All articles by LII editorial
LII editorial
AEGON enters Turkey
AEGON is to take its first step into Turkeys life insurance and pension market with the acquisition of 100 percent of life insurance and pension product provider Ankara Emeklilik Anonim Sirketi (Ankara Emeklilik) from Polis Bakim ve Yardim Sandigi, the Turkish police pension fund
European insurers at low risk in subprime crisis
European insurers at low risk in subprime crisis The US subprime residential mortgage crisis has set alarm bells ringing in global financial markets and has raised concerns about possible credit implications for European insurers
Allianz tackles Japan’s VA market
In a case of better late than never, European insurer Allianz has entered Japans life insurance market following receipt of a licence from the Japanese Financial Services Agency on 7 March 2008 Quick off the mark, Allianz Life Insurance Japan (ALIJ) has launched its first product, a variable annuity (VA) offering a guaranteed minimum accumulation benefit, regardless of market performance Commenting, ALIJs chairman and representative director, Uwe Michel, said: We are committed to building a long-term sustainable business in Japan by providing an innovative range of variable annuities and other products in partnership with financial institutions.
Zurich Financial spreads its acquisition net
Zurich Financial Services Group (Zurich) continued on an acquisition path in July, announcing deals in Europe and Brazil These brought the number of acquisitions this year to six and forms part of the Swiss composite insurers ambitious growth target that includes growing annual premium equivalent (APE) life business from $2.9 billion in 2007 to $5.7 billion by 2010 A key focus is on expanding the bancassurance distribution channel, a consideration evident in Zurichs latest deals
Senator aims to clean up US reverse mortgage market
US Senator Claire McCaskill has filed legislation aimed at curbing what she claims are predatory lending tactics practised in the reverse mortgage market Her proposed legislation, the Reverse Mortgage Proceeds Protection Act, would, she said, help protect seniors by ensuring they receive independent counselling prior to signing up for a reverse mortgage and requiring that the Department of Housing and Urban Development (HUD) issue stronger consumer protection regulations Reverse mortgages, termed equity release in countries such as the UK, enable homeowners to convert some of the equity in their home into cash while retaining ownership
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Boom time brings its problems
The UKs defined benefit (DB) pension scheme buyout market is booming with the value of transactions in the second quarter of 2008 reaching £2.7 billion ($4.8 billion), £1.2 billion more than the first quarter of the year and £847 million more than in the then record-breaking fourth quarter of 2007
Attorney general takes aim at Guy Carpenter in latest lawsuit
Attorney general takes aim at Guy Carpenter in latest lawsuit In the latest legal action against major US financial service industry players, Guy Carpenter & Company (GCC), one of the worlds biggest reinsurance brokers, has found itself facing an antitrust lawsuit filed against it by the Attorney General of Connecticut, Richard Blumenthal
Americans getting their number priorities wrong
Highlighting the need for enhanced consumer education, the Retirement Number Study, a survey conducted for Netherlands bancassurer INGs US unit in support of a new marketing campaign, has revealed that almost anything but the amount of money needed to retire comfortably is uppermost in the minds of most Americans Indeed, in the survey undertaken by market research firm Ipsos only 5 percent of respondents said they consider a financial number, such as the sum they will need in retirement, as being among those most important to them Far more important to the largest number of respondents was their birthday (26 percent), someone elses birthday (22 percent), a social security number (16 percent), a wedding anniversary (16 percent) and a phone number (13 percent).
UK annuity providers face hefty IT bill
UK annuity providers face hefty IT bill Annuity sales will rise from £9 billion ($18 billion) in 2007 to £16 billion by 2011, forecasts research company Celent
UK private pension contributions slump
UK private pension contributions slump It is belt-tightening time for life insurers serving the UKs private pension market as consumers scramble to make ends meet Already, contributions to private pension funds have plummeted with indications of worse to come.