Let’s End the Annuity Commission Smear
{May 14th, 2024} by David Macchia
In today’s video, I set the record straight on an annuity commissions. Agents are not overpaid. Commissions are not a bad thing. In fact, they’re very good thing…for consumers. “Sheryl Moore was kind enough to share some stats with me, from her Wink’s Sales & Market Report.“
Structured Annuities Seize the Spotlight
{May 14th, 2024} by Sheryl J. Moore
About fourteen years ago, the first structured annuity hit the streets. It was the first time in 15 years that deferred annuities had to welcome a new product class. And if you are still unfamiliar with these products, it’s time to get an education. These annuities are now the fastest-growing segment of the life insurance […]
How many different insurance companies are you appointed with?
{May 14th, 2024} by Sheryl J. Moore
This U.S. Department of Labor stuff is driving me crazy. I could use your help updating a stat that I use… Click HERE for the poll: For insurance agents- how many different insurance companies are you appointed with? -sjm
This is what U.S. DOL relied on
{May 14th, 2024} by Sheryl J. Moore
The U.S. Department of Labor relied upon a study of RIAs and B/Ds for their rationale on indexed annuities, which are sold by independent insurance agents 57.4% of the time. As a lady who relies on FACTS, to do what she does, I am completely baffled by the made-up bologna that the U.S. Department of Labor […]
Brighthouse to Change How It Makes RILAs
{May 14th, 2024} by Allison Bell
Brighthouse Financial has increased sales of registered index-linked annuities so quickly that it will have to move to a different strategy for making RILAs, company executives said Wednesday. Brighthouse has been managing the financial machinery behind the RILA benefit guarantees together with the financial machinery behind its traditional variable annuities. Click HERE to read the full […]
The DOL Retirement Security Rule Promotes a Narrow Worldview
{May 14th, 2024} by David Macchia
When the Labor Department wrote the document it used to describe its new Retirement Security Rule, department officials embraced the worldview of registered securities sales representatives and other investment advisors. Not the worldview of insurance agents, and certainly not the worldview of retirement income distribution planners. Click HERE to read the full story via Think Advisor
U.S. Life Activity Springs Back Up
{May 14th, 2024} by Allison Bell
U.S. life insurance application activity jumped up in April, after drifting through months of weak year-over-year performance. Shoppers submitted 10.3% more applications last month than in April 2023, according to new data from MIB Group. Click HERE to read the full story via Think Advisor
Will Courts Crush DOL’s New Fiduciary Rule Soon? Don’t Count on It.
{May 14th, 2024} by Melanie Waddell
Now that the Labor Department’s new fiduciary rule has been hit with its first lawsuit, others are likely to follow. In the meantime, compliance with the rule marches on as the effective date nears — and advisors should stay the course. On May 2, the Federation of Americans for Consumer Choice and several independent insurance […]
Annuity Issuer CEO Names DOL Fiduciary Rule Winners and Losers
{May 14th, 2024} by Allison Bell
The new U.S. Labor Department fiduciary standards for retirement rollover advice could help stronger independent marketing organizations crowd out competitors, according to the leader of a top annuity issuer. Chris Blunt, the chief executive officer of F&G Annuities & Life, talked about the impact of the department’s new Retirement Security Rule regulation effort last week, […]
National Western Life Group, Inc. Announces 2024 First Quarter Earnings
{May 14th, 2024} by National Western Life Group, Inc.
AUSTIN, Texas, May 9, 2024 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today first quarter 2024 consolidated net earnings of $73.6 million, or $20.82 per diluted share of Class A Common Stock, compared with consolidated net earnings of $12.3 million, or $3.48 per diluted share of Class A Common […]
TruStage Enhances Zone Income Annuity Product with Greater Flexibility
{May 14th, 2024} by TruStage
MADISON, Wis., May 8, 2024 /PRNewswire/ — TruStage™, an insurance, investment and technology provider, focused on making brighter financial futures accessible for all, today announced enhancements to its Zone Income Annuity underwritten by MEMBERS Life Insurance Company. The changes help allow TruStage to better meet modern client expectations for customized investment and income options. With new withdrawal […]
F&G Annuities & Life Reports First Quarter 2024 Results
{May 14th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, May 8, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2024. Net earnings attributable to common shareholders (net earnings) for the first quarter of $111 million, […]
FNF Reports First Quarter 2024 Financial Results
{May 14th, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., May 8, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & […]
KBRA Assigns Ratings to SILAC Insurance Company and Sterling Investors Life Insurance Company
{May 14th, 2024} by KBRA
EW YORK–(BUSINESS WIRE)–KBRA assigns BBB insurance financial strength ratings to SILAC Insurance Company (“SILAC”) and Sterling Investors Life Insurance Company (“SILIC”). The Outlook for both ratings is Stable. The ratings reflect solid capitalization with favorable growth trends in capital, a seasoned management team, minimal exposure to disintermediation risk, and expanded distribution with a focus on […]
Gainbridge® Announces Parity Week to Empower Girls and Women in Sports and Education
{May 14th, 2024} by Gainbridge
ZIONSVILLE, Ind.–(BUSINESS WIRE)–As part of this year’s “Parity Week by Gainbridge®: Investing in the Future of Women’s Sports,” Gainbridge® announces grants totaling $150,000 to deserving organizations that support girls and women through sports and/or education from Gainbridge®, Parity, and Women Gainbridge®, a Group 1001 company, is partnering with its sister company Parity, a brand sponsorship platform committed […]
Jackson Announces First Quarter 2024 Results
{May 14th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced its financial results for the first quarter ended March 31, 2024. Key Highlights Net income (loss) attributable to Jackson Financial Inc. common shareholders of $784 million, or $9.94 per diluted share in the first quarter of 2024, compared to $(1.5) billion, or $(18.11) per diluted […]
Brighthouse Financial Announces First Quarter 2024 Results
{May 14th, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2024. First Quarter 2024 Results The company reported a net loss available to shareholders of $519 million in the first quarter of 2024, or $8.22 per diluted share, compared with a […]
DALBAR Reveals Variable Annuity Statements that Exceed Expectations
{May 14th, 2024} by DALBAR
MARLBOROUGH, Mass.–(BUSINESS WIRE)–DALBAR, the authority on financial services communications quality, unveiled the results of its 26-year annual review of account statements, crowning Corebridge Financial, Lincoln Financial and Jackson National Life Insurance Company® (Jackson®) as the standard bearers for variable annuity statements. Reigning supreme for 22 years, Corebridge Financial topped the list again by demystifying annuity statements with […]
Lincoln Financial Group and American Century Enhance Offerings in Variable Insurance Trusts Lineup
{May 14th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) and American Century Investments announced today that they are strengthening their partnership by leveraging American Century’s investment expertise and Lincoln Financial’s platform to provide additional opportunities and an enhanced lineup to support investor needs. On April 4, 2024, shareholders of the American Century Variable Portfolios funds approved the […]
Protective Life Corporation Announces Board of Directors Updates
{May 14th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), announces updates to its board of directors. Newly appointed directors include Stephen Barnham, Senior Managing Executive Officer, Chief Information Officer and Chief Digital Officer of Dai-ichi Life Holdings, Inc.; Joseph Guastella, Owner of OJW Advisors; Bruce Koepfgen, former President of […]
Lincoln Financial Meets Shifting Customer Need for Growth and Flexibility With Revamped MoneyGuard® Product
{May 14th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) is meeting shifting customer preferences for growth over guarantees1 with the launch of Lincoln MoneyGuard Market Advantage® (2024), issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and providing consumers with trusted long-term care protection, increased investment options and flexibility, and a tax advantage their portfolio might be missing. Lincoln […]
Major insurance company moving to downtown Des Moines, a boost for office market, restaurants
{May 14th, 2024} by Tyler Jett
Downtown Des Moines received a big boost Thursday when American Equity Investment Life Holding Co. announced that it will move its headquarters to the city center from the suburbs. The company, acquired last week by Brookfield Reinsurance in a deal valued at $4.3 billion, will move from its West Des Moines offices by the time its current […]
How much of an income edge could retirees get from annuities?
{May 14th, 2024} by Leo Alamazora
TIAA, a provider of lifetime income solutions, has introduced a new metric designed to illustrate the potential income boost new retirees could achieve from incorporating an annuity strategy into their financial planning compared to just following the 4% rule. Click HERE to read the full story via InvestmentNews
New Metric Demonstrates the TIAA Annuity Paycheck Advantage in Retirement
{May 14th, 2024} by TIAA
NEW YORK, May 13, 2024 /PRNewswire/ — TIAA, the leader in lifetime income, has launched a new metric—the TIAA Annuity Paycheck Advantage—that demonstrates, in a concise, easily understandable way, the potentially significant additional income new retirees can receive by combining a TIAA annuity with a 4% withdrawal versus using the standard 4% withdrawal rule alone.ii “Retirement advice tends […]
F&G Annuities & Life Announces Appointment of John Currier to President
{May 14th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, May 13, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today announced the appointment of John Currier to the position of President, continuing to report to Chris Blunt, Chief Executive Officer. In addition to his role as […]
Nearly half of Americans expect slow transition into retirement
{May 14th, 2024} by Allianz Life
MINNEAPOLIS – May 7, 2024 – Americans’ view of retirement is shifting as nearly half of Americans think about retirement as a slow transition away from full-time work rather than a distinct day in the future to leave the workforce, according to the 2024 Annual Retirement Study* from Allianz Life Insurance Company of North America (Allianz […]
Bestow to sell its life insurance company to Sammons
{May 14th, 2024} by Susan Rupe
Bestow Inc. announced Thursday it will sell its life insurance company to Sammons Financial Group. Bestow Life Insurance Co. will transition to Sammons as soon as the state of Iowa approves the deal, following the required hearing scheduled for May 28. Bestow Inc. will continue to leverage its technology and platform as part of the […]
Gen Z clients may be the right fit for the new breed of IUL products
{May 14th, 2024} by Joshua Stanfield
Do you remember when you were 25 years old? For some of us, it’s a more recent memory than others, but we can all identify with the 25-year-olds who are finally finding their financial footing. Their student loan debt may be decreasing, their salary growing and they may be wondering what’s next. Click HERE to […]
Athene commits to FIAs and ‘custom indices’ as it dominates annuity sales
{May 14th, 2024} by John Hilton
Athene Life and Annuity maintains a Secretariat-like lead over the field in annuity sales, but the insurer still sees turbulence within its product mix. Athene executives met with Wall Street analysts Thursday to pull back the curtain on its first-quarter financial numbers. In 2023, Athene nearly lapped the field with $35.5 billion in annuity sales, […]
Former American Income agent surrenders license in phony life app flap
{May 14th, 2024} by John Hilton
A Pennsylvania agent found to be selling fictitious life insurance policies is providing more ammunition for critics of Globe Life Insurance Co. Jenna S. Grula, of Hanover Township, Pa., allegedly submitted 13 fraudulent life insurance applications between Nov. 14, 2018, and June 27, 2023, according to an April 29 consent order from the Pennsylvania Department […]
Greg Lindberg back on trial for alleged bribery of insurance commissioner
{May 14th, 2024} by John Hilton
Troubled financier Greg Lindberg faces a second trial on high-profile bribery allegations starting Tuesday. Lindberg was convicted in 2020 on bribery and fraud charges, along with consultant John Gray. They were caught on tape offering North Carolina Insurance Commissioner Mike Causey up to $2 million to replace the deputy in charge of monitoring Lindberg’s companies. […]
Allianz focuses on accumulation market with new FIA
{May 14th, 2024} by John Hilton
Allianz Life Insurance Co. has a long history as a top-selling annuity company with a diverse product suite. The insurer recently added to its annuity shelf with the new accumulation-focused product, Allianz Accumulation Advantage+. The fixed-index annuity combines accumulation potential with a premium bonus, Allianz said in a news release. Click HERE to read the full […]
What’s pushing many Americans into a debt spiral?
{May 14th, 2024} by Leo Alamazora
A recent survey by Achieve, a digital personal finance company, highlights the challenges American households face in managing debt amid rising inflation and stagnant wages. Click HERE to read the full story via InvestmentNews
Brookfield Reinsurance Announces Credit Rating Upgrade of American Equity Investment Life Insurance Company to A
{May 14th, 2024} by Brookfield Reinsurance
BROOKFIELD, NEWS, May 07, 2024 (GLOBE NEWSWIRE) — Brookfield Reinsurance (NYSE, TSX: BNRE, BNRE.A) today announced that its wholly-owned operating subsidiary American Equity Investment Life Insurance Company (“AEL”) has received an upgrade to its Insurer Financial Strength (“IFS”) rating from S&P Global Ratings (“S&P”) to “A” from “A-”. The upgrade reflects AEL being core to […]
Prudential’s Record FlexGuard Sales Hint at Largely Untapped Market
{May 14th, 2024} by Warren S. Hersch
Wink CEO Sheryl Moore also thinks that indexed-linked variable life policies will become more prevalent. Like Parrish, she sees consumer interest in comparable structured annuities fueling adoption — and among a certain type of buyer. “The ideal prospect for structured life is a consumer wanting cash value life insurance that can outpace indexed life but has the ability […]
Fitch affirms A- rating and revises outlook to positive for Constellation Insurance, Inc.
{May 14th, 2024} by Constellation Insurance Inc.
Constellation Insurance, Inc., announced today Fitch Ratings has affirmed its ‘A-‘ Insurer Financial Strength (IFS) rating for AuguStarSM Life Insurance Company, AuguStarSM Life Assurance Corporation and National Security Life and Annuity Co., and has revised the outlook to positive from stable. “We are pleased that Fitch has recognized the continued successful execution of our enterprise strategic plan […]
Osaic Closes Lincoln RIA and BD Acquisition
{May 14th, 2024} by John Manganaro
Osaic, formerly Advisor Group, says it has successfully closed its acquisition of broker-dealer Lincoln Financial Advisors and Lincoln Financial Securities, its partner registered investment advisor firm. Osaic revealed its acquisition plan in December, noting that the dual transaction would bring about 1,450 advisors and $115 billion in client assets to the firm. At the time, Osaic […]
Getting to know our Chief Everything Officer
{May 13th, 2024} by Wink's Intel Pros
VICTORIA L. GROSSMAN, A.K.A. TORI, A.K.A. THE “DECISION DIVA.” Victoria is our Chief Everything Officer as Wink’s President and she was the first employee that Sheryl J. Moore hired to work with her at Wink. She became a member of the Moore family after Sheryl’s then four-year-old son hit on her at her teenage job. […]
I never like these lists
{May 7th, 2024} by Sheryl J. Moore
I never like these lists, simply because the “best” is in the needs, goals, and objectives of the annuity purchaser…yet- Bankrate needs to do better “research” with their list of “Best Annuity Companies.” Allianz Life does not have any annuities that exceed a 10-year surrender charge period. And they offer three different types of deferred […]
WHAT is this based upon?
{May 7th, 2024} by Sheryl J. Moore
“Knowing whether your financial advice is coming from a trusted professional or someone akin to a car salesman may soon become easier.” How do you feel about their analogies? Click HERE to read The Final DOL Fiduciary Rule Has Arrived. Here’s What It Means for Investors via Morningstar Sheesh. Talk about out-of-touch! “According to […]
American Equity buyer announces commitment to Des Moines metro, promotes local exec to CEO
{May 7th, 2024} by Tyler Jett
American Equity Investment Life Holding Co.’s new owner will maintain strong ties in Des Moines, announcing Friday that it is keeping the business’ headquarters in the metro and choosing a long-time local money manager to run it. In a letter to employees, Brookfield Reinsurance Managing Partner Jon Bayer wrote that the company will promote American Equity Chief […]
What are ‘excess return’ indexes?
{May 7th, 2024} by Kerry Pechter
Like many FIA issuers, Ibexis Life uses ‘excess return’ indexes in its product. In the context of FIA indexes, ‘excess return” doesn’t mean ‘out-performance relative to a benchmark’ or ‘alpha.’ It means net performance above the yield of a risk-free asset. Click HERE to read the full story via RIJ
RILAs: Supporting client goals in retirement
{May 7th, 2024} by Susan Rupe
This is the year of “peak 65,” with a record 4.1 million Americans poised to turn 65 in 2024 and every year through 2027. As Americans in this record surge hit retirement age, they and their advisors must navigate four core risks that will impact their retirement portfolios through the decumulation phase: longevity, inflation, volatility […]
The Biggest Threat to Life and Annuity Issuers Is Not the DOL Fiduciary Rule
{May 7th, 2024} by Allison Bell
This is the latest in a series of columns about annuities and retirement planning. Recent ransomware attacks show that passwords and Social Security numbers have stopped working as secure methods of authentication. Life, health and annuity issuers are, obviously, deeply concerned but seem to lack the right, extreme level of panic. While the widely discussed Labor Department […]
Millennials May Be Losing Life Insurance Knowledge
{May 7th, 2024} by Allison Bell
The slump in traditional media and skepticism about social media may be hurting life insurers’ ability to reach millennials. Managers of the latest 2024 Insurance Barometer Study by Life Happens and LIMRA found that, even though the oldest millennials are turning 44 and the youngest are already 28, millennials’ knowledge about life insurance is getting worse. Click […]
S&P 500 Falls 1% at End of Worst Month This Year
{May 7th, 2024} by Rita Nazareth
The stock market got hit after the latest economic data showed a plunge in consumer confidence and persistent wage pressures in the run-up to the Federal Reserve decision. Equities were on track for their worst month since September on speculation the Fed will keep rates unchanged at a two-decade high on Wednesday — with officials […]
Fiduciary Rule Lawsuit? Bring It, DOL Chief Says
{May 7th, 2024} by Melanie Waddell
Acting Labor Secretary Julie Su told House lawmakers Wednesday that Labor’s new fiduciary rule can withstand legal challenges. During a question and answer exchange with Rep. Tim Walberg, R-Mich., during a hearing held by the House Education and the Workforce Committee, Walberg reminded Su that Labor’s 2016 rule was struck down in 2018 by the U.S. […]
Lawsuit Cuts Equitable’s $1.3B Gain on a Universal Life Price Hike
{May 7th, 2024} by Allison Bell
Equitable expects to give up close to half of the $1.3 billion total revenue increase it once hoped to get from a cost-of-insurance charge increase imposed on some holders of the company’s Athene Universal Life II policies. The New York-based life insurer and asset manager noted in its earnings release for the first quarter that the results include […]
New DOL Fiduciary Rule Hit With First Lawsuit
{May 7th, 2024} by Melanie Waddell
The Federation of Americans for Consumer Choice and several independent insurance agents are suing the Labor Department over its new fiduciary rule. The lawsuit, filed Thursday in the U.S. District Court for the Eastern District of Texas, in Tyler, is the first against Labor’s new fiduciary rule, which the department released last week. Click HERE to read the […]
North American Secure Horizon FIA Suite Expands With the New Secure Horizon Accelerator With Immediate Premium Bonus
{May 7th, 2024} by Annexus
SCOTTSDALE, Ariz.,, April 30, 2024 /PRNewswire/ — North American Company for Life and Health Insurance® (North American), a member company of Sammons® Financial Group and one of the largest issuers of fixed index annuities (FIAs) in the U.S.,1 is once again expanding its partnership with Annexus, a leading independent insurance retirement product design and distribution company. Today the two companies […]
Why Annuities Belong In Clients’ Retirement Income Plans
{May 7th, 2024} by Paul R. Samuelson
I drive a Chevy Volt, frequent public transportation and bike to work when the weather allows. I’m conservative in my spending and investing and relatively immune to fads. I won’t be baited into paying extra fees for goods or services when I don’t think they’re worth the cost. So readers may find it surprising […]
How Fixed Annuities Beat Mutual Funds in a DOL Fiduciary Rule Asset Table By Allison Bell
{May 6th, 2024} by Allison Bell
Labor Department regulation analysts recently shocked the U.S. fixed annuity community. The department set tough new retirement account rollover advice fiduciary standard requirements. The department also reported that, as of 2022, 10-year asset growth had been 6% for fixed annuities, 3% for variable annuities and just 2.9% for mutual funds. Stocks ranked first, with 10-year asset growth of […]
Trump-appointed judge will hear lawsuit against DOL fiduciary rule
{May 6th, 2024} by John Hilton
Judge Jeremy D. Kernodle, a Trump appointee, will hear the first lawsuit to the Department of Labor’s fiduciary rule. Assigned Friday to hear the lawsuit filed by the Federation of Americans for Consumer Choice, Kernodle has a staunch limited-government conservative background. FACC is joined by several independent insurance agents in the lawsuit filed Thursday in the Eastern […]
Athene, honored again by United Way’s, sets a high bar in community involvement, philanthropy
{May 6th, 2024} by Carol Hunter
For the fourth year in a row, United Way has honored Athene with its Spirit of Central Iowa award, further cementing the retirement services company’s status as a corporate leader in community involvement and philanthropy. West Des Moines-based Athene is a relative newcomer to the metro; its purchase of Aviva USA closed in October 2013. […]
Prospective Everton buyer faces new troubles on two fronts
{May 6th, 2024} by Kenneth Araullo
Concerns have been raised by AM Best regarding the quality of assets held by the reinsurer, prompting A-Cap to reclaim assets previously ceded to 777 Re through reinsurance transactions. This action follows regulatory pressure to lessen their exposure to the investment firm. In their legal filing, the insurers argue that AM Best’s impending rating downgrade […]
Equitable Holdings Reports First Quarter 2024 Results
{May 6th, 2024} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2024. “We reported non-GAAP operating earnings of $1.43 per share, up 49% compared to the prior year quarter. After adjusting for notable items in both periods, non-GAAP EPS rose 18%. Strong […]
Lincoln Financial Group Completes Sale of Wealth Management Business to Osaic, Inc.
{May 6th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced that it has completed the sale of its wealth management business, including all ownership interests in the Lincoln subsidiary entities comprising that business, to Osaic, Inc. (Osaic), one of the nation’s largest providers of wealth management solutions. The sale provides Lincoln with approximately $650 million of […]
Prudential Financial, Inc. Announces First Quarter 2024 Results
{May 6th, 2024} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $1.138 billion ($3.12 per Common share) for the first quarter of 2024, compared to $1.462 billion ($3.93 per Common share) for the first quarter of 2023. After-tax adjusted operating income was $1.141 billion ($3.12 per Common share) […]
Brookfield Reinsurance and AEL Announce Expected Closing Date for Brookfield Reinsurance’s Acquisition of AEL
{May 6th, 2024} by Brookfield Reinsurance
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Brookfield Reinsurance (NYSE, TSX: BNRE) and American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”) today announced that the previously announced acquisition of AEL by Brookfield Reinsurance is expected to close following the close of market on May 2, 2024. About AEL At American Equity Investment Life Holding Company, our policyholders […]
Global Atlantic 2024 Retirement Outlook Survey: Retirement Age Investors Value Asset Protection Over Growth
{May 6th, 2024} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–While U.S. markets rebounded in 2023, retirement age investors are still prioritizing strategies for generating reliable retirement income and protecting their nest eggs against volatility, according to the Global Atlantic 2024 Retirement Outlook Survey, a new study from Global Atlantic Financial Group (“Global Atlantic”). Nearly two-thirds (61%) of respondents would rather protect their assets than try to […]
Pacific Life Enhances Suite of Annuities to Address Retirement Income Needs
{May 6th, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–To continue serving consumers’ varying retirement-income needs, Pacific Life recently enhanced the features of three of its optional benefits, available with certain advisory and traditional variable annuities for an additional cost. Designed for growth and protection, these strategies offer clients the flexibility to protect their money or withdraw income in retirement. […]
Lincoln Financial Group Reports 2024 First Quarter Results
{May 6th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the first quarter ended March 31, 2024. Net income available to common stockholders was $1.2 billion, or $6.93 per diluted share. Adjusted operating income available to common stockholders was $71 million, or $0.41 per diluted share. Adjusted operating income available to stockholders was […]
Corebridge Financial Announces First Quarter 2024 Results
{May 6th, 2024} by Corebridge Financial, Inc
HOUSTON-(BUSINESS WIRE)–Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today reported financial results for the first quarter ended March 31, 2024. Kevin Hogan, President and Chief Executive Officer of Corebridge, said, “Corebridge had a very strong start to 2024 with operating earnings per share increasing 13% year over year to $1.10. These results demonstrate […]
What will the DOL rule mean for advisors?
{May 6th, 2024} by Susan Rupe
The Department of Labor has several objectives in issuing its latest iteration of the fiduciary rule and one of them is expanding the scope of fiduciary activities, a Washington attorney said. The National Association of Insurance and Financial Advisors gave a breakdown of how the fiduciary rule will impact advisors and consumers during a recent […]
Revol One Financial retools with new annuity products, big goals
{May 6th, 2024} by John Hilton
There are a lot of insurance companies in the annuity sales game. But the new regime at Revol One Financial say they have a strategy to dent the leaderboard: speed and customer service. Click HERE to read the full story via INN Article excerpt: Revol One generated some industry buzz with its announcement, […]
Apollo Accused in Lawsuit of Illegal Human Life Wagering Scheme
{May 6th, 2024} by Mike Leonard
(Bloomberg Law) — Apollo Global Management Inc. bet on the longevity of senior citizens by acquiring illegal life insurance policies and funneling the payouts through shell entities, according to a new lawsuit. The private giant allegedly set up a web of sham trusts—using a secretive affiliate called Financial Credit Investment—to hold a portfolio of stranger-originated […]
Here Come the Suits
{May 6th, 2024} by Kerry Pechter
Close observers of the ‘Bermuda Triangle’ strategy weren’t surprised when class action lawsuits were filed against AT&T, State Street Global Advisors and Lockheed Market for their choice of Athene Annuity and Life as the annuity provider in a pension risk transfer deal. RIJ articles about Athene’s use of the strategy were cited in two of […]
For Ibexis Life, Cayman Outshines Bermuda
{May 6th, 2024} by Kerry Pechter
This Missouri-domiciled life insurer epitomizes the asset-manager-driven life/annuity companies that have been disrupting the U.S. life/annuity business since 2010 or so. In its first year selling fixed indexed annuities, it sold $453 million worth. Click HERE to read the full story via RIJ
The DOL Should Challenge the Fifth Circuit’s Opinion
{May 6th, 2024} by Kerry Pechter
Back in 2018, the Fifth Circuit U.S. Court of Appeals sided with the American Council of Life Insurers (ACLI) and the U.S. Chamber of Commerce to quash the Department of Labor’s proposed “fiduciary rule,” which could have hindered the sales of annuities to IRA owners. Last week, the DOL issued a new but similar rule. […]
‘I’ll die broke, with nothing.’ I’m 86, only get $398 a month from my annuity and am being denied access to my $1 million in investments. Who can help me?
{May 6th, 2024} by Alisa Wolfson
Question: I’m 86 years old and have $250,000 in my account and $1 million in investments. But I get nothing from my 401(k) as my account is locked and I am only receiving $398 from my annuity. I’ve called the financial services firm and fought with them about this, but their expectations of me are ridiculously […]
Insurers told to pull $1.8 billion out of Premier League team Everton bidder
{May 6th, 2024} by Matthew Sellers
In a further blow to the group that is hoping to buy troubled English Premier League team Everton, state authorities in Utah and South Carolina are pressing five insurance companies to decrease their financial stakes in the Miami-based investment firm 777 Partners. The news broke following the exposé of a confidential memo accessed by the […]
Gruening Health and Wealth Combines with Integrity to Expand Support and Services for Senior Market
{May 6th, 2024} by Integrity Marketing Group, LLC
DALLAS , April 30, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Gruening Health and Wealth, an independent marketing organization based in Springfield, Illinois and led by Chase Gruening. Financial details of the partnership were not disclosed. As a […]
Bend Don’t Break: Flexibility In Estate Planning With Index Universal Life Insurance
{May 6th, 2024} by Sean Brady
Greek philosopher Heraclitus famously captured the dynamic nature of life in his brilliant yet simple quote, “The only constant in life is change.” With the inevitable life changes we will all face, creating an estate plan to determine one’s future legacy can seem daunting, but that does not diminish the need for it. At its core, estate […]
Finseca
{May 6th, 2024} by Broker World
Finseca is pleased to announce that Anthony T. Mazzei, Sr., chairman and founding partner at National Financial Network, an agency of The Guardian Life Insurance Company of America (Guardian), will be honored with the prestigious Finseca Hall of Fame Award at the Leaders and Managers Program (LAMP) 2024 in Denver, CO. Mazzei, along with just two […]
Swiss Re
{May 6th, 2024} by Broker World
Swiss Re launches an augmented version of its Life & Health underwriting manual Life Guide. The new version comes equipped with Swiss Re Life Guide Scout, a Generative AI-powered underwriting assistant, developed by Swiss Re, that integrates Microsoft Azure OpenAI Service. Swiss Re Life Guide Scout aims to help increase the efficiency and quality of […]
Life Insurers as LEGO Monsters
{May 6th, 2024} by Kerry Pechter
Michael Gordon, CEO of Axonic Insurance, part of Axonic Capital, sees the future of the life/annuity/asset-management business as an increasingly a la carte affair, where the components of the business are like interchangeable Lego blocks and where platform providers help clients snap them together. Click HERE to read the full story via RIJ
Apollo’s Q1 earnings jump 26% on management fees, annuities inflow
{May 6th, 2024} by Chibuike Oguh
NEW YORK, May 2 (Reuters) – Apollo Global Management (APO.N), opens new tab said on Thursday its first-quarter adjusted net income rose 26% year-on-year, driven mostly by growth in management fees as well as earnings from its flagship annuities business. Adjust net income rose to $1.1 billion, up from $825 million a year earlier. That translated to […]
Ban noncompetes?
{April 30th, 2024} by Sheryl J. Moore
The Federal Trade Commission created a rule yesterday to ban noncompete clauses. Marketers- polish up your resumes. -sjm
DOL Approves Final Fiduciary Rule
{April 30th, 2024} by Tracey Longo
The Department of Labor finalized its new Retirement Security rule today, expanding the definition of fiduciary to include brokers and insurance agents in a bid to protect retirement investors from conflicts of interest. The updated definition of an investment advice fiduciary, which takes effect Sept. 23, will apply when advisors and agents give compensated investment […]
Fiduciary Rule Spares Salespeople, But Lawyers Urge Caution
{April 30th, 2024} by Nate DiCamillo
The Department of Labor‘s final Retirement Security rule, released last week, exempts industry salespeople from its definition of an investment advice fiduciary under the Employee Retirement Income Security Act, or Erisa, and the Internal Revenue Code. Click HERE to read the full story via Financial Advisor IQ This story originally ran in Financial Advisor IQ sister […]
‘Major changes’ required of producers under DOL fiduciary rule: analyst
{April 30th, 2024} by John Hilton
It will require “major changes” from insurers on down for independent producers to get into compliance with the Department of Labor’s new fiduciary mandate by September, a leading analyst said. One day after the DOL unveiled its new Retirement Security Rule – which extends a fiduciary duty to sales of financial products with qualified money – initial […]
Stifel CEO Says Final DOL Rule Is ‘Less Restrictive’ Than He Feared
{April 30th, 2024} by Allison Bell
Two financial services company executives gave mixed reviews to the final versions of the Labor Department’s new fiduciary rule regulations in conversations with securities analysts last week. The department posted a draft in October 2023 and published a final version of an investment advice fiduciary definition, along with guidelines applying the definition to investment advisors and independent insurance agents, in […]
DOL Changes Fiduciary Rule Advice Definition Scope
{April 30th, 2024} by Allison Bell
Officials at the U.S. Department of Labor say they have narrowed the scope of the investment advice fiduciary definition. Department officials posted a preview version of the final rule Tuesday. The final rule is set to go in the Federal Register, an official government regulatory publication, Thursday. If implemented as written, it will affect how regulators apply the […]
The DOL Fiduciary Rule Is Final. Here’s What Is–and Isn’t–Different From the Proposal.
{April 30th, 2024} by Kenneth Corbin
After six months, 20,000 public comments, and threats of a lawsuit, the Department of Labor has issued a final rule updating fiduciary status for retirement advisors. Although the regulation is fundamentally similar to the initial proposal, officials say they made some small but significant changes in response to public comments. Click HERE to read the […]
Independent Insurance Brokers Most Impacted By DOL Rule, Attorney Says
{April 30th, 2024} by Tracey Longo
The insurance industry and broker-dealers will need to reconstitute how they do business to help, especially independent insurance brokers, meet the DOL’s new Retirement Security rule, said ERISA specialist Fred Reish said. Effective September 23, with a one-year grace period for full compliance, the 476-page rule extends the fiduciary standard to anyone selling investment advice […]
Labor Department issues rule to crack down on bad retirement savings advice
{April 30th, 2024} by Greg Iacurci
The Biden administration issued a final rule on Tuesday that cracks down on the investment advice that advisors, brokers, insurance agents and others give to retirement savers. The U.S. Department of Labor regulation — which follows a rule proposal in October — aims to ensure that investment recommendations are in savers’ best interests, according to agency officials. Click HERE to read […]
Fiduciary Rule Regs May Cut $5,000 in Annual Fees per Annuity Pro: DOL
{April 30th, 2024} by Allison Bell
The Labor Department’s new retirement investment advice fiduciary definition could cut annuity industry fee revenue by an average of about $3,100 to $5,100 per annuity agent, broker or advisor per year. The definition could affect a total of about 1,577 career insurance agents, 86,410 independent agents and brokers, and 16,398 registered investment advisors, and the industrywide revenue […]
Closing loopholes or blocking access? Reactions to the final DOL rule
{April 30th, 2024} by Tobias Salinger
Supporters and opponents began weighing in with their reactions about a minute or so after the Labor Department issued the final version of its retirement advice rule earlier this week. As shown by the roundup of 18 statements in response to the “retirement security rule” below, the groups praising the regulation include the AARP, the CFP […]
Finseca CEO Pans New DOL Fiduciary Regs, Sketches Litigation Path
{April 30th, 2024} by Allison Bell
Marc Cadin, the chief executive officer at Finseca, said he and colleagues at the financial services professional group have now read the Labor Department’s new final investment advice fiduciary rule definition carefully enough to know for certain that they still hate it. Department officials seem to think that they addressed many life and annuity sector player […]
DOL Fiduciary Rule Add-On Could Boost Annuity Distributors’ Clout
{April 30th, 2024} by Allison Bell
An extension of the Labor Department’s new retirement investment advice fiduciary definition could make annuity distributors more powerful than ever. Labor Department officials talk about the wholesalers’ future role in the final version of the Prohibited Transaction Exemption 84-24 update, which appeared today in the Federal Register, an official government regulatory publication. Click HERE to […]
FTC Bans Noncompete Agreements That Restrict Job Switching
{April 30th, 2024} by Dave Michaels and Lindsay Ellis
WASHINGTON—The Federal Trade Commission on Tuesday banned employers from using noncompete contracts to prevent most workers from joining rival firms, achieving a policy goal that is popular with labor but faces an imminent court challenge from business groups. The measure, approved by the agency’s Democratic majority on a 3-to-2 vote, marks the first time in more than 50 years […]
Industry Players Weigh In on the DOL’s New Fiduciary Definition
{April 30th, 2024} by Allison Bell
Seth Friedman, who once distributed annuities himself, is wondering how the Labor Department’s new final retirement investment fiduciary definition regulation will actually affect the flow of cash through the annuity distribution ecosystem. The Investment Company Institute is still going through the 466-page regulation packet. Click HERE to read the full story via Think Advisor
Life, Health and Annuity Issuers Post Their Q1 Numbers
{April 30th, 2024} by Allison Bell
Most publicly traded life and annuity issuers must release their quarterly results within 40 days after the end of each of the first three quarters and annual results within 60 days after the end of the year. The first quarter: Many banks have already posted their results. UnitedHealth, the health insurance giant, put out its numbers […]
Principal Financial Group Announces First Quarter 2024 Results
{April 30th, 2024} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for first quarter 2024. First Quarter 2024 Highlights Net income attributable to Principal Financial Group (PFG) of $533 million, or $2.22 per diluted share Non-GAAP net income attributable to PFG, excluding exited business of $376 million, $1.58 per diluted share Non-GAAP operating earnings1 of $394 million, or […]
AM Best Affirms Credit Ratings of Symetra Financial Corporation and Its Subsidiaries
{April 30th, 2024} by Symetra
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Symetra Life Insurance Company and its subsidiary, First Symetra National Life Insurance Company of New York (New York, NY), together referred to as Symetra Life Group. Concurrently, AM Best has affirmed […]
BlackRock Activates Retirement Solution Offering A Paycheck For Life
{April 30th, 2024} by BlackRock
NEW YORK–(BUSINESS WIRE)–BlackRock (NYSE: BLK) announced today that its retirement income solution, LifePath Paycheck™, is now available in defined contribution plans. The LifePath Paycheck solution takes a new approach to retirement income by providing access to guaranteed income through a target date fund, an investment strategy that automatically adjusts to a targeted retirement year. Plan participants […]
Pacific Life brings new indexed universal life product to market
{April 30th, 2024} by John Hilton
Pacific Life Insurance Co. describes its new flagship indexed universal life insurance offering as “aimed at affluent clients who need competitively priced life insurance protection and significant flexibility in their retirement and estate plans.” The insurer introduced Pacific Horizon IUL 2 earlier this month, touting its tax-free death benefit and tax-free distributions to help supplement retirement income. […]
Nationwide’s annuity president announces retirement
{April 30th, 2024} by Mike Switzer
After a nearly four-decade transformative career at Nationwide, Eric Henderson, president of Nationwide’s annuity business, has shared plans to retire at the end of the year. Henderson has led Nationwide’s annuity team since 2007 and has served as President of Nationwide Annuity since 2019. Legacy of innovation & business performance Under his leadership, the business has […]
Munich Re Life US and Clareto Usher in Next-Level Efficiency in Life Insurance Underwriting with Automated EHR Summarizer
{April 30th, 2024} by Munich Re
Industry-leading digital solution ensures efficient and accurate use of Electronic Health Record data for life insurance underwriting NEW YORK–(BUSINESS WIRE)–Munich Re Life US and Clareto today announced a new digital solution, Automated EHR Summarizer, which provides an intelligent and intuitive synopsis of electronic health record (EHR) data in two formats: an easy-to-use human-readable html report and structured digital data […]
New FTC Ban On Noncompete Agreements Raises Questions In Advisor M&A World
{April 30th, 2024} by Tracey Longo
The Federal Trade Commission voted Tuesday to finalize its rule banning employers from using noncompete clauses in almost all circumstances. The Chamber of Commerce has already filed a lawsuit in federal court to overturn the rule. Under the FTC’s final rule, existing noncompete agreements would no longer be enforceable for the vast majority of employees […]
Industry Job Openings: Business Systems Analyst/Tech Support and Customer Service Advocate.
{April 30th, 2024} by Legacy Marketing Group
View the current openings: Business Systems Analyst/Tech Support and Customer Service Advocate. Click HERE to learn more about Legacy Marketing Group.
Annuity sales up 21% in the first quarter, LIMRA reports
{April 30th, 2024} by Staff Reports
Annuity sellers had another very strong quarter in Q1, with $113.5 billion in sales, 21% higher than the first quarter 2023. Click HERE to read the full story via INN
AI Beyond the Hype: Opportunities for Life & Annuity Insurers
{April 30th, 2024} by Zinnia
With the rise of generative AI, there’s been a rush to incorporate AI tech into every industry, and insurance is no exception. This webinar will provide a comprehensive overview of the real-world applications and strategic importance of AI and Large Language Models for life & annuity insurers. We’ll unpack the complexities surrounding AI, providing a […]
Jackson Adds Protected Lifetime Income Benefit to RILA Suite
{April 29th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today launched +Income, an add-on benefit available for an additional charge, offering guaranteed2 lifetime income3 through Jackson’s Market Link Pro® suite of registered index-linked annuities (RILAs). +Income enables clients to create an immediate income stream or defer withdrawals, providing the opportunity to […]
Gen Z Beginning Financial Planning Earlier Than Previous Generations
{April 29th, 2024} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–According to a new survey from Corebridge Financial gauging sentiments about financial knowledge and expertise during National Financial Capability Month, roughly one in three respondents say they did not “get serious” about financial planning until after the age of 35. However, younger generations report they are starting their financial journeys earlier. Nearly half (49%) […]
CNO Financial Group Reports First Quarter 2024 Results
{April 29th, 2024} by CNO Financial Group, Inc.
Strong sales and distribution force growth; Total new annualized premiums up 8%; Solid first quarter earnings CARMEL, Ind., April 29, 2024 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $112.3 million, or $1.01 per diluted share, in 1Q24 compared to a net loss of $0.8 million, or $0.01 per diluted share, in 1Q23. Net operating income (1) was $57.5 million, or $0.52 per diluted share, […]
Innovation in Annuities
{April 29th, 2024} by Bloomberg
A fireside chat with three annuity industry experts and a BI economist to discuss the space, as it relates to sales metrics, distribution and product innovation. Topics include the sales growth outlook for the Annuity space (Fixed, Variable, Indexed, RILA), product innovation in the index area, opportunities in the 401(k) market, competitive dynamics and the […]
Lincoln National Allegedly Misled Investors on Insurance Segment
{April 29th, 2024} by Martina Barash
Lincoln National Corp. withheld information from the public about a decline in its variable universal life insurance business, an investor says in a proposed class action over a subsequent $2.6 billion quarterly loss. The November 2022 announcement of the setback at the family of companies, known as the Lincoln Financial Group, caused Lincoln’s stock to lose […]
Luma Makes Annuities AvailLuma Makes Annuities Available To Pershing Advisorsable To Pershing Advisors
{April 29th, 2024} by Edward Hayes
Luma Financial Technologies will make its annuity products available to advisors at BNY Mellon Pershing, the companies announced. Advisors who use the NetX360+ platform will have access to Luma’s products and its marketing and education tools, the companies said in a press release. Click HERE to read the full story via Financial Advisor
Report: DOL to release fiduciary rule Tuesday
{April 23rd, 2024} by John Hilton
The Department of Labor is set to release its long-awaited fiduciary rule on Tuesday afternoon, the American Retirement Association reported today. Acting Secretary of Labor Julie Su will announce the final regulation in a Treaty Room ceremony at 5 p.m., the ARA said. Publication of the rule was expected after the White House Office of Management […]
Index allocation is always a big question.
{April 23rd, 2024} by Trent Zimmermann
Index allocation is always a big question. Especially now with the growth of volatility-controlled indexes. As only Sheryl J. Moore of Wink, Inc. can, she keeps it real and breaks it down on what these indexes truly do. And she gives a bonus hashtag#hottake on how, with her year of experience analyzing the data on […]
Rough draft is in!
{April 23rd, 2024} by Sheryl J. Moore
The rough draft is in, and I am proofing! -sjm
Revol One Financial™ Debuts Innovative Fixed Annuity Products with Distinctive Features
{April 23rd, 2024} by Revol One Financial
Urbandale, Iowa – Revol One Financial unveiled their innovative Fixed Annuity product lineup: Excelera Multi Year Guarantee Annuity™ (Excelera MYGA), Excelera Plus Multi Year Guarantee Index Annuity™ (Excelera Plus MYGIA), and Enduris Fixed Index Annuity™ (Enduris FIA). These products offer security and protection, and include innovative features designed to accelerate accumulation. The Excelera MYGA stands as a foundational […]
Revol One has officially entered the annuity market
{April 23rd, 2024} by Sheryl J. Moore
Revol One Financial has officially entered the annuity market, and launched their products! They are offering a MYGA, a MYGIA (think a MYGA with an indexed twist), and an indexed annuity. For all the deets, check them out on Wink, Inc.‘s AnnuitySpecs tool. We’ve got you covered! -sjm
DOL fiduciary adds significant legal liability to producers, panel agrees
{April 23rd, 2024} by John Hilton
SAN ANTONIO — The Department of Labor fiduciary rule proposal has been picked over relentlessly by analysts and industry trade associations since the agency first introduced the concept in 2010. But that doesn’t mean everyone is prepared for it. In fact, a producer selling a simple life insurance policy could be in for a big […]
The Granddaddy of All Premium Finance Litigation
{April 23rd, 2024} by Larry J. Rybka, JD, CFP
Stephen C. Baker recently posted about a mega premium finance case that is currently being litigated in New York in the case of Aronson v. Brave Strategies, LLC. Besides involving $150 million of total death benefit across three carriers, what makes this case notable is that it is based on an alleged violation of New […]
The Problem Is Not the Life Insurance Products, or the Illustrations
{April 23rd, 2024} by Chuck Ritzke
We’ve all seen recent articles about the 90-plus-year-old lady (let’s call her “Emma” for the purpose of this article) who is suing an insurance company because her universal life policy, or UL policy, has run out of cash value. To her (very negative) surprise, she must pay thousands of dollars in premium to keep it […]
State genetic information bans not necessary, life insurance lobbyists say
{April 23rd, 2024} by John Hilton
Fallout from a 2020 Florida law banning life insurers from using genetic information is a classic good-news, bad-news situation for the industry. The good: no additional states adopted similar laws in the years since. The bad news is that Florida passed a bad bill that mischaracterizes how life insurers use genetic information, said Curt Leonard, regional vice […]
NY lawsuit over premium financing tests oversight promised by Reg 187
{April 23rd, 2024} by John Hilton
A premium financing deal gone bad in New York State is generating a new round of criticism from those say the practice is often misused with troubling results. Filed in New York State Supreme Court, Ester Aronson and Baruch Aronson are suing Brave Strategies, Penn Mutual Life Insurance Co., MassMutual Life Insurance Co. and New […]
Brokerage, Annuities Industries Make Last-Ditch Effort To Delay DOL Fiduciary Rule
{April 23rd, 2024} by Tracey Longo
With the Department of Labor’s latest fiduciary rule on a path to be finalized by the end of the month, 11 broker-dealer, annuities and insurance trade groups made one last effort today to get the agency to delay finalizing the rule and continue the public input process. In a letter sent today to the White […]
Can This Annuity Ease Social Security Claiming Pressure?
{April 23rd, 2024} by Allison Bell
Paul Tyler sees agents and advisors as navigators who help retirement savers steer past a complicated, irreversible obstacle: the Social Security claiming date. Tyler is the chief marketing officer at Nassau Financial, a life and annuity issuer that recently released a product designed to fit with a client’s claiming strategy. Click HERE to read the […]
NAILBA, A Finseca Community, Announces New Licensing And Contracting Certification
{April 23rd, 2024} by Finseca
Washington, D.C. (April 11, 2024) – NAILBA, a Finseca community, and the leading insurance industry organization that advocates for consumer choice in the insurance and financial services marketplace through independent brokerage distribution, has released a new professional certification for Licensing and Contracting. The new certification program explores the role of contracting, licensing, appointments, and commissions […]
Transamerica Hires Former Crump Life CEO
{April 23rd, 2024} by Allison Bell
Transamerica has picked Robert Carney, a longtime Crump Life veteran, to oversee its retail life, annuity and mutual fund distribution operations. Carney will be chief distribution officer for Transamerica’s individual solutions division. Click HERE to read the full story via Think Advisor
Will life insurance sales settle down after rollercoaster ride?
{April 23rd, 2024} by Susan Rupe
After a rollercoaster ride of pandemic impacts and regulatory changes, the individual life insurance market is poised to return to a more normal growth pattern over the next few years. Attendees at the Life and Annuity Conference, sponsored by LIMRA, LOMA, SOA and ACLI, heard some insights on what the next few years should bring […]
Life and Annuity Issuers Could Help Break the Banks: Economists
{April 23rd, 2024} by Allison Bell
If financial disasters pull too hard on the banks, that could choke the life insurers, and asset sales at life insurers could then tighten the rope around the banks’ necks even more. Three economists touch on possible financial knots of doom in a new working paper about ways that problems at “non-bank financial intermediaries” — including mutual […]
New York Couple Sues Over Life Premium Finance Collateral Calls
{April 23rd, 2024} by Allison Bell
A lawsuit in New York state could affect how advisors there explain life insurance premium financing arrangements. Ester and Ben Aronson and their trusts have sued Braver Strategies, a financial consulting firm, in a Rockland County, New York, state court over the performance of financing arrangements used to pay for $150 million in life insurance […]
Women’s retirement outlook improving but headwinds persist: GSAM
{April 23rd, 2024} by Steve Randall
Women remain at risk of having insufficient retirement income due to additional pressures that they often face compared to men. Click HERE to read the full story via InvestmentNews
Protective Life Insurance Company Launches New Advisory Variable Universal Life Product on FireLight
{April 23rd, 2024} by Hexure
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced that Protective Life Insurance Company (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), has selected FireLight to support digital sales and submission processes for its new advisory variable universal life (VUL) product, Protective Investors […]
American Couples Have Shared Goals for Retirement, but Haven’t Nailed Down the Details: New Research from Ameriprise Financial
{April 22nd, 2024} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–American investors in committed relationships overwhelmingly trust their spouses or partners on money matters (95%) and share similar goals for retirement (93%), but some haven’t reached consensus on emotionally-charged decisions such as how much they need to save or what will happen to their money after they pass away, according to new research released […]
Guardian highlights its commitment to customers and to championing well-being in The 2023 Guardian Annual
{April 22nd, 2024} by Guardian
Guardian’s 2023 financial performance furthers legacy of strength and resilience NEW YORK, April 16, 2024 /PRNewswire/ — Today, the Guardian Life Insurance Company of America® (Guardian) released “The 2023 Guardian Annual: A whole different perspective,” which highlights the company’s commitment to supporting customers through all life stages and inspiring holistic well-being— mind, body, and wallet®— while delivering strong […]
Northwestern Mutual Ranked the 6th Largest Independent Broker-Dealer by Financial Advisor Magazine
{April 22nd, 2024} by Northwestern Mutual
MILWAUKEE, April 18, 2024 /PRNewswire/ — Northwestern Mutual’s wealth management business continues to be recognized as one of the country’s premier independent broker-dealers, being awarded another industry honor this month. Financial Advisor magazine, a leading publication covering the financial services industry, ranked Northwestern Mutual sixth overall in their annual list of the top IBDs based on gross revenue. The […]
Innovation in Annuities- Higher Rates, Index Offerings Drive Record Sales
{April 16th, 2024} by Jeffrey Flynn
Bloomberg Intelligence (BI) is hosting a webinar on Innovation in the Annuity Market on April 18 at 10AM EST. Please join us for a fireside chat with insurance industry experts Sheryl J. Moore, Alan Grissom and Carrie Freeburg, ASA, MAAA, as well as an economic perspective from BI economist Stuart Paul. Registration Link: https://bloomberg.zoom.us/webinar/register/WN_JKk9Ro4_S0et2ab0xOOrgw#/registration […]
Are you aware of consumers not being “made whole,” in the wake of an insurance company insolvency?
{April 16th, 2024} by Sheryl J. Moore
I recently began researching the NATIONAL ORGANIZATION OF LIFE AND HEALTH INSURANCE GUARANTY ASSOCIATIONS. This is the organization that ensures that consumers receive as much as [$250,000] of their annuity back, in the event of an insurance company insolvency. Over the past year, I have heard stories about customers not receiving their full $250,000 back, […]
Pacific Life Debuts Indexed Life Product for High-Net-Worth Customers
{April 16th, 2024} by Warren S. Hersch
The rollout comes at a promising time for the product segment. In the fourth quarter of 2023, sales of indexed life, including indexed universal and whole insurance, totaled $799.1 million, a 5% rise from a year earlier, according to Wink‘s Sales & Market Report. Sales of indexed life insurance for all of 2023, the firm noted, […]
Opinion How did so many Americans’ retirement money end up in Bermuda?
{April 16th, 2024} by Mary Williams Walsh
Without meaning to, the world’s soccer fans and sportswriters have opened a window into the secretive but influential world of Bermuda reinsurance. Just a glimpse is enough to raise concerns about the retirement security of millions of Americans. We’re talking here about people who have either earned a defined-benefit pension at work or bought an […]
Panel to look at growth of RIAs, as channel grows in number, assets
{April 16th, 2024} by Doug Bailey
The number of Registered Investment Advisors is growing faster than all sales channels in both number and assets under management, according to several surveys. For the past 10 years, the number of independent RIA companies has grown at a compounded annual rate of 2.4% with the number of advisors growing at a rate of 5.3% […]
Globe Life accused of rampant insurance fraud by short-seller report
{April 16th, 2024} by John Hilton
Globe Life is reeling after a report Thursday accused brokers at subsidiary American Income Life of widespread insurance fraud, including writing policies for dead and fictitious people, and an alleged kickback scheme that netted millions for senior executives. Shares of Globe Life dropped more than 50%, following the report from Fuzzy Panda Research, which took […]
Empower reaches tentative deal with 13 ex-advisors it sued for poaching
{April 16th, 2024} by John Hilton
Empower has reached a settlement agreement with 13 advisors who left the firm to create a competing advisory business. In a federal lawsuit filed March 13 in Colorado, Empower accused the firm, known as Atomi Financial, of misappropriating its trade secrets and using the trade secrets to steal its clients. Atomi does business as Compound […]
Iowa advisor schemed to defraud clients, making FBI Most Wanted list
{April 16th, 2024} by John Hilton
An advisor wanted for allegedly ripping off clients for $1.5 million was captured by the FBI last week after a short time on the run. William Jack Berg, 51, is charged with money laundering and several counts of wire fraud, according to an indictment filed in U.S. District Court for the Southern District of Iowa. […]
OMB completes review of Labor Department’s polarizing fiduciary rule
{April 16th, 2024} by John Hilton
The White House Office of Management and Budget announced that it has concluded a review of the Department of Labor’s controversial fiduciary rule. The review is the final big hurdle before the rule is published in the Federal Register. OMB is still scheduled to meet with stakeholder groups through April 15, but the agency indicated on its […]
7 states adopt AI rules; insurer compliance called ‘significant lift’
{April 16th, 2024} by John Hilton
Seven states are on board with guidelines for use of artificial intelligence that insurers “are expected” to follow. Adopted by the National Association of Insurance Commissioners and sent to the states in December, the AI framework is an initial regulatory effort to gain oversight over the rapidly evolving technology. Momentum for AI regulation in the […]
Seven in 10 Pre-Retiree Investors Say Retirement at 65 Is Not Achievable
{April 16th, 2024} by Nationwide
Two in Three are Expecting to Face More Challenges in Retirement Than Their Parents and Grandparents. COLUMBUS, Ohio, April 15, 2024 /PRNewswire/ — As more Americans begin turning 65 this year than at any other point in history, many are coming to grips with a cold reality: this is not going to be their parents’ retirement. The […]
Got Big Plans for Your Tax Refund? You’re Not Alone
{April 16th, 2024} by Finseca
WASHINGTON , April 9, 2024 /PRNewswire/ — With nearly 106 million individual income-tax returns resulting in refunds in 2023, a significant number of Americans are already pondering how to use their additional funds. As the Wall Street Journal reported, this year’s average refund is a little over $3,100. If you are contemplating where to allocate this unexpected money, take a moment […]
Protective to Acquire ShelterPoint
{April 16th, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a U.S. subsidiary of Dai-ichi Life Holdings, Inc. (“Dai-ichi”; TSE:8750), announced today that its principal subsidiary, Protective Life Insurance Company, entered into an agreement to acquire ShelterPoint Group, Inc., a leading provider of statutory disability, paid family and medical leave, as well as medical gap insurance products, among others. ShelterPoint Group, Inc. is the […]
Equitable Survey Reveals Three-Quarters of Americans Feel Their Money Does Not Stretch as Far as It Did a Year Ago
{April 16th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans. Equitable’s survey revealed that three-quarters of consumers (75%) feel their money does not go as […]
Don’t Finalize Fiduciary Rule Now, Groups Urge DOL
{April 16th, 2024} by Melanie Waddell
Industry trade groups are pressing the Labor Department to continue to receive public input on its fiduciary rule and not “finalize the rule now.” In a letter sent Monday to acting Labor Secretary Julie Su as well as the Office of Management and Budget, the groups — which include the Financial Services Institute and the Insured Retirement […]
BlackRock CEO Sees Annuities as Retirement Plans’ Future
{April 16th, 2024} by Allison Bell
Morningstar recently put out a report scoffing at the idea that annuitization options will have much of an effect on the U.S. retirement plan market. Larry Fink, the CEO and chairman of BlackRock, disagrees. Click HERE to read the full story via Think Advisor
Fiduciary Rule Meetings Disappointed Agent Groups
{April 16th, 2024} by Allison Bell
The heads of two groups that represent annuity sellers say that White House regulation reviewers showed little apparent interest in their views about the U.S. Department of Labor’s fiduciary definition effort during meetings this week. The Office of Information and Regulatory Affairs, the White House Office of Management and Budget division that analyzes the costs […]
Annuities Soar as Source of Life Insurer Revenue
{April 16th, 2024} by Allison Bell
U.S. life insurers are getting a lot more of their retail product premium revenue from annuities than from life insurance these days. Individual annuities accounted for $344 billion of life insurers’ $1.5 trillion in direct written premiums in 2023, or about 24% of the total, according to new industrywide totals from A.M. Best. Click HERE to […]
