A Timetric briefing service

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Archive of industry news from the global life insurance industry

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August 2015

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FCA probes into Aviva's £5.6bn merger with Friends Life
31 August 2015 The UK Financial Conduct Authority (FCA) has initiated an investigation into disclosure of confidential information and abnormal share price rises prior to Aviva's £5.6bn merger with Friends Life was announced in December 2014.

A.M. Best: European (re) insurers well placed to withstand stock market volatility
28 August 2015 European (re)insurers are well positioned to withstand the current volatility in the stock markets, having made significant changes to their investment portfolios in recent years, according to A.M. Best.

Canada Life expends life insurance product line in UK
28 August 2015 Canada Life, a global insurance company, has extended its range of life insurance products in the UK.

Timetric executive briefing highlights trust issue for Malaysian insurers
27 August 2015 Senior insurance executives in Malaysia have told Life Insurance International that consumers’ mistrust of insurers in the country is a major challenge for the industry.

Exide Life Insurance unveils new unit linked life insurance plan
27 August 2015 Exide Life Insurance Company has rolled out its latest unit linked life insurance plan, designed to maximize wealth creation for the insured.

Vitality to be official partner for sportswomen of the year award
26 August 2015 Health and life insurer Vitality will be the official partner of The Sunday Times and Sky Sports sportswomen of the year awards.

Life reinsurer Beechwood Re names David Kaplon as CFO
26 August 2015 Life reinsurer Beechwood Re has appointed David Kaplon as chief financial officer of Beechwood's group of companies.

Nippon Life plans to purchase Mitsui Life to boost presence in home market
26 August 2015 Nippon Life Insurance, one of the largest life insurance companies in Japan, is reportedly engaged in discussion to acquire its smaller competitor Mitsui Life Insurance Co.

Tokio Marine gets FIPB approval to buy additional 13% stake in Indian life insurance JV
26 August 2015 Tokio Marine Holdings has received approval from the Foreign Investment Promotion Board (FIPB) to acquire 13 additional stake in its Indian life insurance joint venture (JV), Edelweiss Tokio Life Insurance, for about INR5.4bn ($81m).

Fitch: Solvency II capital appears strong for UK life insurers
24 August 2015 Major UK life insurers appear on track to report strong capital positions under Solvency II, despite a lack of detailed disclosure in their latest results, according to Fitch Ratings.

Reliance Life launches increasing income insurance plan
18 August 2015 Reliance Life Insurance Company (RLIC), an India-based insurer, has introduced a new policy, known as Reliance Increasing Income Insurance Plan.

Royal London awards five-year IT modernization contract to Fujitsu
13 August 2015 Royal London Group, one of the largest mutual insurers in the UK, has awarded a five-year contract to Japanese technology firm Fujitsu to modernize its IT infrastructure.

SBI confident to offload stakes in insurance JVs by year end
13 August 2015 State Bank of India (SBI), an India-based public sector lender, has expressed confidence to divest stakes in life and general insurance entities by the end of 2015.

Just Retirement and Partnership Assurance join forces
12 August 2015 The boards of Just Retirement and Partnership Assurance have agreed the terms of a recommended all-share merger to create JRP Group.

Liberty Life plans to expand in Africa
12 August 2015 Liberty Life has strengthened its acquisition war chest to ZAR1.3bn ($101.24m) as part of its ongoing strategy to expand in Africa.

Ageas, Muang Thai Life Assurance and Military Bank ink deal for life insurance JV in Vietnam
11 August 2015 Ageas, a global insurance group, and Muang Thai Life Assurance have signed an agreement with Military Commercial Joint Stock Bank (Military Bank) to form a life insurance joint venture (JV) in Vietnam.

Unum fills gap in the market with dental plan acquisition
10 August 2015 UK protection provider Unum has acquired National Dental Plan (NDP) – a provider of dental insurance through the workplace – from Capita in a deal worth £31.7m ($49.1m).

SBI Life Insurance launches Smart Humsafar Plan
10 August 2015 SBI Life Insurance, an India-based private insurer, has unveiled its latest offering, Smart Humsafar.

Sun Life may acquire more stake in Indian insurance JV
07 August 2015 Sun Life Financial, a Canadian insurance company, is reportedly considering acquiring more stake in its joint venture (JV) Birla Sun Life Insurance in India.

Aviva may divest 16% stake in Indian life insurance JV
07 August 2015 British insurer Aviva is reportedly considering divesting its 26% shareholding in the Indian insurance joint venture (JV) as it pulls back from markets where it has struggled to strengthen its business.

Timetric: Irish life insurance market set for boost from economic recovery
06 August 2015 Economic recovery, an aging population and regulatory reforms are expected to support the growth of Ireland’s life insurance market between 2013 and 2018, according a recent Timetric report available at the Insurance Intelligence Center (IIC).