All articles by Stafford Thomas
Stafford Thomas
Hong Kong IPO for China Pacific
China Pacific Insurance, Chinas third-largest life insurer, has been given the go-ahead by the China Securities Regulatory Commission to proceed with an initial public offer (IPO) on the Hong Kong Stock Exchange (HKSE). China Pacific, which has a primary listing on Chinas Shanghai Stock Exchange, anticipates issuing up to 990 million new shares in the IPO at a minimum price of CNY23.52 ($3.4) per share
Prudential turns its back on UK equity release
A blow has been dealt to the UKs flagging equity release market with the announcement by Prudential that it is to cease writing new business in the first quarter of 2010 One of the biggest players in the market, the insurer has a total equity release book valued at about £1 billion ($1.6 billion).
Solid signs of recovery appearing
If one word could be used to sum-up Singapores life insurance market it would be volatile, at least in terms of new business
Manulife buys into China’s asset management market
Canadian insurer Manulife Financial has secured itself an instant position in Chinas asset management market with the acquisition of French bank BNP Paribass 49 percent stake in ABN AMRO TEDA Fund Management Company (TEDA) for 105 million ($158 million) in cash.
Ping An and Discovery Health team up
Chinas private health insurance market is expanding rapidly, something Chinese insurer Ping An and South Africas largest health insurer, Discovery, hope to exploit in a proposed joint venture With the forging of an alliance between Ping An, Chinas second-largest life insurer, and Discovery Holdings, South Africas largest health insurer, the wheels have been set in motion to create one of the more unique joint ventures (JV) in Chinas insurance market.
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Sun Life backs multi-employer pension solution
A multi-employer defined contribution (DC) pension plan permitting all employers and the self-employed to automatically participate would greatly increase pension coverage, believes Tom Reid, senior vice-president for group retirement services at Canadian insurer Sun Life Financial. With three to five million Canadians not having access to an occupational pension plan, we need to improve the retirement, savings and income system in Canada, opening the door to expanded workplace participation for all Canadians, Reid told delegates.
AIG’s outstanding debt mountain
The answer to the AIG repayment question is that it remains a vast sum, totalling $83.6 billion
Bosses well rewarded despite tough times
According to a disclosure by AIG, Benmosche will receive an annual remuneration of $3 million in cash plus $4 million in AIG ordinary shares which will be awarded in biweekly allotments
The Phoenix’s big battle to rise from the ashes
Fighting to restore its distribution capabilities, US insurer The Phoenix Companies (TPC) has opted to go it alone with the establishment of its own distribution company, Saybrus Partners.TPCs move follows major damage done to its distribution capacity in March 2009 when two insurers, State Farm and National Life Group (NLG), announced that they had suspended distribution of TPCs products indefinitely.In 2008 State Farm was responsible for 68 percent of TPCs annuity sales and 27 percent of its life insurance sales while NLG accounted for 14 percent of TPCs annuity deposits Abandonment of TPC was caused by its severe downgrade by a number of rating agencies.Clearly in need of a major sales boost, TPCs annualised life insurance premium sales were reported at $32.5 million for the first nine months of 2009, down from $237.9 million for the same period in 2008.A key element in Saybrus business plan is an agreement with financial services firm Edward Jones to provide life insurance consulting services to the firms financial advisors.Under the agreement Saybrus wealth management consultants will work with 11,700 Edward Jones financial advisers, helping them match insurance products to their clients needs The initial three-year agreement focuses Saybrus consultants on two new insurance carriers in the Edward Jones retail distribution network, John Hancock Life and Pacific Life Insurance Company, both of which have a selling agreement with Edward Jones.More bad newsPositive developments on the distribution front were, however, marred by news that California-based attorney Gerald Kroll has filed lawsuits against two TPC units, PHL Variable Insurance Company (PHL) and Phoenix Life Insurance Company (Phoenix)
Premium income on road to recovery
Economic turmoil took its toll on Frances life insurance market in 2008, leaving gross written premium income down 10.6 percent compared with 2008 at 122.6 billion ($183 billion)