Life & Health Insurance
S&P On Metlife: Various Metlife Group rating actions post-reorganization; outlook on separating companies revised to negative .Revised outlook on to-be-separated operating entities to negative; outlook on other remaining Met Group entities remains stable.
Old Mutual Plc
Fubon Financial Holding Co Ltd:Adjusts merger record date between subsidiaries Taipei Fubon Commercial Bank and a personal insurance agent wholly owned subsidiary to April 29 from Dec. 31, 2015.
Dai-ichi Life Insurance Co Ltd:To set a wholly-owned subsidiary based in Tokyo as the successor preparatory company on April 1.To transfer its domestic life insurance business to the new subsidiary and restructure itself into holding company, effective Oct. 1.
Old Mutual PLC:Anglo-South African financial services group Old Mutual will split into its four main businesses, and may list its emerging market and wealth management arms, it said on Friday. - RTRS.Regulatory changes in Europe and South Africa have made the company, which started out in 1845 as a life insurance firm in Cape Town, more complex to run in its current form, it said."We have four very strong businesses ... there is little commonality and limited rationale for them to be combined into one group," chief executive Bruce Hemphill told a media call.Speculation about a break-up and possible bid for its UK wealth management business had boosted Old Mutual shares earlier this week, but the company made no mention of any offers. UBS analysts said that might disappoint shareholders.Old Mutual, which is listed in London and Johannesburg, will close its London head office to save 80 million pounds ($114 million) in costs, Hemphill said, without giving details on the number of jobs affected.
MetLife Inc:Announced a plan to pursue the separation of a substantial portion of its U.S. Retail segment.MetLife is currently evaluating structural alternatives for such a separation, including a public offering of shares in an independent, publicly traded company, a spin-off, or a sale.Says company is also undertaking preparations to complete the required financial statements and disclosures that would be required for a public offering or spin-off.All of the Company's other reporting segments - Group, Voluntary and Worksite Benefits (GVWB), Corporate Benefit Funding (CBF), Asia, Latin America, and Europe, the Middle East and Africa (EMEA) - would remain part of MetLife.
Dai-ichi Life Insurance Co Ltd:To restructure the company into a holding company, effective Oct. 1, 2016.To set up a subsidiary in early April, 2016 as preparation company.