All articles by Ronan Mccaughey
Ronan Mccaughey
Germany’s life market forecast to grow
Positive socio-demographic and economic fundamentals underpin the German life insurance sector and the market is expected to register compound annual growth of 1.6% from 2012-2016, according to a new report Life Insurance in Germany, key trends and opportunitiesto 2016 which is available at the Insurance Intelligence Center.
Future of Sun Life Financial’s UK unit questioned
Sun Life Financial reportedly plans to sell its British life insurance unit to avoid new capital requirements for European insurers under the Solvency II regulatory regime. Sky News reported the story and said Sun Life has hired Morgan Stanley to auction the business, which could fetch £1bn.
Abraaj Capital-backed Saham Finances targets Lebanese provider
Insurance holding company Saham Finances has agreed a deal with Bank Audi sal – Audi Saradar Group to acquire an 81% stake in Lebanons LIA Insurance sal In a statement, the parties said they have agreed to maintain and develop the existing cooperation between Bank Audi sal – Audi Saradar Group and LIA Insurance sal, in the field of bancassurance.
Accenture launches cloud-based software application for life insurance
The management consulting company has also unveiled a new actuarial calculation engine to help life and annuity insurers reduce the time to launch new products. Accenture said that among the features of its life Insurance platforms new business and underwriting component is an automated and configurable rules-based decision engine, which enables life and annuity insurers to rapidly and consistently analyse underwriting risk, reduce the need for manual intervention, and accelerate the new business application process.
Zurich’s Q1 profit dips by 19% YoY for global life
Zurich Insurance Groups (Zurich) global life business operating profit (BOP) fell by $69m to $293m in Q1 2012 or by 19% in US dollar terms compared to the same period in 2011.
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Tokio Marine acquires Delphi Financial for approx $2.7bn
Tokio Marine Holdings has completed its acquisition of Delphi Financial Group, a US life and property and casualty insurance group, in a deal costing approximately $2.7bn. As part of the financing for this acquisition, TMNF will receive a loan of $1.3bn, of which $780m will come from the Japan Bank for International Cooperation’s US dollar-denominated fund created in response to yen appreciation
Doubt over Aviva’s strategy in Malaysia
Aviva has reportedly put its Malaysian operations up for sale and is said to be is close to hiring a bank to help with the sale process
Innovation warning’ from senior IRDA figure
A senior figure at Indias insurance regulatory and development authority (IRDA) has said that life insurance product innovation is not necessarily the driver for winning long-term customer loyalty This was the personal view expressed by Devarakonda Ramesh, deputy director (Life) at the IRDA, in the May 2012 edition the IRDA Journal Ramesh said: Though it is a natural demand for innovation to meet the changing needs; an insurance product may only need steady, but incremental improvements.
Ageas UK’s protection arm sees 71% Y-o-Y rise
Life insurance provider Ageas UK said the total inflow of gross written premiums (GWP) rose to £15m in Q1 2012 compared to £8.8m in Q1 2011 a year-on-year rise of 71.2% The provider said the continued growth reflects the successful roll out of the companys protection proposition to an increasing number of IFAs and new affinity partnerships.
Jubilee Group appoints David O’Sullivan as head of life
Specialist Lloyds insurer Jubilee Group has appointed David O’Sullivan as head of life in a strategic move to grow its specialty life business OSullivan will join from Swiss Re where he is currently head of global life and health underwriting. He will focus on the long-term development of a specialty life business across both underwriting and distribution.