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...As DD’s Sujeet Indap and Mark Vandevelde have chronicled for years, firms like Apollo, Blackstone, Carlyle and several others have built big life insurance and annuities businesses to support the hundreds...
...The company, spun out of Dutch insurer ING in 2013, has held sale talks with insurer AIG, asset manager Principal Financial and life and pensions group Prudential Financial, among others, without success...
...Some in the industry argue that selling life insurance and pensions online will help to get rid of some of the mis-selling problems — from endowment mortgages in the UK to annuities in the US — that have...
...Last year, Bob Diamond’s Atlas Merchant Capital bought $3bn worth of annuities from The Hartford, a US insurance company, pledging to manage its assets in-house....
...The life and annuity business has been a sore spot for the likes of AIG, The Hartford, Aviva and several others groups around the world....
...Apollo is already deeply involved in the life insurance sector via its strategic relationship with Athene Holding, an annuities firm. It has also done turnrounds before....
...; (iv) assist in the payment of sickness benefits; and (v) protect supply-chain financing in response to the coronavirus....
...Two of Axa Equitable’s largest businesses have sharply fallen out of favour in recent years: active asset management, in the form of its subsidiary AllianceBernstein, and retail life insurance products....
...It will complete our exit from the run-off life and annuity businesses and strengthen our focus on growing our market-leading property and casualty, group benefits and mutual funds businesses.”...
...In December, The Hartford agreed to sell a $100bn book of annuities to a group of investors including Bob Diamond’s Atlas Merchant Capital....
...When Cornell Capital, a company started by a former Goldman Sachs executive Henry Cornell, bought the life and annuities business of The Hartford in December, in partnership with Bob Diamond’s Atlas Merchant...
...annuities, a popular tax-advantaged insurance-company product that offers customers guaranteed returns....
...Contracts for variable annuities can be complex and hard for providers to manage, and several companies — including The Hartford — have closed or scaled back their variable annuity operations after running...
...After the financial crisis several companies, including The Hartford, ING and Genworth, wound down or exited their VA operations, due to hefty losses....
...It turned to sold a UK variable annuity business to Berkshire in 2013....
...The vast majority – 276 out of the 330 – received only “minimal” or “beginning” grades, with health insurers and life and annuity groups receiving some of the lowest rankings....
...Weak investment returns have prompted several US life assurers – including Hartford Financial Services and Genworth – to scale back their annuities operations....
...Diary commentary from FT reporters; data and company announcements, unless otherwise stated, from Thomson Reuters. Company announcements are of information publicly available before last week....
...The purchase of Woodbury Financial Services, one of AIG’s largest acquisitions since its 2008 bailout, will increase the number of financial advisers at AIG’s life insurance arm, SunAmerica, by more than...
...“We’re rebuilding our business to where it was before the bailout,” said Jay Wintrob, chief executive of SunAmerica, AIG’s life insurance arm....
...The US insurance group will stop selling new annuity products from next month and is “pursuing sales or other strategic alternatives” for individual life insurance, retirement services and its Woodbury brokerage...
...Hartford Financial Services announced the sale of its variable annuity business this year....
...Metlife’s shift away from the area follows the decision this year by Hartford Financial Services, another S&P 500 insurer, to sell its variable annuities business....
...The Hartford, like other insurers, has been under pressure in its life insurance business as interest rates hover near zero, making it difficult to generate the income to cover pay-outs on products like...
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