European Union insurance business written from London would shift to the continent if Britain votes to leave the bloc in a June 23 referendum on EU membership, industry groups said on Friday. Around 16 percent of London’s insurance business comes from EU countries other than Britain, or 9.6 billion pounds ($13.8 bln), the International Underwriting […]

Predictions of the death of annuities post-pension freedoms have turned out to be wide of the mark, the latest retirement income data from eValue has revealed. Data from eValue’s Pensions Freedom Planner tool – gathered since last April, when over-55s were given unfettered access to their retirement savings – suggested demand for annuities has remained […]

Royal London has today launched a product which aims to give advisers a bit more insight into the sustainability of their clients’ available income for drawdown. The Drawdown Governance Service, which is aimed at advisers whose clients hold an Income Release drawdown plan with Royal London, will provide details such as an income sustainability score […]

ICICI Prudential Life Insurance Co. has picked arrangers for an initial public offering of as much as 60 billion rupees ($892 million), people familiar with the matter said, in what could be India’s biggest first-time share sale in six years. The country’s largest private-sector life insurer selected Bank of America Corp. and ICICI Securities Ltd. […]

Old Mutual shareholders have suggested they may vote against a proposed £9 million remuneration package for group chief executive Bruce Hemphill. The South African life company put forward the proposed remuneration packages for its senior managers on Tuesday. The proposals will be voted on at the company’s annual general meeting on 28 June. According to the […]

A large part of Axa Wealth will close to new customers when the deal with Phoenix Group is complete, the closed life book consolidator’s head of life has confirmed. Last week, Phoenix announced it had agreed to buy French insurer Axa’s UK operations, including Axa Wealth and SunLife, for £375m. Speaking to Financial Adviser, chief executive of […]

Business groups from the U.S. and around the world protested planned cybersecurity rules for the insurance industry in China in a letter to the head of the nation’s insurance regulator. The draft regulations may create obstacles to international trade, according to the June 1 letter to Xiang Junbo, chairman of the China Insurance Regulatory Commission, […]

Munich Re, the world’s second-biggest reinsurer, plans to spend 1 billion euros ($1.1 billion) by 2020 restructuring operations at its loss-making primary insurance unit in Germany. The plan for Ergo’s German operations includes cutting 1,835 jobs, or about 13 percent of the Dusseldorf-based company’s workforce in Germany, according to a statement on Wednesday. About a quarter of the industry’s […]

Barclays (BARC.L) has completed the sale of its Italian insurance business to CNP Assurances (CNPP.PA), the British lender said on Wednesday. The deal will see Barclays transfer 700 million euros (542 million pounds) worth of assets under management to the buyer, Barclays said, as the bank continues to dispose of assets under a plan to […]

Munich Re’s insurance business Ergo unveiled a deep restructuring on Wednesday in a bid to return to profit, cutting 13 percent of its German workforce and setting out plans to launch a digital insurer and a revamped product line. Ergo, Germany’s second-biggest insurer, will trim a net 1,835 jobs out of its current staff of […]