All articles by LII editorial
LII editorial
HSBC talks up bancassurance joint venture in Korea
Hana HSBC Life Insurance (HHL) represents a foothold in Koreas life insurance market, concedes UK bancassurer HSBC However, its a foothold HSBC and its joint venture (JV) partner, Korean banking and financial services company Hana Financial Group (HFG), aim to build on to grow HHL into one of Koreas top-ten players in the countrys life insurance industry within five years The JV was formed in November 2007 when HSBC acquired a 50 percent less one share stake in Hana Life Insurance for $58.4 million
Moody’s gives health insurers the thumbs up
Moodys gives health insurers the thumbs up The outlook for US health insurers is stable, believes rating agency Moodys Investors Service
Enquiry exposes AIG’s house of cards
AIG was a disaster waiting to happen, is the clear message that emerged from a Congressional hearing into its near-bankruptcy However, while AIGs former CEO Hank Greenberg strongly implied that blame lay with his successors, a corporate governance expert does not believe Greenberg himself is blameless Born out of insurance agency CV Starr & Company established in Shanghai, China in 1919 by Cornelius van der Starr, American International Group (AIG) grew to become the worlds largest insurer
Aviva goes for unified branding
Traditionalists will be saddened to learn that two of Europes oldest and best-known insurance brand names, Norwich Union and Hibernian, are to disappear Both wholly-owned subsidiaries of UK insurer Aviva, their names are to be changed to Aviva within two years in the final phase of the companys move to a single worldwide brand. Explaining the rationale for the unified branding, Aviva group chief executive, Andrew Moss said: By investing in a single name, we will amplify the global impact of our advertising and sponsorship spend
Skandia family feud laid to rest
Skandia family feud laid to rest A dispute between UK-based insurer Old Mutuals subsidiary Skandia and the latters wholly owned Swedish life insurance unit Skandia Liv has been settled following a long-running arbitration process. The saga began in January 2002, well before Old Mutuals acquisition of Skandia in 2006, with the sale by Skandia of Skandia Asset Management (SAM) to Norwegian bank Den Norske Bank (DNB) for SEK3.2 billion ($395 million)
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Dai-ichi pins its hopes on demutualisation
Ending months of speculation, Japanese life insurer Dai-ichi Mutual has announced plans for its demutualisation Subject to approval by policyholders and regulatory authorities, Japans third largest life insurer will in the first half of its fiscal year ending 31 March 2011 undertake an IPO, following which it will become Japans third listed life insurer In a statement the insurer explained that the decision to demutualise had been based on its anticipation of intensified competition in the life insurance industry as a result of demographic and other social changes
Société Générale gets green light to advance bancassurance strategies in Russia and Romania
Socit Gnrale gets green light to advance bancassurance strategies in Russia and Romania Sogecap, the life insurance unit of French bancassurer Socit Gnrale, has received approval from Russias banking regulator to acquire payment protection insurer Soyuznik and establish a life insurance company in Russia
US life insurers under fire for travel discrimination
The issue has now come to a head with the filing of a complaint by the Florida Office of Insurance Regulation (FOIR) against American General Life Insurance (AGLI), a unit of American International Group In a release the Florida Insurance Commissioner, Kevin McCarty, explained that his office is seeking to suspend or revoke AGLIs certificate of authority to write insurance policies in Florida and require the insurer to end unfair trade practices as defined in the Freedom to Travel Act
Assicurazioni Generali sets bold strategic goals
Assicurazioni Generali sets bold strategic goals Italian insurer Assicurazioni Generali has released a bold three-year strategic plan that includes increasing net profits to 3.8 billion ($5.4 billion) by 2009, a 58 percent increase compared with 2006 and double that achieved in 2005
Fubon’s ING Taiwan acquisition gets thumbs down from international ratings agency
Fubons ING Taiwan acquisition gets thumbs down from international ratings agency News that Taiwans third-largest financial services company Fubon Financial Holding Company (FFH) is to acquire Netherlands bancassurer INGs Taiwan life insurance unit ING Antai Life in a non-cash deal worth $600 million has not been well received by ratings agency Moodys. Following the release of details of the deal Moodys announced that while affirming FFHs Baa1 issuer rating it had changed its outlook to negative from stable