Cinven Ltd. has announced that it has purchased the life and pension unit of U.K. Guardian from the Dutch insurance company which owns Scottish Equitable, Aegon NV, for $449 million, in the effort to reduce its expenses within the United Kingdom. According to Aegon, which is based in the Hague, by the end of June 2011, the U.K. Guardian unit had recorded a value of approximately $445 million. Its unit for asset management will still be responsible for Guardian’s approximately $12 billion in assets on Cinven’s behalf. By 2015, Aegon’s…
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Study shows online purchases of life insurance on the rise
The results of a study performed by the LIFE Foundation and LIMRA have indicated that Americans – particularly those in younger age groups – would rather make their life insurance purchases online, through the mail, or by phone. Though the majority – 64 percent – of consumers continue to make their life insurance purchases from an insurance agent, that number is rapidly decreasing when compared to the 1996 statistics. In that year, 80 percent of people were buying their insurance in person. According to president and CEO Marvin H. Feldman,…
Read MoreNew York Attorney General institutes and inquiry into the operations of nine of the state’s life insurance companies
Nine life insurance companies in New York have come under regulatory scrutiny and will be subject to inquiry regarding the identification of deceased customers and their beneficiaries. The state Attorney General has issued subpoenas to the companies to determine whether they have issued appropriate payouts on the policies of clients that have passed away. Few companies have confirmed the reception of the subpoenas but the Attorney General claims that the recipients are among the leaders in the life insurance market. The inquiry is a result of a growing number of…
Read MoreCombination life insurance product sales skyrocket to $1.2 billion
The results of a LIMRA research study have shown that the sale of combination life insurance skyrocketed in 2010, with sales rising by 62% to reach $1.2 billion. According to research actuary Catherine Ho, from LIMRA, this 2010 increase in the overall sales of combination life insurance products was significant, especially when considering that there had already been growth in the double digits in 2009. In a LIMRA press release, Ho stated that “In addition to carriers boosting their marketing campaigns, consumers’ growing desire for an alternative to stand-alone long…
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