Posts Tagged
2018
Pan-European Pensions – Dream or Reality? Full Text
It’s a globalized world, and corporations are increasingly multinational, with multiple locations and evermore mobile employees.
As pension burdens increasingly weigh on public finances, retirement is not only the responsibility of the state, but also of employers. The time has come for a more global HR policy on pensions.
Due to their diversity and complexity, pension schemes often have been set up locally, without neither a common benefits policy at the group level nor efficient monitoring and cost control by the parent company. This approach, while practical, is not without risks: counterparty risk in case of default by a service provider; reputational risk if the pensions paid out are insufficient; and above all, financial risk if the company must compensate for the inadequacies of local schemes.
The transfer of Defined Benefits to Defined Contributions reduces the financial commitment burden on companies. Unmonitored DC plans in countries where regulations provide for guaranteed returns (such as the Netherlands, Belgium, and Germany) can transform DC schemes into a new form of DB, as guaranteed rates often remain the responsibility of the sponsor company.
Transamerica publishes guide to help employers identify wellness programs to fit their unique workplace
The Transamerica Center for Health Studies (TCHS), together with the Interdisciplinary Center for Healthy Workplaces (ICHW) at UC Berkeley, in February 2018 released their guide, Finding Fit: Implementing Workplace Wellness Programs Successfully, which is a helpful resource for organizations offering wellness programs for their employees. The employer guide features an emphasis on small and medium organizations and focuses on the types of wellness programs that have been shown to
What will the workplace be like in 2030? PWC report posits scenarios
Pricewaterhouse Cooper (PwC) in February 2018 released a report, What will Work Look Like in 2030? that takes a look at the future of the workplace. The report asks the reader to imagine ‘four radically different scenarios for how companies will manage people and how people will manage their work and careers. Authors Jeff Hesse and Scott Olsen write, ‘We are living through a fundamental transformation in the way
Generali Global Assistance partners with Deposits.com
Generali Global Assistance (GGA) in February 2018 announced that it has implemented its proprietary identity and digital protection platform for Deposits.com, which is now able to offer its customers 360° identity protection services including prevention, monitoring, alerts and resolution tools. Deposits.com is a multi-platform financial directory and secure, online portal that connects financial institutions with consumers looking to open financial accounts, take out a mortgage or loan, find a
Issue 025,
January-February 2018
Pan-European Pensions, Dream or Reality? Interview Xavier Collot, Amundi and Nicolas Hubé, Johnson & Johnson
Interview: James W. Reid, MetLife Global EB
Type-2 Diabetes Can Be Treated by Weight Loss, by Mike Lean
Is Purpose a Better Goal than Happiness? The Japanese Concept of Ikigai, by Iza Kavedžija
U.S. Life Expectancy Drops Again, by David Bishai
Amazon Could Be a Disrupter of the Healthcare System, by J.B. Silvers
GBV Issue 25 Table of Contents, January-February 2018
Pan-European Pensions, Dream or Reality? Interview Xavier Collot, Amundi and Nicolas Hubé, Johnson & Johnson James W. Reid, MetLife Global EB Interview Type-2 Diabetes Can Be Treated by Weight Loss Mike Lean Is Purpose a Better Goal than Happiness? The Japanese Concept of Ikigai Iza Kavedžija U.S. Life Expectancy Drops Again David Bishai Amazon Could Be a Disrupter of the Healthcare System J.B. Silvers
E.U. postpones Directive on insurance distribution
European Union (E.U.) Directive 2016/97, which regulates the distribution of insurance products and is intended to strengthen consumer protection, in February 2018 was postponed by a few months. The deadline for implementation, initially set to February 23, 2018, is now pushed back to October 2018. The deadline for transposition into national laws by E.U. Member States is extended to July 1, while the deadline for application is now October
MOVE Guides acquires Polaris Global Mobility
After raising $48 million in 2017 to tap into the growing needs of businesses to handle their global workforces, MOVE Guides in February 2018 announced the acquisition of Polaris Global Mobility, in order to expand its footprint in the market and the services it offers to customers. Polaris works with large enterprises to build software to manage expat programs and payroll. With the acquisition, MOVE Guides will now be
SoftBank May Acquire Up To One-Third of Swiss Re
Swiss Re in February 2018 announced it was in preliminary talks with Japanese conglomerate SoftBank, which could end up owning up to one-third of the global reinsurer. The deal is valued at around USD 10 billion. Other $10+ bn investments by SoftBank include Sprint (telecoms), ARM Holdings (microprocessors), Vodafone Japan (telecom), Didi Chuxing, Uber Technologies (both transportation); smaller investments in insurance include Lemonade. As to the rationale behind the
JoAnne Steed joins Lockton EB operations in Florida
JoAnne Steed in January 2018 has been named senior account executive at Lockton’s South Florida operation, and will be responsible for day to day client strategy and service on health and welfare plans, benefits administration, benefits financing, and structuring employee benefits programs. An experienced employee benefits advisor with more than 15 years of experience guiding clients as an account manager and consultant, Steed has previously worked with Mercer, United
Nicolas Savy named Executive VP, Finance and Data, at Henner Group
Broker and iPMI third-party administrator Henner Group in January 2018 announced that they have named Nicolas Savy as Executive Vice President of Finance and Data. Savy will coordinate and support the financial transformation of Henner Group. He will also be in charge of deploying a policy and data service and as such will be responsible for the actuarial department. A graduate of the NEOMA Business School, Nicolas began his
Wolters Kluwer Legal and Regulatory paper looks at challenges facing HR professionals following Trump tax cut bill
Wolters Kluwer Legal and Regulatory U.S. in January 2018 announced the release of a new white paper: Tax Cuts and Jobs Act Will Present Retirement, Benefits, Executive Compensation and Payroll Professionals with New Challenges in 2018, which examines the impacts of the tax bill recently signed into law by President Trump. The white paper looks at aspects of the new law, which will affect a wide range of retirement,
Pan-European Pensions, Dream or Reality?
It’s a globalized world, and corporations are increasingly multinational, with multiple locations and ever-more-mobile employees.
As pension burdens increasingly weigh on public finances, retirement is not only the responsibility of the state, but also of employers. The time has come for a more global HR policy on pensions.
Laure de Tilly named Executive VP at Henner Group
Broker and iPMI third-party administrator Henner Group in January 2018 announced that they have named Laure de Tilly as Executive Vice President of Domestic Operations and Digital. Ms. de Tilly will coordinate and support the transformation of the healthcare, life & disability, as well as insurance operations. She will also be responsible for the digital division and customer experience, whose development is vital for the transformation of operations and
WBN appoints Antoinette “Toni” Gambonini as Global Property & Casualty Consultant
The Worldwide Broker Network (WBN) in January 2018 announced the appointment of Antoinette “Toni” Gambonini as Global Property & Casualty Consultant. Based in London, Gambonini will work with WBN member companies on six continents in the areas of cross-border training, new business opportunities, and strategic engagement with major insurance carriers. Gambonini had previously held a similar role for Europe within WBN prior to her promotion. Prior to joining WBN
DiGregorio named senior VP of Lockton in Florida
Lockton in January 2018 named Matt DiGregorio as Senior Vice President of its South Florida operation, based in Miramar, Florida. DiGregorio, who is a graduate of Temple University’s Risk Management and Insurance program, will advise clients in private equity, real estate, and other industries on employee benefits programs. In addition, he will be responsible for new business development. DiGregorio has fifteen years of experience in consulting. Most recently, he
Interview – James Reid on His Plans at MetLife Global Employee Benefits
James Reid in January 2018 was appointed Executive Vice President, Global Employee Benefits at MetLife, reporting to Michel Khalaf, president U.S. business and EMEA and a member of Met’s executive committee. In an exclusive interview, James discusses his plans with Global Benefits Vision. GBV: Should we start with the highlights of your career, focusing on employee benefits and international, that is global employee benefits including global mobility? James Reid:
James Reid Takes the Helm at MetLife Global Employee Benefits
James Reid in January 2018 was appointed Executive Vice President, Global Employee Benefits at MetLife, reporting to Michel Khalaf, president U.S. business and EMEA. MetLife Global E.B. includes MetLife Worldwide Benefits and MAXIS GBN, a joint-venture with AXA; it provides group life and health, pensions and credit products on a worldwide basis. Reid in 2012 joined MetLife U.S.’s group benefits organization, most recently in Regional and Small Business Solutions.
Allianz and China Life enter deal for Taiwan portfolio
Mid-2018 will see German insurer Allianz sell part of its Taiwan business’s traditional life insurance portfolio to China Life Insurance in a move by Allianz to actively manage its Taiwan life portfolio for more capital-efficient solutions. The deal includes a portfolio of around 78,000 policies with a guaranteed interest rate of 4 percent or higher, with combined policy reserves of 1.2 billion euros (on a IFRS basis, $1.42 billion
Pan-European Pensions Conference, Luxembourg, 5 February 2018 – Final Agenda
The conference on pan-European pension plans organized by asset manager Amundi and insurer LaLux on 5 February 2018 in Luxembourg announced its final agenda. Introduction by Claudia Chalmes-Coumont, LaLux Vie, Director Keynote speaker, H.E. Mr Pierre Gramegna, Luxembourg Ministry of Finance 2017 Annual Pension Survey, key findings, by Prof. Amin Rajan, CEO Create Research Panel on the Pan-European Pensions Regulatory framework – where do we stand? Panel moderator: Sophie
AIG becomes sole owner of AIG Global Benefits Network
AIG in December 2017 became the sole owner of the AIG Global Benefits Network (AIG GBN). By way of background, through one of its units, AIG in mid-2015 had acquired a controlling 50%+1 stake in the former ING network. Two years later, the two minority shareholders of AIG GBN, Malakoff-Médéric of France and NN (formerly ING) of The Netherlands, sold their respective stakes. The move confirms AIG’s commitment to
World Pensions and Investments Forum, 22-23 March 2018, Paris
The seventh annual World Pensions & Investments Forum will be held on 22 and 23 March 2018 in Paris, France. The conference focuses on “Remaking Long-Term Investment and Board Governance”; the provisional agenda can be downloaded here. The conference is organized by the World Pensions Council, the international association of pension and social security funds. It is open to representatives of pension funds, sovereign funds, government agencies, and insurance
Hartford acquires Aetna’s US Group Life and Disability for $1.45bn
Aetna in November 2017 sold its group life and disability insurance and absence management business to The Hartford for $1.45bn. Life and disability was the only non-health insurance related part of the business remaining after Aetna cut its property casualty insurance business in the mid-1990s. It only brought in about $2bn in premiums in 2016, while Aetna recorded $63.1bn in total revenue, and healthcare premium revenues reached $54.1bn. The
Sompo partners with Sanlam Limited and SAHAM Finances
Sompo International Holdings, a Bermuda-based specialty provider of property and casualty insurance and reinsurance and wholly-owned subsidiary of Sompo Holdings of Tokyo, Japan, has launched a new strategic partnership in Africa: Sompo International will form alliances with both Sanlam Limited and SAHAM Finances through a partnership agreement executed by Sompo Japan Nipponkoa Insurance. This partnership will give access to new markets by allowing Sompo to leverage the experience and
Suncorp appoints Gary Dransfield to CEO
SunCorp Group, one of Australia’s largest financial services institutions, announced in October 2017 that they have named Gary Charles Dransfield as Chief Executive Officer, Insurance. Mr. Dransfield has been with Suncorp since August 2009, first as Executive General Manager for Personal Insurance Retail Distribution, and then as Chief Executive Officer Vero New Zealand in April 2011, Chief Executive Officer Personal Insurance in October 2015. He most recently filled the
Global Bankers Insurance Group Acquires Lincoln Benefit Life
Global Bankers Insurance Group, an international family of insurance and reinsurance companies, will acquire Lincoln Benefit Life Company, a Lincoln, Nebraska, U.S.-based provider of life insurance and annuity solutions. The transaction that will conclude in the first quarter of 2018. Subject to appropriate regulatory approvals by the Nebraska Dept. of Insurance, the sale was prompted by the decision of Lincoln’s Resolution Group, which planned consolidation of Lincoln’s insurance activities
Scottish Widows takes over Zurich’s UK pensions and savings division
Lloyds Banking Group, the parent of Scottish Widows, in October 2017 announced a deal wherein it will buy Zurich UK’s workplace pensions and savings business in Q1 of 2018. The combined deal would place Scottish Widows as the UK’s third largest workplace savings provider. Zurich will get exclusive distribution rights for group life protection to certain corporate clients of Lloyds’ commercial banking business, while broadening Scottish Widows’ offering in