I-Bytes Insurance Industry

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I-Bytes
Insurance
September Edition 2020
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Table of Contents
1. Financial, M & A Updates...................................................................................................................................1
2. Solution Updates.................................................................................................................................................21
3. Rewards and Recognition Updates...................................................................................................................24
4. Partnership Ecosystem Updates.......................................................................................................................31
5. Miscellaneous Updates......................................................................................................................................44

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Financial, M & A
Updates Insurance Industry

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Financial, M&A Updates
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Aflac (United States) Incorporated Board of Directors Increases Shares Authorized for
Repurchase
Aflac Incorporated announced that its board of directors has authorized the
purchase of up to 100 million shares of its common stock. This
authorization is in addition to the 21.9 million shares as of June 30, 2020,
that remained under the August 8, 2017 authorization, bringing the total
number of shares available for purchase to approximately 121.9 million.
The company anticipates that the repurchase of shares will be conducted
from time to time in open market or negotiated transactions, depending on
market conditions.
Executive Commentary
Commenting on the news, Aflac Chairman and Chief Executive Officer
stated: "As an insurance company, our primary responsibility is to fulfill
the promises we make to our policyholders. At the same time, we are
listening to our shareholders and understand the importance of prudent
liquidity and capital management. This includes pursuing a tactical
approach to capital allocation as we remain in the market repurchasing
shares and extending our 37 consecutive years of annual dividend
increases. With this approach, we look to emerge from this period in a
continued position of strength and leadership."
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Aia (Hong Kong) Reports Financial Results for The First Half Of 2020
• Operating profit after tax (OPAT) increased by 5 per cent to US$2,933 million, reflecting the
quality and growth of in-force business.
• While value of new business (VONB) of US$1,410 million was lower in the first half, the
Group has delivered very strong month-on-month VONB growth in markets as they emerged
from COVID-19 containment measures.
• The Group’s financial position remained strong and robust with 11 per cent growth in
underlying free surplus generation and the solvency ratio on the HKIO basis for AIA Company
Limited (AIA Co.) was 328 per cent.
• The Board has declared a 5 per cent increase in the interim dividend to 35.00 Hong Kong
cents per share. This reflects both the Group’s strong financial position and the unprecedented
macroeconomic and capital markets environment caused by COVID-19.
AIA’s Group Chief Executive and President said: I am extremely proud of the way AIA’s
businesses have responded with speed and compassion to the challenges brought by the
COVID-19 pandemic, and provided uninterrupted support to our customers and
communities. I am grateful for their dedication, collaboration and contributions in these
unprecedented times. We saw very strong signs of recovery in new business sales from our
markets as containment measures were eased. The growth in operating profit after tax and
underlying free surplus generation demonstrates the resilience of our large and growing
in-force portfolio and solvency for AIA Co. remains strong. The Board has declared a 5 per
cent increase in the interim dividend following our prudent, sustainable and progressive
dividend policy allowing for future growth opportunities and the financial flexibility of the
Group. Since I assumed the role of Group Chief Executive and President in June, I have been
working closely with the senior leadership team across the Group to develop and implement
our strategic plans. We will build on our significant competitive advantages and transform
AIA into a simpler, faster, more connected organisation. We will provide personalised and
meaningful propositions for our customers, backed by exceptional technology and digital
tools to deliver outstanding service. I am incredibly excited to embark on the next successful
chapter in AIA’s history and to continue to deliver long-term sustainable value for our
shareholders.”
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Allianz (Germany) Benelux and Monument Re announce closed book portfolio transaction
Allianz Benelux (Belgium) and Monument Re have agreed to transfer a closed book
of classical life retail insurances together with 4,500 mortgage loans to Monument
Assurance Belgium (MAB) and to transfer the related operations within 18 months
after regulatory approvals. The transaction includes a portfolio of 95,000 policies
with technical provisions of 1.4 billion euros under Solvency II. Allianz stopped
writing new business for this portfolio early 2000s. The classic life Assubel contracts
which were underwritten prior to 1988 are out of scope. Allianz’s and MAB’s priority
is to minimize the impact of the transfer for both clients and brokers. Therefore,
Allianz Benelux remains committed to continue providing high quality services to
clients over a period of 18 months and ensuring a seamless transfer of the portfolio.
Under the agreement, all related assets and liabilities of the respective portfolio will
be transferred to MAB, with protection of the policyholder rights. MAB is
specialized in successfully acquiring and managing classical life portfolios in
Europe, primarily those in run-off. With its expertise, focus and growing scale, MAB
is in a position to create sustainable benefits for the policyholders.
CEO Belgium of Allianz Benelux: "With this sale Allianz creates leverage to
grow. It will further reduce our operational complexity and strengthen our
already solid financial position. With its strong track record in acquiring and
integrating policies and policyholders, we believe MAB is the ideal candidate to
take over this portfolio. Allianz remains fully committed to Belgium and this
transaction is consistent with our priorities to serve customers with our core
innovative unit-linked and protection solutions. We will focus on continuing our
growth path in Life, Health, Employee Benefits and further developing our
Property-Casualty offering. We look forward to achieving our market ambitions
together with our brokers."
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asr (Netherlands) acquires 100 percent interest in Brand New Day PPI
ASR Nederland NV (asr) and Brand-New Day Houdstermaatschappij NV (Brand
New Day) have agreed that asr will acquire Brand New Day's 50% interest in
Brand New Day Premium Pension Institution NV (Brand New Day PPI). asr
already has a 50% interest in Brand New Day PPI and will become the full owner
with this acquisition. With this transaction, asr strengthens its position in the
Dutch pension market and fulfills its ambition to grow as a provider of capital
light pension solutions. Brand New Day thus strengthens the equity of its bank
and, with its bank, will fully focus on the private pension market. Brand New Day
PPI was founded in 2011 and is an important and fast-growing player in the field
of pensions in the Netherlands. The company serves approximately 5,800
employers with 145,000 pension plan participants. Assets under management
amounted to € 989 million at the end of 2019. Brand New Day PPI is located in
Amsterdam and employs 52 FTE. All employees will be employed by asr after the
takeover and the PPI will eventually be renamed.
CEO of asr: 'This acquisition is in line with our strategy and is in line with
asr's intention to deploy capital for sustainable value creation. It offers us the
opportunity to strengthen our expertise and expand our pension offering in the
SME market. With this step, asr's market share will be expanded to
approximately 15% in the Dutch market for defined contribution plans and we
will offer an attractive proposition for advisers, employers and employees.
The clients of Brand New Day PPI, both employers and all participants in
pension schemes, can trust that asr's services and solid business operations
will continue unabated. Finally, I would like to extend a warm welcome to the
new colleagues of Brand New Day PPI. '
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Assurant Expands (Bermuda) On-Demand Mobile Device Repair with Acquisition of Fixt
Assurant, a leading global provider of lifestyle and housing solutions that support,
protect and connect major consumer purchases, announced it has acquired Fixt, a
leading provider of on-demand mobile device support and repair. Fixt enables
consumers to schedule local, onsite repairs of mobile devices via a network of
more than 1,500 repair technicians, reducing average repair times and improving
customer satisfaction. Integrating Fixt’s capabilities into Assurant’s end-to-end
Dynamic Fulfilment platform will further enhance the experience for mobile
device owners. With the addition of Fixt’s platform, consumers will have more
points of service to choose from than any other repair provider. Assurant’s global
service delivery network gives consumers a wide array of service options
including having a repair technician come to them, visiting a network of more
than 1,000 local repair stores and other retail wireless locations in the U.S., and
express shipping among other choices.
“Assurant continues to invest in creating uniquely better experiences for our
client’s customers,” said President of Global Connected Living at Assurant.
“Fixt strengthens Assurant’s proprietary device lifecycle management
platform, providing customers with expanded options to resolve issues with
their mobile devices and more control to manage their service experience.
We’re also excited to welcome the talented Fixt team to Assurant and look
forward to working together to bring new innovations to the market.”
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Athene Holding Ltd. (Bermuda) Declares Third Quarter 2020 Preferred Stock
Dividends
Athene Holding Ltd. announced that it has declared the following preferred stock dividends on its non-cumulative preference shares (represented by depositary
shares, each representing a 1/1,000th interest in a preference share), payable on September 30, 2020 to holders of record as of September 15, 2020.
• Quarterly dividend of $396.875 per share on the company’s 6.35% Fixed-to-Floating Rate Perpetual Non-Cumulative Preference Shares, Series A (the “Series
A Preference Shares”); holders of depositary shares will receive $0.396875 per depositary share.
• Quarterly dividend of $351.5625 per share on the company’s 5.625% Fixed Rate Perpetual Non-Cumulative Preference Shares, Series B (the “Series B
Preference Shares”); holders of depositary shares will receive $0.3515625 per depositary share.
• Quarterly dividend of $482.552083 per share on the company’s 6.375% Fixed-Rate Reset Perpetual Non-Cumulative Preference Shares, Series C (the “Series
C Preference Shares”); holders of depositary shares will receive $0.482552083 per depositary share.
Depositary shares for the Series A Preference Shares are listed on the New York Stock Exchange under the ticker symbol “ATHPrA”, depositary shares for the
Series B Preference Shares are listed on the NYSE under the ticker symbol “ATHPrB” and depositary shares for the Series C Preference Shares are listed on the
NYSE under the ticker symbol “ATHPrC”.
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China Life Insurance Announces 2020 Interim Results
Key Highlights:
• As of the end of the reporting period, the company's total assets reached RMB 3,966,033 million, an increase of 6.4% from the end of 2019; the embedded value was RMB 1,015,856 million, an increase
of 7.8% from the end of 2019.
• During the reporting period, the company’s operating income was RMB 513.735 billion, a year-on-year increase of 12.4%; the company achieved premium income of RMB 427.367 billion, a year-on-year
increase of 13.1%, and its leading position in the industry was solid; as of June 30, 2020 The value of new business in the previous six months was RMB 36.889 billion, an increase of 6.7% year-on-year.
• As of the end of the reporting period, the company's investment assets reached RMB 3,782.855 billion, an increase of 5.8% from the end of 2019. During the reporting period, the company’s total investment
yield was 5.34%, and the net investment yield was 4.29%. After considering the net change in the fair value of available-for-sale financial assets included in other comprehensive income during the current
period, the comprehensive investment yield was 5.40% .
• During the reporting period, the net profit attributable to shareholders of the parent company was RMB 30.535 billion, a year-on-year decrease of 18.8%.
Business overview for the first half of 2020
• During the reporting period, the company achieved premium income of RMB 427.367 billion, a year-on-year increase of 13.1%. As of the end of the reporting period, the company's embedded value reached
RMB 1,015,856 million, an increase of 7.8% from the end of 2019. In the first half of the year, the value of new business reached 36.889 billion yuan, a year-on-year increase of 6.7%.
• During the reporting period, the company continued to strengthen its asset and liability management and achieved a total investment income of RMB 96.134 billion, an increase of 8.1% over the same period
in 2019. Affected by the updated assumptions on the discount rate of traditional insurance reserves, adjustments to the pre-tax deduction policy for execution fees and commission expenses in the same period
in 2019, and changes in investment income, the company's net profit attributable to shareholders of the parent company was 30.535 billion yuan, a year-on-year decrease 18.8%. As of the end of the reporting
period, the core solvency adequacy ratio and comprehensive solvency adequacy ratio reached 258.24% and 267.31%, respectively.
• During the reporting period, the company maintained its strategic determination, insisted on developing long-term regular delivery business, and continued to improve its business value. The first-year
regular premiums reached 94.170 billion yuan, a year-on-year increase of 13.3%, accounting for 99.03% of the first-year premiums of long-term insurance, an increase of 0.24 percentage points year-on-year;
of which, the first-year regular premiums for ten years and above reached 39.502 billion yuan, a year-on-year increase An increase of 3.7%. The company adheres to the diversified product strategy and
vigorously develops the protection-oriented business.
• During the reporting period, the company continued to strengthen its asset and liability management, flexibly adjusted its asset allocation strategy, and actively responded to pressure from both assets and
liabilities. Closely tracking market changes, flexibly adjusting the pace of deployment and investment strategies, the total investment income was 96.134 billion yuan, an increase of 8.1% year-on-year.
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China Taiping announces 2020 interim results
• In the first half of 2020, China Taiping’s total premiums and policy fee income was HK$137.1 billion, a slight
decrease of 1.3% year-on-year; profit attributable to shareholders was HK$2.877 billion, a year-on-year decrease
of 57.3%; equity attributable to shareholders was HK$78.487 billion, an increase of 2.9% from the end of last
year %;
• Total assets reached HK$998.3 billion, an increase of 8.6% from the end of last year; the total embedded value
per share attributable to shareholders was HK$45.910, an increase of 3.0% from HK$44.564 at the end of last
year, of which the embedded value of Taiping Life increased by 2.7% from the end of last year .
• In the first half of 2020, China Taiping Life’s original premiums increased by 0.7% year-on-year;
bancassurance’s new single-term premiums increased by 81.7% year-on-year, outperforming major peers;
Taiping Life’s individual insurance and bancassurance continued rate indicators lead the industry, and renewal
Insurance premiums increased by 6.3% year-on-year; the short-term employee welfare guarantee business of
Taiping Pension
• Group increased by 30.7% year-on-year, and business quality improved year-on-year; the new corporate
annuity payment increased by 26.2% year-on-year, continuing to maintain rapid growth; the balance of pension
management assets exceeded 450 billion yuan, Among them, the scale of occupational annuity management
assets reached a platform of 100 billion yuan; the domestic property insurance comprehensive cost ratio was
99.6%, an improvement of 0.2 percentage points year-on-year, and continued to maintain underwriting profit; of
which, the comprehensive cost ratio of auto insurance was 96.3%, an improvement of 2.3 percentage points
year-on-year.
• The scale of investment has grown rapidly, and investment income has steadily increased. In the first half of
2020, the Group's investment assets were 831.9 billion Hong Kong dollars, an increase of 11.8% from the end of
2019, which was higher than the industry average.
• In the first half of 2020, the investment income was 21.075 billion Hong Kong dollars, an increase of 34.7%
over the same period last year.
• In the first half of 2020, the Group implemented the long-term investment and value investment philosophy,
grasped the low market and increased the allocation of high dividend stocks. Dividend income and fund
dividends were HK$2.291 billion, an increase of 47.7% over the same period last year.
General Manager of China Taiping, said that looking back on the first half of the year, facing the sudden new
crown pneumonia epidemic, China Taiping acted quickly and changed due to the situation. It insisted on the
prevention and control of the epidemic and the development of its operations. Special policies to effectively
prevent and control the epidemic, strengthen precise services, and stabilize business growth, ensure that
online customer service operations are not interrupted, and make every effort to resume normal business
operations. In the second half of the year, China Taiping will maintain its strategic strength, face problems
directly and not be afraid of challenges, continue to adhere to the general tone of work of seeking progress
while maintaining stability, adhere to the pursuit of valued scale and high-quality development,
unswervingly innovate and change, and stimulate endogenous Drive development, try every means to make
up for shortcomings, strengthen long-term developments, nurture new opportunities in crises, open new
opportunities amidst changes, and continue to create greater value for investors, customers and society.
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Helvetia Venture Fund (Switzerland) acquires stake in Swiss fintech company neon
The Helvetia Venture Fund holds a stake in neon. The fintech company
provides the leading app-based Swiss banking solution, in which users can
open a bank account and get a free Mastercard. neon is extremely convenient
and offers low fees, particularly for international transactions, and attractive
exchange rates. Unlike foreign challenger banks, neon issues accounts with a
Swiss IBAN, which are also covered by the Swiss deposit protection scheme
thanks to a cooperation with Hypothekarbank Lenzburg. Just one year after its
launch, more than 30,000 customers are using the straightforward banking
app. This round of investments includes the new investors QoQa SA, Helvetia
Venture Fund and other private investors, as well as existing investors TX
Group, Backbone Ventures, the Innovation Foundation of the Schwyz
Cantonal Bank and Business Angels.
"neon has an excellent product with impressive growth figures. The
cooperation with neon gives Helvetia the opportunity to access new
customers. We are also confident that neon will further develop the
traditional Swiss banking market in the long term", explains Chief
Customer Officer at Helvetia Switzerland. CEO and co-founder of neon
adds: "We are delighted that Helvetia has placed its trust in neon. Insurance
is set to become an important additional service as we expand our business
model."
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Legal & General (United Kingdom) completes £70 million buy-in transaction with the ICI Pension
Fund
Legal & General Assurance Society Limited (“Legal & General”) announces that
it completed a £70 million buy-in in May with the ICI Pension Fund (“the Fund”),
taking advantage of favourable market conditions to secure the benefits of new
retirees since its previous transaction with Legal & General in 2019. This buy-in
marks the Fund’s ninth transaction with Legal & General, securing a total of c£5.8
billion of liabilities. The Fund entered into its first buy-in arrangement with Legal
& General in 2014 and established an innovative umbrella contract to facilitate
further transactions, as part of the Fund’s long term strategic de-risking plan.
Legal & General approached the Trustee earlier in the year as market volatility
presented a favourable pricing opportunity. The umbrella contract structure and
the Trustee’s clear decision-making framework allowed the Fund to move quickly
to take advantage of this. This collaborative approach and structure had been used
for previous transactions to take advantage of favourable market conditions,
notably the £750 million buy-in in July 2016, completed within two weeks of the
EU referendum result.
“We are pleased to be able to continue to support the ICI Pension Fund on its
long term de-risking journey. The announcement adds to a relationship that
has already secured a significant proportion of the Fund’s liabilities – larger
than any single buy-in transaction in the market. This latest transaction
demonstrates how an umbrella contract structure and a collaborative working
relationship can benefit all parties if trustees are set up to react to favourable
pricing opportunities during times of market volatility said Origination &
Execution Director, Legal & General Retirement Institutional
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Legal & General (United Kingdom) completes £530 million buy-in transaction with Siemens
Legal & General Assurance Society Limited (“Legal & General”) announces that
it has completed a £530 million buy-in for the Siemens Benefits Scheme (“the
Scheme”), securing the benefits of more than 2,000 UK retirees. This buy-in
marks the Scheme’s first Pension Risk Transfer (PRT) transaction with Legal &
General and builds on a previous transaction it completed in 2018. The Scheme
has chosen an umbrella contract to allow for potential future transactions to be
completed quickly and easily, when the time and market conditions are right. The
Trustees ran an agile and flexible process, which allowed them to take advantage
of favourable pricing opportunities in the market, and to move quickly to meet
their objectives. The Trustees were advised on the transaction by Aon and
Sackers. Legal advice was provided to Legal & General by Eversheds.
“This transaction represents another key de-risking step for the Siemens
Benefits Scheme and we are delighted to provide further security to the
Trustees and their members. Legal & General have been working with the
Scheme for many years and Legal & General Investment Management
Limited helped to set up the liability-driven investment portfolio in 2008. We
look forward to continuing our relationship over the coming years says
Pricing & Execution Director, Legal & General Retirement Institutional
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Legal & General (UK) announces £275 million buy-in transaction for the Hitachi UK Pension
Scheme
Legal & General Assurance Society Limited (“Legal & General”) announces
that it has agreed a £275 million buy-in transaction with the Trustee of the
Hitachi UK Pension Scheme (“the Scheme”). This transaction, the Scheme’s
first with Legal & General, covers the Scheme’s remaining uninsured deferred
members and retirees since the Scheme underwent its first buy-in transaction
with Scottish Widows in 2018. By locking the transaction price to the assets of
the Scheme, Legal & General was able to give the Trustee a high degree of
transaction certainty whilst enabling them to take advantage of favourable
pricing conditions and market capacity.
“We are pleased to have established this relationship with the Hitachi
trustees and helped them secure their members’ long-term financial
security. This buy-in, in particular, demonstrates our ability to ensure
pension schemes with a high proportion of deferred members, showing that
pensions de-risking isn’t just the preserve of mature pension schemes. It
also demonstrates the value to trustees and sponsoring companies of being
able to move quickly when pricing conditions are favourable to secure their
members’ benefits” Says Pricing and Execution Director, UK PRT, Legal
& General Retirement Institutional
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Manulife Hong Kong reports financial results for second quarter and first half
of 2020
• Core earnings in the first half of 2020 increased by 8% to HK$2.9 billion from HK$2.7 billion in the same
period last year. Second-quarter core earnings were HK$1.4 billion, up 5% from HK$1.4 billion from the
previous year quarter. The positive results were driven by a more favourable product sales mix and claims
experience, as well as in-force business growth.
• First-half APE sales were HK$3.0 billion, up 5% from HK$2.9 billion in the same period of 2019, primarily
driven by strong product sales, further expansion of distribution capabilities and improved agency productivity.
Tax-deductible solutions and medical products remained key growth drivers of the company’s first-half APE
sales, with almost one quarter of the APE sales attributable to Voluntary Health Insurance Scheme (VHIS) and
Qualifying Deferred Annuity Policy (QDAP) products. The APE sales of VHIS products alone accounted for
59% of new business APE sales of Manulife Hong Kong’s medical insurance products.
• Second-quarter APE sales dipped 8% year-on-year to HK$1.4 billion. The decrease in sales to mainland
Chinese visitors to Hong Kong as a result of COVID-19 travel restrictions was partially offset by an increase in
demand from local customers. Manulife Hong Kong recorded a notable 19% year-on-year growth in June 2020
driven by higher agency productivity, a wide product range and marketing efforts to meet customers’ needs.
Excluding sales to mainland Chinese visitors, second-quarter APE sales would have grown by 14%.
• In the first half of 2020, NBV grew 4% to HK$1.7 billion from HK$1.7 billion in the prior year period, due to
strong sales of VHIS and QDAP products in the first quarter. In the second quarter, NBV dropped to HK$0.8
billion, down 13% from HK$0.9 billion from the previous year quarter, due to lower sales and lower interest
rates.
• WAM gross flows in the first half of 2020 increased to HK$19.9 billion, up 25% from HK$16.0 billion in the
same period of the prior year. Second-quarter WAM gross flows decreased 4% to HK$8.2 billion, down from
HK$8.6 billion in the second quarter of last year. The gross flow increase in the first half was mainly driven by
strong growth of pension and mutual fund gross flows in the first quarter, where some large pension cases were
recorded. However, it was partially offset by lower mutual fund sales in the second quarter due to the
COVID-19 pandemic and weaker market sentiment.
“We have delivered very solid business performance in the first half of 2020, with consistent growth
year-on-year in APE sales for seven years consecutively,” said Chief Executive Officer of Manulife Hong
Kong and Macau. “It not only shows the great diversity and underlying strength of our businesses, but also
demonstrates our unwavering focus to help our customers navigate the challenges they face in light of the
COVID-19 pandemic. We have leveraged the strength and agility of our agency force to better serve
customer needs during this unprecedented period. In particular, we had a very strong close in the month of
June with a rebound in insurance sales, reflecting the continued demand for health and retirement products.
We remain committed to driving our digital capabilities and are actively looking for opportunities to drive
strategic initiatives that can benefit customers in Hong Kong, Macau and the Greater Bay Area.”
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Saudi Sovereign Wealth Fund Sells Off Shares in Berkshire, Buys SPDRs
and SPAC
Saudi Arabia’s Public Investment Fund (PIF) sold off shares in its early 2020 buying binge. PIF sold off some 210,222 shares in Berkshire
Hathaway, reducing its direct ownership position by around 50%, while increasing listed equity ownership in Live Nation Entertainment Inc,
Suncor Energy, Carnival Corporation, and Automatic Data Processing. PIF also invested in a SPAC, Churchill Capital Corporation III, which is
run by Michael Klein (M. Klein and Company), who has strong ties to the Saudi government. PIF also invested around US$ 4.6 billion in SPDRs,
exchange-traded funds of State Street Global Advisors (State Street Corporation). These SPDRs are the Utilities Select Sector SPDR Fund,
Materials Select Sector SPDR Fund, and Real Estate Select Sector SPDR Fund. PIF kept its 72,840,541 shares in Uber Technologies untouched
from the two reporting periods.
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Prudential Financial (United Kingdom) to sell Prudential of Taiwan to
Taishin Financial
Prudential Financial, Inc. announced that it has entered into a definitive agreement with Taishin Financial Holding Co., Ltd., a leading
Taiwan-based financial institution, to sell Prudential Life Insurance Company of Taiwan Inc. Under the terms of the agreement, Prudential
Financial will sell 100% of its life insurance business in Taiwan. Established in 1989, Prudential of Taiwan sells individual whole life and other
protection products to middle market and affluent consumers through highly trained Life Planners who provide customized plans and
high-quality service. This transaction is consistent with Prudential Financial’s strategic focus internationally on Japan and higher-growth
emerging markets around the world. Completion of the transaction is subject to customary closing conditions, including regulatory approvals.
PGIM, the asset management business of Prudential Financial, Inc., will remain active in the asset management industry in Taiwan through PGIM
SITE. Taishin Financial Holding Co., Ltd is a Taiwan-based financial holding company principally engaged in the investment and management
of its subsidiaries. The Company operates through three business segments: The Banking Businesses segment, The Securities Businesses
segment, and The Others segment. The Company is also involved in futures trading, venture capital, insurance brokerage and other finance
related businesses.
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PGIM Real Estate acquires 15-building US industrial portfolio for $425 million
On behalf of its U.S. core real estate strategy, PGIM Real Estate has acquired
a 4.7 million-square-foot, 15-building industrial portfolio located across eight
properties in Atlanta, Dallas, Denver, Fort Worth, and Phoenix, for a total
value of $425 million. PGIM Real Estate is the real estate investment and
financing business of PGIM, the $1.4 trillion global investment management
businesses of Prudential Financial, Inc. (NYSE: PRU). The 15 assets are
newly constructed or still under construction and were designed with the
flexibility and functionality needed to meet the demand of modern industrial
tenants. The properties are situated in key U.S. distribution markets with
access to critical infrastructure, including major thoroughfares and gateway
airports. Each property offers proximity to densely populated, high growth
locations with above-average resident incomes.
“The COVID-19 pandemic has not only supported the continued rise of
e-commerce and distribution demand across the U.S., but it has
significantly accelerated the existing trend,” said, Global chief operating
officer and head of U.S. equity for PGIM Real Estate. “As many more
retailers and international corporations enter the U.S. industrial market or
expand their presence in the sector, these state-of-the-art properties will be
an attractive component of our broader industrial portfolio. They will
benefit from long-term market growth and have the functionality needed to
support the next generation of users.”
Description
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Suncorp (Australia) announces 2020 full year results
• Group net profit after-tax of $913 million, including $285 million after tax profit from the
sale of the Capital S.M.A.R.T and ACM Parts businesses.
• The Group determined a fully franked final ordinary dividend of 10 cents per share, bringing
total ordinary dividend for the year to 36 cents per share.
• The Group’s capital position remains strong with excess common equity tier 1 capital of $823
million.
• Cash earnings were down 32.8% to $749 million.
• Insurance (Australia) delivered profit after tax of $384 million, Banking & Wealth profit after
tax of $242 million and Suncorp New Zealand profit after tax of NZ$259 million.
• Solid growth in core home and motor insurance portfolios.
• Natural hazard costs in-line with the FY20 allowance.
• 14% growth in digital users, with continued demand for online sales and claims lodgements.
Suncorp Group CEO said “it had been a challenging 12 months, with a season of extreme
weather conditions and then the global COVID-19 pandemic. Suncorp entered the
COVID-19 crisis in a solid position and responded quickly to keep our people safe and our
customers in need protected through access to financial relief measures. At the same time,
we have maintained the financial and operational strength of our business. Our strong capital
position has allowed us to pay a modest dividend to our shareholders, who like many have
not been immune to the impacts of this environment. Digital channels helped drive
favourable growth in our Australian motor and home insurance portfolios, and natural
hazard costs remained in-line with allowance as a result of our strengthened reinsurance
program. Mr Johnston said that while the COVID-19 pandemic would have long-lasting
health and economic implications, it had presented opportunities to accelerate the pace of
organisational transformation. The growing preference for digital and reliance on
technology is shifting the way we work and the way we support customers. Our teams
embraced more agile ways of working to fast-track digital solutions including enhanced
webchat capabilities, online claims functionality and virtual claims assessments. This period
has fundamentally changed our perspective on what’s possible and how quickly and
efficiently we can adapt to deliver new customer experiences and drive greater efficiencies
within the organisation.”
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Swiss Life (Switzerland) increases fee income by 10% in the first half of 2020 – profit
from operations declines by 6%
• Swiss Life reports adjusted profit from operations of CHF 780 million in the first half of 2020 – a
decline of 6% compared to the previous year.
• Net profit came to CHF 537 million (-13%) and was thus CHF 80 million lower than in the previous
year; CHF 30 million of this decrease are due to a positive one-off tax effect in the context of the
Swiss corporate tax reform in the previous year.
• Swiss Life increased fee income by 10% in local currency to CHF 916 million. The fee result
increased by 6% to CHF 267 million.
• Premiums amounted to CHF 11.6 billion. The decline of 16% in local currency and the associated
normalisation of premiums are – as announced a number of times previously – due to extraordinarily
high single premiums in the previous year following the withdrawal of a competitor from the full
insurance business in Switzerland. Excluding this extraordinary effect, premiums in the first half-year
in Switzerland were 2% above the previous year and at Group level unchanged against the previous
year.
• Direct investment income came to CHF 2.0 billion (previous year: CHF 2.2 billion). The
non-annualised direct investment yield was 1.2% (previous year: 1.4%); the net investment yield on
a non-annualised basis was 1.1% (previous year: 1.3%).
• Swiss Life Asset Managers posted net new assets in its third-party business of CHF 1.4 billion. As
at the end of June 2020, third-party assets under management amounted to CHF 82.9 billion (year-end
2019: CHF 83.0 billion).
• The value of new business came to CHF 204 million (previous year: CHF 387 million). The new
business margin rose to 2.1% (previous year: 1.8%).
• The cash remittance to the holding company increased by 6% to CHF 748 million.
• Swiss Life achieved an adjusted return on equity of 10.2% (previous year: 11.4%) and is thus above
its ambition range of 8 to 10%.
• Swiss Life estimates its SST ratio at above 185% as of 30 June 2020, based on the regulatory
solvency model, thus placing the solvency ratio at the upper end of the strategic ambition range of 140
to 190%.
• Swiss Life is on track with its Group-wide programme "Swiss Life 2021" and confirms its financial
targets.
"Thanks to the high engagement of our employees, we were able to present a strong result in this
difficult environment in the first half of 2020," says CEO of the Swiss Life Group. "We promptly
adopted measures to cope with the challenges relating to the Covid-19 pandemic. The biggest
effects for us came from developments on the financial markets, which led to a lower savings
result. Our increase in the fee and risk result, however, partially compensated for that. The
half-year figures underline the sustainability and resilience of our business model. We are
therefore on track with our Group-wide programme "Swiss Life 2021" and confirm the
corresponding financial targets, including the return on equity of 8 to 10%, that is valid for each
and every year of the strategy period."
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Talanx expands its fibre optic investments in France
The Talanx Group has made its second investment this year in a high-speed Internet
project in France, by committing to contribute more than EUR 60 million to an
international debt financing deal. This project aims to install approximately 2 million
fibre-to-the-home (FTTH) connections in the next four years. The Project
Company/Borrower for the billion-euro project is Société de Development pour l’Accès
a l’Infrastructure Fibre (SDAIF), which was formed specially for this purpose. SDAIF is
owned by two French companies – telecommunications services provider, Bouygues
Telecom (49 percent) and financial investor, Vauban Infrastructure Partners (51 percent).
A number of international banks and institutional investors in addition to the Talanx
Group are also providing debt financing. The tranche of debt reserved for institutional
investors was significantly oversubscribed due to the attractive project and financing
structure. In this transaction, the role of the Talanx Group is purely to provide debt,
through the acquisition of more than EUR 60 million worth of project bonds with an
attractive risk/return ratio and a term of 20 years.
“Fibre optics is a growing sector”, commented Head of Infrastructure Investments at
Talanx. “And in this case the opportunities and risks can be readily calculated.” This
explains why the Talanx Group is investing in another FTTH project for the second
time this year. Back in April, it contributed more than EUR 200 million to the debt
financing for a fibre optics project run by French company IFT. This new investment
systematically continues the Talanx Group’s strategy of further expanding the
proportion of infrastructure investments in its investment portfolio, and of enhancing
diversification. Infrastructure investments by the Group currently total more than
EUR 3 billion. The focus is on renewable energy projects such as wind farms and
solar power plants. Other financial investments include power grids and social
infrastructure such as hospitals”.
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Zurich Insurance Group (Switzerland): Solid half-year performance with strong
growth in commercial business
• Strong growth in commercial insurance gross written premiums with Group well positioned
to benefit further from improved commercial insurance pricing
• Business operating profit (BOP) of USD 1.7 billion including USD 686 million of COVID-19
impact1 among other factors, down 40% vs USD 2.8 billion in H1 2019
• Net income attributable to shareholders USD 1.2 billion, down 42% vs USD 2 billion in H1
2019
• Property & Casualty (P&C) estimated claims from COVID-19 at USD 750 million2 for 2020,
as indicated in May, and fully booked in first half
• Capital position remains strong with Z-ECM ratio estimated at 102%3 at June 30, 2020;
Swiss Solvency Test ratio at 185%4
• Group retains strong liquidity and a conservative investment portfolio
• Dynamic execution of customer-focused strategy, with expansion of digitalization and
acceleration of innovative offerings such as Zurich WellCare
Group Chief Executive Officer said: “The first half of 2020 has been an unprecedented
period with unforeseeable events ranging from a global pandemic and recession, to civil
unrest and a higher rate of natural catastrophes. In this context, our priority has been to focus
on our customers, colleagues and the communities in which we operate. We delivered on our
commitments to our customers and provided a wide range of additional support and financial
relief such as premium rebates and payment holidays. We moved quickly to protect our
colleagues, switching early to home office and providing hospitalization benefits to them
and their families. We are pleased that our actions have increased trust and confidence in
Zurich among customers and colleagues alike. Since the start of the crisis we have focused
on understanding the steps needed to drive the business forward and deliver on our plan
presented last November. We are well placed to adapt quickly in a very dynamic and
uncertain scenario, and therefore remain fully committed to our three-year plan. Our
business developed well in the first six months of the year in spite of the uncertainties. Our
commercial business reported strong growth following improvements to the portfolio mix in
recent years, and is positioned to further benefit from the improved pricing environment. We
continue to expand our digital offering, whose growth contributed to the resilience of our
Retail business. We launched Zurich WellCare to serve demand for health and wellbeing
services, and plan further steps this year to accelerate the digital transformation. While our
operating environment changes, our goals are the same – we remain confident in the strength
of our business, our strategy, and our ability to adapt to changing needs.”
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Insurance Industry

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Everest Insurance® (Bermuda) Announces Expanded GIS and ZERO® COVID-19
Resources for Clients and their Employees
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Solution Description
Everest Insurance® is pleased to announce its expanded suite of COVID-19 resources and technology tools for clients and their customers through Global
Institutional Solutions (GIS) and workplace safety platform ZERO®. Everest recognizes the difficulty its commercial property and casualty clients are
experiencing as they work to stay up to date on the latest developments and regulations pertaining to COVID-19 while simultaneously trying to run a
business, provide a safe work environment and support their employees. In McKinsey & Company’s COVID-19 Briefing, updated in July, the global
consulting firm noted that 33% of global executives believe the pandemic recovery will be bumpy and slow, but added that resiliency and new ways of
working would be key to a business’ success.
In an effort to help facilitate a safe and successful workplace, the following digital tools are now available for Everest policyholders:
• Everest has partnered with GIS, an online service that provides solutions to address difficult perils facing businesses, to create a COVID-19 Preparedness
Kit portal. The portal offers a suite of advocacy and technology services to provide one-on-one support and assistance for Everest clients and their employees.
This collaboration, first announced to Everest policyholders in early May, gained 14,000 users in its first month. Due to the customer demand for reliable,
easily accessible COVID-19 information, Everest has launched an expanded collaboration with GIS that includes restart services designed to help Everest
customers re-open their operations, while also supporting access for members of their respective organizations.
• Everest’s workplace safety management platform ZERO® is revolutionizing — and digitizing —the reentry process for businesses across the country.
ZERO® offers clients real-time hazard reporting, OSHA incident filing and organized team communication channels. Additional features include easily
deployable reentry pre-screen and daily health check forms and return-to-business checklists. By empowering employees at all levels to participate in the risk
identification process, businesses can more effectively reduce risk, identify issues, ensure compliance and track and analyze incidents for better outcomes.

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Standard Life (United Kingdom) launches new client portal and reporting tools
22
Standard Life announces the launch of a number of new services on its Wrap platform, supporting advisers as well as improving the experience of their
clients. These enhancements are as a direct result of adviser feedback, an innovative Client Portal managed by the adviser and the first delivery of enhanced
reporting capabilities making it easier to support their clients more effectively.
Client Portal
The new client portal offers clients a fully adviser permissioned service with a personalised online user experience. Supported by the latest digital standards,
the portal allows clients to view their finances in a clear and easy to understand way. The adviser decides how much information is available to each of their
clients using the portal. The portal can be configured to incorporate the adviser firm’s branding, contact details and preferred asset class tier view and return
calculation.
Increased Data Security
Alongside the launch of the new portal, the platform has upgraded security and accessibility through a new market leading authentication process. The new
system will offer the latest authentication security for clients when accessing their personal information on the platform.
Simplified Reporting
A new simplified report enables advisers to share a snapshot of their client’s account in an easy to understand format supporting both consistent reporting and
ease of use. Advisers can use this with clients to provide key information at a glance, as well as supporting conversations, especially on a remote basis. This
will be particularly useful for clients that don’t want all the detail or aren’t interested in accessing information digitally.

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Travelers (United States) Enhances Traverse App With Image Recognition Technology
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The Travelers Companies, Inc. announced that it has enhanced the ability to purchase its online personal insurance product, Traverse, with a mobile
app utilizing image recognition technology. Through this upgrade, customers can now purchase a policy in under a minute by using their
smartphone to take a photo of the item they wish to insure and answering a few simple questions. Traverse offers coverage options for a range of
items, including laptops, mobile phones, musical instruments and jewelry, as well as personal liability, which can serve as an alternative to renters
insurance. The entire process, from receiving a quote to filing a claim, can be done online or by phone. Consumers simply select the coverage they
want and determine the limits that work best for their situation. The average Traverse policy can cover several items for $11 per month, and
no-deductible options are available. The app also lets users access a rewards program where they can refer friends to learn more about Traverse
and complete other challenges to earn points, which are redeemable for gift cards. The Traverse app was developed in partnership with Pineapple,
an insurtech startup that originated in South Africa and relocated to Hartford, Connecticut, to become part of the insurtech accelerator
Startupbootcamp. Pineapple won Connecticut Innovations’VentureClash competition in 2019 and has grown significantly in the past year with its
innovative approach to personal insurance.

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Assurant (United States) Named Ward’s 50 Top Performing P&C Insurer for 14th
Consecutive Year
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Assurant, Inc., a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases, has been named to the
Ward's 50 list of top performing property and casualty companies for the 14th consecutive year. The company was recognized for outstanding financial results in
the areas of safety, consistency and performance over a five-year period (2015 - 2019). For 30 years, the Ward Group has evaluated the financial performance of
nearly 2,900 property and casualty insurance companies to compile the Ward’s 50 list. Less than two percent of those organizations are selected based on
demonstrated excellence during the analysis period in metrics, such as return on average equity, growth in revenue, return on average assets and growth in surplus.
Assurant, Inc. (NYSE: AIZ) is a leading global provider of lifestyle and housing solutions that support, protect and connect major consumer purchases.
Anticipating the evolving needs of consumers, Assurant partners with the world’s leading brands to develop innovative products and services and to deliver an
enhanced customer experience. A Fortune 500 company with a presence in 21 countries, Assurant offers mobile device solutions; extended service contracts;
vehicle protection services; pre-funded funeral insurance; renters insurance; lender-placed insurance products; and other specialty products. The Assurant
Foundation strengthens communities by supporting charitable partners that help protect where people live and can thrive, connect with local resources, inspire
inclusion and prepare leaders of the future.
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China Life was selected as one of the world's top 500 for 18 consecutive years
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The US "Fortune" magazine released the list of the 2020 "Fortune 500" companies. China Life ranked 45th, up 6 places from last year. In the 2020 (seventeenth)
"China's 500 Most Valuable Brands" previously released by the World Brand Lab, China Life continued to rank fifth on the list, with its brand value rising 17.5%
to RMB 415.861 billion , Continue to lead the Chinese financial and insurance industry. In 2020, China has 133 companies on the list, 12 more than the second
place in the United States. The number of companies on the list once again occupy the first place. As a representative of Chinese companies on the list, China Life
has been included in the Fortune Global 500 list for 18 consecutive years. During the 18 years, the ranking has risen by 245 positions, and it has been selected as
the top 100 for 7 consecutive years, becoming the most consecutively selected China's financial and insurance companies. China Life is a large-scale national
backbone financial and insurance company and an important institutional investor in China's capital market. The group has 8 primary subsidiaries, 1 national
joint-stock bank and 1 directly affiliated college. Its business scope covers life insurance, property insurance, corporate and occupational annuities, banks, funds,
asset management, wealth management, industrial investment, Overseas business and many other fields, while entering the securities, trust, futures, real estate and
other industries through strategic equity participation, the financial and insurance group's layout continues to advance, and the sustainable development capabilities
continue to increase. It has more than 20,000 branches and outlets, more than 2 million employees and sales teams, more than 4,000 customer service centers in
36 provinces (autonomous regions, municipalities directly under the Central Government, and cities under separate state planning) across the country. It also has
Hong Kong, Macau, Singapore, Branches and representative offices in Indonesia, London, and New York have provided insurance protection and wealth
management services to 736 million customers.
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CNO Financial Group (United States) Named A 2020 Healthiest Employer of
Greater Philadelphia
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CNO Financial Group, Inc. was recognized by the Philadelphia Business Journal as a Healthiest Employers of Greater Philadelphia in the large
business category. This is the fifth year that CNO has been named among the Healthiest Employers of Greater Philadelphia. The award recognizes
CNO Financial for its ongoing commitment to the physical and emotional well-being of its associates and additional efforts executed throughout
the COVID-19 pandemic. CNO has more than 3,000 associates nationwide, including approximately 400 Philadelphia-based associates. CNO
associates have access to a variety of health and well-being benefits, including virtual and physical access to its onsite clinic, health coaching,
lifestyle management programs, onsite fitness facility and maternity and parental leave. Programs launched by CNO during the COVID-19
pandemic to further support associates and their families working CNO's corporate locations, including Philadelphia, are free virtual counseling
services, free access to virtual telehealth services, virtual fitness classes, free virtual ergonomic assessments and equipment reimbursement, free
access to sleep and anxiety programs, mental health first aid training, the launch of a caregivers support networking group, and an inspirational
speaker series. CNO's African American/ Black Business Resource Group has also created a series of "Safe Place" meetings for associates to
connect, understand, and unpack the racial injustices in our country. Last year, we also launched unconscious bias education programs both online
and facilitator-led, available to all associates.
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Everest Re Group (Bermuda) Receives Two Novarica Impact Awards from Industry
Peers for Innovation in Technology
27
Everest Re Group, Ltd. is pleased to announce the organization has received two Impact Awards from the Novarica Insurance Technology
Research Council – the largest peer-juried awards in insurance technology. These awards are in recognition of recent technological enhancements
relative to automation and integration within Everest’s operational infrastructure. In the Digital award category, Everest Reinsurance was
recognized for its platform to help automate business processes across several departments which are triggered by incoming emails. It leverages
artificial intelligence (AI)-enabled technologies on a Multi-Cloud environment. This initiative enabled straight through processing of submissions
and Claims Correspondences indexing, including First Notice of Loss (FNOL) resulting in better customer service, operational efficiency and
enhanced data quality. These innovative initiatives underpin Everest’s industry leading expense ratio— the project, completed in less than a year,
is credited with supporting over $5M in premium growth and $3.5M in efficiency gains across multiple areas of underwriting and claims. In the
Core award category, Everest Insurance® was recognized for creating a standard library of Application programming interfaces (APIs) to onboard
new business more quickly and efficiently. By allowing broker portals to communicate directly with the Everest backend systems, quote letters,
policy documents, endorsements and audits can be processed within minutes. This library also enables a seamless workflow for common
transactions like clearance and agent license verification. Developed in phases over two years, the API suite has allowed Everest to expand its
broker and partner network to meet growth targets.
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Genworth Mortgage Insurance (United States) Leaders Named as 2020 Housing-
Wire Insiders
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Genworth Mortgage Insurance continues to lead the mortgage and housing industry forward through innovation, service, excellence and top talent.
Credit Policy Senior Manager Brenda King and Government Relations Director were recently named as HousingWire Insiders for 2020 for their
contributions to the mortgage industry by premier industry publication HousingWire. In its fifth year, the annual Insiders list honors 50 winners
who are the “go-to” team members in their companies and represent a wide range of occupations within the housing industry, from lending and
real estate to investments and fintech. The Insiders are the professionals their companies turn to with their most important or challenging projects,
and their contributions and hard work lead to superior results. Genworth Mortgage Insurance, an operating segment of Genworth Financial, Inc. is
headquartered in Raleigh, North Carolina, and operates in all 50 states and the District of Columbia. Genworth Mortgage Insurance works with
lenders and other partners to help people responsibly achieve and maintain the dream of homeownership by ensuring the broad availability of
affordable low down payment mortgage loans.
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NÜRNBERGER (Germany) again awarded for fairness in BU performance regulation
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NÜRNBERGER Lebensversicherung AG (NLV) has repeatedly convinced with a transparent, customer-oriented and competent benefit regulation
in the occupational disability insurance (BU). Assekurata Solutions GmbH has awarded the insurer the fairness seal for the second time in a row.
The processing of claims at NLV is clearly based on customer needs. This is especially evident in the communication with them. Both at the
beginning and during processing, the performance examiners increasingly focus on a personal conversation by phone. This allows any queries to
be clarified immediately. The customer is transparently involved in the entire process through regular contact. Since the last audit, NLV has also
expanded its service claim applications. In addition to the option of reporting a claim online via the homepage, your policyholders can now also
fill out the self-disclosure questionnaire directly in the customer portal. The dynamic service request adapts individually to the customer and -
unlike the paper questionnaire - is shorter and more user-friendly. This reduces the total period of regulation. All in all, it shows that the
Nuremberg-based company has invested heavily in customer orientation in recent years and has quickly implemented improvement measures in
the regulatory process and in the expansion of services.
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CaGBC names BentallGreenOak the national winner of the Green Building Pioneer
Award for innovation in climate change resiliency
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The Canadian Green Building Council (CaGBC) named BentallGreenOak (BGO) the recipient of its national Green Building Pioneer Award.
BGO, with co-sponsorship from the firm's majority-owner Sun Life, was awarded for its innovative approach to delivering climate change
resilience strategies for its commercial real estate portfolio. BGO's globally recognized ESG program is increasingly focused on climate resiliency
as an important factor in driving value for clients, safeguarding the interests of its tenants, and contributing to the vitality of the communities where
its managed properties are situated. BGO's Sustainability Innovation Lab serves as the innovation arm of the firm's ESG program, and the Lab
worked with engineering consulting firm RWDI to assist in the development of BGO's proprietary climate resilience tool. BGO's proprietary
climate resilience tool combines industry research, on-the-ground surveying, predictive climate modelling, and adaptive algorithms to deliver
tailor-made climate change plans for 413 properties across BGO's North American portfolio, totalling 75 million square feet. Sun Life's portfolio
of investment properties in Canada, managed by BGO, were early adopters of the tool, delivering timely insight for asset managers responsible for
the long-term performance of the properties. The Green Building Pioneer Award recognizes a deserving organization demonstrating an innovative
approach to the advancement of green building technology, products, capacity building, policy, design, or operations.
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Ageas (Belgium) broadens partnership with China Taiping by subscribing to a capital
increase of Taiping Reinsurance Co. Ltd.
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Ageas announces that it has concluded an agreement with China Taiping Insurance Holdings (CTIH) to subscribe to a capital increase of its wholly controlled
subsidiary Taiping Reinsurance Co. Ltd. (TPRe) for a total consideration of HKD 3,100 million (around EUR 340 million). With this transaction, Ageas reinforces
its strong long-term strategic partnership with China Taiping. The participation in TPRe, one of the top Asian reinsurance companies with a strong track record and
promising growth potential, allows Ageas to expand in the fast-growing Asian reinsurance market from leading positions in Hong Kong and China. Moreover, the
subscription to the capital increase, which is a further step in a long history of cooperation between Ageas and CTIH, will increase the share of Non-Life activities
in the Group’s business portfolio. Since 2013, TPRe’s gross written premiums have grown annually on average by 27% resulting in EUR 1.7 billion in 2019. The
company recorded only one loss-making year in the past 40 years, while its P&C combined ratio averaged 95.2% from 2013 to 2019. The company reported a solid
solvency ratio of 272% (Hong Kong’s CAP 41 regime) at the end of 2019, which together with an A Stable rating (S&P | AM Best | Fitch) reflects its strong
financial position. Ageas will acquire 25% of TPRe’s enlarged share capital for a total consideration of HKD 3,100 million (around EUR 340 million), which
corresponds to 1.03 times the company’s book value before the capital increase. The agreed price is subject to a compensation mechanism based on the evolution
of the net asset value of the company since 31 December 2019. The transaction is subject to regulatory approval and is expected to be closed in the last quarter of
2020. The corresponding amount will be paid in cash. The impact on the Group’s solvency position at the time of closing is estimated to be around 9 percentage
points. This sizeable transaction replaces this year’s share buy-back programme that was delayed following the recommendation of the National Bank of Belgium.
It will however not impact our commitment to the 2021share buy-back programme.
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AXA (France) and Bharti to combine their non-life operations in India into ICICI
Lombard, in exchange of shares
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AXA and Bharti announced that they have entered into an agreement to combine their non-life insurance operations in India, Bharti AXA General Insurance
Company Limited (“Bharti AXA GI”), into ICICI Lombard General Insurance Company Limited (“ICICI Lombard”). The transaction will propel the combined
entity to #3 amongst non-life insurers in India, with a market share of ca 8.7%*. AXA and Bharti’s ownership of Bharti AXA GI is 49% and 51% respectively.
Under the terms of the agreement, AXA and Bharti will receive a total of 35.8 million shares of ICICI Lombard on closing, which would represent Euro 521
million* at current market value, and an implied HY 2020 P/BV* multiple of more than 5 times. The transaction is expected to result in a one-time positive Net
Income impact of approximately Euro 0.2 billion* in AXA Group’s FY 2021 consolidated financial statements. The transaction is subject to customary closing
conditions, including the receipt of regulatory approvals, and is expected to close by 4Q 2021. Bharti AXA GI is the 11th largest non-life insurance private sector
player* in India. The company has ca. 2,300 employees and has a pan-India presence through 152 branches. It distributes a comprehensive suite of retail and
commercial non-life products through a multi-channel approach including motor dealers, agencies, the Airtel network (Bharti’s flagship company and one of the
world’s largest telecom providers), bancassurance and digital. The Underlying Earnings of Bharti AXA GI recorded in AXA Group’s FY19 consolidated financial
statements was Euro 1 million.
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China Life Group and China Electronics Group signed a strategic cooperation agreement
33
China Life Group and China Electronics Group signed a strategic cooperation agreement in Beijing. Chairman of China Life Group, and Chairman of
China Electronics Group, attended the ceremony and witnessed the signing. Vice president of the group company, and Chief accountant of China
Electronics Corporation, signed a strategic cooperation agreement on behalf of both parties. According to the agreement, the two parties will conduct
comprehensive and in-depth cooperation in comprehensive finance, insurance business, banking business, investment and financing business, network
security services, cloud computing, big data and other fields to jointly promote the high-quality development of both parties. Chairman congratulated
China Life for its good results, introduced the development and transformation of China Electronics in recent years, and looked forward to further
strengthening the in-depth cooperation with China Life and striving to achieve a win-win situation for both parties. President of property insurance
company, Cui Yong, president of pension insurance company, relevant leaders of life insurance company, China Guangfa Bank, China Life Investment
Co., Ltd. and the group's collaborative development department/strategic customer department, and financial technology department attended the
meeting and signing ceremony.
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Partnership agreement reached in Brazil between CNPAssurances (France) and Caixa Seguridade
in the consórcio segment
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CNP Assurances announces the conclusion of a framework agreement, which will result in the signing of an exclusive twenty-year distribution
agreement with Caixa Seguridade to use the Caixa Econômica Federal banking network in Brazil to distribute the consórcio product, in particular for
real property and automobile. This new agreement is an addition to that signed in August 2018 (and amended in September 2019) on personal risk,
consumer loan insurance and pension products (vida, prestamista, previdência). The revenue of Grupo Caixa Seguridade for this business segment
under local standards was R$546m in 2019 (compared with R$481m in 2018). The new distribution agreement will be operated through a company
formed for this purpose which will have shared management and governance between CNP Assurances and Caixa Seguridade. The former will hold
50.01% of the common shares with voting rights; the latter 49.99% of the common shares with voting rights and 100% of the preferred shares without
voting rights, which will represent economic rights of 25% and 75% for each party, respectively. The agreement stipulates that CNP Assurances is to
pay a fixed sum of R$250m (equivalent to €39.3m on 13 August 2020) on completion of the deal. Completion of the deal still depends on various
conditions being met first, including the obtaining of necessary approvals from the relevant regulatory authorities for banking and competition. Subject
to these approvals being obtained, it is expected the deal will be finalised no later than 4 January 2021.
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China Taiping introduces Fujie Group as a strategic investor, and the two parties will deepen
cooperation in the reinsurance field
35
China Taiping and Fujie Group formally signed a capital increase agreement to introduce strategic investors for China Taiping's Taiping Reinsurance Co., Ltd.
China Taiping Insurance Group Vice Chairman and General Manager Executive Director, Deputy General Manager and Taiping Reinsurance Chairman; Labor
Union Chairman and Taiping Reinsurance Vice Chairman; Fujie Group General Manager; Chief Operating Officer, general manager of FJ Asia, attended the
signing ceremony. Taiping's re-introduction of strategic investors is an important part of China Taiping Insurance Group’s in-depth implementation of the central
government’s spirit of "deepening the reform of state-owned enterprises, developing a mixed-ownership economy, and fostering world-class enterprises with
global competitiveness" and further consolidating and strengthening the group’s international operating characteristics. Strategic move. After this transaction, Fujie
Group will acquire a 25% stake in Taiping after its capital increase and share expansion. Through this transaction, the strategic cooperative relationship between
China Taiping and Fujie Group will be further strengthened. The two parties will mutually benefit each other, give full play to business synergy, jointly develop
the reinsurance market, and realize the sustainable high-quality development of the reinsurance sector. China Taiping Insurance Group Co., Ltd. (China Taiping)
was established in 1929. It is the only middle-management financial company in my country whose management headquarters is overseas. It is based in Hong
Kong, operates across borders, and serves the world. It ranks No. 392 people. Taiping Re was registered and established in Hong Kong in September 1980. It is a
professional reinsurance subsidiary of China Taiping. It has developed into an increasingly mature international reinsurance company. It has maintained Hong
Kong's first place and Asia's fifth place for many years, and its business scope covers five continents around the world. 109 countries and regions, serving more
than 1,000 customers.
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Legal & General (UK) and Wrenbridge secure planning for prime Cambridge industrial
development
36
LGIM Real Assets (Legal & General), on behalf of its Managed Property Fund, and development partner Wrenbridge, announce that they have secured planning
permission to transform a 107,000 sq ft industrial development at Gateway Cambridge in Bar Hill. This latest planning permission is in line with the fund’s strategy
to evolve its asset holdings and deploy capital into key growth areas, such as the industrial sector, which have retained strong fundamentals. Despite the economic
downturn, the fund has continued to drive forward this mandate and recently also announced the acquisition of a significant urban logistics scheme in Basildon for
£23.2 million. Once complete, Gateway Cambridge will comprise eight Grade A units, ranging in size from 3,046 sq ft to 45,694 sq ft. Bar Hill is strategically
located on the newly improved A14 with excellent connectivity to Cambridge and the M11. The area represents a popular location for industrial occupiers, with
excellent amenity on the doorstep and a large workforce available. In line with Legal & General’s wider ESG commitments, Bar Hill has been designed from its
inception to be a best in class, environmentally sustainable industrial development which focuses on staff wellbeing. As redevelopment gets underway, Legal &
General will look to further bolster the ESG credentials of the new Gateway Cambridge scheme.
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Sanlam (South Africa) and African Rainbow Capital Create One of The Largest
B-BBEE Asset Managers in SA
37
Sanlam is pleased to announce that it has signed agreements with African Rainbow Capital Financial Services (ARC FS) in respect of a transaction to
establish one of the largest black-empowered asset management companies in South Africa. The transaction is subject to regulatory approvals and other
conditions precedent. The agreements allow for an adjustment to the base value by a factor equal to the UBI Facility funding rate from 30 April 2020
to the transaction effective date. Indicatively, at the current prevailing prime rate and with an anticipated effective date of 1 December 2020, the
resulting ARC FS purchase price would be R815.2 million. Afurther adjustment to the ARC FS purchase price may be implemented if, between 30 April
2020 and the transaction effective date, the assets under management of SIH move outside of certain pre-determined parameters. Any such adjustment
to the purchase price will not be automatic and will only be made if agreed between ARC FS and Sanlam. Following the internal reorganisation, SIH
will consist of an asset management business covering an extensive range of asset classes, including South Africa’s leading index tracking business,
Satrix. The transaction is expected to unlock substantial value for shareholders of Sanlam as it will improve the competitiveness of the Sanlam asset
management franchise.
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Scor Partners With Insurance Agency Haven Life And Insurtech Startup Afficiency To Launch Haven Secure, An
Innovative Term Life Insurance Option That Provides A Monthly Benefit For U.S. Policyholders’ Families
38
SCOR has partnered with Haven Life, an insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company
(MassMutual), to launch “Haven Secure,” an innovative new term life insurance product that can be purchased entirely online. With Haven Secure,
coverage mirrors the policyholder’s monthly income or can match a large recurring expense (like a mortgage). If the policyholder were to die within
the term length, Haven Secure would provide their loved ones with a steady monthly benefit for a minimum of five years. Haven Secure is 100% digital
buying experience and will initially be sold through partners, including fintechs, insurance brokers, parenting sites and more. Similar to the recently
launched Salary Protection product, Haven Secure is a decreasing term product that offers a minimum monthly payout duration of five years. How it
works: for about $23 per month, a healthy 35-year-old woman could guarantee her monthly income of $3,000 for her loved ones for up to 20 years. If
she passed away four years after buying the policy, her loved ones would receive $3,000 per month for the remaining 16 years of the coverage period
— a cumulative death benefit of $576,000. If she were to pass away 16 years after buying the policy, her loved ones would receive $3,000 per month
for five years because there is a minimum five-year payout — a cumulative death benefit of $180,000. Subject to eligibility based on age, Haven Secure
is available in 10, 15, 20- or 30-year terms and for coverage amounts ranging from $1,000 to $8,000 per month. Issued by MassMutual subsidiary C.M.
Life and developed in partnership with reinsurer SCOR Global Life and insurtech startup Afficiency, Inc., Haven Secure will initially be available
through partners, including banks, insurance brokers, fintechs, parenting sites and more. In addition to a 100% no medical exam experience, Haven
Secure will offer flexible implementation options that are compatible with a variety of partner infrastructure needs.
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Suncorp (Australia) partners with The Block 2020 to help Australians budget better
39
Suncorp is pleased to partner with Channel Nine’s the Block for the third year in a row, to help Australian homeowners, renovators and
Blockheads get closer to their home goals. The Block 2020 began airing this week and will see Suncorp help contestants with their
budgets and support their game-changing ideas as they complete their renovations. Suncorp will also be helping customers get closer to
their home goals, whether that’s through maximising their funds or budgeting like a pro. Prospective renovators can take advantage of a
new renovation calculator launched by Suncorp, which is powered by CoreLogic construction cost and location data. Renovators can use
the online calculator to quickly determine the estimated costs of various home renovations in any suburb, according to the type of
renovation type being considered. Suncorp Executive General Manager Lending said the renovation calculator is a useful tool for keen
renovators to understand the costs associated with their home renovation goals.
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VIG in Poland and C-Quadrat establish joint venture for asset management
40
C-Quadrat Investment AG (C-Quadrat) and the Polish insurance companies of Vienna Insurance Group (Wiener Versicherung Gruppe)
have founded "VIG C-Quadrat", a joint venture located in Warsaw. The plan is to offer investment services and investment funds in
Poland. C Quadrat Investment AG holds 60% of the joint venture company, while 40% are held by the five Polish VIG Group companies
Compensa Non-life and Life, InterRisk, Vienna Life and Wiener. The highly positive economic development in recent years, the great
potential offered by one of the largest Member States of the EU with a population of 38 million and the dynamic growth in demand for
investment products are some of the reasons for the joint venture in Poland. Vienna Insurance Group (Wiener Versicherung Gruppe) has
been represented in Poland since 1998 and its market share of 8% makes it the fourth largest insurance group in the country. The five
Polish VIG insurance companies generated a premium volume of more than EUR 1.1 billion and a profit of more than EUR 69 million in
2019. This makes Poland the third largest Vienna Insurance Group market, both in terms of premiums and profits, after Austria and the
Czech Republic.
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Willis Research Network partners with Metabiota to expand pandemic risk expertise
41
The Willis Research Network (WRN) announces a new partnership with Metabiota, a risk analytics organisation that specialises in
infectious diseases modelling and helps businesses and countries build resilience to pandemics. The partnership will leverage Metabiota’s
epidemiological data analytics capabilities to improve understanding of pandemic risk, build better pandemic risk models, and support
mitigation and risk transfer decision making for increased resilience. The partnership will also help the global community across both
public and private sectors manage the next pandemic in a more broadly informed and pre-planned way once the current crisis has passed
its peak. In the private sector, the partnership will help clients improve their structural resilience to pandemics and navigate human
resources, insurance business and investment issues more effectively. The Willis Research Network (WRN) is an award-winning
collaboration between academia and the finance and insurance industries. Since it was founded in 2006, the WRN has explored ways in
which the world’s leading research organisations can help confront the challenges of managing risk and delivering resilience for our
industry, providing a transmission between research and business. Through the WRN, Willis Towers Watson has teamed up with more
than 50 world-leading institutions pioneering science and new analytical approaches to traditional problems of greatest relevance to our
clients and our industry.
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AXA XL and Procore team up to help contractors increase productivity and minimize
project management risks
42
AXA XL’s North America Construction insurance business has teamed up with Procore, a leading provider of project management
software, to help contractors step up productivity and project risk management. Procore joins the Tech Library of AXA XL’s Construction
Ecosystem, an integrated digital platform helping clients manage risks on their jobsites and across their organizations. The Procore
construction platform connects entire project teams, from the office to the field and across companies, providing one place to work
together to do what they do best – build. Procore enables key stakeholders (owners, general contractors, specialty contractors, architects,
and engineers) to collaborate across locations and devices. Their platform helps customers increase productivity and efficiency, reduce
rework and costly delays, improve safety and compliance, and have more financial transparency and accountability. AXA XL, the
property & casualty and specialty risk division of AXA, provides insurance and risk management products and services for mid-sized
companies through to large multinationals, and reinsurance solutions to insurance companies globally.
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Legal & General (UK) accelerates ESG agenda with commitment to new modern slavery
protocol
43
Legal & General announces that it has signed up to the Gangmasters and Labour Abuse Authority (GLAA) Construction Protocol on behalf of its real estate
portfolio businesses, further demonstrating its commitment to stamp out Modern Slavery and advance the human rights agenda across the sector. Signatories
of the GLAA protocol are committing to the prevention of exploitation or abuse of workers, taking the necessary steps to ensure appropriate safeguards are
in place to ensure that exploitative practice does not occur. The new GLAA commitment promotes best practice across the industry. This further governance
step demonstrates Legal & General’s broader motivations to continue to transform the building and construction sector, and align its output to key ESG
criteria. As has been demonstrated by the Covid crisis, safeguarding our health and wellbeing is paramount. With the signing of this new protocol, Legal &
General is outlining its commitment to the safety of its employees and businesses, accelerating its drive to deliver better, fairer, and future-proofed societal
impacts. Legal & General continues to sit at the forefront of ESG within the property sector. This latest Group initiative represents one of many commitments
it has recently made to accelerate the ESG agenda. In June, Legal & General announced that it is to make all of its new housing stock operational net zero
carbon enabled by 2030, implemented in a phased approach across all homes invested in or built by Legal & General Group including: Build to Rent, Build
to Sell, later living and affordable housing. Within the commercial property sector, Legal & General is aligning its platform with science-based carbon
performance targets, covering the period to 2030, as it looks to move towards a net zero future. With an existing clean energy investment portfolio, which
includes low carbon heat, transport and power generation, Legal & General continues to scale up its investments in addressing decarbonisation. Earlier this
year, Legal & General Capital announced a 36% stake in The Kensa Group, one of the UK’s largest players in the ground source heat pump technology sector,
which followed an increased stake in Pod Point, one of the UK’s largest electric vehicle charging companies.
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Miscellaneous Updates
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Earthquake and Fire Research Center in Turkey expands family of Allianz (Germany)
research centers
44
With the Allianz Teknik Earthquake and Fire Testing and Training Center in Turkey, three Allianz Group research centers are now available to support customers and society in
loss prevention, improve products and processes, and increase the operational safety of systems and consumer goods. For decades, the findings from damage analysis have
helped to reduce accidents of private individuals and damage in companies. The Allianz Teknik Earthquake and Fire Testing and Training Center was officially opened in late
2019 on the campus of the Turkish-German University in Beykoz, Istanbul. Over an area of 2,500 square meters, the test center houses, among other things, an earthquake
laboratory, in which not only earthquake tests but also automobile and transport tests can be carried out; an earthquake simulation, especially for earthquake response training;
a fire alarm and extinguishing practice hall; a fire pump room and a smoke extraction simulation for practical exercises. It is the third test center of the Allianz Group and also
the first test center of the company to be used in an earthquake area. Turkey is one of the most seismically active countries in the world and is repeatedly hit by violent
earthquakes. Allianz Teknik will conduct earthquake and fire tests for industry in addition to certification and training programs. Under the umbrella of the center, a professional
risk consultancy service will be offered, which, together with professional institutions and universities, will also be available to the public. The center also contributes to the
training of qualified technicians and engineers in the private sector and offers scientific programs for students and educational initiatives for young people and children through
specially-designed toys and equipment.
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NRMA Insurance launches First Saturday initiative
45
IAG's NRMA Insurance business has launched ‘First Saturday’, encouraging Australians to complete small tasks to make their homes safer Three
quarters of Australians felt ‘helpless’, ‘anxious’ and ‘upset’ during last summer’s bushfires NRMA Insurance has teamed up with NSW Rural Fire
Service NSW State Emergency Service and The Australian Red Cross to launch ‘First Saturday’, a call-to-action for every Australian to dedicate
the first Saturday of every month to carry out one small task to make their homes safer. The ‘First Saturday’ home preparedness initiative launches
Saturday 5 September, following new research[i] which has found 63% of Australians want to do more to prepare for the upcoming bushfire
season, after feeling ‘helpless’ and ‘anxious’ as they watched parts of the country burn during the 2019/2020 ‘Black Summer’ bushfire period. The
campaign encourages people to take on a simple safety task on the first Saturday of each month – such as clearing debris from the yard, trimming
branches or getting safety equipment for the home – to help our first responders stay safe. While each task may be small, the impact of not carrying
out these tasks could be significant in the event of a natural disaster.
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Legal & General (UK) Mature Savings colleagues raise £100,000 fundraising for hospice care
46
Legal & General Mature Savings division in Hove have proved that the workplace can be a real force for good by raising an astonishing £102,853
for St Barnabas House in just three years, beating their original target. When the partnership first began with St Barnabas House in 2017, the
hospice had little idea what a huge part the Mature Savings division would play in funding the care of local people living with terminal illnesses.
Over the last three years, a passionate team of colleagues from Legal & General have dedicated hundreds of hours to organising and hosting a wide
range of fundraising events, as well as volunteering for the hospice. Legal & General also matched every £500 raised by each employee, further
boosting the amount raised. Determined to hit their £100,000 target during lockdown, the charity team thought outside the box and continued to
fundraise - holding a virtual pub quiz and two makeup auctions which raised an incredible £3,000. A group of 40 colleagues who were due to take
part in a cancelled 11-mile sponsored walk between Brighton Pier and Worthing Pier in March, came up with their own 11-mile lockdown
challenges and raised £4,722. Whilst some completed the pier to pier walk on their own or in small groups, others ran 11 miles on a treadmill, and
one colleague even kayaked the distance with her dog. Many Legal & General colleagues have a personal connection with St Barnabas House,
including Tanya Jones whose mother was cared for by the St Barnabas Hospice at Home team in 2017.
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