Genworth Falls Most in S&P 500 as CEO Says More Work to Do
{October 31st, 2015} by Katherine Chiglinsky
Genworth Financial Inc., the insurer battered by losses on long-term care coverage, fell the most in the Standard & Poor’s 500 Index after Chief Executive Officer Tom McInerney said that there are limited options to simplify the company in the short term. The insurer slumped 10 percent to $4.68 at 4:15 p.m. in New York […]
Why Americans aren’t meeting with advisors: small nest eggs
{October 30th, 2015} by Warren S. Hersch
Nearly half of Americans believe they need a sizable nest egg to justify working with a financial advisor, according to new research. TIAA-CREF discloses this finding in a summary of results from its 4thannual “Advice Matters” survey. Conducted by KRC Research, the online survey polled 2,000 U.S. adults ages 18 and older in August. Click […]
Fitch Publishes Special Report Examining the Fixed Index Annuity Market
{October 29th, 2015} by Business Wire
CHICAGO–(BUSINESS WIRE)–Fitch Ratings today released a special report regarding the fixed index annuity (FIA) market and the risks faced by life and annuity companies as the use of rider benefits has grown. From 2007 to 2014, sales of FIAs grew 93% while sales of other fixed annuities declined by 1% and sales of variable annuities […]
Horace Mann Educators (HMN) Announces Earnings Results
{October 29th, 2015} by Samantha Reynolds
Horace Mann Educators (NYSE:HMN) released its earnings results on Wednesday. The company reported $0.50 EPS for the quarter, missing analysts’ consensus estimates of $0.56 by $0.06, ARN reports. The business had revenue of $265.70 million for the quarter, compared to analysts’ expectations of $267.56 million. The business’s revenue for the quarter was up .0% on a […]
Annuities Get Short Shrift In Advisor Survey
{October 29th, 2015} by N/A
HARTFORD, Conn., Oct. 20, 2015 – A majority of financial professionals identified retirement income distribution planning as a key goal for pre-retirees and recent retirees but may be overlooking an opportunity to help them meet that goal, according to a recent survey by Saybrus Partners, Inc. The survey found that nearly two thirds (65 percent) of […]
Phoenix CEO interested in Deutsche Bank’s Abbey Life business
{October 29th, 2015} by Sarah Jones
(Bloomberg) — Phoenix Group Holdings Chief Executive Officer Clive Bannister said he’s ready to do deals and would be interested in Abbey Life if Deutsche Bank AG puts the U.K. insurance business up for sale. Bannister, who has spent the last four years cleaning up Phoenix’s balance sheet, said he has not yet spoken with […]
IUL as a Retirement Vehicle
{October 29th, 2015} by N/A
Too many American consumers approach retirement savings without all the facts or adequate knowledge of the different options that can serve them in the long term. This is particularly true when it comes to Individual Retirement Accounts (IRAs) which are often seen as the only solution for long term retirement savings when 401K programs are […]
Icahn urges AIG to split Into three, says it’s ‘time to act’
{October 29th, 2015} by KATHERINE CHIGLINSKY
(Bloomberg) — Carl Icahn, the billionaire investor known for picking fights with corporate boards, said American International Group Inc. should split into three companies, one selling property-casualty coverage, another selling life insurance and a third backing mortgages. The stock rallied in early trading. “There is no more need for procrastination,” Icahn said in a letter posted on […]
House Passes Bill to Fatally Delay DOL Rule
{October 29th, 2015} by John Hilton
The House of Representatives passed the Retail Investor Protection Act Tuesday night, widely seen as an alternative to the fiduciary-only rule being pushed by the Obama administration. A bill proposed by Rep. Ann Wagner, R-Mo., passed 245-186 and would prohibit the Labor Department from instituting new rules governing financial services before the Securities and Exchange Commission […]
Imeriti Financial Network Wraps Up Another IUL Boot Camp
{October 28th, 2015} by Imeriti
10/27/2015 Imeriti Financial Network (IFN) just concluded their tenth and final IUL Boot Camp of 2015. This two day all-expenses-paid event was held at the Gateway Marriott hotel in Atlanta, Georgia on October 15-16, 2015. During this event, 55 agents heard from several expert speakers in the Indexed Universal Life (IUL) space. During each presentation, […]
Lessons learned about market volatility … Again: BLOG
{October 28th, 2015} by Mike McGlothlin
In November 2014, I wrote about a short correction in the market. Over a period of 22 trading days, in the fourth quarter of 2014, the market corrected and wiped out over $1 trillion of wealth. Clients never really felt that loss, however, because it came and rebounded before the next quarterly statement. Once again, […]
Back to the Insurance Future: What Marty McFly Saw in 2015
{October 28th, 2015} by Christopher J. Boggs / Academy Journal Blog
According to my history book (or “future” book), well, at least the history taught by the movies, Marty McFly landed in Hill Valley today after skipping over the last 30 years. If you see him, compare notes with him regarding the insurance industry and what has changed since 1985. My bet is Marty will recognize […]
When the Life Insurance Gift Becomes a Beautiful Gesture
{October 28th, 2015} by Louis S. Shuntich, J.D., LL.M.
The French phrase “beau geste,” or beautiful gesture, was the basis for P.C. Wren’s 1924 novel Beau Geste about the decent thing to do. It also describes the opportunity presented to those who have life insurance that they no longer want and may want to give to others in greater need. The extent of […]
The top 10 IUL myths and how to debunk them
{October 27th, 2015} by David C. McNight
The more IUL sales grow, the more its critics seem to froth at the mouth. Having surveyed a few of the more egregious IUL hit pieces over the years, I’ve noticed that the majority of the venom comes from a few distinct quarters: financial “gurus”, Bank-on-Your-Selfers, and buy-term-and-invest-the-difference advocates. While each of these groups have […]
Why you should use FIAs in retirement income planning
{October 27th, 2015} by Ed McCarthy
Fixed index annuities(FIAs) are on track to approach last year’s record sales of $48 billion, according to LIMRA’s reports on this year’s first two quarters. While advisors and FIA buyers often focus on the product’s features during the accumulation phase, FIAs can also play an important role in retirement income planning. Flexibility Robert Klein, CPA, […]
Symetra Reports 3Q Results
{October 27th, 2015} by Business Wire
Sales were up year-over-year across the Benefits, Retirement and Individual Life divisions; Retirement achieved a second consecutive quarter of over $1 billion in sales. Benefits loss ratio of 63.7% came in favorable to the target range, on a larger premium base. Deferred Annuities account values grew to $17.1 billion, from $14.8 billion a year ago, […]
Ruminations, Reflections from the 2015 SOA Annual Conference: BLOG
{October 27th, 2015} by Steven D. McDonnell
Click HERE to view blog
Indexed Annuities: Past, Present and Future
{October 27th, 2015} by Mike Janky
Indexed annuities have been around now for two decades. We have watched these products evolve from a relatively simple design from two carriers in 1995 to now hundreds of carriers offering an array of indexing strategies including new indexes designed exclusively for a carrier. We have seen dramatic changes on these products especially over the […]
Beneficiary designations: 4 reasons why they may be out of dat
{October 27th, 2015} by Hugh F. Smart
It’s yet another form in that seemingly endless pile of paperwork needed to complete the application. It’s usually only one page and while most clients don’t seem to think about it too much, others will want to get back to you on their choices — another delay to getting business processed. Since the beneficiary form […]
Education Needed to Trigger Annuity Market
{October 27th, 2015} by Linda Koco
Annuities are the answers to the biggest concern older clients in their 50s and 60s have about their retirement portfolios. They just don’t know it yet. So says Mark Fitzgerald, national sales manager at Saybrus Partners LLC, a Hartford, Conn., subsidiary of The Phoenix Companies. The problem is both financial professionals and clients are stuck […]
Advisors sidestepping annuities in retirement planning
{October 27th, 2015} by Warren S. Hersch
Financial service professionals are overlooking guaranteed income products when advising boomer clients in their 50s and 60s in need of retirement income planning, according to new research. Saybrus Partners, a unit of The Phoenix Companies Inc., discloses this finding in a survey of advisors polled at the 2015 annual conference of the Financial Planning Association, […]
Genworth to sell Europe mortgage unit at $140 million loss
{October 27th, 2015} by KATHERINE CHIGLINSKY
(Bloomberg) — Genworth Financial Inc. agreed to sell a European mortgage insurance operation to AmTrust Financial Services Inc. as Chief Executive Officer Tom McInerney divests assets to bolster capital amid tighter regulation on companies that back home loans in the U.S. Genworth expects to record an after-tax loss of $140 million tied to the sale […]
Why Ken Fisher still hates annuities
{October 27th, 2015} by JANE WOLLMAN RUSOFF
The prevailing tack for selling annuities is the same type of shifty pitch on which every Ponzi scheme is premised, top money manager Ken Fisher contends, in an interview with ThinkAdvisor. Indeed, for two years now the outspoken investor’s ubiquitous print and online ads have trumpeted: “I Hate Annuities…and So Should You!” Fisher particularly hates variable […]
Experts say DOL rule will remain largely unchanged
{October 26th, 2015} by Emily Holbrook
The DOL’s proposed fiduciary standard could radically change the financial services industry as a whole. Of course, no one can predict what the ultimate outcome will be, but controversy and confusion surround the issue. The topic was, appropriately, a hot one at the LIMRA Annual Conference, taking place now in Boston. Click HERE to read […]
Women Lead Men In Longevity And Generosity
{October 26th, 2015} by Linda Koco
It is widely known among advisors that women make up a large segment of their current and future retired clients. A lot of that has to do with women’s greater overall longevity. This longevity causes many wives to outlive their husbands, leaving widows to manage the couple’s remaining assets. Click HERE to view article Wink’s Note: […]
Eric J. Thomes Honored by NAFA with 2015 Bo Johnson Spirit Award
{October 26th, 2015} by NAFA Staff
Eric Thomes, the Senior Vice President of Sales and Head of FMO Distribution for Allianz Life Insurance Company of North America (Allianz Life®) was announced as the 2015 recipient of NAFA’s Insurance Marketing Advisory Council’s (IMAC) Bo Johnson Spirit Award for Lifetime Achievement. The award recognizes courage, spirit and determination that challenges the status quo, […]
What if Dave Ramsey were held to a fiduciary standard?
{October 26th, 2015} by Michael Markey
In the past I’ve called Dave Ramsey’s out for his fictitious advisor titles, his bad math and for the fact that it’s possible he would’ve been better off buying the permanent insurance he hates so much, not for the rate of return, but due to the fact that he’s continued to carry life insurance past the […]
Retirement planning should start now for financially beleaguered millennials
{October 25th, 2015} by Peggy Bresnick
Composed of those who are roughly ages 18 to early 30s, the millennial generation is generally curious, educated, technologically adept and socially conscious. With all its gifts, however, millennials are also living with the fallout from events like 9/11 and the Great Recession, which combine with rising costs of higher education to place them in […]
Longtime AIG Executive Tizzio Dies
{October 23rd, 2015} by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
NEW YORK – Thomas Tizzio, former senior vice chairman of general insurance who had a career of more than 40 years with American International Group Inc., died Oct. 20 at age 77. Maurice R. Greenberg, chairman and chief executive officer of Starr Cos. and former head of AIG, issued a statement on Tizzio’s death. “I […]
Prudential Financial Names Lori Fouche To Head Annuities Unit
{October 23rd, 2015} by Bloomberg News
Prudential Financial Inc., the second-largest U.S. life insurer, named Lori Fouche to lead an annuities operation that has been working to limit risk on the retirement products. Fouche, head of the group insurance unit, will take over the annuities unit Dec. 7 from Bob O’Donnell, who will lead a new venture focusing on innovation and […]
Life Insurance: A key piece of the financial planning puzzle
{October 23rd, 2015} by ANDREW BUCKLEE, LANCE WINSTON
In recent years advisors have changed their approach to financial planning, making it more comprehensive, while consumers have become more attuned to the challenges of planning for retirement. And while many consumers are more aware of the issues they may face, many are not taking the necessary steps to prepare for their financial future. Advisors […]
Americans too optimistic about retirement readiness
{October 23rd, 2015} by Marlene Y. Satter
Doom-and-gloom headlines notwithstanding, 51 percent of Americans believe they’re on track to achieve their retirement goals. But one could call that magical thinking, considering how much workers have managed to save for retirement. According to the BlackRock Global Investor Pulse survey, people approaching retirement have managed to put away an average total of $136,200. Click HERE to read […]
Principal 3Q Income Rises, Ameriprise Profit Sinks
{October 23rd, 2015} by Cyril Tuohy
Analysts expect this quarter’s earnings to be difficult for life insurers as a rough stock market, low interest rates and a strong dollar affect carriers doing business abroad. The headwinds have caused some analysts to trim their earnings estimates for life carriers by 3 percent. Click HERE for a rundown on how two financial services companies […]
Jackson National Dedicates New Office Building in Lansing as Part of Expansion
{October 22nd, 2015} by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
LANSING, Mich. – Jackson National Life Insurance Co. has dedicated an office building to accommodate its “rapidly growing workforce,” as part of a $100 million expansion plan. The new 230,000-square-foot building, which connects to Jackson’s existing offices through a glass-enclosed walkway, also contains conference facilities and 1,200 new work spaces, the company said in a […]
Advisors could be overlooking strategy for pre-retiree and retiree clients
{October 22nd, 2015} by Marlene Y. Satter
Two thirds of advisors say that a key goal for pre-retirement and retiree clients is income distribution planning—but that doesn’t mean they’re suggesting annuities as a way to achieve that goal. That’s according to a survey conducted by Saybrus Partners, Inc., which found that while 65 percent of advisors identified “retirement income distribution planning” as […]
Inherited Annuities Can Be A Tax Time Bomb
{October 22nd, 2015} by Wenatchee Business Journal (WA)
Lured by the promise of tax-deferred interest and returns backed by insurance companies, many savers over the last decade have invested large sums of non retirement funds in deferred annuities. In this rush to avoid taxes they may be passing a tax time bomb to their heirs. The ultimate goal of good estate planning is […]
CreativeOne appoints industry authority Steve Savant as national marketing spokesman
{October 21st, 2015} by Steve Savant
CreativeOne new hire syndicated financial columnist & talk show host, Steve Savant. LEAWOOD, KAN (PRWEB) OCTOBER 05, 2015 CreativeOne, a leading independent marketing organization (IMO) serving thousands of independent annuity and life insurance agents and advisors nationwide, announced Steve Savant as its national marketing spokesman today.In his new role, Savant will support the company’s growth […]
Financial firms mark kickoff of National Savings Week
{October 20th, 2015} by Marlene Y. Satter
[October 19th marked] the beginning of National Savings Week (also known as National Save for Retirement Week). To give it a nudge in the right direction, three financial firms are marking the occasion with hints, tools, and even outright savings contributions. Voya Financial Inc., in the most spectacular such gesture, has announced that as part of […]
Analysts: 3Q a Likely Downer for Life Insurers
{October 20th, 2015} by Cyril Tuohy
A limp stock market, low interest rates and the strong dollar affecting non-Yen denominated holdings will likely make the third quarter earnings season a tough one for the life sector, according to a pair of analysts. The developments caused life insurance company analysts at Keefe, Bruyette & Woods to trim third-quarter earnings estimates for life […]
Lafayette Life Introduces Fixed Indexed Annuity
{October 20th, 2015} by N/A
Goldman Sachs-designed multi-asset class index featured in allocation option CINCINNATI — October 13, 2015 — The Lafayette Life Insurance Company, a member of Western & Southern Financial Group, Inc. (Western & Southern), recently announced the introduction of Marquis SP, a single-premium deferred fixed indexed annuity. “Ongoing, low interest rates are a risk that jeopardizes the […]
Voya Financial Offers Every Baby Born Today a $500 Mutual Fund Investment
{October 19th, 2015} by Voya
Second annual Voya Born to Save™ program helps next generation on the path to retirement readiness Survey finds 40% of new parents admit to spending $500 or more on nonessential baby items; results show how some money might be invested for the future instead PR Newswire, New York, October 19, 2015 Voya Financial, Inc. (NYSE: […]
Answering Retirement’s Most FAQs: BLOG
{October 19th, 2015} by IALC
In order to ensure a relaxing and secure retirement, planning ahead is key. It’s something we all know, but let’s face it — figuring out where to start can be daunting. That’s why the Indexed Annuity Leadership Council (IALC) compiled and answered some of the most frequently asked questions when it comes to planning for […]
4 Small Ways to Save Big: BLOG
{October 19th, 2015} by IALC
When it comes to saving for retirement, starting early is key. And while putting money away can seem like a huge and daunting task, it doesn’t always require major lifestyle changes. If you implement changes slowly and in small ways, you may not even realize how much you’re saving. Here are 4 small ways you […]
Top 3 Common Retirement Mistakes: BLOG
{October 19th, 2015} by IALC
On the surface, transitioning to retirement means spending your days on the golf course or on the beach instead of in the office. But failing to prepare for retirement means more complications than leisure. According to the 2014 Retirement Confidence Survey conducted by the Employee Benefits Institute, more than half of American workers may never […]
ADP Sees Continued Generational Gap in Retirement Savings; Recognizes ‘National Save for Retirement Week’ With Tips to Help Begin Saving More for Retirement
{October 19th, 2015} by Marketwired via COMTEX
ROSELAND, NJ, Oct 19, 2015 (Marketwired via COMTEX) — Only 41.1 percent of employees aged 20-24 are currently saving for retirement compared to 65.5 percent of employees aged 55 and older, according to a study conducted by the ADP Research Institute(R).(i) The pattern of older workers saving more for retirement than younger workers continues to […]
Nearly half of Americans are underprepared for retirement
{October 19th, 2015} by Peggy Bresnick
When it comes to finances, it seems that Americans are woefully unprepared for retirement, according to a 2015 report issued by National Institute of Retirement Security (NIRS). The Continuing Retirement Savings Crisis, states the typical American household was further behind in retirement readiness in 2013 than it was in either 2010 or 2007. As a […]
33 of the best retirement quotes
{October 19th, 2015} by Lynette Gil
Ah yes, retirement. The dream that many of us secretly wish could start right now, no matter our age. A dream that we are all financially, physically and mentally preparing for, trying to make it happen sooner rather than later. Click HERE to read article
Mixed Findings In Report On Advisor Deficiencies
{October 19th, 2015} by Cyril Tuohy
The number of deficiencies among investment advisors has declined 30 percent from two years ago. However, the percentage of exams noting at least one deficiency rose in many categories, according to a report issued by the North American Securities Administrators Association (NASAA). The 1,170 reported state examinations uncovered 4,983 deficiencies in 22 compliance areas. Click […]
MassMutual Looking Toward Millennials
{October 17th, 2015} by The Boston Globe
Massachusetts Mutual Life Insurance Co. will expand its financial services startup geared toward millennials with a $100 million investment to bring the initiative to 10 more cities in the next three years. The Springfield insurer, which launched its Society of Grownups in Brookline a year ago, said it plans to open offices in New […]
MetLife Files Correction With SEC After Miscalculating 2014 Risk-Based Capital Ratio
{October 16th, 2015} by Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com
WASHINGTON – MetLife Inc. miscalculated its combined risk-based capital ratio for 2014 and has filed a correction with the U.S. Securities and Exchange Commission. The company’s internally defined combined risk-based capital ratio should have been 398% instead of being in excess of 400% as previously reported in the 10-K form and as was mentioned in […]
CreativeOne Offers First-to-Market TAMP for Investments and Fixed Indexed Annuities to RIAs
{October 16th, 2015} by PRWeb
LEAWOOD, KAN. (PRWEB) OCTOBER 14, 2015 CreativeOne, a leading independent agency development organization serving registered investment advisors and independent insurance agents, has partnered with ChangePath, a next generation turnkey asset management platform (TAMP). ChangePath’s groundbreaking technology brings together the worlds of actuarial product development, insurance professionals, third-party asset managers, sub advisors and principal owners of […]
Prudential Financial opens new office tower in downtown Newark
{October 16th, 2015} by Press Release
Prudential Financial, Inc., officially opened its new office tower in Newark, N.J., at a ribbon cutting attended by John Strangfeld, chairman and CEO of Prudential, Cory Booker, U.S. Senator from N.J., Ras Baraka, Mayor of Newark, Donald Payne, Jr., U. S. Representative from New Jersey, Kim Guadagno, Lieutenant Governor and Secretary of State of N.J., […]
Pa. man arrested for posing as insurance agent, stealing $32,000
{October 16th, 2015} by IFAWebnewsStaff
A Southeastern Pennsylvania man has been charged with posing as an insurance broker and stealing more than $32,000 from a local couple through non-existent life insurance policies. Stephen A. Strope, 67, of Limerick, Pa., was arrested by Montgomery County (Pa.) law enforcement and charged with forgery, theft by deception, identity theft, unlicensed broker activity and […]
Fred Jonske Joins ACLI’s Board of Directors
{October 16th, 2015} by M Financial Group
The American Council of Life Insurers (ACLI), whose member companies help Americans achieve financial and retirement security, has elected M Financial Group President and CEO Fred H. Jonske to its Board of Directors. “We’re fortunate to have Fred on our board,” said ACLI President and CEO Dirk Kempthorne. “He knows this industry well and […]
These female clients love their financial advisors — here’s why
{October 16th, 2015} by Janet Levaux
To pay for the costs involved with living longer, retirees – especially women – need to work with advisors and stay invested in the markets, according to a group of clients who spoke at the 2015 Women’s Symposium hosted by Raymond James. “Many of my friends are scared to invest,” said Rita Droney, who works with […]
Midland National® Releases New MNL IndexBuilder(SM) Fixed Index Annuity
{October 16th, 2015} by Marketwired
WEST DES MOINES, IA–(Marketwired – October 15, 2015) – Midland National Life Insurance Company has introduced MNL IndexBuilder, a flexible premium, fixed index annuity that features an upfront premium bonus, and a choice of fixed and indexed crediting options. “There’s a widespread uncertainty about retirement readiness in America,” said Cindy Reed, President of Midland National’s […]
Meet 7 more of the worst life insurance clients in the world
{October 16th, 2015} by Insure.com
Broken collarbones and legs, paralysis, blindness — even death — are potential results for those who indulge in extreme sports. While most of us are acutely aware of our mortality and try not to push the envelope, some of us seek out activities for the adrenaline rush it brings. We looked for the most popular […]
Millennials motivated to plan for future, but feel overwhelmed by options
{October 16th, 2015} by Michael S. Fischer
Eighty-three percent of Americans ages 18 to 34 are straining to figure out their options for insurance coverage, and 79 percent are struggling to understand their choices for retirement planning, according to a new survey. By comparison, 70 percent of the general population feels overwhelmed by insurance options and 67 percent about retirement choices, according […]
Advisors lure million-dollar clients on social media
{October 15th, 2015} by Emily Zulz
Nearly 43 percent of advisors have attributed a return on investment to social media use – bringing in anywhere from less than $1 million to more than $5 million of new business, according to a survey from American Century Investments. American Century Investments’ sixth annual Financial Professionals Social Media Adoption Study examined advisor usage and attitudes toward […]
Regulation: Still a big industry concern (though a tad less)
{October 15th, 2015} by Warren S. Hersch
For U.S. insurers, the lengthening stream of regulations imposed by federal and state regulators poses a mounting threat. The list is long, ranging from rules governing principal-based reserving and stress tests to annuity sales tactics and — the latest bane of the industry — the Department of Labor’s proposed fiduciary standard. If it’s any consolation to the companies, […]
Leawood Company Launches Groundbreaking Platform Fusing Investments & FIAs
{October 15th, 2015} by PRWeb
Bringing together the worlds of actuarial product development, insurance professionals, third-party asset managers, sub advisors and principal owners of large Registered Investment Advisory (RIA) firms to one platform, Kansas City-area company ChangePath is set to launch the first-to-market turnkey asset management platform (TAMP) fusing investments, fixed income and annuities. The technology integrating fixed indexed annuities […]
Women in sales: closing one gender gap by shutting another
{October 15th, 2015} by Warren S. Hersch
Industry pundits have long lamented a gender gap in insurance and financial planning. Depending on what you’re measuring, that gap can be modest — or monumental. Take personal savings. Click HERE to read article
This is a critical time for our industry — a time of great opportunities: BLOG
{October 15th, 2015} by Deb Smallwood
Innovation can start simple. It does not always have to start with a big bang. We all know that doing anything in insurance across 50 states is often complex, expensive and a long process, but it is possible to begin with an idea around a new model, product, channel and/or line of business. Decide on […]
4 reasons income annuities might be the retirement equivalent of Airbnb
{October 15th, 2015} by Ross Goldstein
The sharing economy. It’s a new phrase built on old ideas: that sharing resources makes a lot of sense, saves people money and is generally good for society. An example of the sharing economy in action? Click HERE to read the article
Women: On how to be successful and improve client relationships
{October 15th, 2015} by Carley Meiners
We all know women are underrepresented in the financial industry. In fact, only 22 percent of independent insurance agents are female, according to the LIMRA and National Underwriter Life & Health study, “The Independent Financial Professional: Fitting into an Ever-changing Environment.” That’s why the women we do have in the industry are important in shaping […]
More Financial Advisors Looking To Go Independent
{October 14th, 2015} by Linda Koco
Advisors on the financial side of the advisory business are increasingly looking at the possibility of going independent once their current contracts run out. But if they do, they might not go solo. Cerulli Associates has found that many advisors are more likely to join an existing registered investment advisor firm than to start their […]
MIB Life Index Reports U.S. Life Insurance Activity Up +1.5% in September
{October 14th, 2015} by PRNewswire
BRAINTREE, Mass., Oct. 13, 2015 /PRNewswire/ — U.S. application activity for individually underwritten life insurance was up +1.5% in September, year-over-year, all ages combined, according to the MIB Life Index. September’s numbers did show some evidence of weakening as it was the smallest gain in 2015. With March the only exception (off -3.0%), the MIB […]
Voya hires JPMorgan’s Eisenbach as Martin builds retirement unit
{October 14th, 2015} by SONALI BASAK
(Bloomberg) — Voya Financial Inc., the U.S. insurer formerly owned by ING Groep NV, hired Karen Eisenbach, formerly of JPMorgan Chase & Co.’s asset-management business, to focus on marketing retirement products to institutional and retail clients. Eisenbach will be based in Windsor, Connecticut, Voya said in a statement Tuesday. She was most recently executive director […]
MetLife Declines After Accounting Blunder Tied to Annuities
{October 14th, 2015} by Katherine Chiglinsky
MetLife Inc., the largest U.S. life insurer, declined in New York trading after saying that a measure of financial strength monitored by regulators was lower than previously reported. MetLife dropped 1.4 percent to $47.20 at 4:04 p.m., extending its loss for the year to 13 percent. The combined risk-based capital ratio as of Dec. 31 […]
Blessed are the Mothers
{October 14th, 2015} by Wink RockStars
On September 25, 2015 Sherri (Luett) Timm was laid to rest. Sherri treasured her family; what was most important to her was being a mother and grandmother. She liked to cross-stitch and hanging on a wall in her home was her Blessed are the Mothers framed cross-stitch. Blessed are the Mothers who love God, for […]
Barclays’s CEO Hunt Leads to Another American Banker, Jes Staley
{October 14th, 2015} by Noah Buhayar
Barclays Plc Chairman John McFarlane’s three-month hunt for a chief executive officer with a new set of skills has led to a familiar form of talent: an American investment banker. Jes Staley, 58, who spent more than three decades at JPMorgan Chase & Co., is now the leading candidate for London-based Barclays’s top job, a […]
MetLife declines after accounting blunder tied to annuity claims
{October 14th, 2015} by KATHERINE CHIGLINSKY
(Bloomberg) — MetLife Inc., the largest U.S. life insurer, declined in New York trading after saying that a measure of financial strength monitored by regulators was lower than previously reported. MetLife dropped 1.6 percent to $47.12 at 10:39 a.m., the biggest fall in the 21-company Standard and Poor’s 500 Insurance Index. The combined risk-based capital ratio as of Dec. […]
A Gender Gap: Women Aren’t Buying The Selling Career
{October 14th, 2015} by The Guardian Life Insurance Company of America
More than 60 percent of women—equivalent to a quarter of the U.S. population— do not consider sales as a career option NEW YORK, N.Y., October 14, 2015 —The Guardian Life Insurance Company of America® (Guardian), one of the nation’s largest mutual life insurers, today announced findings from a new study focused on women and sales careers, […]
Six prospecting tips for life insurance and annuity sales
{October 14th, 2015} by Suzy Turner
Prospecting is the most important activity you can perform to ensure the longevity of your business. If you aren’t prospecting and marketing yourself regularly then it’s just a matter of time before your office phone stops ringing and your appointment book is empty. But prospecting shouldn’t be a disorganized, anxiety-filled activity. It should be carried out […]
Agent Tech Tools That Are Working, Not Working Or Just Getting Started
{October 14th, 2015} by Ken Leibow
The responsibility of insurance professionals is clear—advise clients to make decisions based on their own circumstances and means. Agents have a responsibility to share their knowledge of a complex and evolving industry with their clients, and the tools they use are critical to making their clients feel comfortable with the sales process. Agents have access to a vast array of technology […]
Chad D. Stewart Named SVP and CIO of Great American
{October 14th, 2015} by Business Wire
More than 20 years of industry experience October 14, 2015 — CINCINNATI–(BUSINESS WIRE)–Great American Insurance Group is pleased to announce that Chad D. Stewart was named Senior Vice President and Chief Information Officer of its Annuity Group. Mr. Stewart joined the Company in 2011. Since that time, he has held roles of increasing responsibility, and was […]
Life Insurance A Tough Sell For Millennials
{October 14th, 2015} by Reuters
Joseph Shonkwiler, the proud father of newborn twin boys, owns a life insurance policy. Like many millennials, the policy was not a priority for the 34-year-old from Cambridge, Mass., until the twins were due. He will start paying down close to $200,000 in student debt after completing his MBA from the Massachusetts Institute of Technology’s Sloan […]
Fed Rate Hike Awaits Improving Labor Market
{October 13th, 2015} by Linda Koco
The life and annuity business has its fingers crossed, hoping that interest rates will start going up this year, albeit “not too high and not too fast.” No one needs to fret about that last part because, as the world knows, the September meeting of the Federal Reserve Board’s Federal Open Market Committee (FOMC) came […]
Getting up to speed on the NAIC’s AG 49: What you need to know
{October 13th, 2015} by Warren S. Hersch
On September 1, 2015, the first phase of Actuarial Guideline XLIX (AG 49) became effective for all Fixed Index Universal Life (FIUL) insurance policy illustrations. Jason Wellmann, senior vice president of life distribution at Allianz Life Insurance Company of North America (Allianz Life), and Todd Petit, assistant vice president actuary and illustration actuary for Allianz Life, […]
The top 5 concerns for insurance executives today
{October 13th, 2015} by Doug French
The results from EY’s 2015 Life and Annuity Executive Survey show a range of challenges – some longstanding and some emerging – that are shaping the strategic agenda for the industry’s senior leaders. The key findings from the survey highlight the five top concerns for the retail life and annuity sector from the perspective of […]
Proposed NAIC Budget Seeks 3.48% Revenue Hike for 2016 Fiscal Yea
{October 13th, 2015} by Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com
WASHINGTON – The National Association of Insurance Commissioners is proposing a 2016 budget including total revenues of $97.6 million and expenses of $102 million, representing increases of 3.48% and 3.98% respectively. The budget plan stresses efforts to bolster the industry’s cybersecurity infrastructure, implement principle-based reserving for life insurers, and to perform a pilot that would […]
Insurance and Finance Industries: Just for Men?
{October 13th, 2015} by PRWeb
New research published from WIFS reveals how women find success in a male-dominated field New York (PRWEB) August 17, 2015 — Women in Insurance and Financial Services (WIFS), the preeminent professional organization for women in the industry, kicked off a research project to determine how the most successful women in the industry were able to […]
The FIA sales pitch
{October 13th, 2015} by JAMIE E. GREEN, WARREN S. HERSCH, EMILY HOLBROOK
One would surmise that advisors have conversations about fixed indexed annuities more frequently with clients as they edge closer to retirement age. The study results bear out this expectation. When interfacing with clients in their 60s, about 8 in 10 advisors “almost always” or “occasionally” broach the subject. Click HERE to read article
Market Update (NYSE:AIG): AIG To Report Third Quarter 2015 Results on November 2, 2015
{October 13th, 2015} by Alan Finwick
[Business Wire] – American International Group, Inc. will report financial results for the third quarter ended September 30, 2015, after the market closes on Monday, November 2, 2015. AIG’s press release and financial supplement will be available in the Investors section of AIG’s website at http://www.aig.com. Read more on this. American International Group, Inc. (AIG), […]
North American Company introduces new Charter Plus fixed index annuity product
{October 13th, 2015} by IBR Staff Writer
North American Company for Life and Health Insurance has launched a new Charter Plus fixed index annuity product, which provides an upfront premium bonus and fixed and indexed crediting options. Charter Plus provides six index crediting options, which can be executed differently in various market scenarios. It also offers fixed interest account, providing flexibility for […]
Beneficiary Designations: Easy And Often Overlooked
{October 13th, 2015} by N/A
Properly designating beneficiaries for assets that transfer on death is one of the simplest, and most commonly overlooked, methods to maximize the efficiency of a client’s estate plan. As a recent post on the New York Estate Planning Lawyer Blog notes, one of the main functions of an estate plan is the distribution of assets on […]
NAIFA CEO: Membership On The Upswing For First Time In 22 Years
{October 13th, 2015} by Cyril Tuohy
Many agents who made the trip to New Orleans last weekend for the National Association of Insurance and Financial Advisors (NAIFA) 2015 Annual Conference caught their first glimpse of the association’s new CEO Kevin M. Mayeux. Polished, articulate and energetic, Mayeux has set the tone for what’s to come and what agents can expect from […]
Industry Moves From Life/Health To Life/Annuity
{October 13th, 2015} by Linda Koco
There was a time not long ago when the life and annuity (L&A) industry had another moniker. It was known as “the life and health (L&H) insurance industry.” The words still hold sway in some quarters, but they are no longer in general parlance as they once were. Click HERE to read article […]
Perm vs. term: Whole life-funded retirement plan comes out on top
{October 13th, 2015} by Warren S. Hersch
Buy term and invest the difference! That slogan, long the mantra of multi-level marketing giant Primerica and like-minded distributors of term insurance, is founded on a simple premise: that consumers should purchase only term life insurance to cover income replacement needs; and that savings used to fund a retirement nest egg should be ploughed into […]
Ben Nelson to leave top NAIC post
{October 12th, 2015} by Allison Bell
Ben Nelson, the chief executive officer (CEO) of the National Association of Insurance Commissioners (NAIC), will give up that job at the end of January, when his contract expires, the group announced. Nelson, a Democrat who served as the top Nebraska insurance regulator from 1975 to 1976, was the executive vice president of the NAIC […]
After Hitting 50-Year Milestone in Insurance, NAIC Chief Executive Nelson Prepares to Move On
{October 12th, 2015} by Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com
WASHINGTON – On Oct. 1, Sen. Ben Nelson, the National Association of Insurance Commissioners’ chief executive officer, reached the 50-year milestone in his insurance career. “Everything I’d done politically or professionally has involved supporting state-based regulation,” said Nelson, who started out as a regulator in the Nebraska Insurance Department. “It seemed to me to be […]
Nelson Declines Another Term as NAIC Leader
{October 12th, 2015} by Jamie Johnson
Sen. Ben Nelson announced today that he will not renew his contract as CEO of the National Association of Insurance Commissioners (NAIC). His current term ends on Jan. 31, 2016. He will ultimately return to his private law practice in Nebraska and Washington, D.C., and spend more time with his family, NAIC announced in a news […]
Brokers Want More Training to Boost FIA Sales
{October 12th, 2015} by Peggy Bresnick
Today’s brokers understand that information is power. They know that the better informed and trained they are, the better they’ll be able to communicate with and meet the needs of their clients – and increase sales. A majority of brokers are looking for some help in how to recognize when a fixed indexed annuity (FIA) […]
Walter Gerken, who led Pacific Life in Pimco era, dies at 93
{October 12th, 2015} by CHRISTIE BOYDEN AND SONALI BASAK
(Bloomberg) — Walter Gerken, the former insurance executive who helped build Pacific Investment Management Co., which went on to oversee the world’s biggest bond fund, has died. He was 93. He died Oct. 5, according to a statement Monday from Pacific Life Insurance Co. that didn’t disclose a cause of death. Click HERE to read […]
How insurance companies (and independent agents) can use social data to better market themselves
{October 10th, 2015} by TAPAJYOTI DAS
Today, there are more than 7 billion mobile subscriptions worldwide, up from 738 million in 2000. 3.2 billion people now use the Internet for – virtually — everything. The consumers’ world is rapidly shifting to a digital-centric experience, and the insurance industry cannot afford to be left in the dust. To stay relevant in an increasingly […]
12 of the worst financial advisors in America: 2015
{October 10th, 2015} by Dan Berman
A year has passed since our sister site, ThinkAdvisor, last surveyed the damage done by the small minority of financial advisors that take advantage of their clients in a big way. As in past years, ThinkAdvisor had no trouble finding bad actors to fill its list of worst financial advisors. The amount of money stolen from […]
Towers Watson Shareholders Plan to Vote Against Merger with Willis: Sources
{October 9th, 2015} by Sarah Jones
Stakeholders who own millions of shares in Towers Watson & Co. are planning to vote against the firm’s $8.7 billion merger with Willis Group Holdings Plc if the terms of the transactions are not improved, people with knowledge of the matter said. Investor Driehaus Capital Management LLC, which owns more than 1 million Towers Watson […]
4 Ways To Simplify Your Approach To Selling Annuities
{October 9th, 2015} by National Underwriter Life & Health
As an advisor, your role is to bring the right products to clients, taking into consideration their current life stage and goals for the future. However, when positioning an annuity, many advisors think recommending the most robust option possible is the best approach for their clients. More often than not, these annuity recommendations are coming […]
MassMutual’s Elaine Sarsynski: From Wall Street to Insurance
{October 9th, 2015} by Sharon Goldman
It was Wall Street that originally drew Elaine Sarsynski, executive VP at MassMutual Retirement Services and Workplace Insurance, into the insurance industry, where she has become known over the past two decades as a thought leader in the retirement and worksite markets and a champion for effective retirement plans. An economics major in college, her […]
Insurance: The Ideal Home for Women in Technology?
{October 9th, 2015} by Nathan Golia
By the 100th word of “Why Are Women Leaving the Tech Industry in Droves?”, a February article in the Los Angeles Times, readers meet two women who, after more than a decade each in the industry, decided to leave forever because of “a hostile and unwelcoming environment for women.” The Guardian followed up two weeks […]
Women in insurance and the champions of change
{October 9th, 2015} by Emily Holbrook
Insurance was — and still is — a man’s profession. The male dominated careers within the industry have often been uninviting and unattractive tofemale business professionals looking for promising and rewarding futures. Times have changed and so has the insurance industry. In fact, according to the Insurance Industry Charitable Foundation (IICF), 75 percent of women […]
65% of insurance companies will hire this year, but internships need improvement
{October 9th, 2015} by Caitlin Bronson
Demand for talent in the wholesale brokerage community is high. According to a report from industry recruiter The Jacobson Group and sector analyst The Ward Group, 65% of insurance companies are intending to hire this year. If those intentions are carried out, the level of employment in the insurance sector will grow nearly 2%. Younger […]
FIAs Face Increasing Levels Of Complexity
{October 8th, 2015} by Linda Koco
A potential arms race may be ahead for fixed index annuity (FIA) business, similar to that in the variable annuity market a decade ago, according to analysts at A.M. Best. The FIA business is a large and growing segment within the U.S. annuity market, the A.M. Best researchers said in a new survey of top […]
National Western Life completes Delaware holding company reorganization
{October 8th, 2015} by IFAWebnews Staff
National Western Life Insurance Company, a Colorado corporation, announced that it has completed its previously announced holding company reorganization. A new Delaware corporation, National Western Life Group, Inc., (NWLI Delaware), has replaced the company as the publicly held corporation. As a result of the reorganization, the company has become a wholly owned subsidiary of NWLI […]
Too-big-to-fail insurers face 10% higher capital requirement
{October 7th, 2015} by KATHERINE CHIGLINSKY
(Bloomberg) — Global insurers with the greatest ties to the financial system would face an average increase of 10 percent to capital requirements under new standards proposed by a group of regulators. The increase would be as high as 18.75 percent for unregulated-banking activities by firms deemed to be in a riskier tier, according to […]
NAIFA team to DOL: Make the fiduciary rule workable — or else!
{October 7th, 2015} by Warren S. Hersch
If the Department of Labor doesn’t revise its proposed fiduciary standard to satisfy the concerns of retirement advisors, then the industry is prepared to support Congressional legislation that would cut off the department’s funding. That drastic measure was among the steps the government relations team of the National Association of Insurance and Financial Advisors said […]
NAIFA, WIFS alliance to strengthen access to education, advocacy
{October 7th, 2015} by NAIFA
The National Association of Insurance and Financial Advisors (NAIFA) and Women in Insurance & Financial Services (WIFS) will form a partnership to strengthen collaboration of programs that advance member professional development and education, and support political advocacy and engagement. NAIFA and WIFS announced the partnership on October 4 during NAIFA’s Career Conference and Annual Meeting in New […]
A.M. Best Special Report: Fixed Indexed Annuities Survey Results Released
{October 6th, 2015} by Business Wire
OLDWICK, N.J.–(BUSINESS WIRE)–Robust sales, expansion of living benefit riders and flexibility in product design have resulted in strong tailwinds for fixed indexed annuities (FIA) writers, according to a special report by A.M. Best. The Best Special Report, titled, “A.M. Best Releases Fixed Indexed Annuities Survey Results,” explores the findings of a survey conducted of the […]
10 jobs that can make getting life insurance tough
{October 6th, 2015} by Nancy Dunham
Mama, don’t let your babies grow up to be fishermen, pilots or roofers — at least if you want them to find reasonably priced life insurance. Some professionals, such as bomb disposal experts, should expect that their job is going to make it difficult to buy life insurance. (It’s just one of the hazards of […]
American Equity founder’s $1.5 million gift funds Drake learning center
{October 6th, 2015} by Business Record Staff
Drake University on Friday will dedicate a new state-of-the-art collaborative learning space provided through a $1.5 million gift from David Noble, founder of West Des Moines-based American Equity Investment Life Holding Co. The David J. Noble American Equity Center, with its red carpet and curved glass entry on the lower level of Aliber Hall, houses […]
An undersold market
{October 6th, 2015} by David Port
About five years ago, Steven Tennant, CFP, made a decision that would alter the course of his career and his firm. Fresh off work on a series of cases involving widowed female clients that left him feeling invigorated and fulfilled, the veteran advisor Tennant concluded it was time for a bold strategic pivot, one that […]
Apollo-backed Athene delays IPO plan while seeking CFO
{October 6th, 2015} by SONALI BASAK AND ALEX BARINKA
(Bloomberg) — Athene Holding Ltd., the insurer with ties toApollo Global Management LLC, is pushing back a plan to file for an initial public offering as the company seeks a chief financial officer. The venture expects to file an initial prospectus in early 2016 with a deadline of June 30, according to a statement Tuesday […]
What’s the secret to becoming a multigenerational advisor
{October 6th, 2015} by Daniel Williams
Being a multigenerational advisor has become a hot topic these days in the insurance and financial services industries. We spoke with Stephen DeCesare, CFP®, and founder and president of DeCesare Retirement Specialists, to get his thoughts on what it means to be an effective multigenerational advisor. Following are highlights from that conversation. Click HERE to read […]
Court Hammers Taxpayers in 419 Ruling
{October 6th, 2015} by Roccy DeFrancesco
I’m not sure why this 419 case hasn’t been talked about much, but it certainly got my attention when it came across my desk. If you’ll remember, 419 plans were the darling of the life insurance industry for years. The plans were sold as a way to buy cash-value life insurance in a 100 percent […]
A.M. Best Revises Issuer Credit Rating Outlook to Positive for Pacific LifeCorp and Its Subsidiaries
{October 6th, 2015} by Business Wire
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has revised the outlook to positive from stable and affirmed the issuer credit rating (ICR) of “aa-” of Pacific Life Insurance Company (PLIC) (Omaha, NE) and its wholly owned subsidiary, Pacific Life & Annuity Company (PLAC) (Phoenix, AZ) (together referred to as Pacific Life Group) (Pacific Life). Additionally, A.M. Best has […]
Voya Financial to Announce Third Quarter 2015 Results on November 4
{October 6th, 2015} by PRNewswire
NEW YORK, Oct. 5, 2015 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today that it will host an audio webcast of its third quarter 2015 earnings conference call on Wednesday, November 4, 2015 from 10 a.m. to 11 a.m. (ET). The webcast will follow the issuance of the company’s third quarter 2015 earnings press […]
Fixed Annuity Overview
{October 6th, 2015} by Life & Health Advisor
As millions of individuals approach retirement age, they face the challenges of saving enough money for their retirement while maximizing yield and minimizing risk. Historically, fixed indexed annuities (FIA) have provided an important solution to solve the yield/risk conundrum facing retirees and near retirees. Recent innovations in product design, including the addition of living benefit features and customized indexes, […]
Strong Tailwinds for Fixed Indexed Annuities
{October 6th, 2015} by Life & Health Advisor
OLDWICK, N.J., October 6, 2015—Robust sales, expansion of living benefit riders and flexibility in product design have resulted in strong tailwinds for fixed indexed annuities (FIA) writers, according to a special report by A.M. Best. The Best Special Report, titled, “A.M. Best Releases Fixed Indexed Annuities Survey Results,” explores the findings of a survey conducted of the top 10 FIA […]
Zurich appoints Paul Horgan as CEO of Global Corporate in North America
{October 6th, 2015} by Zurich
Zurich, a leading property and casualty insurance provider globally and in North America, today announced that Paul Horgan, previously Head of Group Reinsurance, has been appointed CEO of Zurich’s Global Corporate in North America (GCiNA) business effective immediately. As CEO, Horgan is now accountable for the direction, management and performance of GCiNA, a major business […]
Industry Trade Groups Question ‘Horse-Before-Cart’ IAIS New Global Insurance Surcharge
{October 6th, 2015} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
WASHINGTON – The International Association of Insurance Supervisors proposed a 10% average capital requirement surcharge for the largest globally active insurance companies, including American International Group, Inc., and MetLife Inc., as part of a regulatory effort to prevent another worldwide financial crisis. However, insurance companies and trade groups have questioned the practicality of releasing the […]
Dai-ichi Life and Mizuho Financial Group Merge Asset Management Units
{October 6th, 2015} by Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com
TOKYO – Dai-ichi Life Insurance Co. Ltd and Mizuho Financial Group Inc. have agreed to integrate the two groups’ asset management units to jointly operate the new company, according to a statement from Dai-ichi Life. The integration aims to combine the two group’s asset-management resources to jointly build an asset-management business platform “that is No. […]
Lt. Governor Taylor urges Ohioans to utilize free missing life insurance policy search service
{October 5th, 2015} by N/A
COLUMBUS — Ohio Lieutenant Governor Mary Taylor wants Ohioans to know that the Ohio Department of Insurance provides a free search service that can help locate missing life insurance policies or annuity contracts left behind by loved ones that have passed away. The department has located more than 1,200 missing policies in the state for […]
NAIFA speaker: NAIC’s AG 49 is bad news for indexed UL providers
{October 5th, 2015} by Warren S. Hersch
New actuarial guidelines adopted by the National Association of Insurance Commissioners will impose restrictions on policy illustrations for the industry’s hottest-selling insurance products, indexed universal life. And that will likely translate to greater uniformity and less innovation in the design of the products. Randy Kemnitz, a subject matter expert at Kaplin University where he writes the […]
Millennials are optimistic about their financial future
{October 5th, 2015} by BUSINESS RECORD STAFF
Millennials are looking into the future and feeling pretty good about what they are seeing, according to a Wells Fargo & Co. survey. The survey also detected a bit of a generational divide. The survey was of 2,000 people ages 18 to 65. The majority of respondents expressed optimism about their finances, with millennials […]
The cool new insurers: How to attract and retain millennials
{October 5th, 2015} by RAVI MALHOTRA
Digital offerings are continuously transforming industries – and the insurance industry is not immune. There are dramatic workforce changes taking place as advances in technology significantly alter the insurance business. The result is a more specialized workforce in which technological advances open the door to new and exciting types of work requiring entirely new skillsets. Click […]
Global regulators finalize new capital rule for big insurers
{October 5th, 2015} by Huw Jones. Editing by Jane Merriman
The world’s nine biggest insurance companies will have to hold more capital under new rules just finalised by global regulators that aim to prevent taxpayer bailouts of the industry in a crisis. Regulators decided to look at the multi-trillion dollar insurance industry following the massive public rescue of insurer AIG in the United States […]
Man who killed fiancee could inherit $577,000 from her life insurance policies
{October 4th, 2015} by Dan Herbeck
Michael Moore shot and killed his fiancée, Kayla Humphries, in her North Buffalo apartment on the night of Aug. 9, 2013. He readily admitted killing Humphries, but after a nonjury trial last year, a State Supreme Court judge found that Moore was “not criminally responsible” for her death because of mental illness. Now Moore stands […]
Life Industry Heads for ACLI Conference Looking for New Ways to Solve Too-Familiar Issues
{October 3rd, 2015} by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
CHICAGO – This year’s American Council of Life Insurers’ annual conference will have no shortage of highly important, and all-too-familiar, issues for attendees to discuss, debate and then depart from Chicago with fresh ideas on how to solve them. “Capital standards development, both domestically and internationally,” said Jack Dolan, ACLI’s vice president of media relations, […]
California Commissioner Announces Run for State Attorney General
{October 3rd, 2015} by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
SACRAMENTO, Calif. – Two-term California Insurance Commissioner Dave Jones announced his candidacy to run for state attorney general in the 2018 election. “I have dedicated my life and my legal training to protecting California families,” Jones said in a statement announcing his candidacy. “I am ready and well prepared to take on this challenge.” Parke […]
15 best practices to protect clients from elder financial fraud
{October 3rd, 2015} by Emily Holbrook
Charleston — The IRI Annual Meeting — and, no doubt, other conferences within this industry — had a heavy focus not only on the importance of retirement planning and the proposed DOL fiduciary standard, but also on elder financial fraud. With the U.S. population aging at a rate never before seen, cases of elder financial fraud are skyrocketing. To […]
A.M. Best Affirms Ratings of Zurich American Life Insurance Company and Farmers New World Life Insurance Company
{October 3rd, 2015} by Business Wire
OLDWICK, N.J., Oct 02, 2015 (BUSINESS WIRE) — A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit rating (ICR) of “a” for Zurich American Life Insurance Company (ZALICO) (Schaumburg, IL) and affirmed the FSR of A (Excellent) and the ICR of “a+” of Farmers New World Life Insurance […]
Jobs Report: Insurance Industry Growth Continues by Adding 1,700 Jobs in September
{October 2nd, 2015} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
WASHINGTON – The U.S. insurance industry added 1,700 jobs in September, according to figures released Oct. 2 by the Bureau of Labor Statistics. The seasonally adjusted 0.07% increase for September over August shows a continuation of insurance industry growth. The growth rate for September was slightly more than the 0.02% adjusted growth rate reported for […]
FINRA says it gave failing grade to 208 test takers by mistake
{October 2nd, 2015} by Michael J. Moore
(Bloomberg) — The Financial Industry Regulatory Authority mistakenly gave failing grades to 208 candidates for the Series 24 exam. “FINRA apologizes to the affected individuals for any problems the error may have caused,” Wall Street’s self-funded regulator said Wednesday in a statement. “No individuals incorrectly received a passing grade.” Click HERE to read article
NAIFA CEO Kevin Mayeux: There’s “no limit to what we can achieve”
{October 2nd, 2015} by Warren S. Hersch
In a wide-ranging interview with LifeHealthPro in advance of the 2015 annual conference of the National Association of Insurance and Financial Advisors, taking placing in New Orleans October 3-5, NAIFA’s new CEO Kevin Mayeux outlined advocacy and professional development initiatives underway at the 126-year-old organization. Chief among them: NAIFA’s full-court press against the Department of […]
A.M. Best Affirms Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{October 2nd, 2015} by Business Wire
October 01, 2015 03:42 PM Eastern Daylight Time OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). A.M. Best also has […]
New York Life leads Million Dollar Round Table for the 61st consecutive year.
{October 2nd, 2015} by New York Life
One in three female MDRT members are from New York Life—More than any other company. NEW YORK, September 9, 2015—New York Life has dominated the Million Dollar Round Table (MDRT) in the United States for the 61st consecutive year, with 2,464 members in 2015. MDRT granted membership to only 9,966 agents in the entire United […]
The Million Dollar Round Table Announces New 2015-2016 Executive Committee Leadership
{October 2nd, 2015} by Press Release
PARK RIDGE, Ill. (September 1, 2015) – The Million Dollar Round Table – The Premier Association of Financial Professionals®, announced the appointment of Brian D. Heckert, CLU, ChFC, to President and Ross Vanderwolf, CFP, to Secretary of the organization’s Executive Committee, effective Sept. 1, 2015. Heckert from Nashville, Ill., will be the 90th President of […]
MetLife closing New Jersey facility, 136 jobs in limbo
{October 2nd, 2015} by IFAwebnews Staff
According to a notice filed with the New Jersey Department of Labor and Workforce Development, life insurer MetLife will close its Somerset, N.J., location in the coming months. The jobs of 136 employees located there could be in jeopardy. According to the WARN (Worker Adjustment and Retraining Notification Act) notice filed with the state, the […]
A.M. Best Places Ratings of The Phoenix Companies Inc. and Its Subsidiaries Under Review With Developing Implications
{October 2nd, 2015} by Best's News Service
Oldwick – A.M. Best has placed the issuer credit rating (ICR) of “b” of The Phoenix Companies Inc. (Phoenix) (NYSE: PNX) under review with developing implications. In addition, A.M. Best has placed under review with developing implications the issue rating of “b” on Phoenix’s $300 million ($253 million outstanding) 7.45% senior unsecured quarterly interest bonds […]
House Committee Passes Bill to Delay DOL Fiduciary Rule
{October 1st, 2015} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
WASHINGTON – The House Financial Services Committee approved a bill to delay implementation of a proposed U.S. Department of Labor regulation industry representatives say would impose unworkable standards on investment advisers and change the way investors receive advice. With a vote of 34-25, the panel on Sept. 30 approved the Retail Investor Protection Act, H.R. […]
INProfile: Susan Winkler
{October 1st, 2015} by Carolyn S. Ellis
Since 2003 the Connecticut Insurance and Financial Services Cluster (CT IFS) has worked to strengthen the insurance and financial services industry in Hartford, the nation’s insurance capital. Through workforce development, policy advocacy, and business and economic development initiatives, CT IFS serves the region and its corporate sponsors. To fill actuarial ranks with locally trained, qualified […]
Protective to Acquire Blocks of Business from Genworth
{October 1st, 2015} by Protective
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”), a wholly owned U.S. subsidiary of The Dai-ichi Life Insurance Company, Limited (TSE: 8750, “Dai-ichi Life”), has reached an agreement through its wholly owned subsidiary, Protective Life Insurance Company, with Genworth Life and Annuity Insurance Company (“Genworth”), Richmond, Virginia, to acquire via reinsurance certain in force blocks of term […]
Half the world is worried about retirement
{October 1st, 2015} by Marlene Y. Satter
As if we didn’t know—Americans are worried about retirement, with 52 percent doubting their ability to afford the life they want once they leave work. And Americans aren’t the only ones, according to a GfK survey that found global echoes of Americans’ worries in the 19 countries’ residents it surveyed. Some countries’ residents were even more worried than U.S. […]
Who is the affluent generation now?
{October 1st, 2015} by Marlene Y. Satter
Is the younger generation coming up, or is the older generation going down? According to the 2015 Ipsos Affluent Survey USA, whatever is causing it, there are now more Gen Xers among the affluent class than there are baby boomers. The survey defines “affluents” as adults living in households with at least $100,000 in annual […]
