Life back-book consolidators shrug off threat from rising rates

Rising interest rates are unlikely to stop life insurers from selling their legacy liabilities to consolidators, as many other incentives for doing deals remain. David Walker reports


UK regulator approves Phoenix's internal model merger

Integration of Standard Life internal model brings solvency boost


Phoenix expects big benefits from internal model harmonisation

The UK life insurer expects a major Solvency II surplus from the strategy


Swiss Re forecasts mild solvency uptick after selling Phoenix stake

Sale unlikely to fully repair 17 points fall in SST ratio in 2020


L&G's £30bn portfolio transfer to ReAssure cleared by court

Transaction had been stalled due to Covid-19


ReAssure purchase bumps up Phoenix's cash generation

Phoenix also goes ahead with dividend payment


Life and health is sole source of profit for Swiss Re, amid pandemic

Reinsurer confirms forecast of $1.1bn first-half loss


Swiss Re forecasts $1.1bn in H1 losses

Reinsurer also completes sale of ReAssure to Phoenix


Swiss Re announces next chief underwriter, disbands life unit

Thierry Léger to replace Edi Schmid


Phoenix capital ratio rises as it confirms dividend plan

Group still targeting £800m to £900m cash generation this year