Allianz reports weaker results ahead of strategy review
Global insurer Allianz will be undertaking a strategy review this month and will be doing so amid weaker financial results. The firm has reported a dip in third quarter earnings as its asset management and insurance revenues were hit by market conditions. Reuters reports that net profit at Allianz was down 15 per cent in Q3 2015 but still expects full year profit to be towards the top end of its forecast. Insurance business has been hit by a $65 million exposure to the Tianjin port explosions in China while its Pimco assets business suffered outflows following the departure of Bill Gross.
Insurance sector among best for wage growth
A new study says that those working for insurance carriers are doing better for wage increases than many others. The analysis of US labor data from CareerBuilder and Economic Modeling Specialists found that post-recession wage growth has been slow for many jobs but that insurance carriers have paid an average of 2.4 per cent more between 2010 and 2015; more than software publishers and aerospace parts manufacturers. Average wages in 2015 for insurance workers are $84,879 with a 4 per cent increase in industry jobs in the US to 1.296 million.
Canadian insurer wins industry award
Sun Life of Canada has been awarded a major industry award for its business in the Philippines. The company was named “Life Insurance Company of the Year” at the AIIA awards held in Singapore. It was the first time that an insurer incorporated in the Philippines has won the accolade.
London markets adopt Sharia-compliant insurance products
The burgeoning Islamic finance market in London has promoted the insurance sector to offer Sharia-compliant products which are key to the market maintaining its global position. That was the message delivered by the chief executive of the International Underwriting Association at a speech to the Islamic Insurance Association of London. Dave Matcham said that developing the products had filled a gap in “the financial jigsaw.”
