Discovery Ltd., South Africa’s third-largest insurer by market value, said it has set up a partnership with Japan’s Sumitomo Life Insurance Co. and SoftBank Group Corp. to develop and introduce products for the world’s third-largest economy. Discovery’s Vitality program, which rewards members for exercising and eating healthy, will be introduced through Sumitomo and use SoftBank’s […]

Allianz SE, Europe’s largest insurer, is expanding in North America to guard commercial clients against risks in dealmaking. The insurer will offer coverage to protect buyers from losses tied to inaccuracies during negotiations with companies that they eventually acquire, Munich-based Allianz said Wednesday in a statement. The firm is partnering with Euclid Transactional LLC, which […]

Closed-book pension provider Phoenix Group has hired former Financial Conduct Authority (FCA) director of long-term savings and pensions Nick Poyntz-Wright as a non-executive director. Poyntz-Wright (pictured) was appointed as a non-executive director on the Phoenix life company board in May. A spokeswoman for Phoenix confirmed it had appointed Poyntz-Wright but would not provide further information on […]

A 15 percent rally in China Life Insurance Co.’s U.S.-traded shares has pushed its relative strength index to near 70, a level that frequently precedes a reversal. When the momentum gauge last breached that line in April 2015, a 10 percent drop followed. The nation’s largest life insurer, whose first-quarter net income was less than […]

Legal & General has announced it has completed a £750m pension buy-in transaction for the ICI Pension fund. Legal & General and ICI Pension fund executed the £750m pension risk transfer deal shortly after the European Union referendum, to make good use of “market opportunities”, according to the companies. ICI Pension fund has now executed […]

Partnership has closed its hybrid drawdown-annuity product, following the firm’s merger with Just Retirement in April. A statement to its clients confirmed the Enhanced Retirement Account, which combines an annuity and a drawdown product within a Sipp wrapper, would close the product to new investors on 12 August. In April, Partnership transferred the majority of […]

India’s ICICI Prudential Life Insurance Co Ltd has filed for an initial public offering of shares, according to a draft prospectus released on Monday, in what will be the country’s first insurance sector IPO. Sources told Reuters last week the IPO would be worth about 50 billion rupees ($745 million). Top Indian private sector lender ICICI Bank, […]

Finance departments are looking for ways to weather the post-Brexit vote storm Finance heads across the UK’s biggest businesses are preparing themselves for a post-EU vote storm, research out today has found. The study by Deloitte, which surveyed 132 finance chiefs of FTSE 350 and other large private companies between 28 June and 11 July, discovered appetite for […]

The Financial Conduct Authority (FCA) has set up a new team dedicated to Brexit. New Model Adviser® understands the unit, which is called the EU planning and coordination team, will be charged with managing the regulator’s response as negotiations to leave the EU progress. The team is currently being set up and will be part of its markets […]

The firm said growth in its money division was driven partly by transfer balance credit cards Price comparison website Moneysupermarket.com said it expects to report solid results for the six months to 30 June, with revenues set to rise by 10 per cent. The online firm is expecting revenue to hit £157.6m for the first […]