Contents. List of Tables. Life Insurance

Size: px
Start display at page:

Download "Contents. List of Tables. Life Insurance"

Transcription

1

2 Contents 1. Introduction Industry Analysis... 5 A. Premiums and Distribution of Insurance Types... 5 B. Life Insurance Assets Portfolio... 7 (1) General... 7 (2) Participating Life Insurance Programs Portfolio... 9 C. Yields of the Insurance Companies (3) Insurance Policies with Several Investment Tracks General Review of the Life Insurance Line in Israel in A. New Life Insurance Programs Marketed to the Insured as of January 1, B. Circular 2003/14 regarding the Replacement of Life and Health Insurance Policies General Issues A. Comparison of Life Insurance Programs List of Tables Table C-1 Gross Premiums by Insurance Types, Table C-2 Distribution of Gross Premiums by Insurance Groups, Table C-3 Distribution of Total Assets Portfolio in Life Insurance, Table C-4 Distribution of Assets in Participating Portfolio, Table C-5 Results of Centralization Indices for Insurance Companies in Life Insurance Industry Table C-6 Fund "Yud" Participating Portfolio Gross-Net Weighted Yield and Management Fees, Table C-7 Gross and Net Yields Between the Years , by Insurance Groups...16 Table C-8 Clal Insurance Company Gross and Net Yields Between the Years , by Investment Tracks Table C-9 Direct Insurance Company Gross and Net Yields Between the Years , by Investment Tracks Table C-10 High and Low Gross Yields, Table C-11 Comparison Between Yields Achieved in Insurance Companies Fund "Yud", and Yields Achieved in Various Provident Funds, ±

3 List of Charts Chart C-1 Gross Premiums by Main Life Insurance Types, Chart C-2 Distribution of Assets Portfolio in Life Insurance Field, Chart C-3 Ratio of Stocks and Bonds to Total Participating Portfolio in 2003 as of the End of Each Quarter Chart C-4 Distribution of Share of Assets in Participating Portfolio, Chart C-5 Distribution of Assets in Participating Portfolio by Groups, Chart C-6 Development of Gross Yields in Participating Portfolio (Fund "Yud") by Months, Chart C-7 Net Yield and Management Fees in Insurance Companies, Chart C-8 Average Net Yield and Average Management Fees, Chart C-9 Gross Yield by Quarters in the Insurance Companies,

4 1. Introduction The Life Insurance Department in the Capital Market, Insurance and Savings Division regulates and applies enforcement vis-à-vis insurance companies with respect to life insurance. The department is responsible, among other things, for reviewing life insurance plans submitted to the Commissioner of Insurance for approval. On January 1, 2003, the Income Tax Reform took effect, establishing provisions regarding the imposition of tax on profits earned in savings plans, including the establishment of rules regarding the withdrawal of moneys from provident funds and life insurance policies. Legislative amendments following the Reform necessitated amendments to the Income Tax Regulations (Rules for the Authorization and Management of a Provident Fund), (see the Division's booklet for 2002). In light of the Reform's provisions, the amendments to the Regulations and the policy of the Office of the Commissioner of Insurance, a new structure was defined for life insurance products sold to the insured as of January 1, The new programs include a structural distinction between three components: savings, insurance and expenses. The programs are transparent and clear and, for the first time, the insured enjoys the possibility of knowing exactly the level of expenses that will be collected from him. In addition, the programs will enable the insured to compare different insurance companies in terms of expenses and insurance coverage he intends to acquire, and to select the program that is most suited to his needs. As part of the regulatory activities, and in response to public appeals received by the Office of the Commissioner of Insurance relating to the replacement of valid life insurance policies with new life insurance policies ("twisting"), a circular was published detailing the rules applying to the insurer and the insurance agent in the sale of a new policy and in canceling a valid policy. The circular aimed to clarify to the insured how canceling an existing policy in order to acquire a new policy would affect their rights. In this case, the agent is obliged to advise the insured regarding the changes, advantages and disadvantages of such a change, in order to enable the insured to reach an informed decision as to the viability of twisting. In addition, a due disclosure circular was issued with a view towards increasing the information available to insured who plan on obtaining insurance programs intended for a long period of savings, and enabling them to identify in advance the product in which they are interested.

5 The Capital Market, Insurance and Saving Division According to the circular, as part of the sales process of life insurance programs that include a savings component, insurance agents and companies are obliged to provide the insured with a certificate clarifying the principal features of the insurance transaction, and enabling him to select a suitable policy in accordance with his insurance needs. The circular will take effect as of January 1, In 2003, the insurance companies achieved an average gross yield of 21.03%, in real terms, on investment of assets in the participating life insurance portfolio. Total premiums in 2003 were NIS 13.8 billion, a drop of 2% over Compared to the previous year, the assets portfolio in the life insurance line grew by NIS 12.3 billion in real terms, to a total of NIS 97 billion.

6 2. Industry Analysis This section analyzes the following aspects of the life insurance industry: premium distribution, types of insurance marketed, the assets portfolio in general and the participating portfolio in particular, and the yields achieved by the insurance companies for policyholders in A. Premiums and Distribution of Insurance Types Life insurance programs are offered to the insured in the following marketing frameworks: 1. Individual programs (not approved as a provident fund) and independent programs (approved as a provident fund). 2. Employee insurance programs (through the employer) for salaried employees (approved as a provident fund). 3. Collective insurance programs (through employers, corporations and service providers). Table C-1 Gross Premiums by Insurance Types, (NIS millions, December 2003 prices) Insurance type Rate of change between (percent) Rate of change between (percent) Increase in premiums between Personal "Me'urav"-type 2,039 1,919 1, % -4.1% -199 Personal "Adif"-type 1,316 1,467 1, % -2.4% 116 Employee "Me'urav"-type % -12.8% -273 Employee "Adif"-type 8,194 7,604 7, % -2.1% -750 Collective insurance % 1.1% 11 Subtotal 13,353 12,611 12, % -2.8% -1,095 Work disability 1,202 1,171 1, % 2.1% -6 Other* % 7.8% 86 Total 14,843 14,129 13,828-5% -2% -1,015.0 Source: Annual reports of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: "Other" includes health insurance and nursing care insurance µ

7 The Capital Market, Insurance and Saving Division Premium revenues in 2003 totaled NIS 13.8 billion. After deducting disability insurance, health insurance and nursing care insurance (which in some companies are classified differently), premium revenues totaled NIS 12.3 billion. Between 2001 and 2002, negative growth (at -6%) in the scope of life insurance premiums was recorded for the first time since marketing of participating insurance programs was introduced. This can be explained primarily by the economic recession and rising unemployment during these years. While a decline was recorded between 2002 and 2003, for the second consecutive year, in the level of premiums for all types of life insurance (with the exception of collective insurance), this was more moderate (-3%) compared to the drop between 2001 and The deceleration in the pace of decline of premiums is consistent with the economic data published toward the end of 2003, reflecting a turnaround and recovery in the Israeli economy. As Table C-1 shows, the majority of premiums in 2003 were allocated for "Adif" type employee insurance. Chart C-1 Gross Premiums by Main Life Insurance Types, 2003 Collective insurance Æ Personal "Me'urav"-type ±µæ Personal "Adif"-type ±±Æ Employee Me'urav"-type" Æπ Employee "Adif"-type Æ Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division

8 Table C-2 Distribution of Gross Premiums by Insurance Groups, (percent) Group name Migdal Clal Phoenix Harel Menorah Other* Total Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division * Note: "Other" includes the following insurance companies: Ayalon, Eliahu, ILDC, AIG, IDI Bituach Yashir It is evident from Table C-2 that the share of the Migdal group out of total premiums fell in 2003, while the shares of the Clal, Phoenix, Harel and Menorah groups rose. B. Life Insurance Assets Portfolio (1) General The total nominal value of public assets rose by 12.4% in 2003 as compared to 2002, totaling NIS 1,387 billion. No change was recorded in 2003 in the proportion of assets in life insurance programs out of the total public assets portfolio, which was similar to the proportion at the end of %. By way of comparison, the proportion of the balance of assets of the pension funds fell from 11% at the end of 2002 to 10% at the end of 2003, while the proportion of the balance of assets of the provident funds out of the total public assets portfolio remained at a similar level to that at the end of %.

9 The Capital Market, Insurance and Saving Division Chart C-2 Distribution of Assets Portfolio in Life Insurance Field, ± ± Othe assets Participating Percentage ±πππ ± Years Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division During the period , the life insurance assets portfolio increased in real terms from NIS 70 billion at the end of 1999 to NIS 97 billion at the end of 2003, a growth rate of 38.6% in real terms. In , the assets portfolio grew by NIS 12.3 billion (14.5%) in real terms, as compared to growth of the assets portfolio in real terms of NIS 2.4 billion (2.9%) in The sharp increase in the value of the assets portfolio is due to the high yields recorded by insurance companies in In 2003, the upward trend continued in the rate of the participating portfolio out of the total assets portfolio, reflecting the fact that since 1991 the programs marketed to the public have been exclusively participating programs. During the period of , the proportion of the participating portfolio (out of the total life insurance assets portfolio) rose from 36.7% to 54.7%.

10 Table C-3 Distribution of Total Assets Portfolio in Life Insurance, (percent) Type of asset Life-indexed (LI) bonds Other government bonds Other bonds and others Stocks Loans and bank deposits Cash and cash value Rights to rental properties Investment in subsidiaries Amounts receivable from reinsurers Premium due and agent balances Receivables and debit balances Deferred acquisition costs Fixed assets Total assets and debit balances (NIS billions) 82,392 84,775 97,080 Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division The downward trend in the share of Life Indexed (LI) bonds out of the total life insurance assets portfolio continued in 2003, from 35.3% at the end of 2002 to 30.8% at the end of It is evident that the positive trends in the capital market in 2003 led to increases in the proportion of stocks and bonds out of the total assets portfolio of 45% and 11%, respectively. (2) Participating Life Insurance Programs Portfolio Participating insurance programs are characterized by the fact that investment profits or losses, after deduction of management fees, are credited or debited to the policyholders. The investment in assets is carried out subject to the Inspection of Insurance Business π

11 The Capital Market, Insurance and Saving Division Regulations (Forms of Investment for Capital and Interest of the Insurer and Management of His Liabilities), , hereinafter "the Forms of Investment Regulations"), and to the rules established from time to time by the Commissioner of Insurance. Table C-4 Distribution of Assets in Participating Portfolio, NIS millions Type of asset 2001 Share of total assets for 2001 (percent) 2002 Share of total assets for 2002 (percent) 2003 Share of total assets for 2003 (percent) Life-indexed (LI) bonds Other government bonds 13, , , Other bonds and others 3, , , Stocks 6, , , Loans and bank deposits 7, , , Cash and cash value 2, , , Rights to rental properties Amounts receivable from reinsurers Premium due and agent balances Receivables and debit balances Deferred acquisition costs Total assets and debit balances , , , , , , , Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division In 2003, growth of 28% was recorded in the participating portfolio, compared to growth of 6% in 2002, due to the high yields achieved by the insurance companies. ±

12 As Table C-4 shows, a sharp increase was recorded in 2003 in the "Stocks" and "Other bonds" items as a proportion of the total participating portfolio. An increase of 66% was recorded in the "Stocks" item, to NIS 10.7 billion or 20.2% of the total participating portfolio. The sharp increase in this item is due mainly to the sharp stock rises recorded on TASE in In the "Other bonds and others" item, an increase of over 50% was recorded for the third successive year in investment as a proportion of the total participating portfolio. This upward trend is due mainly to the increased scope of investment in non-governmental bonds, a trend that has continued since the introduction of the new Forms of Investment Regulations in April Chart C-3 Ratio of Stocks and Bonds to Total Participating Portfolio in 2003 as of the End of Each Quarter (percent) Stocks Gov't bonds Other bonds Percent ±Æ± Æ ±Æ Æ Æ Æ ÆπÆ ±Æ± Æ Period Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division As Chart C-3 indicates, an increase was recorded in the second and fourth quarters in the scope of investment in stocks out of the total participating portfolio, due to the sharp price rises recorded on TASE during the second and fourth quarters of ±±

13 The Capital Market, Insurance and Saving Division Percent Chart C-4 Distribution of Share of Assets in Participating Portfolio, (percent) µ µ ±µ ± µ Lifeindexed bonds Other government bonds Other bonds and others Stocks Loans and bank deposits Cash and cash equivalent Rights to rental properties Amounts receivable from reinsurers Premium due and agent balances ± Receivables and debit balances Deferred acquisition coasts Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division As may be seen in Chart C-4, during the period there was a steady increase in the proportion of the "Other bonds and others" item out of the total participating portfolio, in contrast to the steady drop in the "Deferred acquisition costs" item. Chart C-5 Distribution of Assets in Participating Portfolio by Groups, 2003 (percent) Menorah πæ Other Æ Migdal µæπ Phoenix ± Ʊ Harel ± Æ Clal Æ Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division ±

14 An examination of the distribution of assets between the various insurers in the participating portfolio shows an increase in 2003 in the relative portion of the two main groups Migdal (from 35.4% to 35.9%) and Clal (from 22.2% to 22.6%), at the expense of a reduction in the relative portion of the remaining groups. The two major groups enjoy a share of 58.5% of the participating portfolio, compared to 57.6% in In order to examine the centralization index for the insurance market, two indices were employed: 1. The Herfindahl-Hirschman Index (HHI), which is calculated by totaling the squares of the insurance companies' market shares in total assets out of the total participating portfolio. 2. The CR3 index, which combines the market shares of the three largest insurance groups out of total assets in the participating portfolio. Table C-5 Results of Centralization Indices for Insurance Companies in Life Insurance Industry Index Herfindahl-Hirschman CR From Table C-5 it is evident that the two indices point to the fact that between there was a slight rise in centralization within the industry, in light of the increase in the relative share of the two major groups in the participating portfolio. C. Yields of the Insurance Companies Life insurance premiums generally consist of the risk premium, the savings premium and the component of expenses out of the current premium. In most cases, the component of expenses out of the current premium is attributed to the risk premium. In some new life insurance plans, the component of expenses is also attributed to the savings premium or presented separately. Moreover, it is important to bear in mind that additional components of expenses are charged from the savings accumulation. The management fees that are included in the component of expenses divide into fixed management fees, which account ±

15 The Capital Market, Insurance and Saving Division for 0.6% of the accumulated balance of the allocated money, and variable management fees which are 15% of the real profit on the annual yield (according to the Management Fees Regulations). Since 1992, the savings premium has been invested in the capital market and was influenced by the composition of the assets portfolio and their yields (Fund "Yud"). A distinction must be made between the gross yield that is influenced, among other things, by the investment policy and how it is implemented during in the relevant period, and the net yield credited to the insured according to the terms of their insurance policy after deducting the said management fees. The yields analyzed in this part of the report are based on the reported yield rather than on the actual yields credited to each insured, which are influenced by additional indices (for example: the timing of the deposit, their size etc.). Table C-6 Fund "Yud" Participating Portfolio Gross-Net Weighted Yield and Management Fees, (percent) Year Gross weighted yield Net weighted yield Management fees (fixed + variable) Source: The Capital Market, Insurance and Savings Division Note: The weighted yield is calculated by multiplying each company's yield values by the relative weight of its assets from the total for all companies. The yields achieved in 2003 were the highest of the past five years. The positive yields may be attributed to several factors, principally the sharp rise in share prices on the TASE, both in the stock and in the shekel bonds indices. Accordingly, the variable management fees collected by the insurance companies in addition to the fixed management fees were also the highest of the past five years, totaling NIS 814 million, or 2.2% of total accumulated assets. ±

16 Chart C-6 Development of Gross Yields in Participating Portfolio (Fund "Yud") by Months, 2003 Ƶ Ƶ Percent ±Æµ ± Ƶ Ƶ Jan. Feb. Mar. Apr. May. June. July. Aug. Sep. Oct. Nov. Dec. Source: Data of the insurance companies processed by the Capital Market, Insurance and Savings Division The monthly yields reported were positive throughout the year, with the exception of July, when a gross negative monthly yield of 0.3% was recorded, mainly due to the negative indices on TASE and the general share index. In April, May and October, gross monthly yields in excess of 2.5% were recorded due to sharp rises in the financial markets (in April, for example, the general share index rose by 13%). Toward the end of the year, yield rates moderated, reaching a gross level of 1.5 2%. ±µ

17 The Capital Market, Insurance and Saving Division Group name Migdal Clal Phoenix Harel Other Company name Table C-7 Gross and Net Yields Between the Years , by Insurance Groups (percent) 2001 Gross yield Net yield Average gross yield in past 5 years Average net yield in past 5 years Migdal Hamagen Clal Aryeh Phoenix Hadar Shiloah Sahar- Zion Menorah Ayalon Eliahu ILDC Source: Capital Market, Insurance and Savings Division * Note: The data for the years 2001 and 2002 refer to Shiloah only. Starting from January 1, 2003, Shiloah and Sahar-Zion merged. ±

18 Chart C-7 Net Yield and Management Fees in Insurance Companies, 2003 (Percent) Percent µæ Æ ±µæ ± Æ µæ Æ µæ Eliahu 2003 Management fees 2003 Gross ILDC Ayalon Hamagen Hadar Phoenix Migdal Insurance Companies Clal Aryeh Menorah Harel Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division Chart C-8 Average Net Yield and Average Management Fees, (Percent) Average management fees, last 5 years Percent Æ Æ Æ µæ Æ Æ Æ ±Æ Æ ±Æ Æ Æ Average net yield, last 5 years Eliahu Ayalon ILDC Hadar Phoenix Harel Hamagen Migdal Insurance companies Clal Aryeh Menorah Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division ±

19 The Capital Market, Insurance and Saving Division (3) Insurance Policies with Several Investment Tracks Several insurance companies (the Clal group, Bituach Yashir and the Migdal group) enable policyholders in the participating portfolio to invest the premium in additional investment tracks other than the general investment fund (hereinafter "Fund Yud "). In recent years, the field of investment management has become increasingly important in the insurance companies, and the above-mentioned companies now offer investment tracks characterized by varying levels of risk and by the possibility of combining the different tracks. However, the major portion of funds are managed in Fund "Yud," and the investment rules for this fund are the same for all investors. The trend toward specialization in the various investment tracks is expected to accelerate in the coming year and to be adopted by additional insurance companies. Table C-8 Clal Insurance Company Gross and Net Yields Between the Years , by Investment Tracks (percent) Track Gross Management Management Management Net Gross Net Gross fees fees fees Net Bonds (bonds and deposits) Foreign currency (at least 75% foreign currency-indexed) Mixed solid (up to 15% stocks) Mixed flexible (15%-50% stocks) Mixed speculative (50%-75% stocks) Stocks (at least 85% stocks) Shekel* Average weighted yield Source: Annual statements of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: Clal began to market this track starting from November 2002 ±

20 Table C-9 Direct Insurance Company Gross and Net Yields Between the Years , by Investment Tracks (percent) Track Solid (bonds and deposits) Medium (up to 15% stocks) Stock-oriented (up to 50% stocks) Average weighted yield Gross Management Management Management Net Gross Net Gross fees fees fees* Net Source: Annual statements of the insurance companies processed by Capital Market, Insurance and Savings Division * Note: In the first and second quarters of 2001, the company did not charge management fees. Year Table C-10 High and Low Gross Yields, (percent) Highest gross yield (max) Lowest gross yield (min) Standardized standard deviation Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division The standardized standard deviation of yields is an index enabling us to examine the scatter of yields achieved by the companies. A high standard deviation (as in 1998, for example) reflects a relatively high degree of scatter between the companies in terms of the management ±π

21 The Capital Market, Insurance and Saving Division of investments. Over the past four years, the degree of scatter has not been relatively high. In 2002, the standard deviation (in absolute terms) was relatively low (0.21), since most of the companies had achieved a gross annual yield in excess of 20%. Chart C-9 Gross Yield by Quarters in the Insurance Companies, 2003 (percent) µæ Æ µæ Æ ±µæ ± Æ µæ Æ µæ ± Æ Insurance companies' gross yield General bond index General stock index Consumer price index Q1 Q2 Q3 Q4 Source: Annual reports of the insurance companies processed by the Capital Market, Insurance and Savings Division 2003 was characterized by relatively positive indices in the capital market. In most months, the Consumer Price Index followed a moderate negative trend, while the general share index recorded steep rises in the second and fourth quarters, contributing as noted to the positive yields of the insurance companies.

22 Table C-11 Comparison Between Yields Achieved in Insurance Companies Fund "Yud", and Yields Achieved in Various Provident Funds, 2003 (percent) Insurance companies participating portfolio (Fund "Yud") Provident funds under control of banking corporation Provident funds managed by insurance companies Provident funds managed by private bodies Gross yield Management fees Net yield Source: Annual reports of the insurance companies and provident funds processed by the Capital Market, Insurance and Savings Division As the figures show, the highest yield (both gross and net) was achieved by the provident funds managed by private bodies. The gross yield for the insurance companies in the participating portfolio (Fund "Yud") is slightly higher than the gross yield they achieved in the provident funds under their management (21.03% and 20.57%, respectively). However, since the level of management fees collected in the participating portfolio is higher (as it is based on the company's yields in the portfolio), the net yield for the participating portfolio is lower than the yield achieved in the provident funds managed by the insurance companies (18.21% and 19.51%, respectively). ±

23 The Capital Market, Insurance and Saving Division 3. General Review of the Life Insurance Line in Israel in 2003 A. New Life Insurance Programs Marketed to the Insured as of January 1, 2004 Background The life insurance line has undergone substantial changes in terms of the structure and conditions of insurance policies, including a savings component marketed to the public since January 1, "Me'urav" and "Adif" type programs are no longer being marketed, and since the same date, new programs have been marketed to the public. The following is a description of the structure of the new programs, with an emphasis on the principal differences between these programs and those marketed through December 31, Structure of Programs The premium paid to the program comprises three components: savings, insurance coverage and expenses. Three forms of structure may be noted: Closed package like the "Me'urav" program. This program does not permit separate identification of each of the components of the premium. Semi-open package like the "Adif" program. This program permits identification of the components of the premium allocated for savings, but does not permit a distinction between the insurance coverage component and the expenses component. Open package like the new programs, this permits the separate identification of each component savings, insurance coverage and expenses. The open package is important for the following reasons: 1. The insured knows the level of expenses being collected from him through the insurance policy. 2. The insured can compare different insurance programs. 3. The programs compete in each of the components: Savings for the quality of the investment management; Expenses for the level of expenses in the program. Insurance coverage for the price and scope of the coverage.

Table C-6 Insurance company market share insurance reserves in the

Table C-6 Insurance company market share insurance reserves in the Life Insurance The Capital Market, Insurance and Saving Division Contents Introduction... 4 1. Structure of the life insurance sector... 6 2. Operational characteristics... 8 Profit from life insurance

More information

Contents. List of Tables. The Capital Market, Insurance and Saving Division Annual Report 2004

Contents. List of Tables. The Capital Market, Insurance and Saving Division Annual Report 2004 Life Insurance The Capital Market, Insurance and Saving Division Contents Introduction... 4 1. Life insurance sector structure... 5 2. Operational characteristics... 7 Profit from life insurance business...

More information

Table of Contents. List of Charts. The Capital Market

Table of Contents. List of Charts. The Capital Market Life Insurance The Capital Market Table of Contents 1. Introduction...4 2. Analysis of the Line...6 A. Premiums and Distribution of Insurance Types...6 B. The Assets Portfolio in Life Insurance...9 (1)

More information

The Stability of the Insurance Companies

The Stability of the Insurance Companies The Stability of the Insurance Companies The Capital Market, Insurance and Saving Division Contents 1. Introduction...4 2. Structure of the Industry...6 3. Profile of Operations... 11 4. Risks and Evaluation

More information

CAPITAL MARKET, INSURANCE AND SAVINGS DIVISION

CAPITAL MARKET, INSURANCE AND SAVINGS DIVISION CAPITAL MARKET, INSURANCE AND SAVINGS DIVISION Table of Contents 1. Introduction... 2. Industry analysis... A. Premiums and distribution of insurance types... B. Life Insurance Assets Portfolio... 1. General...

More information

Non-life and Health Insurance

Non-life and Health Insurance Non-life and Health Insurance The Capital Market, Insurance and Saving Division Contents 1. Introduction... 5 2. General Review of the Industry... 6 A. General 6 B. Market concentration... 13 3. Characteristics

More information

Stability of Insurance Companies

Stability of Insurance Companies Stability of Insurance Companies The Capital Market, Insurance and Saving Division Contents 1. Introduction...4 2. The Structure of the Insurance Sector...5 3. Characteristics of the Activity...10 4. Risks

More information

1. General Review of the Sector... 5. A. General... 35

1. General Review of the Sector... 5. A. General... 35 Non-life Insurance The Capital Market, Insurance and Saving Division Contents 1. General Review of the Sector... 5 A. General... 5 B. Concentration... 9 2. Profile of Operations and Outcomes... 14 A. Profitability...

More information

LIFE INSURANCE. Annual Report 2000

LIFE INSURANCE. Annual Report 2000 LIFE INSURANCE Annual Report 2000 C CONTENTS Introduction.....................................................................5 Analysis of the Life-Insurance Industry.............................................6

More information

Non-Life Insurance 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545

Non-Life Insurance 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545 456664 6262.65 336 679976 56437 13412.44 Ministry of Finance The Capital Market, Insurance &

More information

SAVING PLANS SAVING PLANS

SAVING PLANS SAVING PLANS SAVING PLANS 1 Table of contents 1. General... 3 2. Accumulation in savings plans...5 Table G-1: Accumulation in all savings plans in the years 1997-...5 Table G-2: Accumulation in all savings plans classified

More information

Pension Savings 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545

Pension Savings 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545 1645645 2400.000 13500000 3435800 78789.77 7897.078 234.234 6867 56764 5666 4554.784 455.345 90787865 896545 456664 6262.65 336 679976 56437 13412.44 Ministry of Finance The Capital, Insurance & Saving

More information

LIFE INSURANCE ANNUAL REPORT, 1998

LIFE INSURANCE ANNUAL REPORT, 1998 LIFE INSURANCE ANNUAL REPORT, 1998 CONTENTS General Survey... 4 Analysis of the Life Insurance Industry... 6 1. Types of Insurance Lines... 6 2. Distribution of the Portfolio of Assets... 8 3. Analysis

More information

Contents Analysis of the Life-Insurance Industry... General Survey of the Israeli Life-Insurance Industry 1999... 24 General Issues...

Contents Analysis of the Life-Insurance Industry... General Survey of the Israeli Life-Insurance Industry 1999... 24 General Issues... Contents 1. Analysis of the Life-Insurance Industry... 5 a. Premiums and Distribution of Types of Insurance... 5 b. Life-Insurance Assets Portfolio... 8 c. Participating Portfolio... 10 Share of Investments

More information

Contents. List of Tables. List of Charts. Non-Life Insurance

Contents. List of Tables. List of Charts. Non-Life Insurance Contents 1. Introduction... 3 2. Analysis of Business Outcomes in the Non-Life Insurance Lines... 4 A. General... 4 B. Profitability... 5 C. Concentration... 9 D. Outcomes in the Property Vehicle Insurance

More information

NON-LIFE INSURANCE NON-LIFE INSURANCE

NON-LIFE INSURANCE NON-LIFE INSURANCE NON-LIFE INSURANCE 1 Table of contents 1. Introduction... 4 2. Analysis of business results in the non-life insurance lines... 7 A. Profitability... 7 B. Concentration in the line... 8 C. Seasonality...

More information

Capital Market, Insurance and Savings Division. Annual Report

Capital Market, Insurance and Savings Division. Annual Report Capital Market, Insurance and Savings Division Annual Report 2002 Preface Preface Preface Like its predecessors, the 7th Annual Report of the Capital Market, Insurance and Savings Division reviews the

More information

Part F. Reforms in Pensions and in the Taxation of the Capital Market. 1. The Pension Reform

Part F. Reforms in Pensions and in the Taxation of the Capital Market. 1. The Pension Reform Part F 1. The Pension Reform Reforms in Pensions and in the Taxation of the Capital Market In May 2003, the Knesset approved a comprehensive reform in pension funds, under which their investment terms

More information

Capital Markets, Savings Division Annual Report 2011. Insurance

Capital Markets, Savings Division Annual Report 2011. Insurance Capital Markets, Insurance and Savings Division Annual Report 2011 Insurance Table of Contents 4.1 Non-life Insurance 76 4.1.1 Introduction 76 4.1.2 Insurance Premiums 77 4.1.3 Concentration Indices and

More information

PROVIDENT FUNDS PROVIDENT FUNDS

PROVIDENT FUNDS PROVIDENT FUNDS PROVIDENT FUNDS 1 2 Table of contents 1. Introduction and general review...3 A) Composition of membership in benefit and severance pay provident funds...6 B) High Centralization in banks...6 2. Summary

More information

Life Insurance Contracts

Life Insurance Contracts Compiled AASB Standard AASB 1038 Life Insurance Contracts This compiled Standard applies to annual reporting periods beginning on or after 1 January 2011 but before 1 January 2013. Early application is

More information

Table of Contents. 1. Company description 1-1 1.1 Organization structure 1-1

Table of Contents. 1. Company description 1-1 1.1 Organization structure 1-1 Clal Insurance Enterprises Holdings Ltd Financial Statements As At September 30,, 2014 Board of Directors' Report..11 Condensed consolidated interim financial statements....21 Financial data from the consolidated

More information

PROTOTYPE SIMPLIFIED EMPLOYEE PROTOTYPE PLAN

PROTOTYPE SIMPLIFIED EMPLOYEE PROTOTYPE PLAN PROTOTYPE SIMPLIFIED EMPLOYEE PROTOTYPE PLAN PROTOTYPE SIMPLIFIED EMPLOYEE PENSION PLAN AGREEMENT ARTICLE I Adoption and Purpose of Plan 1.01 Adoption of Plan: By completing and signing the Adoption Agreement,

More information

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond

Key Features of investing in an Old Mutual Wealth Collective. via an Old Mutual International - International Portfolio Bond Key Features of investing in an Old Mutual Wealth Collective Investment Account* via an Old Mutual International - International Portfolio Bond For UK Customers *Provided by Old Mutual Wealth Limited The

More information

Contractual savings institutions in Israel

Contractual savings institutions in Israel Contractual savings institutions in Israel The Capital Market, Insurance and Saving Division CONTRACTUAL SAVINGS INSTITUTIONS IN ISRAEL IN 2004 AND THEIR LONG-TERM DEVELOPMENT 1 The array of financial

More information

SIMPLIFIED EMPLOYEE PLAN

SIMPLIFIED EMPLOYEE PLAN SIMPLIFIED EMPLOYEE PLAN SIMPLIFIED EMPLOYEE PENSION PLAN AGREEMENT ARTICLE I Adoption and Purpose of Plan 1.01 Adoption of Plan: By completing and signing the Adoption Agreement, the Employer adopts the

More information

SURRENDER REQUEST. 1. Copy of a cheque, or a cancelled cheque, or certification of account details from the bank (including full name and ID number)

SURRENDER REQUEST. 1. Copy of a cheque, or a cancelled cheque, or certification of account details from the bank (including full name and ID number) SURRENDER REQUEST The following documents must be attached: 1. Copy of a cheque, or a cancelled cheque, or certification of account details from the bank (including full name and ID number) 2. Legible

More information

114CSR8 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 8 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS

114CSR8 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 8 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS 114CSR8 LEGISLATIVE RULES INSURANCE COMMISSIONER SERIES 8 REPLACEMENT OF LIFE INSURANCE POLICIES AND ANNUITY CONTRACTS Section 114-8-1. General. 114-8-2. Definitions. 114-8-3. Exemptions. 114-8-4. Duties

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2009 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations

Financial Review. 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 2011 Financial Review 16 Selected Financial Data 18 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 90

More information

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited)

CANADIAN TIRE BANK. BASEL PILLAR 3 DISCLOSURES December 31, 2014 (unaudited) (unaudited) 1. SCOPE OF APPLICATION Basis of preparation This document represents the Basel Pillar 3 disclosures for Canadian Tire Bank ( the Bank ) and is unaudited. The Basel Pillar 3 disclosures included

More information

Life Assurance (Provision of Information) Regulations, 2001

Life Assurance (Provision of Information) Regulations, 2001 ACTUARIAL STANDARD OF PRACTICE LA-8 LIFE ASSURANCE PRODUCT INFORMATION Classification Mandatory MEMBERS ARE REMINDED THAT THEY MUST ALWAYS COMPLY WITH THE CODE OF PROFESSIONAL CONDUCT AND THAT ACTUARIAL

More information

Chapter 89. Regulation 70 Replacement of Life Insurance and Annuities INSURANCE

Chapter 89. Regulation 70 Replacement of Life Insurance and Annuities INSURANCE INSURANCE I am a member of the American Academy of Actuaries (or if not, state other qualifications to sign annual statement actuarial opinions). I have examined the interest-indexed universal life insurance

More information

11 NCAC 12.0436 INSURANCE POLICY REQUIREMENTS The Commissioner shall not approve any variable life insurance form filed pursuant to this Rule unless

11 NCAC 12.0436 INSURANCE POLICY REQUIREMENTS The Commissioner shall not approve any variable life insurance form filed pursuant to this Rule unless 11 NCAC 12.0436 INSURANCE POLICY REQUIREMENTS The Commissioner shall not approve any variable life insurance form filed pursuant to this Rule unless it conforms to the requirements of this Section: (1)

More information

Offshore Savings Account Key Features

Offshore Savings Account Key Features Offshore Savings Account Offshore Savings Account Key Features This document shows the main points about your Offshore Savings Account. Please read it with your personal illustration and keep it with the

More information

State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 1511 Pontiac Avenue Cranston, RI 02920

State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 1511 Pontiac Avenue Cranston, RI 02920 Table of Contents State of Rhode Island and Providence Plantations DEPARTMENT OF BUSINESS REGULATION Division of Insurance 1511 Pontiac Avenue Cranston, RI 02920 INSURANCE REGULATION 29 LIFE INSURANCE

More information

Kansas City 4Life Insurance Company

Kansas City 4Life Insurance Company Kansas City 4Life Insurance Company 2010 Fourth Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

RULE 97 LIFE INSURANCE AND ANNUITIES REPLACEMENT

RULE 97 LIFE INSURANCE AND ANNUITIES REPLACEMENT Table of Contents RULE 97 LIFE INSURANCE AND ANNUITIES REPLACEMENT Section 1. Purpose and Scope Section 2. Authority Section 3. Definitions Section 4. Duties of Producers Section 5. Duties of Insurers

More information

CHAPTER 11 Solutions STOCKHOLDERS EQUITY

CHAPTER 11 Solutions STOCKHOLDERS EQUITY CHAPTER 11 Solutions STOCKHOLDERS EQUITY Chapter 11, SE 1. 1. c 4. 2. a 5. 3. b 6. d e a Chapter 11, SE 2. 1. Advantage 4. 2. Disadvantage 5. 3. Advantage 6. Advantage Disadvantage Advantage Chapter 11,

More information

Allstate ChoiceRate Annuity

Allstate ChoiceRate Annuity Allstate ChoiceRate Annuity Allstate Life Insurance Company P.O. Box 80469 Lincoln, NE 68501-0469 Telephone Number: 1-800-203-0068 Fax Number: 1-866-628-1006 Prospectus dated May 1, 2008 Allstate Life

More information

CENTURY II VARIABLE UNIVERSAL LIFE PROSPECTUS INDIVIDUAL FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE CONTRACT

CENTURY II VARIABLE UNIVERSAL LIFE PROSPECTUS INDIVIDUAL FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE CONTRACT CENTURY II VARIABLE UNIVERSAL LIFE PROSPECTUS INDIVIDUAL FLEXIBLE PREMIUM VARIABLE LIFE INSURANCE CONTRACT KANSAS CITY LIFE VARIABLE LIFE SEPARATE ACCOUNT OF KANSAS CITY LIFE INSURANCE COMPANY Street Address:

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES. The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows:

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES. The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows: BUYER S GUIDE TO FIXED DEFERRED ANNUITIES The face page of the Fixed Deferred Annuity Buyer s Guide shall read as follows: Prepared by the National Association of Insurance Commissioners The National Association

More information

KANSAS CITY LIFE INSURANCE COMPANY. Kansas City Life Variable Life Separate Account

KANSAS CITY LIFE INSURANCE COMPANY. Kansas City Life Variable Life Separate Account KANSAS CITY LIFE INSURANCE COMPANY Kansas City Life Variable Life Separate Account Supplement dated May 1, 2015 to the Prospectus dated May 1, 2015 for the Century II Variable Universal Life Insurance

More information

I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012

I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012 I N F O R M A T I O N A B O U T T R A D I N G I N S E C U R I T I E S Applicable from March 2012 This is a translation of the document Oplysninger om handel med værdipapirer in the Danish language. In

More information

360 Easy Payroll Services

360 Easy Payroll Services 360 Easy Payroll Services General Terms and Conditions: 1. Promotion Period is from 1 Jul 2015 to 31 Dec 2015 (both dates inclusive) ("Promotion Period"). 2. Dah Sing Octopus App Card refers to Dah Sing

More information

ACORN LIFE PERSONAL PENSION PLAN SINGLE CONTRIBUTION PROVISIONS

ACORN LIFE PERSONAL PENSION PLAN SINGLE CONTRIBUTION PROVISIONS ACORN LIFE PERSONAL PENSION PLAN SINGLE CONTRIBUTION PROVISIONS 1. Summary (a) This Policy is a Single Contribution Personal Pension Plan issued by us, Acorn Life Limited (the Company ). The purpose of

More information

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11)

POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) POLICY CONDITIONS Approved Minimum Retirement Fund (PC AM5 02/11) Section 1 Section 2 Section 3 Section 4 Section 5 Section 6 Contract and definitions Contributions The funds Unit linking Benefits & Options

More information

The accompanying notes constitute an integral part of the Financial Statements.

The accompanying notes constitute an integral part of the Financial Statements. Consolidated Statement of Financial Position Assets Note As at December 31 1022 1020 Intangible assets 4 797,997 785,585 Deferred tax assets 78 9,357 5,565 Deferred acquisition costs 5 8,535,538 949,585

More information

13.9.6.1 ISSUING AGENCY: New Mexico Public Regulation Commission, Insurance Division. [13.9.6.1 NMAC - Rp 13 NMAC 9.6.1, 1-1-04]

13.9.6.1 ISSUING AGENCY: New Mexico Public Regulation Commission, Insurance Division. [13.9.6.1 NMAC - Rp 13 NMAC 9.6.1, 1-1-04] TITLE 13 CHAPTER 9 PART 6 INSURANCE LIFE INSURANCE AND ANNUITIES REPLACEMENT OF LIFE INSURANCE AND ANNUITIES 13.9.6.1 ISSUING AGENCY: New Mexico Public Regulation Commission, Insurance Division. [13.9.6.1

More information

THE PAYMENT AND SETTLEMENT SYSTEMS 2007

THE PAYMENT AND SETTLEMENT SYSTEMS 2007 THE PAYMENT AND SETTLEMENT SYSTEMS 2007 1. INTRODUCTION The payment and settlement system was upgraded in 2007 with the introduction of a Real Time Gross Settlement (RTGS) system known in Israel as Zahav,

More information

The single source for all your executive benefit needs. A Primer on. Nonqualified Deferred

The single source for all your executive benefit needs. A Primer on. Nonqualified Deferred M Benefit Solutions The single source for all your executive benefit needs A Primer on Nonqualified Deferred Compensation Plans DISCLOSURE INFORMATION This material is intended for informational purposes

More information

Accessing the Cash Values in Your RBC Insurance Universal Life Plan

Accessing the Cash Values in Your RBC Insurance Universal Life Plan Accessing the Cash Values in Your RBC Insurance Universal Life Plan Learn the advantages and disadvantages of the three ways you can access your money Contents: Three ways to access your Cash Values...............................

More information

Important information. Key Features of the Prudential International Investment Portfolio

Important information. Key Features of the Prudential International Investment Portfolio Important information Key Features of the Prudential International Investment Portfolio > Contents About this booklet 3 About the Prudential International Investment Portfolio 3 Its aim 4 Your investment

More information

LIA Guidelines on Benefit Illustrations

LIA Guidelines on Benefit Illustrations LIA Guidelines on Benefit Illustrations CONTENTS 1 Purpose 2 Basis for illustrating policy benefits 3 Basis for illustrating policy charges 4 Format of main benefit illustrations 5 Other requirements on

More information

DRAFT May 2012. Objective and key requirements of this Prudential Standard

DRAFT May 2012. Objective and key requirements of this Prudential Standard Prudential Standard LPS 340 Valuation of Policy Liabilities Objective and key requirements of this Prudential Standard The ultimate responsibility for the value of a life company s policy liabilities rests

More information

Life Insurance Contracts

Life Insurance Contracts Compiled Accounting Standard AASB 1038 Life Insurance Contracts This compilation was prepared on 23 September taking into account amendments made up to and including 15 September 2005. Prepared by the

More information

Protection That Offers Selection To Fit Your Lifestyle! More Choices More Control!

Protection That Offers Selection To Fit Your Lifestyle! More Choices More Control! Protection That Offers Selection To Fit Your Lifestyle! More Choices More Control! Consumer Brochure A Flexible Premium Life Insurance Policy with Equity Index Options Policy Form 01-1143-07 and state

More information

Understanding Annuities

Understanding Annuities This guide: Explains the different types of annuity contracts Describes the various contractual features Discusses how to shop for an annuity State of Wisconsin Office of the Commissioner of Insurance

More information

Fortis Health. Medical Savings Account. Disclosure Statement and Adoption Agreement for Individual Medical. MSA Disclosure Statement

Fortis Health. Medical Savings Account. Disclosure Statement and Adoption Agreement for Individual Medical. MSA Disclosure Statement Fortis Health Medical Savings Account Disclosure Statement and Adoption Agreement for Individual Medical MSA Disclosure Statement Medical Savings Account The Fortis Health Medical Savings Account (MSA)

More information

The Lafayette Life Insurance Company Agents Products Quiz The Marquis Series of Products and Other Annuities

The Lafayette Life Insurance Company Agents Products Quiz The Marquis Series of Products and Other Annuities There are different types of annuity products that can serve different needs. Even within a particular type of annuity product category, for example a fixed indexed annuity, the benefits and features can

More information

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION

CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW -2005 UP-TO-DATE FULL TEXT ENGLISH TRANSLATION CONTROL OF FINANCIAL SERVICES (PROVIDENT FUNDS) LAW 5765-2005 2 CONTENTS CONTROL OF FINANCIAL SERVICES

More information

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS

PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS December 2014 PRINCIPLES FOR PRODUCING AND SUBMITTING REPORTS (1) The balance sheet and income statement are in euros, rounded up to integers. Amounts recorded in foreign currencies must be converted into

More information

SOCIAL INSURANCE FUNDS AND INSURANCE COMPANIES

SOCIAL INSURANCE FUNDS AND INSURANCE COMPANIES CHAPTER XVIII SOCIAL INSURANCE FUNDS AND INSURANCE COMPANIES I. SOCIAL INSURANCE FUNDS 1. Main Developments Receipts of social insurance funds from employer and employee contributions increased by an appreciable

More information

The Personal Portfolios Retirement Annuity Fund

The Personal Portfolios Retirement Annuity Fund The Personal Portfolios Retirement Annuity Fund What is the purpose of the Fund? Sanlam Investment Management ( SIM ) provides an solution within the Sanlam Investment Management Retirement Plan. This

More information

Canada Life Approved Retirement Fund with lifelong income benefit

Canada Life Approved Retirement Fund with lifelong income benefit Canada Life Approved Retirement Fund with lifelong income benefit Guarantee your income for life GUARANTEES PROTECTION STRENGTH Why choose Canada Life? The strongest life assurance group in Ireland We

More information

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards]

Consolidated Settlement of Accounts for the First 3 Quarters Ended December 31, 2011 [Japanese Standards] The figures for these Financial Statements are prepared in accordance with the accounting principles based on Japanese law. Accordingly, they do not necessarily match the figures in the Annual Report issued

More information

CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT April 2014

CERTIFICATE OF DEPOSIT DISCLOSURE STATEMENT April 2014 The information contained in this Disclosure Statement may not be modified by any oral representation made prior or subsequent to the purchase of your Certificate of Deposit. CERTIFICATE OF DEPOSIT DISCLOSURE

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2012 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Annuities The Key to a

Annuities The Key to a Annuities The Key to a Secure Retirement 1 Saving for retirement is crucial, and making sure those resources last throughout your lifetime is just as important. Annuities do both helping you save, then

More information

Actuarial Report. On the Proposed Transfer of the Life Insurance Business from. Asteron Life Limited. Suncorp Life & Superannuation Limited

Actuarial Report. On the Proposed Transfer of the Life Insurance Business from. Asteron Life Limited. Suncorp Life & Superannuation Limited Actuarial Report On the Proposed Transfer of the Life Insurance Business from Asteron Life Limited to Suncorp Life & Superannuation Limited Actuarial Report Page 1 of 47 1. Executive Summary 1.1 Background

More information

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview

Information. Canada s Life and Health Insurers. Canada s Financial Services Sector. Overview Information Canada s Life and Health Insurers Canada s Financial Services Sector September 2002 Overview Canada s life and health insurance industry comprises 120 firms, down from 163 companies in 1990,

More information

IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME

IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME IRAS e-tax Guide INCOME TAX: TAX DEDUCTION FOR SHARES USED TO FULFILL OBLIGATIONS UNDER AN EMPLOYEE EQUITY-BASED REMUNERATION SCHEME Published by Inland Revenue Authority of Singapore Published on 8 Jul

More information

State Cashflow Management

State Cashflow Management Informational Paper 77 State Cashflow Management Wisconsin Legislative Fiscal Bureau January, 2009 State Cashflow Management Prepared by Dave Loppnow Wisconsin Legislative Fiscal Bureau One East Main,

More information

Fixed Deferred Annuities

Fixed Deferred Annuities Buyer s Guide to: Fixed Deferred Annuities with Appendix for Equity-Indexed Annuities National Association of Insurance Commissioners 2301 McGee St Suite 800 Kansas City, MO 64108-2604 (816) 842-3600 1999,

More information

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED

NEWS RELEASE BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME OF $1.9 MILLION, OR $0.40 PER DILUTED SHARE SERIES A PREFERRED STOCK TO BE REDEEMED NEWS RELEASE FOR FURTHER INFORMATION: WEBSITE: www.bnccorp.com TIMOTHY J. FRANZ, CEO TELEPHONE: (612) 305-2213 DANIEL COLLINS, CFO TELEPHONE: (612) 305-2210 BNCCORP, INC. REPORTS THIRD QUARTER NET INCOME

More information

Online Group Income Protection Technical Guide

Online Group Income Protection Technical Guide For commercial customers and their advisers only Online Group Income Protection Technical Guide Reference BGR/5575/SEP13 Contents Page Its aims Employers your commitment Risk factors How does the policy

More information

Kansas City 2Life Insurance Company

Kansas City 2Life Insurance Company Kansas City 2Life Insurance Company 2011 Second Quarter Report Includes our subsidiaries: Sunset Life Insurance Company of America Old American Insurance Company Sunset Financial Services, Inc. Post Office

More information

Highlights of 1H FY2015 Results. November 18, 2015

Highlights of 1H FY2015 Results. November 18, 2015 Highlights of 1H FY2015 Results November 18, 2015 Table of Contents 1. Trend of business results 3. Domestic life insurance Summary of 1H FY2015 results 3 Overview of 1H FY2015 results Himawari Life 27

More information

UBS Financial Services Inc. SIMPLE IRA Summary Description

UBS Financial Services Inc. SIMPLE IRA Summary Description UBS Financial Services Inc. SIMPLE IRA Summary Description Your employer has adopted a SIMPLE IRA Plan (SIMPLE IRA Plan) to provide you with a tax-deferred means to accumulate savings for retirement through

More information

Flexible Premium Universal Life Insurance with an Indexed Feature A Life Insurance Illustration

Flexible Premium Universal Life Insurance with an Indexed Feature A Life Insurance Illustration Initial Base Face Amount = $ Total Initial Annual Premium = $ About the Universal Life Insurance Policy Phoenix Simplicity Index Life is a single life flexible premium universal life insurance policy with

More information

SOLVENCY OF INSURANCE COMPANIES

SOLVENCY OF INSURANCE COMPANIES SOLVENCY OF INSURANCE COMPANIES B CONTENTS Main Findings..................................................................6 Life Insurance...................................................................6

More information

Voya SmartDesign Multi-Rate Index Annuity

Voya SmartDesign Multi-Rate Index Annuity Voya Insurance and Annuity Company Deferred Modified Guaranteed Annuity Prospectus Voya SmartDesign Multi-Rate Index Annuity May 1, 2015 This prospectus describes Voya SmartDesign Multi-Rate Index Annuity,

More information

Jackson National Life Global Funding U.S. $9,000,000,000

Jackson National Life Global Funding U.S. $9,000,000,000 BASE PROSPECTUS SUPPLEMENT Jackson National Life Global Funding U.S. $9,000,000,000 GLOBAL DEBT ISSUANCE PROGRAM This supplement (this Base Prospectus Supplement ) is supplemental to and must be read in

More information

The individual. A Resource for Your Retirement

The individual. A Resource for Your Retirement Retirement today requires more planning than for previous generations. Americans are living longer many will live 20 to 30 years or more in retirement. Finding a way to make savings last over such a long

More information

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144

Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 Contact: Charlene Hamrah (Investment Community) (212) 770-7074 Joe Norton (News Media) (212) 770-3144 AIG REPORTS FIRST QUARTER 2006 NET INCOME OF $3.20 BILLION NEW YORK, NY, May 10, 2006 American International

More information

Policyholder Protection In Mutual Life Insurance Company Reorganizations

Policyholder Protection In Mutual Life Insurance Company Reorganizations Policyholder Protection In Mutual Life Insurance Company Reorganizations Introduction This practice note was prepared by a work group organized by the Committee on Life Insurance Financial Reporting of

More information

Disclosure of Important Information to Life Insurance Customers

Disclosure of Important Information to Life Insurance Customers (Applicable to Bank of Communications Co., Ltd. Hong Kong Branch) (The Disclosures are written in Chinese and English. In case of discrepancy, the English version shall prevail.) Disclosure of Important

More information

Agreement for Trading on itrend

Agreement for Trading on itrend Agreement for Trading on itrend This agreement constitutes a contract between: 1. AVUS CAPITAL Ltd., a licensed investment intermediary having its registered office at Litex Tower, fl. 10, 3 Lachezar Stanchev

More information

(125th General Assembly) (Substitute House Bill Number 243) AN ACT

(125th General Assembly) (Substitute House Bill Number 243) AN ACT (125th General Assembly) (Substitute House Bill Number 243) AN ACT To amend sections 3901.043, 3901.51, 3905.24, and 3915.073, to enact section 3905.422, and to repeal sections 3957.01, 3957.02, 3957.03,

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES WITH APPENDIX FOR EQUITY-INDEXED ANNUITIES Prepared by the NAIC National Association of Insurance Commissioners The National Association of Insurance Commissioners

More information

Finansinspektionen s Regulatory Code

Finansinspektionen s Regulatory Code Finansinspektionen s Regulatory Code Publisher: Finansinspektionen, Sweden, www.fi.se ISSN 1102-7460 This document is furnished for informational purposes only and is not itself a legal document. Finansinspektionen

More information

Understanding Annuities

Understanding Annuities This guide: Explains the different types of annuity contracts Describes the various contractual features Discusses how to shop for an annuity State of Wisconsin Office of the Commissioner of Insurance

More information

per share diluted 44.40 Equity ratio millions of yen 188,789 Total

per share diluted 44.40 Equity ratio millions of yen 188,789 Total Consolidated Financial Results for the First Half of the Fiscal Year Ending March h 31, 2016 (April 1, 2015 through September 30, 2015) ( Prepared pursuant to Japanese GAAP) All financial information has

More information

Agencia Tributaria TAX REVENUE MONTHLY REPORT

Agencia Tributaria TAX REVENUE MONTHLY REPORT Agencia Tributaria TAX REVENUE MONTHLY REPORT FEBRUARY 2014 TAX REVENUE PERFORMANCE Total tax revenue rose by 7.5% until February and this is the highest accumulated rate since 2007. Tax revenue mounted

More information

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations

FINANCIAL REVIEW. 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 2012 FINANCIAL REVIEW 18 Selected Financial Data 20 Management s Discussion and Analysis of Financial Condition and Results of Operations 82 Quantitative and Qualitative Disclosures About Market Risk 88

More information

Commercial Union Life Assurance Company Limited

Commercial Union Life Assurance Company Limited Commercial Union Life Assurance Limited Registered office: St Helen s, 1 Undershaft, London, EC3P 3DQ Annual FSA Insurance Returns for the year ended 31st December 2002 Accounts and statements pursuant

More information

Investment-linked Insurance plans (ILPs)

Investment-linked Insurance plans (ILPs) Produced by > your guide to Investment-linked Insurance plans (ILPs) An initiative of This Guide is an initiative of the MoneySENSE national financial education programme. The MoneySENSE programme brings

More information

INSTITUTE OF ACTUARIES OF INDIA

INSTITUTE OF ACTUARIES OF INDIA INSTITUTE OF ACTUARIES OF INDIA EXAMINATIONS 17 th November 2011 Subject CT5 General Insurance, Life and Health Contingencies Time allowed: Three Hours (10.00 13.00 Hrs) Total Marks: 100 INSTRUCTIONS TO

More information

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES

BUYER S GUIDE TO FIXED DEFERRED ANNUITIES BUYER S GUIDE TO FIXED DEFERRED ANNUITIES Prepared by the National Association of Insurance Commissioners The National Association of Insurance Commissioners is an association of state insurance regulatory

More information