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Tata AIA ties up with Federal bank, ICICI Lombard with Capital Small Finance Bank
Capital Small Finance Bank has announced a bancassurance corporate...
Ambani’s financial services App to take on Google and Amazon
The company announced the test version of its platform, named...
Aviva appoints Amanda Blanc as Chief Executive Officer
Amanda Blanc, Chief Executive Officer of Aviva, said:“I want Aviva to be the leader in our industry again and the first choice for our customers and partners. My focus will be on achieving that for the benefit of all of our stakeholders.We will look at all our strategic opportunities, and at pace. I have been on the Aviva Board since the start of this year and have a good understanding of where the business has its strengths and what actions we should take across our portfolio”
Allianz CEO sees business recovery in 2021 after coronavirus impact
Allianz may need a third less office space in the long term, he said. Travel costs could be cut by half. The company’s life insurance segment has held up despite the lack of personal contact between advisors and customers during the crisis. “You will be surprised how well business is developing”, said CEO Oliver Baete
SoftBank-backed Lemonade raises $319 million in IPO
Lemonade, started in late 2016, says it has digitized the entire insurance process, replacing brokers and paperwork with algorithms. It says it provides insurance policies to homeowners and renters in as little as 90 seconds and claim payments in three minutes.The IPO values Lemonade at $1.6 billion. That is less than the $2.1 billion it was valued at last year, after it raised $300 million in a funding round led by Japan’s SoftBank and which included insurer Allianz SE and Alphabet Inc’s venture capital arm GV. Lemonade has pursued breakneck revenue growth at the expense of widening losses.
FWD completes MetLife Hong Kong acquisition
FWD will be renaming and rebranding the newly acquired businesses in the next few months. At the same time, MetLife Hong Kong will continue to operate through all its existing channels across its businesses. All existing MetLife Hong Kong policies will continue to be honoured by FWD following the change in ownership.
EU calls British financial market proposals ‘unacceptable’
London and Brussels have an end of June deadline for completing “equivalence” assessments for determining access to each other’s financial markets.
India accounts for 45.8 million of the world’s ‘missing females’:UN report
Between 2013 and 2017, about 460,000 girls in India were ‘missing’ at birth each year. According to one analysis, gender-biased sex selection accounts for about two-thirds of the total missing girls, and post-birth female mortality accounts for about one-third, the report said.
IRDA likely to implement new Indian Accounting Standard in the insurance sector soon
In its recent board meeting the IRDA discussed, the status of implementation of the Ind AS in the insurance sector in India and had taken the following decisions on the matter of Ind AS.
-approval of implementation of Ind AS 109 and IFRS 17 equivalent in India simultaneously,along with other applicable Ind AS,
– re-visit existing regulations on preparation of financial statements,
– direct the insurers to discontinue submission of proforma Ind AS financial statements being filed effective quarter ending 31st December, 2016 and
-to decide on the date for implementation of all applicable Ind ASs after the finalization of IFRS 17 by IASB which is expected during mid 2020.
U.S.insurers’ private equity holdings rise 10% to $81.3 billion in 2019:AM Best
As insurers have pulled back from hedge fund investments , many have shifted allocations to private equity to maintain exposure to alternative assets and achieve better returns, compared with the public markets. U.S. life/annuity (L/A) insurers have driven the majority of the growth in private equity holding
Global investors including insurers urge Brazil to stop deforestation
The 25 European signatories include Norway’s Nordea Asset Management and the Church of England, which has a 2.8 billion pound ($3.5 billion) pension fund. The UK’s Legal & General Investment Management (LGIM) is among the largest investors with 1.2 trillion pounds under management.
The letter does not spell out consequences if Brazil’s government does not take action, but seven European financial firms told Reuters last week they could divest from Brazil-linked holdings if environmental destruction continues. Many of those firms also signed the letter to embassies.
Federal Bank to buy additional 4% stake in life insurance JV from IDBI Bank for over Rs 80 crore
Federal Bank will be purchasing 4 per cent, while their Dutch partner Ageas Insurance International NV will be buying 23 per cent to take its ownership to 49 per cent, the maximum permissible for a foreign partner in a life insurance venture