Presidential Life has reported a net income of $5.2m or $0.18 per share for the third quarter of 2012, against a net income of $2.9m or $0.10 per share during the same period last fiscal. Income before income taxes stood at $7.9m, with an ...
Tags: net income, Presidential Life, third quarter, taxes
UK Financial Services Authority (FSA) has penalized Sun Life Assurance Company of Canada (UK) (SLOC UK) 600,000 pounds for poor management of its 1.2bn pounds with-profits business. The market watchdog claimed that the design and ...
Tags: FSA, Sun Life Assurance, life insurance, insurance product
Zurich Private Clients is planning to re-launch its high net worth Travel insurance product for customers in late 2012. Dubbed Zurich Private Clients Travel policy, the new travel product is only available as an extension to Home and ...
Tags: travle insurance, insurance product, insurance service, travel product
Insurance and healthcare firm Max India is likely to offload nearly 5% stake in its life insurance joint venture, Max Life Insurance, with Mitsui Sumitomo Insurance, to long-term foreign financial investors. The move follows the recent ...
Tags: India, insurance, healthcare, life insurance
Prudential Insurance has struck a deal with General Motors, which will allow Prudential to assume certain salaried retiree benefit obligations as part of GM’s plan to reduce pension obligations by nearly $26bn. The agreement is ...
Tags: Prudential Insurance, General Motors, retiree benefit, insurance
New Jersey-based Prudential Financial has reported first-quarter net loss for its financial services business at $988m or $2.09 per share, compared to net income of $539m or $1.10 per share during the same period in 2011. Financial ...
Tags: Prudential Financial, financial service, net income, quarter 1, finance
Massachusetts Mutual Life Insurance (MassMutual) has inked a definitive agreement with The Hartford, an insurance and wealth management services provider, to acquire the latter's retirement plans business. The $400m transaction is ...
Tags: Massachusetts Mutual Life Insurance, The Hartford, insurance
Munich American Reassurance Company (MARC), a subsidiary of Munich Re has announced a significant enhancement to EDGE, its web-based life underwriting manual for assessing mortality risks. According to the company, the enhancement offers ...
Tags: Munich American Reassurance Company, mortality risk, life insurance
Presidential Life and Athene have inked a definitive agreement for an Athene subsidiary to acquire Presidential Life for $14 per share in cash, in lieu of an aggregate purchase price of nearly $415m. In pursuant of the terms of the merger ...
Tags: Presidential Life and Athene, Presidential Life, acquisition
Swiss insurer Zurich Insurance is likely to expand its insurance operations in a bid to gain a strong foothold in emerging markets such as China and Indonesia. The underwriter, under the guidance of its chief executive officer Martin ...
Tags: Zurich, insurance operation, China, Indonesia, insurance market
MassMutual's Retirement Services, a unit of Massachusetts Mutual Life Insurance, has hired Marina Narganes as its new sales director. Narganes will be based in the New York, and will report to MassMutual's Retirement Services Division ...
Tags: MassMutual, retirement service, retirement insurance, insurance
CRC Insurance Services, Crump Insurance Services, and R-T Specialty said that all the parties have resolved all existing disputes between them. All the three parties said that the conflicts have been resolved on a global, confidential ...
Tags: CRC, Crump Insurance Services, R T Specialty, dispute, insurance
The Navy Mutual Aid Association has chosen the Accenture Life Insurance Platform, the life and annuity insurance software suite from Accenture. The new platform supports Navy Mutual's life and annuity product configuration, new business, ...
Tags: Navy Mutual Aid Association, Accenture Life Insurance Platform
Japanese multinational conglomerate Nomura is seriously mulling to dispose or refinance its ING’s insurance unit in Japan, particularly its variable annuity business, with an aim to boost its capital base. A consortium including ...
Tags: Nomura, capital base, ING, insurance
New York Life Insurance Company has appointed money management executive Gerald Smith as a new member of the company’s board of directors, effective from 1 November 2012. Smith currently serves as chairman and CEO at his co-founded ...
Tags: New York Life Insurance, money management executive, Gerald Smith