Source: Getty Legal & General chairman John Stewart is retiring from the business next week . The insurance group, which previously announced that Stewart would be stepping down in November, said “the search is well advanced” for his successor and the individual would be named “in the coming weeks”. L&G added: “Given the very good progress […]

Are shareholders bad for business? More and more, the answer in the U.S. life insurance industry is turning out to be a resounding “yes.” Since 2008, publicly traded insurers have seen their share of the $4 trillion market shrink vis-à-vis mutual companies, according to data compiled by Bloomberg Intelligence. The trend has been particularly stark […]

Floods wreaked havoc across the UK at the end of last year (Source: Getty) The final bill for all repairs arising out of the floods caused by storms in December 2015 is expected to hit £1.3bn, according to new research from the Association of British Insurers (ABI). A series of storms – named Desmond, Eva […]

“Role models”: Aviva’s Sarah Morris hopes the company will set an example to other top firms  A FTSE 100 company has today become the first to pledge it will ensure at least 30 per cent of its executive committee always consists of women in order to improve the flow of female talent. Insurance giant Aviva […]

When pension freedoms were introduced last year, the over 55s were widely expected to shun annuities for more flexible forms of investment for their retirement. Long criticised for their poor value and rigidity, these financial products – which provide a guaranteed income for life – have looked even less attractive in recent years, as rates […]

Financial Conduct Authority (FCA) director of strategy and competition Christopher Woolard has said it will be ‘very difficult’ to regulate the planned second-hand annuity market. In April the FCA published a consultation paper which set out its plans for regulating the second-hand annuity market. This included proposals to point anyone wanting to sell their annuity to a financial […]

Standard Life posted record net retail inflows of £1.1 billion for the first three months of 2016. The retail business, which includes Standard Life’s advised platform and pension business, recorded net inflows of £700 million in the same period in 2015. However, Standard Life’s overall net inflows fell £2 billion from £2.9 billion over the first three months of […]

Legal & General has acquired a £3bn annuity portfolio from Aegon, as part of the latter’s major review of its UK operations. The deal covers around 27,000 of in-payment policyholders, who will remain customers of Aegon until the transfer becomes effective, which is subject to regulatory and court approval. Alex Wynaendts, chief executive of Aegon, said: “I am very pleased that […]

Axa SA, France’s largest insurer, said it will stop investing in tobacco and divest all of its 1.8 billion euros ($2 billion) of assets in the industry. Axa will sell about 200 million euros of stock in tobacco companies and run off its bond holdings in the industry, valued at 1.6 billion euros, the Paris-based […]

Genworth Financial’s 80 percent stock plunge over the past two years has left its top brass with much to mull in plotting a future course for the insurer. Here’s a radical idea for them to chew on: Why not sell the U.S. mortgage-insurance division? Sure, the unit is one of Genworth’s most profitable businesses, and its earnings are finally […]