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AIG is not going to sell business in Kazakhstan

admin — Tue, 30 Sep 2008 20:58:56 +0000

Largest American insurance company American International Group (AIG) does not plan to sell the business in Kazakhstan - AIG Kazakhstan.
As it has been mentioned in the AIG’s report, the American insurer officially informs, that business AIG in Kazakhstan is not on sale. The company is stable, successful and financial steady, reserving leading positions in many sectors of the Kazakhstan market of the general insurance. it is also marked In the message, that opportunities of the company to work in a former mode have not undergone to change in connection with last market events.
Earlier Financial Times has informed that AIG is ready to sell a part of actives for returning to US Federal reserve system (FRS) a loan at the rate of 85 billion dollars. Thus, in the middle of September FRS has given AIG the credit on the security of 79,9 % of shares to prevent bankruptcy of the insurer.

Munich Re is to get insurance business in the East Europe and Asia

admin — Wed, 24 Sep 2008 10:40:18 +0000

German reinsurance company Munich Re pays attention to sharp changes in insurance and reinsurance branch, comparing situation in market with the period after acts of terrorism on September, 11th, in the USA.
As “Deutsche Welle” transfers, in 2009 Munich Re predicts 2% growth of tariffs on insurance and reinsurance services. Since this moment tariffs will only continue to grow, the period of depreciation of services of insurance is already behind.
Serious fears in branch were caused with news about actual nationalization of American corporation AIG. Last week the USA Federal Reserve System of the USA has given to the reeled world leader $85 billion.
During AIG’s re-structuring will have to get rid of essential part of actives.
Munich Re’s representatives have informed that AIG shows great interest to direction of industrial sector insurance in the East Europe and Asia.
Within the nearest years Munich Re is measured to receive stable net profit at the rate of not less than 3 billion euro. We shall remind, that the concern has finished 2007 year with record profit at the rate of 3,9 billion euro.

Manulife studies an opportunity of AIG’s purchase

admin — Mon, 22 Sep 2008 19:24:07 +0000

The largest insurance company of Canada Manulife Financial Corp. considers an opportunity of exhibiting of the offer on purchase of a part of American insurer AIG.
Manulife main executive director Dominic D’Alessandro and other top-managers of the company have held a meeting with financial advisers for studying ways of use of AIG possible division.
Canadian insurer’ Representatives have refused comments.

Profit of Old Mutual has grown on 14 %

admin — Mon, 22 Sep 2008 19:23:29 +0000

In the first half-year of 2008, profit of the British insurer Old Mutual, earning the most part of the profit in Southern Africa, has grown on 14 %.
The profit of the company has made 549 million pounds or 10,5 pence per share. The greater growth has been slowed weakness of the African currency and necessity of injection of additional means in Old Mutual’s American subdivisions.
This year Old Mutual’s capitalization has fallen on 37 % because of traders fears, concerning excessive dependence of the company on the business in Africa, and also because of greater write-offs’ expectations.

Czech Republic: get insured by mobile phone

admin — Wed, 10 Sep 2008 20:14:15 +0000

Already two Czech insurance companies - Generali and Česká podnikatelská pojišťovna (ČPP) offer their clients to buy tourist insurance by means of mobile phone.

For signing the contract only the surname, name, the address and term of insurance is required. It is necessary to send SMS with specified information. Cost of the insurance will be included in payment for services of mobile communication. Action of the contract extends on all the countries of the Europe and some states of the African continent. Thus the client can sign the contract directly ahead of departure, say, on a way to the airport. According to the ČPP press-secretary, new service enjoys the raised popularity despite even the fact that it has been offered only one month ago.

Foreign insurers face obstacles in China

admin — Thu, 04 Sep 2008 08:26:10 +0000

About 45 foreign insurance companies, which have united with the Chinese partners for activity in territory of the country, have collided with the rigid restrictions, established by the state on structure of joint ventures, opportunities of branches’ accommodation and the list of services, offered to clients.

The share of joint ventures makes 6 percents in the market of insurance services of China. The foreign insurance companies expect increase in sales in life insurance market on 30-50 percents, in the market of property and accidents insurance is parameter is expected to rise on 20-40 percents. The Majority of the interrogated analysts assume that the share of the foreign insurance companies in the market of China will reach 10 percents in 2011.

However, both foreign, and the Chinese insurance companies collide with a strong competition from powerful Chinese banks. Recently banks were allowed to buy shares in the insurance companies and to expand the offer of banking-insurance products.

Negative influence on development of foreign insurance business in China is also provoked by factor. The low level of a professional training and high fluidity of the personnel do not allow companies to reach to the desirable results.

Fitch has confirmed Lloyd`s ratings

admin — Sun, 31 Aug 2008 09:14:40 +0000

International rating agency Fitch has confirmed Lloyd`s ratings. Also the agency has confirmed a long-term credit rating at the level “A” of Society of Lloyd `s and rating of financial stability at the level “A+” of Chinese reinsurance companies Lloyd`s Reinsurance Company (China) Limited. The forecast concerning the given ratings is stable.
Ratings reflect high parameters of Lloyd`s for 2007, high level of incomes and investment profit, and also the low combined factor. All this has led to increase in actives and increase of capital stability at the level of the Central Fund. Analysts of agency assumed, that because of a small number of large accidents, Lloyd`s parameters will be high. Thus Fitch’s analysts mark, that Lloyd`s parameters surpass parameters of some other market participants.

Japanese insurer Dai-ichi Mutual Life Insurance will redeem 30 % of Tower Australia Group’s shares

admin — Mon, 25 Aug 2008 09:12:33 +0000

Second insurance company Dai-ichi Mutual Life Insurance - the largest in Japan company - has agreed to get 30 % of Tower Australia Group’s shares and to enter on the Australian market of services of insurance.
The price of the transaction will presumably make 376 million Australian dollars (341 million US dollar).
Dai-ichi Mutual Life Insurance has already got 50,3 million shares of this group at the price of 3,75 Australian dollars per share and is planning to get 50,1 million shares under the same price as soon as approval from regulators will be met from shareholders.

The largest world insurer incurs losses

admin — Mon, 18 Aug 2008 09:11:36 +0000

In April-June, 2008, American International Group (AIG), the largest insurance company of the world has fixed the pure loss in $5,36 billion.
The insurer fixes huge losses the third quarter successively on a background of crisis in the real estate market of the USA, which has led to a collapse of cost of many financial actives, and also because of deterioration of a conjuncture in many segments of the USA insurance market.
On average analysts were much more optimistic, expecting from the company profit in 63 cents per share, but thus their estimations were in unusually wide range from the loss in 31 cent up to profit in $1,3 per share.

Besides, write-off of investments, on parameters of the company deterioration of a conjuncture in a number of sectors of economy has also affected. So, because of recession in the housing market and growth of a level of defaults under mortgages loss has incurred the division, engaged in hypothec credits insurance.
Last year AIG has already suffered losses in $14 billion.

Barclays sells Swiss Rе division on life insurance for 1,5 billion dollars

admin — Sun, 10 Aug 2008 18:12:39 +0000

British financial group Barclays Plc sells division on life insurance Barclays Life Assurance Company Ltd Swiss Swiss Re for 753 million pounds sterling (1,5 billion dollars).
With purchase of Barclays Life Assurance Company Ltd. the Swiss company will get about 760 thousand policies of life assurance and pension insurance. The transaction should be completed by November of this year.
The volume of premium Barclays Life makes nearby 350 million pounds year, actives - 6,5 billion pounds.
Swiss Re is the world’s largest reinsurance company and has offices more than in 25 countries of the world.