| North America |
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| 1. Benmosche Says AIG to Build Non-US Life Insurance (Bloomberg) |
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| Feb 23 2012: AIG plans to rebuild life-insurance sales outside the US after divesting operations in Asia and Europe to help repay a taxpayer bailout, Chief Executive Officer Robert Benmosche said.Benmosche, who became CEO in 2009, is now targeting emerging markets like China and Turkey for growth and seeking to increase sales to consumers as the company scales back from some more capital-intensive business coverage. |
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| 2. National Insurance Crime Bureau: Sandy-Damaged Vehicles Surpass 250K Mark (Insurance Journal) |
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| Feb 21 2013: The current estimate of vehicles damaged as a result of Sandy is now set at 250,500 based on claims processed by insurance companies, according to The National Insurance Crime Bureau (NICB). New York’s number increased from a previous level of 130,000 to 150,000. |
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| 3. AIG Q4 Operating Results Beat Expectations (Insurance Journal) |
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| Feb 21 2013: Insurer American International Group (AIG), reported fourth-quarter results that beat Wall Street expectations, although Chief Executive Robert Benmosche said some employee bonuses will be smaller this year because the company did not meet all of its performance targets. |
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| Overall, the company reported a USD4 billion loss, due mainly to the sale of aircraft leasing business, ILFC, as well as losses incurred from Superstorm Sandy. |
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| 4. AIG to Purchase Outstanding Interest in AIG Israel (Insurance Journal) |
| Feb 18 2013: American International Group (AIG) announced that it has reached an agreement with Aurec Gold Investments Limited to acquire Aurec’s 49.99% interest in AIG Israel Insurance Company Ltd. |
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| AIG currently owns 50.01% of AIG Israel and upon completion of the transaction AIG Israel will become wholly-owned by AIG. The transaction is subject to approval by Israel’s Insurance Commissioner. AIG said that it had agreed to a joint venture with Aurec to form AIG Israel in 1996. The operation primarily writes personal lines as well as accident and health and life insurance through a direct distribution platform, and it encompasses some commercial lines products via brokers. |
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| Europe |
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| 5. Allianz Reports Revenue, Operating Profit and Net Income Growth for 2012 (Insurance Journal) |
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| Feb 22 2013: Germany’s Allianz Group, Europe’s largest insurer, reported strong results for the financial year 2012. Revenues reached EUR106.4 billion [USD140.66 billion] for the year, an increase of 2.7% compared to EUR103.6 billion [USD136.96 billion] in the previous year. |
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| Allianz beat expectations with fourth-quarter net profit of EUR1.22 billion (USD1.63 billion), that was helped by strong gains in insurance and asset management. |
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| Operating profit rose 20.8% in 2012 to EUR9.5 billion [USD12.56 billion] from EUR7.9 billion [USD10.44 billion] in 2011. |
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| 6. Generali Gross Premiums Climbed 3.2% Last Year on German Growth (Bloomberg) |
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| Feb 22 2013: Assicurazioni Generali SpA, Italy’s biggest insurer, said gross premiums climbed 3.2% to EUR69.6 billion (USD91.8 billion) last year, driven by growth in Germany and central and eastern Europe. |
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| Life premiums increased 3.1% to EUR46.8 billion, while non-life business rose 3.3% to EUR22.8 billion. |
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| 7. Axa Net Falls 0.9% on Fewer Gains; Operating Profit Rises (Bloomberg) |
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| Feb 21 2013: Axa SA, Europe’s second-largest insurer, said profit fell 0.9% in 2012 as year-earlier gains from selling businesses weren’t repeated. Net income fell to EUR4.15 billion (USD5.5 billion) from EUR4.19 billion in 2011. Revenue increased 5% to EUR90.1 billion. |
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| 8. Swiss Re Posts USD4.2 Billion 2012 Net Income; Premiums & Fees up 15% (Insurance Journal) |
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| Feb 21 2013: Swiss Re reported strong 2012 results with net income for the year of USD4.2 billion for full-year 2012, compared to USD2.6 billion in 2011. The report said the result was driven by strong premium and fee income growth of 15% from USD22.2 billion in 2011 to USD25.4 billion in 2012 and by favorable prior year development in the P&C businesses. |
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| Asia Pacific |
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| 9. Price of Asia takeovers unreasonable -Allianz CEO (Reuters) |
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| Feb 22 2013: Allianz said it saw prices for insurance takeovers in Asia as too high, underpinning its decision to distribute insurance products in partnership with HSBC. The deal Allianz struck to distribute its insurance products through HSBC offices in Asia and Turkey was better and a cheaper opportunity, according to Allianz. |
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| 10. Best Reports Thailand’s Non-Life Sector Moving to New Regulatory Era after Floods (Insurance Journal) |
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| Feb 21 2013: A new report from A.M. Best says that , regulatory reform and the 2011 floods continue to generate pressure for Thailand’s non-life insurance industry as it contends with uncertain loss development, stricter capital requirements and a stagnant investment market. |
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| Best added that nonetheless the industry sees the need for a stronger structure that will enhance its competitiveness within the upcoming Association of Southeast Asian Nations (ASEAN) free-trade agreement. |
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| 11. China to push compulsory insurance for polluting industries (Reuters) |
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| Feb 21 2013: China will force heavily polluting industries to participate in a compulsory insurance program to ensure they can adequately provide compensation for damage, the government said. |
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| Companies that must participate in the scheme include mining and smelting industries, lead battery manufacturers, leather goods firms and chemical factories, the Environment Ministry and China Insurance Regulatory Commission said in a joint statement. Petrochemical companies and firms that make hazardous chemicals and hazardous waste would also be encouraged to participate, it added. |
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| Special environmental protection funds would be allocated to companies taking out the insurance, and they would be given priority for bank lending, the statement said. |
