Life Insurance Roundup, March 17, 2016

Haven Life Takes Life Insurance Online – Forbes

Haven Life, grew out of the poor experience that an expecting couple had when they went shopping for term life insurance.

Yaron Ben-Zvi, whose background includes early stage financial services startups and a social media metrics company, was less than impressed by the state of the life insurance business.

“Life insurance is the forgotten child in the fintech world,” he said. “We are the first place where you can buy a fully underwritten policy completely online. Customers can go to our Web site and in 20 minutes see how much they need, apply for a policy online, get a decision and start coverage right away.” 

China’s Anbang gets U.S. OK to buy American life insurance company Fidelity & Guaranty Life – CBS News

China’s Anbang Insurance Group has received approval from a U.S. committee for its nearly $1.6 billion purchase of life insurance company Fidelity & Guaranty Life.

This comes on the heels of an announcement two days ago that Anbang is part of a group offering $14 billion to buy the Starwood hotel chain.

A filing with the Securities and Exchange Commission Tuesday said that Fidelity & Guaranty Life, based in Des Moines, Iowa, has received notice from the Committee on Foreign Investment in the U.S. that there are no unresolved national security concerns with regards to its acquisition by Anbang. 

Ping An profit up 38% on life insurance, investment returns | Shanghai Daily

PING An Insurance Group yesterday reported a nearly 40 percent jump in net profit last year on stellar life insurance sales and investment returns.

Ping An, Asia’s second-largest insurance company by market value, said its net profit rose 38 percent to 54.2 billion yuan (US$8.3 billion) in 2015, the highest since 2003.

Strong life insurance sales and a surge of investment returns partly from the bullish Chinese stock market in the first half of last year helped drive up the profits.

The company reported that premiums for life insurance rose 20 percent to 299.8 billion yuan, and the gross investment returns jumped 80.1 percent to 114.75 billion yuan last year. 

AXA Green Crescent to focus on life insurance – Khaleej Times

AXA, one of the leading international insurers in the Gulf region, and Kanoo Group have announced a new life and savings and health venture to expand their presence in the region.

The two companies also announced the successful completion of Dh100 million bond conversion and investment transaction with – Green Crescent Insurance Company (GCIC). With this development, GCIC has been officially renamed as ‘AXA Green Crescent Insurance Company’, now part of AXA, and its capital is raised to Dh200 million. 

Life Insurance Code of Practice will be strengthened

The Financial Services Council has taken action to ensure consumer protections in life insurance will be significantly strengthened in light of recent industry issues.

At the annual FSC Life Insurance conference in Sydney, today (Wednesday) FSC CEO, Sally Loane announced that the Life Insurance Code of Practice, which is currently under development, would be made “even stronger”.

“We have added a Steering Group to our Code development process which will include consumer representatives, the Financial Rights Legal Centre and the Consumer Action Law Centre, as well as senior life insurance executives. 

Vitech Exhibits at the 2016 LIMRA Life Insurance Conference — NEW YORK, March 16, 2016 /PRNewswire/ —

Vitech, a leading provider of insurance administration software, will be exhibiting at the2016 LIMRA Life Insurance Conference, taking place April 4th through 6th in Las Vegas, Nevada. “We are excited to exhibit V3 at this prestigious conference,” said Frank Vitiello, Vitech’s President, “We look forward to showcasing V3 and the ways it empowers insurance organizations to streamline operations and adapt to changing market demands.”

The LIMRA Life Insurance Conference is an annual forum for companies involved in the development, operations, technology and administration of life insurance products to participate in and gain insight into the very latest in industry news, innovation, administration, regulation and technology. Executives and professionals come together to share forward-thinking ideas and strategies to successfully address short and long-term challenges in the life insurance marketplace. 

Moody’s changes outlook for Chinese life insurance industry to negative

Moody’s Investors Service has changed the outlook for the Chinese life insurance industry to negative, replacing the stable outlook assigned in September 2015, as developments since then have further imperiled insurers’ credit fundamentals.

Specifically, the outlook reflects our assessment that the overall creditworthiness of insurers will deteriorate in the next 12-18 months.

Moody’s conclusions were contained in its recently-released report, on Chinese life insurers, “Negative Outlook Reflects Weaker Macroeconomic Conditions”. The outlook revision occurs despite the strong headline results reported for all of 2015, and which are attributable to a favorable stock market in 1H 2015, which has since languished.

While our baseline scenario continues to assume real GDP growth at a 6%-plus pace in China, we now expect this to be achieved through significant policy stimulus, including monetary policy accommodation. 

Get More From Your Life Insurance Policy – Valley Morning Star : Money & Finance

If you or someone you care about is over 65, you may be able to get your hands on a lot more money than you realize, if you have a life insurance policy with a face amount of $100,000 or more.

That’s because many people can sell their insurance policy and get a cash payment through what is known as a life settlement. The buyer pays all future premiums and receives the death benefit when the policy matures.

This sort of transaction is not for everyone, but it may be an option for you if you meet qualifications such as: 

CommInsure scandal prompts internal reviews

Some of the life insurance industry’s biggest players have set up their own internal reviews following news of ASIC launching an investigation into CommInsure’s declined claims scandal.

ASIC’s investigation comes at the behest of Financial Services Minister Kelly O’Dwyer, who labelled the CommInsure stories jointly revealed by ABC and Fairfax Media as “deeply shocking”.

“I can confirm that ASIC is investigating, but we are unable to make any further comment at this time,” an ASIC spokesperson says. 

Axa Launches New Joint Venture Life Company In The Uae – International Adviser

French headquartered insurer Axa has today created a significant new presence in the UAE region after completing on its investment in Green Cresent Insurance. 


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