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...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...The so-called pensions lifeboat takes over the assets and liabilities of failed companies’ pension schemes....
...Shinichiro Funabiki, chief executive of Mitsui Sumitomo Insurance, told the Financial Times the company had decided to focus its investment plans on the UK because of London’s primacy in analysing complex...
...Their demands are intended to protect retirees, widows and orphans relying on annuities and other products from the insurers....
...Bulk annuity sales, as these deals are known, should pick up from around £28bn in 2022 to £80bn by 2027 say pension consultants LCP — good news, you’d think, for insurance companies that specialise in annuities...
...“It’s a way for conservative investors, or those nearing or in retirement, to stay invested in stocks and get some decent upside,” Chaussée said....
...The company said this exposure was “well diversified”. Shares in Prudential fell 6 per cent by late-morning trading in London, against a broadly flat FTSE 100 index....
...“The annuity is an insurance policy against outliving one’s assets,” said Brendan Curran, SSGA’s US head of defined contribution....
...of retirement remaining....
...A wave of corporate pension deals, in which the insurer takes over the assets and liabilities of company schemes, lifted the retirement division, while the retail business dimmed slightly because of a lower...
...Insurance group Prudential’s new business profit rose by about 45 per cent to $3.1bn last year, as its core business in Hong Kong continued to recover from the impact of coronavirus restrictions....
...“Standard Life’s re-entry provides a welcome boost to the annuity market and gives further choice to those in need of a guaranteed income in retirement,” said Helen Morrissey, head of retirement analysis...
...Private capital investors have acquired more than $900bn in life and annuity assets in western Europe and North America, according to McKinsey & Company....
...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....
...Apart from the investment manager, Kuvare also sells annuities. Blue Owl will make a separate $250mn injection into that annuities vehicle. It is worth the extra effort....
...company....
...Retirement Line....
...Savers have also been drawn to the security of an annuity income at a time when investments in stocks and bonds, the mainstays of most retirement portfolios, have been battered by concerns about high inflation...
...And at retirement a single large pot will attract better annuity rates and access to a wider range of post-retirement options....
...Experts predict hundreds of billions of pounds of liabilities will transfer from company balance sheets to insurance companies as part of a multiyear shift that will redraw the UK’s retirement landscape....
...Companies looking to do these so-called bulk annuity deals need to make the assets as attractive as possible to potential buyers....
...Pension freedoms introduced a significant element of risk into retirement. When an annuity is purchased or a scheme pension secured, the retirement pot is converted into a guaranteed income stream....
...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....
...The PE insurance company subsidiaries sell annuities, that is, contracts by which individuals exchange a lump sum for a certain level of income over a certain period of time, sometimes the rest of the individual...
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