Among all financial products, bancassurance perhaps comes closest to fitting Einstein’s theory of insanity: Insurers have been conducting the same sorry experiment again and again, expecting different results. Right now, it’s Asia’s turn to be gripped by madness as firms scramble to tie up multiyear contracts worth billions of dollars with the region’s big banks. […]

LV= has appointed Richard Rowney as its new chief executive. Rowney is currently managing director of LV=’s life and pensions business. He will take over from outgoing chief executive Mike Rogers . Rogers indicated his decision to step down as chief executive earlier this year, after 10 years in the role. Rowney will take up his appointment […]

The Financial Conduct Authority (FCA) is showing signals it will look at the sustainability of drawdown plans, according to Just Retirement. Speaking at Sifa’s annual conference, Just Retirement business development head Jan Holt said that the company had, among the many pensions communications put out by the FCA about the pension the freedoms, seen indications the FCAwas concerned about drawdown sustainability. She said IFAs needed to […]

In a move described as an ‘important milestone in the integration’, Aviva and Friends Life have merged their Independent Governance Committees (IGCs). From the 6 April 2015, the FCA said all providers which operate workplace pensions need to set up an IGC to assess value for money. In April 2015 Aviva completed its acquisition of Friends Life for a deal worth over £5 billion, and […]

Scottish Widows announced today that it has secured a £630m buy-in with the ICI Pension Fund. The buy-in, which is essentially an insurance policy deal for pension benefits and will cover over 4,000 of the fund’s pensioner members, is Scottish Widows’ largest external bulk annuity transaction to date. “We are delighted to have been chosen […]

The Association of British Insurers has finally regained Old Mutual Wealth as a member following Aegon and Legal & General’s turning their back on the trade body in recent years. Paul Evans, outgoing chairman of the ABI, announced that Old Mutual Wealth had rejoined the trade association at a dinner last night (13 June). It was […]

Old Mutual Plc, the U.K. insurer splitting its business into four separate units, said its U.S.-based asset-management company is buying 60 percent of Landmark Partners Inc., a move that will end some of the unit’s liabilities to its London parent. OM Asset Management Plc will pay about $240 million in cash for investment firm and may […]

MetLife Inc., the largest U.S. life insurer, extended Chief Executive Officer Steve Kandarian’s term by lifting the age-65 retirement policy as he works to simplify the company and fights to avoid stricter government oversight. The move is a vote of confidence in the 64-year-old even as the stock is trading for less than at the […]

Zurich has confirmed that general insurance managing director Anne Torry will head up its UK life business under its new management structure. While Zurich’s life business will have no formal chief executive, Torry will serve as head of UK life and chief executive of its legal entities Zurich Assurance plc and Sterling Investment Managers Limited […]

The volatility wrought by the U.K.’s coming vote on European Union membership is something to be embraced. So says Allianz Global Investors’ Harald Sporleder. He is betting the shares, which have outperformed their European peers this year, will keep rewarding investors, and sees the uncertainty surrounding the outcome of the June 23 referendum as an […]