Wisson Robotics To Make Waves At CES 2025, Debuting Pliabot Technology

KUALA LUMPUR, Dec 27 (Bernama) -- Wisson Robotics, a leader in general-purpose soft robotics, will debut its Pliabot technology, a revolutionary commercial and universal soft robotics with human-like muscles and embodied artificial intelligence (AI), at the Consumer Electronics Show (CES) 2025.

At the same event, the company said in a statement it will also introduce its innovative Pliabot robots for aerial operations and electric vehicle (EV) automatic charging, which aims to demonstrate Pliabot’s potential and seek industry partners to explore new applications.

Committed to freeing humans from harsh environments or repetitive tasks through disruptive innovation in robot core technology, Wisson leverages a decade of expertise in soft robotics to make Pliabot technology commercially available and universally applicable to provide safe, dexterous, lightweight, resilient, and affordable robots and solutions for various industries.

These cost-effective robots are designed to thrive in complex and dynamic environments, enabling more sectors beyond manufacturing to benefit from enhanced productivity and improved user experiences.

Wisson's Pliabot stands out in the world of soft robotics, mimicking human muscles through its "soft muscles + neuronic intelligence" dual-propeller approach, bringing high adaptability, a superior load-to-weight ratio, safe interaction, strong environmental resistance, and significant cost savings compared to rigid robots.

Additionally, designed as a modular platform, Pliabot bionic joints, arms, and "neuronic-cerebellar-cerebral-cloud" AI systems could easily integrate with mobile chassis, lifts, assembly lines, wearable devices, unmanned aerial vehicles, robotic dogs, and humanoid robots, making it ideal for diverse applications across industries.

Powered by Pliabot's technological and commercial advantages, Wisson has been a pioneer in bringing general-purpose soft robotics to market, being the first to achieve mass production and delivery of soft robots worldwide.

Furthermore, versatile Pliabot robots have been developed and deployed to over 100 countries, regions and cities, serving industries such as facade cleaning, autonomous driving, new energy, logistics, urban management, marine services and power grid, generating substantial commercial and social value for its clients and the community.

At CES 2025, Wisson will demonstrate the capabilities of its popular AP3-P3 facade cleaning, the versatile AP30-N1 aerial manipulator featuring the signature Pliabot arm, and the one-of-a-kind Pliabot EV charging robot.

-- BERNAMA

H2O.AI'S H2OGPTE AGENT CLINCHES TOP SPOT ON GAIA BENCHMARK

h2oGPTe Agent Tops GAIA Benchmark Test Results Dec 2024 (Graphic: Business Wire)

KUALA LUMPUR, Dec 24 (Bernama) -- The leader in open-source generative artificial intelligence (AI) and predictive AI platforms, H2O.ai, announced its h2oGPTe Agent has taken the top position on the General AI Assistants (GAIA) benchmark leaderboard with an unprecedented score of 65 per cent.

This milestone places it ahead of competitors, including Google’s Langfun Agent (49 per cent), Microsoft Research (38 per cent), and Hugging Face (33 per cent), setting a new benchmark for general-purpose AI agents.

This achievement solidifies H2O.ai’s leadership in the global race to build intelligent, adaptable AI assistants capable of transforming businesses.

H2O.ai Founder and Chief Executive Officer, Sri Ambati shared his enthusiasm, noting that AI is only 30 per cent away from matching human-level intelligence according to the GAIA benchmark.

He also emphasised the significant leap in performance, with h2oGPTe Agentic AI surpassing the previous record by 15 per cent, outperforming Google DeepMind’s researchers, and beating Microsoft Research’s agent Magentic-1 by 27 per cent.

“Agentic AI is eating SaaS and with h2oGPTe Agentic AI now being generally available, all our enterprise customers can solve a wide range of sophisticated business and research problems,” he said in a statement.

The GAIA benchmark is a critical measure of AI's ability to tackle complex, real-world tasks that require a lot of time, thought and effort from skilled humans.

It involves hundreds of challenges demanding research, data analysis, document handling and reasoning, with degree-holding human respondents achieving a score of 92 per cent and requiring several human-days to solve all 300 test set problems.

H2O.ai's h2oGPTe Agent outpaced competitors by delivering consistent robustness, accuracy and efficiency, highlighting its readiness for enterprise use cases that depend heavily on skilled human assistants.

The company’s success underscores its philosophy of simplicity and adaptability with advanced reasoning and planning, multimodal comprehension, and code execution, offering solutions for complex problems across various industries, further reaffirming its leadership in AI innovation to reshape business workflows with intelligent, adaptable agentic systems.

-- BERNAMA

NEARFIELD INSTRUMENTS SECURES REPEAT ORDERS FOR QUADRA METROLOGY SYSTEM

KUALA LUMPUR, Dec 23 (Bernama) -- Nearfield Instruments, a pioneer in advanced process control metrology solutions, announced it has received repeat purchase orders for its flagship QUADRA High-Throughput Process Control Metrology System.

According to a statement, this follow-up order highlights the company’s increasing market traction and its success in penetrating high-volume manufacturing operations.

Nearfield Instruments chief executive officer, Hamed Sadeghian remarked that the repeat order is a testament to the system’s performance, reliability, and its essential role in supporting high-volume manufacturing.

He emphasised that the order reinforces the trust customers have in Nearfield to support their production objectives, and with the 2025 order book now full, the company remains committed to delivering innovative solutions that enhance manufacturing efficiency and yield.

The QUADRA system offers cutting-edge capabilities for in-line process control by Nearfield’s high-throughput AFM metrology technologies that deliver highly accurate, non-destructive 3D measurements of critical semiconductor parameters.

By providing real-time feedback on critical device structures, the system provides good correlation to device yield and enables manufacturers to maintain high yields and optimal performance in their production lines.

The system’s exceptional throughput allows manufacturers to quickly and accurately analyse large numbers of devices without compromising measurement precision, ensuring both efficiency and quality in the production process.

This repeat order from a leading semiconductor manufacturer highlights the growing confidence in the QUADRA platform as the industry advances to next-generation technologies.

The continued adoption of QUADRA systems by leading manufacturers further strengthens Nearfield Instruments’ position as a driving force in advanced process control metrology for mass production.

-- BERNAMA

Hong Kong Chinese New Year Celebrations Blend Tradition With Digital Innovation

 

Hong Kong Well-wishing Festival at Tai Po’s Lam Tsuen (Credit: Lam Tsuen Wishing Square) 

KUALA LUMPUR, Dec 20 (Bernama) -- Hong Kong, known for its vibrant Chinese New Year celebrations, offers a unique blend of traditional customs and modern innovations, creating an unparalleled festive experience.

Among the highlights are the myriad of fortune-enhancing activities that attract travellers to various temples, according to the Hong Kong Tourism Board in a statement, where spiritual traditions are reimagined with cutting-edge technology.

At Wong Tai Sin Temple, visitors seek blessings for the upcoming year, where it is famed for fulfilling wishes, especially during the midnight rush on New Year’s Eve. A highlight is the Taisui Yuenchen Hall, featuring a starry LED dome that creates a divine atmosphere for prayers.

The temple also boasts an interactive LED wishing wall, where visitors can digitally input their wishes via QR code and see them displayed in real time.

Other popular temples, such as Man Mo Temple in Sheung Wan and Tin Hau Temple in Yau Ma Tei, also offer digital enhancements such as self-service kiosks for buying incense and offerings. Visitors can take home a blessing seal as a keepsake.

For prosperity, the "Kwun Yum Treasury Opening" on the 26th day of the first lunar month (Feb 23, 2025) allows devotees to symbolically “borrow” wealth from Kwun Yum (the Goddess of Mercy), with virtual participation available for those who cannot attend in person.

Meanwhile, the Hong Kong Well-wishing Festival, held at Tai Po’s Lam Tsuen Wishing Trees, continues the tradition of wish-making with a modern twist. This year, visitors can enjoy enhanced lighting and new rituals such as blessing lotus lanterns and love locks.

The festival, running from Jan 29 to Feb 12, will feature photo opportunities with floats from the International Chinese New Year Night Parade.

Hong Kong is bursting with festive surprises as the city’s Chinese New Year festivities are a symphony of tradition and innovation, from riveting temple hopping to timeless wishing rituals.

-- BERNAMA

NIQ BASES Honours 2024 Breakthrough Innovation Winners In Singapore

KUALA LUMPUR, Dec 20 (Bernama) -- NielsenIQ (NIQ), the global consumer intelligence company, has unveiled its latest insights on the importance of innovation in driving business growth.

During an exclusive event in Singapore, NIQ BASES celebrated the winners of the 2024 Breakthrough Innovation Awards, honouring brands that have disrupted the market and captivated consumers with exceptional new product launches.

In a statement, NIQ BASES Vice President, Gautam Seth said innovation remains one of the most effective ways to achieve both consumer-led brand growth and retailer acceptance.

“The 2024 winners demonstrated strong sales in their launch year and the lasting power of their innovations over time,” he said, adding that the success of these brands validates how well-executed innovation can fuel growth, even in tough economic times.

According to NIQ BASES, top innovators in Southeast Asia achieve four times higher velocity and double the distribution in their launch year compared to category averages for new launches, demonstrating strategic innovation's ability to propel brands to stay ahead of the competition.

NIQ BASES empowers fast-moving consumer goods (FMCG) brands with cutting-edge insights to fuel product development, brand renovation, and go-to-market activation. With over 100 patents and a database of 500,000 evaluated innovations coupled with significant research and development investment in artificial intelligence, Neuro and Agile platforms, NIQ offers unparalleled expertise in market dynamics and actionable strategies for success.

The 2024 Breakthrough Innovation Award winners exemplify excellence in execution, with products that not only stood out in the market but also met the evolving consumer needs, where Southeast Asian products saw, on average, a 56 per cent increase in sales in their second year, showcasing the power of purposeful innovation.

This year’s winners in Singapore include Hormel Foods' SKIPPY Creamy Peanut Butter Zero Sugar Zero Salt Added, Sunshine Bakeries' Sunshine Poketto Sandwich, and PepsiCo's Quaker Oats 5 in 1 Multigrain Range (Red, Black, and White). The Wavemakers category recognises promising new product launches that have demonstrated strong market velocities with market potential.

The 2024 Breakthrough Innovation analysis reveals significant growth opportunities for brands in Southeast Asia, including health & wellness, cultural inspirations, and local & customised.

Consumers are increasingly attracted to products with low-calorie, low-sugar, or gut-health-related ingredients, alongside functional benefits, such as energy-boosting and immunity, whereas Korean and Japanese-inspired ingredients and flavours are gaining momentum, helping brands stand out in competitive markets. There is rising consumer demand for locally sourced or sustainably produced ingredients, with products tailored to local tastes.

These award-winning products launched between 2022 and 2023 and have successfully navigated an ever-evolving consumer landscape. Innovation continues to solve consumer problems, offering a path to long-term success for brands in the evolving market.

-- BERNAMA

Japan's Nippon Life Credit Ratings Stay Unaffected After Acquiring Resolution Life, Says AM Best

KUALA LUMPUR, Dec 17 (Bernama) -- Global credit rating agency, AM Best has commented on the financial strength rating of A+ (superior) and the long-term issuer credit rating of “aa-” (superior) of Japan’s Nippon Life Insurance Company (Nissay).

In a statement, AM Best said these ratings remain unchanged following the announcement of the acquisition of Resolution Life Group Holdings Ltd (Resolution Life) on Dec 11.

Nissay has entered into an agreement to acquire full ownership of Resolution Life, a global insurance group specialising in the acquisition and management of life insurance portfolios, which mainly operates in the United States, Australia and Bermuda.

The transaction will consolidate Nissay’s existing equity interest in Resolution Life, resulting in a wholly owned subsidiary, with the total consideration for this acquisition expected to be approximately US$8.2 billion (1.2 trillion Japanese yen). (US$1=RM4.44)

The transaction is subject to customary closing conditions, including required regulatory approvals, and is expected to close in the second half of 2025.

As part of the transaction, Nissay has reached an agreement with National Australia Bank Limited to acquire the remaining 20 per cent equity stake in MLC Life Insurance (MLC) for approximately AUD$500 million (50 billion Japanese yen).

Post-acquisition, Nissay intends to integrate MLC with Resolution Life Australia Limited, aiming to enhance market presence within the Australian life insurance sector.

AM Best expects the acquisition transaction to have a limited impact on Nissay’s balance sheet strength assessment at the current strongest level, considering the group’s large capital size relative to the scale of the acquisition, although there could be moderate erosion of the group’s risk-adjusted capitalisation.

The company’s absolute capital amounted to US$62 billion (9.4 trillion Japanese yen) as of Sept 2024, and upon completion, the acquisition is expected to deliver immediate profit contributions.

Moreover, AM Best expects the acquisition to support Nissay’s strategic objectives by enhancing business diversification across geographies for sustainable growth in the global life insurance market.

-- BERNAMA

FAAM-EUROBAT 2024 CONCLUDES WITH GROUNDBREAKING ADVANCES IN FOOD ALLERGY AND ANAPHYLAXIS RESEARCH

ATHENS, Greece, Dec 13 (Bernama-GLOBE NEWSWIRE) -- FAAM-EUROBAT 2024, held from 21-23 November at the InterContinental Athenaeum Athens, brought over 550 attendees from over 25 countries to share the latest advancements in food allergy and anaphylaxis research.

The event featured impactful sessions, debates, workshops, and plenary discussions, highlighting new evidence and the importance of collaboration in tackling health challenges in food allergy and anaphylaxis.

A standout moment was the inaugural World Anaphylaxis Awareness Day on 21 November, created by EAACI to raise global awareness about the life-threatening condition. Introduced during the Opening Ceremony, this initiative set the tone for an inspiring meeting.

A key highlight was the plenary session where the new food allergy guidelines were presented. Tanya and Nadim Ednan-Laperouse, founders of The Natasha Allergy Research Foundation, delivered a moving testimonial sharing their personal story and advocacy efforts, including Natasha’s Law, which mandates clearer allergen labelling to protect food allergy sufferers.

The launch of the EAACI Food Allergy Guidelines marked a clinical milestone, offering comprehensive recommendations to improve patient outcomes. Workshops provided deeper insights into allergen immunotherapy and novel immune mechanisms to enhance treatment effectiveness. 

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XSOLLA FOUNDER SHURICK AGAPITOV RELEASES ONCE UPON TOMORROW FORTNITE ISLAND: A GROUNDBREAKING IMMERSIVE EXPERIENCE THAT BRINGS THE NOVEL'S UNIVERSE TO LIFE

 

High-Octane Parkour Challenges Meet Story-Driven Gameplay in a New Fortnite Creative Map Inspired by Once Upon Tomorrow

LOS ANGELES, Dec 13 (Bernama-BUSINESS WIRE) -- Shurick Agapitov, founder of Xsolla and visionary in the gaming industry, proudly announces the Once Upon Tomorrow Fortnite Island release. This immersive Fortnite Creative map transports players into the rich narrative world of his novel. The innovative experience, developed in Unreal Editor for Fortnite (UEFN), masterfully combines high-speed parkour challenges with deep thematic elements from Once Upon Tomorrow, inviting players to test their skills while journeying through a visually captivating landscape that embodies the resilience and adventure of the book’s characters.
 

This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20241212923969/en/

“Once Upon Tomorrow in Fortnite Creative is our way of expanding the reach and depth of the novel, offering players an interactive journey that challenges both their skills and their understanding of the story’s themes,” said Shurick Agapitov, Founder of Xsolla. “We designed this map to captivate players who crave a good challenge and to immerse them in a world that’s visually rich and deeply inspired by the book. It’s an adventure that leverages UEFN’s technical strengths to elevate storytelling in Fortnite in a way that truly transforms the game experience.”

Designed to push the boundaries of Fortnite Creative, Once Upon Tomorrow offers players a dynamic, narrative-driven parkour adventure set within a meticulously crafted environment inspired by Agapitov’s book and vision. Each course presents a series of agility-based challenges that require players to sprint, leap, and climb with precision and speed, all while immersed in a world filled with visual cues that echo the themes of endurance and discovery central to the book. Agapitov has created an experience beyond traditional parkour maps by weaving gameplay with storytelling, delivering both exhilarating gameplay and a meaningful connection to the novel’s world.

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LIVEFREELY ACQUIRES SOMPO HORIZON TO EXPAND AI-POWERED CAREGIVING

Acquisition will enable LiveFreely to expand its product suite with Sompo Horizon’s CareGo solution and drive expansion into the Asia-Pacific region

SAN JOSE, Calif., Dec 13 (Bernama-BUSINESS WIRE) -- LiveFreely Inc., a digital health technology company that empowers seniors and their caregivers to live more freely, connected, and independent lives, today announced the acquisition of Sompo Horizon, a premier caregiving benefits provider and subsidiary of global insurance provider, Sompo Holdings. The acquisition will allow LiveFreely to further scale and integrate its circle-of-care products, including its flagship BUDDY application with Sompo Horizon’s CareGo solution.

LiveFreely’s BUDDY application provides seniors with an AI-driven personal health assistant that provides real-time health monitoring, vitals and code blue alerts, geographic boundary monitoring, and the ability to predict and prevent future falls which is among the leading causes of death among seniors. Paired with Sompo Horizon’s CareGo solution, which provides a comprehensive digital platform, concierge support service, and partner network that enhances the decision-making process for caregivers, today’s acquisition will provide LiveFreely with the ability to expand its digital health technology capabilities to benefit health systems, insurance brokerages, nursing and senior homes, schools, public institutions, individuals, families, and the broader care ecosystem.

“With CareGo, we will be able to unify our digital health technology in BUDDY, creating a one-stop, unified, and AI-enabled care experience,” said Dr. Arthur Jue, CEO and Co-founder of LiveFreely. “We founded this company because of our late father who suffered from falls, and with today’s acquisition, we’re poised to expand our mandate for digital caregiving to service mental health in schools, expand our footprint around the globe, and continue to build our platform to help seniors and caretakers live more freely.”

The new acquisition of Sompo Horizon positions LiveFreely for market expansion, particularly in Japan, which boasts one of the world’s largest caregiving communities, as well as other geographies in the Asia-Pacific region. The acquisition will also allow LiveFreely to scale its technology to address the demand for mental health-related digital solutions in key market segments, which will benefit from its predictive AI technology.

“LiveFreely was founded with a mission to leverage AI and technology to transform the way families monitor seniors, today we are taking our dream to the next level,” said Daniel Jue, CTO and Co-founder of LiveFreely. “Today’s investment will provide us with the necessary means to scale our business and reach the full circle of caregiving, as we look to expand our product suite and our geographic footprint.”

The BUDDY application features mission-critical predictive health capabilities for seniors, enabling AI-driven real-time monitoring of deviations in an individual’s baseline wellness patterns through mass-market smart wearables, including Fitbit. Through this technology, BUDDY notifies caregivers and emergency services if a user’s heart rate rises above or drops below certain thresholds through code blue alerts, bolstering preventative care measures for high-risk users.

“LiveFreely is a proven player in the digital health technology industry, and we could not be more proud to partner with them for this acquisition, said Tetsuya Morito, CEO of Sompo Horizon. “CareGo was designed to streamline caregiving and with LiveFreely’s BUDDY application, the product suite will further elevate the digital health experience for seniors, caregivers, and the healthcare industry ecosystem.”

About LiveFreely

LiveFreely provides innovative digital health technology solutions that empower seniors and their caregivers to live more freely, connected, and independent lives. LiveFreely’s flagship application, BUDDY, leverages AI to monitor, track, and alert caregivers, first responders, and emergency services personnel of critical health issues in real-time through smart wearables. BUDDY fosters a supportive, sustainable ecosystem of health professionals, families, and friends, promoting greater peace-of-mind, security, and well-being for loved ones. CareGo offers a comprehensive digital platform, concierge support service, and partner network that empowers caregivers to make the best decisions for their loved ones while saving time, money, and alleviating stress. Learn more at www.​LiveFreely.today and about BUDDY at https://www.BUDDYlife.com/.

About Sompo Holdings

Sompo Holdings is engaged in various wellbeing businesses centered on its Domestic P&C Insurance Business with a history of around 135 years, as well as in its Overseas Insurance and Reinsurance Business, Domestic Life Insurance Business, and Nursing Care Business with about 74,000 employees in 28 countries. Listed on the Tokyo Stock Exchange (Prime Market), SOMPO’s consolidated ordinary income totaled over JPY 4,933.6 billion (USD 32.5 billion*) in the fiscal year ended March 31, 2024. We have been achieving steady growth based on each business while accelerating new investments in growth areas. Based on SOMPO’s Purpose, “For a future full of health, well-being, and financial protection,” SOMPO will continue to work together to face and support various risks and physical and lifestyle concerns, as the most reliable partner for the realization of a happy and prosperous society and life, by connecting across business, national, and corporate boundaries.

For more information, visit https://www.sompo-hd.com/en/
*Conversion rate: USD/JPY 151.41 as of the end of March, 2024

 

View source version on businesswire.com: https://www.businesswire.com/news/home/20241212070320/en/ 

Contact

Media Contact:
livefreely@avenuez.com

Source : LiveFreely Inc.

--BERNAMA

VERVERICA SHOWCASES GLOBAL IMPACT, WITH ONE MOUNT GROUP, DETECTING FRAUDULENT TRANSACTIONS IN REAL-TIME

BERLIN, Dec 13 (Bernama-BUSINESS WIRE) -- Ververica, creators of Apache Flink® and a leader in real-time data streaming, celebrated its growing global presence at Flink Forward Jakarta (part of the flagship premier data streaming events). As a proud creator and organizer of Flink Forward events worldwide, Ververica continues to reinforce its commitment to empowering businesses globally with real-time data streaming solutions for businesses to stay competitive in rapidly evolving environments.This press release features multimedia. View the full release here:
https://www.businesswire.com/news/home/20241211033171/en/

One of the standout examples of this innovation is Ververica’s partnership with OneU, part of One Mount Group, a leader in digital consumer ecosystems in Southeast Asia. The partnership allowed OneU to modernize financial operations and enhance real-time fraud detection capabilities.

To support enterprises in addressing these challenges, Ververica has released a detailed case study on its collaboration with One Mount Group. This resource demonstrates how adopting real-time data streaming can enhance fraud prevention, improve operational efficiency, and elevate customer satisfaction. Additionally, it highlights how Ververica’s cutting-edge Unified Streaming Data Platform tackles the growing concerns of cybersecurity threats, showcasing its value in today’s market. “Ververica’s Unified Streaming Data Platform has been instrumental in enabling us to scale operations while ensuring the security and efficiency of our platform,” said Quan Phuong, Head of System Platform at One Mount Group. “Its unique features, such as Flink SQL and multi-tenancy support, allow us to innovate and deliver exceptional customer experiences.”

About Ververica

Ververica, the original creators of Apache Flink®, empowers businesses with high-performance data streaming and processing solutions. Streamlining operations, developer efficiency, and enabling customers to solve real-time use cases reliably and securely. Ververica’s advanced Streaming Data Platform, powered by its cloud native VERA engine, revolutionizes Apache Flink®, making it easy for organizations to harness data insights at scale. With Ververica, customers can meet any business SLA, leveraging advanced data streaming and processing capabilities in real-time or on the lakehouse. Ververica enables businesses to connect, process, govern, and analyze data, across infinite use cases, with flexible deployment options, including public cloud, private cloud, or on-premise environments. Discover more at ververica.com.

View source version on businesswire.com:
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Contact

Media Contact:

Sarah Evans
Sevans PR
sarah@sevanspr.com

Source : Ververica

--BERNAMA

AM BEST UPGRADES ISSUER CREDIT RATING OF KOREAN REINSURANCE COMPANY

HONG KONG, Dec 13 (Bernama-BUSINESS WIRE) -- AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Korean Reinsurance Company (KRE) (South Korea). In addition, AM Best has revised the outlook of the Long-Term ICR to stable from positive while the outlook of the FSR is stable.The Credit Ratings (ratings) reflect KRE’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, favourable business profile and appropriate enterprise risk management.

The upgrade of the Long-Term ICR reflects KRE’s improved balance sheet strength, underpinned by its risk-adjusted capitalisation that showed a noticeable rise in 2023, and is expected to remain at a similar level over the medium term, as measured by Best’s Capital Adequacy Ratio (BCAR). The improvement was driven by increased available capital from hybrid bond issuance in 2023, continued solid profit retention, as well as reduced underwriting risk following the restructuring of the company’s business portfolio. The ongoing efforts to offload unprofitable business is expected to contain the increase in underwriting risk in the foreseeable future and benefit KRE with organic growth in retained earnings over the long term. At the same time, the company has demonstrated a well-matched asset and liability management, which indicates its capability to maintain a stable solvency ratio and withstand interest rate fluctuations. Other supportive balance sheet strength considerations are good accessibility to capital markets and a conservative investment strategy.

AM Best assesses KRE’s operating performance as adequate, with a return-on-equity of 9.5% and a non-life combined ratio of 95.5% (net/net, IFRS 17), as calculated by AM Best. The company’s domestic personal business reported a material reduction in insurance service revenue in 2023, mainly due to its concerted effort to discontinue underperforming treaties. AM Best expects that KRE’s domestic profit fundamentals will improve following the portfolio modification and profit-oriented underwriting. Meanwhile, KRE’s overseas performance has deteriorated mainly due to a number of high-severity natural catastrophe losses. The company is reducing its exposure to catastrophe property risks overseas, while striving to expand non-catastrophe business segments, such as casualty and specialty lines. KRE’s robust investment income is expected to be supported by the steady expansion of its asset base from coinsurance business and favourable returns on foreign bonds and alternative investment.

As the dominant and only local reinsurer in South Korea, KRE was ranked as the sixth-largest IFRS 17 reporting reinsurer in the global reinsurance market in terms of gross insurance service revenue (ISR) in 2023, supported by a strong domestic market base and growing overseas business. Despite increased competition and efforts to restructure its portfolio in the domestic market, AM Best believes that KRE’s dominant market position will remain unchallenged over the medium term. KRE is at the forefront of the growing coinsurance market in South Korea, which AM Best expects will be an additional source of earnings for the company in the long term. KRE’s overseas business continues to expand gradually, constituting more than a third of its gross insurance service revenue in 2023, supporting its diversification.

Negative rating actions could occur if there is a sustained deteriorating trend in KRE’s operating performance. Negative rating actions also could occur if there is a material decline in the company’s risk-adjusted capitalisation, triggered by incidents such as multiple medium- or large-scale catastrophe losses retained in a fiscal year. Positive rating actions could occur if KRE’s operating performance demonstrates strong and consistent results to positively distinguish itself from industry peers.

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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Contact

Seokjae Lee
Financial Analyst
+852 2827 3407
seokjae.lee@ambest.com

Chanyoung Lee
Director, Analytics
+852 2857 3404
chanyoung.lee@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

AM BEST AFFIRMS CREDIT RATINGS OF NEWGT REINSURANCE COMPANY, LTD.

HONG KONG, Dec 12 (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 NEWGT Reinsurance Company, Ltd. (NEWGT) (Bermuda). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect NEWGT’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

NEWGT’s balance sheet strength is well-supported by its risk-adjusted capitalisation, which is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). As of the fiscal year ended on 31 March 2024, NEWGT’s capital and surplus increased by 21% mainly from increased retained earnings, with no dividend upstream made during the period. The company has a moderate level of reinsurance dependency; however, its exposure to potential credit risk is mitigated partially by a high-quality and well-diversified reinsurance panel.

NEWGT’s operating performance has been consistently positive during the most recent five-year period. For the fiscal year ended 31 March 2024, the gross premium and net premium earned from ITOCHU Corporation (ITOCHU)-related business, remained relatively flat as its premium income became normalized from the strong growth in the previous year while its underwriting profit showed improvement with favourable loss experience during the period. Notwithstanding the moderate volatility in the major lines of marine cargo business due to the impact of commodity price fluctuations, AM Best expects that NEWGT’s operating performance will remain profitable over the intermediate term given the company’s prudent underwriting practices and reinsurance programmes.  

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AM BEST AFFIRMS CREDIT RATINGS OF BAO MINH INSURANCE CORPORATION

SINGAPORE, Dec 13 (Bernama-BUSINESS WIRE) -- AM Best has affirmed the Financial Strength Rating of B++ (Good), the Long-Term Issuer Credit Rating of “bbb” (Good) and the Vietnam National Scale Rating (NSR) of aaa.VN (Exceptional) of Bao Minh Insurance Corporation (BMI). The outlook of these Credit Ratings (ratings) is stable.

The ratings reflect BMI’s balance sheet strength, which AM Best assesses as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management. The ratings also factor in a neutral impact from the company’s majority ownership by the State Capital Investment Corporation (SCIC), which is the sovereign wealth fund of Vietnam.

BMI’s balance sheet strength is underpinned by its risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), which is expected to remain at the strongest level over the near to medium term. AM Best views BMI’s investment portfolio to be of moderate risk, with the majority of investments allocated toward term deposits and the remainder held in non-rated corporate bonds, equity investments including a joint venture, and real estate. In addition, the company maintains a moderate reinsurance dependence to support the underwriting of large limit risks and to manage its catastrophe exposure accumulation, although reinsurance counterparty risk is mitigated partially by its reinsurance panel of good credit quality.

AM Best assesses the company’s operating performance as adequate, supported by its five-year average return-on-equity ratio of 11.1% (2019-2023). BMI has generated underwriting profits consistently in recent years, although its high expense ratio remains an offsetting factor to the company’s underwriting performance. Underwriting results remained profitable in 2023, notwithstanding a slight deterioration, due to thinner margins from health lines. In the first nine months of 2024, BMI continued to generate operating profits despite being impacted negatively by underwriting losses arising from unfavourable loss experience, in part due to Typhoon Yagi. Investment returns remain a stable contributor to overall earnings.

AM Best assesses BMI’s business profile as neutral. BMI is ranked as the third-largest non-life insurer in Vietnam based on 2023 direct premiums. The company’s underwriting portfolio is diversified by line of business and distribution channels. BMI’s business profile continues to benefit from business referrals from its majority shareholder, SCIC.

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.

View source version on businesswire.com:
https://www.businesswire.com/news/home/20241212596143/en/

Contact

Xin Ya Ong
Associate Financial Analyst
+65 6303 5024
xinya.ong@ambest.com

Chris Lim
Associate Director, Analytics
+65 6303 5018
chris.lim@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

Kioxia CM7 Series NVMe SSD Obtains FIPS 140-3 Level 2 Validation

 

KIOXIA CM7 Series PCIe 5.0 NVMe Enterprise SSD (Photo: Business Wire)

KUALA LUMPUR, Dec 11 (Bernama) -- Kioxia Corporation, a world leader in memory solutions, has announced the cryptographic module used in KIOXIA CM7 Series PCIe 5.0 NVMe Enterprise solid-state drives (SSDs) has been validated to meet the Federal Information Processing Standard (FIPS) 140-3, Level 2 for cryptographic modules.

The FIPS 140-3 standard specifies a set of security requirements of the Cryptographic Module Validation Program administered by the National Institute of Standards and Technology (NIST), used as a security metric for federal agencies to procure validated information technology equipment.

According to Kioxia in a statement, this latest standard surpasses the previous FIPS 140-2 requirements by offering stronger authentication methods and updated implementation guidelines.

SSDs meeting FIPS 140-3 requirements are now more attractive to companies and federal agencies seeking to comply with stringent security regulations.

Kioxia brought PCIe 5.0 technology to server and storage applications with the KIOXIA CM7 Series NVMe SSD.

Targeted at enterprise applications and use cases, including artificial intelligence, high-performance computing, online transaction processing database, and data warehousing, KIOXIA CM7 Series drives bring enterprise performance, reliability and security to data centre servers and storage.

These SSDs are available in both 2.5-inch and E3.S form factors, with capacities ranging from 1.6 terabytes (TB) to 30.72 TB, and offer various security features such as sanitise instant erase (SIE), TCG Opal self-encrypting drive (SED), and SED utilising FIPS 140-3 Level 2 module.

-- BERNAMA

AM BEST UPGRADES CREDIT RATINGS OF PROVIDENT INSURANCE CORPORATION LIMITED

SINGAPORE, Dec 12 (Bernama-BUSINESS WIRE) -- AM Best has upgraded the Financial Strength Rating to B+ (Good) from B (Fair) and the Long-Term Issuer Credit Rating to “bbb-” (Good) from “bb+” (Fair) of Provident Insurance Corporation Limited (PICL) (New Zealand). The outlook of these Credit Rating (ratings) has been revised to stable from positive.

The ratings reflect PICL’s balance sheet strength, which AM Best assesses as adequate, as well as its adequate operating performance, limited business profile and appropriate enterprise risk management (ERM).

The rating upgrades reflect the material and sustained improvement in PICL’s risk-adjusted capitalisation over recent periods. The company’s risk-adjusted capitalisation, as measured by Best’s Capital Adequacy Ratio (BCAR), was at the very strong level as of fiscal year-end 2024. Prospectively, AM Best expects PICL’s risk-adjusted capitalisation to remain at least at the strong level over the medium term, supported by its internal capital generation, which takes into account planned partial share redemption and its business growth targets. Other positive balance sheet strength factors include the company’s conservative investment strategy and robust regulatory solvency position. An offsetting balance sheet strength factor includes exposure to long-duration policies that increases reserving risk; however, PICL takes a prudent reserving approach and has a history of reserve adequacy.

AM Best views PICL’s operating performance as adequate. PICL’s operating performance continues to be supported by its positive underwriting performance and robust investment returns. The company recorded a return-on-equity ratio of 15.2% and a combined ratio (net/net, IFRS 17) of 96.9% in fiscal-year 2024, as calculated by AM Best. PICL has made significant investments in its information technology and pricing capabilities in recent periods to support its next phase of accelerated growth, which resulted in an elevated expense ratio in year-end 2024. Prospectively, the expense ratio is expected to normalise.

AM Best assesses PICL’s business profile as limited. This reflects the company’s relatively modest scale of operations and limited geographical diversification, with all business emanating from New Zealand. PICL is a niche insurer that focuses on mechanical breakdown insurance and private motor vehicle insurance, largely distributed through motor dealerships and distribution partners across its domestic market. PICL is exposed to a moderate level of pricing risk arising from its multi-year policies, largely its mechanical breakdown insurance.

AM Best assesses PICL’s ERM as appropriate, given the size and complexity of its operations. AM Best views the successful execution of the company’s growth plan to be an ongoing risk. To date, this risk has been mitigated through investments in internal capabilities and technology. Prospectively, AM Best expects PICL’s risk management capability to continue to develop and strengthen, supporting its increasing operational scale.

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.

View source version on businesswire.com: 
https://www.businesswire.com/news/home/20241211936745/en/

Contact

Chee Yun
Associate Financial Analyst
+65 6303 5019
chee.yun@ambest.com

Victoria Ohorodnyk
Director, Head of Analytics
+65 6303 5020
victoria.ohorodnyk@ambest.com

Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com

Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com

Source : AM Best

--BERNAMA

Malaysia’s Lonpac Insurance Receives Excellent Ratings from AM Best

KUALA LUMPUR, Dec 12 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of “a” (excellent) of Malaysia’s Lonpac Insurance Bhd (Lonpac).

In a statement, AM Best said these credit ratings (ratings) have a stable outlook, which reflected Lonpac’s balance sheet strength, was assessed as very strong, as well as its strong operating performance, neutral business profile and appropriate enterprise risk management.

Lonpac’s risk-adjusted capitalisation was at the strongest level at year-end 2023, as measured by Best’s Capital Adequacy Ratio, and is expected to remain at this level over the near to medium term. During the past five years (2019-2023), the company has demonstrated strong capital growth from retained earnings, taking into account the high dividend payout ratio over this period.

In addition, Lonpac has a generally conservative investment portfolio comprising cash, bonds and debt-focused unit trust funds. However, AM Best considers the company to have a moderate dependence on third-party reinsurance to support the underwriting of large-limit risks and manage its catastrophe exposures.

In December this year, Public Bank Berhad (PBB) acquired a 44.15 per cent stake in LPI Capital Bhd (LPI), Lonpac’s ultimate parent, from the estate of the late founder, Tan Sri Teh Hong Piow and Consolidated Teh Holdings Sdn Bhd, making PBB the largest shareholder of LPI. It is AM Best’s view that the transfer of shares will have a neutral impact on the credit rating fundamentals of Lonpac.

Lonpac’s operating performance is strong, supported by robust underwriting results, particularly in the property and bond sectors. Low net loss experience and favorable reinsurance commission income in recent periods have supported strong technical profitability.

Whilst AM Best expects the company to maintain its strong operating performance over the medium term, the elevated cost of reinsurance, as well as the ongoing phased liberalisation of motor and fire insurance pricing in Malaysia, may constrain underwriting margins over the near to medium term.

AM Best views Lonpac’s business profile as neutral, as it is a medium-size non-life insurer in Malaysia, with a market share of approximately seven per cent, based on 2023 gross written premium. The company’s underwriting portfolio is diversified moderately by line of business, albeit with the majority of business originating from Malaysia.

Lonpac benefits from a long-standing relationship with Public Bank Berhad, which provides the company with preferential access to profitable property business through the banking channel.

-- BERNAMA

QIANHAI FORUM ON HIGH-QUALITY DEVELOPMENT OF SHENZHEN-HONG KONG MODERN SERVICE INDUSTRIES

SHENZHEN, China, Dec. 10, 2024 /Xinhua-AsiaNet/--

On December 6, the Qianhai Forum, themed "New Situation, New Reform, and New Action: Shenzhen-Hong Kong Cooperation to Build a Hub for High-Quality Development of Modern Service Industries", kicked off in Qianhai, Shenzhen. The Forum consisted of a main forum, four parallel forums on financial opening-up and innovation, Shenzhen-Hong Kong technological innovation, rule of law related to foreign affairs, and new cultural industries, as well as a series of strategic events on upgrading the pilot free trade zone. Over 100 representatives from Hong Kong SAR and Macao SAR, industry leaders, and renowned experts gathered in Qianhai to explore the latest developments in the cooperation zone.
 
Maintaining a vibrant momentum for development
 
With institutional innovation at its core, Qianhai is steadily expanding institutional opening-up in terms of rules, regulations, management, and standards. To this end, Qianhai has launched a total of 882 institutional innovation achievements. With the modern service industry as its primary sector, Qianhai is vigorously facilitating the construction of 18 industrial clusters. Statistics released by the Authority of Qianhai Shenzhen-Hong Kong Modern Service Industry Cooperation Zone at the forum show that, in the first three quarters of 2024, its GDP grew by 8.2% and its import and export volume increased by 50.1%. This has indicated a vibrant momentum for development. 
 
Qianhai is systematically upgrading the Qianhai Shenzhen-Hong Kong Youth Innovation and Entrepreneur Hub. In cooperation with universities such as the University of Hong Kong, Hong Kong Polytechnic University, and City University of Hong Kong, a wide variety of innovation and entrepreneurship projects have been incubated at the Hub. Overall, Qianhai has aimed to become a leading area for deep integration between Shenzhen and Hong Kong. 

http://mrem.bernama.com/viewsm.php?idm=49977

HONG KONG'S CHINA TAIPING INSURANCE RATINGS AFFIRMED EXCELLENT - AM BEST

KUALA LUMPUR, Dec 10 (Bernama) -- Global credit rating agency, AM Best has affirmed the financial strength rating of A (excellent) and the long-term issuer credit rating of “a” (excellent) of Hong Kong's China Taiping Insurance (HK) Company Limited [CTPI(HK)].

The outlook of these credit ratings (ratings) is stable, reflecting the company’s balance sheet strength, which AM Best assesses as very strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management (ERM).

According to AM Best in a statement, the ratings also incorporate the rating enhancement that CTPI(HK) receives from its parent, China Taiping Insurance Holdings Company Limited (CTIH).

As measured by Best’s Capital Adequacy Ratio, CTPI(HK)’s very strong balance sheet strength is underpinned by its risk-adjusted capitalisation, while its capital and surplus improved by 2.4 per cent to HKD 5.3 billion (US$679 million) in 2023 as evaluated under the HKFRS 17 accounting standard. (US$1=RM4.42)

The company has maintained a healthy regulatory solvency ratio under the Hong Kong risk-based capital framework, with a healthy buffer over the regulatory minimum, in addition to its invested assets allocation remained largely consistent in 2023 and during the first half of this year.

AM Best assesses CTPI(HK)’s operating performance as adequate and over the past decade, the company has stayed profitable with the exception of 2020, when its performance was dragged by a sizeable impairment loss from private funds.

According to AM Best calculations, the company’s overall underwriting performance has been improving since 2019, with its IFRS 17 combined ratio remaining below 100 per cent last year. Its net investment income remains robust with a mid- single-digit investment yield not including gains or losses, owing to income-generating invested assets including bonds and investment properties.

A strategically important overseas operating subsidiary of China Taiping Insurance Group Ltd (TPG), CTPI(HK) plays a vital role in TPG’s footprint overseas and its strategy in the Greater Bay Area.

The company is integrated into the group’s capital management and ERM while also receiving a series of implicit support from TPG, including brand recognition, investment, reinsurance and operations.

-- BERNAMA

PACIFIC PRIME CXA BAGS ALLIANZ COMMERCIAL'S PLATINUM AWARD FOR EXCELLENCE IN PROPERTY & CASUALTY

 

Pacific Prime’s P&C team wins Allianz Commercial’s Platinum Award for Excellence in Property & Casualty (Photo: Business Wire)

KUALA LUMPUR, Dec 6 (Bernama) -- Pacific Prime CXA, a global insurance brokerage and employee benefits specialist, was awarded the Platinum Award for Excellence in Property and Casualty by Allianz Commercial.

The award, presented by Allianz Insurance Singapore chief executive officer, Hicham Raissi, recognised Pacific Prime CXA’s outstanding performance in delivering property and casualty (P&C) insurance solutions to its clients.

Pacific Prime CXA Head of Property, Casualty & Financial Lines, Gautam Mahey shared his enthusiasm and gratitude upon receiving the prestigious award, emphasising its significance for his team and the company as a whole.

“This recognition goes beyond a mere accolade, it represents the relentless dedication, passion, and commitment that drive us every day.

“To my extraordinary team, this award is a testament to your creativity, resilience, and the tireless effort you've put into building something remarkable from the ground up,” he said in a statement.

Mahey also extended his gratitude to clients, partners, and Allianz for their continued trust and support, noting that the award is just the beginning of its journey, serving as a reminder that with courage, perseverance, and belief, anything is possible.

P&C insurance has become one of the fastest-growing sectors for Pacific Prime globally, offering seamless solutions for both individuals and corporations. Pacific Prime CXA remains dedicated to delivering a smooth and efficient insurance experience tailored to meet the unique needs and risks of its clients.

The company expressed sincere gratitude to Allianz Commercial for acknowledging its dedication to providing insurance solutions that offer peace of mind to their shared clients and for the efforts of all their employees.

Pacific Prime CXA has over 1,000 employees and 15 offices worldwide, including Hong Kong (China), Singapore, China, Thailand, Malaysia, the United Arab Emirates, Indonesia, the United Kingdom, the United States, Mexico, the Philippines, and Australia.

-- BERNAMA

AM Best Affirms Petrolimex Insurance Ratings With Stable Outlook

KUALA LUMPUR, Dec 6 (Bernama) -- Global credit rating agency, AM Best has affirmed Vietnam’s Petrolimex Insurance Corporation (PJICO) financial strength rating of B++ (good), the long-term issuer credit rating of “bbb” (good), and the country National Scale Rating (NSR) of aaa.VN (exceptional).

In a statement, AM Best said these credit ratings (ratings) have a stable outlook, which reflected PJICO’s balance sheet strength, was assessed as strong, as well as its adequate operating performance, neutral business profile and appropriate enterprise risk management.

PJICO’s balance sheet strength assessment is underpinned by its risk-adjusted capitalisation, which is expected to remain at the strongest level over the medium term, as measured by Best’s Capital Adequacy Ratio.

The company’s prospective risk-adjusted capitalisation is expected to be supported by good internal capital generation, taking into account its planned business growth, as it maintains a conservative investment strategy, with a majority of its investments held in cash and term deposits.

The company also relies moderately on reinsurance for its underwriting capacity for large property and engineering risks, as well as to manage accumulation risks and catastrophe exposure, which is partly mitigated by the good credit quality of the reinsurance panel.

AM Best assesses PJICO’s operating performance as adequate, evidenced by a five-year weighted average return-on-equity and combined ratios of 12.7 per cent and 96.9 per cent (2019-2023), respectively, as calculated by the credit rating agency.

The company’s overall earnings remain driven by a stable stream of investment income. However, PJICO posted thinner underwriting margins in 2023, mainly due to higher loss ratio in the health insurance business.

While underwriting profits from commercial lines including property and marine cargo businesses have typically benefitted from low net loss ratios and good reinsurance commission income, the elevated expense ratio continues to be an offsetting factor.

The recent Typhoon Yagi, which hit Vietnam in the third quarter of this year, may lead to greater volatility in PJICO’s underwriting performance over the near term, though the impact is expected to be mitigated by its reinsurance programme.

The rating agency considers PJICO’s business profile as neutral. The company’s business profile benefits from its common branding and preferential access to cargo business arising from its largest non-majority shareholder, Vietnam National Petroleum Group.

-- BERNAMA

AI-Media Secures 5-Year Deal With CME To Enhance Accessibility In Central, Eastern Europe

KUALA LUMPUR, Dec 5 (Bernama) -- AI-Media, a global leader in artificial intelligence (AI)-driven live and recorded captioning and language technology, has announced a strategic five-year agreement with Central European Media Enterprises (CME), its first major deal in Central and Eastern European.

AI-Media will deliver live captioning services via its state-of-the-art LEXI solution, powered by its SDI encoder network, across CME’s six flagship television stations located in Croatia, Slovenia, Bulgaria, Romania, Czechia, and Slovakia.

Under this multi-year agreement, AI-Media will provide AI-generated live captions for each station, catering to CME’s goal of advancing accessibility and meeting its environmental, social, and governance (ESG) objectives.

AI-Media Vice President of International Sales, John Peck said CME’s commitment to accessibility is aligned with AI-Media’s vision.

“This partnership with CME is an exciting milestone, representing our first major broadcaster in Eastern Europe and results in millions of CME viewers receiving increased access to content via our LEXI captioning solution in six distinct languages.

“We look forward to supporting CME as they drive accessibility across Central and Eastern Europe,” he said in a statement.

Meanwhile, CME Head of Social Purpose and Sustainability, Hana de Goeij said: “Our research indicates that over 10 per cent of viewers in our markets have some form of hearing difficulty. By addressing the needs of people with impairments, CME ensures equal access to information and entertainment for all, regardless of ability.”

CME’s decision to implement live closed captioning is motivated by both strategic and legislative priorities. This move aims to establish a new standard for accessibility in regions with limited access to human captioning resources, furthering its broader mission of promoting inclusivity and reaching a larger audience.

AI-Media’s future-proofed products empower CME to expand its accessibility offerings, setting a new benchmark for inclusivity in broadcasting, making a lasting impact on millions of viewers across the region.

-- BERNAMA

BOOMI PLATFORM ENHANCES KALYRA’S CLIENT CARE, WORKFORCE EFFICIENCY

(Graphic: Business Wire)

KUALA LUMPUR, Dec 4 (Bernama) -- Boomi, a leader in intelligent integration and automation, announced that Kalyra has used the Boomi Enterprise Platform to enhance data-informed client care, launch new digital services, and fast-track workforce onboarding and productivity as part of its broader client experience-led transformation.

With over 130 years of operation, Kalyra, a prominent provider of aged care services in South Australia, has taken significant steps in its digital transformation to enhance client experience and streamline human resources by centralising data across previously disconnected systems.

In a statement, Boomi Chief Technology Officer, APJ, David Irecki said automating and integrating Kalyra’s core processes gives the organisation’s workforce the ability to focus more on delivering the compassionate, high-quality care its clients have come to rely on.

Meanwhile, Kalyra General Manager of Information and Digital Services, Nicole Fishers said accuracy in the digital systems is non-negotiable in providing quality care, as the company faced challenges with outdated and duplicate data, which slowed down care delivery.

“We turned to Boomi to break down our data silos, paving the way for a new era of digital support services,” she said.

By implementing Boomi’s integration platform as a service (iPaaS), Kalyra connected its core business systems through a hub-and-spoke model, including Elmo (human resources), AlayaCare (home care system), iCare (residential care system), CarePage (customer experience system), and My Kalyra (mobile app).

Through the integration, Kalyra launched the My Kalyra app, giving families real-time access to service updates, the ability to adjust care schedules, and full transparency in financial details. This digital transformation has led to better accuracy in client data, reducing inefficiencies for staff who now have instant access to all necessary information.

Boomi’s platform also improved Kalyra’s workforce management by streamlining onboarding processes, reducing errors, and speeding up staff hiring. Additionally, Kalyra’s enhanced data framework ensures better reporting and compliance with regulatory standards.

Looking ahead, Kalyra is gearing up to leverage even more of the Boomi Enterprise Platform’s capabilities to harness the growing potential of artificial intelligence and robotics in improving health services.

-- BERNAMA

EXP REALTY'S INITIATIVE LINKS AGENTS WITH LOCAL SPONSORS FOR A GAME-CHANGING EXPERIENCE

KUALA LUMPUR, Dec 3 (Bernama) -- eXp Realty, the largest independent real estate company and core subsidiary of eXp World Holdings Inc, has launched its Local Sponsor Partnership Program.

This innovative initiative is designed to enhance local expertise while fostering global growth for eXp Realty agents, according to a statement.

eXp World Holdings Founder, Chairman and Chief Executive Officer, Glenn Sanford said the programme empowers its agents with the resources and mentorship needed to succeed in their local markets while growing globally.

“This programme represents the essence of eXp Realty’s commitment to agent success by providing a collaborative framework that drives innovation, growth and local expertise.

“This is more than a programme, it is a movement toward empowering agents with the tools and mentorship they need to lead locally and achieve unparalleled success globally,” he said.

The programme addresses the need for in-country support by pairing eXp agents with experienced Local Sponsors in their respective markets, while they provide hands-on guidance to ensure agents successfully implement eXp Realty's cutting-edge tools and thrive in their local real estate landscapes.

For agents with an international sponsor, the Local Sponsor Partnership Program ensures they receive personalised, in-country support to navigate their markets effectively.

The programme also opens opportunities for experienced eXp agents to become Local Sponsors, enabling them to lead locally and earn level-one revenue share earnings from their sponsee’s transactions.

With this new initiative, eXp Realty agents can now benefit from a robust support system that strengthens local leadership and fosters collaboration across global markets.

-- BERNAMA