MetLife Inc., the largest U.S. life insurer, plans to cut expenses by 11 percent as low interest rates squeeze investment income. The plan is to reduce annual costs by about $1 billion by the end of 2019 and will include job cuts, Chief Executive Officer Steve Kandarian said Thursday in a conference call without specifying […]

Aviva’s UK Life business chief executive Andy Briggs has opened up about the company’s return to the advice market and said that Aviva does not have any plans to buy advice firms. Last month Aviva announced it would return to face-to-face advice later this year with a new advice division. Briggs (pictured) said this decision was driven […]

British private healthcare group Bupa posted a 2 percent rise in underlying pretax profit in the first six months of 2016 and said the impact of Britain’s vote to leave the European Union had so far been limited. Underlying profit in Bupa’s largest markets grew 30 percent in Britain in the first half of the […]

Insurers RSA claim they are on course for another bumper year after posting a big jump in operating profits and hiking its dividend in the first six months of the year, sending the shares up 2.7 per cent at the open. The figures Pre-tax profits came in at £148m for the first half of the year. This […]

German resinsurer Hannover Re said it was on track to reach its full year net profit goal despite lower than expected net profit in the second quarter due to higher claims and lower investment income. “Increased loss expenditure in the second quarter and diminished return opportunities in the investment portfolio did lead to a smaller […]

Insurance giant Aviva has hiked its dividend after posting “encouraging” results for the first half of 2016. The figures Operating profit was up 13 per cent to £1.33bn, from £1.17bn last year, with operating earnings per share up one per cent to 22.4p, from 22.1p in the first half of 2015. General insurance net written premiums increased seven per cent to £3.99bn from £3.68bn, and life insurance value of new business […]

MetLife Inc., the largest U.S. life insurer, said second-quarter profit tumbled 90 percent on a review of the prospects of a variable-annuity business that Chief Executive Officer Steve Kandarian is seeking to exit. The stock declined in extended trading. Net income dropped to $110 million from $1.12 billion a year earlier, the New York-based company said Wednesday […]

Peter Hancock, chief executive officer at AIG, discusses second-quarter results as the company takes steps forward on its turnaround plan, and talks about the life insurance business, monetizing their legacy portfolio, managing the lower interest rate environment, and the business impact of Brexit. He speaks with Bloomberg’s Betty Liu on “Bloomberg Markets.” Watch now @ Bloomberg

American International Group Inc. Chief Executive Officer Peter Hancock, who is simplifying the insurer through asset sales, said the shrinking of the life unit doesn’t need to involve drastic moves. “We are actively looking at ways to reduce the amount of capital tied up in these old legacy portfolios,” Hancock said Wednesday in a Bloomberg […]

Genworth Financial Inc. posted its biggest intraday gain since 2009 after reporting a second-straight quarterly profit as Chief Executive Officer Tom McInerney reshapes the insurer to rebound from losses on long-term care coverage. The insurer rose 80 cents, or 29 percent, to $3.55 at 12:03 p.m. in New York, narrowing its loss for the year […]