEdge said.

Japanese insurance companies are increasingly expanding overseas and acquiring foreign businesses due to limited growth opportunities in the domestic market, AM Best revealed.

The slowdown is largely driven by Japan’s shrinking and aging population, which has resulted in stagnant demand for traditional life insurance products.

On the business side of things, AXA Hong Kong and Macau has formed a strategic partnership with Ant Bank (Hong Kong) and AlipayHK to offer insurance products through the Ant Bank Mini App within the AlipayHK platform. 

The collaboration will provide savings, health protection, and wealth accumulation solutions to AlipayHK’s user base of over 4.2 million.

Ping An Insurance (Group) Company of China, Ltd. has released its 2024 Sustainability Report, which showed that it focused on enhancing its integrated finance and healthcare services last year. With 242 million retail customers as of year-end 2024, Ping An reported an average of 2.92 contracts per customer.

Lastly, Tokio Marine Holdings will tender all 85.9 million shares of Mitsubishi Corp held by its subsidiary, Tokio Marine & Nichido, in the trading house’s buyback offer. The shares will be sold at $15.65 (¥2,291) each, amounting to $1.34b (¥196.7b)