life insurance News

Iowa in Middle of Debate Over ‘Shadow Insurance’ Deals

For cash-strapped life insurance companies, the deal sounds almost too good to be true: A state law allows them to create complex financial instruments to transfer liabilities to new subsidiaries, instantly wiping huge debts off their books. So-called “shadow insurance” …

Former New Jersey Agent Sentenced for Bilking $1M From MassMutual

A former insurance agent in Essex County, New Jersey, is going to prison for bilking Massachusetts Mutual Life Insurance Company of more than $1 million in commissions and bonuses. A judge sentenced 33-year-old Stanley Jerome of Orange, New Jersey, to …

AXA in Talks to Sell Most of UK Life Insurance & Wealth Investment Units: Sources

AXA SA, France’s largest insurer, is in talks to sell most of its U.K. life-insurance and wealth-investments units, according to two people with knowledge of the matter. AXA is likely to sell parts of the businesses, known collectively as AXA …

Anbang Insurance to Acquire Allianz’s South Korea Operations

Anbang Insurance Group Co., which walked away from a bid to acquire Starwood Hotels & Resorts Worldwide Inc. last week, has agreed to buy Allianz SE’s operations in South Korea. The Chinese insurer will purchase Allianz Life Insurance Korea and …

Generali Q4 Profit Misses Analysts’ Estimates on Life Income; Donnet Named CEO

Assicurazioni Generali SpA’s fourth-quarter profit rose less than some analysts expected on a writedown of its stake in BTG Pactual Group and lower income at its life business. The shares had their biggest decline in more than a month. The …

Munich Re Expects Profit Drop in 2016 on Soft Market, Low Interest Rates

Munich Re, the world’s second-biggest reinsurer, expects profit to decline this year as falling prices for its products and low interest rates weigh on investment earnings. The company plans to repurchase 1 billion euros ($1.1 billion) of stock before its …

Survey Shows Many Americans Fine with Lying to the IRS, or Their Insurer

Call it a “little green lie.” A number of Americans apparently find it acceptable to lie when there’s money at stake. A survey of 2,115 American adults from NerdWallet conducted in February shows a surprising number of people will fib …

AXA’s 2015 Net Income Rises 12% on Life Insurance Sales in Europe, Asia

AXA SA, France’s largest insurer, said 2015 profit rose 12 percent, helped by higher life insurance sales in Europe and Asia. The shares rose. Net income climbed to 5.62 billion euros ($6.2 billion) from 5.02 billion euros [$5.5 billion] a …

Global Insurers Explore Opportunities in Iran; Market Worth Premiums of $7.4B

Global insurance firms are circling Iran for business opportunities following the lifting of sanctions – and the first test of their appetite could come in March when some Iranian companies seek new cover. Insurers, the reinsurers that share their risk and the …

Florida Podiatrist Using Wife’s Life Insurance to Pay for Murder Defense

A Florida podiatrist accused of killing his estranged wife is using part of her life insurance settlement to pay for his defense. The Tallahassee Democrat reports that 48-year-old Dr. Adam Frasch pleaded not guilty to first-degree murder in the death …