Written by on 08 August 2009
The German insurer Allianz announced a rise of 21 per cent of profit in the second quarter of this year, compared to the same period of 2008 due to improvement of business in life insurance and health.
Between April and June, the net result of somou Allianz 1.9 billion euros, against 1.5 billion in 2008, while revenues increased from 21.5 to 22.2 billion euros.
“Overall, we obtained very good results in the quarter,” said the chairman of the board of Allianz, Michael Deikmann, adding that the company “is prepared for a ‘new normality’: a market environment with increasing challenges and income structure lower.
“We remain strongly capitalized and our low risk profile allows us to withstand potential shocks of the market. Furthermore, we are well diversified both in regional terms, or business, so we can benefit when the market recover,” he added.
Allianz’s shares this morning were to fall 3.5 percent on the Frankfurt stock exchange, to 72.0 euros.
Written by on 06 August 2009
“CNB sanctioned by the view that in the context of its business model to work in the insurance brokering activities without appropriate authorization, selected from those persons entry fees and pay them commissions for the acquisition of new people into this system,” said spokesman ČNB Marek Petrus.
“With fine absolutely disagree. Decision regarded as defective and intend to challenge him to the Supreme Administrative Court,” said Managing Director Lukas Hinterbuchner.
Complaints about Eurofinancial with CNB and MF DNES, which informed of the problem first began to gather in the summer of last year. Students warned in particular the unfair practices of insurance agents.
People have recourse to, inter alia, advisory services, which included visits to various financial training, call for a cheaper fare or a monthly two hour consultation with a specialist range of issues. The company offered them commissions for tipování other customers.
These services normally cost nineteen and a half thousand crowns. If, however, people set up life insurance with a minimum contribution of 850 crowns a month, throughout the advice immediately become cheaper for one crown. Hook was, inter alia, that the man could in principle life insurance within three years to repeal, it would have immediately paid the full price of the seminar.
The Eurofinancial these practices of course denied. At the end of July with the cooperation ended, however, insurance company ING, which described his behavior as unethical. The other three insurance companies, AXA, Generali and Kooperativa, check practices. AXA in February this year, however, surprised his step when Eurofinancial taken. Eurofinancial dominated French AXA
AXA ubezpečovala that behavior change and unethical business practices will not be directed. Clients who are increasingly turning to the MF DNES, however, speaks otherwise: Unfair business negotiations continues, AXA “NEAXA”.
“Is one hour in the night and we never sleeps. Our age daughter today signed a contract for more than 20 thousand crowns. Unfortunately,” wrote MF DNES in mid June this year the father of a student from Prague.
Four months after the AXA dušovala that behavior Eurofinancial closed, thus still nothing has changed. In May signed the student from Mikulov. This is, however, managed to cancel.
The cancellation is necessary pressure and cry
“We went to a meeting. Desetitisicove first talking about a fine, but in the end to circumvent without it. But I think that if I was not the daughter, it would be so easily found. Similarly, it would certainly not be through the mail or post, “says her mother, who fear that the company nenarkla it from damage to reputation, not to be appointed.
Form of addressing the situation and the father has the student from Prague. Personally, I came to office in Karlovy Vary, where according to their words showed good output. “Branch Director promised to abolish it, and a man who in the daughter navezl, benefits. There is no letter of cancellation did not.
However, AXA to continue such practices do not match. “For the new model of training, so try a maximum of transparency. What we promised to deliver,” said insurance company spokesman Marek Zeman.
Similarly, it speaks well of Eurofinancialu Lukas Hintebuchner. “Speculation about student cheating have totally rejected. But that is not in the company. Proceed according to standard international trade models,” he said.
Written by on 06 August 2009
The Chinese Deputy Minister of Human Resources and Social Security Hu Xiaoyi 4th August noted that China odstartuje before 1 October test sites testing a new type of mixed life insurance in rural areas, then the insurance applied for improving gradually throughout the country.
Hu said at a press conference that the Chinese Government has already examined and approved in principle governing the comments on this test. This insurance shall consist of two parts, first part is a basic life insurance and other part of the money to personal accounts. Basic life insurance will pay the government peasants from the age of 60. This means that from the age of 60 years, Chinese farmers will be able to enjoy the state life insurance.
Written by on 06 August 2009
Priority for private investors in Europe and the U.S. at the time of recession is the safety of their investment and this project are willing to sacrifice even a slight profit. On average, half of the Europeans and nearly seven out of ten Americans invested funds into savings accounts. At the same time on both continents decreased the proportion of people who do not have any money. According to the results of the study Investment Barometer carried out by GfK Custom Research.
Low-risk investments generally favors a total of 91 percent of the population of Western Europe, 84 percent of people in Central and Eastern Europe and 81 percent of the population the United States. In Western Europe, Vespers 29 percent of private investors in the U.S. only eight percent.
Currently, their finances in the deposit accounts of nearly 60 percent of West Europeans, while in autumn 2007 was 43 percent. The same trends are emerging in the U.S., where 68 percent of Americans currently requires to finance its interest-bearing bank accounts. Eighteen months before this form of investment opted only about half the U.S. population.
Life Insurance
Ever-growing popularity of life insurance, which has decided to almost a third of Western Europeans, which is seven percentage points more than in autumn 2007. However, the situation in individual countries varies greatly. The life insurance has invested around one of the two Belgians and Americans questioned. On the opposite side of the spectrum is a Spain, where life insurance has selected only four percent of respondents.
Written by on 06 August 2009
CSOB extended an offer of hedge funds on the concentration of investments in renewable energy sources with the life insurance and fixed click. “Secured Fund Maximal Invest – Alternative energy ČSOB plus allows to invest in companies that deal with development and production of alternative energy technologies. In this sector we see a high potential, global investment in alternative energy, did not stop even at the time of recession, “said executive manager segment Saving and investment ČSOB Pavel Kratochvil.
“Maximal Invest – Alternative energy ČSOB plus guaranteed return on investment at maturity and can lead to padesátiprocentní income. At the same time Maximal Invest and life insurance for survival, “stated Kratochvil.
Global Partners CSOB fixed click 8 is secured by the Fund, which after three years and six months, offers perfect protection of invested money and assess a minimum investment of five percent. Maximum yield at maturity can reach sixteen per cent, “added.
Maximal Invest subscription ends on the last August. The fund will be payable to the 9th March 2015. Background basket does not only shares in companies engaged in alternative energy, but also the production of traditional energy. The minimum single deposit is 30 thousand crowns.
CSOB fixed click 8 is secured fund due to the last in February 2013. Total credited yield depends on the average yield of thirty shares in the underlying basket secured to fund their initial value. Each shares with the positive development contributes six per cent, in fact any negative performance. After six months of investment income from the Fund is exempt from income tax.
Written by on 01 August 2009
The Chilean Group Corp, the holding company of Life Insurance Corp, signed a binding agreement to acquire the assets of annuities and mortgages of the Dutch ING Chile, reported today company in a statement.
“This purchase, Group Corp to become the largest conglomerate in Chile insurer, managing more than 5 billion dollars in assets of the industry,” said the document.
The company explained that this acquisition is part of the strategy for growth and consolidation of Group Corp in the insurance business, mostly in annuities.
The Communiqué Group Corp reaffirmed its commitment in the area of life insurance and noted that the current conditions of the clients of annuities and mortgages from ING will remain in force in accordance with contracts.
The company will acquire a 50% larger size at Life Corp, and will be managed as a separate company, is not considered because its merger with Life Corp.
ING was the principal life insurance company in Chile at the end of March, with a market share of 11.7% in premiums and a portfolio of annuities valued at almost $ 100 million, and the second largest player in the segment annuities, with 17.2% of total premiums.
Written by on 01 August 2009
After a tough competition among major players in the local market, Corpvida, insurance firm linked to the entrepreneur Alvaro Saieh, acquired the portfolio of annuities from ING Life Insurance for an amount close to U.S. $ 350 million.
According to market sources, the transaction will allow Corpvida adding to its existing portfolio of annuity premiums, which shows about $ 29.6 million between January and March this year, part of the most important area Life insurance in Chile to the Netherlands and reached sales of about $ 37 million in the first quarter of this year, representing 37% of its business.
With this acquisition, Corpvida increase its current market share of annuities from 9.7% to about 21% as being the segment leader. Also significantly increase their participation in the business of life insurance, which currently has a market share of only 5%.
Close to the process said the operation to realize that ING would have used as a mechanism to create a new society, which would have delayed the negotiations so far and were also concerned that the other major industry players: Principal, Metlife Life and Security.
Written by on 01 August 2009
“I regret that the bombs had not exploded to the ETA when carrying,” said Antonio Basagoiti, president of the Basque PP, in one of the most raw reactions of the day. The possibility that something would happen seemed remote.
La banda terrorist had covered his back. Sources said the investigation that the two bombs, which killed two officers and that was exploded five hours later, had two timers (a safe haven for terrorists) and that they would not explode from default of one hour and if the vehicle is put to film. A system detects antimovimiento this time, for putting the car in action: a capsule of mercury warns vibration. Then, the bombs explode.
In some cases, have been found safe for up to twenty-four hours timer, a time frame sufficient to place the bomb scene and disappear. The two officers killed in the bomb went under the official car in the early hours of Thursday morning, but the device did not explode because the timer is prevented insurance.
However, when re-board the car, about two midday, the timer had already expired, so that the bomb exploded in the engine vibrated. 6000 while protesters walked the streets of mid-afternoon Calvià in revulsion at the attack, the researchers were studying the explosive compound.
Researchers shuffled the various scenarios. On one hand, believe that the perpetrators of the attack, a command shell faces and numbers-yet undetermined have already left the island. They rely on the theory of limpet bombs, attached to the underside of the Nissan Patrol of the two agents and also to a vehicle parked 500 meters away in the barracks of the Guardia Civil, exploded by deminers hours later. They argue that the suspects were seized Tuesday night to camouflage limpets in separate plastic-Fiambrera the system would operate with a antimovimiento and it had anticipated the transaction cage, designed to block access to the island after the attack . There is another theory: it says that ETA remained on the island, refugees in a flat, free, under the crush of tourism.
It’s the weekend over annual transfer is estimated that between yesterday and Monday, the airport of Son Sant Joan 4600 record flights. “They may wait a few days to run, when things calm down,” said the delegate of the Government in the Balearics, Ramon Socías. Sources of research about the two suspects, a couple who had Basque apartments the seafront of Palma, missing since Thursday. “What is clear is that we have screwed the summer,” says Yolanda, taxi driver, driving between Calvia and Palma. “If it was bad, now will be worse.” “The government are concerned,” says Matthew Cañellas, counselor balearic-ago days the Bild (German press) publishes that influenza A is spreading Mallorca (Son died in a Nigerian Llàtzer this month). And now this. .. “.
“They counted the days,” said Maria Teresa Fernandez de la Vega, the first vice president of the Government, the Council of Ministers in Madrid. He said the next president José Luis Rodríguez Zapatero, who had spent the early hours of the day in Palma (Rajoy was also on the island). The words of the vice president raised some skepticism. Police sources confess discouraged. “Despite many arrests, we have a stick, told this newspaper. ETAmantiene This shows that infrastructure and people.”
Written by on 01 August 2009
The Government today agreed in the Council of Ministers to amend two regulations governing the insurance industry and has introduced more transparency obligations in the recruitment of death insurance, which cover the costs of death. Currently over 20 million people have this form in Spain.
According to the official reference of the Council of Ministers, insurers are obliged to specify the client to apply the factors that determine the price of insurance in the subsequent renovations or provide a picture of the evolutionary estimated annual commercial premiums until the insured reach 90 years.
Risk factors that insurance companies will have to detail can include age of the insured, the variations in the sum insured or developments in the costs of funeral services or others.
In addition to these developments relating to the price of insurance, insurers must also issue a note written in a clear and precise, which identifies the type of insurance you are offering before they hire insurance.
“The state of maturity of the sector has led to the emergence of new products and forms of insurance in which the level of information transmitted by the insurer to the insured becomes a critical factor when assessing the degree of compliance with required transparency in the insurance contracts, “said the Economy Ministry said in a statement.
According UNESPA, the employer’s insurance, these measures will make it more understandable such policies to the policyholders, while extend existing practices of transparency, for example, life insurance.
Regulation of management and supervision of private insurance and the regulation of mutual social welfare will also be amended through a Royal Decree approved today by the Government to reduce administrative burdens that are subject to the industry. These measures were assessed by the employer’s insurance industry, UNESPA, who stressed that “very good” in an era with high work loads.
Other measures of eliminating administrative barriers, emphasizes the reduction of six months to 60 days the deadline for resolution of consultations by the Minister of Economy and Finance on the insurer or otherwise of certain operations and will simplify the system of communications Directorate General of Insurance and Pension Funds of the documentation submitted to obtain authorization for access to the activity.
It also removed the obstacles to authorize corporate transactions (mergers, conversions, divisions, transfers of portfolios) among insurers.
Also be extended from three to six months the frequency of reports on the progress of the liquidation of an insurer, observed deviations and the corrective actions to be taken.
Written by on 31 July 2009
The famous insurer AIG this week announced that it sold the financing activities of life insurance contracts from AIG Credit and AI Credit Consumer Discount Company, two subsidiaries based in the United States.
It is the insurer First Insurance Funding (FIFC), a subsidiary of Wintrust Financial Services Financial, which acquired the activities in question for a total of 679 million dollars (M $). An additional purchase of $ 61 million is also envisaged by FIFC.
According to information obtained by Agence France-Presse (AFP), AIG had announced earlier this year that it intends to consolidate its life insurance business under the brand ALICO. The insurer could then separate from the body through a possible IPO.
AIG continues to sell its subsidiaries to repay financial assistance received from government. The government now amounts to 83 billion U.S. dollars.
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