United States

Life & Health Insurance

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Old Mutual says terminated contract with IFDS

Tuesday, 2 May 2017 03:50am EDT

May 2 (Reuters) - Old Mutual Plc ::Terminated its contract with IFDS for "bluedoor" back-end investment administration platform.Has contracted with FNZ to deliver platform and outsourcing services..Expect an enhanced customer and adviser proposition supplied by FNZ to be operational for new business by late 2018/early 2019.Preliminary cost estimates for operational delivery of FNZ system are of order of 120-160 mln stg.New platform is expected to provide additional functionality that was not included in previous arrangements..Management estimate this would have cost in excess of a further £50 million and taken a further two years post migration to deliver..Decisions do not affect Old Mutual Plc's managed separation..

Swiss Re Life Capital Ltd to raise stake in Lifenet Insurance to 11.1 pct from 0 pct

Friday, 17 Mar 2017 06:48am EDT

Lifenet Insurance Co <7157.T>: Says Swiss Reinsurance Company Ltd will sell its entire 11.1 percent stake in the co to Swiss Re Life Capital Ltd at 2.17 billion yen in total .Says Swiss Re Life Capital Ltd will hold 11.1 percent stake in the co after the acquisition.

Old Mutual posts 1 pct rise in FY operating profit to 1.7 bln stg

Thursday, 9 Mar 2017 02:10am EST

Old Mutual Plc : Old mutual plc 2016 preliminary results - part 1 . Adjusted net asset value (nav) at 228.6p per share (2015: 178.9p per share) . Pre-Tax adjusted operating profit (aop) of £1.7 billion, broadly flat year-on-year in constant and reported currency . Ifrs pre-tax profit of £1.2 billion (2015: £1.2 billion), including impairments of £160 million in 2016 in respect of ecobank transnational incorporated (eti), old mutual southern and east africa (omsea) and old mutual wealth italy . Second interim dividend of 3.39p; total dividend of 6.06p . Fum (excluding rogge) at £394.9 billion up 30% . Nccf of £6.4 billion, excluding rogge (2015: £6.6 billion . Plc net operational cost savings identified of circa £95 million by 2019 from a base of 2015 . One-Off costs to unlock these net operational savings will be circa £130 million . Reduced stake in omam to 51% raising net proceeds of £230 million . Sold old mutual wealth (omw) italy for net proceeds of £210 million . Materially reduced holding company debt by £385 million, reducing annual finance costs by £21 million in 2017 . Expected one-off transaction advisory and listing costs (excluding capital items) estimated to be at least £100 million . Old mutual emerging markets' (omem) future focus will be on sub-saharan africa . Following a review of its business, omem will be implementing a new target operating model . Solvency ii ratio of 124% (1 january 2016: 138%).

Storebrand nominates Didrik Munch as new board chairman

Wednesday, 8 Mar 2017 02:00am EST

Storebrand Asa : Says Didrik Munch is nominated as the new Board Chairman of the company, succeeding Birger Magnus, who is resigning after serving in the office for eight year . Says Munch has long and varied experience from the public and private business sectors, particularly from the finance and media industries, most recently as the Division Director for the Corporate Market at DNB group . Says the Nomination Committee has also decided to nominate the sitting board members for election to a new one-year term .The election of a new Board of Directors will take place at the Annual General Meeting of Storebrand on 5 April 2017.

Clientèle Ltd says diluted HEPS for six months to Dec. 31 up 10 pct

Monday, 20 Feb 2017 10:00am EST

Clientèle Limited : Six month diluted headline earnings per share increased by 10 pct to 66.45 cents . Six month annualised return on average shareholders' interest of 55 pct . Six months net insurance premiums increased by 7 pct to r924.7 million . Six month value of new business of r246.7 million . Six month recurring embedded value earnings of r340.0 million . Six month annualised recurring return on embedded value of 13.9 pct .Immediate focus is on reducing withdrawals and increasing production volumes, with aim of returning these to expected levels.

MMI Holdings says six month basic HEPS seen down between 25-35 pct

Monday, 20 Feb 2017 01:00am EST

Mmi Holdings Ltd : Says core headline earnings per share are expected to be down by between 0 and 10 percent for six month period . Says core HEPS continue to be affected by weak underwriting experience on group disability business (approximately 60 mln rand lower than in prior period) . Says group's interim period basic EPS are expected to be between 59 -69 cents compared to 98.7 cents, a decrease of between 30 - 40 percent .Says basic HEPS are expected to be between 59 -68 cents compared to 91.3 cents, showing a decrease of between 25 -35 percent versus last year.

NN Group Q4 net result of 148 million euros, down 58.9 pct from 4Q15

Thursday, 16 Feb 2017 01:00am EST

NN Group Nv : 4Q16 operating result ongoing business of 282 million euros, up 12.6 pct from 4Q15 . Q4 operating result ongoing business 282 million euros versus 318 million euros in Reuters Poll . Q4 net result of 148 million euros, down 58.9 pct from 4Q15 . Q4 solvency II ratio of 241 percent versus 239 percent year ago . Final 2016 dividend proposal of 0.95 euros per ordinary share . Q4 new sales life insurance (ape) 298 million euros versus 258 million euros year ago . Looking ahead, ongoing uncertainty with regard to economic growth, macro developments, and potential political shifts are likely to impact the financial markets in 2017 .Q4 net result 148 million euros versus 243 million euros in Reuters Poll.


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