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CBA updates on divestment of Indonesian life insurance business

Commonwealth Bank of Australia (CBA) announced that the final regulatory approval for the divestment of its 80 per cent equity interest in its Indonesian life insurance business – PT Commonwealth Life (PTCL) to PT FWD Life Indonesia has been received. The transaction is expected to be completed in June 2020. On completion, the Sydney-based bank’s Indonesian banking business PT Bank Commonwealth (PTBC), will enter into a 15-year distribution partnership with the FWD Group for the provision of life insurance products. PTCL customers will retain all of the current benefits of their existing policies and the partnership with FWD will allow PTBC’s banking customers to retain access...

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Nation s Top Insurance Ratings Agencies Reaffirm The Penn Mutual Life Insurance Company s Financial Strength, Business Wire

HORSHAM, Pa.--( BUSINESS WIRE )--The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce that Moody’s Investors Service and A.M. Best are once again recognizing the strength of the Fortune 1000 life insurance company and its subsidiaries. During both agencies’ annual reviews, Penn Mutual received superior marks for its capital strength, business profile, and governance and risk management practices. Ratings agencies provide an independent view of the future ability of an insurance company to make good on its promises to provide protection. Moody’s Investors Service reaffirmed Penn Mutual’s Aa3 (Excellent) rating, which reflects the company’s solid capitalization,...

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Axis Bank to buy 29% stake in Max Life Insurance for Rs 1600 cr - business news - Hindustan Times

Axis Bank to buy 29% stake in Max Life Insurance for Rs 1600 cr Axis Bank, which already holds a minority stake in Max Life, will buy shares from the insurer’s majority owner Max Financial Services Ltd to raise its stake to 30%, the Mumbai-based lender said in a regulatory filing. business Updated: Apr 28, 2020 13:32 IST The 30 percent stake in Max Life Insurance will give Axis Bank a seat among rival banks who already have a foothold in the country’s life insurance industry.(Bloomberg File Photo ) Axis Bank Ltd said on Tuesday it would buy a 29% stake in insurer Max Life Insurance, giving India’s third largest private-sector lender a seat among rival banks who already have a...

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Empire Life earnings tumble - Insurance Portal

Empire Life earnings tumble By The IJ Staff | May 01 2020 10:04AM The Empire Life Insurance Company announced April 30 that the impact of COVID-19 has resulted in a net loss for the company in the first quarter of 2020. The company reported a net loss of $32-million for common shareholders in the first quarter, compared to net income of $43-million earned in the first quarter of 2019. “Market turmoil from interest rate declines, widened credit spreads and a dramatic drop in equity markets impacted our balance sheet,” says president and CEO, Mark Sylvia. “We have strengthened our policy liability reserves to support segregated fund guarantees and other lines of business,” a move which the...

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Aegon THTF Life Insurance net profit up near 95% in 2019 - SHINE News

Aegon THTF Life Insurance net profit up near 95% in 2019 Shanghai-based Aegon THTF Life Insurance Co Ltd announced on Thursday that it recorded a net profit of 258 million yuan (US$36.6 million) in 2019, up around 95 percent year on year, and has been profitable for three consecutive years. The company's total assets exceeded 14.6 billion yuan, an increase of 17.7 percent compared with a year ago. Its net profit almost doubled in the past year to hit 258 million yuan, marking a third successive year of making profit. During the reporting period, the underwriter realized an operating income of 5.1 billion yuan, with the insurance business contributing around 5 billion yuan. Meanwhile, the...

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Kansas City Life Commemorates 125 Years of Providing Security Assured

Kansas City Life Commemorates 125 Years of Providing Security Assured KANSAS CITY, Mo., May 01, 2020 (GLOBE NEWSWIRE) -- Kansas City Life Insurance Company is honoring its 125th year of continuous operation on May 1, 2020. Kansas City Life has grown into a Kansas City, Mo., staple since its inception in 1895. Originally founded as Banker’s Life Association, the Company’s first operating office was located at Ninth and Main Streets in what is commonly referred to as the Sheidley Building. The Company was renamed Kansas City Life Insurance Company in 1900. The Company built its current Home Office, one of the most architecturally distinguished and historic buildings in Kansas City in the...

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Experts: Pandemic period reveals need for doctors' life insurance in Azerbaijan ,

Experts: Pandemic period reveals need for doctors' life insurance in Azerbaijan The availability of life insurance is important not only for doctors, but also for those involved in other spheres in Azerbaijan, Musa Guliyev, chairman of the Azerbaijani parliament's committee on labor and social policy, told Trend.1213 "It would be better if those involved in all spheres, insure their lives, the chairman said. 'This insurance is especially important for those working in emergency conditions, namely, the representatives of the Ministry of Emergency Situations, doctors, etc." Guliyev stressed that life insurance can be applied in both mandatory and voluntary forms. While commenting on the need...

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Edelweiss Tokio Life Insurance Offers Guaranteed Returns With GCAP

MUMBAI, May 1, 2020 /PRNewswire/ -- Everyone knows that the financial market now is volatile and unstable. Moreover, savings / fixed deposit rates are continuously falling as the economy develops. As a consequence, the returns of fixed income products like fixed deposits are also lowering. So, in a scenario where FD interest rates are declining, a guaranteed returns plan like Edelweiss Tokio Life - GCAP is a good choice to meet the financial needs and ensure that savings don't suffer a downfall. GCAP caters to the need of stable wealth accumulation and goal security. Whenever one invests, one should have a goal in mind along with the time frame such as 10/15/20 years. Goals can be buying a...

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APRA and ASIC publish latest data on life insurance claims and disputes, Mirage News

The Australian Prudential Regulation Authority (APRA) has released its Life Insurance Claims and Disputes Statistics publication, covering a rolling 12-month period from 1 January 2019 to 31 December 2019. The data is the product of a world-leading joint project between APRA and the Australian Securities and Investments Commission (ASIC), aimed at making it easier to compare life insurers’ performance in handling claims and disputes. This is the fourth publication using the full data set since it was launched in March 2019. APRA’s Life Insurance Claims and Disputes Statistics publication presents the key industry and entity-level claims and disputes outcomes for 20 Australian...

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MassMutual to Give $3 Billion in Life Insurance to Health Care Workers, ThinkAdvisor

Massachusetts Mutual Life Insurance Company is starting a $3 billion life insurance aid program for health care workers in Massachusetts and Connecticut. The new MassMutual HealthBridge program will provide up to $25,000 in free, three-year term life insurance coverage for active employees of licensed hospitals, urgent care centers, or emergency medical services providers with jobs that involve occupational exposure to severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), the virus that causes COVID-19. Health care workers can apply for the coverage by filling out an application in the program website and uploading proof of employment. The program is an extension of MassMutual’s...

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