NEW YORK SUBPOENAS SIX MORE LIFE ASSURERS

New York attorney general Andrew Cuomo has subpoenaed six more life assurance companies as part of his investigation into the handling of so-called retained-asset accounts. The six companies include Genworth Financial, Unum Group, New York Life Insurance, Guardian Life Insurance, Northwestern Mutual Life Insurance and Axa's MONY Life Insurance unit. Mr Cuomo's office identified the six companies on Friday, a day after disclosing that it subpoenaed Prudential and MetLife. Under the practice that is being investigated, companies place benefits from a life policy into a low-yield account on behalf of beneficiaries but in turn invest the money to make a higher return for themselves. Mr Cuomo said last week that the practice generates "millions of secret profits" for the companies.