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...Many UK businesses with large pension schemes have offloaded them to life insurance companies....
...“The role of reinsurance, particularly offshore reinsurance, is making [it] even harder to regulate an already opaque life insurance sector,” he added....
...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...
...The so-called pensions lifeboat takes over the assets and liabilities of failed companies’ pension schemes....
...Wadhwani began his role in February, but has only started publicly outlining his plans for Prudential in the past week, after the company published half-year results....
...In full-year results on Wednesday, the life insurance and asset management group reported a 45 per cent rise in new business profit — a measure of expected earnings from newly sold products — to $3.1bn,...
...But sales at its mainland China joint venture, Citic Prudential Life, dropped nearly 40 per cent year-on-year....
...“The big question is, can the PE firms be a trusted owner of a life insurance company?” said Isabelle Santenac, global insurance leader at consultancy EY....
...You can buy travel insurance from insurance companies, banks, travel agents, supermarkets, holiday companies and online comparison websites....
...on buyout groups’ attempts to trust-build with prudential regulators....
...Regulatory scrutiny of the special risks presented by private equity ownership of life insurance companies has climbed, after Italy’s Eurovita — another life insurer majority owned through Cinven funds —...
...On the regulatory side, the forum said it was considering what it called a “sandbox” idea, where the industry and its regulator, the Bank of England’s Prudential Regulation Authority, could “discuss and...
...Its life insurance peers are closer to parity. One investor concern is the capital-hungry nature of bulk annuity business....
...Its existing UK operation is the sixth largest in car and home insurance, according to the company....
..., which is a significant provider of home, motor and life insurance, and has more than 18mn customers worldwide....
...Prudential’s new business profit growth in this segment has been brisk. Moreover, Chinese investors are using insurance to diversify assets. But caution is warranted....
...The Belgian company reinforced the idea that this is a cut-price, opportunistic bid, with a second cash-and-shares proposal of about 239p per share....
...“If you’re a UK plc, the government is doing something to make your life easier,” Wagstaff added....
...increase this year, according to industry forecasts, even as politicians and consumer groups voice concern about the impact of rising costs on the millions of households reliant on a car for work and family life...
...Rossi, who became chief executive in late 2022, highlighted the group’s investment performance across its funds and the contribution from the life insurance business as the reasons behind the company’s recent...
...For Dai-ichi Life, acquisition of Benefit One would come as it explores other revenue channels to counter a shrinking insurance market at home....
...The point of the temporary accounting-rule change, from the National Association of Insurance Commissioners, was to shield life insurers’ capital from losses caused by rising interest rates....
...Prudential suffered a steep drop in profits in Hong Kong last year as pandemic rules prevented mainland Chinese customers from crossing the border to buy insurance policies in the territory, an important...
...to house Eurovita’s life insurance policies....
...Prudential officials predicted, on a call with analysts last week, a $200mn “restructuring charge” in the fourth quarter while they continue to try to increase the assets under management of PGIM, the insurance...
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