I-Byte Insurance April 2021

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I-Bytes
Insurance
April Edition 2021
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................10
3. Rewards and Recognition Updates...................................................................................................................16
4. Customer Success Updates................................................................................................................................18
5. Partnership Ecosystem Updates.......................................................................................................................19
6. Environment & Social Updates........................................................................................................................28

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Financial, M & A
Updates Insurance Industry

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Financial, M&A Updates
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Allianz (Germany) agrees to acquire Aviva Poland and consolidates its leading
position in Central Eastern Europe
Allianz announced it has agreed to purchase the life and non-life insurance operations, as well as
pension and asset management business from Aviva Group and acquire each 51 percent stake in
Aviva’s life and non-life bancassurance joint ventures with Santander. On completion, the
transaction, worth 2.5 billion euros, is immediately earnings accretive and comprises a purchase
price of 2.7 billion euros and a dividend payment of 0.2 billion euros. Allianz is set to become #2
in Central Eastern Europe in terms of operating profit and is well on track to become another
flagship region for the Allianz Group. In Poland, based on gross written premiums, Allianz is set
to become the fifth largest insurer overall and rise to #2 in the life insurance segment1. Subject to
receipt of required regulatory approvals, the transaction is expected to complete within the next
12 months. This agreement represents an important step for Allianz to accelerate its success story
of strong profitability growth in the CEE region and scale up in Poland that is the largest CEE
market with 38 million inhabitants and GDP of approximately $600 billion. Through the
transaction, Allianz will double its revenues in the attractive Polish insurance market and achieve
a well-balanced business mix between property/casualty and life insurance. In particular Aviva’s
strong focus on the dynamic and profitable Polish life protection market will significantly
enhance Allianz’s operating profitability. In addition, the strong tied agents’ network and the
long-term bancassurance joint venture with Santander will bolster Allianz’s distribution footprint
and market position.
Executive Commentary
"We are delighted to further strengthen visibility of the Allianz brand in Central Eastern
Europe and pursue our successful growth strategy in the region. By combining our insurance
and digital expertise and strong investments in technological innovation, customers will
benefit from our innovative products and outstanding services," said Chief Executive Officer
of Allianz SE.
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Allianz (Germany) X leads $118 million funding round of U.S. insurtech Pie Insur-
ance
Allianz X, the digital investment unit of Allianz Group, has led the Series C financing round
of U.S. insurtech Pie Insurance for a total of $118 million. This is the first time Allianz X has
invested in a B2B insurtech in North America. Acrew Capital, Greycroft, SVB Capital,
SiriusPoint, Elefund, and Moxley Holdings also participated in the round. Pie has received
more than $300 million in external capital since it was founded in 2017. The investment in
and partnership with Pie also benefits Allianz by opening up further opportunities to
strengthen its commercial business in the United States. Pie is a leading digital provider of
workers' comp insurance for small businesses in the U.S. Thanks to a unique combination of
proprietary data and advanced analytics, Pie is able to create automated, precisely-tailored
offers for most customers almost instantly. The high quality of the data analytics enables, on
the one hand, fair prices for customers and, on the other, low loss ratios for Pie Insurance. Pie
also offers insurance agents access to its easy-to-use platform, so they can make fast and
fitting offers to their customers. Pie will use the funds from the latest round to further develop
its technology and thus increase its competitive advantage. At the same time, it will dedicate
resources to growing its share of the small business workers' compensation insurance
market, which is estimated to be worth $25 billion. It also plans to develop new products and
tap into new market segments in commercial property and casualty insurance.
"Pie is fundamentally transforming the commercial property and casualty insurance
market in the U.S.," said CEO of Allianz X. "Using pioneering technology, Pie has
revolutionized the customer experience, ensuring that a previously-lengthy process has
become more efficient for everyone involved. The company has enormous growth
potential far beyond its current core business. For Allianz, there are plenty of
opportunities for cooperation with Pie, for example, in the joint development and sale of
insurance solutions. We also see collaboration potential with some of our other B2B
portfolio companies."
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Allianz (Germany) X invests $75 million in fintech WeLab
Allianz X, the digital investment unit of Allianz, is participating in the Series C financing
round of Hong Kong-based fintech WeLab with an investment of $75 million, thus adding
another promising company to its existing portfolio of Asian growth companies. Allianz X's
investment will be instrumental in financing WeLab's further expansion and, in particular,
enabling the ongoing development of its technological platform. Allianz X's commitment
also marks the start of a deeper strategic cooperation between Allianz and WeLab. Within the
framework of this cooperation, both partners plan to jointly develop digital products and
solutions for wealth management, among other things. The geographical starting point of the
cooperation is Hong Kong. A later expansion to the rest of the Greater Bay Area with its 72
million total inhabitants is planned, potentially also to Indonesia and the Southeast Asian
markets at a later stage. WeLab has established itself as one of the leading digital financial
service providers in Asia. Its services include digital banking services and loans for private
customers, a digital lending platform to connect lenders and borrowers, as well as a number
of technology-driven services to support financial institutions in their lending processes.
WeLab currently operates in Hong Kong, mainland China, and Indonesia. In total, WeLab
has close to 50 million retail customers and 600 corporate customers.
CEO of Allianz X: “In a relatively short amount of time, WeLab has built up a powerful
platform for digital financial services and achieved excellent access to private and
business customers in Asia, a region of strategic importance for Allianz. WeLab’s
high-performance technology platform, in particular, makes it a unique fintech in the
Asian markets. The investment in WeLab is a promising one for Allianz both
economically and strategically. Together with our partners within Allianz, we look
forward to leveraging our strategic partnership with WeLab and the business potential in
the region.”
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Allianz (Germany) to acquire Aviva Italia S.p.A., the Italian P/C entity of Aviva
Group
Allianz S.p.A. announced it has agreed to acquire Aviva Italia S.p.A., the Italian
P/C entity of Aviva Group, from Aviva Italia Holding S.p.A. for 330 million
euros. The portfolio is equally distributed between motor and non-motor business
segments with gross written premiums of about 400 million euros. The
transaction is subject to regulatory approvals, expected within the second half of
2021. On completion, Allianz S.p.A. P/C market share in Italy is expected to
increase by approximately 1 percentage point, consolidating its position as #3
player in the Italian P/C market. In total, almost 500 agents together with their
client base will join Allianz, as well as the related employees of Aviva Italy, who
will play an important role by bringing their service expertise and client
knowledge to Allianz. With its strong focus on customer satisfaction and
distribution excellence, Allianz is committed to ensure a smooth transition for
both clients and agents. The similarity of the business models combined with
strong investments in technological innovation by Allianz in the recent years are
key elements to drive the effective integration and joint growth.
CEO Allianz S.p.A., commented: "The acquisition of Aviva Italia S.p.A.
perfectly fits with our strategy of growth in the insurance market, based on a
solid technological platform and on continuous investments to offer our
customers and agents products and services of an outstanding quality."
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Assurant (USA) Acquires TRYGLE Co. Ltd.
Assurant, Inc. leading global provider of lifestyle and housing solutions that
support, protect and connect major consumer purchases, announced the
acquisition of TRYGLE Co. Ltd. a leading software development company. The
transaction accelerates Assurant’s ability to offer additional service offerings and
technology solutions to help keep customers connected, optimizing their use of
mobile devices, electronics and home appliances in everyday life. TRYGLE
develops and operates a mobile phone app, Torisetsu. Torisetsu allows consumers
to manage the lifecycle of their devices, and centrally organize digital technical
manuals and instructions for all the products and devices in their connected home,
on their smartphone, tablet or on the web. In addition, Torisetsu includes recent
news and product reviews, providing easy access to this information anytime,
anywhere. Consumers can easily register their home inventory to Torisetsu,
which hosts over 300,000 products in the database. There is also the option to
submit a request to TRYGLE to add products to the application if they are not
already in the database.
“Assurant’s acquisition of TRYGLE allows us to provide consumers with a
new type of customer experience; one where the lifecycle of their consumer
goods can be managed through an easy to use digital experience, from
conducting pre-purchase research, to maximizing the ability to fully utilize
the product, until ultimately replacing it with the next generation,” said
president of Assurant Japan KK. “We are delighted that TRYGLE will be part
of Assurant and we are confident that this will further boost our connected
home strategy in Japan.”
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Assurant (USA) to Sell Global Preneed to CUNA Mutual Group for $1.3 Billion
Assurant, Inc. a leading global provider of lifestyle and housing solutions that support, protect and connect major
consumer purchases, announced it has entered into a definitive agreement to sell its prearranged funeral insurance
and final expense business, Global Preneed, and related legal entities and assets to CUNA Mutual Group, a broad
financial services provider, for approximately $1.3 billion in cash. As part of announcement, Assurant also
outlined an enhanced capital deployment plan and its outlook for 2021. The Global Preneed sale is expected to
generate approximately $1.2 billion of net proceeds at closing, which is expected to occur by the end of the third
quarter of 2021, subject to regulatory approvals and other customary closing conditions. The company intends to
return 75 percent of the net proceeds to shareholders through share repurchases within one year of closing, subject
to Board approval. This is in addition to returning $470 million via share repurchases and common stock
dividends under the company’s existing three-year, $1.35 billion capital return plan, which is expected to be
completed by the end of 2021. The company intends to invest the remaining transaction proceeds primarily in its
connected world businesses, comprising Connected Living, Global Automotive and Multifamily Housing, to
support long-term profitable growth and further strengthen its competitive position. Based in Madison,
Wisconsin, CUNA Mutual Group protects nearly 30 million consumers, delivering an array of financial and
insurance offerings through partners, including Assurant. CUNA Mutual Group has more than $28 billion in
assets and carries an A rating from AM Best. With the sale expected to close later this year, Assurant and CUNA
Mutual Group will focus on an orderly transition. Upon closing, Global Preneed will be managed as an
independent business with existing Preneed employees remaining at their current locations. Continuing their
23-year partnership, CUNA Mutual Group and Assurant also finalized a multi-year agreement to provide ongoing
vehicle service contract support to their customers in connection with the transaction.
“This transaction represents a successful outcome for all of our stakeholders, including our Global Preneed
employees, clients, partners, policyholders and shareholders,” said Assurant President and CEO. “The sale
of Global Preneed is another important milestone in our transformation of Assurant, sharpening our focus on
our market-leading lifestyle and housing businesses, and better positioning our company to capitalize on
future growth opportunities emerging around the connected consumer.”
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Baloise (Switzerland) expands its responsible investment policy
Baloise is expanding its responsible investment policy with the adoption of a dedicated climate strategy and an active ownership approach. This expansion
increases Baloise’s focus on the topic of climate protection within the context of its responsible investment approach. By expanding its sustainable investment
strategy in this way, Baloise is making a positive contribution to society. The adoption of the climate strategy and the launch of the active ownership approach
are two important milestones for Baloise in the implementation of its sustainable investment strategy. The climate strategy, which came into effect on 1 February
2021, helps Baloise to reduce risks that arise in connection with climate change and to manage these risks prudently in the portfolio. The climate strategy
comprises the components ‘exclusion’, ‘ESG integration’, ‘engagement’ and ‘transparency’. The exclusion of certain companies from the investment universe
serves to reduce physical and transformation risk. Furthermore, in addition to environmental, social and governance (ESG) aspects, Baloise takes detailed
information on climate into account in its investment decisions and commits to publishing transparent information on the climate strategy and its impact. Through
these measures, Baloise is making an important contribution the United Nations’ sustainable development goal no. 13 – ‘climate action’. The active ownership
approach, which has been adopted with effect from 1 March 2021, focuses on an active dialogue with companies on specific issues and sustainability topics. The
aim is to convince the senior managers of companies to proactively address ESG risks and to seize opportunities in this area. Baloise intends to use this approach
to generate a positive environmental and social impact with the assets its manages. In addition, the requirements of the European regulator under the EU Action
Plan are being implemented in order to improve transparency on the subject of sustainability for investors.
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CNP (France) Assurances has signed an agreement with the Aviva Group for the acquisition of life insurance
businesses in Italy. CNPAssurances will double its Italian life insurance market share
CNP Assurances is pursuing its international growth strategy and consolidating its position in the
Italian life insurance market, with the signature of an agreement to acquire Italian life insurance
businesses from Aviva. The acquisition will double CNP Assurances’ share of this market. The
transaction perimeter includes the following Aviva Group life businesses in Italy:
• 51% of Aviva S.p.A., a life insurance company in which UniCredit S.p.A. holds 49%;
• 100% of Aviva Life S.p.A., a life insurance company and Aviva Italia Servizi S.c.a.r.l., which
provides business support services to the two insurance companies.
Both life insurance companies offer competitive and innovative savings and protection products. The
savings products offer returns that are among the highest in the Italian market as their capital
requirements have been significantly reduced. The products are sold through diversified distribution
channels that include both bancassurance partnerships and networks of financial advisors in the wealth
management segment. The two companies had combined premium income of €2.9 billion in 2020, and
combined technical reserves of €17.8 billion at year-end 2020. Additionally, the transaction will
strengthen the partnership between CNP Assurances and UniCredit S.p.A. through Aviva S.p.A.,
complementing their existing partnership through CNP UniCredit Vita S.p.A. On completion of the
transaction, CNP Assurances will be the fifth largest life insurer in Italy. Its market share will double
to around 6% based on premium income. The acquisition price of €543 million will be financed by
CNP Assurances using its own resources. The estimated impact on the Group’s SCR coverage ratio
will be around 6 points.
“We are very pleased to be announcing this transaction which will strengthen our presence in
Italy, the Group’s second largest European market. Thanks to the open model developed with
leading partners and to the innovative products offered by the two life insurance companies
acquired, this transaction will expand our distribution base in Italy, especially in the wealth
management segment, as this has been achieved in France. This operation is in line with La
Banque Postale's Strategic Plan”, said Chief Executive Officer of CNP Assurances.
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Legal & General (UK) acquires and begins construction on major modular homes
scheme in Bristol
Legal & General Modular Homes announces that it has acquired and started on site
at a major modular homes scheme in Lockleaze, Bristol. The scheme, which has been
developed in conjunction with Bristol City Council, is set to deliver 185 new homes,
comprising two- to four- bedroom houses along with one- and two-bedroom
apartments developed on land at Bonnington Walk. Show homes are scheduled to be
onsite and available to look around as early as this Summer. This modular scheme
will create some of the most energy efficient homes in the country with all homes
achieving an energy performance certificate (EPC) standard A. The combination of
Air Source Heat Pumps, Photovoltaic Cells and high-quality build standards will put
them in the top 1% for energy performance meaning significant energy savings for its
residents. 50% of the homes will be delivered as affordable housing and it is intended
that these become part of Bristol City Council’s affordable housing stock. Once the
land is prepared and ready for the modular homes, the homes can be assembled onsite
within eight weeks. Work has already started on site clearance. This will be followed
by the formation of the new access roads to the site and the construction of roads and
sewers, with the first modules to be delivered arriving in summer.
“Acquiring and beginning construction on Lockleaze is an exciting milestone for
the business as we see our modular homes becoming part of communities across
the UK. The modular construction sector is transforming the way homes are built
and addressing the housing shortage. This forms part of our purpose of investing
society’s capital for society’s benefit. The housing crisis is a human crisis and
only more important as part of the UK’s post-pandemic recovery, and as people
become more aware of the link between their health and wellbeing, and their
homes and supporting communities.” Said CEO of Legal & General Modular
Homes.
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Solutions Updates
Insurance Industry

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Solution Updates
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AIG (USA) Retirement Services Launches New Mobile App Capabilities
to Help Nonprofit and Public Service Employees Save for Retirement
10
Solution Description
AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers, announced the launch of its
enhanced mobile enrollment experience, bringing convenience and simplicity to employees as they prepare for their financial future.
Eliminating the need for paper forms and other administrative burdens, the modernized mobile app offers plan participants clear steps for
enrollment from start to finish, information pre-fills to quicken enrollment, a user-friendly investment selection process, multi-factor
authentication to secure personal information, and the option to “come back later” and ask questions of a financial professional before
finishing. New hires and plan-eligible employees will be able to complete their entire plan enrollment whenever and wherever they prefer,
right from their mobile devices. The AIG Retirement Services mobile experience is part of a broader virtual employee education and
engagement program. Employers working with AIG Retirement Services can select from many different virtual and mobile
elements—including QR codes, instructional videos and interactive education modules—to motivate their employees and ensure they are
on the path to financial wellness. Additionally, AIG Retirement Services financial professionals are available remotely to assist with
online enrollment, host education sessions and conduct virtual meetings to discuss the benefits of enrolling.

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Solution Updates
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Legal & General (UK) secures pipeline of 5,500 new affordable homes
11
Legal & General Affordable Homes announces that it has increased its development pipeline to 5,500 homes across the UK, worth a Gross Asset Value of
nearly £1bn. As it looks to tackle the major health and wellbeing implications of poor housing, highlighted by the pandemic, Legal & General Affordable
Homes has also increased its team from 5 to 75 employees, with a plan to hire another 20 by the end of the year. According to research, 7.6 million people in
England had at least one major housing problem relating to overcrowding, affordability or poor quality housing going into COVID-19. Compounded by the
pandemic, one in three low-income earners have had to borrow money to pay their rent and the steep decline in social housing has led to huge increases in
government welfare costs, as well as rising homelessness. 1.4 million households remain on waiting list for affordable homes in the UK. As it continues to
establish itself as UK’s leading Institutional Registered Provider, Legal & General has accelerated the delivery of its pipeline to target the areas which need
it most. With affordable housing starts falling 66% in London during the pandemic, Legal & General Affordable Homes has secured 1,000 new homes in the
capital; most recently contracting on 174 affordable homes in Hammersmith and Fulham. 50% of these will be targeted to lower income households, in line
with the Council priority income groups. The affordable housing is part of a 1,800 home scheme, redeveloping the former M&S distribution centre, which is
due to hand over in mid-2022. Other schemes in London include 76 homes in Hounslow, completing in August 2021; 213 affordable rented homes in
Wembley; 90 affordable rented homes in Lambeth and 127 affordable rented and shared ownership homes in Tower Hamlets.

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Solution Updates
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Travelers (USA) Partners with Westhill to Enhance Claim Experience
12
The Travelers Companies, Inc. announced it is enhancing its claim process with the introduction of an innovative
technology solution designed by Westhill. Travelers customers who file property claims in select states will now have
access to Westhill’s digital platform, which will allow them to communicate with reputable contractors in their area,
easily select the best contractors for their needs and track key milestones during the repair process. This improvement
follows others that Travelers has made in recent years to enhance its claim experience, such as providing virtual
inspections, real-time video chats and electronic payment options to customers and claimants. The company has also
developed artificial intelligence solutions to assess property damage in a way that expedites the claim process while
keeping its employees safe.

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People’s Insurance (China) launches Solar Panel Insurance to foster
sustainable energy use
13
People’s Insurance PLC, has announced the launch of a special insurance coverage for solar panels mounted in homes, offices and solar parks
across the country. As the number of solar panels installed in buildings and solar products in the country have seen a trend of exponential growth,
year on year, the timely introduction of this insurance coverage seeks to mitigate the risk factor associated with roof mounted solar panels and solar
products, as they are of high value investments. This cover seeks to give customers peace of mind, knowing that their investments in green energy
generation are protected by one of the leading insurers in the country. The Basic Cover provides protection against fire, lightning, storms, cyclones,
floods, earthquakes and accidental damage, inclusive of electrical fire and lightning damage. Much to the customer’s benefit, the insurer has also
pledged more additional covers at no extra charge. These include the labour costs of debris removal if panels are damaged by an insured peril, the
cost of removing and repositioning the solar panel system if the building or structure is damaged and the cost of transporting damaged panels to
the service agent’s workshop. Known for its efforts in being an insurer that always goes the extra mile by keeping the customer’s best interests in
mind, People’s Insurance will also cover the damages caused to panels by malicious acts of other individuals. Additionally, if a customer loses
income due to perils mentioned above, that loss of revenue will also be covered by this special insurance scheme.

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People’s Insurance (China) streamlines claim process via revolutionary
mobile application for assessors
14
People’s Insurance PLC through the implementation of new technology, the insurer recently announced to launch of an assessor mobile application for
motor and non-motor claims. This application will significantly streamline the tasks carried out by assessors as it provides a holistic solution which will
increase levels of productivity and efficiency. With the launch of the application, assessors need only to travel to the location. Following this, all details
can be filled in through the application which then uploads it to a central system. As this happens in real time, the head office claim department can then
proceed with the claim immediately. Every assessor will be required to conduct on-site inspections, garage inspections, total loss inspections,
investigation and after repair inspections through this app which seeks to make the assessor's job efficient. As a result, the customer directly benefits
from this expedited service. This application is also a green initiative as People’s Insurance is well on its way to becoming a completely paperless
organisation. The success of it will contribute to the insurer’s end the goal of reducing its carbon footprint while focusing on other methods to increase
sustainability. Some notable features of this application include the ability to track the accident and assessor in real time. Additionally, as the app
captures data digitally, the accuracy of information will also increase which will in turn provide more efficient service to the customers. In the event
that the assessors device is offline, inspections can still be conducted. Once the device is back online, all reports will be synchronized and shared. To
avoid any kind of imprecision, information such as the customer’s digital signature and accident details are automatically sent to the backend server.

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Zurich (Switzerland) creates services unit to serve customer need for
solutions to evolving risks
15
Zurich Insurance Group (Zurich) has created a new unit to meet growing demand from businesses for risk prevention
and mitigation services that enable them to manage evolving risks more effectively, and as a result, help them improve
their risk profile. The global business unit, Zurich Resilience Solutions, will provide services that enhance the overall
resilience of a customer’s business and complement traditional insurance products. Its offering combines risk advisory
services and insights with the latest technology and tools, leveraging data and analytics as well as third-party
collaborations. Businesses today face risks that are increasingly interconnected and complex, and managing these risks
is complicated by a lack of relevant and reliable data, tools and insights. Zurich Resilience Solutions draws on Zurich’s
expertise and insight, gathered over nearly 150 years, and its profound understanding of customers’ individual and
evolving needs.

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Rewards & Recognition

R & R Updates
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CNO Financial Group (USA) Earns High Marks in Human Rights
Campaign's 2021 Corporate Equality Index
16
CNO Financial Group announced it has received a score of 95 out of 100 on the Human Rights Campaign Foundation's
2021 Corporate Equality Index (CEI). The company joins the ranks of 1,142 major U.S. businesses that were also
ranked in the 2021 CEI. This is the second consecutive year CNO participated and earned high marks on the workplace
equality list. CNO has long been committed to facilitating an inclusive culture that encourages, supports, celebrates,
and values its associates. As we've broadened the focus of our diversity, equity, and inclusion efforts, the company has
three main focus areas: associate education and awareness, associate development, and recruitment and selection.
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R & R Updates
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AXA XL (Bermuda) Tops Advisen's Pacesetter Index for Fifth Straight
Year
17
AXA XL has retained the top spot on Advisen’s Annual Pacesetter Index, an annual recognition of product innovation
in the P&C insurance industry. This is the fifth consecutive year that AXA XL has achieved the prominent position,
having introduced 12 new or enhanced property, casualty, professional and specialty insurance coverages or risk
management services in 2020. Advisen, a Zywave company and a leading provider of data, media, and technology
solutions for the commercial property and casualty insurance market, issues its Pacesetter Index annually. The index
ranks insurers’ innovation advancements based on their new or enhanced product announcements.
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Customer Success

Customer Success Updates
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Natixis Assurances chooses artificial intelligence solutions from diwise, a CNP (France)
Assurances subsidiary, to streamline formalities for life insurance beneficiaries
18
Natixis Assurances, the BPCE Group’s insurance division, has selected solutions developed by diwise, a CNP Assurances subsidiary, to
facilitate administrative procedures for beneficiaries of its life insurance policies. By optimising the beneficiary journey, these solutions
save time in the benefit payment process and streamline the client experience. Based on artificial intelligence, the automatic document
recognition and automatic document reading solutions from diwise by CNP Assurances have been in place since February 2021 in the
Insurance Inheritance Space (Espace Successions Assurances), the internet portal for Natixis Assurances life insurance clients and
beneficiaries. They have already provided more than 2,500 beneficiaries with automatic checking of their identity documents and bank
account details submitted to the portal. The process is carried out in real time, reducing time spent on management and requests for
up-to-date identity documents, legible bank account details and compliant documents, thereby helping to optimise the client experience.
Currently available to more than 80% of insurance policy beneficiaries (spouse, assignees and beneficiaries designated by the
policyholder), the system will be gradually extended to process all documents required to submit a benefit claim, up to and eventually
including automation of the benefit payment.
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Partner Ecosystem Updates
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Aia (Hong Kong) Extends Pan-Asian Leadership Through An Exclusive
15-Year Bancassurance Partnership With The Bank Of East Asia
19
AIA Group Limited announces the formation of a new exclusive 15-year strategic bancassurance partnership with The Bank of East Asia, Limited
covering Hong Kong and Mainland China. BEA will distribute AIA’s life and long-term savings products on an exclusive basis to its retail banking
customers. This partnership combines AIA’s compelling propositions and proven bancassurance expertise with BEA’s network of more than 140
outlets in Hong Kong and Mainland China and its affluent customer base. The agreement builds on AIA’s proven track record in bancassurance,
expanding AIA’s relationships with leading domestic banks to eight markets, in addition to a major regional partnership. In Hong Kong, BEA is a
leading bank franchise with more than 1.2 million domestic customers and significant potential to deepen life and health insurance penetration. In
Mainland China, BEA is a top three foreign bank in terms of the number of personal banking branches, operating across 22 provinces(1) and with
a fast-growing, affluent customer base. The addition of BEA as a new strategic distribution partner further strengthens AIA’s competitive
advantages across the Guangdong-Hong-Kong-Macau Greater Bay Area. BEA has a long history in the GBA having built one of the largest
networks among foreign banks with branches in all 11 cities in the area. BEA is a pioneer of cross-border financial services including payments,
mortgages and investments. Through its extensive licences covering banking, securities and asset management, BEA is ideally positioned to
provide seamless services as GBA connectivity and flows accelerate.
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Allianz (Germany) Global Corporate & Specialty partners with Google Cloud and
Munich Re to provide cyber risk management solution for cloud customers
20
Allianz Global Corporate & Specialty (AGCS), the corporate insurer of Allianz SE, and Munich Re have jointly developed a new
commercial cyber risk insurance solution called “Cloud Protection +.” This collaboration provides state-of the-art insurance
exclusively designed for customers of Google Cloud enrolled in Google’s new “Risk Protection Program.” The Risk Protection
Program consists of two components: Risk Manager, a new tool that helps determine a customer's security risk posture on the cloud,
and Cloud Protection + - a new cyber insurance solution built exclusively for Google Cloud customers. Under Cloud Protection +,
clients are offered, subject to underwriting eligibility, a new type of protection against cyber incidents within their own corporate
environment as well as incidents related to Google Cloud. Target customers for this solution are US-based Google Cloud users,
though this offering may be offered globally at a later date. Companies are increasingly using cloud-based solutions: according to
Gartner Research, by 2024, more than 45 percent of IT spending will shift from traditional solutions to the cloud. Cloud usage comes
with many benefits, such as lowered cost, enhanced data analytics and expanded collaboration, but also new potential risk around
security, compliance and data privacy.
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CNP (France) Assurances announces the finalisation of its new exclusive long-term partnership
with Caixa Econômica Federal in Brazil for the distribution of consórcio products
21
CNP Assurances announces the finalisation of its new twenty-year partnership with Caixa Econômica Federal (CEF)
for the exclusive distribution in CEF’s network of consórcio1 product. CNP Assurances announces that the closing
transactions set out in the agreement signed on 13 August 2020 with Caixa Econômica Federal and Caixa Seguridade
have been finalised, in particular the payment of R$250m to Caixa Econômica Federal. A new joint venture has been
created. It will be integrated into CNP Assurances Group by the equity method. Voting rights will be split 50.01% for
CNP Assurances and 49.99% for Caixa Seguridade, and economic rights 25% for CNP Assurances and 75% for Caixa
Seguridade. The transaction is still under analysis by the Brazilian Central Bank and, for that reason, start of operations
by the new joint venture will occur once approved by such authority.
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Legal & General (UK) launches partnership with esure and Sheilas’ Wheels
22
Legal & General has entered into a new partnership with esure Group that will see both the esure and Sheilas’ Wheels
brands introducing Legal & General’s life insurance products to their existing customers. Under the partnership esure
Group, which services around 2.4 million customers in the general insurance Home and Motor space, will initially be
offering Legal & General’s Life Insurance and Decreasing Life Insurance products, with Critical Illness Cover
available to add for an extra cost. The products will be promoted to existing customers of esure and Sheilas’ Wheels
and will be available to purchase either online or over the phone. Legal & General will be offering a £75 M&S or
Amazon voucher to customers who purchase a policy.
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Legal & General (UK) integrates with HLPartnership to streamline access for
advisers using SmartrCriteria and SmartrFit
23
Legal & General has integrated with HLPartnership – a mortgage and protection network - to simplify access for
advisers using the SmartrCriteria and SmartrFit systems. Intermediaries can now benefit from a streamlined connection
directly between the two providers, allowing them to use SmartrCriteria or SmartrFit via HLPartnership’s portal
without having to sign in multiple times. This avoids the need for advisers to juggle numerous windows or tabs, and
will help to create a more frictionless mortgage journey. This is the second integration of its kind, following a similar
announcement between Legal & General and Smartr365 earlier this year. Further partnerships of this kind are expected
as part of the Club’s wider technology journey, which will see it working closely with a range of other providers to
bring the benefits of its tools to a broader intermediary audience. egal & General’s SmartrCriteria and SmartrFit tools
are available free to all mortgage advisers, whether members of its Mortgage Club or not.
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Loews Corporation (USA) Adds GIC as Partner in its Packaging Subsidiary
24
Loews Corporation announced that it has entered into a definitive agreement to sell 47% of Altium Packaging, a
leading rigid plastic packaging and recycled resin company, to GIC, Singapore's sovereign wealth fund. The
transaction is expected to close in the next 30 days. The company serves a diverse network of market segments and is
a leader in sustainable plastic packaging solutions. In addition, Altium's Envision Plastics recycled resin business is a
top supplier of recycled high-density polyethylene in North America. Altium's Dura-Lite® bottles are designed to use
10-25% less plastic than comparable traditional designs and are being created to serve the food, household chemical
and industrial end-markets.
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Ping An (China) and Zhongshan Hospital to Collaborate on "Healthcare +
Finance + Technology" Innovations
25
Ping An Insurance (Group) Company of China, Ltd. has signed a strategic cooperation agreement with Zhongshan Hospital, which is affiliated
with Fudan University in Shanghai. The two parties will collaborate on healthcare service enhancements, medical research innovation and talent
incubation across the healthcare, finance and technology fields to help deliver on the national Healthy China initiative. Co-CEO of Ping An Group
and Jia FAN, academician of the Chinese Academy of Sciences and Medical Superintendent of Zhongshan Hospital, attended the signing
ceremony. Yougang ZHU, Party Secretary of Ping An Health Insurance, and Jianying GU, Deputy Medical Superintendent of Zhongshan Hospital,
signed contract on behalf of the two parties. Zhongshan Hospital, founded in 1937, is a leading Grade-3A general hospital in China. It is a public
institution affiliated with the National Health Commission and a comprehensive teaching hospital. The hospital also boasts strong scientific
research and teaching capabilities and has nurtured excellent medical talent, including three academicians from the Chinese Academy of Sciences,
two academicians from the Chinese Academy of Engineering and more than 700 senior medical professionals. Ping An is committed to its original
aspiration of serving China’s real economy and safeguarding people’s livelihoods, fulfilling its corporate social responsibilities, offering quality
financial products and simplified and convenient finance and healthcare services. Ping An is striving to help Chinese citizens pursue their ideal
lives by using the power of fintech and its healthcare ecosystem.
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FactSet and Ping An (China) to Offer Investors ESG Content and Analytics on
Chinese Companies
26
FactSet a global provider of integrated financial information and analytical applications, and Ping An Insurance (Group) Company of
China, Ltd. announced a joint offering for investors considering environmental, social and corporate governance (ESG) metrics for
companies incorporated in China. The offering will be launched by FactSet and Ping An’s associate company OneConnect Financial
Technology Co., Ltd. a leading technology-as-a-service platform for financial institutions in China. FactSet will integrate OneConnect's
artificial intelligence (AI)-driven ESG content sets into its workstations, standard data feed, and application programming interfaces
(APIs) to accelerate the availability of ESG metrics for over 3,500 Chinese class A-share companies. OneConnect offers comprehensive
coverage of ESG factors and assessments for companies listed on the Shanghai and Shenzhen Stock Exchanges. These factors are derived
from a combination of different sources of information obtained by AI technologies, such as natural language processing (NLP).
OneConnect also provides a range of analytics tools in addition to the content that will be integrated into FactSet, such as NLP-driven
disclosure transparency assessments, portfolio sustainability performance evaluation and adjustment, and a climate risk evaluation tool
to help investors better integrate ESG measurements into their investment processes.
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Poste Italiane (Italy) and Guardia di Finanza strengthen collaboration for legality
and transparency
27
Poste Italiane and Guardia di Finanza renew their collaboration for the ever more widespread dissemination of the
principles of legality and transparency in the market and for the prevention of financial offenses. The Protocol, which
further strengthens the agreement already signed in 2017 between the company and the GdF, was signed by the CEO of
Poste Italiane, Matteo Del Fante, and by the Commander General of the Guardia di Finanza, Giuseppe Zafarana. Shared
objectives are the fight against tax evasion, tax avoidance and fraud, public spending offenses, economic and financial
crime, money laundering, counterfeiting and fraud concerning payment systems. The Protocol also establishes that Poste
Italiane will assist the work of prevention and contrast by sharing its information assets with the Guardia di Finanza
against offenses in the sectors of institutional interest committed also by exploiting technological and IT means. On the
basis of the agreement, Poste Italiane will make the data present in the “Identity Check” system available to the Guardia
di Finanza, useful for investigations to prevent and suppress fraud and any other offense of an economic-financial nature.
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Environment & Social Updates
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AXA (France) announced the successful placement of Euro 1 billion of
subordinated green bonds due 2041
28
AXA announced the successful placement of its first subordinated green bonds, which will be issued under AXA Group’s
newly established Sustainability Bond Framework. AXA launched a new phase of its climate strategy and doubled its
green investment target to Euro 24 billion by 2023. With this issuance, the Group further increases this target by Euro 1
billion to Euro 25 billion. An amount equivalent to the proceeds of the green bond issuance will be exclusively used to
finance or re-finance eligible Green Projects in the following eligible Green Categories: Green Buildings, Renewable
Energy, Clean Transportation, Energy Efficiency and Natural Resources / Sustainable Forestry, as set out and defined in
AXA Group’s Sustainability Bond Framework. Sustainalytics has provided a second party opinion on AXA Group’s
Sustainability Bond Framework. In line with the green bond market standards (ICMA’s Green Bond Principles), AXA will
publish an allocation and impact report annually to track the financing of Green Projects and their associated positive
environmental impacts.
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Chubb (USA) Charitable Foundation Establishes Scholarship for Georgia
State Undergraduates Studying Risk Management and Insurance
29
The Chubb Charitable Foundation has established the Chubb Scholarship for undergraduates studying risk management
and insurance (RMI) at Georgia State University's Robinson College of Business. As part of Chubb's overall commitment
to promote racial equity, this scholarship will provide financial support and advancement opportunities for diverse
students. Scholarships will be awarded to two to five students annually for three years, beginning in the fall 2021 academic
year. Recipients also will be considered by Chubb for employment opportunities, where applicable. Chubb's historical
relationship with George State University, its strong undergraduate RMI program, with a record of graduating Black and
Hispanic students and its fourth-place ranking among universities in the nation by U.S. News & World Report, were all
important considerations as a Chubb partner. Tremendous market demand makes its B.B.A. degrees in actuarial science
and risk management and insurance an engine of social mobility for the program's diverse student body.
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The Fondation CNP (France) Assurances strengthens its support for students
through the “2021 Mental Health Action Plan” by FAGE
30
The Fondation CNP Assurances is pursuing its support for Fédération des Associations Générales Etudiantes (Federation of general
student associations or FAGE) in its fight against vulnerability and ill-being through the “2021 Mental Health Action Plan” for
students. To provide psychological support to students affected by the health crisis, the Board of Directors of the Fondation CNP
Assurances voted urgently on 2 March 2021 on an exceptional aid of €50,000 for its partner FAGE, to assist it in the roll-out of its
”2021 Mental Health Action Plan”. For six years, the Fondation CNP Assurances has been committed to students alongside FAGE,
working to reduce social health inequalities. Co-built with FAGE, this partnership reflects the strong commitment of the Fondation
CNP Assurances to supporting students who are particularly impacted by the COVID-19 crisis. This momentum will engender
immediate and effective preventive actions by peers, and notably a more precise identification of young people suffering from
isolation or depression. Operational immediately, this plan supplements the commitments long supported by the Fondation CNP
Assurances on well-being and the reduction of addiction-related risks via AGORAé solidarity grocery stores and on campuses.
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L&G (UK) Re’s Lighthouse Connect delivers latest batch of laptops to students
of The Berkeley Institute
31
Lighthouse Connect, an education-focused fund launched by Legal & General Reinsurance (L&G Re), is on track to deliver more
than 230 laptops to Bermuda’s public-school students this academic year. Machines that have not yet been handed over to students
are either on order or fully funded. In the latest delivery, students of The Berkeley Institute received 20 laptops last week. Lighthouse
Connect partnered with the Berkeley Parent Teacher Student Association (Berkeley PTSA) to supply the devices, after the school
identified students in urgent need. The laptops were delivered days before the return to remote learning for students of the high school
caused by an increase in Covid-19 cases. Established by L&G Re last May, the Lighthouse Connect fund is hosted by the Bermuda
Community Foundation and is run in partnership with the Mirrors Programme to raise funds to provide free laptops to all Bermuda
public-school students to support their education through the pandemic and beyond. L&G Re provided the initial funding for
Lighthouse Connect, which purchases Ministry of Education approved laptops for public-school students. Procurement of the laptops
occurs in stages as funds are raised and laptops are distributed in order of need, a process managed by the Mirrors Programme.
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Legal & General brings forward UK’s first net-zero carbon retirement
community through Inspired Villages
32
Legal & General announces that it has started on site to deliver its first operationally net-zero carbon (regulated energy) development, which
will be the UK’s first net-zero retirement community. It is being delivered by Inspired Villages, Legal & General’s developer and operator of
later living homes. The announcement follows Legal & General’s 2020 commitment to make all its residential accommodation operationally
net-zero from 2030. Legal & General Capital is the Group’s alternative assets platform, investing shareholder capital for the benefit of society,
to address environmental challenges and support inclusive economic growth to build a better future. In addition to its climate commitments
across its six residential housing businesses, Legal & General also invests in clean energy assets, businesses and technologies to help
accelerate progress to achieve climate targets including, wind, solar and electric transportation. The new net-zero retirement community,
Millfield Green, is located in Caddington, central Bedfordshire, and will bring forward 200 specialist age-appropriate homes over four phases,
with a Gross Development Value of £120m. Construction will be carried out by Willmott Dixon. Millfield Green will use renewable energy
generation through on-site photovoltaics, EV-charging, improved building fabric and insultation, Mechanical Heat Vent Recovery units and
ground-source heat pumps through Kensa Group; a business Legal & General took a significant stake in last year.
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Legal & General (UK): LGIM launches Low Carbon Transition Fund Range
33
Climate-tilted index equity strategy, targeting 70% initial carbon emissions reduction and aligned to 2050 net zero goals. Legal &
General Investment Management (LGIM) has launched a climate-tilted index equity strategy, which seeks to significantly reduce its
exposure to carbon emissions in alignment with 2050 net zero goals. The LGIM Low Carbon Transition Index Equity Fund range
leverages LGIM’s climate scoring framework and will reduce initial exposure to carbon-emitting assets by 70% compared to the
broad market capitalisation benchmark. The funds will also have significantly lower exposure to fossil fuel reserves and higher
exposure to companies with green revenues. The aim is to achieve further reductions in exposure to carbon emissions over time, with
the ultimate objective of aligning with net zero emissions globally by 2050, consistent with the goals of the Paris Agreement on
climate change. This will be delivered through a suite of funds that will invest in listed equity assets, excluding coal and controversial
weapons and aligned with LGIM’s Climate Impact Pledge. The strategy itself will be launched in LGIM’s life wrapped PMC vehicle
with both regional and global variants being made available. LGIM have worked with the investment consultant LCP on the design
of the strategy.
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Zurich (Switzerland) forges ahead with climate goals to tackle growing risk to
society
34
Zurich Insurance Group (Zurich) is intensifying action in support of global efforts to avert the threat of climate change.
The Group is committed to using every lever available – investments, operations, and products and services – to
accelerate the transition to a net-zero2 emission economy. Zurich is setting new climate targets for its investments and
operations and, crucially, will help finance the transition and require the companies it invests in to set targets aligned
with the Paris Agreement. Zurich pledges to take a leading role in developing industry-wide methodologies to measure
emissions from insurance underwriting. The action plan is part of Zurich’s ambition to be one of the most responsible
and impactful businesses in the world. The measures underscore a commitment made in 2019 when Zurich became the
first insurer to sign the Business Ambition for 1.5°C Pledge to limit global warming.
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