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Archive of industry news from the global life insurance industry

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October 2014

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Recovery and rising middle classes bolster Mexican industry
24 October 2014 Mexico’s economy benefits from the pick-up in the US, which increases the momentum of its own recovery and the rise of its middle class, according to the Life Insurance in Mexico, Key Trends and Opportunities to 2018 report, available on the Insurance Intelligence Center

Legal & General offers £10,000 worth of free life cover to new parents
24 October 2014 Legal & General has announced it will offer £10,000 worth of free life cover to new parents.

Swiss Re encourages insurers to help grow the LTC market
24 October 2014 Swiss Re’s latest sigma study says there is scope to grow the long-term care market (LTC) with more hybrid-type solutions that combine LTC insurance with life, retirement/pension and critical illness products.

New York Life invests in Jaguar Growth Partners
23 October 2014 New York Life has made a strategic investment in Jaguar Growth Partners, a privately held investment management and advisory firm.

RGA to acquire Aurora from Swiss Re
22 October 2014 Swiss Re Admin Re has agreed to sell its US subsidiary Aurora National Life Assurance Company to Reinsurance Group of America (RGA).

Insurers in APAC urged to embrace digital transformation
21 October 2014 Significantly increased and timely investment in technology is critical for insurers to further grow their business in Asia Pacific, according to a new study.

Aegon UK launches IHT-focused whole of life policy
20 October 2014 Aegon UK has launched a whole of life protection policy designed to provide money to help cover an inheritance tax (IHT) bill payable on a customer’s estate when they die.

AIA, MetLife may bid to acquire NAB's life insurance business
17 October 2014 Hong Kong-based AIA Group and MetLife, a US insurer, are reportedly among the potential firms to place bids for National Australia Bank's (NAB)'s life insurance operations, which may be valued at approximately A$1.5bn ($1.3bn).

UK online life insurer casts IFAs as ‘dinosaurs’
17 October 2014 An exhibition sponsored by UK online life insurer, Beagle Street, is portraying independent financial advisers (IFAs) as ‘dinosaurs’ facing extinction.

Aegon to sell its Canadian life business to Wilton Re
16 October 2014 Aegon has agreed to sell its Canadian life insurance business to US player, Wilton Re, for CAD 600 million ($529.7 million), saying the decision will improve the group’s return on equity.

Swiss Re's group CEO stresses value of big data
15 October 2014 Swiss Re’s group CEO, Michel Lies – while speaking at A.M. Best’s insurance market briefing -Europe – has stressed the opportunity big data provides insurers to tailor products “and accelerate underwriting knowledge”.

Half of Londoners do not have life insurance
14 October 2014 Approximately half of Londoners do not have life insurance and are more likely to have home, travel and motor insurance instead, according to a study.

MetLife and Emirates NBD bank seal partnership
14 October 2014 MetLife and Emirates NBD bank have agreed a strategic partnership to provide life insurance products to the bank’s one million plus customers in the United Arab Emirates (UAE).

Allianz Life joins Wells Fargo's enhanced indexed annuity platform
14 October 2014 Allianz Life Insurance Company of North America has added the Essential Income 7 Annuity on the Wells Fargo enhanced Index Annuity Platform, which features simplified products and lower commissions.

Moody’s withdraws LIC’s rating for business reasons
13 October 2014 Moody’s Investors Service has withdrawn the Baa3 insurance financial strength rating of Life Insurance Corporation of India (LIC) for its own business reasons. Headquartered in Mumbai, Life Insurance Corporation of India Co is wholly owned by the government of India and is the largest life insurance company in the country. The insurer reported total assets of INR18.5 trillion ($302 billion) and shareholders' equity of INR5.4 billion...

Industry veteran assesses possible impact of Ebola on life insurance in the UK
10 October 2014 With growing concern about the possible spread of Ebola, Michael Ward, managing director of price comparison website PayingTooMuch.com, has raised the question whether new life insurance policies will cover Ebola and if prices are about to rise.

Malaysian life insurers seek tax incentives in 2015 budget
10 October 2014 The Life Insurance Association of Malaysia (LIAM) has called on Malaysia’s government to provide more incentives in the 2015 budget to promote financial planning among Malaysians.

One in 3 insurance advisers violates the regulations in selling life insurance: ASIC
10 October 2014 More than one third (37%) of the advice consumers received failed to comply with the laws relating to appropriate advice and prioritizing the needs of the client, the Australian Securities & Investment Commission (ASIC) observed in its report.

Prosperity Life Insurance closes takeover of SBLI USA
10 October 2014 Prosperity Life Insurance Group has concluded the previously announced acquisition of SBLI USA Life Insurance Company (SBLI USA) through a sponsored demutualization.

FGL appoints Chris Littlefield as president
09 October 2014 Christopher J. Littlefield, the former president and CEO of Aviva USA Corporation, has been appointed president of US-headquartered Fidelity & Guaranty Life (FGL).

ASIC: Higher standards needed for Australia’s life insurance industry
09 October 2014 Australia’s life insurance industry needs to improve the quality of advice and ensure that consumers’ are given priority, according to a review by the Australian Securities & Investments Commission (ASIC).