Industry has more than $8.6 trillion invested in the economy. Between 2010 and 2018, the U.S. life insurance industry distributed nearly $1.5 trillion in claims and benefits to policyholders, an amount equal to 19 percent of all Social Security payments made over that same period, according to a study released today. These numbers highlight the crucial role that life insurers play in relieving pressure on government programs. If Social Security had to finance all the benefits provided by private life insurance, U.S. payroll tax revenue would have to increase by at least 19 percent. "The life insurance industry has always functioned as a private sector safety net. At a moment when public...
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) today announced its half-year financial results, generating $1.3 billion in IFRS pre-tax operating income during the first half of 2020. Jackson also reported $9.8 billion in sales and deposits. Additionally, Prudential plc (NYSE: PUK), Jackson’s parent company, today announced it has decided to pursue a full separation of Jackson by way of a minority Initial Public Offering (IPO) followed by full divestment over time. The U.S. listing is planned for the first half of 2021, and Jackson does not currently expect to remit any regular dividends to Prudential plc in 2020 or 2021 prior to an IPO. “The COVID-19 pandemic continues to create hardship and disruption in the lives of millions of...
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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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