All articles by LII editorial
LII editorial
Diversification pays off for UNIQA
UNIQAs expansion strategy is paying off, the Austrian composite insurers general director Konstantin Klien emphasised in his comment on results for the first half of 2010 The latest results confirm our strategy of placing equal emphasis on Eastern and Western Europe in internationalisation and regional diversification of the UNIQA Group, while also driving forward our domestic market in Austria,” said Klien
Allianz sells two Swiss units to Helvetia
Swiss composite insurer Helvetia Group and Allianz have reached an agreement that will see Helvetia acquire two subsidiaries from Allianzs Swiss unit Allianz Suisse for CHF302m ($304m). The larger of the two units sold by Allianz Suisse, Alba, is a general insurer and in 2009 generated premium revenues of CHF131.8m and a profit of CHF26m The second unit sold, Phenix, offers life insurance and general insurance, and in 2009 generated premium revenues of CHF87.1m, earning a profit of CHF1.8 million
Small UK companies have auto-enrolment headache
For smaller companies in the UK, auto-enrolment of all employees into a workplace pension scheme will become compulsory from 2014 Despite this, only one-in-five companies have begun to consider the financial impact, reveals a study by the Association of Consulting Actuaries (ACA).
Mixed pre-IPO results from AIA
This would represent an 8.7% improvement on the $1.84bn reported in the previous year and comes in the run-up to AIAs planned $35.5bn initial public offer on the Hong Kong Stock Exchange. In the nine months to 31 August 2010 AIAs new business reflected a mixed performance with annualised new premium income increasing by a modest 4.9% compared with the first nine months of 2009 to $1.39bn
High praise for John Hancock’s marketing
John Hancock Life, Canadian insurer Manulife Financials US unit, has won high-praise for its marketing material from the Insurance and Financial Communicators Association (IFCA) and for its sales materials for distribution partners John Hancock has received six awards from the IFCA including two Best of Show, its highest award, to be presented at the industry bodys annual award ceremony
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Aegon UK health care property fund makes snail-paced progress
Britains population is ageing, a trend Dutch insurer Aegon believes offers an attractive investment opportunity in the field of newly built care homes for the elderly To this end it launched Aegon Target Healthcare Property Fund in November 2009 with the objective of raising up to £300m ($470m) from institutional investors Despite what appear to be attractive prospects for the sector, progress has been slow with the funds total assets standing at only £42m at the end of September 2009
Protective Life shrugs off financial problems
Signalling its regaining of financial health, Protective Life Insurance Company, which in early-2009 was an unsuccessful applicant for assistance under the US Treasurys Troubled Asset Relief Program, is to acquire United Investors Life (UIL) from Liberty National Life (LNL) in a deal worth $316m Protective Life chairman, president and CEO John D Johns said: “It leverages our extensive experience and capabilities in acquiring closed blocks of business and is entirely consistent with our strategy to augment earnings growth by deploying excess capital through acquisitions.”
Axa and Resolution Group outline post-deal strategies in UK market
Axa has spelt out a strategy for its remaining operations in the UK, Axa Wealth, Axa Bancassurance and Sun Life Direct This follows the sale of its traditional life and pensions, independent financial advisor, corporate pension businesses and annuity businesses to insurance entrepreneur Clive Cowderys Resolution Group some four months ago for £2.75bn ($4.3bn) Explaining the strategy Axa Wealth CEO Mike Kellard said: “Axa Wealths main focus is on the needs of high net worth and mass affluent consumers, a group that owns 80 per cent of the nations wealth
Management change at Munich Re life unit
Munich Re has announced a major change in the management of its life reinsurance division following senior executive Jonathan Ludbrooks decision to retire from the global life management team
AIA and ICBC forge bancassurance alliance
Strengthening its long-standing position in China AIA Group, American International Groups (AIG) Asian business has entered into a long-term partnership with state-owned Industrial and Commercial Bank of China Limited (ICBC) AIA will work jointly with ICBC in areas such as sales and marketing system, product innovation, service quality, technological advancement and sustainable profitability,” said AIA executive chairman and CEO designate Mark Tucker