A Timetric briefing service

News Archive

Archive of industry news from the global life insurance industry

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April 2014

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Crown Global enters into new reinsurance treaty
17 April 2014 Crown Global Insurance has signed a new reinsurance treaty with a major reinsurance company, under which Crown Global will receive up to $40m of additional reinsurance capacity per insured life.

Aviva to restructure life JVs in Italy
17 April 2014 Aviva has signed agreements with UBI Banca and UniCredit to restructure its life joint ventures in Italy.

Belarus allows voluntary life insurance agreements with foreign-owned firms
16 April 2014 Belarus has reportedly amended legislation regulating insurance industry to allow insurance firms regardless of their ownership to sign voluntary life insurance agreements with the country’s citizens.

Aviva to offload 47% stake in South Korean Woori Aviva Life
15 April 2014 UK-based Aviva has reached an agreement to divest its total 47% shareholding in its South Korean business Woori Aviva Life Insurance (WALI) to NongHyup Financial Group (NHFG), for an undisclosed sum.

Insurance broker unveils new life insurance enrollment platform
15 April 2014 Employee benefit broker and Voluntary Benefits of America founder Tom Smith has unveiled a new EnrollForLife platform to provide life insurance through age 100+ and solve the long term care difficulty.

IRDA fines Reliance Life Insurance over violation of norms
14 April 2014 The Insurance Regulatory and Development Authority (IRDA) in India has slapped a series of penalties of INR17.7m ($292,311) on Reliance Life Insurance for breach of sectoral rules.

IGI Insurance acquires controlling stake in ALICO Pakistan
11 April 2014 Pakistan-based general insurance firm IGI Insurance has purchased a controlling stake in American Life Insurance (Pakistan).

Guardian agrees to purchase Premier Access Insurance
10 April 2014 The Guardian Life Insurance Company of America (Guardian) has agreed to purchase Premier Access Insurance Company, for an undisclosed sum.

MetLife unveils voluntary retiree life insurance policy
09 April 2014 MetLife has unveiled its newest voluntary retiree life insurance, designed to offer a retiree-paid life insurance solution for employees who are entering retirement and throughout their retirement years.

NBC unveils two new insurance products
08 April 2014 The National Bank of Commerce (NBC) has unveiled two new insurance products, Credit Life Assurance and Loan Insurance.

Accenture upgrades ALIP platform for insurers
07 April 2014 Accenture has unveiled enhanced version of Accenture Life Insurance Platform (ALIP), a life insurance and annuity software suite.

Great-West Financial to acquire JPMorgan Retirement Plan Services
04 April 2014 Great-West Financial, a US life insurance company, has signed an agreement to acquire the JPMorgan Retirement Plan Services, to boost its presence in the country's defined contribution market.

LV= offers new one-year fixed term annuity
04 April 2014 Liverpool Victoria (LV=) has expanded its retirement income offerings with a one-year fixed term annuity.

MIB’s Policy Locator rolls out new online form
03 April 2014 MIB has launched a new online order form that will make it easier for consumers to search its Policy Locator Service, a comprehensive resource for finding lost life insurance policies.

New York Life Insurance posts 11% rise in 2013 operating earnings
03 April 2014 New York Life Insurance Company has reported rise in its fiscal 2013 operating earnings by 11% to $1.76bn, compared to $1.58bn last year.

Resolution Life announces permanent capital structure for US market
02 April 2014 Resolution Life has created a permanent capital structure in line with its long-term commitment to the US market with the investment horizon of its institutional investors and the duration of underlying life insurance policies.

Allstate divests Lincoln Benefit Life for $796m
02 April 2014 The Allstate Corporation has completed sale of Lincoln Benefit Life Company to Resolution Life Holdings, for an estimated gross sale price of $796m.

AIG rolls out new Elite Index II life insurance product
01 April 2014 American International Group (AIG) has launched Elite Index II, a new cost-effective universal life insurance that provides clients with a greater opportunity for growth.

Empire Life launches new Annuity Settlement Option
01 April 2014 The Empire Life Insurance Company has introduced a new Annuity Settlement Option that provides customers with a customizable inheritance option.

March 2014

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FCA to probe into life policies of UK insurers
31 March 2014 The Financial Conduct Authority (FCA) is seeking to probe the selling of 30 million financial policies between the 1970s and 2000.

Chesnara reports rise in 2013 profit
28 March 2014 Life and health insurer Chesnara has reported a rise in fiscal 2013 pre-tax profit, on IFRS basis, by 208% to £60.6m, compared to £19.7m last year.