Apr 25, 4:06 PM EDT Newsletter Signup BusinessTechnologyWorldNationalMedia & CultureOpinionSportsLuxury Business By Arthur Villasanta 04/25/19 AT 1:03 AM Philip Morris International (PMI), the maker of Marlboro cigarettes, has established a life insurance company in the United Kingdom to sell life insurance to smokers -- but there’s a catch.Philip Morris’ life insurance firm named Reviti offers discounts to smokers who quit smoking, or those that switch to an e-cigarette or a heated tobacco device such as iQOS made by PMI. PMI says Reviti will offer “highly competitive” premiums with incentives for quitting cigarettes or for giving up tobacco and nicotine entirely.On average, people that switch to e-cigarettes will receive a 2.5 percent discount on premiums, said Reviti. On the other hand, people who switch to iQOS for three months will receive a 25 percent discount. People that quit smoking for at least a year will receive a 50 percent … [Read more...] about Philip Morris Launches Life Insurance Firm, Offers Discounts To Smokers Who Quit
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By Esther Fung WSJ Tues., Jan. 29, 2019 Chinese purchases of U.S. real estate last year dwindled to their lowest level since 2012, as Beijing kept up the pressure on Chinese investors to bring cash home during a period of worsening economic growth. Insurers, conglomerates and other investors from mainland China were net sellers of $854 million of U.S. commercial real estate in the fourth quarter, according to Real Capital Analytics. That marked the third-straight quarter Chinese investors sold more U.S. property than they bought, the first time ever these investors have been sellers for that long a stretch. The selling during most of 2018 marked a powerful reversal from the previous five years, when Chinese investors went on a massive buying spree, often handily outbidding other investors for U.S. trophy properties. They spent tens of billions dollars on luxury hotels like the landmark Waldorf Astoria in New York, a nearly $1 billion skyscraper development in … [Read more...] about Chinese Exiting U.S. Real Estate as Beijing Directs Money Back to Shore Up Economy
(Reuters) - U.S. life insurers are expected to report messy fourth-quarter results starting next week, with their massive investment portfolios getting hit by tumultuous markets. FILE PHOTO - A computer screen showing stock graphs is reflected on glasses in this illustration photo taken in Bordeaux, France, March 30, 2016. REUTERS/Regis Duvignau The market mayhem has already prompted analysts to knock down earnings estimates for major life insurers including Ameriprise Financial Inc, Lincoln National Corp and Prudential Financial Inc, since late October. Analysts have lowered Prudential’s mean earnings-per-share estimate from $2.98 to $2.81, Lincoln National Corp from $2.24 to $2.12, and Ameriprise from $3.85 to $3.66, according to I/B/E/S Refinitiv. “Even though these are annuity or retirement businesses, they are businesses that are driven by the assets they manage,” said Sandler O’Neill analyst John Barnidge. Life insurers make money by … [Read more...] about Market rout overshadows business growth for U.S. life insurers
By Doug Alexander Bloomberg Thu., Jan. 24, 2019 Great-West Lifeco Inc. agreed to sell its U.S. individual life insurance and annuity business to Dai-ichi Life Insurance Co.’s Protective Life Corp. in a deal valued at $1.2 billion (U.S.). The transaction value includes a capital release of about $400 million, the Winnipeg, Manitoba-based insurer said Thursday in a statement. Great-West expects a book-value loss of $70 million, and $57 million of transaction costs. The business transferred includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities and closed block life insurance and annuities. “This transaction allows us to focus on the retirement and asset-management markets in the U.S.,” Great-West Lifeco chief executive officer Paul Mahon said in the statement. “With the strengthened capital position resulting from this transaction, we will also consider other capital-management activities, … [Read more...] about Great-West sells U.S. insurance unit in $1.2 billion (U.S.) deal
TOKYO (Reuters) - Nippon Life Insurance Co is actively seeking mergers and acquisitions overseas, with a focus on the United States and Asia’s emerging economies, the president of Japan’s largest life insurer said on Monday. FILE PHOTO: Nippon Life Insurance's upcoming president Hiroshi Shimizu speaks at a news conference in Tokyo, Japan January 25, 2018. REUTERS/Kim Kyung-Hoon Japanese insurers have been among the most aggressive in overseas acquisitions. Yet, unlike smaller rivals, Nippon Life has not made a deal in the United States, except for a minority stake in asset management company TCW Group in 2017. “The United States is the world’s largest life insurance market. We are looking for ways to expand our business there,” President Hiroshi Shimizu told Reuters in an interview. “We would also like to explore various possibilities in Asia’s emerging countries,” he said, but did not provide details. While life insurers … [Read more...] about Nippon Life president says actively exploring M&A in U.S.