Insurance industry
Ping An Insurance (Group) Company of China, the southern boomtown's leading insurance group, is facing difficulties due to the new accounting policy. The policy is expected to have a significant impact on the company's financial statement, particularly in regard to the high-interest-rate policies held by Ping
Insurance industry
As the global economic crisis continues to impact the life insurance sector in the UK, industry experts warn of uncertain times ahead. According to Vasilis Katsipis, general manager of analytics at A.M. Best Co. in London, 2008 was "probably the worst year for the life insurance market in
Insurance industry
Stock analysts at StockPickReport.Com have released their latest ratings for a selection of publicly traded companies, including Nvidia Corporation, Cendant Corp, America West Holdings Cp, Xerox Corp, and Conseco Inc. According to the ratings, Nvidia Corporation is expected to underperform in the next 5 to 10 days, while Cendant
Insurance industry
The variable annuity industry faced significant challenges in 2001, with several major players announcing job cuts and changes to their business models. CNA Life, for example, announced that it would be cutting its staff by nearly 2,000 and discontinuing its variable product lines, including variable annuities and variable universal
Insurance industry
Equitable Life, a struggling life insurer, is facing a potential exodus of its highly valued salesforce, threatening its plans to sell off profitable parts of the business. The company has been in talks with at least two firms of independent financial advisers (IFAs) to persuade teams of salesmen to leave
Insurance industry
The insurance and financial services industry has seen various developments, with multiple companies introducing new products, riders, and sub-accounts. Phoenix Home Life Mutual Insurance Company has added two Sanford Bernstein funds to its variable annuity and life insurance products, taking the total number of sub-accounts to 42. Nationwide Financial has
Insurance industry
In a significant move to expand its marketing reach, Nippon Life Insurance Co., Japan's largest life insurance group, has tied up with Sumitomo Mitsui Banking Corp. to sell insurance products through the new banking group's network. This partnership is part of Japan's liberalization of
Insurance industry
Trinity Mirror employees are bracing themselves for big cuts in their company pensions after discovering that the newspaper group's pension fund invested millions in Equitable Life, the beleaguered life insurer. This makes Trinity Mirror the second company to fall victim to Equitable's financial difficulties, following a
Life insurance
Troubled mutual life insurer Equitable Life is selling its subsidiary Permanent Insurance to rival Liverpool Victoria Friendly Society in a £150 million deal, allowing the company to continue winding down its operations. Permanent provides income protection, life assurance, critical illness, and long-term care products in the UK and has 225
Life insurance
The recent collapse of Equitable Life has left thousands of investors facing financial ruin, with many more facing uncertain futures. At the heart of the debacle is a retired stockbroker, David Hyman, who brought a series of high-profile lawsuits against the firm, ultimately leading to its downfall. Mr. Hyman has
Life insurance
Equitable Life members facing financial shock after the company committed "hara-kiri" are being advised to put safety aside and scrutinize performance and charges before deciding to stay or switch. The Financial Services Authority (FSA) is warning against panic decisions, but financial advisers believe thousands of members are likely
Life insurance
The Equitable Life crisis has prompted widespread criticism of the Financial Services Authority's (FSA) handling of the mutual insurer's collapse. Criticisms include accusations that the FSA should have taken earlier action against Equitable, leading to its closure to new business after failing to find a buyer.
