Closed book life company Phoenix Life has said its business model does not depend on high exit fees, after the Financial Conduct Authority announced it would cap all exit fees at 1 per cent. As a closed book company, Phoenix holds many older pension policies designed to rely on members holding the policy until a […]

Prudential Group new business profit totalled £1.9bn for the first nine months of this year, mainly boosted by sales in Asia. In Asia, new business profit was 23 per cent higher (34 per cent on an actual exchange rate basis). However the UK life business also received a boost from “the continued popularity” of the with-profits […]

Number 10 has today scrambled to distance itself from the details of a leaked memo which warned government was lagging behind on its Brexit plans. The leaked document, which was produced by professional services giant Deloitte and obtained by the Times, claimed government may need to take on as many as 30,000 additional staff members to deal […]

  You don’t make it to CEO of a FTSE 100 insurance giant by accident. Direct Line Group boss Paul Geddes has had a colourful career spanning consumer goods, retail and banking before landing his current role in his early 40s. Here’s a few bits of career advice he’s picked up along the way. HELP […]

Aviva has called for total auto-enrolment contributions to reach 12.5% by 2028. The life company has published a ‘pre-review’ of auto-enrolment ahead of the government’s own review in 2017. At the moment the level of auto-enrolment contributions between employees and employers is due to hit 8% in 2019. However in its report on the market, Aviva said while 8% is […]

Legal & General announced today it has completed a £1.1bn pension buyout for the Vickers Group Pension Scheme, part of the Rolls-Royce Group, covering over 11,000 members. The company also revealed this morning that retirement sales in the year to date were £6.7bn, made up of £6.3bn in annuities and £400m in lifetime mortgages. L&G recently picked […]

Zurich has hired former Prudential director Tulsi Naidu as its new UK chief executive. Naidu will lead both Zurich’s life and the general insurance businesses following a restructure of the business announced earlier this year. She will report into Gary Shaughnessy, who left his position as Zurich UK life chief executive to become chief executive for Zurich’s businesses in Europe, the Middle East […]

Allianz SE, Europe’s biggest insurer, said third-quarter profit rose 36 percent, helped by higher earnings at the life and health insurance unit. The shares rose. Net income increased to 1.86 billion euros ($2.03 billion) from 1.36 billion euros in the year-earlier quarter, the Munich-based company said in a statement on Friday. That beat the 1.59 billion-euro […]

ZURICH, Nov 10 Zurich Insurance posted strong third-quarter earnings on Thursday as cost cuts and investment returns helped eclipse disappointing performance at its core business. The Swiss insurer’s net profit rose well ahead of market expectations to $912 million. But underwriting performance in its general insurance division missed both group and market expectations. Chief Financial Officer George […]

Aegon recorded a loss of £530 million from the sale of its UK annuity book to Rothesay Life and Legal & General (L&G) earlier this year. The Dutch-owned company sold £6 billion of annuity liabilities to Goldman Sachs-owned Rothesay Life in April. It then sold a further £3 billion of liabilities to L&G in May. Financial statements […]