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Life
Former boss of Chinese insurer Anbang jailed for 18 years
The ex-chief executive of China’s beleaguered Anbang Insurance Group has been sentenced to 18 years in jail for corruption and fraud and will have assets worth CNY10.5bn (£1.2bn, $1.6bn, €1.4bn) confiscated by the state.
News 9 May 18
Latin America drags on Zurich Q1 life results
Asia Pacific was the only Zurich region to report a rise in new business value (NBV) during Q1, while Latin America was the outlier in an otherwise positive set of annual premium equivalent (APE) results.
News 26 Apr 18
Life assurer chief executive departs over differing views
Different views on the strategy and direction of Luxembourg-based life assurer OneLife has seen chief executive Marc Stevens leave the company after four years.
News 25 Apr 18
Is there a new life policy consolidator on the block?
Companies struggling to cover long-term life policy payments could soon have another buyer in the market, following reports that British pensions specialist Clive Cowdery is setting up a fund to do just that.
Middle East clients dying younger warns Zurich
The average age of life insurance claimants in the Middle East is just 50, according to Zurich International Life’s yearly claims statistics.
News 9 Apr 18
Old Mutual Int’l to sue over structured product commission
Old Mutual International is taking legal action against Swiss-headquartered Leonteq Securities relating to false statements about the levels of commission paid to advisers on structured products, International Adviser can reveal.
Utmost to buy Aegon Ireland’s int’l investment bond business
The consolidator parent of Utmost Wealth Solutions has announced its intention to acquire the international investment bond business of Aegon Ireland – just days after the Irish operation was sold to another provider.
News 4 Apr 18
Anbang Insurance gets $10bn rescue package
Chinese insurance giant Anbang is to get a capital injection worth RMB60.8bn (£6.9bn, $9.7bn, €7.9bn), a month after control of the group was seized by the country’s insurance regulator and as its ex-chairman faces life behind bars.
News 3 Apr 18
LCCG’s new UK life company goes live with first acquisition
The newly formed UK life insurer launched by Life Company Consolidation Group (LCCG) has completed the acquisition of the business of Reliance Mutual Insurance Society.
News 29 Mar 18
IFAs urged to ditch IoM life cos over commission disclosure
IFA firms should “wrest control” of their businesses from life companies based on the Isle of Man before the Conduct of Business Code comes into force, the director of Thames River International has argued. A move described by one industry source as “dodgy” and a “stain on the industry”.
