life insurance News

New York Contractor Convicted of Hiring Hit Men for Killing

A Schenectady, N.Y., contractor has been convicted of first-degree murder in a scheme to kill a man for life insurance money. A jury convicted 54-year-old Tarchand Lall on Wednesday for hiring hit men from Delaware to kill Charles Dembrosky, who …

Canada’s Manulife Seeks Dismissal of Court Case Filed by Hedge Fund

Canadian insurer Manulife Financial Corp said on Tuesday it would ask a court in Saskatchewan to dismiss claims made against it by a hedge fund after the province changed its rules to limit how much an investor can put into …

Australia’s AMP to Sell Life Insurance Arm at Discount, as Funds Bleed Cash

Australia’s largest wealth manager AMP Ltd said on Thursday it would sell its life insurance arm at a discount and revealed its funds were hemorrhaging cash as clients pulled out their money in response to revelations of systemic wrongdoing. Investors …

Australia Life Insurers Will Be Required to Publish Customer Dispute Numbers

Australia’s life insurers will be required to publish customer dispute numbers every six months, top financial regulators said on Wednesday, as a misconduct inquiry threatens other reforms that could hurt industry profitability. For the first time, customers will be able …

Billionaire Li’s FWD Group Nearing Deal to Buy CBA’s Indonesia Unit

Billionaire Richard Li’s FWD Group is nearing an agreement to buy control of Commonwealth Bank of Australia’s Indonesian life insurance arm, people familiar with the matter said, in a deal that would boost the tycoon’s presence in one of the …

Canada’s Manulife Faces Investor Backlash over Failure to Disclose Ongoing Court Case

Canada’s biggest life insurer is under pressure from shareholders to explain why it failed to disclose details of an ongoing court case which came to light after a short-seller released a report detailing the litigation. The stock has dropped 11.5 …

China’s Tech-Focused Insurer Ping An May Be Poised for Major Asian Growth Leap

China’s Ping An Insurance (Group) Co. has 23,000 research staff, 500 big-data scientists and spends billions of dollars a year on R&D. Last year, it attracted 46 million new customers, equivalent to the population of Spain — almost all of …

Ping An Eyes Bid For Prudential’s Asia Business, in Biggest Outward M&A: Sources

Ping An Insurance (Group) Co. is considering buying Prudential Plc’s Asia business, people familiar with the matter said, a deal that would reshape Asia’s booming insurance industry and mark the biggest-ever Chinese acquisition. Ping An has sounded out the Chinese …

Generali Agrees to Sell German Life Unit, Valued at $1.2B, to Viridium

Assicurazioni Generali SpA agreed to sell almost 90 percent of its German Generali Leben unit to a company owned by Cinven Ltd. and Hannover Re in a deal that values the business at about 1 billion euros ($1.2 billion.) The …

Generali Likely to Start Exclusive Talks to Sell German Life Book to Viridium: Source

Italy’s Generali is expected to start exclusive talks shortly over the potential sale of its 40 billion euro ($48 billion) German life insurance portfolio to private equity-backed Viridium, a person close to the matter said. Generali and Viridium declined to …