All articles by LII editorial
LII editorial
An industry caught on the back foot
A decade ago, the UKs life industry generated new business exceeding outflows, a positive situation that has reversed dramatically, throwing the industrys in-force business into decline While insurers have responded with cost-cutting strategies, there is a limit to how long this will compensate for a dearth of new business. When assessing growth in the life insurance industry, premium income paints only half the picture
BB&T takes lead in US wholesale life distribution market
In a deal that will propel it to the largest independent wholesale distributor of life insurance in the US, regional banking group BB&T is to acquire Crump Groups Crump Life Insurance Services and Crump Property & Casualty Insurance Services
Health costs driven by a small minority
However, costs are spread extremely unevenly across the population, reveals a new study based on US data, which points to chronic diseases related to the dramatic rise in obesity levels as major driver of rising health care costs. When statistics about the cost of health care are discussed, the focus is almost invariably on areas such as the overall spending trend, costs per capita and spending in the various segments of the health industry
Restructuring time at New York Life
New York Life (NYL) has embarked on a restructuring that will see operations of the US largest mutual life insurer divided into an insurance group and an investment group.
Talanx clinches deal in Poland
Participating with the German insurer in the 700m ($890m) cash deal is its Japanese alliance partner Meiji Yasuda Life, which will acquire a 30% stake in WARTA from Talanx, subsequent to the deals closing.
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L&G, Hannover Re team up in UK risk transfer market
Marking its entry into the longevity insurance segment of the UKs defined benefit pension scheme risk transfer market, Legal & General (L&G) has finalised a deal with the Pilkington Superannuation Scheme (PSS)
Opposition to Solvency II for pension funds mounts in the UK
The European Insurance and Occupational Pensions Authoritys (EIOPA) review of the Institutions for Occupational Retirement Provision Directive aimed at making defined benefit (DB) pension funds subject to Solvency II capital requirements is meeting powerful opposition in the UK. In a recent speech he made it clear the UK would not accept a change of this nature, warning it would cost companies sponsoring DB funds £100bn ($160bn) and lead to widespread fund closures.
ING rethinks strategy
INGs restructuring strategy announced in November 2010, under which it planned initial public offers (IPO) for its insurance and investment management business in the US and another for those in Europe and Asia, is under review
Nippon Life extends its reach in India
The deal with Reliance Capital, a unit of Indian conglomerate Reliance ADA Group, is worth 22bn ($285m) and represents the largest yet foreign direct investment in Indias asset management industry
Competition heats up in India
Taking the plunge into India, US health insurer Cigna has joined forces with Indian consumer products conglomerate TTK to establish a new health insurance company