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...The pair had partnered in a multibillion-dollar unsolicited takeover attempt of annuity specialist American Equity Investment Life, which the latter fended off....
...Their demands are intended to protect retirees, widows and orphans relying on annuities and other products from the insurers....
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...Revived by high rates The long-standing pros of annuities are certainty, simplicity and security — a known income for life....
...The advantages of annuities are certainty, simplicity and security — the value of having a known income for life....
...The Office for National Statistics’ National Life tables show that for those aged 65 between 2020 and 2022, men could expect to live another 18.3 years, and women another 20.8 years....
...Finding enough of these could get harder, especially as competition and scrutiny mount. Royal London, another UK life insurer, said Friday it would enter the bulk annuities market in earnest....
...For its part, Apollo notes that fresh investment in annuities and life insurance had been moribund for years — until it got involved....
...companies....
...A few weeks earlier, Japan’s Dai-ichi Life Holdings took a stake in Canyon Capital, a $20bn credit manager that made its name as a distressed and opportunistic debt expert....
...It’s worth noting also that while Hipgnosis imploded and sector peers like Concord have responded to higher-for-longer interest rates by bulking up, the music-as-annuity business model has kept working for...
...of Athene, Apollo’s life insurance and annuities subsidiary....
...This is what happened to Executive Life, then the largest insurer in California, in the early 1990s: policyholders withdrew $4bn after the company announced losses from junk bond investments, and the company...
...A Morningstar analysis last year found that typical structured products’ sales costs were equivalent to management fees of well over 1 per cent, and annuities can cost even more....
...In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...“People hear pay cheque for life, they think ‘great’. Then they hear the word annuity,” Ackerly said....
...capital, it’s possible to buy a purchased life annuity (PLA) using a cash lump sum....
...Life expectancy in high-income countries is expected to continue to rise, and their populations to become ever richer....
...Zurich, one of Europe’s biggest insurers, struck a deal to sell its German legacy life insurance back book — including annuity and endowment products — to Viridium in 2022....
...Canada Life reported annuity sales doubling to £441mn in the first half of the year, compared with the same period in 2022....
...The reinsurer was at the heart of 777’s “insurance funding model”, according to 2021 pitch documents that said 777 Re sat between third party insurers and 777 portfolio companies....
...Both are alumni of consultancy McKinsey and came to insurance as outsiders — Wilson’s first job in insurance was at L&G, joining from events company UBM....
...Last year, Apollo completed its acquisition of Athene — a life and annuities insurer it created in the wake of the 2008 financial crisis — as chief executive Marc Rowan prioritised credit investments as...
...Insurance and savings group M&G has re-entered the bulk annuity market, taking advantage of booming conditions as companies look to offload their pension schemes to insurers....
...Apollo’s private equity business said it found bargains, taking private chemicals company, Univar for $8bn and Arconic, the metal products company for $5bn....
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