life insurance: June 2013

Thursday, June 27, 2013

New York Life in talks with Yuanta Financial over Taiwan unit sale

New York Life in talks with Yuanta Financial over Taiwan unit sale - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
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New York Life, a US insurer, is reportedly in talks with Yuanta Financial over the sale of its Taiwan unit, according to sources close to the deal.

People familiar with the matter were quoted by Reuters as saying that the deal, which is also subject to regulatory approval from Taiwan authorities, was still in negotiations stage and a final decision is due to be reached.

"Their strategy is to exit Taiwan as soon as possible. They don't really care about how much money they will get," one of the sources said.

"We just talked to them this month. They said they are negotiating with one potential buyer."

An application related to the transaction is expected to be submitted by Yuanta to the concerned authorities.

The US insurer was earlier negotiating with Taishin Financial to sell its Taiwan unit in a T$100m ($3.3m) deal, which was rejected by Taiwan regulators last month.

Recently, several global players such as ING and American Insurance Group had exited the Taiwan market, partly due to low interest rates structure in the country and to focus on their domestic markets.

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Wednesday, June 26, 2013

AIG and PICC Life to establish agency distribution company in China

AIG and PICC Life to establish agency distribution company in China - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk Intermediaries
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American International Group (AIG) and People’s Insurance Company (Group) of China (PICC) and PICC Life Insurance have signed a joint venture (JV) agreement to set up an agency distribution company in China.

The US insurer invested $500m in PICC in December 2012, and as part of this investment, PICC Life and AIG have agreed to form the JV agency distribution company.

AIG and PICC Life will own 24.9% and 75.1% stake, respectively of the proposed distribution company, and board seats as well as management assignments will be determined based on shareholdings.

Commenting on the agreement, AIG president and CEO Robert H Benmosche said that the JV will offer life insurance and other financial products for Chinese consumers to enhance and protect their overall quality of life.

"This partnership builds on the longstanding relationship and history of cooperation between PICC and AIG to develop strategic business expansion opportunities," Benmosche added.

Both companies have agreed to start the operation of the JV by the first quarter of 2014, which is subject to concerned regulatory approvals.

Besides offering the existing PICC life products, PICC Property & Casualty (P&C) insurance products, AIG P&C products, the JV will distribute insurance products, including life and retirement insurance products that will be jointly developed by both firms.

Established in 1949, PICC operates as an insurance holding company and manages several subsidiary companies in China.

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Zurich Insurance Q1 2013 profit down by 7%

Zurich Insurance Q1 2013 profit down by 7% - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
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Switzerland’s multi-line insurance provider Zurich Insurance Group has reported a business operating profit (BOP) of $1.4bn and net income attributable to shareholders (NIAS) of $1.1bn for the three months ended on 31 March 2013.

General Insurance segment's BOP decreased by $51m or 6% to $807m, while gross written premiums and policy fees increased by $216m or 2% to $10.7bn.

Global Life BOP increased by $18m or 6% to $308m, while gross written premiums and policy fees increased by $295m or 9% to $3.7bn, primarily driven by increased volumes of protection business.

Farmers posted increase in BOP of $51m to $420m, reflecting an improved underwriting result in the reinsurance operation and a slightly reduced contribution from the management services company.

The group preserved a strong capital position with shareholders' equity increasing to $34.8bn.

Net investment result on group investments, which includes investment income, realized gains and losses and impairments, contributed $1.7bn to the group's total revenues for the first quarter, a net return of 0.8% that is not annualized.

Employing about 60,000 people serving customers in more than 170 countries, Zurich Insurance offers several general insurance and life insurance products and services for individuals, small businesses, mid-sized and large companies as well as multinational corporations.

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Tuesday, June 25, 2013

Berkshire Hathaway may acquire Unipol insurance assets

Berkshire Hathaway may acquire Unipol insurance assets - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
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Warren Buffett's Berkshire Hathaway is likely to purchase the assets of Italian insurer Unipol, which are being disposed of as part of a merger with Fondiaria-SAI.

Il Sole 24 Ore business news paper was cited by Reuters as reporting that Berkshire may go for commercial assets of Milano Assicurazioni, a unit managed by Fondiaria.

Financial terms of the transaction have not been revealed and further details of the deal are awaited.

The Italian Competition Authority (Autorità Garante della Concorrenza e del Mercato) has forced Unipol to offload its portfolio assets at a premium of nearly €1.7bn ($2.2bn) as part of the merger with the Fondiaria-SAI group.

Expected to conclude by the end of this year, the integration of Fondiaria-SAI group and Unipol may result in establishing one of the second largest insurer in Italy.

In addition to Berkshire Hathaway, financial organizations, including Allianz, Axa, Aviva and Zurich insurance, are seeking to acquire the assets.

It is expected that the proposed suitors will submit their non-binding offers for the Unipol assets by next week.

Latest News ORIX to acquire 25.7% stake in MEDGULF Life Insurance & Pensions > News Generali to sell 49% stakes in Mexican insurance businesses to Banorte Life Insurance & Pensions > News Foresters deploys MajescoMastek’s systems Life Insurance & Pensions > News Sanlam mulls to acquire Zurich’s 40% stake in MCIS Life Insurance & Pensions > News Berkshire Hathaway may acquire Unipol insurance assets Life Insurance & Pensions > News Related News Related Sectors
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MetLife eliminates 2,500 advisers to save operational costs

MetLife eliminates 2,500 advisers to save operational costs - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
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New York-based insurer MetLife has eliminated the jobs of 2,500 advisers, representing a third of total, in a bid to save operational cost and make the company more productive.

Other reasons of the job cuts as dictated by the company include reduced sales of variable annuity products and seeking other markets for business growth.

MetLife US retail business head Eric Steigerwalt was quoted by Bloomberg as saying that the company currently has 5,000 advisers, which was 7,500 in February of 2012 and its number of agencies has also decreased to 60 from 85.

"We're not financing advisers who, frankly, were never going to make it in this business," Steigerwalt said.

"Our productivity is way up and we're saving a lot of money."

The insurer said that its US operations will contribute 60% in cost savings out of a total target of $600m, and the same will be invested in business development in emerging markets, including Chile and Turkey.

The firm, compelled by the declining rate of interest, has decided to sell only $11bn of variable annuity products in 2013, compared to $28.4bn in 2011.

In a bid to reduce dependency on agencies for the distribution of insurance products, the US life insurer has employed alternative distribution methods, inducing website promoted sales as well as through Wal-Mart Stores.

Additionally, approximately 2,600 employees are being relocated by the insurer to North Carolina, including 1,300 in Steigerwalt's US retail unit.

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Monday, June 24, 2013

Dai-ichi likely to buy stake in Panin Life

Dai-ichi likely to buy stake in Panin Life - Insurance Business Review Jump to page content Accessibility Log in or Register for enhanced features|Forgotten Password? White Papers | Suppliers | Events | Report Store | Companies |Dining Club General Insurance Commercial Lines Personal Lines Claims Insurer Life Insurance & Pensions Intermediaries Brokerage Underwriting London Lloyds Reinsurance Technology Technology in Insurance Outsourcing Regulatory & Risk
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Japan-based Dai-ichi Life Insurance Company (DLI) has reportedly agreed to purchase a 40% stake in Indonesian life insurance company, Panin Life, a source familiar with the deal has revealed.

The unidentified source was quoted by Reuters as saying that the cost of acquisition is expected to be around JPY30bn ($295m) and the deal is likely to be announced at a later date after regulatory and other related issues are sorted out.

Dai-ichi has also reportedly negotiated purchase of minority stake in life insurance unit of PT Panin Financial, sometime ago.

Meanwhile, a company spokesman has refused to comment on the transaction.

Apart from bidding for ING Groep NV's insurance operations in Southeast Asia in 2012, Dai-ichi has also submitted bid for a controlling stake in the life insurance unit of Malaysian lender, AMMB Holdings, the news agency reported earlier this month.

A business unit of Panin Group, Panin Life provides a range of life insurance protection and investment programs, including sharia products, to address every individual and corporate requirements.

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