Life insurance

Asian insurance giant AIA Group Ltd. is considering selling some life insurance legacy assets in Australia as part of its strategy to streamline its portfolio, according to people familiar with the matter.

Zurich Insurance Group agreed to sell its Italian life and pensions back book to Portuguese insurer GamaLife, the first step in a plan by the Swiss company to improve capital allocations.

Wyshbox is the marketing name for Wysh Life and Health Insurance, which provides term life insurance for consumers with digital customized plans.

Chubb Ltd. is joining with insurance-tech startup Betterfly for offerings in Mexico, Colombia, Ecuador, Chile and Argentina as the companies seek to tap into under-served Latin American markets.

A list with the names of about 100 global investors has been shared with the 10 banks working on the deal and the institutions will approach different sets of investors, according to people with knowledge of the matter who asked not to be named as discussions are private.

The funding round was led by AIA Insurance Inc. as Tiki looks to expand into life insurance and plans a U.S. initial public offering.

In other news: AgentSync acquires Finvera; Cart.com teams up with Extend; SkyWatch launches usage-based insurance with Global Aerospace.

China Life Insurance Co. posted a drop in third-quarter profit as a slowing economy weighed on the nation’s largest life insurer.

In other news: Zurich releases cyber risk survey results; Hertz and Uber to add 50,000 Teslas to network; Amica selects Shift Technology.

About four in 10 executives cited technology as their company’s greatest challenge, twice as many as in 2019, according to a new survey from LIMRA and Boston Consulting Group.

The change is effective Jan. 1, when Lyons will move to the newly created role of executive vice president, global chief actuary and head of portfolio management, the New York-based insurer said in a statement Monday.

Life insurers are warning Chile that they may have their day in court if a bill that allows people to demand early annuity payments is passed into law.

Digital Insurance spoke with Maroun Mourad, president of global underwriting and leader of the life unit at Verisk about life insurance technology and what’s ahead for the industry.

This year’s 40% stock dive has cut its price-to-earnings ratio to just above 6, slightly more than the Shanghai Stock Exchange Property Index’s multiple of 5.7 and a far cry from the 20-plus commanded by insurance peers Berkshire Hathaway Inc. and AIA Group Ltd.

The transaction, which involves Cigna’s businesses in Hong Kong, Indonesia, Korea, New Zealand, Taiwan and Thailand as well as its interest in a joint venture in Turkey, comes months after Chubb was repeatedly rebuffed in its bid to take over Hartford Financial Services Group Inc. for about $25 billion.

Haven Technologies will make the platform behind MassMutal’s Haven Life available as a software-as-a-service insurtech.

The Chinese insurance giant is working with financial advisers on the potential sale, which could value Founder’s life insurance unit at as much as $1 billion, the people said, asking not to be identified because the matter is private.

The Palo Alto, California-based company is now valued at $900 million, according to people with knowledge of the matter.

Resolution and Allianz have been working with advisers on a deal that could be announced as early as this week pending regulatory approval, the people said, asking not to be identified because the information is private. The transaction would affect roughly $6 billion in liabilities that would be ceded to Resolution Life, which is run by former GE Insurance executive Clive Cowdery, they said.

Europe’s largest insurer is discussing a potential reinsurance deal for a portfolio with tens of billions of dollars in assets and liabilities, according to the people. It is working with advisers on the possible transaction, the people said, asking not to be identified because the information is private.