Tuesday, September 28, 2010
Aviva Releases Latest Claims Figures
20th Sept: Aviva announce their half year claim figures for 2010. In the UK, AVIVA made a total payout of £50 million to 684 Critical Insurance Claims, the average for each claim being £75,000. For life insurance, Aviva paid £87 million, a 2% increase. Prudential is hoping add these companies to Yamato Life Insurance Co, which they acquired last year, to expand their operation in Japan. Claims denied for non-disclosure were down to 1% from 2%.
Prudential Financial May Buy Two AIG Japan Insurers, WSJ Says - Bloomberg
Prudential Financial Inc. is close to a deal to buy two Japanese life insurance companies for $4 billion to $5 billion from American International Group Inc., the Wall Street Journal reported.
A sale of AIG Star Life Insurance Co. and AIG Edison Life Insurance Co. will help AIG repay the more than $90 billion it owes to taxpayers, the report said, without saying where it got the information. Mark Herr, an AIG spokesman in New York, and Bob DeFillippo, New York-based spokesman for Prudential, the second-biggest U.S. life insurer, declined to comment.
Prudential Chief Executive Officer John Strangfeld has said the Newark, New Jersey-based firm is a “buyer.” The company may add to businesses outside the U.S., according to its annual report. Prudential acquired bankrupt Yamato Life Insurance Co. last year, adding to operations in Japan, where the company has done business for more than two decades.
AIG Chief Executive Officer Robert Benmosche is selling assets to help repay a $182.3 billion government bailout. AIA Group Ltd., the bailed-out insurer’s main Asia unit, received preliminary approval for a Hong Kong initial public offering that may raise $10 million to $15 million, two people with knowledge of the matter said yesterday.
Prudential resumed talks with AIG over the purchase of the two Japanese insurance units after discussions stalled earlier in the year, two people briefed on the situation said last year.
AIG is scaling back as some rivals are seeking to expand. Prudential and Canada’s Sun Life Financial Inc. are adding clients and considering acquisitions with the capital accumulated since the financial crisis. MetLife Inc., the biggest U.S. life insurer, agreed in March to pay $15.5 billion for AIG’s American Life Insurance Co. unit.
To contact the reporters on this story: Hugh Son in New York at hson1@bloomberg.net; Tomoko Yamazaki in Tokyo at tyamazaki@bloomberg.net
To contact the editor responsible for this story: Andreea Papuc at apapuc1@bloomberg.net
Bloomberg are reporting that Prudential are seeking to acquire two of AIG’s Japanese life insurance companies, AIG Life Insurance Co and AIG Edison Life Insurance Co, for $4-$5 billion. AIG need to sell sectors of their business off to repay $90 billion that was used to bail them out by the US Government during the credit crunch.
Life insurer Axa sold to Resolution
Axa UK Life has been taken over by insurance consolidator Resolution Ltd. The Channel Islands based company is being acquired for £2.75 billion. The finalisation of the deal led to Resolutions shares being suspended on the London Stock Exchange.
Aviva appoint new HR director
September 20, 2010Aviva appoint new HR director
by Richard Kilner
Story link: Aviva appoint new HR director
Aviva has announced that it has filled the newly created position of UK human resources director with the appointment of Rupert McNeil.
In his new post McNeil will be tasked with development and leadership of the insurer’s people strategy for its UK life and general insurance businesses workforce, which numbers 21,000.
He will take up his role on 4 October, acquire a seat on the Executive Committee and report directly to UK Chief Executive Mark Hodges.
McNeil joins Aviva from Barclays Group, where he held a range of senior positions in HR and prior to which he was a partner with Deloitte & Touche.
Hodges has welcomed McNeil’s appointment, describing his in-house and consultancy experience as invaluable as the firm sought to bring its life and general insurance businesses closer together.
20th Sept: Aviva have created the new position of UK Human Resources director to develop their life insurance and general insurance business. The position will be filled by Rupert McNeil and he will begin his role on 4th October, which comes with a seat on Aviva’s Executive Committee
Aviva appoint new HR director
via Best content in JustFinanceLeads | Diigo - Groups on 9/28/10
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- 20th Sept: Aviva have created the new position of UK Human Resources director to develop their life insurance and general insurance business. The position will be filled by Rupert McNeil and he will begin his role on 4th October, which comes with a seat on Aviva’s Executive Committee. - Jordan Newton
Tags: JLI, Life Insurance, Content, Industry
by: Jordan Newton