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Archive of industry news from the global life insurance industry

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October 2014

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Auto-enrolment in UK provides protection opportunity
30 October 2014 The ongoing introduction of workplace pensions auto-enrolment in the UK is triggering reviews of wider employee benefits, such as group income protection, according to research from MetLife Employee Benefits.

ALC Health to open new office in Gibraltar
30 October 2014 International health insurance provider, ALC Health, is in the process of opening a new office in Gibraltar and also plans future expansion in Hong Kong and the Middle East.

Life insurers in France urged to cut payout rates
29 October 2014 The head of the French central bank, Christian Noyer, has reportedly called on life insurers in France to cut the payout rates they offer policyholders in order to avoid getting squeezed as interest rates fall.

Engage Mutual focuses on quicker payouts for over 50s plans
28 October 2014 UK mutual, Engage Mutual, has launched an adviser campaign highlighting the speed it can make payouts on its over 50s life cover, releasing up to £5,000 ($8,056) before probate.

Great American unveils fixed-indexed annuity product with optional riders
28 October 2014 Global insurance player Great American Insurance Group (GAIG) has unveiled a new fixed-indexed annuity product, The American Custom 10, with three optional riders.

Manulife Singapore partners with RHB Bank in Singapore
27 October 2014 Manulife Singapore has entered into an exclusive partnership with RHB Bank in Singapore.

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...