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Asia Pacific
AMP splits in two
AMP’s share price suffered last week at the hands of a restructuring plan that will see it spin-off its British life insurance and investment management businesses in a bid to protect its Australian assets from further..
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09 May 2003
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713 - 09 May 2003
Europe
New Holocaust names
The International Commission on Holocaust Era Insurance Claims (ICHEIC) has extended the deadline for unpaid claims from policyholders of life insurance policies held before World War II to 30 September 2003. A batch of new..
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09 May 2003
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713 - 09 May 2003
North America
Prudential completes Skandia deal
Life insurer Prudential Financial has completed the acquisition of the US business of Skandia Insurance Company. Prudential paid US$1.2bn for American Skandia, the largest distributor of variable annuities through..
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09 May 2003
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713 - 09 May 2003
Converium Group
Despite the tough challenges of deterioration on prior years’ business, newly independent reinsurer returns to profitability
Swiss reinsurance group Converium (formerly Zurich Re) returned to profitability in 2002, its first full year as an..
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09 May 2003
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713 - 09 May 2003
Allianz Group
2002 property/casualty pre-tax profits were up by 216%, but the 31% decline in the group’s capital base remains a concern
German insurance giant Allianz had a bad year in 2002, posting a pre-tax loss of €1.2bn (US$1.3bn) compared with..
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09 May 2003
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713 - 09 May 2003
Bermudian market boosted by profitable start to 2003
First quarter results are boding well for listed Bermudian reinsurers, and also for the newer companies seeking a listing in the not-too distant future
The major players in the Bermudian market have recorded double-digit growth in share value over..
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09 May 2003
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713 - 09 May 2003
Allianz sells out to local insurance group
After a $5.4mn loss in 2002, the German group is exiting the Chilean life market
As expected, AGF Allianz’s Chilean life subsidiary, AGF Allianz Vida, whose sale was announced last January, was finally bought at the end of April by the local..
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09 May 2003
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713 - 09 May 2003
IRB privatisation back on the agenda
Law that prevents privatisation still in force, but authorities keen to address issue
Lidio Duarte, the new president of IRB-Brasil Re, confirmed that the long delayed privatisation of the state reinsurer is once again under discussion in..
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09 May 2003
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713 - 09 May 2003
Plans to revive re pool
Public sector companies are in intense negotiation with private companies
Indian insurance companies are being forced to revive a reinsurance pooling arrangement dumped more than a year ago. Companies are facing difficulties in finalising their..
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09 May 2003
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713 - 09 May 2003
Groupama loss
The group has tough profitability targets to meet if it wants to go public
The French mutual insurer Groupama has produced its first loss, €154mn (US$169.4mn) for last year. Provisions of €687mn against various stock market losses..
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09 May 2003
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713 - 09 May 2003
Mondial expands
Allianz unit may move into health sector to stem fall in core business
Allianz subsidiary Mondial Assistance is planning to diversify into healthcare insurance. While announcing a net profit of €17.1mn (US$18.8mn) for last year, company..
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09 May 2003
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713 - 09 May 2003
French insurers lead IAS protest against EU
Companies are up in arms about transitional accounting rules
European Union proposals to introduce International Accounting Standards (IAS) from 2005 have upset French insurers. Protests were led by Claude Bebear, chairman of the supervisory board..
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09 May 2003
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713 - 09 May 2003
Generali settles down to focus on profit
Shareholders bury differences at AGM but regulators to keep close watch
Generali forecast a consolidated net profit of €1.5bn (US$1.65bn) by 2005 at its recent AGM. The company also promised internal and external growth – though..
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09 May 2003
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713 - 09 May 2003
Falling airline passenger numbers bound to affect premium income
Two former chairmen of the AIOA talk about current market conditions and other challenges facing aviation insurers
Despite the dramatic increase in their premium income last year, there has been precious little comfort for aviation insurers.
Barely..
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09 May 2003
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713 - 09 May 2003
Clear blue sky and sunshine for reinsurers
There has never been a better time to be in the business than right now
Reinsurers’ quarterly results that have been unveiled so far show impressive growth in top lines and, in most cases, bottom lines as well. Almost everyone is confident..
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09 May 2003
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713 - 09 May 2003
Adapt or lose out in Middle East reconstruction bonanza
There are plenty of trade finance opportunities in a post-Saddam Hussein Iraq, but the ground rules have changed
There are going to be a lot of new project finance deals in the Middle East region over the next several years, providing unprecedented..
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09 May 2003
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713 - 09 May 2003
Caribbean
Guardian closes ING deal
Guardian Holdings, based in Trinidad and Tobago, has secured the acquisition of Fatum, an insurance business of ING Group based in the Netherlands Antilles and Aruba. Guardian paid €45mn (US$51mn) for Fatum, which..
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09 May 2003
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713 - 09 May 2003
15–28 APRIL 2003
Late reports
11.4,
Tricolor,
salvage
English Channel: a deal has been signed to remove the sunken vehicle carrier Tricolor
which has been stranded in the English Channel since December. Wilhelmsen, the Norwegian owners of the stricken vessel..
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09 May 2003
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713 - 09 May 2003
Green light for higher commissions
The Argentine Pension Funds Superintendency (SAFJP) has authorized the four largest pension fund managers (AFJPs) which control 70% of the market to increase the commissions they charge their members.
The four are Siembra, Origenes, Maxima and..
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09 May 2003
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713 - 09 May 2003
Pesificacion will not apply to dollar-based life and retirement policies
‘Pesificacion’ is the popular designation of the compulsory conversion of all financial transactions into pesos at a pre-set rate of exchange.
This process was introduced in Argentina in early 2002 shortly after the country defaulted on..
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09 May 2003
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713 - 09 May 2003
Brokers upset over IRDA ruling
Recently licensed broking firms are being excluded from tariffed business
The notification issued last month by the Indian Insurance Regulatory and Development Authority (IRDA) which closed all public sector business to brokers and re-fixed the..
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09 May 2003
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713 - 09 May 2003
Change in insurance accounting standards
The number of companies will contract with new solvency requirements
Ukraine will enlist the help of international organisations when it switches the country’s insurance companies to International Accounting Standards, Viktor Suslov, chairman..
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09 May 2003
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713 - 09 May 2003
Private asset managers get ready to take charge of non-state pension funds
Officials have a mountain to climb in introducing a fully-funded pension system
Russia is undergoing the critical first stage of introducing a fully-funded pension system, according to the key government technocrat in charge of devising and..
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09 May 2003
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713 - 09 May 2003
26% increase in life income for OTP
Ability to leverage bancassurance opportunities increases business flow
OTP-Garancia, Hungary’s fifth largest insurer, owned by the country’s largest retail financial institution OTP Bank, is targeting growth through plans to use its..
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09 May 2003
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713 - 09 May 2003
Understanding and interacting
Much of what is needed to improve customer understanding already exists in most insurance organisations. Unfortunately, those same organisations are letting it slip through their fingers every day.
Dr Chris Todman
of Kognito Knowledge Solutions..
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09 May 2003
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713 - 09 May 2003