Life Insurance Roundup, May 12, 2016

70 is the new 60 for life insurance – The Economic Times

Recently, a 60-year-old doctor from Hyderabad bought a term plan worth Rs 1 crore for a term of 15-years, paid a single premium of Rs 8 lakh. If you know anything about life insurance coverage, this should surprise you. Ideally, a 60-something, nearing retirement has no reason to buy or extend his life coverage by 15 years. In fact, financial advisors usually plan your portfolio in such a way that by retirement your term covers usually end. 

Prosperity Life Insurance Group Assigned A- (Excellent) Financial Strength Rating from A.M. Best

“We are pleased to announce that A.M. Best has initiated its coverage of Prosperity Life Insurance Group, LLC (“Prosperity” or “Company”) by assigning a financial strength rating of A- (Excellent) and an issuer credit rating of “a-” to members of the Prosperity Life Insurance Group – SBLI USA Life Insurance Company, Shenandoah Life Insurance Company and S.USA Life Insurance Company.  The outlook assigned to the ratings is “stable”.  The A-/a- ratings are given to companies that have an excellent ability to meet their ongoing insurance and senior financial obligations.” 

An Option for Unwanted Life Insurance

According to a survey of more than 600 people conducted by Coventry Direct, 86.1 percent of life insurance policy owners do not know they have the choice to sell their unwanted policy instead of lapsing it for nothing or surrendering it for its cash value. Even a term policy with no cash value can be sold. 

German insurer Allianz to sell part of life insurance unit to Taiwan Life Insurance – DealStreetAsia

Allianz Taiwan Life Insurance Co, a subsidiary of German insurer Allianz SE, agreed to sell a traditional life insurance portfolio of Allianz Taiwan Life to Taiwan Life Insurance for an undisclosed amount.  

State life insurance: Conversion Act approved – The Express Tribune

The Senate Standing Committee on Commerce has approved the State Life Insurance Corporation (SLIC) Re-organization and Conversion Act, 2016. The Conversion Act was approved to encourage and promote growth in the insurance sector of the country. The meeting, which was chaired by Senator Siraj Muhammad Khan, discussed providing a legal basis for SLIC other than through the Life Insurance National Order. 

Aviva Life Insurance appoints C Shankar as IT chief of operations – Times of India

Aviva Life Insurance Company has appointed C Shankar as chief of operations, IT, and customer services officer. Shankar joins Aviva from Saudi Investment Bank, where he served as general manager, operations. 

NA passes ‘The State Life Insurance Corporation Re-organization and Conversion Bill, 2016’

These are “The Legal Practitioners and Bar Councils (Amendment) Bill, 2016”, “The Code of Civil Procedure (Amendment) Bill, 2016”, “The Islamabad High Court (Amendment) Bill, 2016” and “The Civil Courts (Amendment) Bill, 2016”. 

Canara HSBC Oriental Bank of Commerce Life Insurance reports 22% rise in net profit at Rs 126 crore for FY16 – The Economic Times

Canara,HSBC, Oriental Bank of CommerceBSE -0.77 %, Life Insurance Company reported Rs 126 crore net profit in 2015-16, a 22% rise over Rs 103 crore netted in the previous financial year. 

Allianz to offload part of Taiwan life insurance portfolio – Asia Asset Management – The Journal of Investments & Pensions

German insurance giant Allianz SE has announced that Allianz Taiwan Life Insurance Co Ltd (Allianz Taiwan Life) has reached an agreement to sell a traditional life insurance portfolio to Taiwan-headquartered Taiwan Life Insurance Co Ltd (Taiwan Life Insurance). 

Comcast pays $326M to founder’s widow

Comcast Corp. paid company founder Ralph J. Roberts’ widow $326 million this year to end its obligations under an executive perk awarded to Roberts in 1992, Comcast said in a regulatory filing in April. 


Leave a Reply

Fill in your details below or click an icon to log in: Logo

You are commenting using your account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )


Connecting to %s

This site uses Akismet to reduce spam. Learn how your comment data is processed.