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News Archive

Archive of industry news from the global life insurance industry

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December 2014

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Fitch: stable outlook for Peru’s insurance sector in 2015
19 December 2014 The rating outlook for the Peruvian insurance sector remains stable, according to data from Fitch Ratings.

ABI publishes updated statement of best practice for CI
19 December 2014 The Association of British Insurers (ABI) has published an updated statement of best practice for critical illness cover.

Pacific Life Re inks new longevity reinsurance agreements with Rothesay Life
19 December 2014 Pacific Life Re has inked a series of reinsurance agreements with Rothesay Life covering pension liabilities in excess of £1bn.

CNP Assurances seals long-term partnership with Banco Santander
18 December 2014 CNP Assurances has finalised the acquisition of 51% of Santander Consumer Finance’s life and non-life insurance subsidiaries after obtaining the necessary regulatory approvals.

Positive growth outlook for Indian life insurance market
17 December 2014 Rising life expectancy, strong economic development and the introduction of new distribution channels are among the key trends forecast to drive growth in India’s life market, according to the Life Insurance in India report, Key Trends and Opportunities to 2018, which is available on the Insurance Intelligence Center.

MetLife reaches $440m pension buyout deal with TRW
17 December 2014 MetLife, a US-based life insurer, has inked a deal with TRW Automotive Holdings subsidiary TRW, to provide pension benefits to 7,045 retirees and current beneficiaries in its defined benefit plan, in a $440m deal.

Clifford Jack to leave Jackson National Life Insurance Company
17 December 2014 US-based Jackson National Life Insurance Company (Jackson) has announced the impending departure of Clifford Jack as executive vice president and head of retail at the end of the year to pursue other opportunities.

MetLife inks $440m pension buyout deal with TRW
17 December 2014 MetLife has entered into an agreement with TRW, a subsidiary of TRW Automotive, for MetLife to provide pension benefits to 7,045 retirees and current beneficiaries in TRW’s defined benefit plan in a $440m transaction.

LV= to run income protection seminars in the UK for advisers
16 December 2014 LV= is hosting nine income protection seminars in the UK for advisers who want to look at how they can boost their income protection sales.

UK’s FCA accepts Davis inquiry criticism
16 December 2014 An inquiry into the Financial Conduct Authority's (FCA) handling of a life insurance review found that an advance press briefing given to the Telegraph was, while well intentioned, high risk and inadequately controlled.

AIG launches new variable universal life insurance policy
16 December 2014 American International Group (AIG) has released its latest variable universal life insurance plan known as AG Platinum Choice VUL.

Delta Lloyd to sell Delta Lloyd Bank Belgium to Anbang Insurance
16 December 2014 Delta Lloyd Group has reached an agreement to sell Delta Lloyd Bank Belgium to Chinese insurance company Anbang Insurance Group for €219m.

Standard Life considers increasing stake in HDFC Life before IPO
15 December 2014 British insurer Standard Life is reportedly gearing up to increase its shareholding in Indian insurance joint venture (JV) HDFC Standard Life Insurance to 33% from current 26% ahead of planned IPO of the venture.

Davis Inquiry critical of FCA
15 December 2014 An inquiry into the Financial Conduct Authority’s (FCA) bungled handling of its life insurance review found that an advance press briefing given to the Telegraph was, while well intentioned, high risk and inadequately controlled. Additionally, the reaction by the FCA to the events that followed was “seriously inadequate and fell short of the standards expected of those it regulates,” according the review conducted by Simon Davis, a solicitor...

Prudential outlines ambitious Asian expansion strategy
15 December 2014 Global insurance giant Prudential has outlined it ambitious Asian expansions strategy whereby the company aims to inflate its business '30 times bigger' from current footprint in the region.

Towers Watson launches new service to access the longevity reinsurance market
12 December 2014 US-based Towers Watson has rolled out a new service that allows pension schemes to gain direct access to the reinsurance market for hedging longevity risk for their defined benefit liabilities.

Alliant Insurance Services buys The Camps Group
12 December 2014 Alliant Insurance Services, a specialty insurance brokerage firm, has bought The Camps Group, a New-York-based integrated provider of employee benefits services, for an undisclosed sum.

Life insurers must turn to digital solutions to seize opportunities
12 December 2014 US life-annuity insurers that better understand technological advances, such as the shift to purchasing insurance online, are in a position to seize competitive opportunities, according to the 2015 EY US life-annuity insurance outlook.

Manulife Vietnam in bancassurance partnership with Mekong Housing Bank
11 December 2014 Manulife Vietnam has signed a three-year bancassurance partnership with Mekong Housing Bank (MHB).

SBI Life Insurance unveils child insurance plan
11 December 2014 India-based SBI Life Insurance has released a new non-linked participating child insurance plan, structured to ensure fulfilment of a child's educational aspirations, even in any unforeseen circumstance.

Now Health International appoints Patrick Meng for Beijing office
11 December 2014 International health insurance provider, Now Health International, has recruited Patrick Meng as director and general manager of Now Health’s newest branch in Beijing.