life insurance: August 2013

Saturday, August 31, 2013

Allianz Life launches two enhanced index allocations

Allianz Life launches two enhanced index allocations - 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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Allianz Life Insurance Company of North America (Allianz Life) has launched two enhanced index allocations, namely Barclays US Dynamic Balance Index, and Russell 2000 Index.

The allocations, which offer additional choices for retirement accumulation, will be available through the Allianz Preferred platform.

Allianz Life senior vice president of sales Eric Thomes said the company's product innovation efforts are making a positive impact on the accumulation potential of Allianz Preferred products.

"Adding these index allocations continue to give our products transparency so customers can track how their retirement accumulates," added Thomes.

Barclays US Dynamic Balance Index offers an uncapped strategy with an annual spread and attempts to provide balance by shifting weight daily between the S&P 500 Index and the Barclays Capital US Aggregate Bond Index based on realized market volatility.

By measuring the performance of small-cap firms, the Russell 2000 Index allocation seeks to help meet the needs of customers looking to diversify their accumulation strategy.

Latest News Sun Life Financial forays into Malaysian insurance market Life Insurance & Pensions > News Lloyds sells German insurance arm to Cinven, Hannover Re Life Insurance & Pensions > News Israeli financial regulator takes control of Clal Insurance from IDB Life Insurance & Pensions > News US insurance regulators ink Death Master settlement with ING Life Insurance & Pensions > News Lloyds Banking Group plans to offload German insurance operation Life Insurance & Pensions > News Related News Related Sectors
Life Insurance & Pensions

Related Dates
2013> August

Related Industries
Financial Services> Insurance> Life Insurance
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Friday, August 30, 2013

Lincoln Financial debuts survivorship variable universal life policy

Lincoln Financial debuts survivorship variable universal life policy - 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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Insurer Lincoln Financial Group (LNC) has unveiled next generation survivorship variable universal life insurance product, SVULone (2013), which provides a guaranteed lifetime death benefit, while enabling to pursue market-driven growth potential to fulfill future liquidity needs.

Lincoln Financial life solutions senior vice president Michael Burns said, "Lincoln focuses on continually providing a diverse mix of solutions to help advisors meet their clients' specific needs, and keep financial plans on track in any market environment."

The new SVULone boosts the position of advisors working with clients insuring two individuals, offering financial flexibility, and meeting a variety of financial planning needs ranging from estate tax funding to wealth transfer.

Insuring two individuals in a single policy, the new product provides a competitive pricing structure, which is ideal for numerous premium circumstances, including those in which premiums are paid in three years or less.

Following the death of the second individual, the policy gives an income tax-free guaranteed death benefit, in spite of market conditions or investment options selected.

The policyholder can select to stop paying premium early, expand the guarantee duration, and/or access their excess policy cash value growth for income if the policy's cash value touches a pre-determined threshold.

As of 30 June 2013, the companies of LNC had assets under management of $189bn and offer annuities; life, group life, disability and dental insurance; employer-sponsored retirement plans; savings plans; and comprehensive financial planning and advisory services.

Latest News Sun Life Financial forays into Malaysian insurance market Life Insurance & Pensions > News Lloyds sells German insurance arm to Cinven, Hannover Re Life Insurance & Pensions > News Israeli financial regulator takes control of Clal Insurance from IDB Life Insurance & Pensions > News US insurance regulators ink Death Master settlement with ING Life Insurance & Pensions > News Lloyds Banking Group plans to offload German insurance operation Life Insurance & Pensions > News Related News Related Sectors
Life Insurance & Pensions
General Insurance> Personal Lines

Related Dates
2013> August

Related Industries
Financial Services> Insurance> Accident & Healthcare
Financial Services> Insurance> Life Insurance
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General Insurance Commercial Lines Personal Lines Claims Insurer
Life Insurance & Pensions
Intermediaries Brokerage Underwriting London Lloyds
Reinsurance
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Life Insurance & Pensions Intelligence Latest White Papers Latest Research Buy the latest industry research online today! China Bank & Insurance Directory 2013
API research into China's Banks and Finance Companies Buy online from $300

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Delaware Life receives approval to acquire Sun Life's US annuity unit

Delaware Life receives approval to acquire Sun Life's US annuity unit - 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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The New York Department of Financial Services (NYDFS) has approved the purchase of Sun Life Financial’s US annuity business by Delaware Life Holdings.

Delaware Life Holdings is owned by shareholders of Guggenheim Partners, a diversified financial services firm.

A spokesperson of Delaware Life said that the financial regulator has approved the transaction.

"We have cooperated with the department as they carried out their regulatory duties to review our application, had a good experience working with them, and look forward to working with the agency in the future in the same constructive fashion as we have in the past," the spokesperson added.

The transaction is likely to complete on 2 August 2013.

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Thursday, August 29, 2013

Lloyds Banking Group plans to offload German insurance operation

Lloyds Banking Group plans to offload German insurance operation - 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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Lloyds Banking Group, a 40% government-owned UK lender, is mulling to divest its German insurance business Heidelberger Leben to Frankfurt-listed insurer Hannover Re, in a transaction valued at approximately €400m ($533m).

As part of the plan to streamline operations, the banking group is selling its various businesses worldwide to shore up capital as well as refocus on the UK retail banking market.

Negotiations over the deal are currently ongoing, and an announcement pertaining to the proposed transaction is likely to be made this week, media sources reported.

Post-sale, the UK lender, which received a bailout package of $31bn during the financial crisis of 2008, will continue to offer life insurance to German customers through its Clerical Medical brand.

Many insurers as well as private equity companies, including JC Flowers and Wilbur Ross have expressed their interest to acquire Heidelberger Leben, which caters life insurance services to its customers.

In 2005, the insurer that offers services to nearly 300,000 clients was acquired by Halifax Bank of Scotland, a wholly owned subsidiary of the Lloyds Banking Group, which was merged during the global financial crisis.

It is also considering disposing of an assortment of US residential mortgage-backed securities (RMBS) to various organizations, in a cash transaction valued at nearly £3.3bn.

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IID approves Athene’s acquisition of Aviva USA

IID approves Athene’s acquisition of Aviva USA - 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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Regulatory authority Iowa Insurance Division (IID) has approved Athene Holding’s acquisition of Aviva USA and its subsidiaries, including Iowa-domiciled Aviva Life and Annuity.

Athene Holding CEO Jim Belardi said that the approval is a transformative event for the company.

"We intend to continue our close working relationship with the IID as we complete this acquisition and integrate the two companies," Belardi added.

The $1.55bn acquisition, which is expected to be completed in the fourth quarter of 2013, was first revealed in December 2012.

Athene Holding, which is owned by several large institutional investors, is a provider of products in the retirement savings market. As at 30 June 2012, the company had assets of $14.8bn and shareholder's equity of $1.9bn.

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Wednesday, August 28, 2013

Lloyds sells German insurance arm to Cinven, Hannover Re

Lloyds sells German insurance arm to Cinven, Hannover Re - 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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Lloyds Banking Group has reached an agreement to divest its German life insurance business Heidelberger Lebensversicherung to a joint venture company owned by Cinven Partners and Hannover Ruck, in a cash transaction valued at €300m.

Based on the terms of the deal, funds advised by Cinven will purchase nearly 80% shares of Lloyds' Germany insurance operation, while remaining 20% stake will be owned by the reinsurer Hannover Re.

The sale of assets by the 39% UK government owned lender is part of its strategy to curtail global exposure, boost capital and return the state aid.

As at 31 December 2012, Heidelberger Leben managed a portfolio of approximately 600,000 policies, primarily unit-linked, and had €5.2bn assets.

The banking group is likely to sustain a loss of £330m on the proposed transaction, however together with disposal of assets, the proceeds will increase the group's common equity tier 1 capital by around £400m.

Concurrently, the British financial conglomerate has also inked an agreement to dispose of portfolio of leveraged loans to ELQ Investors II Limited, a wholly owned subsidiary of Goldman Sachs for a deal valued at £254m.

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