Carolyn's Feed
Nov 28, 2014

Smaller alternative funds complain of European ‘passport’ costs

LONDON (Reuters) – Hedge fund and property fund managers are facing unexpected charges and administrative hurdles to sell their funds across Europe, deterring some from doing so and cutting across the principle of an open market, lawyers and fund managers say.

Europe’s directive on Alternative Investment Fund Managers (AIFMD) came into force in July, regulating the managers but enabling them to sell their funds anywhere within the European Economic Area.

Nov 27, 2014

L&G wins 2.5 billion-pound defined benefit pension deal

LONDON (Reuters) – Insurer Legal & General has won a contract to take on 2.5 billion pounds of risk from TRW Automotive’s pension scheme and insure over 22,000 of its pensioners, as firms seek to offload costly pension liabilities.

Many British companies’ defined benefit – or final salary – schemes are in deficit, hampered by low interest rates which make it harder to achieve the investment returns needed to pay pensioners in the scheme.

Nov 27, 2014

L&G wins 2.5 bln stg defined benefit pension deal

LONDON, Nov 27 (Reuters) – Insurer Legal & General
has won a contract to take on 2.5 billion pounds ($3.95 billion)
of risk from TRW Automotive’s pension scheme and insure
over 22,000 of its pensioners, as firms seek to offload costly
pension liabilities.

Many British companies’ defined benefit – or final salary -
schemes are in deficit, hampered by low interest rates which
make it harder to achieve the investment returns needed to pay
pensioners in the scheme.

Nov 25, 2014

UK insurers and fund firms battle it out for pensioners’ cash

LONDON, Nov 25 (Reuters) – Billions of pounds in savings
that retiring British workers would have swapped for an income
for life are up for grabs after recent rule changes – and fund
managers are battling insurers for a slice of it.

Surprise reforms announced by the government this year mean
Britons are no longer forced to buy a guaranteed income – an
annuity – at retirement, so savers can do what they like with
their money when the rules take effect in April.

Nov 24, 2014

Aviva falls on Friends Life merger plan doubts

LONDON (Reuters) – Shares in British insurer Aviva (AV.L: Quote, Profile, Research, Stock Buzz) fell more than five percent on Monday reflecting uncertainty about the potential benefits of the company’s 5.6 billion pound (8.79 billion US dollar) plan to merge with rival Friends Life (FLG.L: Quote, Profile, Research, Stock Buzz)

The two insurers have agreed outline terms for a possible all-share deal, in which Aviva would offer a 15 percent premium to Friends Life’s share price to give those investors a 26 percent stake in the new company.

Nov 23, 2014

Aviva, Friends Life 5.6 bln pound merger plan makes sense -investors

LONDON, Nov 23 (Reuters) – Aviva’s potential 5.6
billion pound ($8.8 billion) purchase of Friends Life
reflects a need to consolidate and cut costs in Britain’s
insurance industry, fund managers said.

The two companies said on Friday they had agreed terms of a
possible all-share deal at a 15 percent premium to Friends
Life’s closing price, offering Friends Life shareholders a 26
percent stake in the new company.

Nov 21, 2014

Aviva in $8.8 billion deal to buy Friends Life after pensions shake-up

LONDON (Reuters) – British insurer Aviva (AV.L: Quote, Profile, Research, Stock Buzz) said on Friday it had agreed terms on a possible deal to buy rival Friends Life (FLG.L: Quote, Profile, Research, Stock Buzz) for 5.6 billion pounds ($8.8 billion), as British pension reform puts pressure on insurance companies to find new business.

Pension providers are rushing to reinvent themselves after the government in March unexpectedly removed obligations for people to buy an annuity, or income for life, at retirement, sharply cutting annuity sales.

Nov 21, 2014

Aviva in £5.6 bln deal to buy Friends Life after pensions shake-up

LONDON, Nov 21 (Reuters) – British insurer Aviva said
on Friday it had agreed terms on a possible deal to buy rival
Friends Life for 5.6 billion pounds ($8.8 billion), as
British pension reform puts pressure on insurance companies to
find new business.

Pension providers are rushing to reinvent themselves after
the government in March unexpectedly removed obligations for
people to buy an annuity, or income for life, at retirement,
sharply cutting annuity sales.

Nov 18, 2014

Prudential upbeat on Asia, U.S. as profits from new business rise

LONDON, Nov 18 (Reuters) – British life insurer Prudential
said the economic outlook for Asia and the United States
was good as it reported a double-digit rise in profit from new
business in the first nine months of the year.

The company said on Tuesday new business profit rose 17
percent to 1.5 billion pounds ($2.35 billion) from a year
earlier, after stripping out currency fluctuations, with
double-digit gains in Asia, the United States and the United
Kingdom.

Nov 18, 2014

Prudential profit from new business up 17 pct, shares hit record

LONDON, Nov 18 (Reuters) – British life insurer Prudential
posted a double-digit rise in profit from new business
in the first nine months of 2014, helped by sales of pension
services to companies in Britain.

The company said on Tuesday that new business profit rose 17
percent to 1.5 billion pounds ($2.35 billion) from a year
earlier, after stripping out currency fluctuations, with
double-digit gains in Asia, the United States and the United
Kingdom.

    • About Carolyn

      "I have worked at Reuters for more than 20 years but I switched in Sept 2014 to a new beat - insurance and fund management. I write about things like insurance deals, fund trends, geopolitical risks insured by Lloyd's and I'm grappling with understanding company accounts. In my vanishingly small spare time, I hope to contribute more to Reuters entertainment file."
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