Results season continues, and among the latest to release their second quarter report is American International Group ( AIG ) which is the bearer of not-so-stellar news. In the three months ended June 30, the insurer suffered a net loss attributable to AIG common shareholders of US$7.9 billion (around CA$10.57 billion). The figure represents a nosedive from the US$1.1 billion (around CA$1.47 billion) attributable net income recorded in the same period in 2019. “The loss was primarily driven by a US$6.7 billion after-tax loss from the sale and deconsolidation of Fortitude and US$1.8 billion of after-tax net realized capital losses primarily related to mark-to-market losses from...
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The study shows that total insurance premiums in Hong Kong grew by 6.3 per cent in 2019, but Covid-19 will most likely see that growth slow down massively, with the study projecting a growth rate of 1.46 per cent for 2020. The life insurance segment, which makes up over 90 per cent of the Hong Kong market, is expected to grow by 1.51 per cent in 2020 - against the pre-Covid forecast of 6.7 per cent. Meanwhile, non-life insurance is estimated to grow by one per cent in 2020 versus the pre-Covid forecast of 4.4 per cent. Swarup Kumar Sahoo, Insurance Analyst at GlobalData, said: “The insurance business is expected to be adversely affected by the prevailing social unrest in the country, as a...
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in-plan guaranteed income option, which will help ensure Americans won’t outlive their savings by expanding the opportunities for lifetime income in employer-sponsored retirement plans. As the availability of pensions decreases and more retirement savers are concerned about market volatility, Lincoln PathBuilder makes it possible to turn defined contribution retirement plan savings into a monthly check for life. The SECURE Act made it easier for plan sponsors to provide a plan design that can generate guaranteed income for their participants in retirement. As a result, employer-sponsored retirement plans can become more than an accumulation vehicle — they can provide a stream of income in...
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CHICAGO--( BUSINESS WIRE )--Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, announced today the completion of its purchase of Lincoln Benefit Life Company and its affiliates ("LBL") on December 31, 2019. With this latest acquisition, Kuvare’s pro forma consolidated assets are now valued at over $22 billion. Kuvare Chief Executive Officer, Dhiren Jhaveri, commented on the transaction: “ Kuvare's strong momentum continues with the addition of a third US-based insurance carrier. LBL significantly enhances the scale and breadth of our business, and adds product and distribution capabilities to further enable our strong growth trajectory. The acquisition of LBL...
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Many individuals have been drawn closer about utilizing life coverage as a venture device. Do you accept that extra security is an advantage or an obligation? SS Bendure Hartwig will examine life coverage which I believe is probably the most ideal approaches to secure your family. Do you purchase term insurance or permanent insurance is the primary inquiry that individuals ought to consider? Lots of people pick term insurance since it is the least expensive and gives the most inclusion to an expressed timeframe, for example, 5, 10, 15, 20 or 30 years. Individuals are living longer so term insurance may not generally be the best speculation for everybody. On the off chance that an...
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Insurance is the price tag for being an adult. Heaven forbid something terrible happens to you, but if it does, insurance will be your lifeline. You pay for health insurance in case you get really sick. And if you have a car, you buy auto insurance in case you get in a serious accident. But do you really need to buy life insurance? Maybe not. If you're single and don't have any children or other dependents, you may not need life insurance right now. That's because life insurance isn't really for the insured person — it's for the people who depend on that person financially. When to Buy Life Insurance and How Much People typically buy life insurance when they get married, or have or adopt a...
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China’s life insurance market “wakes up” to foreign insurers: GlobalData The liberalisation of China’s insurance industry is set to offer vast opportunities to foreign life insurers, GlobalData analysts say. Although the share of foreign insurers is low, GlobalData expects the Chinese life insurance market grow to a compound annual growth rate of 9.6% from $316.6 billion in 2018, to $484 billion in 2023. Of the 50 foreign insurers present in China, 28 are life insurers and in the first half of 2019 foreign insurers reported 44.8% year-on-year growth in premium income to $25.9 billion. Analysts say they held a share of 6% in the overall Chinese insurance industry and 8.1% in the...
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E veline Zwikker lives near Arnhem. She spent four decades believing she was Dutch. But a letter from her bank five years ago confirmed she is also American. It’s been life-altering—for the worse—and could cost her thousands. Like Hamlet, she feels “a dagger looming above my head”. Born in Maryland in 1972 (her father worked for the Dutch government), Zwikker left with her family before she was two. Her American passport, issued so she could leave the country, expired in 1978. She has no family, financial or emotional ties to the US. She is among the estimated 300,000 Europeans known as “accidental Americans” who were born in the US and left in...
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IT IS GROWING harder to keep track of America’s immigration rules. Every so often President Donald Trump’s administration tries to restrict entry for one category of immigrants or another, provoking outrage from Democrats, immigrant advocates and some state governments. Then courts push back on the proposed limitations, often pointing to clumsily written regulations. One such rule, which had been due to come into force on October 15th, would have cracked down on low-income foreigners already in America who were seeking green cards or visa extensions. On October 11th three federal courts, in California, New York and Washington state, put a hold on it, calling it ill-justified. Two of the...
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Nigeria: Group Life - Private Sector Earnings Sustain Insurers As Public Sector Fails ... Revenue up by 47% as private sector reawakens to insurance FOLLOWING the failure of public sector group life business segment in their income portfolio, insurance companies may have created a bigger income stream in their group life policy in the private sector. Reports of some companies that have so far submitted their 2019 half year, H1'19, results to the Nigerian Stock Exchange, NSE, show that Gross Premium Written, GPW, grew by 24.1 percent to N115.2 billion against N92.8 billion recorded in the corresponding period of last year. Cornerstone Insurance records N11.5 bn Gross Written Premium in 2018(...
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