Many insurers have reported first-quarter results. INN reported on AIG’s results last week and The Hartford’s on April 30. Below are recent reports from other insurers.
Allianz SE
German insurer Allianz SE said it nearly quadrupled profits in the first quarter of 2010 thanks to growth in its life and health insurance and asset management segments as well as one-off gains.
The Munich company reported net income rose to euro1.6 billion ($2.03 billion) in the first quarter from euro424 million during the same quarter last year.
Total revenue grew 10.3% to euro30.6 billion from euro27.7 billion the previous year, while operating profit increased 20.4% to euro1.7 billion from euro1.4 billion in the first quarter of 2009.
The company said its life and health insurance unit saw net income rise more than 72% on the quarter, while its asset management segment posted a 55% gain. It a
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Recent health care reform won’t just provide opportunities to people with pre-existing medical conditions; it may also protect all policyholders from fraud, according to a recent release from the U.S. Department of Health and Human Services and Department of Justice.
The departments are teaming up with the Center for Medicaid and Medicare Services’ new Center for Program Integrity to allocate fraud-fighting resources within the government-sponsored insurance programs.
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offers a Non-Participating Whole Life policy, which has a variety of pay options:
The policy provides fully-guaranteed coverage for life and allow the insurer to choose between payment options of 10 years, 15 years and 20 years, to the of age 65, or with a life-pay option instead. The minimum face-amount on the policy is $10,000. Coverage is available on a joint first-to-die basis, or a joint last-to-die basis. The plan also has a multi-life option, where you can cover up to nine insured people on the same contract. Pr
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Branded Marketing LLC is trying to combat churn by offering free insurance policies to users of its prepaid cards.
The move furthers a trend: other prepaid card marketers have introduced add-on services such as direct deposit and online bill payment to extend the shelf life of a product that many people use a few times and then toss out.
Branded Marketing, of Haskell, N.J., announced Tuesday that all users of its MasterCard Inc.-branded prepaid card, which is targeted to Hispanics, will automatically receive accidental death and accident hospital insurance.
“Down the road we would like to add more and more features,” said Anthony Uva, Branded Marketing’s chief marketing officer. Full Article…
As insurance companies look to push the use of analytics across the enterprise, Germany’s SAP AG is paying $5.8 billion to acquire Dublin, Calif.-based Sybase, Inc., a maker of business analytics, database and mobile software popular among insurers.
Signaling the ascendancy of mobile business applications, the companies say the deal is intended to enable insurers and other customers to become “unwired” enterprises. The companies contend the confluence of their technologies will pave the way for ‘real’ real-time analytics.
The deal comes as SAP’s primary rival, Redwood Shores, Calif.-based Oracle Corp. continues t
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This Alaskan couple found the benefit of an established business model to help them catapult into the entrepreneurial world.
Anchorage, AK (1888PressRelease) May 13, 2010 – Northern Inventory joins the Hartman Inventory Group to provide personal property inventory services to the State of Alaska. Owners James and Erin McKay bring many years of corporate experience to their new business, enabling them to transfer customer service and management skills that will serve these entrepreneurs well. Erin has over 25 years of regulatory compliance experience, primarily in the oil and gas industry. Full Article…
A survey conducted by Munich Re America that targeted insurance executives to determine their most pressing concerns revealed what most in the industry know: the economy still presents a challenge, but less so than last year.
Results of the 2010 survey of 30 respondents were discussed by a number of insurers last week at Munich Re’s 16th annual CIO Roundtable in New Jersey.
Before presenting the survey results, Anthony Kuczinski, president and CEO of Munich Reinsurance America Inc., acknowledged the difficult circumstances under which the industry operated in 2009, including the bottoming-out of the economic market in the 1st Quarter 2009, which served as a backdrop to last year’s event.
Kuczinski framed the survey results with a note that “what if?” scenarios lead to one of the most important lessons learned from the economic crisis – the importance of pricing and underwriting discipline through the underwriting cycle leading to consistent and profitable returns in the long term.
Therefore, despite the financial difficulties, the industry rebounded quickly to post positive results in 2009, Kuczinski noted.
The survey asked respondents to identify issues that they believe are those most critical facing the entire industry. Of the
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A new study from MetLife revealed that three in five individuals who were out of work for at least six months as a result of a disability did not have disability insurance. The study, known as the MetLife Study of the Emotional and Financial Impact of Disability, also found that among the individuals who did have disability coverage, about one-third of their income was protected on average.
Workers Have Insufficient Disability Coverage
The disability insurance coverage amounts that the study shows most American workers have is undoubtedly insufficient for true protection in the event that an injury or illness were to turn into a full-on disability.
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