All articles by LII editorial
LII editorial
Aviva USA offers health incentive
Aviva USA offers health incentive Stay healthy and get the benefit of lower life insurance premiums this is the essence of Aviva USAs Wellness for Life Program, launched in conjunction with US medical services company Mayo Clinics Mayo Clinic Health Solutions
Shin Kong Financial scrambles for capital
Dai-ichi Mutual Life, Japans second-largest life insurer has come to the assistance of Taiwanese financial services group Shin Kong Financial Holding (SKFH), the parent company of Shin Kong Life Insurance (SKL), which is currently in the throws of bolstering its capital base depleted by investment-related losses sustained by SKL. Assistance comes by way of a private placement in which Dai-ichi will acquire SKFH ordinary shares and SKL preference shares for a total consideration of NT$8 billion ($240 million).
A dark day for former AIG and General Re executives
The spectre of lengthy prison terms hangs over the heads of four former senior executives of reinsurer General Re (Gen Re) and one former senior executive of American Insurance Group (AIG) This unpleasant prospect follows their conviction on 28 February by a federal jury on 16 counts of conspiracy, securities fraud, false statements to the US Securities and Exchange Commission (SEC) and mail fraud Those convicted are Ronald Ferguson, Gen Res CEO from 1987 to 2001; Elizabeth Monrad, Gen Res chief financial officer from 2000 to 2003; Robert Graham, Gen Res senior vice-president and assistant general counsel from 1986 to 2005; Christopher Garand, Gen Re senior vice-president and the head and chief underwriter from 1994 to 2005; and Christian Milton, AIGs vice-president of reinsurance from 1982 to 2005.
OECD slams slack corporate governance
Poor corporate governance in the financial services industry has let the world down, believes the Organisation for Economic Co-operation and Development (OECD) Supporting its view the international body, which represents 30 of the worlds largest economies, has launched a campaign aimed at raising corporate governance standards and performance in an effort to restore shattered investor confidence. Rebuilding investor confidence will be vital to helping the economy get back on track, stressed the OECDs Secretary-General Angel Gurra at the launch of the campaign in late September.
AEGON increases an already ambitious 2010 growth target
AEGON increases an already ambitious 2010 growth target When Netherlands insurer AEGON set itself a target of increasing the value of new business (VNB) by 2010 to 1.1 billion ($1.6 billion), double the 550 million achieved in 2005, it appeared ambitious, even by AEGONs own admission
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MetLife thinks big in mortgages
In a deal that will expand its involvement in the US residential property market significantly, MetLife is to acquire the residential mortgage origination and servicing business of First Tennessee Bank National Association (FTBNA), a subsidiary of bank holding company First Horizon National Corporation The FTBNA deal follows the US insurers announcement in April this year that it was to acquire the reverse mortgage unit of EverBank Financial Both acquisitions are to be housed in Metlifes wholly-owned unit MetLife Bank.
Health insurance premiums rise relentlessly
Health insurance premiums rise relentlessly The rise in US health insurance premiums has slowed to 7.2 percent (after any plan adjustments) in 2007 from 8.6 percent in 2006 but still remains significantly above the general rise in the cost of living, reveals the United Benefit Advisors (UBA) Annual Benchmark Survey.
Long-awaited UK equity release boom predicted
Significant growth in the UKs equity release market is inevitable, predicts industry body Safe Home Income Plans (SHIP) The reality is that declining levels of private pension provision and meagre state pension benefits will drive more people in this country to explore alternative ways to top up their income in later life, said SHIPs director general, Andrea Rozario Some will work longer, but a very large number are already planning to use the value in their property, she stressed
Disintegration of an industry giant
It took 18 years to build Fortis into a bancassurance giant which ranked as the worlds 20th largest company by revenue in 2007 Fortis glory ended abruptly in late September when three governments were forced to cobble together a rescue package that has left it a shadow of its former self. In what was to prove to be a sign of the turbulent times Fortis issued a reassuring statement on 26 September in which it stressed: Above all we underline the solid position of the bank. Less than two weeks later, the once mighty European bancassurer found itself decimated with the spoils divided up between French bank BNP Paribas and the, no-doubt reluctant, governments of the Netherlands and Belgium.
AXA Equitable triumphs in US VA market
In 2007, which it justifiably claims as having been a stellar year for it, AXA Equitable Life (AEL), a US unit of French insurer AXA, leapfrogged its competitors to move from third into first position in the US variable annuity market AEL ended 2007 with total net variable annuity (VA) sales of $15.5 billion, up 20.2 percent compared with 2006 and well ahead of a 15 percent increase in total VA sales to $184.2 billion reported by insurance industry association LIMRA International To put this achievement and our momentum in perspective, the companys $15.5 billion in variable annuity sales in 2007 was three times what it was in 2001, representing a 20 percent compounded annual growth rate over six years, said James Shepherdson, executive vice president of AEL and president of AXA Distributors, AELs wholesale distribution unit