Fitch Teleconf: UK Life Insurance Update; 7 April 14:00 UK Time

Thu Apr 3, 2014 7:09am EDT

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(The following statement was released by the rating agency) LONDON, April 03 (Fitch) Fitch Ratings is holding a teleconference to discuss its updated outlook for the UK life insurance sector on Monday 7 April, at 14:00 UK time/15:00 Central European time. Fitch recently revised the sector outlook for UK life insurers to negative, reflecting threats to insurers' profitability from three recently announced initiatives: the ending of compulsory annuitisation and a 0.75% cap on charges for pension auto-enrolment default funds - both with effect from April 2015 - and a Financial Conduct Authority investigation into whether insurers are managing business in closed funds in customers' best interests. The ending of compulsory annuitisation is a game-changer for the sector. The potential consequences of this, and the other changes announced, will vary from one insurer to another, according to their business mix (for more details see "Fitch: UK Life Outlook Negative Post New Legislation, Regulation", available at www.fitchratings.com). David Prowse and Clara Hughes, Senior Directors in Fitch's Insurance team, will speak on the call. They will explain the changes that have been announced, how they will affect insurers and the implications for credit ratings. The call will be interactive with opportunities for callers to ask questions. Participants can also send questions in advance to lucinda.jeffrey@fitchratings.com. Teleconference details: Date: Monday 7 April 2014 Time: 14:00 UK time/15:00 CET Callers must register in advance using the link below and are requested to dial in early: here 9078ABEBA3585 Contacts: Lucinda Jeffrey (Business Relationship Management) Director +44 20 3530 1350 Fitch Ratings Limited 30 North Colonnade London E14 5GN David Prowse (Analytical) Senior Director +44 20 3530 1250 Clara Hughes (Analytical) Senior Director +44 20 3530 1249 Media Relations: Hannah Huntly, London, Tel: +44 20 3530 1153, Email: hannah.huntly@fitchratings.com. Additional information is available at www.fitchratings.com. ALL FITCH CREDIT RATINGS ARE SUBJECT TO CERTAIN LIMITATIONS AND DISCLAIMERS. PLEASE READ THESE LIMITATIONS AND DISCLAIMERS BY FOLLOWING THIS LINK: here. IN ADDITION, RATING DEFINITIONS AND THE TERMS OF USE OF SUCH RATINGS ARE AVAILABLE ON THE AGENCY'S PUBLIC WEBSITE 'WWW.FITCHRATINGS.COM'. PUBLISHED RATINGS, CRITERIA AND METHODOLOGIES ARE AVAILABLE FROM THIS SITE AT ALL TIMES. FITCH'S CODE OF CONDUCT, CONFIDENTIALITY, CONFLICTS OF INTEREST, AFFILIATE FIREWALL, COMPLIANCE AND OTHER RELEVANT POLICIES AND PROCEDURES ARE ALSO AVAILABLE FROM THE 'CODE OF CONDUCT' SECTION OF THIS SITE. FITCH MAY HAVE PROVIDED ANOTHER PERMISSIBLE SERVICE TO THE RATED ENTITY OR ITS RELATED THIRD PARTIES. DETAILS OF THIS SERVICE FOR RATINGS FOR WHICH THE LEAD ANALYST IS BASED IN AN EU-REGISTERED ENTITY CAN BE FOUND ON THE ENTITY SUMMARY PAGE FOR THIS ISSUER ON THE FITCH WEBSITE.

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