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AIG rescue too dear, says inspector

Business | Insurance
2009-11-18

OFFICIALS managing the multibillion-dollar bailout of insurance giant American International Group Inc bungled the first rescue and may have overpaid other banks to wind down AIG's business ties, according to a government...

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AIG head now says he plans to remain in job

Business | Insurance
2009-11-13

AMERICAN International Group Inc's CEO Robert Benmosche said on Wednesday he plans to stay in his job at the embattled insurer. Benmosche announced his intentions in a letter to employees released by AIG following...

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Frustrated AIG chief threatens to resign

Business | Insurance
2009-11-12

AFTER just three months as head of battered insurer American International Group, Robert Benmosche has threatened to leave his post as he struggles to deal with heavy government oversight and restrictions on what the...

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AXA's Taikang stake attracts bidders

Business | Insurance
2009-11-10

FRENCH insurer AXA's 15.6-percent stake in Taikang, China's No. 4 life insurer, attracted foreign and domestic bidders, including Temasek and Blackstone, valuing the holding at more than US$1 billion, sources said...

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Insurer takeover effort founders

Business | Insurance
2009-11-10

AUSTRALIAN insurer AXA Asia Pacific Holdings Ltd said yesterday it had rejected a US$10 billion takeover bid from AMP Ltd and its French parent, AXA SA. The cash and share offer would have been among Asia's biggest...

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Allianz turns around in Q3 from loss

Business | Insurance
2009-11-10

GERMAN insurer Allianz SE said yesterday it posted a net profit in the third quarter from a loss a year ago due to improved revenue in life and health insurance and financial services. Allianz, based in Munich,...

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AIG in black for 2 quarters in a row

Business | Insurance
2009-11-7

AIG yesterday said it was profitable for the second straight quarter as its core insurance operations continue to stabilize after the company's bailout by the United States government last year. American International...

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Report: AIG not likely to sell 2 businesses

Business | Insurance
2009-11-2

AMERICAN International Group Inc won't sell two Japanese subsidiaries, according to a published report, deciding the firm will get more value from keeping them. The struggling insurer said a year ago it would...

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Insurer turns profitable

Business | Insurance
2009-10-29

PING An Insurance Co of China Ltd, one of the country's biggest insurers, said yesterday it swung to a profit in the third quarter, rebounding from a loss last year on its ill-fated investment in European bank Fortis...

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Lloyd's cautious over market rally

Business | Insurance
2009-10-28

THE Lloyd's of London insurance market cautioned that a strong investment performance from surging share and bond markets would not be sustained and said its full-year expectations were unchanged. "There have...

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ING to split into two for simplicity

Business | Insurance
2009-10-27

EUROPEAN services giant ING Groep NV said yesterday it will split itself in two, spinning off its insurance arm to simplify its business and issuing 7.5 billion euros (US$11.3 billion) in new shares to repay state...

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Sun Alliance likely to see profit in 2010

Business | Insurance
2009-10-21

SUN Alliance Insurance (China) Ltd is likely to be profitable in 2010 by serving more domestic clients as it is confident China's stimulus polices will propel economic growth. The insurer, a wholly owned Shanghai...

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Great Wall forms life insurance venture

Business | Insurance
2009-10-20

CHINA Great Wall Asset Management Corp has launched a life insurance joint venture with Nippon Life Insurance, Japan's biggest life insurer by assets, as part of efforts to transform itself into a financial institution...

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CIGNA & CMC Life Insurance Co Health care plan targets foreigners

Business | Insurance
2009-10-15

CIGNA & CMC Life Insurance Co, a joint venture between CIGNA Co and China Merchants Group, introduced an international employee health care product yesterday as part of its efforts to cover 600,000 potential customers...

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AIG sells life insurer Nan Shan

Business | Insurance
2009-10-14

INSURER American International Group Inc has agreed to sell its nearly 98 percent stake in Taiwan unit Nan Shan to an investor group led by Hong Kong's Primus Financial for about US$2.15 billion. Nan Shan, which...