All articles by LII editorial
LII editorial
UK risk transfer market ends year on strong note
Extending the recovery seen in the third quarter of 2009, the UKs final salary pension scheme risk transfer market recorded deals worth a total of £2.25 billion ($3.56 billion) in the fourth quarter, reports actuarial consultancy Hymans Robertson.
Minnesota strikes against annuity mis-selling
Striking for the fifth time in two years, Lori Swanson, the state of Minnesotas attorney general, has extracted a settlement from a life insurer accused of mis-selling deferred annuities to senior citizens resident in the state.
A two-decade growth story put on hold
A big CEE post-communism success story, Hungarys life industry has attracted many of the worlds biggest insurers eager to participate in its robust growth. However, Hungarys economic problems and global economic woes have sent premium income nose-diving and brought the growth story to an abrupt halt
AIG readies Asian unit for an IPO
American International Groups (AIG) major Asian life insurance unit American International Assurance Company (AIA) is being lined up for an initial public offering (IPO) on an Asian stock exchange, a development aimed at accelerating its assumption of an independent identity. At this stage, we believe that a public listing for AIA would be in the best interests of all stakeholders, including US taxpayers, policyholders, employees and distribution partners, said AIGs outgoing chairman and CEO Edward Liddy. The decision by AIG follows its announcement in March that it was to hive off AIA and American Life Insurance Company (ALICO) into special purpose vehicles (SPV) in exchange for preferred and common interests in the SPVs
Tougher US regulation on the way after Senate study
The hearing in early May came against the background of a traded life insurance policy market that US financial services firm and life settlements player Cantor Fitzgerald estimated to be worth $20 billion Cantor based its estimate on policy face values, and predicted the market is likely to reach $100 billion in the next five years.In a summary of the hearing, the committee noted that its investigation which began in November 2008 has uncovered unintended consequences for consumers, sales and marketing abuses, and insurance fraud, all of which are exacerbated by the high commissions earned by life settlement brokers.In a statement, the committees chairman Senator Herb Kohl conceded that life settlements can be a worthy alternative for seniors who are considering the sale of their life insurance policy, and offer a higher payment than the cash surrender value offered by the insurance company
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Variable annuities hold their own in UK
Activity in the UK’s relatively new variable annuity (VA) market may have been down in the first half of 2009 but as product with significant growth potential the VA is certainly not out of the running
Swiss Life sets out to tackle
Dependence on financial result of traditional business and the high level of costs are impeding Swiss Life’s progress – these are two key messages from Switzerland’s largest life insurer which has just released a mixed set of half year results.
Solvency II threatens UK retirement market
Solvency II took a decisive step forward in April with the European Parliament’s approval of the Solvency II framework directive.
Once-embattled Philamlife becomes an acquirer
Marking a significant change in the Philippines’ bancassurance landscape, Philippine American Life and General Insurance Company (Philamlife), the country’s largest life insurer, is to acquire a 51 percent stake in Ayala Life from Bank of the Philippine Islands (BPI). According to local media reports, Philamlife will pay PHP1.35 billion ($28 million) for its stake in Ayala Life, the country’s seventh-largest life insurer.
SBI-Axa introduces technology to drive online sales
Continuing its pioneering path in Japan, SBI-Axa has become the country’s first life insurer to introduce an automated underwriting system to support its new business process. The move adds another first for SBI-Axa which in April 2008 was launched as Japan’s first direct-to-consumer life insurer focused primarily on the internet marketing channel.