Jun
10
Barclays starts negotiations to sell stake in French Life Insurance business
Filed Under AXA PPP, Allianz, Aviva, Insurance Company, Life Insurance | 11 Comments
Barclays plc has reportedly initiated round table talks over selling half of its French life insurance business, Barclays Vie, according to French Daily La Tribune.
The sale price of the 50% stake in Barclays French life insurance division is currently being valued at around EUR 65 million (USD 78 million). A number of European insurers are said to have expressed interest in buying the stake, including: Allianz, Aviva, AXA, Generali, CNP, La Mondiale and Swiss Life.
Some observers believe that any deal would be similar in arrangement to Barclays tie-up with CNP in June 2009 over Barclays Vida y Pensiones Compañía de Seguros (BVP), which was Barclays’ life insurance operations in Portugal, Italy and Spain. In the previous deal, CNP purchased a 50% stake in BVP for an up front price of EUR 140 million (USD 168 million), with further monetary considerations of up to EUR 450 million (USD 540 million) payable to Barclays over a 12-year period depending on business milestones reached in that time as well as a 25-year agreement to cooperate on marketing and distribution.
Insurance Companies Mentioned:
Barclays plc is a large financial services company operating around the globe. They offer a wide variety of services including personal banking, corporate business banking, investment banking and wealth management and private banking. After starting operations more than 300 years ago, Barclays now operates in more than 50 countries, employing over 144,000 people and servicing more than 48 million customers worldwide.
Allianz Group is one of the leading global services providers in insurance and asset management. With approximately 153,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence.
Europe’s fourth largest insurance company, with more than 300 years of experience in the global insurance industry, Aviva is committed to the safety and satisfaction of its customers. They sell a broad range of insurance products including motor and property insurance, protection and health insurance, business insurance, life insurance and pensions.
AXA Group is a worldwide leader in Financial Services. Headquartered in Paris, the AXA Group companies are engaged in life insurance, health insurance and asset management services among others. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
CNP has more than 150 years of experience in the insurance industry. CNP focuses mainly on pensions, personal risk insurance and savings plans in the personal insurance market through a wide variety of insurance products. They have more than 22 million policyholders, 14 million of which are in France.
The Generali Group is one of the most significant participants in the global insurance and financial products market. The Group is a leader in Italy and Assicurazioni Generali, founded in 1831 in Trieste, is the Group’s Parent and principal operating Company. Generali is one of the leading global players in the assistance sector thanks to the Europ Assistance Group, active in more than 200 countries with services in the motor, travel, healthcare, home and family sectors. In recent years, the Group has made a significant return to 14 central-eastern European markets and has set up offices in the principal markets of the Far East, including China and India.
La Mondiale originally started in Lille, France in 1905, it continued as a life insurance company up until La Mondiale and AG2R decided to merge operations in 2001. The process gradually took place until January 2008, when the two companies created a Mutual Assurance Group Company (MAGC), leaving them as the 8th largest personal insurance group in France.
The Swiss Life Group is one of Europe’s leading providers of life insurance and pension solutions. In Switzerland, France and Germany, the Group offers individuals and corporations comprehensive advice and a broad range of products through its own sales force as well as brokers and banks. Swiss Life provides international corporations with employee benefits solutions from a single source, and is one of the global leaders in structured life and pension products for international high net worth individuals.
Jun
9
Interim successor to Groom named by AXA PPP
Filed Under AXA PPP, Healthcare, United Kingdom | 1 Comment
The departure of Nick Groom as the Distribution Director for AXA PPP healthcare after just over one year in the position, has been swiftly followed by the naming of James Freeston as his interim successor. Mr. Freeston will be reporting directly to AXA PPP CEO Keith Gibbs, and will oversee the sales and marketing activities of the company for large and small corporate customers, including the intermediary relationships that cover medical insurance, occupational health, employee assistance programmes and other support services for employee well-being provided by AXA IACS.
Mr. Freeston has over 22 years of experience performing at varied sales and marketing roles working mostly at AXA PPP in the UK medical insurance industry, making him well-suited to handle the responsibilities demanded by his interim role as distribution director. He has been a sitting member on AXA’s management committee, and will continue in this capacity in the meanwhile.
In a separate note related to fitness during the upcoming Football World Cup, Ms Lucy Wyndham-Read, a personal trainer from AXA PPP has made the suggestion that ladies remember to get kitted up and do some exercise. The suggestion goes to football fans that intend to watch televised games from home.
In particular, her advice centres against allowing the football matches to replace the normal activities of an individual, and suggests planning a swim, jog or brisk walk around the fixtures. A reminder of the options available whilst supporting their favourite team during an actual game were also highlighted by Ms Wyndham-Read, including side reaches and star jumps.
Similar to the above exercise advice during the World Cup, the Food Standards Agency is publishing a healthy-eating guidance to the public with the aim of ensuring that people don’t let themselves go too much.
It is estimated that TV football fans, affectionately known as "couch potatoes", will put on an average of almost five pounds (2.27 kilograms) during the four weeks of the World Cup, fuelled by soaring sales of junk food delivered to their doorsteps. This projection is based on an extra intake of 340 calories per World Cup match.
On average, according to research done by Men’s Health Magazine, a man will drink four cans of beer, eat three slices of pizza, half a bag of crisps and half a pot of dip, equivalent to 1,913 calories.
It is advised that a combination of lack of exercise and poor diet may even lead to death, according to a study by AXA PPP healthcare. Since men will spend an average of 38 hours watching the football, consuming up to 20,180 calories, in particular persons with an underlying coronary heart disease, the resulting obesity and increased risk of diabetes, heart disease and stroke should not be overlooked.
The message is not to discourage people from enjoying the fun and the great atmosphere the tournament brings, but to be alert of the risks of overindulging in junk food whilst remaining inactive.
Insurance Company mentioned:
Originally known as PPP Insurance, the company became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
May
27
AXA PPP launches new Corporate Health Plan
Filed Under AXA PPP, Health Insurance, Insurance Company, Medical Insurance, United Kingdom | Leave a Comment
AXA PPP healthcare unveiled a new health insurance plan for the UK corporate health insurance market and targeted at larger corporations, the new plan is called Corporate Health Plan Pathways.
Corporate Health Plan Pathways is designed to offer the same benefits as other AXA PPP corporate health plans available with reduced costs due to one important difference. When participants in the plan need to see a specialist, whether for investigative procedures or medical treatment, instead of receiving a referral from their GP for a specific medical professional or clinic, plan members will receive an open referral whereupon AXA PPP will source the appropriate specialist for them from their list of healthcare providers which have been assessed for quality.
This change in the policy means that AXA PPP can negotiate the prices of treatment with their selected providers more effectively, making for more cost effective treatment from specialists. The savings from this more efficient procurement of specialist services can be up to 15%, AXA PPP can then pass the savings onto clients leading to a reduced-price health insurance plan with the same benefits. The Corporate Health Plan Pathways also offers participants in the scheme the choice of whether to receive treatment at a location close to their home or close to their place of employment, whichever may be more convenient for them.
AXA PPP’s Corporate Health Plan Pathways requires that enrollees contact AXA PPP prior to treatment and receive authorization. Although, after the treatment has been signed off on by AXA PPP, the plan member can be assured that all associated costs will be covered in full. The scheme is targeted at employers with 75 or more employees and AXA PPP will be able to provide additional services such as making appointments for plan members in many cases.
Insurance Company Mentioned:
AXA PPP
Originally known as PPP Insurance, the company became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
Apr
20
Takeover bid of AXA Asia Pacific blocked by Australian Regulator
Filed Under AXA PPP, Insurance Company | 3 Comments
The takeover bid for AXA Asia Pacific Holdings Ltd. (AAP) by the National Australia Bank (NAB) and the French insurance company AXA SA (AXA) has been blocked by the competition watchdog of Australia, citing the fact that it would reduce competition in the domestic Australian retail investment arena.
Towards the end of last month, NAB had offered US$12.2 billion (EUR 9 billion) to take over the Australian and New Zealand assets of AAP. AXA would have sold to NAB the 53.9 percent of AAP shares it owns, followed by AXA buying back the Asian assets of the target.
A similar deal had been struck with wealth manager AMP Ltd. (AMP), which failed to gain the favour of the independent directors of AAP towards the end of last year.
NAB has six weeks to address the concerns raised by the regulator. Meanwhile, AMP may reformulate a bid that could receive the blessings of both the independent directors of AAP and the competition watchdog of Australia.
Companies mentioned:
AXA Asia Pacific Holdings Ltd. (AAP) is responsible for the Global AXA Group’s life insurance and wealth management businesses in the Asia-Pacific region. We have operations in Hong Kong SAR, China, Singapore, Indonesia, Philippines, Thailand, India, Malaysia, Australia and New Zealand. Established as National Mutual in Australia in 1869, AXA Asia Pacific has grown significantly over time. In 1995, the company demutualised and AXA SA acquired 51% of the company. National Mutual listed on the Australian and New Zealand stock exchanges in October 1996 and adopted the AXA brand in 1999.
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
National Australian Bank (NAB) is a financial services organisation of nearly 40,000 people, more than 1800 branches and service centres, and more than 450,000 shareholders. NAB provides products, advice and services through its major Australian franchise and businesses in the United Kingdom, New Zealand, the United States and Asia. NAB is motivated to make a positive and sustainable impact in the lives of their customers and communities, and so build a business that can deliver on their goal of superior returns to shareholders.
AMP Group (AMP) is one of Australia’s largest retail and corporate superannuation providers, and one of the region’s most significant investment managers with more than A$104 billion in assets under management (as at 30 June 2009), with a market-leading network of more than 2,000 qualified financial planners. AMP Limited has one of Australia’s largest shareholder registers, with more than 820,000 shareholders. Individual investors comprise around 46 per cent of AMP’s shareholder base and live in more than 100 countries around the world. Institutional investors constitute around 54 per cent. AMP traces its heritage back to 1849 as a mutual company, AMP Limited listed on the Australian and New Zealand Stock Exchanges in mid-1998.
Mar
9
Bharti AXA General offers discount in honor of International Women’s Day
Filed Under AXA PPP, Health Insurance, Medical Insurance | 1 Comment
Indian company, Bharti AXA General Insurance Co. Ltd. announced on the eve of International Women’s Day (March 8th) that they will be offering a 10% discount for all health insurance products for women all over the country.
“The purpose of our Women’s Day special promotion is to express our support to women across the country and to educate them and their families on the growing significance and benefit of a health insurance.” Said Dr. Amarnath Ananthanarayan, CEO of Bharti AXA General Insurance Co. Ltd.
Bharti AXA’s discount will be available until March 31st, 2010 and covers health insurance products such as Smart Health Insurance, Critical Illness policies, Hospital Cash Cover policies and the Smart Health High Deductibles Insurance Policy.
Incorporated on the 13th July 2007, Bharti AXA General Insurance Co. Ltd. is a joint venture company, 74% owned by Bharti Group and 26% owned by AXA.
Companies Mentioned:
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Bharti AXA General Insurance
Bharti AXA General Insurance is a joint venture between Bharti Group and AXA Group. Founded in July 2007 in Bangalore, India it now has over 40 branches across India offering a variety of insurance products for retail, commercial and rural customers.
Mar
8
ING Asia Business attracts interest from European Insurers
Filed Under AXA PPP, Allianz, Insurance Company, United Kingdom | 2 Comments
The high-growth of Asian markets is proving to be a tempting proposition for some European Insurers currently making unsolicited bids for the business of ING in that region. As per comments made by industry analysts it is thought that Zurich Financial Services Group, Allianz and Axa may be among the potential suitors for ING’s Asia insurance unit.
As part of the restructuring deal mandated by the European Union, ING is splitting off of its global insurance operations and an IPO had been the initial preferred route, although they would keep their options open as communicated by a spokesman.
The bailout deal reached by ING with the authorities in the Netherlands was valued at more than GBP 7 billion back in 2008. Under the terms of the bailout package the European Commission regulators demanded ING to sell its insurance business within four years and focus on its banking operations.
There seems to be a growing number of trade buyers interested in targetting plans for IPOs. The announcement of Prudential Plc buying AIA from AIG is a good example of the type of interest some European companies are demonstrating, playing their role as industry consolidators, after emerging relatively unscathed of the financial crisis in insurance.
According to a recent comment by ING’s CEO, there have been several companies interested in acquiring their Asia business, although Zurich Financial, AXA and Allianz all have declined to comment whether they are prospective purchasers.
Insurance Companies mentioned:
ING is a global financial institution of Dutch origin offering banking, investments, life insurance and retirement services serving more than 85 million private, corporate and institutional customers in Europe, North and Latin America, Asia and Australia. ING Group is active in banking, investment management, life insurance and retirement services across 14 major economies in the Asia Pacific region, employing over 23,000 staff.
With nearly 155,000 employees worldwide, the Allianz Group serves approximately 75 million customers in about 70 countries. On the insurance side, Allianz is the market leader in the German market and has a strong international presence. In fiscal 2009 the Allianz Group achieved total revenues of over 97.4 billion euros. Allianz is also one of the world’s largest asset managers, with third-party assets of 926 billion euros under management at year end 2009.
AXA Group is a worldwide leader in Financial Protection. AXA’s operations are diverse geographically, with major operations in Europe, North America and the Asia/Pacific area.
Zurich Financial Services Group is an insurance-based financial services provider with a workforce of approximately 60,000 people. Founded in 1872, headquartered in Zurich, Switzerland, and serving their customers in more than 170 countries. Aims to become one of the top five global insurers.
Feb
23
British MP’s report says Homeopathy should not be funded by NHS
Filed Under AXA PPP, BUPA, Health Insurance, Medical Insurance, United Kingdom | Leave a Comment
British parliament’s science and technology committee, headed up by chairman Phil Willis, has finished a new report on National Health Service funding for homeopathic treatments and come to the conclusion that the funding should stop.
The committee of MPs said that since there is no evidence that homeopathic treatments work better than a placebo, the NHS should cease providing funds for homeopathic hospitals and that doctors in the NHS system should not refer patients to homeopaths.
The chairman of the committee held that prescribing placebos like homeopathy in the NHS is ethically dubious and may destabilize relationships between doctors and patients.
The committee also forwarded the idea that the Medicines and Healthcare products Regulatory Agency (MHRA) should bar homeopathic treatments from displaying medical claims on their labels. The report came out against further funding for homeopathic research as well.
On top of the NHS currently providing funds for homeopathic treatments, certain insurance plans from AXA PPP and Bupa as well as other private medical insurers and cash plan providers will cover homeopathy, although the extent of coverage may vary between insurance plans as well as on a case by case basis.
Companies Mentioned:
Originally PPP Insurance, it became part of the Global AXA Group in 1999 and changed its name to AXA PPP in 2002. AXA PPP is now an international health insurance company with over 2 million customers around the world.
BUPA is an international health insurance company that provides health insurance for individuals and companies all over the world. This company has offices on three continents and over 7 million customers’ world wide. As a provident association BUPA has no shareholders, because of this it uses its profits to invest in healthcare and medical facilities around the world.
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