Douglas Shillito
This week, interim and second quarter financials were dominated by generally positive results from large life insurers, including Legal & General (committed to executing strategy well, and sold adviser investment platform Cofunds to Aegon), Old Mutual (managed separation strategy going well), Prudential (good result on key operating metrics), Standard Life (good progress towards becoming a world-class investment company), and Sun Life Financial (strategy standing up well). Composites Ageas (impacted by Fortis settlement provision but insurance net profit improves) and Zurich (moving in positive direction) also reported, and Hastings Group continued its impressive profitable growth. Munich Re (consolidated profit down but well on track for the year) and Enstar (net earnings up) concluded the reinsurance players. Willis Towers Watson were encouraged by second quarter results, post-merger.
The Society of Actuaries published research by Conning on economic scenario generators, and Willis Towers Watson reported on trends in the UK annuity market, after new pension freedoms. The Lloyd's Market Association (LMA) reported that the Lloyd's Market was well briefed for the changes being introduced through the Insurance Act 2015 which came into force last Friday.
There were senior appointments at AGCS, PartnerRe, Pioneer Underwriters, and RFIB. Tim Harris, Group Financial director at Royal London, joined the board of the Association of British Insurers (ABI) and was appointed chair of the Prudential, Financial, and Taxation Committee.
Full articles on the above topics may be found on the Insurance Newslink and Financial Newslink global trends database services at www.onlystrategic.com.