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...Brookfield first took a stake in AEL in 2020, shortly after the insurer fended off an unsolicited takeover bid from Apollo’s annuities affiliate Athene Holding....
...Other insurers, such as Prudential, also stopped offering the products. In 2019 Standard Life was fined £30mn for mis-selling annuities to customers over the phone between 2008 and 2016....
...Then they hear the word annuity,” Ackerly said....
...The result, says Fink, has been far more dynamism in the economy as traditional banks face prudential constraints — capital requirements, limits to business practices — designed to undercut marginal risk...
Case studies in best practice among general counsel and company legal teams in North America
...After demerging from insurer Prudential, it wants to reclaim its glory as a top UK-based asset manager. Chief executive Andrea Rossi proposes to do so organically rather than via acquisitions....
...Bulk annuity providers including Aviva and Just Group have made use of funded reinsurance to support their deals....
...But it loves the section that includes $59bn of retirement annuities. It has its own ideas on deploying these....
...Higher interest rates have sharply improved solvency levels for workplace pension schemes, making a so-called bulk annuity deal affordable for many more businesses, and testing capacity in the market....
...AEL, based in West Des Moines, Iowa, is one of a few independent annuities operators remaining amid a wave of consolidation and has more than $70bn in total assets....
...behaviour at London Business School; James Kondo, chair, International House of Japan; Randall Kroszner, professor of economics at University of Chicago Booth School of Business; and Shriti Vadera, chair of Prudential...
...This week SJP appointed Mark FitzPatrick, formerly at UK insurer Prudential, as its new chief executive....
...The Bank of England’s Prudential Regulation Authority has promised a review of whether the sector’s risk management is “keeping pace” with the increase in bulk purchase annuity deals....
...The debate centres on the $3tn annuities market — financial products that life insurers sell to millions of US savers looking to build income streams for retirement....
...It also contains a valuable platform of hundreds of annuities salespeople who knock on doors and host steak dinners to drum up new policies for Brookfield to eventually manage....
...Prudential bought M&G in 1999 but demerged the business in 2019 after opting to focus on pursuing growth in Asia and Africa....
...It bought a troubled block of annuities from AEL in 2009 that would eventually form the foundation of its Athene annuities business....
...At around the same time, AIG completed the minority stake IPO of Corebridge Financial, an annuity company, at a valuation of about $13.5bn....
...But for life insurance policies and some types of annuities, people have to pay “surrender fees” to withdraw the cash value of their policy....
...Shriti Vadera, chair of insurer Prudential, said that “diversity of thought and experience is paramount for the successful functioning of a board”....
...It also has a £211bn retail and savings arm, which includes a wealth and annuities business. The company was bought by insurer Prudential in 1999 and merged with its UK and European businesses....
...Three years after the company’s relaunch as an independent business following its demerger from UK insurer Prudential, some critics argue it should be split up again....
...These include a large back book of annuities and with-profit insurance policies, along with the flagship PruFund, which remains open to new business....
...Two decades later the enlarged M&G was demerged from Prudential after the insurer decided to focus on Asia and Africa. Since the demerger from Prudential in 2019, M&G has struggled to find its feet....
...Nic Nicandrou, Prudential’s head of Asia and Africa and widely viewed as the leading internal candidate for the job, will “be leaving in order to seek opportunities outside the group”, Prudential said....
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