The Canadian insurer Sun Life Financial reported third-quarter earnings for 2010, with net income totaling C$453 million (US$444 million). This compared with a loss of C$140 million (US$137 million) during the same period last year. Sun Life Financial also highlighted plans for future expansion through its operations in China and India in order to capitalize on the developing markets in these countries. Sun…
Australia's public health system, Medicare, provides a substantial cover of healthcare treatment. However the public health system is currently under threat. There is a shortage of medical staff, hospital beds, and medical facilities such as brain scans. Patients under the public health system are therefore having to endure considerably long waiting lists. Medicare was introduced in 1983, allowing…
Worldwide insurance rating and information agency A.M Best has identified three Middle Eastern insurance markets which are set to grow. The insurance industries in the United Arab Emirates (UAE), Qatar and Saudi Arabia are identified as offering opportunities for significant expansion for insurers with access to these markets. The insurance markets in these three countries are poised to return combined…
American insurance group Prudential Financial Incorporated has announced completion of financing transactions to contribute to the purchase of Japan-based insurers AIG Star Life Insurance Co and AIG Edison Life Insurance Co from its American rival AIG. Prudential Financial, one of America's largest life insurers, raised roughly US$ 2 billion (€ 1.45 billion) through the sale of over 18.3 million shares…
The Italy-based insurer, Assicurazioni Generali, has released third-quarter earnings for 2010, with the third-largest European insurer reporting a quarterly profit increase of 13 percent. Overall net income jumped to €440 million (US$602 million) compared to €390 million (US$538 million) generated in the same period in 2009. Results from Generali's life-insurance unit offset sluggish figures from…
Europe's fourth largest insurer - the Zurich Financial Services Group - has announced that it has entered into an agreement with its Spanish partners Unnim to sell them its 50 percent stake in their Spanish joint venture life and general insurance operation. Zurich's decision to sell its equal stake in the Spanish insurance venture follows the merger between Caixa Sabadell, Caixa Terrassa and Caixa…
Insurance giant AXA SA highlighted its 5 year strategy for growth at their autumn investor seminar held in Paris on the 16th of November 2010. The French insurer AXA gave investors a preview of plans to expand operations in emerging markets and to concentrate on high-margin protection policies to ensure future growth. As one of Europe's largest insurers, AXA's strategic plan is to make the company…
Aviva has confirmed that it has exercised its option to buy out the remaining 16.3 percent stake in French based company Société d'Epargne Viagère (SEV). On the 10th November, Aviva announced that it had acquired full ownership of the French life insurance company SEV, in which it already held a majority 83.7 percent stake. The news of the purchase comes shortly after the Read more
Final approval has been granted by the German parliament to reform the country's mandatory health insurance scheme. The overhaul of the healthcare system is seen as vital for Germany to stem increasing costs associated with its public healthcare system, which covers more than 72 million insured people in the country. The move by the German government comes at a time when the country, with the largest…
Belgium-based insurers Ageas - formerly known as Fortis - announced third-quarter net profits of €153 million (US$211 million) from its global insurance operations during the third-quarter of 2010. This reflected a year-on-year increase of 17 percent in premiums generated by Ageas, with receipts of €4.1 billion (US$5.71 billion) between…
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