Live Insurance News

Life insurance unit in U.S. sold by Sun Life Financial

December 20, 2012December 20, 2012 H. Cutner

The sale of this and its American annuity business was made for a reported $1.35 billion. Sun Life Financial has just announced that it has come to an agreement with Delaware Life Holdings to sell its U.S. annuity unit as well as some of its life insurance businesses for a reported $1.35 billion. The buyer is a company that is owned by the Guggenheim Partners group of shareholders. According to president and chief executive officer of the seller, Dean Connor, “This transaction represents a transformational change for Sun Life.” Connor’s…

Life insurance reserves calculations change approved by regulators

December 6, 2012April 30, 2013

State authorities have moved forward a new and controversial standard for insurers in the sector. Life insurance news has been made by state regulators that have now given their approval for a new standard for the way that insurers in the sector will perform their reserves calculations, despite the heavy controversy and claims that it will not work. Critics say that the economy will face too much of a risk in larger states, and the implementation will be too expensive. The approval was made by the National Association of Insurance…

New life insurance rules may have dramatic impact on industry

November 30, 2012November 29, 2012 Marc

Top regulator warns of potential impact of new life insurance rules The New York Department of Financial Services has issued concerns regarding emerging rules that may affect the nation’s life insurance industry. Benjamin Lawsky, Superintendent of the agency, released a five-page letter to state insurance commissioners throughout the U.S. warning them that new rules for the life insurance sector could severely impact claims reserves and lead to insolvencies. These rules are summed up in “principles-based reserving,” a concept that has already become somewhat popular amongst states with flagging life insurance…

Life insurance industry may be in for a rough future

November 29, 2012November 27, 2012 Dan

Life insurance industry must adapt to change or it will fail The life insurance industry is facing a changing landscape, new risks, and emerging trends that could have a drastic effect on business. A new report from PwC US, an industry-focused consulting firm, suggests that life insurance companies will need to adapt to these changes if they wish to survive the next decade. The report, titled “Life Insurance 2020: Competing for the Future,” highlights several of the emerging factors that could have major influence over the life insurance industry. Report…

MIB Life Index shows 4.2 percent increase in American life insurance activity this year

April 10, 2012April 30, 2013

Life insurance market seeing a growth spurt. According to the data from the MIB Life Index, the American application activity, all ages combined, for the first quarter of 2012 in individually underwritten life insurance saw a 0.3 percent year-over-year increase. Though April has been seeing a slow decrease in this activity, the first quarter as a whole saw a year-over-year rise by 4.2 percent. This is the best improvement that the industry has seen since 2007. In February, the application activity was 4.5 percent higher than it was in March.…