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Life Will Lead Insurance Mergers - TheStreet.com
Insurers have little opportunity for organic growth into new products or customer segments as a result of the shaky economy and new financial regulations. But with significant amounts of cash on their balance sheets, insurers are debating what is the best option for their shareholders; make a strategic acquisition or do a buyback.
Aetna's ( AET ) repurchase of $1 billion of its common stock being one of the most recent -- many companies are also considering acquisitions.
Metlife ( MET ) . "What you have seen recently has really been deals driven by AIG. Those are very large transactions," says Angelo Graci, a desk analyst at Chapdelaine Credit Partners.
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Variable-Annuity Sales in U.S. Advance 11% as Prudential, AIG Post Gains - Bloomberg
Variable-annuity sales in the U.S. posted the biggest increase since 2007, led by gains at Prudential Financial Inc. and American International Group Inc.
Sales climbed 11 percent to $35.5 billion in the second quarter from $32.1 billion in the year-earlier period, the trade group Limra International said in data posted on its website . Prudential, the second-biggest U.S. life insurer, was ranked first in variable annuities with $5.3 billion in sales, up from $3.38 billion in the same period a year ago, Limra said today.
Life insurers boosted sales of equity-linked variable annuities in 2010 after seven straight quarters of declines. Carriers have raised prices, as declining stock markets increase the risk insurers will shoulder losses on customers’ guaranteed minimum returns. The Standard & Poor’s 500 Index plunged 12 percent in the second quarter.
AIG, the insurer rescued by the U.S. government, boosted sales 45 percent to $1.58 billion from $1.09 billion a year earlier. Variable annuity sales at AIG plunged 42 percent in 2009 from the prior year, as broker-dealers shunned the company’s products after its 2008 near-collapse.
Variable-Annuity Sales in U.S. Advance 11% as Prudential, AIG Post Gains - Bloomberg
HEARD ON THE STREET: Axa’s Long Walk to a Premium - Wall Street Journal
AXA needs to climb back up a slippery ladder. Its shares have underperformed peers with an 11% slide this year; their 20% premium to the European insurance sector was lost in early 2009. Chief Executive Henri de Castries argues that aggressive capital reallocation is the key to boosting the French group's fortunes. First-half results Wednesday show this approach is bearing fruit. ...
HEARD ON THE STREET: Axa's Long Walk to a Premium - Wall Street Journal
Axa’s first-half net profit drops 29% - MarketWatch
14.50 , -0.24 , -1.63% ) said Wednesday its first-half net profit dropped 29% to 944 million euros ($1.25 billion) from €1.32 billion in the same period a year ago. The result was hurt by a €1.48 billion exceptional provision for losses related to the announced sale of part of the U.K. Life operations. Total revenue edged up 1.4% to €49.9 billion.
Forget worries over double-dip recessions or bank stress tests: When it comes to land-auction time in Hong Kong, everything still looks rosy.
Real-estate exchange-traded funds have been outpacing the S&P 500 this year, but second-quarter earnings reports could test their rally.
Despite generating more media coverage than any other political candidate this election cycle, South Carolina Democratic senatorial candidate Alvin Greene trails badly in recent polls.
Axa's first-half net profit drops 29% - MarketWatch
Axa SA Leads Tuesday’s AMBG as Global Insurance Index Rises 0.76% - Insurance News Net (press release)
The Financial Planning Coalition -- which includes the Financial Planning Association, the Certified Financial Planner Board of Standards and the National Association of Personal Financial Advisors -- called it "dangerous" to remove that authority...
The Dodd-Frank bill is now the Dodd-Frank Act, after President Barack Obama signed the 2,300-page financial reform package into law. Nearly two years after the events that began the dramatic failures and near-failures of the U.S. financial crisis, Congress and the White House have now set down their attempt to prevent another such crisis...
While not endorsed by the Big “I”, the final law does include several major victories for Big “I” members. The majority of this legislation does not apply to insurance and leaves the day-to-day regulation of insurance at the state level...
The GAO and the SEC both released large studies of the Life Settlement Industry, on which they had each worked for the last year, recognizing the growth of the life settlement market and, importantly, that life settlements are a valuable alternative to the lapse or surrender of a life insurance policy for American consumers...
Axa SA Leads Tuesday's AMBG as Global Insurance Index Rises 0.76% - Insurance News Net (press release)
Volatile market, dollar hit AXA - Herald Sun
VOLATILE equities markets and the appreciating Australian currency have cut a swathe through the first-half earnings of takeover target AXA-Asia Pacific.
The country's third largest life insurer yesterday reported an unaudited first-half result of $220 million -- down more than $50 million on a year earlier.
Despite the sharp fall, some investors reacted positively to the result, saying that the bottom line could have taken a bigger hit in light of the decline of global share markets during the half.
However, analysts said the composition of the result appeared "mixed", with most concern around AXA-AP's underperforming investment portfolio -- which fell $60 million in the half.
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AXA Equitable Launches New Life Insurance Policy - Insurance Business Review
AXA Equitable Life Insurance Company has launched Athena Indexed Universal Life (Athena IUL), a new permanent life insurance policy with enhanced cash-value accumulation potential and downside protection.
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Non-bank promoted life insurers fear drop in biz - Hindu Business Line
While most of the big banks have their own insurance companies, these players do not have big banks as bancassurance partners to sell their policies.
The business of non-bank promoted life insurance companies is likely to be most hit by the new IRDA regulations mandating insurers to evenly distribute unit-linked insurance policy (ULIP) charges over five years.
This is because insurance companies will have to resort to cutting down distributor commissions, which could reduce the motivation of individual agents to sell ULIPs. While most of the big banks have their own insurance companies, these players do not have big banks as bancassurance partners to sell their policies.
This is because insurance companies will have to resort to cutting down distributor commissions, which could reduce the motivation of individual agents to sell ULIPs. While most of the big banks have their own insurance companies, these players do not have big banks as bancassurance partners to sell their policies. “The new changes may prompt part-time agents, who constitute almost 70 per cent of the industry's agency force, to stop selling ULIPs. Even corporate agents exclusively selling insurance may stop doing so. Banks will continue to sell the products because for them it is not a core activity.With the new guidelines, around 40-50 per cent of the business is at risk,” said Mr V. Srinivasan, Chief Financial Officer, Bharti Axa Life Insurance.
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MICROCAPITAL BRIEF: Bharti AXA General Insurance Predicts 70 Percent Rise in … - MicroCapital
In a release from BusinessStandard.com, an online publication of business news in India, it was reported that Bharti AXA General Insurance, an Indian insurance provider, predicts its turnover will increase 70 percent in the next fiscal year, 2010-2011 as a result of distributing its products through microfinance institutions (MFIs). While it is cited that more than 55 percent of the company’s premium revenue comes from motor insurance, it predicts expansion in the microinsurance sector will boost overall revenue.
Bharti AXA has teamed up with two Indian MFIs, Anjali Microfinance and Arohan Financial Services, to distribute its products, particularly in the rural regions of East and Northeast India.
Bharti AXA has teamed up with two Indian MFIs, Anjali Microfinance and Arohan Financial Services, to distribute its products, particularly in the rural regions of East and Northeast India. “Micro Insurance products reach only two per cent of the rural population in the country, and there is a huge potential market that needs to be tapped. We believe in exploring the potential of the untapped markets like Orissa [Eastern India]. Through tie-ups with micro-finance institutions and NGOs (non-governmental organizations), we intend to break through this market, as we are well equipped to handle a large number of customers,” says Amarnath Ananthanarayan, chief executive officer at Bharti AXA.
Bharti AXA Life is a life insurance provider that was started in 2006. It consists of the Paris-headquartered AXA Group, and Bharti Enterprises, an Indian business group with interests in telecom, agricultural business, financial services and retail. The joint venture has a 74 percent stake held by Bharti and 26 percent stake held by AXA Asia Pacific Holdings Ltd. (APH).
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INTERVIEW-UPDATE 1-China’s Taikang CEO sees Goldman deal soon - Reuters Africa
CAPE TOWN, June 26 (Reuters) - China's Taikang Life Insurance Co said on Saturday a deal by an investing arm of Goldman Sachs (GS.N: Quote ) to buy AXA's $1.05 billion stake in Taikang was in the final stages of negotiations.
The deal could give Goldman a substantial stake in China's No.4 life insurer and allow France's AXA (AXAF.PA: Quote ) to shed a non-core asset.
One of the few positives of Sudan’s elections, dubbed to be the first open vote in 24 years but marred by opposition boycotts and accusations of fraud, was a tiny opening of democratic freedom in Africa’s largest country.
Many African countries were also among those that received debt relief as Heavily Indebted Poor Countries over the past decade, significantly reducing their indebtedness now. That means they may have room to borrow.
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