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Life Insurance News
Most Australians lack life insurance & are shockingly underinsured
18/03/2010
Recent research commissioned by the Investment and Financial Services Association into the underinsurance of Australians. The research was released on 2 March 2010, saying that 95 per cent of families do not have adequate insurance. This research also found that "the typical Australian family will lose 50 per cent or more of their income following the serious illness, injury or loss of one parent, as a result of underinsurance".
AIG to sell AIA to Prudential for $35.5 billion
4/03/2010
American International Group, Inc. (AIG Insurance) (NYSE: AIG) announced today a definitive agreement for the sale of the AIA Insurance Group, Limited (AIA), one of the world's largest pan-Asian life insurance companies, to Prudential plc for approximately $35.5 billion, including approximately $25 billion in cash, $8.5 billion in face value of equity and equity-linked securities, and $2.0 billion in face value of preferred stock of Prudential, subject to closing adjustments.
Life insurance consolidation will affect Aussies
19/02/2010
TOWER Insurance Australia has warned that Australians will suffer higher product margins and limited products if the life insurance industry continues to consolidate.
“In terms of increased life market consolidation, we see major consumer concern impacts around consolidation and believe the ACCC and Government should look at this closely. We do not believe this is in the best interests of Australians as consumers.” said Mr Minto, Tower’s Managing Director.
AXA agrees sale to NAB
17/12/2009
NAB today announced that it has agreed certain key terms with AXA Asia Pacific (“AXA AP”) for NAB to acquire AXA AP’s Australian and New Zealand businesses.
AXA AP’s independent directors will recommend to shareholders that they accept NAB’s proposal (the “Proposal”) to acquire all of the shares in AXA AP on terms that value the Australian and New Zealand businesses at A$4.6 billion.
NAB acquires Aviva Australia’s wealth management business
22/06/2009
National Australia Bank has agreed to purchase Aviva Australia Holdings' wealth management business including its life insurance operations and investment platform, Navigator, for $825 million.
The acquisition is expected to be earnings per share and return on equity accretive in the first full year following acquisition (excluding estimated integration costs). Prior to completion Aviva Australia Holdings will pay a $40 million dividend.
