I-Bytes Insurance Industry

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I-Bytes
Insurance
December Edition 2019
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................29
3. Rewards and Recognition Updates..................................................................................................................33
4. Partnership Ecosystem Updates.......................................................................................................................41
5. Miscellaneous Updates.......................................................................................................................................49
6. Event Updates.....................................................................................................................................................50

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Financial, M & A
Updates Insurance Industry

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Financial, M&A Updates
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Aflac (USA) Completes Acquisition of Argus Holdings, LLC
Aflac Incorporated announced that it has completed its acquisition of
Florida-based Argus Holdings, LLC and its subsidiary Argus Dental &
Vision, Inc. (Argus), a premier benefits organization and national network
dental and vision company. Argus was founded in 2006. The company
services nearly one million dental and vision members, providing benefits
management solutions to Medicare Advantage, Medicaid, and Children's
Health Insurance Program (CHIP) carriers. In addition, the company offers
both group and individual network dental and vision insurance plans to
employers and individuals. Argus has an established national footprint,
serving as a Third-Party Administrator (TPA) in 48 states.As communicated
when announced in July 2019, the transaction will not alter Aflac
Incorporated's earnings or capital management outlook for 2019, including
share repurchase guidance of $1.3 to $1.7 billion for 2019. The acquisition
is not expected to impact Aflac U.S. financial guidance for 2019.
Executive Commentary
"It is an exciting time for Aflac, our customers and our producers. We
are thrilled Argus has joined forces with Aflac to advance our vision of
being the number one distributor of benefit solutions to the U.S.
workforce," said President of Aflac U.S. "Aflac's expansion into
network dental and vision further positions us to offer more choices than
ever before."
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Allianz(Germany) reports strong reports 3Q 2019
• Internal revenue growth, which adjusts for currency and consolidation effects, was 6.4 percent with
positive contributions from all business segments, in particular from our Life/Health business segment.
Total revenues increased 8.1 percent to 33.4 (third quarter of 2018: 30.9) billion euros. Operating profit was
strong at 3.0 (3.0) billion euros.
• Net income attributable to shareholders slightly increased by 0.6 percent to 1.9 (1.9) billion euros
compared to the third quarter of 2018; a higher non-operating investment result and a lower tax rate were
offset by a normalization of the result attributable to non-controlling interests.
• Basic Earnings per Share (EPS) increased 2.7 percent to 4.68 (4.55) euros in the third quarter of 2019.
Annualized Return on Equity (RoE) was 14.1 percent (full-year 2018: 13.2 percent). The Solvency II
capitalization ratio decreased to 202 percent at the end of the third quarter of 2019 compared to 213 percent
recorded at the end of the second quarter of 2019.
• In the first nine months of 2019, operating profit grew 4.2 percent to 9.1 (8.7) billion euros, mostly due to
a one-off profit from our Life/Health business in the United States. Higher AuM-driven revenues from our
Asset Management business also contributed to the increase, partly offset by higher administrative
expenses. Operating profit from our Property-Casualty business decreased as a higher underwriting result
could not compensate for the lower investment result and a decrease in the net fee and commission result.
Net income attributable to shareholders grew to 6.1 (5.8) billion euros.
• On July 30, 2019, Allianz completed its fourth share buy-back program, with a volume of 1.5 billion euros
and 7.3 million shares. All repurchased shares will be cancelled by the end of the year.
“Allianz has once again delivered very solid results in challenging times. We are proud that so many
customers trust in our products and in our brand,” said Chief Executive Officer of Allianz SE. “We are
ready to reach the upper half of our operating profit outlook despite a significant increase in external
challenges.”
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Allianz X (Germany) and Debeka invest in SDA SE Open Industry Solutions
Allianz X, the digital investment unit of the Allianz Group, and Debeka,
a German insurance and financial services provider, have invested in
SDA SE Open Industry Solutions. Together with existing investors
SIGNAL IDUNA and the msg group, the new strategic partners will
support the development of a new standard for setting up and delivering
digital services in the insurance industry.SDA SE offers insurance
companies a reliable, modular, and quick way of setting up their own
service platforms. Incorporating service-dominant architecture into its
open-source platform, SDA SE allows companies to easily integrate
existing IT systems and processes, onboard external partners and service
providers, while retaining complete ownership of their data and
analytics. Using SDA SE’s platform, insurance providers of all sizes can
roll out their services swiftly and in real time, strengthen customer
touchpoints, and operationalize their digital strategy.
"So far, insurance companies have primarily relied on in-house
approaches and their own architectures for digital transformation,"
explained Managing Director of SDA SE. "These isolated solutions
entail various disadvantages. They cover a great depth of the value
chain, are expensive, and often do not take into account the
know-how available on the market as a whole."
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American Equity (USA) Reports Third Quarter 2019 Results
• Net income of $37.4 million, or $0.41 per diluted common share, compared to net income of $169.3 million, or $1.85 per
diluted common share, for third quarter 2018.
• Non-GAAP operating income1 for third quarter 2019 was $233.4 million, or $2.54 per diluted common share, compared to
non-GAAP operating income1 of $171.1 million, or $1.87 per diluted common share, for third quarter 2018. On a trailing
twelve-month basis, non-GAAP operating return1 on average equity excluding average AOCI1 was 20.9% and 16.3%
excluding the impact of assumption revisions.
• Third quarter 2019 net income was negatively affected by $36 million ($0.40 per diluted common share) for revisions to
assumptions utilized in the determination of deferred policy acquisition costs, deferred sales inducements, the liability for
future benefits to be paid for lifetime income benefit riders and the valuation of embedded derivatives while non-GAAP
operating income1 benefited by $124 million ($1.35 per diluted common share) from assumption revisions. Net income and
non-GAAP operating income1 for the third quarter of 2018 were positively affected by $76 million ($0.84 per diluted common
share) and $81 million ($0.88 per diluted common share), respectively, for assumption revisions.
• Policyholder funds under management at September 30, 2019 were $53.0 billion, a $536 million, or 1.0% increase from June
30, 2019. Third quarter gross and net sales were $1.3 billion and $1.2 billion, respectively, representing increases of 25% and
31% from third quarter 2018 sales. On a sequential basis, gross and net sales decreased 13% and 15%, respectively.
• Total sales by independent agents for American Equity Investment Life Insurance Company (American Equity Life) and total
sales by broker-dealers and banks for Eagle Life Insurance Company (Eagle Life) each decreased 13% sequentially. Sales of
FIAs were down 16% sequentially to $1.2 billion driven by a 13% decrease in sales for American Equity Life and a 29%
decrease for Eagle Life.
Commenting on sales, Chairman and Chief Executive Officer, said: "While FIA sales in American Equity Life's
independent agent channel remained well above year ago levels, the sequential decrease in sales in this channel was
particularly concentrated in our accumulation products. In the third quarter, accumulation products accounted for 39% of
sales compared to 46% of sales in the second quarter. We fared better in the guaranteed lifetime income space. Sales of
the IncomeShield series, which was the best-selling guaranteed lifetime income product in the independent agent channel
in the first half of 2019, increased 6% sequentially and accounted for 48% of our FIA sales in the third quarter."
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AIG (USA) Reports Third Quarter 2019 Results
• Net income attributable to AIG common shareholders was $648 million, or $0.72 per diluted common share, for the
third quarter of 2019, compared to a net loss attributable to AIG common shareholders of $1.3 billion, or $1.41 per
common share, in the prior-year quarter.
• Adjusted after-tax income attributable to AIG common shareholders* was $505 million, or $0.56 per diluted common
share, for the third quarter of 2019, compared to an adjusted after-tax loss attributable to AIG common shareholders of
$301 million, or $0.34 per common share, in the prior-year quarter.
• General Insurance posted a combined ratio of 103.7 and an accident year combined ratio, as adjusted*, of 95.9,
improved compared to 124.4 and 99.4, respectively, in the prior-year quarter, driven by lower catastrophe losses,
continued underwriting actions, reinsurance and expense discipline.
• Life and Retirement reported adjusted pre-tax income of $646 million compared to $713 million in the prior-year
quarter, which included a charge for the annual actuarial assumption update in each quarter.
• Total consolidated net investment income was $3.4 billion in the third quarter of 2019, essentially flat to the prior-year
quarter, reflecting higher interest and dividends and other investment income partially offset by lower alternative
investment returns.
• Net pre-tax catastrophe losses of $511 million ($404 million after-tax or $0.45 per diluted share) compared to $1.6
billion ($1.3 billion after-tax or $1.45 per share) in the prior-year quarter.
• Net favorable prior year loss reserve development, net of reinsurance, of $4 million compared to net unfavorable prior
year loss reserve development, net of reinsurance, of $170 million in the prior-year quarter.
• Annual actuarial assumption update charge of $173 million compared to $103 million in the prior-year quarter.
AIG’s President and Chief Executive Officer said: “Our results this quarter reflect the significant, ongoing work
across the company to lay a foundation for long-term, sustainable and profitable growth. Results are in line with
our expectations, particularly in General Insurance, which demonstrated a significant improvement over the
prior-year quarter driven by our focus on underwriting excellence, expense discipline and enhanced reinsurance
strategy. Life and Retirement continued to produce solid results despite ongoing headwinds from the sustained low
interest rate environment. This business remains on track to deliver double-digit returns for the full year.As we
approach 2020, we remain confident we will deliver underwriting profitability for the full year 2019 and deliver
double-digit ROCE by the end of 2021. We still have much work ahead of us, but we are well on our way to
positioning AIG as a leading global insurance company,”
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The Carlyle Group and T&D Holdings to Acquire Majority Interest in
Fortitude Re from AIG (USA) for Approximately $1.8 Billion
American International Group, Inc., The Carlyle Group and T&D Holdings announced that a
newly created Carlyle-managed fund, together with T&D, have partnered to acquire from AIG a
76.6 percent ownership interest in Fortitude Group Holdings, whose group companies operate as
Fortitude Re, for approximately $1.8 billion. After closing, ownership interests in Fortitude Re
will include Carlyle and its fund investors at 71.5 percent (including the 19.9 percent stake
previously acquired by Carlyle in November 2018), T&D at 25 percent and AIG at 3.5 percent.
AIG will receive a $500 million non-pro-rata distribution, which if not paid by the later of May
13, 2020 or transaction close will result in an additional payment from the new Carlyle-managed
fund and T&D based on their Fortitude Re ownership interest. This transaction furthers AIG’s
and Carlyle’s efforts to stand up Fortitude Re as an independent company and position it as a
premier provider of retroactive reinsurance and legacy run-off management solutions for
long-dated, complex risks to the global insurance industry. The transaction will enhance Carlyle’s
ability to support Fortitude Re’s growth plans, provide Fortitude Re access to Carlyle’s wide
array of investment strategies and position it for long-term success. T&D brings additional
industry and international expertise to develop Fortitude Re’s strategically differentiated
capabilities. With the backing of Carlyle, T&D and AIG, Fortitude Re will pursue global
opportunities to successfully acquire and manage legacy insurance portfolios.
AIG’s President and Chief Executive Officer, said, “Today’s announcement is another
important step in our strategy to efficiently manage our legacy liabilities by further preparing
Fortitude Re for independence, while strengthening our balance sheet and maintaining our
primary focus on upholding policyholder and regulatory commitments. Carlyle’s expertise in
separating and standing up companies has been invaluable to date, and we look forward to
working with their team and T&D, with whom we have a longstanding relationship in Japan,
as we continue the separation process. I also want to thank the entire Fortitude Re team for
all their hard work in building the organization. We look forward to their future success.”
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Arch Capital Group Ltd. (Bermuda) Closes Acquisition of Barbican Group
Holdings Limited
Arch Capital Group Ltd. announced the completion of its previously disclosed
acquisition of Barbican Group Holdings Limited (Barbican), including
Barbican Managing Agency Limited, Lloyd’s Syndicate 1955, Castel
Underwriting Agencies Limited (Castel) and other associated
entities.Barbican will be consolidated into Arch’s Insurance and Reinsurance
operations while continuing to grow partnerships with third-party capital
relationships. Castel will continue to operate independently with financial
support for its continued growth provided by Arch.RBC Capital Markets acted
as exclusive financial advisor to Arch. TigerRisk Capital Markets & Advisory
acted as exclusive financial advisor to Barbican. Legal advisors to Arch were
Womble Bond Dickinson (UK) LLP, with Willkie Farr & Gallagher (UK) LLP
acting as legal advisors to Carlson Capital.Arch Capital Group Ltd., a
Bermuda-based company with approximately $12.89 billion in capital at Sept.
30, 2019, provides insurance, reinsurance and mortgage insurance on a
worldwide basis through its wholly owned subsidiaries.
“We are excited to complete this transaction, which deepens Arch’s
commitment to both Lloyd’s and the London market and provides our
brokers and clients more access to Arch’s Insurance and Reinsurance
platforms,” said Chairman and CEO of Arch Worldwide Insurance Group.
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asr(Netherlands) invests more than € 100 million in CBRE Pan European
Core Fund
asr invests more than € 100 million in the CBRE Pan
European Core Fund. After the previous investment in the
BlackRock Eurozone Core Property Fund, this is a next
step in diversifying the international property portfolio of
asrThe portfolio of the CBRE Pan European Core Fund
focuses on prime retail and office properties and
well-located logistics properties in the Eurozone in
particular. asr has built up a large Dutch non-listed
property portfolio in the past 125 years. To create more
diversification within the real estate portfolio, asr adds
European non-listed real estate to the portfolio.
Head of Investment Partners at asr real estate: 'Within
the spectrum of unlisted European funds, CBRE Pan
European Core Fund is a renowned name with a
broadly spread European real estate portfolio of high
quality. In addition, just as asr, the fund is active in the
field of sustainability. The GRESB score of the CBRE
Pan European Core Fund rose from 67 to 87 this year
and achieved the Green Star status. "
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asr(Netherlands) completes sale of part of banking activities to
Achmea
asr bank, part of ASR Nederland NV (asr), has completed the sale of part of its banking activities to Achmea. All conditions imposed
on the acquisition have been met, such as the declaration of no objection from De Nederlandsche Bank. The works councils of asr
and Achmea had already issued a positive recommendation.Asr and Achmea agreed in March this year that Achmea bank will take
over part of the asr bank's banking activities. These activities consist of a savings portfolio with approximately 125,000 customers
with a volume of 1.7 billion euros and a mortgage portfolio with a volume of 1.5 billion euros. The customers have since been
informed about the migration of their product. They can go to CentraalBeheer from 2 December. The agreement and the conditions
remain unchanged for savings customers. The takeover has no consequences for serving customers with an asr mortgage, asr
remains the point of contact for them and the agreement and conditions remain the same.Achmea is the parent company of strong
insurance brands such as CentraalBeheer, Interpolis and ZilverenKruis. Together they form the largest insurance group in the
Netherlands. Achmea has a cooperative background, in which the interests of customers, partners, employees and shareholders are
balanced. In addition to the home market in the Netherlands, Achmea is also active internationally in five other countries.
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Assured Guaranty Ltd. Reports Results for Third Quarter 2019
• Net income for third quarter 2019 was $69 million, compared with $161 million for the three-month period ended September 30, 2018 (third
quarter 2018). Third quarter 2018 net income included a $31 million pretax gain related to the Company's minority interest in the parent company
of TMC Bonds LLC, which it sold in third quarter 2018. In addition, third quarter 2019 net income was lower than third quarter 2018 due to lower
net earned premiums, lower fair value gains on credit derivatives, higher loss and loss adjustment expenses (LAE), higher fair value losses on
committed capital securities (CCS) and a higher effective tax rate, as described below.
• Net earned premiums were $123 million in third quarter 2019, compared with $142 million in third quarter 2018. The decline in net earned
premiums was consistent with the Company's reduced insurance portfolio. Accelerations of net earned premiums due to refundings and
terminations were $37 million in third quarter 2019, compared with $40 million in third quarter 2018.
• Fair value gains on credit derivatives were $5 million in third quarter 2019, primarily due to price improvements on the underlying collateral of
certain public finance transactions, partially offset by losses on certain structured finance transactions. Fair value gains on credit derivatives were
$21 million in third quarter 2018 which were primarily attributable to price improvements on the underlying collateral. Except for credit
impairment, the fair value adjustments on credit derivatives in the insured portfolio are non-economic adjustments that reverse to zero over the
remaining term of that portfolio.
• Loss and LAE was $30 million in third quarter 2019, compared with $17 million in third quarter 2018. In both periods, loss and LAE mainly
consisted of loss development on Puerto Rico exposures, partially offset by a benefit in United States (U.S.) residential mortgage-backed
securities (RMBS) transactions.
• Fair value losses on CCS recorded in other income of $14 million in third quarter 2019 were primarily due to a tightening in market spreads
during the quarter. Fair value losses on CCS were $1 million in third quarter 2018.
• The effective tax rate in third quarter 2019 was 19%, compared with 8% in third quarter 2018. The effective tax rate fluctuates from period to
period based on the proportion of income in different tax jurisdictions.
• Non-GAAP operating income was $77 million in third quarter 2019, compared with $161 million in third quarter 2018. Similar to net income
results, non-GAAP operating income decreased mainly due to a non-recurring gain in third quarter 2018 on its TMC Bonds LLC investment, as
well as higher losses, lower net earned premiums and a higher effective tax rate in third quarter 2019.
“The third quarter of 2019 was Assured Guaranty’s best third quarter for new business production since 2010, with each of our three
financial guaranty businesses - U.S. public finance, international infrastructure and global structured finance - producing substantial PVP,”
said President and CEO of Assured Guaranty. “We continued our share repurchase program and, on October 1, completed a major step to
diversify our opportunities and revenue sources by expanding into the asset management field. By completing our acquisition of
BlueMountain Capital Management, we now have an asset management platform to provide a fee-based revenue source to complement
our risk-based premium revenues while lowering the relative amount of capital at risk.”
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Athene Holding Ltd. (Bermuda) Reports Third Quarter 2019 Results
• Net income available to AHL common shareholders for the third quarter 2019 was $276 million, or $1.50 per diluted Class A common share ("diluted share"), compared
to net income available to AHL common shareholders for the third quarter 2018 of $623 million, or $3.15 per diluted common share. The decrease from the prior year
quarter was primarily driven by an unfavorable change in the value of FIA embedded derivatives, due to the impact of unfavorable unlocking from the annual actuarial
assumption review, less favorable equity market performance, and an unfavorable change in discount rates. The decrease was also driven by lower adjusted operating
income.
• Adjusted operating income available to common shareholders1 for the third quarter 2019 was $243 million, or $1.34 per adjusted operating common share, compared
to adjusted operating income available to common shareholders for the third quarter 2018 of $371 million, or $1.90 per adjusted operating common share. The decrease
from the prior year quarter was primarily driven by an increase in cost of funds due to continued growth in the business including institutional products, as well as
unfavorable equity market and adverse unlocking impacts.
• Book value per common share of $74.20, an increase of 11% and 63% for the quarter-over-quarter and year- over-year periods ended September 30, 2019, respectively
• Adjusted book value per common share of $50.74, an increase of 3% and 11% for the quarter-over-quarter and year-over-year periods ended September 30, 2019,
respectively
• ROE of 8.5%, Consolidated adjusted operating ROE of 10.6%, and Retirement Services adjusted operating ROE of 13.5% for the quarter ended September 30, 2019
• ROA of 0.78% and adjusted operating ROA of 0.82% for the quarter ended September 30, 2019
• Total deposits of $5.6 billion underwritten to mid-teens or better returns for the quarter ended September 30, 2019
• Repurchased $927 million of common stock from December 2018 through October 2019, including $121 million in the third quarter and an additional $283 million
through November 5, 2019
• On October 28, 2019, Athene announced a transaction with its longstanding partner, Apollo Global Management, to strengthen the relationship and increase strategic
alignment between the two companies. Per the terms of the transaction, Apollo will concede its super-voting rights to eliminate Athene's multi-class share structure and
Apollo will buy an incremental 18% stake in Athene at a premium in exchange for a 7% equity stake in Apollo as well as cash consideration2
• Athene's Board of Directors increased the share repurchase authorization by $600 million in connection with the recently announced strategic transaction with Apollo,
bringing the total outstanding authorization to $640 million
• Raised $345 million of gross proceeds through successful perpetual preferred stock offering in September 2019, at an attractive cost of capital of 5.625%
• Through October 2019, Apollo/Athene Dedicated Investment Program ("ADIP"), the investment fund managed by Apollo that will help fund Athene Co-Invest
Reinsurance Affiliate ("ACRA"), has raised $3 billion of capital commitments
• Estimated ALRe RBC of 420%3 and U.S. RBC of 421% as of September 30, 2019
“In the third quarter we delivered record organic growth underwritten to a blended unlevered return in excess of 20%, which drove our invested assets to new
heights exceeding $120 billion. Athene remains uniquely positioned with a multi-channel distribution model that generates sustainable and opportunistic growth
at attractive ROEs,” said CEO of Athene.We are executing our business strategy and allocating capital to create value for shareholders. To enhance our operating
model, we are focused on building an array of asset sourcing capabilities and the pending transaction with PK AirFinance is supportive of this effort. By sourcing
a greater quantity of alpha-generating securities while maintaining underwriting discipline, we will reinforce our competitive advantage of generating attractive
levels of net spread and profitability. In addition, we continue to opportunistically repurchase our shares at high-teens returns, repurchasing a total of $927 million
at an average price of less than 90% of adjusted book value per share. With our recent authorization increase of $600 million, our Board has authorized nearly
$1.6 billion of share repurchases in less than twelve months. Finally, our recently announced strategic transaction with our longstanding partner, Apollo, will
eliminate Athene's multi-class share structure, enhance our index inclusion eligibility, and increase the appeal of our stock to a broader set of active and passive
investors.”
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AXA S.A. (France) announces the sale of its remaining stake in
AXA Equitable Holdings, Inc.*
AXA S.A. (“AXA”) announces the sale, as selling stockholder, of 144,000,000 shares** of common stock of AXA Equitable
Holdings, Inc. (“EQH”) to Goldman Sachs, as the sole underwriter in a registered public offering of those shares (the “Offering”).
The Offering is expected to close on November 13, 2019.As part of the Offering, EQH has agreed to repurchase 24,000,000 of the
144,000,000 shares of common stock from the underwriter. The per share purchase price to be paid by EQH will equal the per share
purchase price to be paid by the underwriter to AXA in the Offering.Following the completion of the Offering, AXA’s residual
ownership of EQH’s common stock would be subsequently accounted for as "Financial Investments" at fair value*** in AXA
Group's FY19 consolidated balance sheet. This means that the Underlying Earnings contribution from EQH to the AXA Group,
following the closing of the transaction, would be equal to the dividends paid by EQH to the AXA Group.EQH’s effective
registration statement, including a prospectus, relating to the Offering was previously filed by EQH with the U.S. Securities and
Exchange Commission (the “SEC”). EQH intends to file a preliminary prospectus supplement with the SEC. Investors should read
the prospectus and other documents EQH has filed with the SEC before investing for more complete information about EQH and
the Offering.
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AXA S.A. (France) announces the pricing of the sale of its
remaining stake in AXA Equitable Holdings, Inc.*
AXA S.A. (“AXA”) announces the pricing of the sale of 144,000,000** shares of common stock of AXA Equitable Holdings, Inc. (“EQH”) to
Goldman Sachs, as the sole underwriter in a registered public offering of those shares (the “Offering”). AXA sold the shares of common stock
of EQH at a net price*** of USD 21.80 per share. The Offering is expected to close on November 13, 2019. As part of the Offering, EQH has
agreed to repurchase 24,000,000 of the 144,000,000 shares of common stock from the underwriter. The per share purchase price to be paid by
EQH will equal the per share purchase price to be paid by the underwriter to AXA in the Offering.
The completion of the Offering, will result in:
• Net proceeds*** to AXA amounting to approximately USD 3.1 billion corresponding to the sale of 144,000,000 EQH shares from the Offering.
• An estimated 6 points of positive impact on AXA Group’s Solvency II ratio.
• No significant net income impact estimated for AXA Group from this transaction.
EQH’s effective registration statement, including a prospectus, relating to the Offering was previously filed by EQH with the U.S. Securities and
Exchange Commission (the “SEC”). Investors should read the prospectus and other documents EQH has filed with the SEC before investing for
more complete information about EQH and the Offering.
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AXA S.A. (France) announces the successful completion of the sale of its
remaining stake in AXA Equitable Holdings, Inc.
AXA S.A. (“AXA”) announces that it has successfully completed the sale of
144,000,000 shares of common stock of AXA Equitable Holdings, Inc.
(“EQH”), in a registered public offering of those shares (the “Offering”). The
completion of the Offering has resulted in net proceeds2 to AXA of
approximately USD 3.1 billion or approximately Euro 2.9 billion,
corresponding to a net priceof USD 21.80 per share.
Chief Executive Officer of AXA Commented:“The successful sale of
AXA’s remaining stake1 in EQH is a key milestone in AXA’s
transformation journey. Our exit from the US Life & Savings market, along
with the integration of XL Group has accelerated AXA’s strategic shift
towards its preferred segments, and reduced significantly its exposure to
financial markets.This transaction further strengthens AXA’s balance sheet
and provides additional financial flexibility for the Group to reduce its
Debt Gearing to the lower end of its target range of 25%-28% by the end of
2020. I would like to thank our colleagues for their tremendous efforts over
the past months to realize this great achievement in a very short period of
time. Also marks an exciting new chapter for EQH, and we wish them all
the best of luck and success for the future as one of the largest independent
financial services companies in the US.”
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Baloise(Switzerland) makes further acquisition in the Belgian non-life
market
The Baloise Group is acquiring the non-life insurance portfolio of Athora
Belgium for EUR 60 million. This transaction follows the acquisition of the
Belgian insurer Fidea NV earlier this year and further strengthens the Baloise
Group’s position as one of the top four non-life insurers in the attractive Belgian
non-life market, especially in the Belgian Walloon region. Baloise is acquiring the
Belgian non-life insurance portfolio from Athora Belgium for EUR 60 million,
thereby accessing a stronger footprint in the Walloon region and optimally
complementing Baloise Belgium’s particularly strong exposure in the Flemish
region. Athora Belgium reported premiums of EUR 152 million in 2018 for its
non-life insurance portfolio and an attractive combined ratio of 96.3 per cent. The
business mix of the portfolio is mostly aimed at the retail and small and
medium-sized enterprises business, allowing Baloise to continue delivering on its
non-life strategy. With the transaction, Baloise Belgium will take over about 160
employees and more than 360,000 insurance policies.
Group CEO said: “With the acquisition of Fidea earlier this year and now the
non-life portfolio of Athora Belgium, in 2019 we have been able to take
advantage of attractive market opportunities aimed at making our Belgian
operations even stronger. This is a further step in our strategy to continue to
grow in Belgium, in particular in the attractive segments within non-life
insurance.”
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Chubb (Switzerland) Announces Agreement to Purchase Additional 15.3%
of Huatai Insurance Group; Ownership Position to Increase to 46.2%
Chubb Limited announced that it has agreed to purchase an additional 15.3% of
Huatai Insurance Group Company Limited. Upon completion of the share
purchases, Chubb is expected to own 46.2% of Huatai Insurance Group. Last
week, the China Banking and Insurance Regulatory Commission (CBIRC)
approved other unrelated share purchases previously agreed to that upon closing
bring Chubb's stake to 30.9%. Huatai Insurance Group is the holding company of
Huatai P&C Insurance Company, Huatai Life Insurance Company and Huatai
Asset Management Company, among other subsidiaries. Huatai Group's
insurance operations have more than 600 branches and 11 million customers.
Chubb will purchase the shares from the Inner Mongolia Junzheng Energy and
Chemical Group Co., Ltd. and one of its wholly owned subsidiaries. The parties
have also agreed to the intended terms of a subsequent purchase of an additional
7.1% of the company, contingent upon the completion of the first purchase. The
transactions are subject to regulatory approvals and other important conditions.
"Earlier this year, following approval from the CBIRC, we increased our
ownership in Huatai Insurance Group, which became the first domestic
Chinese financial services holding company to convert to a Sino-foreign
equity joint venture. The agreement we are announcing today is another
important milestone toward our goal of majority and beyond ownership in
Huatai," saidChairman and Chief Executive Officer of Chubb. "We are
committed to supporting Huatai as a long-term strategic shareholder and we
have great confidence in the long-term potential of the Chinese insurance
market. We are builders at Chubb, and our increasing stake in Huatai is an
opportunity to build a great Chinese insurance company that will meet the
growing protection needs of Chinese consumers and businesses."
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CNPAssurances (France): Quarterly indicators – First nine months
of 2019
• Premium income of €25.9 billion, up 5.4% (up 5.7%
like-for-like1), including 23.1% growth in Latin America
• Proportion of Savings/Pensions premiums represented by
unit-linked contracts still high, at 40.7%
• Term Creditor Insurance premiums up 6.1%, with all host
regions and the Group’s main partners contributing to growth
• EBIT of €2,279 million, up 5.1% (up 5.8% like-for-like)
• Attributable net profit of €987 million, up 3.4% (up 3.6%
like-for-like)
• Consolidated SCR coverage ratio of 161% after taking into
account the advance recognition of the payment due under
the new distribution agreement in Brazil
CNP Assurances’ Chief Executive Officer, said: “CNP
Assurances’ results and financial position confirm that the
change in the business model in France and Europe is
paying off by reducing the Group’s sensitivity to falling
interest rates. In the current persistently low and even
negative interest rate environment, the Group is geared up
to offer effective long-term protection solutions to its
partners and customers.”
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IAG (Australia) to create one stop motor shop with purchase of NRMA
MotorServe
IAG has reached an in-principle agreement to acquire the NRMA’s
MotorServe business, providing a range of services for customers
including mechanical vehicle repairs, safety inspections and general
servicing at 23 sites in NSW and ACT.IAG and NRMA expect to
finalise the sale at the end of January 2020.The agreement will
cover IAG brands including NRMA Insurance, CGU Insurance and
WFI Insurance.
IAG CEO Australia said:“The agreement follows the success of
IAG’s recent trial at the NRMA MotorServe at Seven Hills
Sydney, which focused on providing the most convenient
experience for customers following an accident.We’ve been
exploring ways to deliver real change in how our customers
experience the motor claims repair process, from the moment
they lodge a claim to when they pick up their car. Our focus is on
customer convenience and getting cars back on the road quickly
with a quality repair.” The NRMA MotorServe business fits in
well with IAG’s strategy to provide a one-stop-shop for our
customers and now includes mechanical repairs and car
servicing, as part of our enhanced Motor Repair Model which we
introduced earlier this year.”
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Manulife Hong Kong reports strong results for the third quarter of
2019
(1). Core earnings:
• Record-high quarterly core earnings of HK$1.5 billion, up 28% from the same quarter of 2018
• Year-to-date core earnings of HK$4.2 billion, up 24% from the same period of 2018
(2). Annualized premium equivalent (APE) sales:
• Record-high quarterly APE sales of HK$2.1 billion, up 58% from the same quarter of 2018
• Year-to-date APE sales of HK$4.9 billion, up 37% from the same period of 2018
(3). New business value (NBV):
• Record-high quarterly NBV of HK$1.3 billion, up 55% from the same quarter of 2018
• Year-to-date NBV of HK$3.0 billion, up 32% from the same period of 2018
(4). Wealth and asset management (WAM) gross flows:
• Record-high quarterly WAM gross flows of HK$10.7 billion, up 26% from the same quarter of
2018
• Year-to-date WAM gross flows of HK$26.8 billion, up 8% from the same period of 2018
(5).Mandatory Provident Funds (MPF) market share: Manulife remained the largest MPF
scheme sponsor with a record-high market share of 23.5% based on assets under management as
at September 30, 2019, and the highest share of estimated net cash flows at 39.4% for the period
from July 1 to September 30, 2019
(6).Agency force: up 20% over the previous year to 9,508 agents
“We had another outstanding quarter with record-high financial results,” said Chief
Executive Officer of Manulife Hong Kong. “Tax-deductible solutions, with their protection
and tax benefits, continued to fuel new growth across all distribution channels. Once again,
it shows that our unique position as a one-stop, go-to expert for all tax-deductible offerings
makes us a top choice for many. Our agency force is scaling up fast, enabling more
customers to benefit from our professional advice and personalized health and retirement
solutions.”
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Poste Italiane: Financial results for the third quarter and the first
nine months of 2019
• Revenues Equal To € 8,089 Million In the First Nine Months Of 2019 (+ 1.7% Compared to The First Nine Months Of 2018) And € 2,568 Million In the
Third Quarter Of 2019 (+ 1.8% Compared to The Third Quarter Of 2018).
• Net Profit Of € 1,083 Million In the First Nine Months Of 2019 (+ 2.6% Compared to The First Nine Months Of 2018) And € 320 Million In the Third
Quarter Of 2019 (-0.4% Year on Year).
• Operating Result Equal To € 1,540 Million In the First Nine Months Of 2019 (+ 2.1% Compared to The First Nine Months Of 2018) And € 459 Million In
the Third Quarter Of 2019 (+ 0.8% Compared to The Third Quarter Of 2018).
• Diversified Business Model Adaptable to The Macroeconomic Context Able to Generate A Sustainable Growth of Revenues and Operational Result.
• Solid Platform for Innovation with The Customer in The Center To Support Growth.
• Performance of All the Divisions in Line with The Objectives For 2019.
• Approved the Account on The Dividend Of 2019 Of € 0.154, Equal to AThird of The Dividend For Action Foreseen For 2019 From The Deliver Plan 2022,
Equal To € 0.463.
Financial Performance of The Operating Segments In The Third Quarter Of 2019
• Correspondence, parcels and distribution: revenues of € 800 million (-3.5% compared to the third quarter of 2018) as forecast; parcel revenues up 14%
with the B2C segment up 25%; correspondence revenues down 8% compared to a particularly positive third quarter of 2018 and due to the complete
reabsorption of product re-pricing in July 2018; operating result (EBIT) equal to - € 77 million, which is also affected by higher costs and depreciation for
investments supporting growth.
• Payments, Mobile and Digital: revenues of € 171 million (+ 10.6% compared to the third quarter of 2018), thanks to the increase in both the number of
cards and transaction volumes and successful initiatives in a competitive environment such as that of telecommunications; telecommunications revenues
grew by 17% to € 64 million, driven by effective commercial initiatives, including payment card offers bundled with SIM; operating profit (EBIT) up 27%
to € 69 million.
• Financial services: revenues of € 1,173 million (-0.1% compared to the third quarter of 2018) with a solid performance of distribution commissions; they
grew by 15% to € 74 million in commissions on personal loans, mortgages and salary-backed loans thanks to the growth in volumes; revenues from the
placement of postal savings are down 4% to € 432 million; 12.9% growth in asset management fees, € 25 million, with positive net inflows of € 55 million
in the quarter; revenues from collections and payments down 2%, due to lower volumes of bulletins; interest income increased by 2% thanks to proactive
portfolio management in the fourth quarter of 2018 and the first quarter of 2019; operating profit (EBIT) up 8.5% to € 192 million.
• Insurance Services : revenues of € 423 million (+ 16.5% compared to the third quarter of 2018) sustained by the growth of both Life and Non-Life business;
Life business revenues increased by 17%, combined with successful diversification of multi-line products (net inflows of € 1.3 billion) and a higher financial
margin; Revenues in the Non-Life business increased by 13% thanks to the contribution of all product lines; operating profit (EBIT) up 19.3% to € 275
million.
Commenting on the results,CEO and General Manager of Poste Italiane, said :"The diversified and unique Poste Italiane business model generates
continuous growth and we are on track to achieve the 2019 goals in all business segments. The flexibility of our model is demonstrated in the best
way by the performance of the Mobile and Digital Insurance and Payments segments, which supported the Group's results in the quarter.Industrial
transformation - already implemented as part of our 2020 Deliver strategic plan - laid the foundation for future growth, focused on innovation and
customer experience. We are becoming a dynamic company with a strong digital native component, which actively supports the lives of our 35
million customers.The key to the Group's success is our widespread presence on the national territory, through our network: no other company has a
strong connection with local communities like Poste.We will continue to work together with municipalities and local authorities, of all sizes, through
initiatives such as PiccoliComuni which has recently been expanded.All this is made possible by the support of our employees, who have made this
transformation their own and ensure a continuous execution, while we are always looking for new opportunities to generate additional value. "
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Sampo Group’s (Finland) Results for January - September 2019
• Earnings per share was EUR 1.38 (2.38). Mark-to-market earnings per share was EUR 1.44 (1.92). The return on equity (RoE) for the Group amounted to 9.2 per cent (11.2) for January - September 2019. Net asset value per share on 30
September 2019 was EUR 18.90 (20.60).
• Profit before taxes for the segment If amounted to EUR 655 million (626). Combined ratio for January – September 2019 was 84.3 per cent (85.8). Strong premium growth continued at 5.0 per cent (adjusted for currencies) compared to
corresponding period a year ago. Return on equity was 27.3 per cent (16.4).
• Profit before taxes for the segment Topdanmark amounted to EUR 180 million (170) in Sampo Group’s consolidated accounts. The combined ratio was 80.5 per cent (82.7).
• Sampo’s share of Nordea’s net profit for January - September 2019 amounted to EUR 147 million (527). In addition Sampo booked a loss of EUR -155 million because of the extra dividend paid in Nordea shares. Nordea’s third quarter
result was negatively impacted by one-off items of EUR 1.3 billion. Nordea’s return on equity for January – September 2019 was 3.4 per cent (10.9). In segment reporting, the share of Nordea’s profit is included in the segment Holding.
• Profit before taxes for the segment Mandatum amounted to EUR 212 million (385). The comparison figure includes the contribution of EUR 197 million from the co-operation agreement with Danske Bank. Premiums grew to EUR 824
million (681). Return on equity amounted to 25.9 per cent (22.5).
Third Quarter 2019 In Brief:
• Sampo Group’s profit before taxes for the third quarter of 2019 was EUR 92 million (490). The profit was impacted by the one-offs in Nordea’s third quarter results and the EUR 155 million negative profit item resulting from the distribution
of an extra dividend in the form of Nordea shares. Earnings per share was EUR 0.01 (0.70) and mark-to-market earnings per share EUR -0.24 (0.78).
• Net asset value per share decreased EUR 0.56 during the third quarter of 2019 amounting to EUR 18.90. The decrease was due to the extra dividend distributed in Nordea shares and the decline in the market value of Topdanmark in the
third quarter.
• If’s combined ratio for the third quarter of 2019 amounted to 83.5 per cent (85.8). Profit before taxes amounted to EUR 215 million (211).
• Topdanmark’s combined ratio for the third quarter was 83.5 per cent (79.9) and profit before taxes EUR 34 million (65).
• Sampo’s share of Nordea’s third quarter 2019 net profit was EUR -75 million (139). The figure does not include the loss of EUR -155 million incurred because of the extra dividend. Nordea booked one-off items amounting to EUR 1.3
billion in the third quarter result.
• Profit before taxes for Mandatum rose to EUR 75 million (72). Premiums written amounted to EUR 295 million (152).
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Sampo Group (Finland): IF Acquires Roadside Assistance
Company Viking
If P&C Insurance Holding Ltd (publ) has signed an agreement to buy Viking Redningstjeneste TOPCO A/S.
The acquisition price for 100 per cent ownership is EUR 32 million (NOK 325 million) which is paid in cash.
The enterprise value is EUR 114 million.Viking is a Nordic roadside assistance company headquartered in
Norway. It serves its customers through an extensive nationwide network of stations in Norway, Sweden,
Denmark and Finland. The acquisition of Viking will strengthen If’s offering towards its partners and further
improve If’s position as the leading Nordic insurance and service provider within the mobility area.The
transaction is subject to approval by competition authorities in Norway and Sweden and is expected to be
finalized in early 2020.
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Swiss Life (Switzerland) achieves higher fee income in all units in the
first three quarters of 2019
• The Swiss Life Group generated fee income totalling CHF 1317 million in the first nine months of 2019. Growth of 17% in
local currency was also supported by acquisitions in the previous year and consolidation effects. The contribution from asset
management increased by 25%, from owned IFAs by 24% and from own and third-party products and services by 6%.
Premiums rose by 25% in local currency during the first three quarters to CHF 18.0 billion. Insurance reserves for the benefit
of the company's policyholders rose by 6% in local currency.
• In its home market of Switzerland, Swiss Life achieved premiums of CHF 11.6 billion (previous year: CHF 7.8 billion).
Growth in individual life was 9%. The increase in group life business (+54%) is primarily due to the withdrawal of a competitor
from the full insurance business in the previous year.
• Fee income was up 9% to CHF 198 million. Swiss Life in France recorded premiums of CHF 4.2 billion and was thus slightly
above the previous year in local currency (+1%). P&C (+7%) as well as health insurance and protection (+4%) grew, while
premiums in our life business declined by 1%. Fee income rose by 3% in local currency to CHF 238 million. In Germany,
premiums were up 4% in local currency to CHF 982 million. Fee income was up 12% in local currency to CHF 359 million due
to growth in owned IFAs. The International market unit posted premiums of CHF 1.3 billion, in local currency 16% below the
prior-year period. Fee income increased by 35% to CHF 240 million.
• Swiss Life Asset Managers achieved net new assets in third-party business of CHF 6.5 billion during the first nine months of
2019 (previous year: CHF 5.2 billion). Third-party assets under management amounted to CHF 79.8 billion as of 30 September
2019, corresponding to 12% growth over year-end 2018. In total, Swiss Life Asset Managers achieved fee income of CHF 574
million during the first three quarters of 2019, an increase of 25% over the previous year. In addition to operational growth,
consolidation effects and the acquisition of Beos in the previous year also contributed to that.
• Investment income and solvency: Swiss Life generated direct investment income of CHF 3.3 billion during the first three
quarters of 2019, which corresponds to the previous year. The non-annualised direct investment yield fell to 2.0% (previous
year: 2.2%) also due to strong appreciations in the investment portfolio. The non-annualised net investment yield fell to 1.9%
due to the appreciations and lower realised gains (previous year: 2.2%). Swiss Life estimates its SST ratio at slightly above
200% as of 30 September 2019, based on the regulatory solvency model.
“The further expansion of our fee business shows that our consulting and service offerings are in high demand”, says
Group CEO of Swiss Life. “We increased fee income in all market units. The relevance to customers and closeness to the
market enable us to continuously strengthen our position in pension and investment solutions in the context of our
Group-wide programme ‘Swiss Life 2021’.”
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Talanx(Germany) lifts Group net income from EUR 448 million to
EUR 742 million
• Gross written premiums up 11.9 percent to EUR 30.3 (27.1) billion
• Industrial Lines improves combined ratio by 10.3 percentage points by the end
of September – Q3 figure is 99.8 (128.9) percent
• EBIT climbs by 26.7 percent to EUR 1.9 (1.5) billion thanks to progress in all
divisions
• Group net income up 52 percent to EUR 742 (488) million
• Talanx confirms outlook for 2019 Group net income of “more than EUR 900
million”
• Outlook for 2020: Group net income to range between “more than EUR 900
million” and EUR 950 million
• Gross written premiums rose to EUR 1,110 (1,070) million in the third quarter.
The underwriting result declined to EUR –445 (–292) million due to policyholder
participation in investment income. Net investment income increased to EUR
489 (334) million, while operating profit fell to EUR 36 (42) million.
“We are very pleased with our net income for the first nine months of EUR
742 million – a year-on-year increase of 52 percent. Encouragingly, the clear
improvement in net income at our Industrial Lines Division also contributed
to this. We are ahead of the pro rata target for our ‘20/20/20’ programme in
this division. Both our operating profit and the equity ratio rose substantially.
We are confident of reaching our target for Group net income this year of
‘more than EUR 900 million’. In line with our medium-term goal of
increasing our earnings per share by an average of at least 5 percent per year,
based on our original earnings forecast of EUR 850 million in 2018, we are
aiming for Group net income in 2020 in the range of between ‘more than EUR
900 million’ and EUR 950 million”, said Chairman of Talanx AG’s Board of
Management.
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UNIQA Insurance Group (Austria) AG: Review of a merger of UNIQA Insurance Group AG, UNIQAAustria Insurance
Ltd and UNIQA International AG as well as changes in the Management Board of the UNIQA Group
The Executive and Supervisory Boards of UNIQA Insurance Group AG decided to merge UNIQA Insurance Group Ltd ( "UIG" ),
UNIQAAustria Versicherungen AG ("UAT") and UNIQA International AG ( "UI" ) by merger to consider. The Executive Board and the
Supervisory Board of UIG have given the necessary orders to examine this merger.The aim of the possible merger is to further simplify
and streamline the group structure, to ensure more efficient management of the UNIQA Group, to streamline the management structure
and to strengthen the customer-oriented organization. The implementation is subject to the adoption of the required body decisions as
well as the obtaining of all necessary official authorizations.From the current perspective, it is probable that UAT, as the operating
insurance company of the UNIQA Group in Austria and economically wholly owned subsidiary of UIG, would be the absorbing
company (down-stream merger) because UAT has all the concessions required under insurance supervisory law. The listing is
maintained. In the case of the planned down-stream merger, admission to trading on the Vienna Stock Exchange would be applied for
for the shares of UAT, and uninterrupted admission of UNIQA shares to trading would be guaranteed. The ownership structure would
not change even in the case of a down-stream merger.
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Vienna Insurance Group (Austria) achieves top results for the 1st to
3rd quarter of 2019
• Total premium volume rose by 6.7% to EUR 7,851 million in the first three quarters of 2019. All lines of business recorded
premium growth. VIG managed to achieve double-digit growth in health insurance (+ 11.2%) and other property insurance (+
10.1%). The largest contributors to this premium increase were the segments Poland (+ EUR 165 million), Austria (+ EUR 110
million) and Baltic states (+ EUR 91 million). The CEE markets contributed slightly more than 9% to the increase in premiums,
or around 5% after adjusting for first-time consolidation (Poland, Baltic states, Bosnia-Herzegovina).
• Profit (before taxes) was EUR 376.2 million. This corresponds to an increase of 6.8% compared to the 1st to 3rd quarter of
2018. Profit was positive in all country segments. The largest increases in profit were achieved in the segments Poland, Austria
and Bulgaria.
• Group profit after taxes and non-controlling interests (net profit) rose by 9.5% to EUR 226.5 million.
• The combined ratio of 96.4% was slightly higher by 0.1 percentage points compared to the previous year (96.3%) due to
weather effects. The Bulgaria, Baltic states and Remaining CEE segments recorded significant improvements in the combined
ratio for the non-life business. The reductions in the combined ratio were mainly due to measures taken for motor insurance in
Ukraine and Serbia and for other property insurance in Croatia. Although the combined ratio also improved significantly in
Romania (- 3.1 percentage points) due to activities in motor third party liability, it nevertheless remains above 100%.
• The financial result, including the result from at equity consolidated companies, amounted to EUR 627 million for the 1st to
3rd quarter of 2019, a 21.2% reduction compared to the previous year. The year-on-year decrease in the financial result was
primarily due to a reduction in realised gains from investments and one-off proceeds from the sale of real estate investments in
2018. Earnings per share (annualised) were EUR 2.36.
• Group investments including cash and cash equivalents added up to EUR 35.8 billion by 30 September 2019. This 4.8%
decrease compared to 31 December 2018 was due to the consolidation change of the non-profit societies starting with 1 August
2019.
“Our key figures for the current year 2019 continue to show improvement after nine months and the growth trend we have
followed since 2016 is ongoing. We are very confident about achieving our planned 2019 targets for a premium volume
of EUR 9.9 billion and profit (before taxes) in the range of EUR 500 to 520 million”, concluded General Manager of
Vienna Insurance Group, satisfied with the quarterly results achieved.
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Zurich (Switzerland) becomes the largest international P&C insurer in the
attractive long-term growth market of Indonesia
Zurich Insurance Group (Zurich) has become the largest international property
and casualty (P&C) insurer in Indonesia – a market of over 260 million people
– after completing the acquisition of 80% of PT AsuransiAdiraDinamika
(Adira Insurance). The business was acquired from PT Bank Danamon
Indonesia (Bank Danamon) and a minority stakeholder.The transaction
includes long-term distribution agreements with Bank Danamon, Indonesia’s
fifth-largest bank by market capitalization, and Adira Finance, the country’s
second-largest provider of motorcycle and car financing solutions. These
agreements strengthen Zurich’s strong network of more than 70 distribution
agreements worldwide.Adira Insurance is among the top 10 P&C insurers in
Indonesia. It generated gross written premiums of USD 170.4 million in 2018
and has leading positions in Indonesia’s motor and takaful insurance markets.
Bank Danamon will continue to hold a stake in Adira Insurance close to 20%.
“Indonesia’s growing economy, rapidly expanding middle class and low
insurance penetration present great opportunities,” said CEO of Asia
Pacific and member of Zurich’s Executive Committee. “The acquisition of
Adira Insurance is a good illustration of our strategy of achieving positions
of scale in attractive growth markets and strengthening our distribution
channels.”
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AXA XL (Bermuda) acquires Secure Legal Title - becomes the only property and
casualty commercial lines insurer to offer title insurance on a global basis
AXA XL announced that it has completed the acquisition of Secure Legal
Title Limited, a London-based insurance agency and Lloyd’s approved
coverholder, with major operations in the UK, Europe, India and the
Americas. Founded in 2012, Secure Legal Title provides insurance to cover
legal risks in property transactions and mortgage finance. Secure Legal
Title’s products include title insurance, legal indemnities, and title to shares
insurance for real estate merger & acquisition transactions. The firm’s
clients are real estate equity investors and developers, energy and
infrastructure investors and developers, and mortgage lenders. AXA XL has
also announced today that it has entered into an agreement to acquire
Armour Secure Insurance (ASI), a Mexican title insurance company
affiliated with Secure Legal Title, subject to all applicable regulatory
approvals. Pending completion of the acquisition, Secure Legal Title and
ASI will continue their close collaboration in providing title insurance to
the Mexican market.
“We are delighted to officially welcome our Secure Legal Title
colleagues to AXA XL,” commented Chief Underwriting Officer –
Crisis Management & Special Risks, at AXA XL. “Secure Legal Title
will continue to operate under its brand and will be managed by its
co-founders, Sean Dalton, Joel Peck and Jean-Bernard Wurm. We
expect that the combination of their market-leading expertise and
experience with AXA XL’s additional capacity, global network presence
and resources will enable Secure Legal Title to further strengthen its
position in this specialised marketplace and present a more attractive
proposition to clients of theirs and ours.”
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Solutions Updates
Insurance Industry

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Aflac's (USA) New Group Worksite Life Insurance Includes Advanced
Claim Payment, First-Responder and Living Benefits Riders
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Solution Description
Aflac, the leader in supplemental insurance sales at U.S. worksites, announced the launch of its new group worksite life insurance. It is the latest product in the
company's life portfolio, designed to help a wide array of individuals and families pay the bills if something happens to a primary wage earner. Available in term
and whole life options for consumers ages 18-70, Aflac's new group life coverage can help protect and maintain workers' and their families' way of life in the event
of the insured's death — from being able to continue making payments on the family home to helping with the kids' school tuition or other day-to-day expenses.
In addition, living benefits are available to help insureds should a terminal illness diagnosis occur while they are alive, with fixed cash benefits that can be used to
help with long-term care, home health care needs or however one chooses.
New benefits available with Aflac's group life coverage include:
• Advanced claim payment — To help with immediate final expenses such as funeral costs, Aflac may advance a portion of the policy's proceeds upon notification
from the beneficiary before receiving all necessary documentation.
• First-responder benefit rider — As a part of Aflac's growing portfolio of first-responder benefits, this rider pays an additional benefit if death occurs in the line
of duty.
• Appealing new living benefits rider options — Provide fixed, lump-sum or periodic payments for a qualifying chronic condition while the certificate holder is
living.

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Assurant (USA) Introduces FlexDeposit to Help Property Managers
Lower Risk and Streamline Security Deposit Claims and Collections
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Assurant, Inc., a global provider of housing and lifestyle solutions that support, protect and connect major consumer purchases, has
launched FlexDeposit, a security deposit alternative product that offers the benefits of a surety bond without a claims pool. FlexDeposit
gives property managers a simple, easy-to-implement alternative to traditional security deposits, enabling them to attract residents who
might find a traditional deposit cost-prohibitive. With preferable rates for lower-risk residents, no property-level pooling, and generous
contract lengths, FlexDeposit is the latest innovation in Assurant’s suite of products that support the multifamily housing
market.FlexDeposit has been designed to meet the needs of property managers who want a more appealing option for new residents. It is
risk-based instead of a fixed fee, which means rates are actually lower for most residents with our bond product. It mitigates rising
resident move-out balances by integrating with Assurant Recovery Solutions to minimize administrative hassles and reduce bad
debt.FlexDeposit, along with Assurant’s recent partnership with Deposify, positions Assurant as the only provider to offer a total deposit
solution that both reduces administrative and compliance hassles of managing cash deposits, while offering residents a flexible alternative
to traditional deposit that helps PMCs with occupancy. FlexDeposit is going nationwide and is currently available in 41 states.

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The Hartford (USA) Expands Internet of Things Capabilities
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The Hartford is expanding its Internet of Things (IoT) Innovation Lab and capabilities, bringing together the latest network-connected technology with the
company’s expertise, data and risk management to improve workplace safety and help prevent or reduce property damage for its customers.Businesses and
homes are increasingly equipped with network-connected devices that provide real-time data, which The Hartford can analyze to reduce and mitigate hazards
such as unsafe working conditions or water damage from a broken pipe. For example, the Internet of Things Innovation Lab works with businesses to monitor
the pressure in water pipes using sensors, which can detect a leak before it causes extensive flooding. The lab also collaborates with a variety of vendors to
equip workers with wearable technology that generates data about workers lifting, bending, getting fatigued and their proximity to hazards as well as other
factors that can be analyzed to implement safer workplace practices and potentially improve operational efficiency. In the past three months, the lab has
installed multiple different types of devices for customers, or more than 1,000 devices in total, and The Hartford plans to grow the program significantly.The
Hartford has been in the business of protecting and enabling human achievement for more than 200 years, adapting its products, services and capabilities to
meet the changing needs and expectations of customers and the evolving nature of risk. In addition to the Internet of Things Innovation Lab, the company
does this through its Insurtech Ventures team, Small Business Innovation Lab, an interdisciplinary team focused on Workforce Health and Productivity
services, and Y-Risk, a managing general underwriter specializing in the sharing and on-demand economy.

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AXA XL (Bermuda) launches Cube, its risk innovation incubator
32
AXA XL Insurance launched Cube, a risk innovation incubator. Cube, the first of its kind, is a six-week programme
designed to enable risk managers to work alongside AXA XL risk and innovation experts to develop innovative risk
management solutions for their most complex risks.The programme comprises a series of workshops in which AXA
XL and its clients experiment and test new solutions, ultimately resulting in a prototype and a supporting business
case. Over the course of the programme, clients have access to a team of innovation, digital and analytics experts,
risk specialists and, when relevant, to some of AXA XL’s technology partners.Global Head of Strategic Distribution
at AXA XL explains: “Cube supports our goal to go beyond traditional insurance to become a comprehensive
partner to our clients. The programme’s structured and well-tested approach allows us to offer our clients a robust
environment to innovate. We strongly believe that our co-creation approach fosters powerful innovation and helps
our clients improve their risk profile.”

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TFI PZU (Poland) awarded by Rzeczpospolita
33
TFI PZU, which within the PZU Group offers management of Employee Capital Plans, took second place in the ranking of investment fund
companies prepared by the Rzeczpospolita daily.This is one of the most prestigious rankings on the financial market. TFI are subject to a wide
assessment taking into account, among others results of investment funds offered by individual TFIs in the last 6, 12, 36 and 60
months.Rzeczpospolita experts evaluated investment funds divided into individual groups: Polish shares (universal and small and medium-sized
companies), foreign shares, mixed Polish and foreign, Polish debt universal, debt Polish treasury, debt Polish treasury long-term, debt foreign and
debt Polish long-term universal and corporate.The results of debt funds and public closed-end funds implementing global macro strategies deserve
special attention - they are indicated as the best in their comparative groups. Savings funds, stable growth and sustainable funds also rank high.TFI
PZU is constantly looking for new solutions for its clients, which is why in autumn 2018 it launched inPZU - the first Polish platform that allows
you to easily invest in passive funds. This is an innovative product based on the methodology developed by TFI, giving clients the opportunity to
invest in index funds with a very low management fee of only 0.5%. New funds will soon be added to the funds already offered - including a fund
based on the CEE + index, covering seven countries from the region of Central and Eastern Europe.
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The Hartford (USA) Named No. 1 Insurer On List of America’s Most
‘JUST’ Companies
34
The Hartford ranks highest among insurance companies on Forbes and JUST Capital’s list of America’s Most “JUST” Companies for 2020. The Hartford ranked in the
top 25 overall out of 100 companies, outperforming its peers in the Russell 1000.For the second consecutive year The Hartford is included on the JUST 100 list,
surpassing many other companies on issues such as fair pay and employee benefits, customer treatment and privacy, environmental impact, community support as well
as ethical leadership and long-term financial growth. JUST Capital evaluates the 1,000 largest publicly traded U.S. companies on a range of factors determined through
one of the most comprehensive survey processes ever conducted measuring public perception of corporate behavior by engaging 9,000 American respondents in 2019
and 96,000 total participants over the past six years.All of America’s Most JUST Companies will be included in Goldman Sachs Asset Management’s JUST U.S. Large
Cap Equity ETF (Ticker: JUST) – the first ever exchange-traded fund based on just business behavior, constructed from JUST Capital’s annual rankings, which will
rebalance in December 2019.The Hartford’s sustainability strategy is built on measurable goals intended to both create long-term shareholder value and contribute
positively to society at large, as outlined in the most recent Sustainability Highlight Report. Earlier this year, The Hartford was recognized as a sustainability leader by
being named to the 2019 Dow Jones Sustainability Indices for the eighth time. The Dow Jones Sustainability Indices are the standard for assessing a company’s
environmental, social and governance performance. The indices are maintained collaboratively by S&P Dow Jones Indices and RobecoSAM. The Hartford was also
included in the FTSE4Good Index Series, a Financial Times Stock Exchange (FTSE) series designed to measure the performance of companies demonstrating strong
environmental, social and governance practices, for a second consecutive year in 2019.
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Manulife (Canada) Investment Management Takes Home Three Lipper
Fund Awards in 2019
35
Three of Manulife Investment Management funds were recognized at the Lipper Fund Awards from Refinitiv 20192, Canada ceremony,
held in Toronto last night. This is the seventh consecutive year Manulife funds are recognized by the Lipper Fund Awards. The winning
funds were:
• Manulife Strategic Income Fund – Advisor Series, for its 10-year performance record in the Global Fixed Income category
• Manulife Yield Opportunities Fund – Advisor Series, for its three-year performance record in the Global Fixed Income Balanced
category
• Manulife Value Balanced Fund – Advisor Series, for its three-year performance record in the Tactical Balanced category
The Lipper Fund Awards from Refinitiv are the highest standard of excellence across the globe. These awards have honored funds and
fund management firms that have excelled in providing consistently strong risk-adjusted performance relative to their peers.The Lipper
Fund Awards from Refinitiv, formerly the Financial and Risk business of Thomson Reuters, celebrate exceptional performance
throughout the professional investment community. It recognizes the world's top funds, fund management firms, sell-side firms, research
analysts, and investor relations teams.
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NÜRNBERGER (Germany) insurance successful at the Effie Awards
36
NÜRNBERGER Versicherung was awarded bronze at the GWA Effie Awards 2019. The prize was awarded by the
GesamtverbandKommunikationsagenturen GWA, which annually awards the efficiency and creativity of advertising campaigns in
Germany.The campaign has been in operation since 2018 and has significantly increased the awareness and image of NÜRNBERGER -
and this with a low level of funds. "In the fiercely contested insurance market, the traditional NÜRNBERGER Versicherung brand was
barely perceptible compared to the much stronger competition.With our new campaign that turns all industry conventions on its head, we
still managed to do so: We were able to bring the brand 2018 back to the Bring success, "explains Haderer. To maximize the reach and
even penetration of even the younger 20+ target group, the company is focusing on the optimal mix of TV and online video on VOD
platforms, YouTube and Facebook - desktop and mobile."Nuremberg - The City of the Uninsured" shows none of the learned and smooth
insurance worlds. It breaks through barely distinguishable advertising patterns with stories of the wonderfully quirky, imperfect life of
uninsured people in the fictional city of "Nuremberg". On top of that translated into a very unique look and feel for the industry. For those
who are not insured feel even completely normal everyday situations as dangerous - in contrast to the neighbors in Nuremberg. They
benefit from the appropriate protection of NÜRNBERGER insurance.
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Poste Italiane among the top ten in Europe for transparency of financial
information in the Webranking 2019-2020 ranking
37
Poste Italiane gets a new recognition for the quality and transparency of its corporate web communication by entering the Top 10 of
the Webranking Europe 2019-2020 ranking. The research analyzes the corporate sites of the top 500 European companies in terms of
market capitalization, judging the correct dissemination of financial news, corporate governance, sustainability policies and
satisfaction of the expectations of all stakeholders. The recognition obtained by Poste Italiane in the Webranking 2019-2020 once
again demonstrates the attention that the company turns to disclosure transparency and to the values of sustainability and social
responsibility.In the Webranking Europe 2019-2020 the portal www.posteitaliane.it is in ninth absolute position, advancing by eight
steps compared to the 2018 ranking. Even more impressive is the jump in the ranking of the portal www.posteitaliane.it which gains
256 positions if examines the Webranking Europe 2016 ranking. The research is carried out by Comprend in collaboration with
Lundquist, a company specialized in strategic consulting on web communication, CSR, social media and corporate reputation.Within
the Top Ten the portal www.posteitaliane.it ranks second overall in the financial / insurance area. The ranking is drawn up after a
stress test on the candidates that takes into consideration 200 focuses and is based on a survey conducted on a sample of about 500
stakeholders including analysts, investors, economic journalists.
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RGA (USA) and APEXA Honored at the Efma-Accenture Innovation in
Insurance Awards
38
Reinsurance Group of America, Incorporated (RGA), a leading global life and health reinsurer, received the silver award for
“Innovator of the Year” and was named winner of the Business & Operating Model Transformation category for APEXA at the
Efma-Accenture Innovation in Insurance Awards in North America.The Efma-Accenture Innovation in Insurance Awards have served
as a catalyst for innovation in the insurance sector and have helped insurers develop better disruptive strategies. This competition is
a showcase of the most exciting and effective innovations that are taking advantage of emerging technologies and responding to
opportunities in insurance.RGA received the silver award for “Innovator of the Year” for embracing solutions that enable a new level
of personalization and convenience for insurance consumers. This award complements RGA’s previous recognition as Life Reinsurer
of the Year at the Reactions North America Awards in September, which honor the achievements of companies that help raise industry
standards across the region.APEXA, a subsidiary of RGA’s transformation engine RGAX, received the gold award in the Business &
Operating Model Transformation category. APEXA’s innovative digital platform was recognized for transforming how life advisor
screening, contracting, and compliance are conducted across the Canadian life insurance industry.
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Sun Life (Canada) again named to The Boston Globe Top Places to Work
39
Sun Life U.S. has been named one of the Top Places to Work in Massachusetts for 2019 by The Boston Globe. Top Places to Work are chosen based on employee
feedback regarding engagement, business focus, management, and pay and benefits.In September Sun Life U.S. announced its new paid leave program that treats
all parents equally, offering more generous benefits for bonding with a new child (newborn, adopted or foster), and for caregiving of sick loved ones, with a broad
definition of "chosen family" that employees can define. The new policy, which was highlighted by The Boston Globe in its Top Places to Work issue, goes into
effect on January 1, 2020, and is available to all full- and part-time U.S. employees. Sun Life also introduced a sabbatical program in 2018 so employees can unplug
or pursue personal or professional development.Sun Life employee programs also include several diversity and inclusion networks to celebrate and support each
other, and promote community volunteerism and professional development. These groups hold cultural events throughout the year and host guest speakers who
share views on important, relevant issues. For 11 consecutive years Sun Life has received a 100% score on the Human Rights Campaign's Corporate Equality Index
for LGBTQ equality. Sun Life is also a signatory of the Boston Women's Compact, which strives to close the gender pay gap.Sun Life's agile work approach gives
employees the ability to work from home and use flexible, modern and convenient office workspaces. Through advanced technology resources, employees in all
locations can communicate and collaborate efficiently and effectively.Wellness is another area of focus, with programs to help employees maintain physical,
mental and financial health, including smoking cessation assistance, stress management support, and an enhanced Wellness Rewards program that incentivizes
employees and their spouses or partners to implement and track daily health habits.
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Suncorp (Australia) wins age diversity award
40
Suncorp has been awarded the Susan Ryan Age Diversity Award at this year’s Australian HR Institute Awards, for its innovative
approach in attracting and engaging mature-aged employees.Suncorp has a passionate and engaged employee resource group for its
over 50s community to champion their professional experience. The group – called “LIFE-X” for life experience – explores learning
opportunities and late-stage career options targeted for this age group to help attract mature-aged employees and improve retention
of organisational knowledge.One of its most popular initiatives is a mentoring program, which sees mature-aged employees matched
with millennials to encourage knowledge-sharing and networking across generations.The Australian HR Institute Awards is
Australia’s most prestigious HR awards program, recognising the best HR practices that make a difference to organisations.Accepting
the award, Suncorp’s Chief Customer and Digital Officersaid she was thrilled that the company’s practices were recognised by the
HR industry.Our mature-age employees bring a wealth of experience and understanding that benefits customers and our people.
Having an inclusive culture and diverse workforce promotes greater innovation and drives responsiveness to customer needs. It’s for
this reason we are taking strides to ensure our workforce represents all ages of the customers and communities we serve."
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Allianz (Germany) partners with Microsoft to digitally transform the
insurance industry
41
Allianz SE and Microsoft Corp. announced a strategic partnership focused on digitally transforming the insurance industry, making the insurance
process easier while creating a better experience for insurance companies and their customers. Through the strategic partnership, Allianz will move core
pieces of its global insurance platform, Allianz Business System (ABS), to Microsoft’s Azure cloud and will open-source parts of the solution’s core to
improve and expand capabilities. Syncier will offer a configurable version of the solution called ABS Enterprise Edition to insurance providers as a
service, allowing them to benefit from one of the most advanced and comprehensive insurance platforms in the industry, reducing costs and centralizing
their insurance portfolio management. This will increase efficiencies across all lines of insurance business, resulting in better experiences through
tailored customer service and simplified product offerings.Syncier’s ABS Enterprise Edition can handle insurance processes across all lines of business:
property and casualty, life, health, and assistance. It can be customized for any insurance company, country and regulatory requirements. Insurers,
brokers and agents adopting the platform can service clients and manage entire portfolios end to end in one system, gaining a unique 360-degree view
of each client and the business.To accelerate industry innovation, Syncier will also offer an Azure cloud-based marketplace for ready-made software
applications and services tailored to the insurance sector. Such solutions could include, for example, customer service chatbots or AI-based fraud
detection. The marketplace enables insurance providers to easily and quickly implement the available solutions in a plug-and-play manner.
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CNPAssurances (France) joins the Net-Zero Asset Owner Alliance and
commits to a carbon-neutral investment portfolio by 2050
42
Launched in September 2019 at the United Nations’ Climate Action Summit, the Net-Zero Asset Owner Alliance brings together insurers and pension funds
who commit to making their investment portfolios carbon neutral by 2050. By targeting the transition of their portfolios to net zero greenhouse gas emissions
by 2050, the members of the Alliance wish to help limit global warming to 1.5°C in line with the Paris Agreement.The current members of the Alliance are
Alecta, Allianz, AMF Pension, AXA, Aviva, Caisse des Dépôts et Consignations (CDC), Caisse de Dépôt et Placement du Québec (CDPQ), CalPERS, CNP
Assurances, Folksam Group, FRR, Nordea Life and Pension, PensionDanmark, Storebrand, SwissRe and Zurich. The Alliance wants to continue to bring
together other institutional investors in order to quickly achieve a critical size, and thus play a key role in decarbonising the global economy and investing in
climate change resilience.As part of this long-term commitment, CNP Assurances and the other members of the Alliance will take into accountadvances in
available scientific knowledge, particularly the conclusions of the IPCC, and will regularly report on the progress made by setting interim objectives every
five years to 2050.Joining the Alliance involves implementing three action levers: regularly measuring the investment portfolio’s alignment with the Paris
Agreement and publishing the progress made, conducting a shareholder dialogue with companies to ensure they are also targeting carbon neutrality, calling
for public policies that promote the transition to a decarbonised economy. The commitment of Alliance members to carbon-neutral portfolios is indeed based
on the assumption that governments will fulfill their own commitments to meeting the objectives of the Paris Agreement.
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Legal & General (UK) partners with 14 housing associations to deliver its
pipeline of 3,500 affordable homes
43
Legal & General Affordable Homes (“Legal & General”) announces that it has partnered with 14 established housing associations and providers
to form a panel which will lead its housing operations across the UK.Creating a nationwide network of management partners, the panel will bring
local expertise and the established infrastructure to support Legal & General in delivering its pipeline of 3,500 affordable homes.Legal & General
is leading the evolution of the affordable housing sector, as it commits to raising service standards and deploying long-term institutional capital to
increase provision in a sector which continues to suffer from chronic undersupply. Announcement follows an extensive, two stage tender process,
launched in March 2019, which received 140 expressions of interest. Legal & General has selected partners with regulatory ratings of V1/G1, who
have demonstrated a commitment to deliver exceptional customer services to residents. The selected panel consist of; RHP, Optivo, Jigsaw,
Flagship, Karbon Homes, Great Places, Chelmer Housing Partnership, Accord, Pinnacle, Stonewater, Regenda, Saxon Weald, Coastline and
Raven.Across its growing portfolio, Legal & General is delivering a mix of social, affordable rental and shared ownership homes, within Section
106 agreements and grant supported homes. As experienced affordable housing providers, Legal & General’s selected panel manages in excess of
300,000 affordable homes. The coverage of its panel means Legal & General has the capacity to allocate two providers to each UK local authority,
supporting its ambition to deliver 3,000 affordable homes each year.
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Manulife(Canada) and TTC resolve matter related to Healthy Fit case
44
Manulife and the Toronto Transit Commission (TTC), in partnership, are pleased to have resolved the matter related to
the Healthy Fit case. Terms of the settlement, which is related to a 2016 TTC statement of claim, were not
disclosed.Manulife and the TTC remain united in a commitment to fraud prevention and collaborated on the
investigation that brought Healthy Fit to justice. We’re pleased to have worked together, with law enforcement, to stop
a fraudulent provider. Healthy Fit owner, Adam Smith, was convicted and sentenced in 2017.Benefits fraud is a crime.
It has serious consequences, including criminal charges and even jail time, as seen in extreme cases like this.
Fraudulent claims also impact the cost of providing benefits, which influences what employers can cover, and can hurt
employees who are truly in need.Manulife continues to strengthen and invest in our comprehensive fraud program,
which includes proactive efforts and prevention through our trusted provider network.
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QBE (Australia) announces first Global Disaster Relief and Climate
Resilience Partnerships
45
International insurer, QBE, announced its first global disaster relief and climate resilience partnerships with two of the world’s leading
humanitarian agencies, Red Cross and Save The Children.QBE Group CEO, said “The new, three-year partnerships will support the rapid
mobilisation of support for disaster relief activities in response to catastrophic events, and support disaster preparedness and climate resilience
initiatives for vulnerable communities.We know that when disaster strikes, it’s vital that resources can be deployed quickly to support
communities, both in the immediate response and to assist in the long-term recovery.As an insurer, our immediate priority in the wake of
disaster is the safety, wellbeing and ultimately recovery of our customers and the communities in which they live.Through these new,
three-year partnerships we’re able to support disaster recovery initiatives and enable the rapid deployment of vital resources, through two of
the world’s most highly respected and trusted international disaster relief agencies - Red Cross and Save The Children.We know that
increasingly unpredictable and potentially more severe weather-related events have the potential to cause significant economic and social
consequences. By redirecting a portion of the funds to climate resilience projects, we can support the efforts of communities to protect
themselves from physical risks and potentially mitigate future disaster.”
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Travelers Institute (USA) Teams Up With Carnegie Mellon University
and RAND Corporation to Host Automated Vehicle Symposium
46
The Travelers Institute, the public policy division of The Travelers Companies, Inc. will host a symposium at Carnegie Mellon University. The program,
“Transforming the Driving Experience: Automated Vehicle Technologies and Human Attention,” will bring together experts to address the safety, regulatory
and insurance implications of advanced technologies that are on the road.In a recent survey of 500 Pittsburgh-area residents, Travelers found that only 30%
of people feel comfortable with semiautonomous vehicles operating on the road and only 31% feel comfortable riding in a vehicle equipped with this
technology. In addition, more than two-thirds of those surveyed feel that semiautonomous technology would reduce their ability to react quickly behind the
wheel.As part of its effort to improve auto safety, Travelers recently joined the Advanced Vehicle Technology (AVT) Consortium at the Massachusetts
Institute of Technology (MIT) and Partners for Automated Vehicle Education (PAVE), two organizations working to strategically advance research and public
information about automated vehicle and driver assistance technologies.Travelers’ white paper, titled Insuring Autonomy: How auto insurance can adapt to
changing risks, offers an assessment of the existing auto insurance structure, both personal and commercial, in the context of resolving claims and providing
fair compensation to crash victims as vehicles become more autonomous. The white paper also describes how the development and rollout of automated
vehicle technology will help spur innovation, increase public safety and protect American drivers and consumers.
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