Primerica reports 14 per cent growth in life policies
Quarterly results for Primerica Inc. reveal a 14 per cent rise in life insurance policies issued compared with the second-quarter of 2015.
Overall revenue was up 8 per cent to $379.2 million with operating revenue up 7 per cent to $375.8 million. Net income was up 21 per cent to $59.3 million and net operating income was up 17 per cent to $57.1 million.
The insurer also revealed that it had seen double-digit growth in its sales agent numbers in the year: “Recruiting and licensing momentum continued resulting in 11 per cent growth in the size of our life insurance licensed sales force year-over-year to 112,365 representatives,” Glenn Williams, Chief Executive Officer said.
Call for Brexit protection for brokers
The body representing insurance brokers in the UK has called on the government to protect key elements of the industry during forthcoming negotiations with the EU over Brexit.
The British Insurance Brokers Association (BIBA) has written a letter to ministers setting out 11 points that it says must be considered within the deals agreed between the UK and EU.
Top of the list is ‘passporting’ the agreement that allows businesses to operate across the EU without requiring a registered business unit in each member state. Without this, and being within the European single-market, BIBA warns that the insurance industry will suffer a loss of trade.
The association also says that the UK’s regulatory regime should be in step with current EU rules; protection should be included for brokerage staff who currently work across European offices; and there should not be additional barriers for UK insurers that wish to acquire EU insurers.
There is also concern expressed over potential issues for captive insurance companies, tax and insurance coverage for auto and travel policies.
Manulife appoints global marketing officer
Gretchen Garrigues has been appointed executive vice president and global chief marketing officer at Manulife and John Hancock. She will be responsible for the insurer’s branding worldwide and will serve on the firm’s executive committee.
“We have embarked on a strategy that is far more customer-focused, which requires a senior leader who can build marketing capabilities in the organization and drive the development of a customer-centric culture across all functions,” said Paul Rooney, senior executive vice president and COO.
