All articles by LII editorial
LII editorial
EIOPA aims to enhance variable annuity selling standards in the EU
Seemingly in preparation wider adoption of variable annuity (VA) products in the European Union, the European Insurance and Occupational Pensions Authority (EIOPA) has just published its Draft Report on Good Practices for Disclosure and Selling of Variable Annuities
Cigna looks for growth in seniors market
Significantly increasing its reach in the seniors market, US health insurer Cigna Corporation has made a successful offer for HealthSpring, one of the largest players in the Medicare Advantage segment Cignas cash offer of $3.8bn for the managed care company was pitched at a 37% premium to HealthSprings share price just prior to the announcement of the deal Commenting on the deal, Cigna president and CEO David M Cordani said: “HealthSpring is a great fit with Cignas growth plans to expand into the seniors and medicare segment through a premier business and trusted brand name
UNIQA warns of pain now for gain later
The composite insurer has warned investors that to cover restructuring costs a one-time provision of about 170m ($240m) is to be incurred in the fourth quarter of 2011 and will result in its net profit for the full year being a “flat zero
Towards a better deal for UK DC fund members
More can be done to ensure that defined contribution (DC) pension fund members in the UK receive the best services, believe a coalition of six leading investment companies Backing their view, the companies announced the formation of the Defined Contribution Investment Forum (DCIF) at the National Association of Pension Funds annual conference held in October. The members of DCIF are particularly concerned that the widest variety of investment techniques and approaches for DC schemes are not being considered,” commented Stephen Bowles, the DCIFs chairman and head of DC pensions at asset management company Schroder Investment Management
Commercial property stirs up mixed views
Commercial property shares will produce “outsize returns” when global economic recovery gathers pace, predicts Frdric Tempel, head of European property securities at Axa Framlington, Axa Investment Managers property portfolio management arm.
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Catastrophe life reinsurance costs on the decline in 2011
Despite a dramatic rise in natural catastrophes in 2011, the cost of catastrophe excess of loss (XOL) life reinsurance has declined this year, according to a study by Aon Benfield For its study, the reinsurance intermediary assessed data from 284 insurers from 21 countries, or groups of countries, which buy a combined life catastrophe reinsurance capacity of 7.5bn ($10.6bn).
US industry at ‘little risk’ from eurozone woes
US life insurers risk exposure to potential debt defaults by peripheral Eurozone countries is small, according to Shachar Gonen, an analyst at rating agency Moodys Investor Services
Biggest players got bigger in 2010
A recovery in assets managed by the worlds largest asset managers that got off to a flying start in 2009 and continued at a slower pace in 2010 has favoured the largest players
AIG remains upbeat despite profit slump
The news came close on the heels of AIGs announcement of poor third quarter results which saw it swing from a net attributable profit of $1.8bn in the previous quarter to a net attributable loss of $4.1bn.
A wake-up call for financial advisers
To address the problem, Genworth teamed up with Gregory Fairchild, associate professor at the University of Virginia, Darden School of Business in a research project dubbed LifeJacket, aimed at assisting financial advisers so they close the insurance coverage gap.