All articles by LII editorial
LII editorial
Americans act to counter retirement concerns
Better times are ahead for US insurers on the retirement savings front, says Consumer Attitudes to Savings, a study by UK insurer Aviva Aviva USA president and CEO Chris Littlefield said: “There is evidence more Americans are taking action to do something about their retirement worries It is clear more Americans are prepared to work beyond the normal retirement age and plan to continue to save more for retirement
Chartis dishes out a $4bn blow to AIG
Coming to American International Groups (AIG) assistance yet again, the US government has agreed to allow AIG to retain $2bn of the net cash proceeds from the recently closed sale of its Japanese life insurance subsidiaries AIG Star Life and AIG Edison Life The $2bn will go towards funding part of the $4.2bn charge AIG took in its fourth quarter 2010 results to strengthen Chartis loss reserves AIG Star Life and AIG Edison Life were sold to US insurer Prudential Financial for $4.8bn, $4.2bn of which was in cash and $600m by way of the assumption of third-party debt
Team Mercedes teams up with Allianz
Under the banner of promoting road safety, Allianz has become a co-sponsor of the Mercedes GP Petrona Formula One (F1) team Visible commitment to road safety is very important to us also as a signal to our 75m customers all around the world,” said Allianz SE global head of group market management Joseph Gross
ING moves closer to dismantling its empire
Dismantling of the ING Group has moved another important step forward by two agreements under which it will sell the majority of ING Real Estate Investment Management (ING REIM) in two separate transactions for a combined price of about $1.04bn
Zurich trims stake in New China Life
Following a trend amongst foreign insurers to reduce exposure in China, Swiss insurer Zurich Financial Services (ZFS) has sold a 5% stake in New China Life (NCL) to an undisclosed buyer
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Aegon within sight of repaying bail-out debt
Aegons completion of a rights issue in February, in which it raised 903m, has taken the Dutch life insurer another step closer to meeting its objective of repaying the 2.25bn ($3.1bn) it owes to the Dutch government
Call for fair competition in the Dutch market
Niek Hoek, CEO of Dutch composite insurer Delta Lloyd Group (DLG), has called on the Netherlands government to restore fair competition in the countrys financial services market
VA sales lead the pack in the US during 2010
Variable annuity (VA) sales ended 2010 on a strong note, rising 16.7% compared with the fourth quarter of 2009 to $38.5bn, reports financial services organisation Limra The strong finish helped boost VA sales for 2010 as a whole by 9.8% to $140.5bn. We attribute the growth to increased confidence in the VA market by consumers, advisors and the companies themselves” said Joseph Montminy, assistant vice-president for Limras annuity research
SCOR bows out of US fixed annuity market
IIC is a life insurance company specialising in the sale of fixed annuities, principally equity-indexed annuities, and is wholly-owned by the French reinsurers SCOR Global Life US Re unit
Singapore’s life industry bounces back
On a weighted basis, total new premium income ended the year up 16% compared with 2009 at S$1.7bn ($1.3bn) with annual premium sales setting the pace with an increase of 20% to S$1.089bn