France Challenges Iran To Act Quickly On Nuclear Talks

Alitalia’s Higher Loss Risks Deterring Air France Investment

“The Iranian foreign minister discussed the heart of the matter … he spoke about taking a year to move forward, but I reminded him that his president had spoken about three to six months, and he said that he’d be pleased if things could be done more quickly,” French Foreign Minister Laurent Fabius told reporters in New York. “I told him that we had to move quickly and that’s one of the issues that needs to be dealt with, because does nuclear production continue during the negotiations?” Fabius added. Iranian Foreign Minister Mohammad Javad Zarif met with his counterparts from Britain, China, France, Germany, Russia and the United States at the United Nations to discuss the nuclear issue on Thursday. Zarif, promising to address concerns within a year, made a presentation about the next steps that Iran and the six powers might take to try to resolve the standoff, which has eluded a solution for a decade. French President Francois Hollande was the first Western leader to meet new Iranian President Hassan Rouhani during the annual meeting of the U.N. General Assembly this week, warning that Paris expected “concrete gestures” by Iran to show it will give up a military nuclear program. France has been a strong advocate of sanctions to pressure Iran over its nuclear program. The United States and its allies suspect Iran is seeking nuclear bomb-making capability despite Tehran’s insistence that its program has only peaceful aims. “We can’t find ourselves in a position where the discussions last a year and during this time the number of centrifuges increase, and to enter the technical details that the Arak reactor progresses, which would be a problem,” Fabius said. Hollande told the U.N. General Assembly he was encouraged by the words of the new Iranian government but he now wanted Tehran to follow through with concrete action. (Corrects day of the week in lead paragraph) (Reporting By John Irish; editing by Christopher Wilson)

Bancassurance dominated the life insurance distribution network. The channel accounted for an average share of 60.6% of the total review-period life insurance commission paid. Complete report Life Insurance in France, Key Trends and Opportunities to 2017 is available at . (Photo: ) France has a large and well-developed domestic reinsurance segment, with the reinsurance premium valued at EUR16.4 billion (US$21.0 billion) in 2012. There were 19 reinsurers operating in France at the end of 2011. International reinsurers such as Munich Re, Swiss Re and Berkshire Hathaway dominated the segment. Despite slow growth in the insurance industry, the reinsurance segment increased at a review-period CAGR of 4.9%. Complete report Reinsurance in France, Key Trends and Opportunities to 2017 is available at . Non-life insurance accounted for 24.5% of the French insurance industry’s written premium in 2012, making it the second segment in the industry after life insurance segments, which accounted for 65.5% of overall written premiums in 2012. The segment grew in written premium value from EUR43.7 billion (US$64.3 billion) in 2008 to EUR47.5 billion (US$61.1 billion) in 2012, at a review-period CAGR of 2.1%. Complete report Non-Life Insurance in France, Key Trends and Opportunities to 2017 is available at . Companies profiled in these reports (profiled in different reports as per their market relevance) include: Scor Re, Munich Re, Swiss Re, Hannover Re Lloyd’s France RGA France, CNP Assurances SA, Groupe Credit Agricole Assurance, Axa France BNP Paribas Cardif, Generali France SA, Societe Generale Insurance, Allianz France SA, Covea Mutual Insurance Group, Groupama SA and Sferen (MACIF, MAIF and MATMUT). Key highlights from France Reinsurance Market Report, available for purchase at , includes: The majority of reinsurance revenues are generated from the non-life segment, as non-life insurers ceded an average of 23.7% of their written premium during the review period In terms of category, treaty reinsurance accounted for 93.9% of the reinsurance premiums in 2012 Munich Re remained the leading company with a 15.0% share of the total reinsurance premiums in 2011, followed by Swiss Re with 10.1% and Berkshire Hathaway with 7.7% The occurrence of natural disasters intensified the dependency of insurance companies on reinsurers and is likely to increase the costs of renewal Key highlights from the French Life Insurance Market Report, available for purchase at , includes: The French life segment’s industry share increased during the review period from 65.5% in 2008 to 65.7% in 2012 Reform introduced in the Insurance Code of France by the Ministry of Economy and Finance will allow insurance companies to lend directly to non-listed companies, such as small and medium size enterprise (SME), which will have positive impact on diversification of investment income In order to diversify risk and attain faster growth, French insurers are going for mergers and acquisitions in overseas markets.

France Insurance Market Trends & 2017 Opportunities: Life, Non-Life and Reinsurance Industry Analysis

in Paris, valuing the airline at 2.2 billion euros ($3 billion) The Italian airline proposed investors boost funding by completing a subscription of 55 million euros through a bond convertible into stock. 14 to vote on the increase. Air France members on the Alitalia board opposed the plan, news agency Ansa reported, without saying where it got the information. An Air France spokesman declined to comment. Air France said Sept. 23 it would await more information from the Italian carriers board before committing to any move. Hiring Advisers The relatively small capital increase being sought suggests the move is only a short or mid-term solution, said Yan Derocle, an analyst at Oddo Securities in Paris. Air France has hired Lazard Ltd. (LAZ) and Mediobanca SpA (MB) as advisers to consider its options on Alitalia, Italy s Messaggero reported this week, without saying where it obtained the information. Alitalia in turn has hired Gruppo Banca Leonardo as seeks to end operating losses in 2014. While owning Alitalia would give Europes largest airline access to one of the regions biggest aviation markets and help feed trans-Atlantic routes, the need for capital comes as Air Frances domestic unit struggles to stem its own losses. The Paris-based carrier last week scrapped a target of reaching break-even at Air France as it sought to cut 2,800 more jobs. Italys Infrastructure and Transport Minister, Maurizio Lupi, met with his French counterpart yesterday to discuss the situation. He has said the government is not against Air France doubling its stake, while seeking guarantees on jobs and investments for the flagship carrier. Falling Traffic The Italian airlines passenger traffic retreated 4 percent to 10.7 million passengers in the first six months, with revenue falling to 1.62 billion euros.