Young Advisors Are Stepping Up
{January 31st, 2016} by John J. Bowen Jr
We all know it takes many years and plenty of gray hairs to build a great financial advisory practice, right? Maybe not. If you do it correctly, you can build a successful business much faster than you may have ever thought possible. Research by my firm, CEG Worldwide, has found a select group of advisors […]
Fraternal insurers: for those who aspire to a higher calling
{January 29th, 2016} by Warren S. Hersch
Do well by doing good. For life insurance and financial services professionals, this adage finds perhaps its fullest expression in an often-overlook industry niche: fraternal benefit societies. Agents and advisors seeking more rewarding and successful careers might do well by taking a closer look at them. Why? The societies offer producers unique opportunities to weave […]
LPL Gears Up For DOL Fiduciary Rule
{January 29th, 2016} by EVAN SIMONOFF
At a time when some broker-dealers are vowing to fight the Department of Labor’s pending fiduciary rule, LPL Financial is re-engineering its operations to prepare for it. Over the last four years, the nation’s largest independent broker-dealer has initiated major investments of human capital in the risk management side of its business, according to Dan […]
The innovative annuity product that offers low-risk growth
{January 29th, 2016} by Robert Dechellis
Americans with a large nest egg are feeling protective of their precious retirement savings in these post-recession days. That’s according to a recent survey by Allianz Life. With the unpleasant memory of 2008’s steep market losses still in mind, high-net-worth investors say they’re looking for protection as they scan the horizon for an alternate place […]
Feathering the empty nest: FIAs can help
{January 28th, 2016} by Peggy Bresnick
Once the kids are away, the parents will play. It turns out that when the last of their children leave the nest, parents are spending substantial amounts of money, but not necessarily on preparing for retirement. Many couples find they have more disposable income when they become empty nesters. According to the U.S. Department of […]
MetLife CEO Raised Possibility of Breakup in 2014
{January 28th, 2016} by Ian Katz and Katherine Chiglinsky
MetLife Inc., looking to avoid tougher oversight, was examining options for a breakup or restructuring of the firm 14 months before announcing this year that it’s considering a sale, spinoff or public offering for part of the domestic retail business. Chief Executive Officer Steven Kandarian told regulators including Federal Reserve Chair Janet Yellen and Treasury […]
A.M. Best Affirms Ratings of Principal Financial Group, Inc. and Its Subsidiaries
{January 28th, 2016} by Best's News Service
Oldwick – A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of Principal Life Insurance Company (PLIC) and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NYSE: PFG], which is headquartered in Des Moines, IA. These […]
A.M. Best Places Ratings of American International Group, Inc. and Its Subsidiaries Under Review with Negative Implications
{January 28th, 2016} by Best's News Service
Oldwick – A.M. Best has placed under review with negative implications the issuer credit rating (ICR) of American International Group, Inc. (AIG) (New York, NY) [NYSE: AIG] and the financial strength ratings (FSR) and ICRs of its insurance subsidiaries. (Please see link below for a detailed listing of the companies and ratings.) The under review […]
A.M. Best Affirms Ratings of Subsidiaries of CUNA Mutual Holding Company
{January 28th, 2016} by Best's News Service
Oldwick – A.M. Best has affirmed the financial strength ratings of A (Excellent) and the issuer credit ratings (ICR) of “a” of CMFG Life Insurance Company (CMFG Life), the lead life and annuity insurance writer, and MEMBERS Life Insurance Company (Members Life), a life/annuity subsidiary, as well as CUMIS Insurance Society, Inc. (CUMIS), the lead […]
Lightyear Capital and PSP Investments to Buy AIG Advisor Group
{January 28th, 2016} by Chelsea Emery
After a previous attempt, Lightyear Capital will buy the broker-dealer arm of AIG. The insurer will sell AIG Advisor Group to the New York-based Lightyear and PSP, the Canadian pension investment manager, AIG said on Tuesday. Terms of the deal were not released. AIG Advisor Group, which has roughly 5,000 advisors, ranked fifth on Financial […]
AIG Advisor Group To Be Sold; Valerie Brown Named Chairman
{January 28th, 2016} by Bloomberg News
American International Group Inc. will sell its advisor group to a private equity firm as part of a sweeping overall by its CEO to boost returns and amid criticism from activist investor Carl Icahn. The company announced today that it has agreed to sell AIG Advisor Group to investment funds affiliated with Lightyear Capital […]
AIG Selling Broker/Dealer Segment, Cutting Expenses
{January 28th, 2016} by The Associated Press
Insurer AIG is selling its broker-dealer segment, starting an initial public offering for its mortgage-insurance division and slashing expenses after coming under pressure from activist investor Carl Icahn. Icahn has been pushing New York-based AIG to break itself into three separate companies. AIG shares rose more than 2 percent in morning trading Tuesday. American International […]
MetLife Urges IAIS to Change the Way It Manages G-SIIs
{January 28th, 2016} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
NEW YORK – MetLife Inc. wants the International Association of Insurance Supervisors to rewrite the rules for global systemically important insurers to impose penalties for companies that engage in high-risk financial activities and dispense rewards for those who reduce their risk and the potential of another financial calamity. MetLife’s recommendations were in response to a […]
Americans Value Life Insurance, But Aren’t Prioritizing It
{January 28th, 2016} by Life Happens
As we move further into the new year, Americans are focusing on resolutions to help them meet goals in various aspects of their life – including their personal finances. According to a recent survey from Life Happens, a nonprofit organization dedicated to educating consumers about the importance of life insurance, there is a wide disconnect […]
Does new U.S. rule favor mutual funds vs. insurers’ annuities?
{January 28th, 2016} by Joseph N. DiStefano
Lincoln National Corp., the Radnor-based life insurer and retirement investments company, is among a group of American insurers facing a steep drop in annuities sales to retirement investors and their IRA accounts, if a year-old Obama administration consumer-protection proposal gets enacted this winter, as industry observers expect. “Assuming that the proposal was adopted and implemented […]
As AIG Sells B/D Operation, CEO Blames Fiduciary Proposal
{January 28th, 2016} by Katherine Chiglinsky and Margaret Collins
(Bloomberg) — A federal proposal for stricter rules on retirement product sales helped spur American International Group’s decision to sell its broker-dealer operation, according to CEO Peter Hancock. “It’s a business we are not the best owner of, particularly in the light of potential Department of Labor rules,” Hancock said Tuesday in a conference call. […]
Zurich hires Generali’s Greco as CEO to drive overhaul
{January 27th, 2016} by JAN-HENRIK FÖRSTER, SONIA SIRLETTI, JEFFREY VÖGELI
(Bloomberg) — Zurich Insurance Group AG hired Assicurazioni Generali SpA’s Mario Greco as chief executive officer, giving him the task of turning around the company, after losses in its general insurance business forced the Swiss insurer (parent company of U.S.-based Farmer Insurance) to abandon a takeover bid. Greco, 56, will start on May 1, the Zurich-based company said in a […]
Sumitomo Life’s US$3.76 Billion Acquisition of Symetra to Close on Feb. 1
{January 27th, 2016} by Marie Suszynski, Best’s News Service correspondent: news@ambest.com
BELLEVUE, Wash. – Japanese mutual life insurer Sumitomo Life Insurance Co. has received all U.S. and Japanese regulatory approvals to acquire U.S. stop-loss insurer Symetra Financial Corp., with the deal expected to close Feb. 1. At closing, each outstanding share of Symetra common stock will be converted into the right to receive $32 in cash, […]
A.M. Best Affirms Ratings of The Dai-ichi Life Insurance Company, Limited
{January 27th, 2016} by Best's News Service
Hong Kong – A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit rating of “aa-” of The Dai-ichi Life Insurance Company, Limited (DL) (Japan). The outlook for both ratings is stable. The ratings reflect DL’s robust level of risk-adjusted capitalization, strong business profile and its favorable operating performance. DL […]
A.M. Best Affirms Ratings of Protective Life Corporation and Its Subsidiaries
{January 27th, 2016} by Best's News Service
Oldwick – A.M. Best has affirmed the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of the primary life insurance subsidiaries of Protective Life Corporation (Protective) (headquartered in Birmingham, AL). Additionally, A.M. Best has affirmed the ICR of “a-” and existing issue ratings of Protective. Concurrently, A.M. Best […]
AIG Chief Executive: No Sacred Cows for Company as It Evaluates Divesting Even Biggest Units
{January 27th, 2016} by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
NEW YORK – American International Group Inc. has a delicate task ahead of it as the group seeks to divest what it considers legacy businesses without losing book value. “There are no sacred cows,” Chief Executive Officer Peter Hancock said in a conference call on AIG’s strategy. Hancock added AIG is looking to “accelerate” its […]
Can’t sell life insurance to clients with HIV? True no more
{January 27th, 2016} by Warren S. Hersch
In December, Prudential Financial began offering 10- and 15-year term life policies to a community that (in the U.S.) had been largely shut out of the life insurance market: people living with HIV. The product rollout stems from an unusual partnership with Aequalis, an independent organization that conducted extensive research into the feasibility of availing […]
CFO Moves: Phoenix Cos., Willis Lease Finance
{January 27th, 2016} by Maxwell Murphy
Phoenix Cos., an insurance company based in Hartford, Conn., said Ernest McNeill Jr. will become finance chief when its merger with closelyheld Nassau Reinsurance Group Holdings LP is complete, which is expected to be early this year. Mr. McNeill will succeed Bonnie Malley, who Phoenix said will leave at that time to take a position with the city of Hartford. Compensation […]
Life Insurance Activity Saw Unprecedented Gains In 2015
{January 27th, 2016} by MIB Life Index
Braintree, MA. (January 22, 2016) —Application activity for individually underwritten life insurance posted its largest historical year-end gain in 2015, up +2.7% YTD, according to theMIB Life Index. Continuing the expansion seen in the last two quarters of 2014, application activity progressively gained momentum across all four quarters of 2015, suggesting continued growth heading into […]
Wall Street finds new ways to sell old, opaque products
{January 27th, 2016} by Yakob Peterseil, 2016, Bloomberg
As securities watchdogs crack down on complex investments that promise mom-and-pop investors access to strategies of trading pros, Wall Street is finding a way to sell the same products in places those regulators don’t reach. The investments, which follow proprietary indexes developed by banks including JPMorgan Chase & Co. and Credit Suisse, are quietly spreading into […]
AIG To Restructure, Sell Broker/Dealer Network
{January 26th, 2016} by Paul Davidson
AIG announced a major shakeup Tuesday that includes selling its network of independent financial advisors and reorganizing into nine business units, but the insurance and financial giant rejected investor Carl Icahn’s proposal for a breakup. “After careful consideration, AIG believes that a full breakup in the near-term would detract from, not enhance, shareholder value,” AIG Chairman […]
Here’s how producers rank life insurers on 60-plus attributes
{January 26th, 2016} by WARREN S. HERSCH
Claims service, responsiveness of underwriting and clear communications are among the most important attributes that life insurance sales professionals look for in a carrier, according to new research. Market research firm Celent discloses this finding in a September 2015 online survey of life insurance and annuity producers. Commissioned by Vertafore, the study polled mostly captive and […]
Meet the app that will make clients want to buy life insurance (really)
{January 26th, 2016} by Nichole Morford
In a world that is becoming increasingly global, local connections are more coveted than ever before. Consumers want to shop local. They want to eat local. They want to invest in products and services that are part of their local community. If you’re shopping for produce, that’s not all that hard to do. But if you’re shopping […]
AIG to return $25 billion to holders as Hancock reshapes insurer
{January 26th, 2016} by Sonali Basak
(Bloomberg) — American International Group Inc. plans to return $25 billion to shareholders over the next two years as Chief Executive Officer Peter Hancock divests assets and seeks to boost returns to protect his job amid criticism from activist investor Carl Icahn. Hancock will offer a 19.9 percent stake in the mortgage insurer United Guaranty […]
AIG Announces Actions Executing Strategy of Leaner, More Profitable and Focused Insurer
{January 26th, 2016} by American International Group, Inc.
Returning at Least $25 Billion of Capital to Shareholders over Next Two Years Executing IPO of up to 19.9% of United Guaranty Corporation as a First Step Towards a Full Separation Streamlining the Business through Divestitures and Exits, including Sale of AIG Advisor Group Reorganizing Operating Model into Separate Business Units to Enhance Transparency and […]
Why Annuities And Life Insurance Should Be On Your Client’s Bucket List
{January 26th, 2016} by Ted Jenkin
When I started in the business in 1991, one of the biggest fundamental teachings was the concept of asset allocation. Asset allocation is all about the notion that different asset classes offer returns that are not perfectly correlated, hence diversification reduces the overall risk in terms of the variability of returns for a given level […]
‘People Like You’ Have Big Influence On Buying Life Insurance
{January 26th, 2016} by LIMRA
WINDSOR, Conn., Jan. 26, 2016 — A new LIMRA study using behavioral economics finds consumers are more likely to buy life insurance when people similar to themselves own coverage. In the study consumers were given eight messages that challenged their biases toward life insurance ownership with one stating “most Americans do own life insurance, including […]
Event April 26-28: Global Insurance Symposium
{January 26th, 2016} by Business Record Staff
Registration is now open for the third annual Global Insurance Symposium to be held April 26-28 in downtown Des Moines. New this year, the symposium will host an Innovation Track, which comprehensively explores innovation opportunities and challenges. The Global Insurance Symposium features an agenda of renowned industry speakers, as well as numerous opportunities for attendees […]
Global Insurance Accelerator names participants in its second year
{January 26th, 2016} by The Business Record Staff
The Global Insurance Accelerator, a Des Moines-based global business accelerator focused on developing and growing innovative insurance-centric startups, today announced its 2016 portfolio. With a global pool of twice as many applicants as in the GIA’s inaugural year, the five standout teams selected to participate in the mentor-driven program represent the automotive, property and health […]
Cracking the Nut that is the Millennial Insurance Buyer: Opinion
{January 26th, 2016} by Nikole McMyler
For several years I’ve heard clamor from the agency world about how they will be able to sell to Millennials, because their demands are so different from earlier insurance buyers. Well, as a millennial insurance buyer, I’m here to say…we still have some work to do. Well, a lot of work. According to the Accenture […]
Gauging the Impact of Google Compare: It’s Not Just for Price Shoppers
{January 26th, 2016} by Susanne Sclafane
Insurance agents aren’t dead yet, but even underwriters participating in the personal automobile insurance market may be looking for another line of work within the next two decades, industry observers said at a recent conference. “The most radical view of personal lines, given advances in digitization and advanced analytics, is that the need for people […]
MIB Life Index Reports Unprecedented Gains in 2015 U.S. Life Insurance Activity
{January 26th, 2016} by PRNewswire
BRAINTREE, Mass., Jan. 25, 2016 /PRNewswire/ — Application activity for individually underwritten life insurance posted its largest historical year-end gain in 2015, up +2.7% YTD, according to the MIB Life Index. Continuing the expansion seen in the last two quarters of 2014, application activity progressively gained momentum across all four quarters of 2015, suggesting continued growth […]
Life and Annuity Carriers See 3Q Earnings Stall
{January 25th, 2016} by Cyril Tuohy
Third-quarter earnings for U.S. life and annuity insurers stalled in the face of a volatile stock market and as low interest rates affected investment returns on bonds, according to a new report. Bonds are typically the largest holdings in insurance companies’ portfolios U.S. life and annuity insurers reported third-quarter 2015 net investment income of $42.9 […]
The top 10 insurance schools of 2016
{January 22nd, 2016} by MELISSA HILLEBRAND
According to U.S. Census data, millennials outnumber baby boomers and are expected to make up half of the global workforce by 2020. However, the insurance industry needs to find a way to make itself attractive and leverage this talent. The good news is that four out of five millennials are “optimistic” or “very optimistic” that the insurance […]
How to Counter Ken Fisher’s Annuity Hate Machine
{January 22nd, 2016} by John Hilton
The Ken Fisher Watch has yielded good news and bad news in recent weeks. First the good news: Fisher will likely not be as big a thorn in agents’ sides once he steps down later this year as head of Fisher Investments. The bad news is the annuity-hating Fisher is seemingly on a […]
Sales Surge for FIAs, but Income Riders Pose Risks
{January 22nd, 2016} by Linda Koco
As fixed indexed annuity (FIA) sales continue their meteoric rise, their risk profile has been increasing as well, according to an FIA market report from Fitch Ratings. The guaranteed income rider is a key factor in this trend. Ever since these riders debuted in 2006, they have been contributing to FIAs’ sales growth as […]
AIG’s no-fire-sale ethos clashes with Icahn’s time-to-act push
{January 21st, 2016} by SONALI BASAK
(Bloomberg) — American International Group Inc. knows what it’s like to be circled by hawks. Under pressure in 2009 to repay the insurer’s bailout, company executives were in a race to sell assets. Then Robert Benmosche applied the brakes when he took over as chief executive officer, demanding better prices on everything from an aircraft […]
Before fiduciary rule change, time to act on fees is now
{January 21st, 2016} by Bill Good
The Department of Labor is expected to soon issue rule changes to “address conflicts of interest in retirement advice.” The change is likely to be issued in the first quarter so that the regulations can be set in stone before a new administration takes office. Who will likely be forced out of commission business into fees? […]
Here are 5 insurance tech trends you’ll see in 2016
{January 21st, 2016} by SREEDHAR ALAVALAPATI, KRISHNA PRASAD
Jean-Baptiste Alphonse Karr, the French journalist and novelist of the early 19th century, first coined the phrase, “the more things change, the more they stay the same,” a satirical response to French politics in his era. He was referring to the notion that while some things change during turbulent times, the underlying status quo usually […]
Insurance Execs Fear For The Future
{January 21st, 2016} by John Hilton
Insurance companies desperately need to incorporate innovation and technology to reach a new generation of customers. Everyone knows that, right? The difference is that this time, insurance company executives are coming out and saying it. Executives acknowledged the need for innovation and technology in their responses to the 2015 Retail Life Insurance and Annuity Executive […]
How America’s Dullest City Got Cool
{January 21st, 2016} by Colin Woodard
The capital of Iowa has long had a reputation as one of the least hip, least interesting and least dynamic cities in the Western world, a dull insurance town set amid the unending corn fields of flyover country, a place Minneapolis looks down on and the young and ambitious flee as soon as they graduate. […]
65 motivational quotes to ignite your insurance sales
{January 21st, 2016} by Jayleen R. Heft
Successful insurance sales professionals have to learn early on how to maintain a thick skin and a positive attitude. A great way to keep yourself motivated, especially during tough times, is to be reminded of why you do what you do, the positive impact your efforts have on others, and how to stay resilient. Insurance sales success takes […]
An expanding army: Permanent life insurance coverage in military
{January 21st, 2016} by LifeHealthPro Editors
Demand for permanent life insurance has reached a new high in America’s career military, where three out of four families now report owning this type of coverage, according to new research. First Command’s annual life insurance survey reveals that 75 percent of middle-class military families (commissioned officers and senior NCOs in pay grades E-6 and […]
How to keep your head above water by being grateful: Opinion
{January 21st, 2016} by Lynette Gil
Resolution is a word that is dreaded by many and that can be charged with stress. You might think that your resolution list is just one more thing you have no time for. Or, since we are already well into this New Year, perhaps you’ve already thrown out your list of resolutions and feel you’ve […]
DEPARTMENT OF INSURANCE BANS THE USE OF CONTROVERSIAL PRICE OPTIMIZATION PRACTICE
{January 21st, 2016} by Shawn Nordstrom
The Missouri Department of Insurance has officially banned the use of price optimization among insurance providers. Insurance Commissioner John Huff has issued a warning to insurers using this pricing method that they will be faced with severe penalties if they continue to do so. This decision affects the insurance industry in the state, applying to a […]
Voya says DOL contradicts itself with state-run safe harbor
{January 21st, 2016} by Nick Thornton
The comment period for the Department of Labor’s proposed safe harbor that intends to make it easier for state’s to mandate participation in retirement plans closed Tuesday. That proposed safe harbor says mandatory state-run programs would not be subject to the Employee Retirement Income Security Act. Under the proposed safe harbor, states would not be permitted to mandate employer […]
Icahn Repeats Break-up Call in Letter to AIG Board
{January 21st, 2016} by David Pilla, news editor, BestWeek: David.Pilla@ambest.com
NEW YORK – Investor Carl Icahn is turning up the pressure on American International Group Inc. to break up its businesses ahead of a Jan. 26 conference call the insurer will host to discuss its strategy. Icahn published an open letter to AIG’s board of directors, repeating his call for AIG to split up, citing […]
EMC ranked No. 2 for leaders by Chief Executive magazine
{January 20th, 2016} by Business Record Staff
For the fourth consecutive year, EMC Insurance Group Inc. is listed as one of the 40 best public companies for leaders in the January/February 2016 issue of Chief Executive magazine. EMC ranks second this year, moving up from fourth in 2015. According to the magazine, EMC finished “just a fraction below” General Electric Co. and […]
5 steps to prospecting for ideal annuity clients
{January 19th, 2016} by Peggy Bresnick
When it comes to prospecting for new clients, agents and brokers need a plan to find and attract not only new customers, but great clients who will bring value to the business. Agents and brokers who do a good job prospecting can not only substantially increase their customer base, but they can also grow annuity […]
The 11 biggest announcements from life and health insurers this week
{January 19th, 2016} by Lynette Gil
Paradigm shift news roundup: Deloitte, American Academy of Actuaries, Boston Mutual, NAILBA Charitable Foundation and Legal & General, MetLife, SBL, Wink, Borislow Insurance, Forethought Life, Guardian, MAPFRE Click HERE to read article Fifty-five indexed annuity carriers participated in the 73rd edition of Wink’s Sales & Market Report, representing 99.8 percent of indexed annuity production. […]
Life Insurance Execs Expect Modest Growth in 2016, Report Says
{January 19th, 2016} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
ATLANTA – Life insurance executives anticipate a year of modest growth in 2016 as companies look for resurgence despite low interest rates and a tepid economic recovery, according to a survey by LOMA, the international trade association for insurance and financial services. “The life industry is in transitional recovery mode. We’re still suffering from the […]
Protective Closes Acquisition of Blocks of Business from Genworth
{January 19th, 2016} 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”), today announced that its principal subsidiary, Protective Life Insurance Company (“Protective Life”), completed the acquisition via reinsurance of certain blocks of business from Genworth Life and Annuity Insurance Company (“Genworth”), Richmond, Virginia. John D. […]
Anatomy of the Life Insurance Sale
{January 19th, 2016} by Allan D. Gersten, CLU, ChFC
Your client claims to be in great health and there’s no reason to doubt it. So, why wouldn’t you expect the case to sail through underwriting? In your mind, you’ve already banked the commission… Not so fast. It may not be that simple. As it turns out, there are unexpected twists and turns in a majority […]
Powerball winners: Annuity or lump sum?
{January 19th, 2016} by Ahiza Garcia @ahiza_garcia
Decisions, decisions — take the annuity with 29 years of very large payments, or take one big lump sum now. For the winners of Wednesday night’s $1.5 billion Powerball drawing, the next step is deciding how they want to claim their prize — they have 60 days to choose. It’s not yet clear how many […]
NAIFA’s Takin’ It To The States
{January 18th, 2016} by Cyril Tuohy
It didn’t take long for Kevin M. Mayeux, the new CEO of the National Association of Insurance and Financial Advisors, to make his mark. Six months after he was hired to lead the organization, his labors are starting to yield fruit with the announcement earlier this month that Northwestern Mutual had earmarked $250,000 to NAIFA’s […]
What annuities can (and can’t) do for retirees
{January 18th, 2016} by Michael Finke
A 65-year old American male has a 10 percent chance of living to the age of 96. Let’s say he wants to fund $100,000 of spending during his 96th year of life. Since he values spending certainty, he’ll put the money in a diversified portfolio of long duration bonds. Assuming today’s long-term 4 percent rate […]
MetLife unit’s SIFI off-ramp may pressure AIG as Icahn looms
{January 18th, 2016} by KATHERINE CHIGLINSKY, IAN KATZ
(Bloomberg) — After General Electric Co. began selling finance operations to exit too-big-to-fail status, American International Group Inc. Chief Executive Officer Peter Hancock said it wasn’t clear that escaping the government risk tag would offer significant benefits to his company. Then in November, Hancock rebuffed investor Carl Icahn’s proposal to break up AIG into three […]
MetLife ponders partial sale of U.S. life insurance unit
{January 18th, 2016} by KATHERINE CHIGLINSKY
(Bloomberg) — MetLife Inc., the largest U.S. life insurer, plans to separate much of its domestic retail business as Chief Executive Officer Steve Kandarian works to shrink the company amid tighter government oversight. The stock rallied in extended trading. The insurer is weighing a possible sale, spinoff or public offering of the operation, New York-based MetLife said Tuesday in […]
MetLife Plans To Carve Off Life Insurance Business
{January 18th, 2016} by Associated Press
NEW YORK (AP) — MetLife says it plans to carve off its U.S. life insurance business via a sale, spinoff or an initial public offering as the parent company challenges harsher regulatory oversight. The New York company said the potential stand-alone business would have about $240 billion in total assets and represent about 20 percent […]
BestWeek: Citing SIFI Drag, MetLife Plans to Separate US Retail Operations
{January 18th, 2016} by Caroline Saucer, editor, BestWeek: Caroline.Saucer@ambest.com
OLDWICK, N.J. – Citing the need to keep its U.S. retail unit at a competitive advantage and free of federal Systemically Important Financial Institution costs, MetLife announced it is pursuing the “separation” of the segment that could take the division public, according to the latest issue of BestWeek. After the markets closed Jan. 12, MetLife […]
Fitch: MetLife move has implications for global insurers
{January 18th, 2016} by LifeHealthPro Editors
MetLife’s proposed restructuring, announced Tuesday, has important implications for the life insurance industry, which faces significant competitive and regulatory pressures in the U.S. and globally, according to Fitch Ratings. In a press statement, Fitch writes MetLife’s move demonstrates how the evolving regulatory environment affects the industry’s capital management and operating strategies. The prospect of increasing regulatory […]
A.M. Best Places Ratings of MetLife Inc. and Its Subsidiaries Under Review with Developing Implications
{January 18th, 2016} by Best's News Service
FOR IMMEDIATE RELEASE OLDWICK – JANUARY 14, 2016 A.M. Best has placed under review with developing implications the financial strength rating (FSR) of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of the primary life/health insurance subsidiaries of MetLife, Inc. (MetLife) (New York, NY) [NYSE: MET]. Concurrently, A.M. Best has placed the ICR […]
For MLK: Day On, Not Day Off
{January 18th, 2016} by PRNewswire
Hundreds of Northwestern Mutual Employees Honor Dr. Martin Luther King Jr. With Volunteer Initiatives MILWAUKEE, Jan. 18, 2016 /PRNewswire/ — Nearly 450 Northwestern Mutual employees will spend Martin Luther King Jr. Day as a day on, rather than a day off, by volunteering more than 1,600 hours of time in service to others and the […]
The Principal Launches Principal Secure Choice Indexed Annuity
{January 18th, 2016} by Business Wire
Simplified index annuity offers protection from market volatility as well as growth potential January 14, 2016 11:05 AM Eastern Standard Time DES MOINES, Iowa–(BUSINESS WIRE)–Recognizing that investing too aggressively or too conservatively each carry their own risks, the Principal Financial Group® has launched the Principal Secure Choice Indexed AnnuitySM. The new indexed annuity offers […]
Mutual Of Omaha Joins Family First Life
{January 17th, 2016} by Mutual of Omaha
MUTUAL OF OMAHA JOINS FAMILY FIRST LIFE! A+ Rated Carrier Now Added to FFL Product Line Omaha, NE: Family First Life (FFL) celebrates the start of its third year in business with the announcement of a new partnership for 2016 – Mutual of Omaha. FFL is an industry leader in mortgage protection, final expense and […]
Ex-Ventura insurance agent gets 10 years in prison for annuity fraud
{January 15th, 2016} by Staff Reports
A former Ventura insurance agent was sentenced this week to 10 years in prison after pleading no contest to felony charges involving the misuse of two elderly women’s annuities, authorities said Friday. Joseph Anthony Mele, 31, was arrested in June and pleaded no contest in November to financial elder abuse, grand theft and embezzlement, the […]
A.M. Best Affirms Ratings of NLV Financial Corporation and Its Affiliates
{January 15th, 2016} by Business Wire
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the financial strength rating of A (Excellent) and the issuer credit ratings (ICR) of “a+” of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (Dallas, TX) (together known as National Life). Both companies are life insurance subsidiaries of NLV […]
Get Ready For The Age Of Application Triage
{January 15th, 2016} by Cyril Tuohy
Insurance agent product hounds had better get ready for the age of “application triage.” The term refers to accelerated underwriting for fully underwritten policies. It’s an underwriting model on the cusp of going mainstream, according to an industry expert. Under this model, commission checks are cut within on a weekly basis instead of on a […]
FIAs: Providing Certainty In An Uncertain Financial World
{January 15th, 2016} by Casey Weade
The world we live in today isn’t the world in which your parents or grandparents grew up. But if you continue to plan for your clients the same way they planned for themselves, you might as well be driving down the road looking in the rearview mirror. Today’s retirees face a war on seniors with lower interest […]
More investors to agitate for change at life insurers in 2016
{January 15th, 2016} by Warren S. Hersch
Investor activism in the life insurance space is likely to increase in 2016, according to new research. S&P Capital IQ discloses this finding in a January 7 “MarketScope Advisor” report. The research makes several predictions in 2016 in the insurance space. While noting that life insurers began 2016 in “relatively good shape” in respect to […]
5 signs of employee financial stress
{January 14th, 2016} by Marlene Y. Satter
Employees, heads up. Your boss may be watching you. Many employers are concerning themselves with employees’ financial wellness far more these days than they used to, going beyond simply providing a retirement plan and/or health care benefits and offering a number of workplace assists. Are your retirement plan options helping your employees? Here are […]
Ban On Stranger-Initiated Life Insurance Advances In Florida House
{January 14th, 2016} by Ron Hurtibise, Sun Sentinel
Jan. 15–Life insurance isn’t supposed to give an investor an incentive to root for someone to die sooner rather than later. But that’s what state Rep. Cyndi Stevenson, R-St. Augustine, says happens with a ghoulish product known as “stranger initiated life insurance.” The state House Subcommittee on Insurance and Banking this week advanced a bill […]
Fidelity & Guaranty Life To Report Fiscal First Quarter 2016 Financial Results On February 3, 2016
{January 13th, 2016} by Fidelity & Guaranty Life
DES MOINES, Iowa, Jan. 12, 2016 /PRNewswire/ — Fidelity & Guaranty Life (NYSE: FGL) announced today that it will issue a press release reporting its results for the fiscal first quarter ended December 31, 2015 on Wednesday, February 3, 2016 after the market closes. The press release and financial supplement will be available on the FGL […]
IRI Hoping for Last-Minute Changes to DoL Fiduciary Rule
{January 13th, 2016} by Kenneth Corbin
If advisors can’t offer clients a full complement of annuities and other lifetime-income products, the much-discussed retirement crisis will only get worse. That’s the position the Insured Retirement Institute is taking with likely only a few months before the Department of Labor issues the final version of its fiduciary proposal covering advisors working with […]
Dave Ramsey’s unwitting attack on charitable giving
{January 13th, 2016} by Michael Marke
Many of the complaints against my mathematically-based critique of Dave Ramsey’s financial advice can be summed up like so: “Mike, you’re a mean person and you shouldn’t say anything bad about Dave because he’s nice and loves God.” Shame on me for not extending amnesty of accountability against bad math. Maybe I should reconsider this […]
Annuity Industry No Longer Waiting Out The Storm
{January 13th, 2016} by Linda Koco
What to make of annuity trends in in 2015? Here is a look-back in four key areas. The overall picture is one of an industry actively engaging in developing its business. No more sitting in a cave, waiting out an economic storm. Click HERE to view the full article …… Annuity distribution One change […]
The Real Powerball Winner Could Be An Insurance Agent
{January 12th, 2016} by John Hilton
The real Powerball winner could be an insurance agent. Wednesday’s $1.5 billion Powerball jackpot carries a lot of tax implications. The first decision for the winner or winners is whether to take a lump sum, expected to be $930 million, or a 30-year period certain annuity. The annuity would pay out $22.5 million annually. Regardless […]
CANNEX Financial Exchanges Announces Passing of Co-Founder & President Alexander Spencer Melvin (1948-2015)
{January 12th, 2016} by CNW
Co-Founder & CEO Lowell Aronoff to Assume Melvin’s Leadership Responsibilities TORONTO , Jan. 7, 2016 /CNW/ — CANNEX Financial Exchanges regrets to announce the passing of Co-Founder and President, Alexander Spencer Melvin (1948-2015), who led the company’s Canadian businesses. Mr. Melvin passed away on December 24, 2015 . Co-Founder & CEO, Lowell Aronoff , has […]
Children entitled to annuity proceeds, not widow, Louisiana court determines
{January 12th, 2016} by STEVEN A. MEYEROWITZ
Shelby and Peggy Bagala applied to Merrill Lynch Life Insurance Company, a predecessor in interest of Transamerica Life Insurance Company, for an annuity contract on July 18, 2003. The application named Mr. Bagala the annuity’s owner and did not designate a co-owner. Nonetheless, Ms. Bagala signed her name in a box labeled “Co-Owner’s signature,” while […]
MetLife Looks to Divest Big Piece of U.S. Life-Insurance Unit
{January 12th, 2016} by Leslie Scism
Insurer says it is considering IPO, spinoff or sale as it aims to ease capital burden MetLife Inc. is seeking to divest a large piece of its U.S. life-insurance unit as part of a plan to ease some of the capital burden it is expected to face under new federal regulation, the company said. Under […]
Voya Financial to Announce Fourth Quarter 2015 Results on February 10
{January 12th, 2016} by PRNewswire
NEW YORK, Jan. 12, 2016 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA), announced today that it will host an audio webcast of its fourth quarter 2015 earnings conference call on Wednesday, February 10, 2016 from 10 a.m. to 11 a.m. (ET). The webcast will follow the issuance of the company’s fourth quarter 2015 earnings press release […]
3 outstanding questions about the DOL’s proposed fiduciary rule
{January 12th, 2016} by BEN YAHR, JUSTIN SINGER, DAN BENDER, RANJIT JASWAL
The U.S. Department of Labor’s (DOL) proposed fiduciary rule (the Rule) has become a very hot topic in the retirement market. The DOL’s stated objective of the proposed rule is to mitigate conflicts of interest that exist between firms, advisors and their clients and to address concerns that firms and advisors are incentivized to recommend their […]
Fiduciary Rule Tops The 25 Most-Read Articles
{January 12th, 2016} by John Hilton
The insurance world generated plenty of news in 2015 – from new and proposed regulations to mergers and acquisitions to cybersecurity concerns. All of the above generated InsuranceNewsNet stories that dominated the website. Most of these issues will continue generating news in 2016. To get you started on the new year’s news, here are the […]
IRS Clarifies IRA Rollover Rules
{January 12th, 2016} by Russell E. Towers JD, CLU, ChFC
As a result of a Tax Court decision in 2014 (Bobrow v. Commissioner, T.C. Memo 2014-21), the Internal Revenue Service (IRS) has stated in Announcement 2014-15 that it will follow the result of that Tax Court case starting on January 1, 2015. The Tax Court interpreted IRC Section 408(d)(3)(B) to mean that only one […]
Dear Powerball Winner: Take Our Advice and Take the Annuity
{January 12th, 2016} by Josh Barro
So let us suppose, reader, that you have won Wednesday’s $1.5 billion Powerball jackpot. Congratulations! You have some important decisions to make, such as what ailing magazine to acquire and what congressional seat your spouse should run for. But first, you must choose whether to take the prize as an annuity paid over 30 years, […]
Gerhart to chair NAIC’s life and annuities committee
{January 12th, 2016} by Business Record
The National Association of Insurance Commissioners has named its 2016 committee chairs and vice chairs and assigned members to the organization’s standing committees. Nick Gerhart, Iowa insurance commissioner, was named chair of the NAIC’s Life Insurance and Annuities Committee; the committee’s vice chair will be Bruce Ramge, director of the Nebraska Department of Insurance. The […]
Introductory Courses: New Offerings for New Hires
{January 12th, 2016} by The National Alliance
For your latest recruits just getting their license or preparing for a designation program, the Introductory Series of insurance courses from The National Alliance may well fill an important need. A fast start for a career in the insurance industry means understanding some basic concepts. These newest courses allow participants to set their own pace with online […]
Fixing Fiduciary Rule Tops IRI Agenda for 2016
{January 12th, 2016} by Frank Klimko, Washington correspondent, BestWeek: frank.klimko@ambest.com
WASHINGTON – A trade group expressed cautious optimism the U.S. Department of Labor will amend a pending conflict-of-interest rule to address industry concerns that it would impose unfeasible professional standards on investment advisers, end commissions and disrupt the investment industry. Fixing the new fiduciary rule is at the top of the priority list for the […]
FINRA’s top exam priorities for 2016
{January 11th, 2016} by Melanie Waddell
Coinciding with the expected release early this year of the Department of Labor’s rule to rein in brokers’ conflicts, such conflicts of interest will also be a top exam priority for the Financial Industry Regulatory Authority in 2016. “We completely agree with DOL that those [BD] conflicts are real and they need to be addressed, and that […]
IRI holds out hope DOL won’t ban commissions, proprietary products
{January 11th, 2016} by Nick Thornton
Remains confident the DOL is taking seriously the insurance industry’s concerns over the proposed fiduciary rule The Department of Labor remains amenable to allowing commissions on lifetime income annuities, as well as the marketing of proprietaryannuity products, according to the leadership of the Insured Retirement Institute, which represents the interests of insurance companies, among […]
Jackson National, Axa Settle Death Master File Suit
{January 11th, 2016} by Cyril Tuohy
Jackson National and Axa are the latest life and annuity carriers to settle with state regulators over the use of the Social Security Administration’s Death Master File. The Jackson National and Axa announcements last month brought the total number of DMF-related settlements in 2015 to 24. “Jackson National and Axa have stepped up and done […]
Want to make sure kids can attend college? Use whole life insurance
{January 11th, 2016} by Christopher P. Hill
As college costs continue to rise, so does the importance of having a college degree. According to studies by The College Board, those with college degrees earn 74 percent more than high school graduates and experience higher job satisfaction and lower unemployment. For parents like me, these costs can be sizeable. In the aforementioned studies from […]
A.M. Best Affirms Ratings of Guggenheim Life and Annuity Company
{January 11th, 2016} by Best's News Service
Oldwick – A.M. Best has affirmed the financial strength rating of B++ (Good) and the issuer credit rating of “bbb+” ofGuggenheim Life and Annuity Company (GLAC) (Wilmington, DE). The outlook for both ratings is stable. The ratings reflect GLAC’s strong operating performance, adequate level of risk-adjusted capitalization and historical level of capital support from its […]
Why (and how) insurers are combining whole life with indexed universal life
{January 11th, 2016} by ROBERT BLOINK, WILLIAM H. BYRNES
Today’s insurance product marketplace is flooded with options, leaving most clients familiar with the overwhelming feeling that they must choose one. Insurance carriers, however, have answered this issue with product innovation — and the next product trend may be one that allows clients to combine the guarantees of traditional whole life insurance with the upside […]
Bowie Bonds Drove Changes in Markets Leading to Esoteric Finance
{January 11th, 2016} by Alastair Marsh
David Bowie’s innovation in rock music and fashion also stretched to financial markets. The musician, who died on Sunday, was the first to securitize royalty streams, selling $55 million of Bowie Bonds in 1997 that were tied to future earnings from hits including “Space Oddity” and “Changes.” Securities backed by royalties allow artists to raise […]
Rock legend David Bowie was a financial innovator, too
{January 11th, 2016} by Sara Sjolin
He was among the first to issue so-called ‘celebrity bonds’ Rock legend David Bowie’s death at the age of 69 has prompted an outpouring of tributes to the late singer-songwriter. But Bowie’s influence reached beyond the impact of his music, which remained on the cutting edge throughout his 40-plus-year career: He was also a financial […]
Annuity perks: Don’t say you weren’t “Warrened”! :BLOG
{January 11th, 2016} by Steven McCarty
Have you been following U.S. Senator Elizabeth Warren’sinvestigation into the non-cash perks life insurance agents earn on their annuity sales? Her efforts have sparked political debate, which I won’t go into here. But I would like to ponder the ethical implications of her charges. Ready? First, Warren believes “annuity agents that (sic) are more interested […]
Sumitomo Life Cleared to Acquire Symetra
{January 11th, 2016} by Iris Lai, Hong Kong bureau manager: Iris.Lai@ambest.com
TOKYO – Sumitomo Life Insurance Co. has received regulatory approval to acquire Symetra Financial Corp. Sumitomo Life’s acquisition of Symetra “is not likely to be hazardous or prejudicial to the insurance-buying public of the State of Iowa,” said Nick Gerhart, Insurance Commissioner of Iowa in a statement. Sumitomo Life has no intention of changing Symetra’s […]
M Financial: a producer group with a unique value proposition
{January 8th, 2016} by Warren S. Hersch
It’s not every producer group that boasts its own reinsurance arm. Indeed, just one (to our knowledge) lays claim to a presence in this space: M Financial Group. The distributor of life insurance and other financial products and services says the unit avails its advisors of competitive advantages — tailored solutions at unbeatable prices for […]
Here’s how much the DOL fiduciary rule may cost the industry
{January 8th, 2016} by Nick Thornton
The Department of Labor’s proposed fiduciary rule will affect about $3 trillion of retirement assets and $19 billion of revenue in the financial services industry, according to analysis from Morningstar. Morningstar’s report suggests that previous government and industry cost analyses of the rule are low. Those estimates are focused on the expense of implementing the rule, writes Stephen Ellis, […]
Looking Into The Annuity Crystal Ball
{January 7th, 2016} by Rich Lane
It’s that time of year. We generally start thinking about the past year, and what the coming year may bring both personally and professionally. In the coming months, many factors could change the current financial landscape and have your clients wishing they had a crystal ball to help with investment decisions. The 2016 presidential election, […]
Ruth Smith Tapped To Lead National Life’s Customer Innovation Group
{January 7th, 2016} by National Life Group
Industry Veteran Will Develop Innovative New Life & Annuity Initiative MONTPELIER, VT (PRWEB) JANUARY 07, 2016 Ruth Smith, National Life Group executive vice president, has been tapped to lead the company’s new Customer Innovation Group, an innovative initiative that unifies the company’s life insurance and annuity operations. National Life President and CEO Mehran Assadi, in […]
Fixed Indexed Annuity provides unique option for retirement
{January 7th, 2016} by Scott Jones
(Jan. 7, 2016) – Only about one in four retirees can say they’re confident they’ll have enough money through retirement. Building confidence in your decision making process is key. “We provide a unique approach when it comes to retirement planning. While most financial advisors focus on the accumulation phase, we work to preserve and protect […]
MetLife plunges 12% in year’s first week, pressuring CEO
{January 7th, 2016} by LILY KATZ, KATHERINE CHIGLINSKY
(Bloomberg) — MetLife Inc. has plunged 12 percent in the first week of the year, leading a slump in insurers as a decline in broader equity markets squeeze results from retirement operations, and lower bond yields limit income from the fixed- income portfolio. MetLife, the largest U.S. life insurer, has posted the second-biggest slide this year in […]
Financial services executives express concern over distribution, regulation in 2016
{January 7th, 2016} by IFAWebNewsStaff
A majority of financial services executives who participated in a recent LIMRA survey say that the top challenges for the industry in 2016 involve distribution issues of attracting and retaining sales professionals and adapting to regulatory changes. “When we look closer at the top challenges the executives chose, we see a common thread for their […]
World’s largest insurance companies ranked by net premiums, assets
{January 7th, 2016} by IFAwebnewsstaff
UnitedHealth Group Incorporated took the top spot in A.M. Best’s ranking of the world’s 25 largest insurance companies, as measured by 2014 net premiums written according to A.M. Best research. AXA S.A. kept its top spot by assets, but fell to No. 2 by net premiums written. The rankings of the world’s largest global insurance companies, […]
Have we gone too far in limiting illustrated rates on IUL? : BLOG
{January 7th, 2016} by Tom Martin
Recent regulations have addressed “overly optimistic” assumed rates in IUL contracts in order to curb “abusive” illustrations. Prior to NAIC AG49 the maximum illustrative rate was set by the insurance carrier and was normally based on an average look-back of 20 to 30 years. AG49 limits the maximum illustrative rate to the average rate based on […]
DOL’s fiduciary regs may be especially bad for insurance BDs
{January 7th, 2016} by Warren S. Hersch
If the conflict of interest rule in the Department of Labor’s proposed fiduciary regulations is implemented as now drafted, in-house broker-dealers of life insurers face the highest level of fiduciary risk among all advisor channels. That’s the sobering finding of a 4thquarter, 2015 report of Cerulli Associates, “The Cerulli Edge: Retirement Edition.” The research explores the […]
Addressing beneficiaries in estate planning
{January 7th, 2016} by Lloyd Lofton
A major issue in estate planning is who to name as beneficiaries on life insurance policies, pension plan accounts, and IRAs. Often this important decision is given too little consideration. However, naming beneficiaries can be complicated and can present estate and income tax consequences to the beneficiary. Click HERE to read article
Florida Commissioner McCarty Has ‘Mixed Emotions’ as He Readies to Resign May 2
{January 7th, 2016} by Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com
TALLAHASSEE, Fla. – Florida Insurance Commissioner Kevin McCarty said he will resign effective May 2. McCarty has been Florida’s only insurance commissioner since the Office of Insurance Regulation formed in 2003 and he was a past president of the National Association of Insurance Commissioners in 2012. “I have mixed emotions about leaving,” he told Best’s […]
Florida Insurance Commissioner McCarty to Resign After 12 Years in Job
{January 7th, 2016} by Amy O' Connor |
Florida Insurance Commissioner Kevin M. McCarty announced today that he is resigning effective May 2, 2016 after 12 years in the post to pursue other job opportunities, according to the Florida Office of Insurance Regulation (OIR). McCarty has served as the only appointed insurance commissioner for the Florida Office of Insurance Regulation since the office […]
Be wary of these top investment scams
{January 6th, 2016} by Business Record
If an investment deal sounds too good to be true, it usually is, cautions the Iowa Insurance Division, which has released its annual list of top investor threats. The message for investors: Be careful out there when approached with unsolicited investments, especially those involving promissory notes, oil and gas deals and real estate investment […]
The “Uber of Insurance” is here
{January 6th, 2016} by LYNN BRACKPOOL GILES
Here are two words you don’t often hear in the same sentence: revolutionary and insurance. But that’s exactly what experts are calling a new peer-to-peer (P2P) insurance concept presented by startup Lemonade. Though the company has yet to open its doors, the adjective-laden praise has commenced. Click HERE to read article
Financial execs: distribution, regs top challenges in 2016
{January 6th, 2016} by LifeHealthPro Editors
Financial services executives surveyed by LIMRA cite distribution issues, including attracting and retaining sales professionals and adapting to regulatory changes, as their top challenges in 2016. “When we look closer at the top challenges the executives chose, we see a common thread for their concerns,” says Scott Kallenbach, director of strategic research for LIMRA. “If the […]
Allstate Video With Gay Couple As New Parents Angers Group
{January 6th, 2016} by Becky Yerak
A new Allstate ad featuring a gay couple and their new child has resulted in controversy. A conservative group is angered by an Allstate video showing two gay men discussing their new baby. American Family Association, based in Tupelo, Miss., is calling on consumers to sign a petition expressing their displeasure to the Northbrook-based home […]
Columbus Life to Automate Policy Delivery with iPipeline’s DocFast Solution
{January 6th, 2016} by iPipeline
DocFast e-Delivery to Accelerate Policy Issuance and Extend the Consumer Digital Experience Exton, PA (January 5th, 2016) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry– today announced Columbus Life Insurance Company will automate policy delivery using DocFast®. DocFast streamlines and improves the customer communication experience across the channel by […]
NAIFA-Virginia hosts ‘Day on the Hill’ Feb. 11 in Richmond
{January 6th, 2016} by IFAWebnewsstaff
The National Association of Insurance and Financial Advisors’ Virginia chapter (NAIFA-Virginia) will host their 2016 Insurance Day On The Hill, Thursday, Feb. 11, in Richmond. The day begins at the Berkeley Hotel in Richmond, followed by visits with Virginia legislators on the Hill. While at the Berkeley, keynote remarks will be delivered by Virginia’s speaker […]
Allianz Life Insurance seeks judgment after agent allegedly forged signatures on annuity
{January 6th, 2016} by Jamie Johnson
NEW ORLEANS – A Pennsylvania insurance agent whose signature was allegedly forged on a $100,000 annuity application with Allianz Life Insurance is refusing to renounce ownership in the account until he is paid $10,000. Allianz Life Insurance Co. of North America filed a lawsuit Dec. 29 in U.S. District Court for the Eastern District of […]
Demographics are key: Who’s Most Likely to Be Receptive to the FIA Message
{January 6th, 2016} by Peggy Bresnick
Fixed indexed annuities (FIAs) are a great investment option for many people, especially those who are nearing or concerned about their retirement and who are looking to ensure that they have sufficient finances to support their lifestyle. Recent research from the Insured Retirement Institute, 2015 Fixed Indexed Annuity Distribution Trends, reveals that consumer interest is high […]
Whole Life v. IUL No Longer An ‘Either/Or’ Proposition
{January 5th, 2016} by Frank Chechel
For the past several years, whole life has been the top-selling life insurance product, when measured by premium volume. Yet sales of another product — indexed universal life (IUL) —have been growing exponentially since the 2008 financial crisis. IUL now stands second in popularity next to whole life, according to LIMRA sales data. Both products […]
Raft Of Insurance Bills Taking Effect In California
{January 5th, 2016} by Cyril Tuohy
A crop of new insurance laws took effect Jan. 1 in California. The new laws are designed to protect seniors and encourage the use of technology to make insurance-based transactions faster and more efficient, according state insurance regulators. Four laws took effect on New Year’s Day and three more insurance-related laws come into effect later […]
My Uncle: The Last of the Great Swiss Advisors
{January 5th, 2016} by Cyril Tuohy
Last month, I flew to Geneva, Switzerland, where I grew up and to where I travel once a year to see my mother, my uncle and my cousins. My mother’s 83-year-old brother – call him Francois – has been a global financial advisor for decades but it was only recently that I realized what he […]
New PruLife® Survivorship Index UL helps address estate-and legacy-planning needs
{January 5th, 2016} by Business Wire
NEWARK, N.J.–(BUSINESS WIRE)–Pruco Life Insurance Company, a subsidiary of Prudential Financial, Inc. (NYSE:PRU), has introduced, PruLife® Survivorship Index Universal Life, a new product that provides death benefit protection for two lives and the opportunity to build cash value through multiple interest crediting options. “As the financial environment has improved, we’ve seen an increase in demand […]
Protective Announces Management Changes — Richard J. Bielen Named President and Chief Operating Officer
{January 5th, 2016} by Business Wire
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (“Protective”, “Company”) today announced that Richard J. Bielen, the Company’s current Vice Chairman and Chief Financial Officer, has been named President and Chief Operating Officer of the Company. In his new role, Mr. Bielen will have added responsibilities for life and annuity sales and information technology in addition to his […]
Shifting into high gear: M&A deal-making among brokerages
{January 5th, 2016} by Warren S. Hersch
Backed by private equity, leading insurance brokerages are buying up smaller players at a fever pitch The pace may be fairly described as torrid. In 2015, mergers and acquisitions among insurance brokerages across all lines — life, disability income and long-term care insurance, property & casualty insurance, employee benefits, business insurance, among other specialties — totaled a whopping 326 deals, surpassing the 325 transactions recorded in 2012, according […]
How DOL’s fiduciary will change the industry, and careers
{January 5th, 2016} by Melanie Waddell
Political assaults in and around Congress on the Department of Labor’s rule to amend the definition of fiduciary on retirement accounts look all but certain to fail to stop the rule in its tracks. That’s prompted the industry — on both the broker-dealer and RIA side — to gear up to help advisors and registered […]
American National Insurance Company Introduces a New Uncapped Strategy With the Signature Indexed Universal Life Policy
{January 5th, 2016} by GLOBE NEWSWIRE
GALVESTON, Texas, Jan. 04, 2016 (GLOBE NEWSWIRE) — American National Insurance Company (American National) is pleased to introduce a new indexed strategy for new Signature Indexed Universal Life (IUL) policies. These life insurance policies provide a combination of death benefit and accumulation value to provide protection and growth potential. American National announces a […]
Life Insurance is Discussed on “Behind The Scenes” with Host James Earl Jones for Public Television
{January 5th, 2016} by PRWeb
A new segment of the popular show discusses the importance of Life Insurance for consumers… In an informative and compelling Behind The Scenes segment with host James Earl Jones, a team of industry experts will delve into the importance of life insurance and the lack of coverage widespread in today’s society. The short-form documentary will […]
It Was A Very Good Year For Innovation By Life Carriers
{January 5th, 2016} by Cyril Tuohy
The challenge of generating lifetime income for under-prepared retirees, combined with low interest rates that slowed life insurance sales in 2015, were among the top concerns of the financial world in the past year. So it’s no wonder that annuities often dominated the news about innovation in financial products. However, the life insurance side also […]
Advisors Look Ahead To 2016 While Recalling Memories Of Past Year
{January 5th, 2016} by Cyril Tuohy
From rebuilding after a fire to striking out into a new business venture, 2015 was a year of challenges and rewards for advisors. As we move ahead into 2016, InsuranceNewsNet talked with a number of advisors about the highs and lows they experienced during the past year. Some focused on the lows, others the highs. […]
Protection for Fixed Annuities
{January 5th, 2016} by Kimberly Lankford, From Kiplinger's Personal Finance, February 2016
If an insurer starts to have financial trouble, the insurance regulator works with the guaranty association to find another company to take over its business. I’m thinking about buying a fixed annuity, but I’m worried that the company might go under at some point and I’ll lose my investment. What protections do I have? —J.S., […]
SUSPICIOUS INSURANCE POLICY PURCHASES MAY OFFER EVIDENCE IN MURDER CASE
{January 4th, 2016} by Julie Campbell
A POLICE CHIEF ACCUSED OF MURDERING HIS PREGNANT FIANCÉE PURCHASED MASSIVE AMOUNTS OF COVERAGE BEFOREHAND. In South Dakota, a former police chief has now been accused of the murder of his pregnant fiancée in what had previously appeared to be a hunting accident but that has since turned suspicious when it was discovered that more […]
