I Bytes Insurance industry

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I-Bytes
Insurance
December Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates................................................................................................................................................34
3. Rewards and Recognition Updates..................................................................................................................42
4. Customer Success Updates................................................................................................................................57
5. Partnership Ecosystem Updates.......................................................................................................................59
6. Environment & Social Updates........................................................................................................................70

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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 Group Benefits
Aflac Incorporated announced that its insurance subsidiaries American Family Life
Assurance Company of Columbus and American Family Life Assurance Company of
New York have completed the acquisition of Zurich North America's U.S. Corporate Life
and Pensions business, including the assets and employees of Benefit Harbor Insurance
Services supporting the acquired group life, disability and absence management
products. As announced in March 2020, Aflac of Columbus and Aflac of New York are
reinsuring, on an indemnity basis, Zurich North America's U.S. in-force group life and
disability policies with annualized premium of approximately $120 million. Aflac of
Columbus and Aflac of New York also acquired assets needed to support the group life
and disability business, along with an absence management platform. The acquisition is
consistent with Aflac Incorporated's strategy of buy-to-build, which deploys capital into
growth initiatives while limiting the capital at risk. Funding of the transaction, along with
required capital in support of assumed businesses, came from internal capital. The total
consideration is less than $200 million, including capital in support of the business. Aflac
expects modest run-rate dilution over the near-term as it continues to build the business
to scale.
Executive Commentary
"We are excited as we welcome new team members to the Aflac family and enhance
our value proposition to agents, brokers and employers," said president of Aflac U.S.
"This strategic buy-to-build transaction aligns with our vision of being the number
one distributor of benefit solutions supporting the U.S. workforce. We believe this
acquisition will also enhance cross-selling opportunities and improve both
persistency and account penetration with our core supplemental business."
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Alleghany Corporation (USA) Reports 2020 Third Quarter Results
• Book value per share was $606.21 as of September 30, 2020, an increase of 1.7% from year-end 2019 after adjusting for the $15 per share special dividend paid on March 16,
2020, and an increase of 2.6% from June 30, 2020.
• Excluding changes in other comprehensive income primarily related to unrealized appreciation of bonds and adjusted for the special dividend, book value per share decreased
0.7% from year-end 2019, and increased 1.6% from June 30, 2020.
• Net earnings (losses) attributable to Alleghany stockholders were $127 million and ($57) million for the third quarter and first nine months of 2020, respectively, compared with
net earnings of $90 million and $826 million for the third quarter and first nine months of 2019, respectively.
• Earnings (losses) per diluted share were $8.86 and ($4.43) for the third quarter and first nine months of 2020, respectively, compared with earnings per diluted share of $6.27
and $57.14 for the third quarter and first nine months of 2019, respectively.
• Adjusted earnings per diluted share were $3.23 and $8.83 for the third quarter and first nine months of 2020, respectively, compared with adjusted earnings per diluted share of
$7.61 and $29.65 for the third quarter and first nine months of 2019, respectively.
(Re)insurance
• Net premiums written increased 15.8% and 9.5% in the third quarter and first nine months of 2020, respectively.
• Underwriting loss for the third quarter of 2020 was $81 million, which produced a combined ratio of 105.2%, compared with an underwriting profit of $33 million and a
combined ratio of 97.6% for the third quarter of 2019. Underwriting loss in the third quarter of 2020 included $270 million of catastrophe losses, primarily related to Hurricane Laura
($101 million), Hurricane Sally ($57 million) and the ongoing COVID-19 global pandemic (the “Pandemic”) ($51 million).
• Underwriting loss for the first nine months of 2020 was $145 million, which produced a combined ratio of 103.2%, compared with an underwriting profit of $232 million and a
combined ratio of 94.3% for the first nine months of 2019. Underwriting loss in the first nine months of 2020 included $616 million of catastrophe losses, primarily related to the
Pandemic as well as the two hurricanes in the third quarter noted above.
Alleghany Capital
• Alleghany Capital revenue[2] increased 13.7% to $714 million and decreased 4.2% to $1,654 million for the third quarter and first nine months of 2020, respectively.
• Alleghany Capital earnings before income taxes and adjusted earnings before income taxes for the third quarter of 2020 were $70 million and $67 million, respectively,
compared with earnings before income taxes and adjusted earnings before income taxes of $38 million and $46 million, respectively, for the third quarter of 2019.
• Alleghany Capital earnings before income taxes and adjusted earnings before income taxes for the first nine months of 2020 were $80 million and $77 million, respectively,
compared with earnings before income taxes and adjusted earnings before income taxes of $102 million and $124 million, respectively, for the first nine months of 2019.
Other
• Net investment income decreased 12.5% to $129 million and 13.0% to $360 million for the third quarter and first nine months of 2020, respectively, driven by the decline in
fixed income investment yields.
• During the third quarter of 2020, Alleghany repurchased 131,414 shares of its common stock in the open market for $70 million, at an average price per share of $532.59.
President and chief executive officer, commented, “Alleghany grew book value per share 2.6% in the third quarter reflecting good investment performance and strong earnings
from Alleghany Capital, partially offset by catastrophe driven underwriting losses. Alleghany recognized catastrophe losses of approximately $270 million in the third quarter
resulting primarily from Hurricanes Laura and Sally, and also including additional provisions related to the Pandemic and a myriad of other weather-related events. Excluding
the catastrophe losses, underlying underwriting performance at the (re)insurance subsidiaries was good, reflecting an ex-cat combined ratio of 87.9%. Consolidated net
premiums written increased 16% as all three (re)insurance companies benefited from rate increases and generally improving market conditions. In particular, RSUI’s net
premiums written grew 27% in the quarter and reflected renewal rate increases above 15% in most significant product lines. Alleghany Capital had a strong third quarter
benefiting from a resumption of economic activity, strong seasonal order flow at Jazwares and easing of certain Pandemic-related restrictions across subsidiaries. Adjusted
earnings before income taxes increased over 45% from the prior year quarter most significantly due to increased earnings at Jazwares and the inclusion of Wilbert in our results.
We are proud of the performance of our companies and their employees during this uniquely challenging period and we are pleased to see positive leading indicators in terms
of accelerating rate and premium growth at the (re)insurance companies and strong order trends and robust backlogs at our most significant Alleghany Capital companies.”
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Key Financial Highlights

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Allianz (Germany) achieves 2.9 billion euros operating profit in 3Q 2020
• Total revenues declined by 1.8 percent to 12.9 billion euros in the third quarter of 2020. Adjusted
for foreign currency translation and consolidation effects, internal growth declined 4.1 percent, driven
by a negative volume effect of 9.0 percent and a positive price effect of 5.6 percent. The main
contributors to this decline were Allianz Partners, AGCS, and Euler Hermes, whereas Germany,
Turkey, and China recorded positive internal growth.
• Operating profit was broadly unchanged at 1.3 (1.3) billion euros in the third quarter of 2020. The
underwriting result was affected by the COVID-19 pandemic and a clearly lower contribution from
run-off. These effects were largely offset by lower claims from natural catastrophes.
• As a result, the combined ratio rose slightly by 0.2 percentage points to 94.5 percent in the third
quarter of 2020.
• In the first nine months of 2020, total revenues increased to 46.7 (46.1) billion euros. Adjusted
for foreign currency translation and consolidation effects, internal growth fell 0.9 percent, driven by
Allianz Partners, Euler Hermes, and Italy. In particular due to a significantly lower underwriting
result, heavily impacted by COVID-19, as well as a lower operating investment result, the operating
profit deteriorated by 16.6 percent to 3.5 billion euros compared to the same period of the prior year.
This decline was partly offset by a strong improvement of our expense ratio. On the whole, the
combined ratio worsened by 1.9 percentage points to 96.0 percent.
"We have delivered solid results in an environment that will remain challenging. Not just our
financial performance has been resilient, but we have also enjoyed strong support from our
fantastic staff around the world. And Allianz has once again been recognized by Interbrand as #1
insurance brand globally," said Chief Executive Officer of Allianz SE. "Therefore, we remain
confident to not just weather the COVID-19 crisis well, but to build an even stronger Allianz for
the benefit of all stakeholders."
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Allianz (Germany) agrees to purchase Westpac’s General Insurance business
Allianz announced it has agreed to purchase the general insurance business of
Westpac, and enter into a new 20-year exclusive agreement for the distribution
of general insurance products to Westpac customers. On completion of the
proposed agreement, worth $725 million1, Allianz will expand its existing
general insurance distribution arrangement with Westpac, which will allow
Westpac to provide a wider range of Allianz general insurance products to its
customers. Subject to receipt of required regulatory approvals, the transaction
is expected to complete in mid-2021. This agreement represents an important
step in Allianz growing its consumer insurance portfolio in Australia, building
upon the existing relationship between Allianz and Westpac, which has been in
place since 2015. Under the new distribution agreement, along with the
existing products of motor, caravan and trailer and travel insurance, Allianz
will issue and service a range of personal insurance products, including home
and contents, under Westpac Group’s brands.
“Westpac has been a long-term business partner for Allianz and we are very
pleased to enter into this new agreement,” said Allianz Australia Managing
Director. “Both companies share aligned values, particularly in relation to
a customer-first approach to design and distribution, and using innovation
and technology as key enablers to delivering customer satisfaction, so we
see this as a fantastic opportunity. Allianz is a proven bancassurance
partner, both globally and locally, and we are committed to further
investing in this channel. By combining our insurance and digital expertise
we are able to provide valuable protection to Westpac’s customers.”
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American Equity Announces Closing of Initial 9.9% Equity Investment From Brookfield Asset Management
and Expands Execution of Share Repurchase With New Accelerated Share Repurchase Program
American Equity Investment Life Holding Company announced that following
Hart-Scott-Rodino approval, it has closed an initial equity investment of 9,106,042 shares at
$37.00 per share from Brookfield Asset Management Inc. as part of a previously announced
strategic partnership. With this investment and the accelerated share repurchase and other share
repurchases described below, Brookfield owns an approximate 9.9% equity interest in American
Equity and is entitled to one seat on the company’s Board of Directors. Managing Partner and
Chief Investment Officer of Brookfield, has joined American Equity’s Board of Directors, which
expanded the size of the Board to 14 members. Additionally, American Equity announced that it
has entered into an accelerated share repurchase (ASR) agreement with Citibank, N.A. to
repurchase an aggregate of $115 million of American Equity’s common stock. Since starting its
maiden share repurchase program on October 30, the company has already repurchased over 1.9
million shares for $50 million in the open market. Combined with the ASR announced, the
company has substantially offset dilution from the equity issuance to Brookfield. The company
intends to continue to repurchase shares in 2021 under its $500 million share repurchase
authorization until Brookfield owns a 9.9% equity interest in American Equity, with further
repurchases after American Equity receives the insurance regulatory approvals required for
Brookfield’s purchase of an additional equity interest above 9.9%.
“We are pleased to have completed the initial equity investment from Brookfield, which is a
key demonstration of our strong alignment of commercial interests to create superior value
for American Equity’s shareholders and policyholders,” said President and Chief Executive
Officer of American Equity. “I and my fellow Board members are also delighted to welcome
Sachin to our Board. His deep asset management industry expertise and breadth of
experiences will be invaluable as we focus on vigilantly realizing superior value for our
shareholders.”
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AIG (USA) Reports Third Quarter 2020 Results
• Net income attributable to AIG common shareholders was $281 million, or $0.32 per diluted common
share, for the third quarter of 2020 compared to $648 million or $0.72 per diluted common share, in the
prior year quarter.
• Adjusted after-tax income attributable to AIG common shareholders* was $709 million, or $0.81 per
diluted common share, for the third quarter of 2020 compared to $505 million, or $0.56 per diluted
common share, in the prior year quarter.
• General Insurance reported $790 million of pre-tax CATs, net of reinsurance, or 13.5 combined ratio
points, resulting in a General Insurance combined ratio of 107.2 compared to 103.7 in the prior year
quarter.
• The General Insurance accident year combined ratio, as adjusted*, was 93.3, a 2.6 point improvement
from the prior year quarter, benefiting from the actions taken to improve underwriting performance.
• Life and Retirement APTI increased 51% to $975 million compared to the prior year quarter, reflecting
strong equity market performance, favorable short-term impacts from lower interest rates and tighter
spreads, and lower general operating expenses (GOE), partially offset by base spread compression and
unfavorable impacts from COVID-19 mortality. Adjusted return on attributed common equity (Adjusted
ROCE) for Life and Retirement* for the third quarter was 14.5%.
• Total consolidated net investment income was $3.8 billion compared to $3.4 billion in the prior year
quarter. Net investment income on an APTI basis* of $3.2 billion decreased approximately $277 million,
primarily as a result of the sale of Fortitude Group Holdings LLC (Fortitude) on June 2, 2020.
AIG’s Chief Executive Officer, said: “We are pleased to report AIG’s solid third quarter results as we
embark on an important phase of our journey to become a top performing company. In General
Insurance, the accident year combined ratio, as adjusted, improved for the ninth consecutive quarter,
and the high frequency of natural catastrophes and COVID-19 had a limited impact on financial
results. Life and Retirement’s results continue to demonstrate that it is a market-leading franchise,
with a strong improvement in adjusted pre-tax income from last year. Our recent leadership transition
and corporate structure announcements marked an important milestone for AIG made possible by the
significant foundational work our colleagues have successfully executed on over the last three years.”
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Arch Capital Group Ltd. (Bermuda) and Watford Holdings Ltd. Enter into Revised Merger Agreement
with an All-Cash Offer of $35.00 per Share, Representing a 12.5% Increase Over Prior Agreement
Arch Capital Group Ltd. and Watford Holdings Ltd. announced a revised
definitive agreement under which Arch will acquire all of the common
shares of Watford for an increased price of $35.00 per share. This revised
all-cash consideration is valued at approximately $700 million and
represents a premium of approximately 96% to Watford’s unaffected
closing common share price on September 8, 2020, the last trading day
prior to media reports about the possibility of a transaction between
Watford and Arch. The transaction is expected to close in the first quarter of
2021 and remains subject to customary closing conditions, including
regulatory and shareholder approval. Following this announcement, Arch
will assign its interests and obligations under the merger agreement to a
newly formed entity of which Arch will own approximately 40%, and funds
managed by Warburg Pincus LLC and Kelso & Company (“Kelso”) will
each own approximately 30%.
“We continue to believe in the merits of this compelling opportunity and
are pleased to be making this revised offer,” said President and Chief
Executive Officer of Arch. “The increased premium and the addition of
Warburg Pincus and Kelso as active investment partners will position
Watford to capitalize on its significant value generation potential while
ensuring continuity of service for all policyholders.”
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Assurant (USA) Reports Third Quarter 2020 Financial Results
• Net loss was $34.9 million, or $0.58 per diluted share, compared to third quarter 2019 net loss of $59.5 million, or
$0.96 per diluted share. The decrease in net loss was driven by the absence of a $124.8 million reduction in fair value
of Iké Asistencia in third quarter 2019 as well as underlying business growth.
• Net operating income1 decreased to $84.8 million, compared to third quarter 2019 net operating income of $104.8
million. Assurant incurred $87.0 million of reportable catastrophes in third quarter 2020, compared to $36.3 million of
reportable catastrophes in third quarter 2019.
• Excluding reportable catastrophes, net operating income2 for third quarter 2020 totaled $171.8 million, compared
to $141.1 million in the prior year period. The increase was primarily driven by more favorable non-catastrophe loss
experience in Global Housing and continued growth in Connected Living within Global Lifestyle. This was partially
offset by lower investment income from lower yields across all operating segments.
• Net operating income per diluted share3 decreased to $1.41, compared to third quarter 2019 net operating income
of $1.69 per diluted share. Excluding reportable catastrophes, net operating income increased to $2.85 per diluted
share4, compared to $2.28 per diluted share in third quarter 2019. These calculations exclude the effect of 2.7 million
shares of dilutive securities related to the mandatory convertible preferred stock, which were anti-dilutive for both
periods.
• Net earned premiums, fees and other income from the Global Lifestyle, Global Housing and Global Preneed
segments totaled $2.35 billion, an increase of 2 percent from $2.31 billion in third quarter 2019, mainly driven by
growth in Global Lifestyle primarily within Global Automotive. The increase was partially offset by lower results in
Global Housing mainly due to the discontinuation of small commercial business and anticipated declines in
lender-placed insurance.
“Our third quarter 2020 performance further underscores the resiliency and strength of our market-leading
lifestyle and housing businesses, and the attractive growth opportunities ahead,” said Assurant President and CEO.
“Given favorable year-to-date loss experience in Global Housing, we are raising our 2020 outlook to 17 to 21
percent growth in net operating income per share, excluding catastrophe losses. With our recently announced
acquisition of HYLA Mobile and the evaluation of strategic alternatives for Global Preneed, we can deepen our
focus on the many opportunities being driven by the convergence of the connected mobile device, car and home.
Combined with our differentiated P&C offerings, we expect to sustain above-market growth and deliver superior
cash flow long term.”
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CPR Leverages Investments by Assurant (USA) to Expand Services, Capabilities
and Expertise to Improve the Customer Experience
CPR Cell Phone Repair (CPR), the nation’s largest mobile repair franchise according to
Franchise.com, recently has added several new services and customer experience-driven capabilities
to one of the most comprehensive set of offerings in the industry. Since its acquisition by Assurant
Inc. a leading global provider of solutions that support, protect and connect major consumer
purchases, CPR has benefited from investments in resources and expertise. Most recently, Assurant
acquired Fixt, a leading provider of on-demand mobile device support and repair. As a result, CPR
franchisees now provide come-to-you repair services through the Fixt platform, which enables
consumers across the U.S. to schedule local, onsite repairs of mobile devices. CPR franchisees also
have added Pocket Geek Home to their offerings to provide consumers with unlimited tech support
and hassle-free protection for all their smart home devices. For less than $1 per day, a household can
get the support and protection they need to outsmart their smart home. For those who purchase a
pre-owned mobile device from CPR online or in-store, additional protection is now available on select
devices that covers mechanical breakdown, accidental damage (including drops, spills or cracks) and
unlimited repairs up to the purchase price of the device. Additionally, CPR’s repair experts have
earned yet another technical certification for meeting the highest standards for service quality and
technical skill in repairing electronics. CTIA, the premier wireless industry association in the U.S., has
awarded CPR technicians the Wireless Industry Service Excellence (WISE) certification for their
ability to provide consumers with a consistently high-quality repair experience.
“Now more than ever it is important that consumers can rely on fast, dependable support and
repair for all their electronics,” said, General Manager - CPR. “With Assurant’s continued
investments, we are expanding our ability to provide customers with the best services and
experience in the market.”
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Assurant (USA) Closes Its Acquisition of HYLA Mobile
Assurant, a leading global provider of lifestyle and housing solutions that
support, protect and connect major consumer purchases, announced the
closing of its acquisition of HYLA Mobile, a leading provider of
smartphone software, trade-in and upgrade services. The acquisition further
strengthens Assurant’s trade-in and upgrade programs and better positions
the company for the upcoming 5G smartphone upgrade cycle. HYLA’s
patented software technology joins Assurant’s end-to-end mobile device
lifecycle management capabilities, creating a comprehensive solution that
is built to increase trade-in attachment rates, provide better customer
experiences, improve inventory supply to lower device support costs, and
maximize disposition values and new revenue streams. In addition, the
combination of both companies’trade-in and upgrade programs will further
sustainability practices by extending the life of mobile devices.
“We’re excited to officially welcome HYLA to the Assurant family,”
said EVP and president of Global Lifestyle at Assurant. “The
combination of our operations doubles our device processing volumes,
expands our customer base, increases our device diversity and enhances
our talent. We will leverage our complementary capabilities to generate
new growth opportunities and improve the customer experience at a
time when many device owners are considering trade-in programs to
finance new 5G device purchases.”
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Assured Guaranty Ltd. (Bermuda) Reports Results for Third Quarter
2020
GAAP Highlights
• Net income attributable to Assured Guaranty Ltd. was $86 million, or $1.02 per share, for third quarter 2020.
• Shareholders’ equity attributable to Assured Guaranty Ltd. per share reached a new record of $79.63 as of September 30, 2020.
Non-GAAP Highlights
• Adjusted operating income was $48 million, or $0.58 per share, for third quarter 2020.
• Adjusted operating shareholders’ equity per share and adjusted book value (ABV) per share reached new records of $73.80 and $108.02, respectively, as of September 30, 2020.
• Total Capital Returned to Shareholders
• Capital returned to shareholders was $56 million, including share repurchases of $40 million, or 1.86 million shares, in third quarter 2020.
Insurance Segment
• Adjusted operating income was $81 million for third quarter 2020.
• Gross written premiums (GWP) were $121 million for third quarter 2020.
• Present value of new business production (PVP) was $117 million for third quarter 2020.
Asset Management Segment
• Adjusted operating loss was $12 million for third quarter 2020.
“Assured Guaranty achieved the best direct new business production in more than a decade for both the third quarter and the first nine months of 2020, with PVP of $117 million and $264 million,
respectively,” said, President and CEO. “Our insured par sold in the primary U.S. public finance market totaled $7.5 billion(5) during the third quarter, essentially double the amount we insured during last
year’s third quarter, and we continued to lead the municipal bond insurance industry, with a 64% share of the highest quarterly insured new issue par volume since mid-2009. We also continued to execute
our capital management and share repurchase strategy in the third quarter.”
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Athene Holding Ltd. (Bermuda) Reports Third Quarter 2020 Results
• Net income available to AHL common shareholders for the third quarter 2020 was $622 million, or $3.16 per diluted Class A
common share ("diluted share"), compared to $276 million, or $1.50 per diluted share for the third quarter 2019. The increase from the
prior year quarter was driven by higher adjusted operating income, favorable changes in the fair value of reinsurance assets due to
tightening credit spreads, and favorable changes in the net fair value of fixed indexed annuity ("FIA") derivatives primarily due to
unlocking, favorable equity market performance, and a lower discount rate resulting from declining interest rates.
• Adjusted operating income available to common shareholdersfor the third quarter 2020 was $302 million, or $1.53 per adjusted
operating common share, compared to $243 million, or $1.34 per adjusted operating common share for the third quarter 2019. The
increase from the prior year quarter was primarily driven by stronger investment income from alternatives, more than half of which are
valued on a lagged basis and benefited from capital markets appreciation in the second quarter of 2020 being reflected in the current
period.
• Adjusted operating income available to common shareholders excluding notables and AOG for the third quarter 2020 was $356
million, or $2.10 per adjusted operating common share, compared to $305 million, or $1.67 per adjusted operating common share for
the third quarter 2019. The increase from the prior year quarter was primarily driven by the aforementioned strength of investment
income from alternatives.
Continued Strong Capital Position
• Book value per common share of $83.39 for the period ended September 30, 2020, an increase of 12% year-over-year. Adjusted
book value per common share of $53.61, an increase of 6% year-over-year.
• Total deployable capital of $7.6 billion, including excess equity capital of $3.2 billion, $2.6 billion of untapped debt capacity1,
and $1.8 billion of available undrawn third-party commitments to ACRA.
• Total cash and cash equivalents of $7.5 billion, and a liquid bond portfolio of approximately $51 billion.2
• Available liquidity of $10.9 billion3 as of September 30, 2020, including $3.4 billion undrawn credit facilities.
• ALRe RBC of 449%4 and U.S. RBC of 436% as of September 30, 2020.
“Amid fragile economic conditions and historically low interest rates, our third quarter results demonstrate the continued
resilience of Athene’s business and our ability to drive robust, highly profitable growth in any environment," said CEO of Athene.
“Following consecutive quarters of record organic growth above target returns, we are on pace to exceed $50 billion of total
organic and inorganic volumes in 2020, marking our best year of growth ever. While others have been forced to pull back in the
current environment, Athene continues to serve as a source of strength for policyholders and business partners. Our numerous
competitive advantages, highlighted by our very strong capitalization, enable our business to continue to thrive. The successful
execution of our strategy year-to-date has laid the foundation to significantly increase earnings and drive compelling shareholder
value in 2021 and beyond.”
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AXA (France) to sell its insurance operations in the Gulf region
AXA announced that it has entered into an agreement with Gulf
Insurance Group (“GIG”) to sell its insurance operations in the Gulf
region, which includes its shareholding* in AXAGulf, AXACooperative
Insurance Company and AXA Green Crescent Insurance Company. GIG
is a leading insurer in the Gulf region, strengthened by the global
footprint and insurance expertise of Fairfax as well as the regional
market knowledge of KIPCO, its shareholders. As part of the transaction,
Yusuf Bin Ahmed Kanoo (“YBA Kanoo”), one of the largest
conglomerates in the Gulf Region, will also sell its shareholding* in
AXA Gulf and in AXA Cooperative Insurance Company. Under the
terms of the agreement, AXA will sell its ownership in its operations in
the Gulf region for a total cash consideration of USD 269 million (or
Euro 225 million*).
Chief Executive Officer of AXAcommented: “This transaction marks
another step in AXA’s continued simplification journey. We are
convinced that AXA’s operations in the Gulf region will benefit from
GIG’s leadership and scale in the region, to further pursue their focus
on delivering growth and excellent customer service. I would like to
thank the management teams and all the employees of our operations
in the Gulf region for their continuous contribution and engagement
over the years, and wish them all the success for the future.”
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Baloise (Switzerland) expands ‘Mobility’ ecosystem through investment in fleet
service provider Ben
Baloise is expanding its ‘Mobility’ ecosystem through an investment in Berlin-based
start-up Ben Fleet Services (Ben). Ben, which provides maintenance services for
fleet vehicles, was founded last year by Energie Baden-Württemberg (EnBW) and
the corporate venture builder Bridgemaker. As announced during the Company’s
Investor Day at the end of October, Baloise is expanding its ‘Mobility’ ecosystem
through an investment in the start-up Ben Fleet Services that will add real value for
its customers. Ben is a technology-driven business that provides vehicle fleet
services and whose platform efficiently integrates with customer systems via digital
interfaces. Its automated processes generate time and cost savings and offer the
customer a high degree of flexibility. At present, there are virtually no comparable
international providers that can guarantee around-the-clock availability of fleet
vehicles in an efficient and trustworthy way using a digital format. “The Ben start-up
closes this gap. It also gives customers a service that is easy to use and taps into the
growing trend towards digitalisation – which is what our Simply Safe strategy is all
about,” explains Patrick Wirth, Head of the Baloise Group’s Mobility Unit.
“We currently offer our services across Germany," says, CEO of Ben. “The
link-up with Baloise and the resulting sharing of expertise will allow us, over the
coming years, to drive forward not only the expansion of our services but also our
geographical expansion in Europe.”
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Fairfax Financial Holdings (Canada): Financial Results for The Third
Quarter
• The consolidated combined ratio of the insurance and reinsurance operations was 98.5%, producing an underwriting profit of $52.4 million despite
COVID-19 losses of $143.2 million and catastrophe losses of $218.6 million, compared to a combined ratio of 97.5% and an underwriting profit of $81.3
million in 2019. The insurance and reinsurance operations continued to experience net favourable prior year reserve development of $74.3 million or a
benefit of 2.1 combined ratio points and growth in net premiums earned.
• Net premiums written by the insurance and reinsurance operations increased by 12.6% to $3,735.2 million from $3,318.1 million.
• Float of our insurance and reinsurance operations increased by 7.2% to $22,120.0 million at September 30, 2020 from $20,631.1 million at December
31, 2019.
• Operating income of the insurance and reinsurance operations decreased to $254.7 million from $280.1 million, principally reflecting lower
underwriting profit primarily as a result of COVID-19 losses of $143.2 million and higher catastrophe losses.
• Operating income of the non-insurance companies of $0.6 million was comprised of income from the Restaurants and retail segment of $47.2 million,
losses from the Other segment of $24.1 million (principally losses of $45.4 million at Fairfax Africa, partially offset by income at Horizon North and AGT),
and losses from Thomas Cook India of $15.7 million and Fairfax India of $6.8 million.
• Total COVID-19 losses in the first nine months of 2020 of $535.6 million derived primarily from coverages related to business interruption
(approximately 40%, principally from international business) and event cancellation (approximately 29%). Incurred but not reported losses comprised
approximately 60% of total COVID-19 losses.
• Consolidated interest and dividends of $181.8 million decreased from $214.9 million, primarily reflecting lower interest income earned principally
on U.S. treasury bonds and cash and short term investments, partially offset by higher interest income earned on high quality U.S. corporate bonds.
• Consolidated share of profit of associates of $50.8 million consisted principally of $30.3 million from Eurobank, $19.4 million from Atlas Corp. and
$13.7 million from Riverstone Barbados, partially offset by losses from investments in associates at Fairfax India and Fairfax Africa. Consolidated share of
profit of associates of $149.6 million in 2019 consisted principally of $73.4 million from Eurolife (primarily due to mark-to-market gains on its long dated
Greek bonds) and $62.2 million from IIFL Finance (primarily related to a spin-off distribution gain of approximately $56 million).
• Interest expense of $120.9 million (inclusive of $15.2 million on accretion of lease liabilities) was primarily comprised of $74.5 million incurred on
borrowings by the holding company and the insurance and reinsurance companies and $31.2 million incurred on borrowings by the non-insurance
companies (which are non-recourse to the holding company).
• At September 30, 2020 the company's insurance and reinsurance companies held approximately $15.1 billion in cash and short dated investments
representing approximately 37.9% of portfolio investments, comprised of $11.4 billion of subsidiary cash and short-term investments and $3.7 billion of
short-dated U.S. treasuries.
"In the third quarter of 2020, all of our insurance companies achieved a combined ratio below 100%, except for Brit. Our consolidated combined ratio
of 98.5% in the third quarter of 2020 included catastrophe losses of $218.6 million or 6.1 combined ratio points and COVID-19 losses of $143.2
million or 4.0 combined ratio points. Core underwriting performance continues to be very strong with a combined ratio excluding COVID-19 losses
of 94.5%, continued favourable reserve development and growth in gross premiums written of 13.9%, and operating income was $254.7 million
despite the catastrophe and COVID-19 losses. We continue to focus on being soundly financed and ended the quarter with approximately $1.2 billion
in cash and investments in the holding company," said Chairman and Chief Executive Officer.
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Fairfax (Canada) and Allied World Announce Sale of Vault Insurance
Fairfax Financial Holdings Limited and Allied World Assurance
Company Holdings, Ltd announce that they have, through their
subsidiaries, entered into an agreement with Cornell Capital and
Hudson Structured Capital Management Ltd., doing its reinsurance
business as HSCM Bermuda, to sell their majority interests in Vault
Insurance. Fairfax through Allied World will continue to own a 10%
stake in Vault following the sale. Founded in 2017 and based in St.
Petersburg, Florida, Vault is a combination of a policyholder-owned
reciprocal insurance exchange and a surplus lines company focused on
serving the needs of the high net worth market. As the former CEO of
Allied World, He was instrumental in creating and growing Vault, and
he is excited to pivot from his role with Fairfax to the Chairman of the
Board and a continued owner of Vault.
“We are very pleased to complete this transaction with Cornell
Capital and HSCM Bermuda,” said Chairman and CEO of Fairfax.
“We are also very grateful to Scott for all of his contributions to the
Fairfax Insurance Group, especially at Allied World, a company
which he led from being a start-up to becoming an industry leading
and highly successful worldwide insurance and reinsurance
business. We wish Scott all the very best.”
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FNF (USA) Reports Third Quarter 2020 Diluted EPS from Continuing Operations and Adjusted Diluted
EPS from Continuing Operations, Pre-Tax Title Margin and Adjusted Pre-Tax Title Margin
• Total revenue of approximately $3.0 billion in the third quarter versus $2.2 billion in the third quarter of 2019
• Third quarter net earnings from continuing operations of $406 million and adjusted net earnings from continuing operations of
$435 million versus net earnings of $250 million and adjusted net earnings of $304 million for the third quarter of 2019
• Third quarter diluted EPS from continuing operations of $1.39 and adjusted diluted EPS from continuing operations of $1.48
versus diluted EPS of $0.90 and adjusted diluted EPS of $1.10 in the third quarter of 2019
• Recognized gains were $73 million in the third quarter versus recognized gains of $4 million in the third quarter of 2019 primarily
due to mark to market accounting treatment of equity and preferred stock securities whether the securities were disposed of in the
quarter or continue to be held in our investment portfolio
Title
• Total revenue of approximately $2.5 billion versus approximately $2.2 billion in total revenue in the third quarter of 2019
• Total revenue, excluding recognized gains and losses, of approximately $2.5 billion versus approximately $2.2 billion in the third
quarter of 2019, an increase of 13.5%
• Pre-tax earnings of $507 million and adjusted pre-tax earnings of $528 million versus pre-tax earnings of $389 million and
adjusted pre-tax earnings of $407 million in the third quarter of 2019
• Pre-tax title margin of 20.4% and adjusted pre-tax title margin of 21.2% versus pre-tax title margin of 17.7% and adjusted pre-tax
title margin of 18.6% in the third quarter of 2019
• Third quarter refinance orders opened increased 83% on a daily basis and refinance orders closed increased 87% on a daily basis
versus the third quarter of 2019; purchase orders opened increased 12% on a daily basis and purchase orders closed increased 8% on a
daily basis versus the third quarter of 2019
• Total commercial revenue of $216 million, a 28% decline versus total commercial revenue in the third quarter of 2019, driven by
a 16% decrease in closed orders and 14% decline in total commercial fee per file; third quarter total commercial orders opened increased
4% compared to the prior year
• Overall third quarter average fee per file of $2,063, a 16% decrease versus the third quarter of 2019
"We are very pleased with our third quarter results in which we experienced sequential improvement every month in closed orders
per day," commented Chairman, II. "We generated adjusted pre-tax title earnings of $528 million, a record quarter, and an
adjusted pre-tax title margin of 21.2%, our best quarterly margin since the third quarter of 2003, as we benefited from the delayed
spring selling season and sustained momentum in refinance. During the third quarter refinance opened and closed orders on a
daily basis increased 83% and 87%, respectively. I would like to thank our employees for their continued efforts as we work
together to ensure the health and safety of our employees while meeting our customers' needs in this challenging environment."
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Genworth Financial (USA) Announces Third Quarter 2020 Results
• Genworth Financial, Inc. reported results for the quarter ended September 30, 2020. The company reported
net income of $418 million, or $0.82 per diluted share, in the third quarter of 2020, compared with net income of
$18 million, or $0.04 per diluted share, in the third quarter of 2019. The company reported adjusted operating
income of $132 million, or $0.26 per diluted share, in the third quarter of 2020, compared with adjusted operating
income of $123 million, or $0.24 per diluted share, in the third quarter of 2019.
• Net investment gains, net of taxes and other adjustments, increased net income by $285 million in the
quarter. The investment gains were driven by sales of U.S. Treasury bonds supporting the company's LTC
business as part of ongoing portfolio optimization and mark-to-market gains on limited partnerships. Net income
in the third quarter of 2019 included $5 million from investment gains, net of taxes and other adjustments.
• Net investment income was $827 million in the quarter, compared to $786 million in the prior quarter and
$816 million in the prior year. Net investment income was higher than the prior quarter and prior year as a result
of higher income from bond calls and prepayments, limited partnerships and a more favorable inflation impact
on U.S. Government Treasury Inflation Protected Securities. The reported yield and the core yield4 for the
quarter were 4.82 percent and 4.65 percent, respectively, compared to 4.65 percent and 4.59 percent, respectively,
in the prior quarter.
• Genworth's effective tax rate on income from continuing operations for the quarter was approximately 25.6
percent. The effective tax rate was above 21 percent due to the tax effect of forward starting swap gains settled
prior to the change in the corporate tax rate under the 2017 Tax Cuts and Jobs Act, which continue to be tax
effected at 35 percent as they are amortized into net investment income, as well as by the higher tax expense
related to foreign operations.
"Genworth delivered strong operating performance in the third quarter, driven by outstanding top line and
bottom line results in our U.S. mortgage insurance business," said President and CEO of Genworth. "While
the economic environment remains unpredictable because of the COVID-19 pandemic, we are confident
that we are taking the right steps to enhance liquidity, position our businesses to navigate continued
uncertainty and maximize shareholder value. In addition to pursuing the closing of the Oceanwide
transaction, we are also making progress against our strategic priorities which include addressing our
near-term debt obligations, strengthening our balance sheet and executing our LTC multi-year rate action
plan, which remains critical to stabilizing our U.S. life insurance businesses."
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Helvetia Venture Fund (Switzerland) invests again in German mobility start-up
Chargery
The Helvetia Venture Fund is participating in the current investment
round for Chargery. This is the third investment of the Helvetia
Venture Fund in the Berlin-based start-up. The investment round is
led by Lead Ventures in Budapest. Chargery currently has around
300 employees and, thanks to the combination of people, intelligent
software and innovative infrastructure solutions, provides highly
efficient and sustainable services in the field of shared mobility.
Chargery currently operates in 13 cities in four different countries.
Its customers include shared mobility providers such as SixtShare,
ShareNow and VOI. Chargery has a tried-and-tested business model
and is in the process of scaling up its own services in other cities and
countries.
Partner at the Helvetia Venture Fund, is pleased with Chargery’s
good performance: "Since our first investment in Chargery in
June 2019, income has grown by a factor of around 20. The three
founders and their team have shown that they can become a
major player in this new mobility segment, which is also
becoming more important for insurance companies." CEO and
co-founder of Chargery, adds: "We are delighted at the trust
placed in us by our investors. Despite challenging conditions for
the economy in general and the mobility sector, we were able to
generate encouraging growth this year. Thanks to the current
investment round and our great team, we can now expand the
presence throughout Europe."
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Helvetia Venture Fund (Switzerland) invests in Spanish peer-to-peer insurer
Freshurance
The Helvetia Venture Fund invests in the Spanish start-up company Freshurance. The InsurTech has
launched a peer-to-peer mobile phone insurance for the Spanish market under the name Cobertoo.
Cobertoo's target groups are millennials and Generation Z with a smartphone. It is an interesting
peer-to-peer (P2P) insurance model from a behavioral economics point of view, as the clients have
incentives to avoid unnecessary damages to their devices. The entire insurance process, including
claims settlement, shall be handled digitally. The business model can be considered highly innovative
within the insurance sector due to its transparency, its user experience as well as the inclusion of the
Community aspect due to the peer-to-peer model. It combines sustainability and social responsibility
alike. Cobertoo has been selected by FinTech Global for INSURTECH100, an annual listing of the
most innovative InsurTech companies. Under the peer-to-peer approach, policyholders pay a monthly
membership fee of EUR 1 and monthly premiums for the insured mobile phone, dependent on the
model. Freshurance receives the membership fee and 25 percent of the premium. The remaining 75
percent of the premiums are pooled. Claims are paid from this pot. 75 percent of everything that
remains in the pot is returned to the policyholder in the form of a cash back. The other 25 percent is
donated to NGOs for charitable purposes. Freshurance has participated in the Start-up Accelerator
Program of the Startupbootcamp in Amsterdam in 2018 and has been awarded as the most innovative
InsurTech. With the additional capital, Freshurance will participate in Sandbox Spain, as well as
expand its marketing and develop the product technologically.
"Helvetia has already gained a lot of experience in the insurance of items such as mobile phones.
With Freshurance's peer-to-peer insurance, we are gaining further insights into an exciting market
for Helvetia", explains CEO Europe of Helvetia. founder and CEO of Freshurance, adds: "We
have already worked successfully with Helvetia on previous projects. I am therefore very pleased
that together we will be able to pursue our vision of a simple, transparent and collaborative
insurance company that relies on state-of-the-art technological solutions."
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IAG (Australia) responds to business interruption test case judgment and announces
capital raising of up to $750 million to strengthen balance sheet
IAG has announced it will raise up to $750 million in new equity capital in response to the Supreme Court of New South Wales Court of Appeal (NSWCA) 18 November judgment
on the business interruption insurance test case. In a unanimous decision, the NSWCA determined pandemic exclusions that refer to the Quarantine Act and subsequent amendments,
rather than the Biosecurity Act, are not effective to exclude cover for losses associated with COVID-19. IAG’s view is that the intent of its business interruption policies is to not
provide cover for any losses related to pandemics such as COVID-19. As a result, IAG is in discussions with the Insurance Council of Australia to consider whether the insurers that
were party to the action will seek special leave to appeal the NSWCA’s judgment to the High Court of Australia. If an appeal proceeds, an outcome is expected in calendar year 2021.
Given the NSWCA’s decision, IAG intends to recognise a post-tax provision of $865 million and is taking decisive action to strengthen its balance sheet via a fully underwritten
institutional placement of $650 million and a non-underwritten share purchase plan to raise up to $100 million. IAG has received a small number of business interruption-related
claims to date. However, in light of the NSWCA’s judgment, IAG has estimated the potential claims impact in its reserving position for the half year ending 31 December 2020. Based
on a detailed assessment of its underwriting exposure at 31 October 2020, IAG estimates a post-tax provision of approximately $865 million is required to reflect the potential impact
of the NSWCA judgment. Significant judgment has been exercised to derive the provision estimate, which has been subject to independent peer review and includes a risk margin to
derive a 90% level of confidence for the Group’s total outstanding claim liabilities. The provision covers:
• All policies with wordings that include the Quarantine Act and without specific reference to the Biosecurity Act, which replaced the Quarantine Act; and
• All policies with prevention of access extensions used on certain broker platforms which reference the Biosecurity Act. Prevention of access clauses vary in terms but generally
operate when actions of governments or other legal authorities cause business interruption by preventing or restricting access to premises.
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LGIM (UK) surpasses £100bn in DC assets
Legal & General Investment Management (‘LGIM’) celebrates the achievement of an important
milestone for its Defined Contribution (‘DC’) business, having passed £100bn in DC assets under
management (AUM). The business has gone from strength to strength since its foundation in 2003,
adapting its operations, products and services to meet the challenges and seismic shifts in market
dynamics brought about by the introduction of auto enrolment (2012) and pension freedoms (2015).
LGIM’s close collaboration with schemes and members has been a big driver of its success. LGIM’s
DC division has recorded an 18% [as at September 2020] compound annual growth rate over the last
seven years, more than doubling its AUM, which stood at a total £46.3bn in 2015. In particular, total
DC AUM increased by more than a third since 2018, driven by strong inflows from bundled and
investment-only clients, member contributions from existing and new schemes as well as large asset
transitions from other providers. LGIM now counts £102bn of AUM across 3.9 million DC members
which makes LGIM the market leader in the defined contribution space with a 22% market share.
“Supporting our members through their retirement journeys and giving them the tools they need
to help them feel better about their finances has been central to LGIM’s strategy. Investment in
technology has played a key role here. Over the past years, LGIM has rolled out a number of
initiatives which include video benefit statements, a financial wellbeing hub and an app which
gives savers real-time access to employee benefits information including their pension as well as
other applications through a single login. A theme that has continued to come through member
feedback, is that savers are interested in building as much as possible in their pots as well as
finding out how their investments can make a difference. Our research has shown that 68% of
savers would engage in their pensions if they knew it was invested in environmental initiatives**.
Most recently, LGIM rolled out a pilot with Tumelo, a fintech platform that allows savers to
indicate how they would vote on the key issues at the companies they hold in their funds. This
important milestone has been reached through the hard work of our 600-plus team and close
collaboration with our clients and members. We are in a strong position as we look ahead to the
next phase of growth. We have already invested in excess of £40m in our DC business over the
last three years and are committed to maintaining investment in the years ahead, as we respond to
savers needs by building member feedback into our product development as well as improving
the way in which we communicate with savers to ensure they have the support they need during
their savings journey up to and through retirement.” Said Head of Defined Contribution.
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Legal & General (UK) acquires two self storage assets, adding c.100,000 sq. ft. to
its rapidly growing portfolio
LGIM Real Assets (Legal & General) continues to build and diversify its real estate portfolio with
the acquisition of two purpose built operational self storage assets in Bury and Lichfield,
providing over 92,000 sq. ft. of combined lettable space. These transactions demonstrate a
continued focus on investing in operational assets, and follow a year of acquisitions and
developments for its self storage portfolio The self storage sector in the UK has grown
significantly in recent years, and it makes up 41% of the European self storage market1. Recent
findings show that whilst there are now approximately 1,900 self storage sites in the UK2, only
35% of these are purpose built - representing a significant opportunity for investors. Since
entering the market last year, LGIM Real Assets has rapidly expanded its self storage portfolio
with operational assets in Cannock, Northwich, Bolton, Stafford, Bury and Lichfield, and
development sites in Wokingham and York. its portfolio exceeds 365,000 sq. ft. of assets in
operation or development, with ambitions to deliver a further 270,000 sq. ft. by 2022. Whilst the
coronavirus pandemic has created challenges and driven secular changes across areas of the real
estate sector, self storage has shown strong performance throughout, demonstrating continued
demand for high quality, well located purpose built self storage assets. Across the Real Assets
operational portfolio, occupancy has remained strongly in line with the business plan throughout
the coronavirus pandemic, with enquiries and lettings reverting to pre Covid levels by Q3 2020.
“Led by our in-house self storage experts Jessica Cunningham and Matthew Lilley, we
continue to look for opportunities to acquire operational facilities and development sites,
alongside repurposing underutilised assets within our own real estate portfolio. Recent
development plans include; repositioning prominent industrial sites, partial repurposing of
retail parks and progressing mixed use self storage anchored schemes. Together, these are
expected to provide resilient and diversified income streams on assets across multiple funds,
further enhancing our portfolio.” Said Director of Fund Management, LGIM Real Assets
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Lincoln Financial Group (USA) Reports Third Quarter 2020 Results and
Announces Increase to Dividend
• Lincoln Financial Group reported net income for the third quarter of 2020 of $398
million, or $2.01 per diluted share available to common stockholders, compared to net loss
in the third quarter of 2019 of $(161) million, or $(0.83) per diluted share available to
common stockholders.
• Third quarter adjusted loss from operations was $(133) million, or $(0.72) per diluted
share available to common stockholders, compared to adjusted loss from operations of $(46)
million, or $(0.25) per diluted share available to common stockholders, in the third quarter
of 2019.
• The current quarter’s adjusted operating results included net unfavorable notable items
of $552 million, or $2.84 per share, primarily related to the company’s annual review of
DAC and reserve assumptions. The prior-year quarter included net unfavorable notable
items of $403 million, or $2.00 per share, related to the company’s annual review of DAC
and reserve assumptions.
• The board of directors of Lincoln National Corporation approved raising the quarterly
dividend on its common shares to $0.42 per share. The dividend represents an 5% increase
over the prior-year level. The increased dividend on common stock will be payable on
February 1, 2021 to shareholders of record at the close of business on January 11, 2021.
“Third quarter results were impacted by our annual review process, predominantly from
adjustments to our interest rate assumptions, and elevated claims related to the
pandemic,” said president and CEO of Lincoln Financial Group. “Importantly,
excluding these factors, our operating results would have been consistent with our
strong track record of financial performance. Our focus on achieving targeted returns on
capital has slowed sales momentum and our reprice, shift and add new product strategy
positions us to achieve sales growth in 2021. Additionally, we are resuming buybacks in
the fourth quarter, and the board approved an increase in our dividend per share,
reflecting our strong balance sheet and positive outlook.”
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Altium Packaging Acquires SFB Plastics
Altium Packaging announced that it has acquired the assets of SFB Plastics, Inc., in
Wichita, Kansas, a privately-held material handling and packaging manufacturer,
specializing in HDPE blow molding of industrial containers. SFB Plastics has served
its customers with quality products for nearly 50 years. Altium Packaging is a leading
customer-centric packaging solutions provider and manufacturer in North America.
Altium specializes in customized mid- and short-run packaging solutions, serving a
diverse customer base in the pharmaceutical, dairy, household chemicals,
food/nutraceuticals, industrial/specialty chemicals, water, and beverage/juice
segments. Altium Healthcare, a division of Altium Packaging, specializes in
nutraceutical and pharmaceutical packaging, offering vials, closures, and labeling
services. Altium also operates a leading post-consumer recycled resin business,
Envision Plastics. With 65 packaging manufacturing facilities in the U.S. and
Canada, two recycled resin manufacturing facilities, and 3,300 employees, Altium
has an integrated network that consistently delivers reliable and cost-effective
solutions to meet the needs of a wide range of customers.
Senior Vice President and General Manager of Altiums Consumer-Industrial
Group, stated, We are excited to welcome the employees of SFB Plastics into the
Altium family. The company has established an outstanding reputation for
high-quality packaging solutions with exceptional customer service. We look
forward to continuing to build upon the foundation of excellence that they have
created.
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Manulife Investment Management (Canada) Announces Acquisition of Luxury
Multifamily Property in Quebec for $63 Million
Manulife Investment Management announces the acquisition of Le
Vibe, a recently constructed two-building purpose-built residential
complex located at 78-88 Rue Dollard-des-Ormeaux, in downtown
Gatineau, Quebec on behalf of its Manulife Canadian Property
Portfolio fund. The addition of the asset presents an opportunity to
further diversify Manulife Investment Management’s real estate
portfolio. The property comprises two, eight-storey towers, connected
by two-levels of underground parking, totaling 180 units with a suite
mix of one-bedroom, two-bedroom, and three-bedroom units ranging
from 585 to 1,419 square feet. The complex also features on-site
amenities including a gym, a rooftop terrace and stunning views of
Ottawa’s parliament buildings.
“Multifamily investments have shown resiliency through recent
market cycles providing stable cash flows and long-term growth
potential,” said Manulife Investment Management’s Head of
Canadian Real Estate Investments. “Manulife Investment
Management continues to look to expand our multifamily
portfolio. Le Vibe represents our first investment in the
Ottawa-Gatineau multifamily market and our fourth multifamily
investment nationally year-to-date.”
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Munich Re (Canada) announces profit target of €2.8bn for 2021; Profit
outlook of €1.2bn for 2020
• Munich Re is aiming for a profit of €2.8bn in 2021. The Group expects financial
consequences from COVID-19 next year as well, but on a considerably smaller scale than in
2020.
• In its reinsurance field of business, Munich Re anticipates premium income of approx.
€37bn and a profit of approximately €2.3bn in 2021. Given the considerable price increases for
reinsurance cover, Munich Re will continue to spur its dynamic and profitable growth in
reinsurance.
• Despite a negative COVID-19 impact of €100m on the net result, the ERGO field of business
will contribute approximately €500m to consolidated profit in 2021.
• For 2020, Munich Re forecasts a profit of €1.2bn. A profit of €0.2bn has been forecast for
Q4, of which €0.1bn is attributable to reinsurance and €0.1bn to ERGO. As in Q1–Q3, there has
been high expenditure for COVID‑19 in Q4.
• The reinsurance field of business is set to contribute €0.7bn to the consolidated result in
2020. Premium income is expected to total approximately €36bn (target for 2020: about €34bn).
• Despite the pandemic, economic downturn and high volatility in the capital markets, the
ERGO field of business will nearly meet the 2020 targets it issued in February. As a result,
ERGO expects to generate a profit of about €0.5bn (target for 2020: €530m) – in spite of a
negative impact of COVID-19 on the net result of €65m due to claims and lower premiums.
“We expect to generate a profit of clearly above 1bn € this year. The pandemic has naturally
had a considerable impact on our result. But the burdens arising from COVID-19 are
financially manageable for Munich Re. By covering insured losses totalling billions, we are
playing a substantial role in helping the economy and society cope with the pandemic. Our
business is clearly on track. In the absence of COVID-19, we would have been able to
achieve our original result target for 2020. Thanks to our strong balance sheet, we are in a
very good position to exploit current market opportunities. In the coming year, we plan –
despite anticipated further COVID‑19 losses – to meet the profit target of €2.8bn as
envisaged prior to the pandemic.” Said CFO Munich Re
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Poste Italiane (Italy): preliminary agreement signed for the possible
acquisition of Nexive
Poste Italiane SpA announces that - following the resolutions passed by its Board of Directors - a preliminary agreement signed late yesterday evening with the Dutch
company PostNL European Mail Holdings BV and the German company Mutares Holding - 32 GmbH for the purchase by Poste Italiane of the entire share capital of
Nexive Group Srl. Nexive is a postal operator active in Italy with a market share of approximately 12% in correspondence, equal to approximately 350 million volumes
per year (of which approximately 5% so-called described mail), and a market share of 1% in packages, equal to approximately 8 million pieces delivered in 2019. In
2019 Nexive recorded a pro forma turnover of approximately € 200 million and employs 1,300 employees and over 5,000 employees of external partner companies.
The acquisition would allow Poste Italiane to exploit potential economies of scale deriving from the consolidation of Nexive's activities, improving the level of service
for the customers of both companies. As part of the transaction, the enterprise value of Nexive was agreed between the parties equal to € 60 million, while the final
purchase price will be determined after the due diligence process. The final terms and conditions of the agreement will be made known to the public as soon as they are
defined. Subject to the fulfillment of the relevant conditions, the closing is expected by January 2021. The operation is governed by art. 75 of Legislative Decree no.104
of 14 August 2020 (converted into Law no.126 of 13 October 2020), which provides that certain concentration operations are considered authorized subject to the
indication to the AGCM of suitable measures to prevent the risk of price imposition or other contractual conditions that could be burdensome for users as a result of the
operation. Pursuant to the aforementioned rule, within 30 days of the communication the AGCM may request any additions to the measures previously proposed by
Poste Italiane, also taking into account the economic sustainability of the transaction.
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Reinsurance Group of America Reports Third Quarter Results
• Reinsurance Group of America, Incorporated a leading global provider of life reinsurance,
reported third quarter net income of $213 million, or $3.12 per diluted share, compared with
$263 million, or $4.12 per diluted share, in the prior-year quarter.
• Adjusted operating income totaled $239 million, or $3.51 per diluted share, compared with
$256 million, or $4.02 per diluted share, the year before. Net foreign currency fluctuations had a
favorable effect of $0.08 per diluted share on net income and adjusted operating income as
compared with the prior year.
• In the third quarter, consolidated net premiums totaled $2.8 billion, an increase of 1% over
last year’s third quarter, with a favorable net foreign currency effect of $11 million. Compared
with the year-ago period, excluding spread-based businesses and the value of associated
derivatives, investment income decreased 16%, and the average investment yield decreased from
4.83% in the prior year to 3.66% due to lower variable investment income and an increase in cash
and cash equivalents.
• The effective tax rate this quarter was 25.5% on pre-tax income. The effective tax rate was
20.4% on pre-tax adjusted operating income for the quarter, below the expected range of 23% to
24% due to the release of valuation allowances, bases differences in foreign jurisdictions and
favorable adjustments from tax returns filed.
President and Chief Executive Officer, commented, “We are very pleased with our third
quarter results and we continue to be proud of the resilience of our business in this
challenging environment. While we experienced a material level of COVID-19 claims, the
impact was manageable, and many of our segments reported strong results. Excluding
COVID-19 claim costs, our U.S. individual mortality performance was very favorable in the
quarter driven by positive large claims volatility. Estimated COVID-19 individual mortality
claim costs in the U.S. were $100 million, at the low end of our range, while COVID-19
claim costs elsewhere totaled $40 million. This was partially offset by an estimated $30
million of favorable longevity experience, which is believed to be COVID-19 related. Our
balance sheet remains strong, and we ended the quarter with excess capital of approximately
$1.5 billion. While there remains uncertainty as to the ongoing and ultimate impact of
COVID-19 on our business, we believe that our strong financial condition and global
business platform position us to successfully manage through this period.”
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Scor (France) Delivers Solid Results In The First Nine Months Of 2020
• Gross written premiums total EUR 12,283 million in Q3 2020 YTD, up 2.3% at constant exchange rates compared with
Q3 2019 YTD (up 1.9% at current exchange rates).
• SCOR Global P&C gross written premiums are up 2.9% at constant exchange rates compared with Q3 2019 YTD (up
1.9% at current exchange rates). SCOR Global P&C’s Q3 2020 YTD technical profitability is impacted by Covid-19 and a
series of natural catastrophes with a net combined ratio of 100.7%.
• SCOR Global Life gross written premiums are up 1.9% at constant exchange rates compared with Q3 2019 YTD (up
1.9% at current exchange rates). SCOR Global Life records a technical margin of 5.8% in Q3 2020 YTD, including the impact
of the Covid-19 pandemic.
• SCOR Global Investments delivers a return on invested assets of 2.6% in Q3 2020 YTD
• The Group cost ratio, which stands at 4.4% of gross written premiums, is better than the “Quantum Leap” assumption of
~5.0%.
• The Group net income stands at EUR 135 million for Q3 2020 YTD. The annualized return on equity (ROE) stands at
2.9%, 235 bps above the risk-free rate[1]. The normalized return on equity stands at 10.6%, 1 004 bps above the risk-free
rate[3].
• The Group generates high cash flows with operating cash flows standing at EUR 661 million in Q3 2020 YTD. The
Group’s total liquidity is very strong, standing at EUR 2.4 billion at September 30, 2020.
• The Group shareholders’equity stands at EUR 6,249 million at September 30, 2020, down by EUR 125 million compared
with December 31, 2019 mainly due to the weakening of the USD. This results in a strong book value per share of EUR 33.51,
compared to EUR 34.06 at December 31, 2019.
• The Group financial leverage stands at 29.0% on September 30, 2020, +2.6% points compared to December 31, 2019.
Allowing for the subordinated debt[4] called on October 20, 2020, the adjusted financial leverage ratio stands at 28.0%.
• The estimated Group solvency ratio stands at 215% on September 30, 2020, in the upper part of the optimal solvency
range of 185% - 220% defined in “Quantum Leap”. The increase compared to June 30, 2020 when it stood at 205%, is mainly
related to strong operating capital generation in the third quarter of 2020 and the successful placement of a Tier 2 subordinated
note in the amount of EUR 300 million.
Chairman & Chief Executive Officer of SCOR, comments: “SCOR continues to demonstrate the relevance of its strategy
and the resilience of its business model in the first 9 months of 2020. The Group continues to expand its franchise and
delivers positive results despite major shocks the industry has had to face since the beginning of the year, which include
the Covid-19 pandemic as well as a series of natural catastrophes and very large scale man-made events. The Group
continues to enjoy a very strong capital position, which has been recently recognized by all four major rating agencies -
A.M. Best, Fitch, Moody’s and Standard & Poor’s - confirming SCOR’s AA- financial strength credit rating. Leveraging
its optimal solvency position and its Tier 1 franchise, the Group enters the renewal season in a very strong position to reap
the benefits of the hardening pricing environment and the improvement of terms and conditions in the P&C market.”
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Sun Life (Canada) Reports Third Quarter 2020 Results
• Reported net income was $750 million in the third quarter of 2020, an increase of $69
million or 10% compared to the same period in 2019, driven by favourable market-related
impacts and lower acquisition costs, partially offset by unfavourable assumption changes
and management actions ("ACMA") and fair value adjustments on MFS's(1) share-based
payment awards.
• Underlying net income was $842 million in the third quarter of 2020, an increase of $33
million or 4%, compared to the same period in 2019, driven by business growth, favourable
results in Group Benefits.
• Reported ROE was 13.5% in the third quarter of 2020. Underlying ROE was 15.1%,
compared to 15.5% in the third quarter of 2019, reflecting higher underlying net income and
the increase in common shareholders' equity.
• On October 1, 2020, SLF Inc. issued $750 million principal amount of Series 2020-2
Subordinated Unsecured 2.06% Fixed/Floating Debentures due 2035. The net proceeds will
be used for general corporate purposes of SLF Inc., which may include investments in
subsidiaries, repayment of indebtedness and other strategic investments. This transaction
will not impact the LICAT ratio of Sun Life Assurance, however, it will increase the SLF Inc.
LICAT ratio by over three percentage points.
"Sun Life delivered a strong third quarter. We achieved underlying net income of $842
million, an increase of $33 million from the prior year, and reported net income
increased by 10% to $750 million when compared to the third quarter of 2019," said
President and CEO, Sun Life. Our Asset Management business generated a 25%
increase in year-over-year sales and Sun Life reached approximately $1.2 trillion in
AUM in the third quarter. We also completed the majority acquisition of InfraRed
Capital Partners and recently announced our intention to purchase a majority stake in
Crescent Capital Group LP, which will further extend SLC Management's platform to
include alternative credit across public and private markets. This will bring SLC
Management's total AUM to approximately $145 billion on a pro forma basis as at
September 30, 2020."
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Swiss Life (Switzerland) increases fee income by 10% to CHF 1.4 billion
in the first nine months of 2020
• The Swiss Life Group generated fee income of CHF 1.4 billion in the first three quarters of the
year. This corresponds to growth of 10% in local currency year-on-year.
• Premiums came to CHF 15.4 billion. The 13% decline in local currency is due to a normalisation
of premiums following the withdrawal of a competitor from the full insurance business in Switzerland
in 2019. Taking this extraordinary effect into account, premiums in the first three quarters of 2020 in
Switzerland were at the prior-year level.
• Swiss Life Asset Managers posted net new assets of CHF 3.8 billion in TPAM business. TPAM
assets under management came to CHF 86.7 billion at the end of September 2020 (year-end 2019:
CHF 83.0 billion).
• Swiss Life achieved direct investment income of CHF 2.96 billion. The non-annualised direct
investment yield was 1.8% (previous year: 2.0%); the non-annualised net investment yield stood at
1.4% (previous year: 1.9%).
• Swiss Life estimates its SST ratio at around 190% as of the end of September 2020. The solvency
ratio is thus at the upper end of the strategic ambition range of 140 to 190%.
• Swiss Life will resume the share buyback programme on 4 January 2021, which was temporarily
suspended in March of this year.
• Swiss Life is on track with its Group-wide programme "Swiss Life 2021" and confirms its
financial targets.
Succession arrangement in the Corporate Executive Board: Tanguy Polet is to be the new CEO
of Swiss Life France with effect from 1 March 2021. I am proud that we have succeeded in
expanding our business even in the currently challenging environment. Our results for the first
nine months of 2020 once again demonstrate the relevance of our offerings and services," says
Patrick Frost, Group CEO of Swiss Life. "Many people have questions and needs regarding their
personal financial and pension situation in economically challenging times. The growth of our
advisory channels proves that our customers trust us. And also our institutional customers in the
asset management business rely on our competence and experience. We are on track with our
Group-wide programme ‘Swiss Life 2021’ and confirm the corresponding financial targets."
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AXA XL (Bermuda) completes merger of AXA Corporate Solutions with
XL Seguros in Brazil
AXA XL announced it has successfully merged AXA Corporate Solutions (ACS) and XL Seguros in Brazil. The merger of legal
entities, which is pending final approval by local regulator SUSEP, incorporates XL Seguros Brasil S.A., registered with CNPJ
/ ME under number 14.448.493 / 0001-31, into AXA Corporate Solutions Seguros S.A., registered with CNPJ / ME under
number 33.822.131 / 0001-03 (FIP Code 0669- 6). Moving forward, AXA Corporate Solutions Seguros S.A. assumes all
obligations of XL Seguros Brasil S.A. The decision to combine both entities was taken following the acquisition of XL Group
Ltd by AXA, which was completed in September 2018. All existing contracts with XL Seguros Brasil S.A. will remain
unaffected as well as all local contacts who will continue to partner with clients and brokers to best serve their risk management
needs. Commenting on the announcement, AXA XL’s Country Manager in Brazil, said: “We are extremely pleased to have
completed this process. Consolidating our legal entities across AXA XL allows us to streamline our processes to the benefit of
our clients and brokers.”
Description
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Solutions Updates
Insurance Industry

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Assurant Global Automotive (USA) Continues to Enhance Virtual Training Offering
with Addition of American Financial & Automotive Services Sales Course
34
Solution Description
Assurant, Inc., a global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases like automobiles announced that a Sales
Professional Blueprint course is now available in the Assurant Virtual Learning Platform. Complete with six new modules the course includes 22 individual lessons for
users. The foundation of the Sales Professional Blueprint course content is largely powered by the American Financial & Automotive Services’ (AFAS) classroom
experience on the same topic, as Assurant and AFAS continue the integration of their respective programs into one broader, market-leading learning curriculum.
The Sales Professional Blueprint course provides access to training modules that help staff:
• Better understand today’s customers
• Create a seamless transition from online to offline sales
• Develop a sales process with less friction and higher customer satisfaction
• Build value and eliminate objections
• Shorten transaction times, increase volume, and maximize gross profit
With the addition of the Sales Professional Blueprint course, the Assurant Virtual Learning Platform now boasts nearly 100 on-demand modules of learning, complete
with F&I core skills training, along with dozens of “soft skill” modules to round out user skill sets. Combined with Virtual Coach – a video-based role-playing feature
allowing for individualized feedback and scoring that can be done right from a mobile device – the Assurant Virtual Learning Platform is the premier on-demand platform
in F&I training.

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Chubb (USA) and Nubank Launch Fully Digital Life Insurance Offering in Brazil
35
Nubank and Chubb announced the launch of a fully digital life insurance offering in Brazil. With the introduction of Nubank Vida, the largest independent
digital bank in the world enters the insurance market with a fast, seamless and personalized capability available to its 30 million customers across Brazil.
Nubank Vida is underwritten by Chubb, the world's largest publicly traded property and casualty insurer with operations in 54 countries and territories.
Nubank Vida was developed using the integration capabilities of Chubb Studio, the global digital product distribution platform announced by Chubb in
September. The Nubank life insurance offer is fully customized to allow the customer to enjoy a seamless experience where quotes, bill payment and account
management are all transacted digitally. Basic coverage includes natural or accidental death and funeral assistance, as well as living benefits covering
hospitalization for accident, disability for accident and funeral assistance for family members. To deliver an agile and differentiated experience, in addition
to direct access through the app and Nubank's 24-hour customer service, Chubb has assigned a dedicated claims team supported by an efficient, simplified
process for claims notification and swift responses. For certain simple and urgent cases, payment can be made within a few hours. The launch of Nubank
Vida takes place during a year marked by the strong acceleration of digital platforms and the intense growth of Nubank. In 2020, Nubank debuted in the
investment sector with the purchase of Easynvest and acquired the companies Plataformatec and Cognitect, in search of talent in software engineering. In
addition, it strengthened its international presence by launching its first product in Mexico, and expanding to Colombia in September.

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Bankers Life Uses New Software to Provide Customers an Interactive
Retirement Income Planning Experience
36
Bankers Life, a national life and health insurance brand focused on the insurance and investment needs of Americans near or in
retirement, announced a new software tool that provides consumers efficient, more personalized assistance with retirement income
planning. Through a collaboration with RetireUp, an unaffiliated entity, Bankers Life wealth management professionals can easily
create full retirement plans that are comprehensive and tailored to a specific client rather than a one-size-fits-all plan. Clients receive
a personalized review to show their variable and guaranteed income streams, hypothetical investment outcomes and budgets for
future expenses, such as long-term care. Additionally, in today's unique COVID-19 environment, consultations can be facilitated
virtually. Bankers Life representatives can share their screens and virtually walk clients through various financial scenarios with
interactive visuals to provide enhanced visibility into their retirement income, investment and insurance needs. RetireUp, recently
acquired by Tegra118, is a retirement income planning solution built to strengthen the client-advisor relationship. Powered by
Tegra118's RetireUp software, financial representatives and agents can quickly and easily access the potential benefits of lifetime
income products in the client's retirement plan.

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NZI and UpGuard help New Zealand SMEs fight cyber crime
37
IAG’s intermediated business in New Zealand – is now offering a first-of-its-kind tool that gives small and medium businesses across New Zealand free
access to a cyber security rating that shows how secure – or not secure – their operations are, at any given time. The tool has been created in partnership with
IAG Firemark Ventures investment partner UpGuard. IAG Firemark Ventures strategically partners and invests in businesses with the capacity to reinvent
the insurance experience. NZI cyber insurance specialist Andrew Beven says NZI is offering this through a partnership between IAG (NZI is part of IAG -
New Zealand’s largest general insurer) and international cyber security leader UpGuard, to ensure that small and medium businesses around the country are
not padlocking their cyber front doors, while accidentally leaving their back doors unlocked and wide open. New Zealand’s Computer Emergency Response
Team (CERT) has reported that incidents were up 38% between 2018 and 2019, with the top three attacks being phishing and credential harvesting, scams
and fraud, and unauthorised access.
How does the tool help fight cyber crime?
The partnership helps users identify and prepare for cyber risk through two steps:
• Cyber assurance: a free cyber safety risk technical assessment that provides a cyber risk vulnerability score, identifies potential risks and vulnerabilities
with insights and steps to help the small business customer mitigate these risks.
• Cyber insurance: to protect the customer’s data against the unexpected – like a cyber risk incident or data breach.

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MAPFRE (Spain) Deploys Guidewire for Personal Lines Business Innovation and Growth;
Commercial Lines Transformation through Guidewire Cloud Now Underway
38
MAPFRE USA and Guidewire Software, Inc., have successfully deployed a series of Guidewire products to advance
MAPFRE’s digital transformation and accelerate product launches. As part of the transformation, MAPFRE deployed
InsuranceSuite, Client Data Management and Rating Management as its new systems for policy administration, underwriting,
claims, billing and rating management. The company also installed EnterpriseEngage to offer a seamless, omnichannel digital
experience to its policyholders, agents, customer service representatives and vendors. Additionally, DataHub and InfoCenter
were deployed as enterprise-wide data management and business intelligence systems. MAPFRE is currently implementing
PolicyCenter, Rating Management and EnterpriseEngage in Guidewire Cloud, powered by Amazon Web Services (AWS), to
transform its commercial auto and garage lines of business. Guidewire Cloud combines digital, core, analytics, and AI to
deliver the Guidewire platform as a cloud service.

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Sun Life (Canada) is first insurer to launch digital learning platform to
global employees to advance workplace diversity, equity and inclusion
39
Creating a workplace where everyone is treated with respect, has equal access to opportunities and feels safe to contribute their ideas and
perspectives, drives a strong inclusive, workplace culture. That's why Sun Life is excited to be the first insurer to invest in Inclusion
Works, by Hive Learning, the world's leading interactive digital inclusion program. Branded Kaleidoscope for Sun Life employees, the
program will take participants on a journey from unconscious bias to conscious action by embedding tiny, but powerful, acts of inclusion
into their daily behaviours and routines. Inclusion Works is a peer learning program, designed to help employees own, accelerate and
embed change — accelerating the pace at which inclusion becomes a habit. Over the past 18 months, the program was piloted with 1,500
employees in North America and Asia. At the end of the pilot:
• 94 per cent felt confident demonstrating inclusive behaviours at work.
• 88 per cent committed to taking action on what they learned.
• 92 per cent found the overall learning experience engaging and valuable.
• 96 per cent believe the program will drive positive change at Sun Life.

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AXA XL (Bermuda) launches Risk Scanning
40
AXA XL Risk Consulting announced the launch of Risk Scanning, a new risk assessment service. Available globally, the
solution combines the expertise of AXA XL’s risk consultants with data mining capabilities and probabilistic algorithms
to carry out multi-peril assessments of a company’s physical locations. Risk Scanning allows risk managers to generate
assessments of their company’s sites by region, country or peril to better understand their exposures and to implement risk
management and risk transfer measures that accurately match their needs. Risk Consulting Manager for Innovation &
Business Development at AXA XL Risk Consulting, commented: “Traditional loss prevention programmes usually focus
on a company’s primary locations. They can neglect the risks associated with smaller sites that are rarely visited by risk
engineers, despite being where losses most often occur. By leveraging both the experience of our consultants and new
technologies, Risk Scanning allows for a more exhaustive and therefore precise assessment.”

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AXA XL (Bermuda) launches Construction Ecosystem Tech Library and
announces 20 new tech solution partnerships
41
AXA XL’s North America Construction insurance business officially launched its Construction Ecosystem, an integrated digital
platform, capable of connecting innovative construction technology providers to help AXA XL’s contractor clients monitor and
aggregate data to help manage risks on their jobsites and across their organizations. As part of the launch, AXA XL unveils a Tech
Library, giving customers access to its growing list of curated construction technology partners. Providing all-in-one access to data
and information from connected tech solutions aimed at helping reduce contractors’ risk, AXA XL’s Construction Ecosystem’s
capabilities include:
• Auto and Casualty Claims Benchmarking and Trends
• Forecasted Weather Risks and Historical Weather Data
• Project Specific Status and Alerts
• Integrated Data from third-party technologies
• Technology Library of curated tech solutions

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Updates Insurance Industry

R & R Updates
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Asr (Netherlands) is included in the Dow Jones Sustainability Index
42
Asr is one of the 10% best performing insurers worldwide in the field of sustainability and is included in the Dow Jones
Sustainability World Index (DJSI World). S&P Global announced this on Friday, November 13. asr achieved a score of 81 points
out of a maximum of 100, an increase from last year when asr scored 73 points. The total score is based on three different
dimensions: economic (76), social (84) and environmental (97). The average of the insurers worldwide is 39 points. Each year,
S&P Global assesses more than 7,300 listed companies on their economic, social and environmental performance. Last Friday,
companies received their individual scores. The full list of assessments will be published by S&P Global in 2021. The DJSI was
founded in 1999 and monitors companies worldwide in the field of sustainability. The Index represents the top 10% of the largest
companies in each sector of the Dow Jones Global Index. CEO of asr: 'We are proud that asr is included in this leading index.
Everyone at asr contributed to this result. It is recognition of our commitment to creating sustainable value for all stakeholders
and showing that corporate social responsibility goes well with profitable growth. '
R&R Description

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