Another life insurer for
India…
A first for Swiss
Life…
Life insurance goes online in
Japan…
CII launches ‘takaful’
programme…
Friends Provident lives another
day…

DEVELOPING MARKETS

Another life insurer for India

The life insurance unit of French financial services group Sociéte
Générale, Sogecap, and Indian non-bank Financial services group
Indiabulls Financial Services have formalised an agreement to
jointly establish a life insurance company in India. The insurer in
which Indiabulls will have a 74 percent stake and Sogecap 26
percent will have an initial capital of €50 million ($78
million). 

COMPANIES

A first for Swiss Life

Swiss Life, Switzerland’s largest life insurer, has opened an
office in Singapore from which to market what it terms are wealth
management-orientated life insurance products. The new venture
marks the first time in Swiss Life’s 151-year history that it has
obtained an insurance licence outside of Europe.

DISTRIBUTION

Life insurance goes online in Japan

Japan’s first life insurer focused on the internet marketing
channel, SBI Axa Life Insurance (SALI), was launched in April
following receipt of a license from Japan’s Financial Services
Agency. SALI is a joint venture between French insurer Axa’s
Japanese unit, Japanese financial services Company SBI Holdings and
Japanese telecommunications company Softbank that own stakes of 55
percent, 40 percent and 5 percent, respectively.

TAKAFUL

CII launches ‘takaful’ programme

UK industry body the Chartered Insurance Institute (CII) is
offering the Bahrain Institute of Banking and Finance’s takaful
insurance programme in the UK. The programme covers all aspects of
Sharia law-compliant takaful life and general insurance including
surplus and loss distribution and accounting standards. On
completion of the programme successful examinees will receive an
internationally recognised certificate.

MERGERS AND ACQUISITIONS

Friends Provident lives another day

US private equity firm JC Flowers has withdrawn its £3.5 billion
($& billion) offer to acquire UK insurer Friends provident. The
move follows the UK Takeover Panel’s Instruction to JC Flowers to
either announce its intention to make a firm offer or announce that
it does not intend to do so by 30 April. The panel’ ruling was in
response to a request from the insurer. Under UK rules JC Flowers
cannot make another offer for at least six months.