Carriers Report Earnings Mix, DOL Rule Cited
May 3, 2016 by Cyril Tuohy
The Department of Labor’s fiduciary rule features prominently in at least one earnings news release by a leading annuity carrier. Company executives are expected to say more about the rule in earnings conference calls Thursday morning.
American Equity Reports Loss, Earnings Miss
American Equity Investment Life Holding Co., a top seller of fixed and fixed indexed annuities (FIA), on Tuesday reported a first quarter loss of $44.8 million compared with net income of $5.9 million in the year-ago quarter, following a $28.4 million charge in connection with deferred acquisition costs.
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CNO Financial Falls Short of Expectations
First-quarter net income at CNO Financial Group Inc., a holding company in Carmel, Ind., serving middle-income preretirees and retirees, dropped 14 percent to $45.5 million compared to the year-ago quarter, the company reported Wednesday.
The drop was due in part to lower sales of life and Medicare supplement products and flat agent recruiting at the company’s Bankers Life and Casualty subsidiary, the company said.
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Torchmark Beats Street
Torchmark, a McKinney, Texas-based financial services holding company that specializes in life and supplemental health insurance for middle-income Americans, reported first-quarter earnings of $124 million, a 2 percent increase from the year-ago period.
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