| China Life invests $300m in Visa IPO
China Life Insurance Co, the nation's largest insurer, said it invested $300 million in Visa Inc's initial public offering, and plans further investments in the US and Europe to diversify its portfolio. "We're also considering other IPO investments overseas, particularly in financial institutions since that's our home turf," Qu Jiahao, the assistant general manager of China Life's investment management division, said in a phone interview today. Visa "is more of a financial investment for now. We're not looking at any strategic link-ups with Visa at the moment." China Life, with 925.2 billion yuan ($131 billion) in assets, wants to put more of its money overseas to diversify risk after the nation's benchmark stock index fell 25 percent this year. The insurer aims for strategic equity stakes to make up 5 to 10 percent of its portfolio, Chief Investment Officer Liu Lefei said in November.
Life Insurance Settlement Industry Thriving Amid Controversy
For a market that was nonexistent 10 years ago, the idea of life settlements has turned into a booming billion-dollar industry as well as a controversial issue that has seen pending state legislation and warnings from the insurance commissioner�s office. Life insurance policy owners, either in need or want of money, can sell their policy to a third party for cash. Others choose to sell because they cannot afford the premiums. Life Settlement Solutions Inc., a San Diego-based and institutionally funded life settlement company, has purchased $1 billion worth of life insurance policy mortality benefits in 47 states since it was founded five years ago. �We kind of created the market,� said Larry Simon, chief executive officer, sole shareholder and founder of Life Settlement Solutions.
Paul Hardy enjoys helping people - for 50 years
Its just like any other job, said Paul Hardy of Hardy Insurance Group. Hardy celebrated 50 years as an insurance agent on March 1. Theres something about helping people that I enjoy.
His first job after receiving his license to sell insurance in 1958 was with Farm Bureau. According to Hardy, at that time insurance policies for the home and farm were standard fire. When a change to a separate homeowners insurance policy was established, his clients resisted the change. He said, They would ask me why change? Were happy with the way things are. Mr. Hardy continued to work for Farm Bureau until 1969, when he then contracted to work for Mutual of New York.
It was in 1971 when he made a life changing decision. I decided that if I was going to stay in the insurance business, I was going to work for myself," he said.
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