2018: A come-back year for indexed annuities
{November 30th, 2018} by Kerry Pechter
Indexed annuities were once the problem child of the annuity world. Now, having survived the Obama Department of Labor’s attempt to corral them, they’re more like the darling of the annuity world. Third-quarter YTD sales figures tell the tale. Click HERE to read the full story via RIJ; subscription required. ……………………………………………………………………………………………. I am not surprised […]
The decline in U.S. life expectancy is unlike anything we’ve seen in a century
{November 30th, 2018} by Sara Chodosh
For a nation that spends more on healthcare per citizen than almost any other, America isn’t exactly reaping the rewards. Life expectancy has been steadily climbing for decades now, but in the last few years it’s taken a troubling turn in the other direction. A new report from the Centers for Disease Control shows that a […]
Wink, Inc. Releases Third Quarter, 2018 Life Sales Results
{November 29th, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE ALL NON-VARIABLE LIFE SALES RECEDE THIS QUARTER Wink, Inc. Releases Third Quarter, 2018 Life Sales Results Des Moines, Iowa. November 29th, 2018– Wink, Inc. released third quarter, 2018 life sales results in its 85th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report, the insurance […]
THIRD QUARTER 2018 LIFE INSURANCE SALES
{November 29th, 2018} by Sheryl J. Moore
Indexed Life Sales for the third quarter of 2018 were $528 million, compared with sales of $478 million for the third quarter of 2017. Third quarter indexed life sales were down more than 4% when compared with the previous quarter, and up nearly 11% as compared to the same period last year. Total 3Q2018 indexed […]
Where the Income Puck is Going
{November 29th, 2018} by Kerry Pechter
Consider the challenge that faces advisors who want to do good for humankind and do well for themselves by specializing in the intriguing new niche called retirement income planning. Click HERE to read the full story via RIJ; subscription required.
Annuities ‘Compensate’ Even Short-Lived People
{November 29th, 2018} by Kerry Pechter
Heather and Simon, two 65-year-olds on the verge of retirement, have joined the bibulous Las Vegas gambler, Jorge, and the five 95-year-old bridge-playing tontine-minded grandmothers, among the useful fictions created by Moshe Milevsky, the Toronto-based annuity expert and author. Click HERE to read the full story via RIJ; subscription required.
Yet Another Firm is Fined Over Annuity Sales
{November 29th, 2018} by Alex Padalka
Another investment management company is on the hook over alleged failures in supervising the sale of variable annuities by its representatives, according to self-regulator Finra. From January 2013 through August this year, H. Beck allegedly failed to maintain a supervisory system and maintain and enforce written supervisory procedures while selling different share classes of variable annuities, including B-share […]
Ameritas launches new indexed annuity
{November 29th, 2018} by Ameritas Life Insurance Corp
Lincoln, Neb., (November 26, 2018) – Ameritas Life Insurance Corp. this month introduced the Ameritas Accumulation 7 Index Annuity (Accumulation 7 IA), tracking four indices including the new uncapped S&P 500 Sector Rotator Daily RC2 5% Index. “The new S&P 500® index was launched on October 19, 2018 and is designed to measure an uptrend […]
Hartford’s Nassau Re raises $200M for future growth
{November 29th, 2018} by Joe Cooper
Hartford insurer Nassau Re says it has raised $200 million in new capital to expand its fixed annuity and life insurance businesses. It will also initiate a rebranding that will eliminate the Phoenix Cos. name. Nassau Re, headquartered at 1 American Row, said the funding is being provided by private equity firm Golden Gate Capital, its […]
Former FIO Chief: Regulatory Changes Post Crisis Not Always Popular, but Vital for Economy
{November 28th, 2018} by Kate Smith
NEW YORK – It’s been 10 years since the U.S. government bailed out American International Group Inc. with $180 billion. The 2008 financial crisis devastated Wall Street and left the world’s largest economy unraveling. Click HERE to read the original story via A.M. Best. Many questioned what role regulation — or lack thereof — played […]
Younger Workers Amenable To Annuities . . . Eventually
{November 28th, 2018} by Jeff Schlegel
It stands to reason that older people at or near retirement would be more interested in annuities than younger folks, right? Well, not quite, at least according to a study from the LIMRA Secure Retirement Institute that looked at investors who had a discussion with their financial advisors about deferred annuities within the past three years […]
F&G Upgraded to A- by A.M. Best
{November 27th, 2018} by FGL Holdings
GEORGE TOWN, Cayman Islands, Nov. 26, 2018 /PRNewswire/ — FGL Holdings (NYSE: FG), a leading provider of fixed indexed annuities and life insurance, announced today that rating agency A.M. Best upgraded the financial strength rating for F&G’s operating companies to “A-” (Excellent) on November 20. Additionally, A.M. Best assigned a financial strength rating of “A-” for F&G’s reinsurance business based […]
WHAT’S NEW IN ANNUITIES: November 2018
{November 27th, 2018} by Wink's RockStars
Wink’s AnnuitySpecs analysis provides an up-to-date view of the traditional fixed, multi‐year guaranteed, indexed, structured, and variable annuities being launched and retired on a monthly basis so you can quickly view trends in product development. AnnuitySpecs’ “What’s New” section will default to the last three months and one can view historical data in quarterly intervals. […]
Variable annuity shops eye property and casualty insurers to expand distribution
{November 27th, 2018} by Greg Iacurci
Some of the largest variable annuity shops have forged new distribution relationships with property and casualty insurers in a bid to boost sales. Click HERE to read the full story via InvestmentNews; registration required.
Amid media scrutiny over sexual harassment claims, Fidelity promotes women to higher positions
{November 27th, 2018} by Bloomberg News
Fidelity Investments has stepped up promotions of women in its stock-picking group, which was hit last year amid sexual harassment allegations at the firm. Click HERE to read the full story via InvestmentsNews; registration required.
NAIFA files suit against New York for mandating best-interest insurance sales
{November 27th, 2018} by Mark Schoeff Jr.
An insurance industry trade association has gone to court to stop a New York regulation requiring insurance agents and brokers to act in the best interests of their clients when selling life insurance and annuity products. Click HERE to read the full story via InvestmentNews; registration required.
Pacific Life Announces the First Performance Factors (2.46 and 4.18) for Its Best-Selling Indexed Universal Life Insurance Product
{November 27th, 2018} by Pacific Life
ALISO VIEJO, Calif. – November 15, 2018: Pacific Life Insurance Company has announced the calculation of the first Performance Factors for its industry-leading1 indexed universal life insurance product, Pacific Discovery Xelerator IUL (PDX).2The PDX product provides death benefit protection and features a non-guaranteed Performance Factor that may multiply the interest credited to the indexed accounts beginning […]
12 Best & Worst Broker-Dealers: Q3 Earnings, 2018
{November 27th, 2018} by Janet Levaux
The third quarter was a good one for most financial companies and broker-dealers, which benefited from a strong economy, tax breaks and a nearly 8% rise in the S&P 500. According to FactSet, three-quarters of financial companies reported earnings that topped estimates. Overall, the financial sector had average earnings growth of 36% in Q3. Diversified […]
New York Best Interest Standard Violates Law: NAIFA-NY
{November 27th, 2018} by Allison Bell
A group for New York state life insurance producers says New York state’s new “best interest” standard regulation clearly conflicts with the state’s statutory definition of the term “insurance agent.” The National Association of Insurance and Financial Advisors — New York State Inc. (NAIFA-NY) makes that point in a suit against the New York Department of […]
NAIFA Files Second Lawsuit Against NY Best-Interest Rule
{November 27th, 2018} by John Hilton
The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule slated to take effect in August. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, […]
7 top adviser concerns in 2019
{November 27th, 2018} by InvestmentNews
With 2018 coming to an end, here are some of the top business concerns that are keeping advisers at Best Practices Award-winning firms up at night. CLICK HERE to check out their 2019 priorities to see if your firm should be thinking about these challenges for the new year.
Northwestern Mutual Announces New Executive Leadership Appointments
{November 27th, 2018} by Northwestern Mutual
MILWAUKEE, Nov. 26, 2018 /PRNewswire/ — Northwestern Mutual announced two new senior leadership appointments that will continue to advance the company’s transformation and change the way people plan for, experience and achieve financial security. The following leaders are being promoted to new roles: Christian Mitchell has been appointed to executive vice president and chief customer officer, assuming responsibility for […]
Lara Declares Victory in California Insurance Commissioner Race
{November 27th, 2018} by Thomas Harman
SACRAMENTO, Calif. – Democrat Ricardo Lara has declared victory in the race for California insurance commissioner over independent candidate Steve Poizner, a former Republican insurance commissioner. In an email, Lara said he wanted to be certain all votes were counted before making an announcement. On the morning of Nov. 9, Lara held a 1.6% lead […]
For Financial Services: Change is a Constant
{November 27th, 2018} by Craig Hawley
Change is a constant in our fast-moving industry. And you can win by recognizing that the very same trends that are driving this change are not your obstacles—they are your allies. Case in point: This past September marked the ten-year anniversary of the biggest financial crisis to hit markets since the Great Depression. Today, it […]
NY Insurance Trade Group Sues Over State’s Best-Interest Regulation
{November 27th, 2018} by Alex Padalka
An insurance industry trade group is challenging the legality of a best-interest regulation adopted in New York earlier this summer on the sale of insurance and annuities, according to news reports. The National Association of Insurance and Financial Advisors for New York State has filed a lawsuit in New York Supreme Courtclaiming the regulation by the New York […]
Yet Another Firm is Fined Over Annuity Sales
{November 27th, 2018} by Alex Padalka
Another investment management company is on the hook over alleged failures in supervising the sale of variable annuities by its representatives, according to self-regulator Finra. From January 2013 through August this year, H. Beck allegedly failed to maintain a supervisory system and maintain and enforce written supervisory procedures while selling different share classes of variable annuities, including B-share […]
Insurance Agents Sue To Overturn New York’s Best-Interest Reg
{November 26th, 2018} by Tracey Longo
The National Association of Insurance and Financial Advisors for New York State (NAIFA-NYS) has filed a lawsuit challenging the legality of New York’s “best-interest” regulation. The lawsuit, filed Friday, alleges that the New York Department of Financial Services (DFS) regulation—which for the first time requires agents and brokers to ensure that any transaction involving insurance […]
4 Reasons You Should Consider Life Insurance As A Planning Tool
{November 26th, 2018} by Catherine Schnaubelt
If you’re like most people, you probably think you don’t need life insurance until you provide for a family of your own. Even then, life insurance may not be on your radar when it comes to financial planning. According to the 2018 Insurance Barometer Study from Life Happens and the Life Insurance and Market Research […]
The Age of Digital Insurance Is Here, And It’s Decidedly More Human
{November 23rd, 2018} by Vidyesh Khanolkar
Nov 21, 2018 — I’ve spent most of my career in the IT industry, where responses to this question range from “the people business” to “the code-cutting business” and everything in between. In the insurance industry, the answers are more along the lines of “the risk coverage business,” “the risk management business,” “the data business,” and many, […]
Hester Peirce: All women do not speak with the same voice, and SEC commissioners are no different
{November 23rd, 2018} by Hester Price
Fifty years ago, then-Securities and Exchange Commission chairman Manny Cohen, speaking to the Women’s Bond Club of New York, predicted: “Perhaps if we take steps to make clear that women really have an important role to play in the world of finance, [you] will, one day, be gathered here to listen to an address by a […]
Cetera broker-dealers latest to file legal claim against Ohio National
{November 23rd, 2018} by Greg Iacurci
This story has been updated to include additional information not available when originally published. The six broker-dealers in the Cetera Financial Group network have filed arbitration claims against Ohio National Life Insurance Co. and affiliates, seeking to prevent the loss of millions of dollars in annuity trail commissions that they allege are in jeopardy due […]
Ohio National President/COO Departs After A Controversial Three Months
{November 22nd, 2018} by John Hilton
Ohio National Financial Services made a surprise announcement Tuesday that president and COO Christopher Carlson is retiring three months after taking the position. Carlson leaves two months after the company made the stunning decision to break contract agreements with advisors who sold specific variable annuities. That unprecedented decision eliminated future trail commissions for those advisors. Click HERE […]
Ohio National lays off chief distribution officer; president retires after three months on the job
{November 22nd, 2018} by Greg Iacurci
Ohio National Financial Services Inc. laid off its chief distribution officer, H. Douglas Cooke, at the same time that president and chief operating officer Christopher Carlson has decided to retire, three months after being promoted. The executive changes come less than two months after a controversial decision to stop paying trail commissions to advisers on some of […]
Wink Posts the Rest of the Annuity Sales Increase Story
{November 22nd, 2018} by Allison Bell
Wink Inc. has come out with data relating to an important question: Were U.S. sales of individual, non-variable annuities really 46% higher in the third quarter than in the third quarter of 2017? The full results from Wink’s annuity issuer survey suggest that, according to the participants in Wink’s survey, sales really were up 46%, […]
A.M. Best Upgrades Credit Ratings of Fidelity & Guaranty Life Holdings and Key Subs. Assigns Ratings to F & G Reinsurance Ltd
{November 22nd, 2018} by A.M. Best
FOR IMMEDIATE RELEASE OLDWICK – NOVEMBER 20, 2018 A.M. Best has upgraded the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a-” from “bbb+” of the key life/health subsidiaries of Fidelity & Guaranty Life Holdings, Inc. (FGLH) (Delaware). The outlook of these Credit Ratings (ratings) has […]
New Rules Could Prevent Annuity Derivatives Blight
{November 22nd, 2018} by Allison Bell
State insurance regulators are moving ahead with a project that could help keep variable annuities on the shelves — by keeping decreases in the theoretical value of derivatives contracts from making their financial statements look like a blighted soybean leaf. Publicly traded insurers, especially, fear that “non-economic” changes in derivative contract values could make their earnings […]
Wink, Inc. Releases 3rd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales Results
{November 22nd, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED ANNUITY SALES CONTINUE TO RAISE THE BAR! Wink, Inc. Releases 3rd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales Results Des Moines, Iowa. November 21, 2018– Wink’s Sales & Market Report, the insurance industry’s #1 resource for indexed annuity sales data since 1997, is in […]
Eric Cioppa to Lead State Insurance Regulator Group
{November 22nd, 2018} by Allison Bell
Members of the National Association of Insurance Regulators (NAIC) have elected Eric Cioppa to be their 2019 president. Cioppa is the Maine insurance superintendent. He’ll succeed Julie Mix McPeak of Tennessee as the NAIC president Jan. 1. Commissioners cast their votes Sunday, at the NAIC’s fall national meeting in San Francisco. NAIC members also elected […]
Producer Groups Sue Over New York State Sales Standard Regs
{November 22nd, 2018} by Allison Bell
Two groups for property & casualty insurance producers have gone to court in an effort to block New York state’s new “best interest” sales standard regulations for sellers of life insurance and annuity products. The Independent Insurance Agents & Brokers of New York Inc. (Big I NY) has joined with another P&C group, the Professional […]
Millennials most at risk generation when it comes to life insurance
{November 22nd, 2018} by Insurance Forums Staff
The Millennial generation is now the least prepared for unexpected life events due to a lack of adequate life insurance coverage, according to the latest edition of New York Life’s Life Insurance Gap survey, released Nov. 13. The survey asks Americans to compare how much life insurance they need, based on living expenses and plans […]
Life Happens awards over $200,000 to 21 aspiring students through its annual Life Lessons Scholarship Program
{November 22nd, 2018} by Insurance Forums Staff
Prentiss Bullard was in high school when a car struck and killed his father in 2016. While Prentiss grappled with a harsh new reality and the inconceivable loss of a parent, Prentiss and his family faced incredible financial stress because Prentiss’ father did not have adequate life insurance coverage to protect his family and loved […]
For Women Today, 70 is the New 50
{November 22nd, 2018} by TD Ameritrade Holding Corporation
November 15, 2018 — OMAHA, Neb.–(BUSINESS WIRE)– Gone are the days of wishing away old age; for women, the consensus is that the best is yet to come. According to a new survey conducted for TD Ameritrade, 73 percent of women believe that “70 is the new 50” — compared to 59 percent of men who […]
Lincoln Financial Group Launches Fixed Indexed Annuity to Help Boost Retirement Savings Through Immediate Six Percent Bonus
{November 22nd, 2018} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–To help quell client concerns over market volatility and its impact on retirement portfolios, Lincoln Financial Group (NYSE: LNC) today announced the introduction of Lincoln OptiBlend® Plus fixed indexed annuity. This new solution helps clients jump start their retirement savings with an immediate account bonus of six percent, added to their account value at the time […]
Last year, Californians got $17.3 million from lost insurance policies. Do you have one?
{November 22nd, 2018} by Andrew Sheeler
Californians have claimed more than $17.3 million in life insurance benefits in the last 12 months, and more than $33.8 million since the state debuted its “Life Insurance Policy Locator,” according to the California Department of Insurance. “This policy locator has made a meaningful difference in thousands of Californians’ lives,” California Insurance Commissioner Dave Jones […]
The Penn Mutual Life Insurance Company Launches myWorth to Empower Women with Financial Confidence
{November 22nd, 2018} by The Penn Mutual Life Insurance Company
HORSHAM, Pa.–(BUSINESS WIRE)–The Penn Mutual Life Insurance Company (Penn Mutual) is excited to announce their recent support and launch of myWorth, a company dedicated to bridging the confidence gap between women and their money and bringing them the resources they need so they can take charge of their financial futures. According to a recent Gender Gap […]
The Big Millennial Life Insurance Gap
{November 22nd, 2018} by Ashlea Ebeling
Only 10% of Millennials say they have enough life insurance in place to cover self-reported needs should they die, putting their family members at risk. That’s the sobering news from New York Life’s 2018 Life Insurance Gap Survey. Millennials with life insurance have an average of $100,000 in life insurance protection in place, enough to […]
Index Proposal Could Make Some Annuities Look Too Good: Consumer Group
{November 22nd, 2018} by Allison Bell
The Center for Economic Justice (CEJ) says a new indexed annuity regulation proposal could help dishonest life insurers fool consumers. The proposal could affect how life insurers illustrate the performance of indexed annuities featuring relatively new investment indexes. If regulators aren’t careful, new annuity illustration rules could help a life insurer hide how an investment index would perform […]
AXA Equitable Posts Strong Buffer Annuity Sales
{November 22nd, 2018} by Allison Bell
AXA Equitable Holdings Inc. is reporting strong growth in buffer annuity sales and operating earnings for the third quarter. But the value of derivative contracts the company uses to hedge benefits guarantees fell sharply, and the change in the recorded value of those contracts led the company to post a big net loss for the […]
The Big I And PIANY File Lawsuit Against New York Best-Interest Reg
{November 22nd, 2018} by John Hilton
The Big I and the Professional Insurance Agents of New York filed a lawsuit today against the best-interest regulation approved by New York officials this summer. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, one that New York officials are […]
Some good news about female recruitment in financial advice
{November 22nd, 2018} by Matt Sirinides
Whether promoted from within or hired from outside the firm, each of four core advisory positions tracked in InvestmentNews‘ benchmarking study has seen an uptick in women entrants. It’s recently been reported that women are now better educated than their husbands and control over half of all private wealth. Click HERE to read the full story via InvestmentNews; registration […]
Fight Over NJ Fiduciary Rule Heats Up
{November 22nd, 2018} by Melanie Waddell
Supporters and opponents of New Jersey’s fiduciary plan went toe to toe Monday as the state’s securities bureau held its second hearing on the plan. New Jersey’s insistence on moving ahead with its own fiduciary rule “suggests an impatience and disregard” for how the Securities and Exchange Commission finalizes its advice standards package, specifically Regulation […]
Investors Heritage Enters Annuity Space with Launch of Heritage Builder Annuity
{November 22nd, 2018} by Investors Heritage Life Insurance Company
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) announced today that it has expanded its suite of leading service offerings with the launch of the Heritage Builder Annuity, a single-premium deferred, multi-year, rate-guaranteed annuity. Investors Heritage is a Kentucky-domiciled life insurance company currently licensed in 38 states. The company has long been a market […]
Fight for New Jersey fiduciary rule yields doomsday rhetoric from both sides
{November 22nd, 2018} by Greg Iacurci
The fight over New Jersey’s proposed fiduciary standard for brokers has only just commenced, and stakeholders on both sides of the spat already are resorting to gloom-and-doom forecasts, linking the rule’s fate to an impending catastrophe and a perilous state of affairs. Click HERE to read the full story via InvestmentNews; registration required.
Goldman Sachs rising star fired 15-year veteran on maternity leave, complaint says
{November 22nd, 2018} by Bloomberg News
Two years ago, Tania Mirchandani, a Goldman Sachs Group Inc. vice president in Los Angeles, told her boss she was pregnant with her third child. He was skeptical she could balance a large family with her demanding job, she recalled. That’s “a lot of mouths to feed,” she quoted him as saying. Click HERE to […]
Forecasters Wonder About Scratchy Credit Market Throat
{November 22nd, 2018} by Allison Bell
The recent turmoil in the market for General Electric Co.’s bonds has started to remind investors that corporate borrowers sometimes fail to make their debt payments. But, for now, life insurer stability trackers see tales of debt issuer problems as something interesting to think about, not as a symptom of a bad financial head cold, […]
New York Life approves largest total dividend payout to policy holders in company history.
{November 22nd, 2018} by New York Life
NEW YORK, November 15, 2018 — New York Life, America’s largest mutual life insurer, today announced that the company expects to pay eligible participating policy owners a record dividend payout of $1.8 billion in 2019. This milestone will mark the 165th consecutive year that New York Life has paid a dividend to policy owners, underscoring the company’s continued […]
Wells Fargo layoffs: Why it’s happening and what it means for Des Moines
{November 22nd, 2018} by Kevin Hardy
Wells Fargo will lay off 400 Des Moines-area workers as the beleaguered bank works to shed tens of thousands of jobs across the country — and company officials aren’t saying how many more of the bank’s 15,500 Iowa jobs might be cut in the future. But experts say the cutbacks have more to do with Wells Fargo’s […]
Ohio National Sued for Compensation Breach
{November 22nd, 2018} by Kerry Pechter
A Whitehouse, Texas, financial advisor has filed a federal class action suit against Ohio National Life in Ohio Southern District Court for allegedly refusing to pay future trail commissions on certain variable annuities with lifetime income riders that he and other broker-dealer reps have sold in recent years. The suit, filed by advisor Lance Browning of […]
Annuity advocates react warmly to proposed SEC rule on VA disclosures
{November 22nd, 2018} by Brian Anderson
The Securities and Exchange Commission’s recent introduction of a proposal that would modernize the process of disclosing information about variable annuities was met with cries of “it’s about time” from annuity industry advocates. The SEC proposal for new rule 498A under the Securities Act, released Oct. 30, would modernize disclosures by using a layered disclosure […]
First and foremost, consumers buy annuities to create retirement income
{November 22nd, 2018} by Insurance Forums Staff
A new LIMRA Secure Retirement Institute (LIMRA SRI) study of annuity owners finds the top two reasons consumers buy annuities are to supplement Social Security/pension income and to receive guaranteed income payments for life. “Our research consistently shows consumers are worried about running out of money in retirement – 67% of pre-retirees list having enough […]
These Go To 11: Indexing Beyond Rates And Renewals
{November 22nd, 2018} by Eric Thomes
There’s a famous scene from the movie mockumentary This Is Spinal Tap in which guitarist Nigel Tufnel proudly demonstrates an amplifier whose volume knob is marked from zero to 11, instead of the usual zero to 10. When the film’s director, Marty DiBergi, asks Nigel the logical question “Why don’t you just make 10 louder?” Nigel hesitates before responding […]
NAIC Working Group Settles On Policy Summary Concept
{November 22nd, 2018} by John Hilton
A state insurance commissioners’ working group ironed out a few sticking points Friday with its long-delayed “policy overview” summary to accompany life insurance sales. With language and process proposed by Chairman Richard Wicka, deputy chief legal counsel for the Wisconsin Office of the Commissioner of Insurance, the group agreed to require distribution of a policy […]
U.S. annuities sales boom after fiduciary rule kicks the bucket
{November 22nd, 2018} by Suzanne Barlyn
(Reuters) – U.S. annuities sales are booming months after the demise of a regulation that targeted the product, which had required that brokers put customers’ interests ahead of their own compensation. Several U.S. insurers reported surging annuities sales when outlining third-quarter results in recent weeks. American International Group Inc’s (AIG.N) individual retirement business posted $3.2 […]
Opinion: Do annuities have a place in your retirement portfolio?
{November 22nd, 2018} by Mark Hulbert
To annuitize or not to annuitize? Hardly the elegant alliteration of a Shakespeare. But, nonetheless, this remains an urgent question that nearly all retirees and soon-to-be-retirees face at one time or another. And, despite an enormous amount of ink having been spilled on the question over the last few decades, a consensus answer appears as […]
Life Carriers to Gain Data Analytics Advantage with iPipeline’s New InsureSight Service
{November 22nd, 2018} by iPipeline
EXTON, PA (November 13, 2018) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today reported InsureSight® for Carriers with Case Analytics will be made available to life insurance carriers in the first quarter of 2019. Designed to enable carriers to competitively benchmark their sales performance […]
A.M. Best: Insurers Face Steep Costs In New York
{November 22nd, 2018} by John Hilton
A new analysis by A.M. Best confirms what many insurers feared: New York’s best-interest rules are going to increase the costs of doing business in the state. New York finalized its best-interest standard in July for both annuity and life insurance sales. The state’s best-interest regulation is considered one of the toughest in the country, one that New York officials […]
Penn Mutual Pays Out $87M In Dividends
{November 22nd, 2018} by INN Daily
HORSHAM, Pa. – The Penn Mutual Life Insurance Company (Penn Mutual) is pleased to announce its Board of Trustees has approved a 2019 dividend award payout to eligible policyholders of $87 million—an increase over the 2018 award. Headquartered in Horsham, PA, Penn Mutual attributes the substantial dividend payout increase to the growth and strong performance of […]
Why Life Insurers Are Talking About Gamification
{November 22nd, 2018} by Jane Wang
LIMRA shared some interesting new stats from their research at their annual conference a couple of weeks ago, and it looks like 2018 is going to be another challenging year for life insurers in the North American market. To combat market disruptors and close the current $25 trillion protection gap, the industry appears to be […]
Ohio National elects Barbara A. Turner president and chief operating officer
{November 22nd, 2018} by Ohio National Financial Services
CINCINNATI, Nov. 20, 2018 (GLOBE NEWSWIRE) — Ohio National Financial Services announced today that its Board of Directors has elected Barbara A. Turner, CRCP, president and chief operating officer, effective November 30. Turner succeeds Chris Carlson, who is retiring from Ohio National for personal reasons after 25 years with the company. “Barbara’s decades of experience […]
Younger Working Consumers Open to Annuities
{November 22nd, 2018} by LIMRA Secured Retirement Institute
LIMRA Secured Retirement Institute wanted to take a closer look at those who debated buying annuities but decided not to purchase and find out why. This most recent study looks at investors who had a discussion with their advisors about deferred annuities within the past three years but then decided not to buy. The research […]
Ohio National: No Strategy Change With Executive Shuffle
{November 22nd, 2018} by John Hilton
Ohio National’s abrupt leadership change will have no impact on the company’s decision to abandon the annuity market, a spokeswoman said. Part of that strategy included the controversial decision to cut trail commissions on select variable annuities. Click HERE to read the full story via INN; subscription required. ************************************************************** Ohio National has gone “too far down […]
3 reasons for the annuity sales spike
{November 22nd, 2018} by Scott Stolz
LIMRA reported that total annuity sales in the second quarter were $59.5 billion, up nearly 15% from the previous quarter. [Click HERE for Wink’s annuity second-quarter sales release] It’s been almost three years since the industry has reported sales at these levels. When LIMRA releases third-quarter sales in the coming weeks, I expect to see […]
Commonwealth files Finra arbitration, lawsuit against Ohio National for ‘unlawful’ VA scheme
{November 22nd, 2018} by Greg Iacurci
Commonwealth Financial Network has brought both a lawsuit and Finra arbitration against Ohio National Life Insurance Co. for the alleged “unlawful scheme” orchestrated by the insurer involving variable annuity compensation. Click HERE to read the full story via InvestmentNews; registration required.
Ohio National offers buyouts, ends commission trails amid jumbled regulatory oversight of VAs
{November 22nd, 2018} by Mark Schoeff Jr.
Ohio National Financial Services Inc. began offering buyouts this week to policyholders who have a variable annuity on which the firm will stop paying brokers next month. In a letter to investors, however, the firm encouraged customers to “work with a trusted financial professional” to evaluate whether they should take the money in exchange for […]
Ohio National Life Faces Multiple Federal Lawsuits Over Plans to End Trail Commissions
{November 22nd, 2018} by Thomas Harman
CINCINNATI – Ohio National Life Insurance Co. is facing lawsuits seeking to have a federal court prevent the company from implementing plans to end payment of trail commissions on certain variable annuity policies later this year. The complaints were filed by Arkansas-based independent broker/dealer Veritas Independent Partners and a licensed security representative named Lance Browning. […]
Anthony W. Dunn Joins American Financial Group, Inc. as Vice President
{November 22nd, 2018} by American Financial Group, Inc.
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (AFG) is pleased to announce the hiring of Anthony W. Dunn as Vice President, overseeing the Internal Audit function for the Company and its subsidiaries. Mr. Dunn has 20 years of experience in the insurance and financial services industry. Prior to joining American Financial Group, he served as Senior Vice […]
Nationwide cutting 1,100 jobs in Columbus, across the country
{November 22nd, 2018} by Tristan Navera
A massive restructuring at Nationwide will reduce its workforce by 1,100 people, including cutting hundreds of jobs in Columbus. The Columbus-based insurance and financial services giant is telling 430 people today that their jobs will be eliminated – 350 in Columbus and 80 in Des Moines – with more to come in the next few […]
Life Insurance Market 2018 | Latest Innovation, Technology Analysis, Top Manufacturers, Business Intelligence, Industry Growth Factors, Development Trends | 2025 Forecast Research Report
{November 22nd, 2018} by Orian Research
This report studies the global Life Insurance market size, industry status and forecast, competition landscape and growth opportunity. This research report categorizes the global Life Insurance market by companies, region, type and end-use industry. Get Sample Copy of This Report at www.orianresearch.com/request-sample/576322 The Life Insurance Market Research Report 2018 includes various topics like total market size, […]
Some Life Insurers Still Hate Their Claims Admin Systems
{November 22nd, 2018} by Allison Bell
Midsize life and annuity issuers may be more eager to replace their claims administration systems than bigger issuers are. Analysts from Novarica, a Boston-based research firm, have included data suggesting that possibility in a new review of the life claim administration system For questions about claim-handling capabilities, the firm received survey responses from chief information officers (CIOs) at […]
Know When to Switch From Bonds to Annuities
{November 22nd, 2018} by Rebecca Lake
WHILE SAVINGS ACCOUNTS or certificates of deposit should get a bump from continued interest rate hikes, the bonds in your portfolio may not fare as well. The State Street Investor Confidence Index, which measures investor sentiment, lost 3.4 points in October, falling to 84.4 on the heels of the Federal Reserve’s September rate hike. A third-quarter survey by […]
5 Reasons This Week’s NAIC Meeting Is… Different
{November 22nd, 2018} by Allison Bell
Hundreds of state insurance commissioners, aides, lobbyists and consumer group representatives have gathered in San Francisco this week for the fall national meeting of the National Association of Insurance Commissioners. The agenda for the NAIC’s life insurance, annuity and health insurance seems lighter than usual, with a lot more focus on approving consumer guides and discussing […]
Lawsuits accuse Ohio National of breaking commission agreements
{November 22nd, 2018} by Tobias Salinger
An independent broker-dealer and an LPL Financial advisor have accused a retreating variable annuity issuer of breach of contract in two lawsuits filed in the same week. The filings, which both seek class-action status, come after Cincinnati-based insurance firm and IBD Ohio National Financial Services decided to stop writing new VA contracts and cut off […]
As Genworth pushes toward merger completion, one report questions viability of the $2.7 billion deal
{November 22nd, 2018} by John Reid Blackwell
More than two years after the deal was announced, the proposed acquisition of Henrico County-based insurance giant Genworth Financial Inc. by a China-based financial conglomerate finally may be nearing completion. Genworth, a seller of mortgage and long-term care insurance with thousands of employees in Virginia, has said it hopes to clear the final regulatory hurdles […]
THIRD QUARTER 2018 ANNUITY SALES
{November 21st, 2018} by Sheryl J. Moore
Indexed Annuity Sales for the third quarter of 2018 were $17,718 million, compared with sales of $12,798 million for the third quarter of 2017. Third quarter indexed annuity sales were up more than 2% when compared to the previous quarter, and up more than 38% when compared to the same period last year. This was […]
Q3 Non-Variable Annuity Sales Were Shocking
{November 20th, 2018} by Allison Bell
U.S. sales of individual non-variable annuities shot up a startling 46% in the third quarter, according to new, preliminary sales data from Wink Inc. The Des Moines, Iowa-based life and annuity sales information firm based the preliminary figures on survey responses from life insurers that account for about 94% of total U.S. individual non-variable annuity sales. […]
Fixed annuities see year-over-year sales improvement: Wink
{November 20th, 2018} by Editorial Staff
Non-variable annuity sales for the third quarter of 2018 were up 4.72% over the prior quarter and 46.26% higher than in the same period last year, based on preliminary sales data gathered by Wink’s Sales & Market Report. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines. Indexed annuity sales […]
Indexed Annuity Sales Keep Setting Records
{November 20th, 2018} by INN
Non-variable annuity sales for the third quarter of 2018 increased 4.72 percent as compared to the prior quarter and improved 46.26 percent as compared to the same period last year, based on preliminary sales by Wink’s Sales & Market Report. The sales report is in its 85th edition with the upcoming release for 3rd Quarter, 2018. Note that non-variable deferred annuities include the indexed […]
Wink, Inc. Releases Preliminary 3rd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales.
{November 14th, 2018} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED ANNUITY SALES SET RECORDS AGAIN! Wink, Inc. Releases Preliminary 3rd Quarter, 2018 Deferred Non-Variable and Structured Annuity Sales. Des Moines, Iowa. November 14, 2018– Non-variable annuity sales for the third quarter of 2018 increased 4.72% as compared to the prior quarter, and improved 46.26% as compared […]
AXA Equitable Posts Strong Buffer Annuity Sales
{November 13th, 2018} by Allison Bell
AXA Equitable Holdings Inc. is reporting strong growth in buffer annuity sales and operating earnings for the third quarter. But the value of derivative contracts the company uses to hedge benefits guarantees fell sharply, and the change in the recorded value of those contracts led the company to post a big net loss for the […]
Allianz Life Finds Many Americans Want Convenient Way to Handle RMDs That Helps Offset Taxes, Leaves Legacy
{November 13th, 2018} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Required minimum distributions (RMDs) – which can be complex, mandatory and challenging from a tax perspective – have come back into the spotlight due to potential government rule changes. While a majority (88%) of high net worth consumers ages 65-75 are familiar with RMD rules on tax-deferred retirement plans, a full 80% of these […]
Best’s Special Report: New Regulation May Impact Life/Annuity Sales Practices and Products in New York State
{November 13th, 2018} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Insurers selling life and annuity contracts in New York state will likely face additional overhead costs and a learning curve for sales staff under a new regulation geared toward increased consumer awareness that is set to take effect in August 2019, according to a new A.M. Best report. The New York Department of Financial Services […]
LPL broker sues Ohio National for ‘unlawful’ move on variable annuity compensation
{November 13th, 2018} by Greg Iacurci
A broker with LPL Financial has filed a class-action lawsuit against Ohio National Life Insurance Co. and two affiliates for the allegedly unlawful termination of trail commissions on certain variable annuity policies. Click HERE to read the full story via InvestmentNews; registration required.
Life application activity up for over-60 crowd, down for younger demographics, MIB reports
{November 13th, 2018} by Insurance Forums Staff
While U.S life insurance application activity is down 2.8% year-over-year through October according to the latest report from MIB Life Index, there is one demographic that has been shown fairly consistent growth since March: Older Americans. Ages 60+ U.S. life insurance application activity solidly led all others in October, up a significant 8.3% compared to […]
New business premiums for life insurance sector up 15%
{November 13th, 2018} by Allison Bell
The Center for Economic Justice (CEJ) says a new indexed annuity regulation proposal could help dishonest life insurers fool consumers. The proposal could affect how life insurers illustrate the performance of indexed annuities featuring relatively new investment indexes. If regulators aren’t careful, new annuity illustration rules could help a life insurer hide how an investment index would perform […]
Life-LTC Hybrids Confuse Regulators, Too
{November 13th, 2018} by Allison Bell
Even many state insurance regulators, and consumer advocates with a formal role at the National Association of Insurance Commissioners (NAIC), have a hard time understanding some of the terms related to life insurance provisions that can be used to pay for long-term care (LTC) services. That confusion came up in October, when members of the […]
‘Tsunami’ of Rollovers Troubles Borzi as SEC Debates New Regs
{November 12th, 2018} by James J. Green
The author of the Labor Department’s fiduciary standard, now vacated by a federal court, believes the Securities and Exchange Commission’s best-interest initiatives are “terrific” steps forward in protecting investors. But Phyllis Borzi also worries about the “virtual tsunami” of retirees who are rolling over their ERISA-protected 401(k) assets while regulators determine the best way to […]
Brokers Should Be Banned From Saying They Have Ongoing Duty of Care to Clients, Experts Insist
{November 12th, 2018} by Rita Raagas De Ramos
If the SEC will hold brokers only to best interest standards at the time a recommendation is made – instead of being required to have an ongoing duty of care – the industry watchdog should strictly monitor that brokers are not marketing themselves as providing ongoing best interest advice, according to industry experts. The SEC’s proposed Regulation […]
Does Life Insurance Get Paid Out on Murders?
{November 12th, 2018} by Ashley Sutphin
At a Glance: Some people question what happens with a life insurance payout if the insured is murdered. In short, it is possible for benefits to be paid out if there was a murder, however, in certain situations, that may not be the case. There are potential situations where a beneficiary may not receive the […]
Mercer Advisors Acquires Sigma Investment Management Company
{November 12th, 2018} by Mercer Advsiors Inc.
DENVER, Nov. 12, 2018 /PRNewswire/ — Mercer Advisors Inc. (“Mercer Advisors”), a national Registered Investment Advisor (RIA), today announced the acquisition of Sigma Investment Management Company (Sigma), a large wealth management firm located in Portland, Oregon serving high net worth clients throughout the Pacific Northwest. The addition of Sigma’s office in Portland, Oregon deepens Mercer Advisors’ footprint in the Pacific Northwest and […]
What’s keeping millennials out of the life insurance market? SE2 explores industry future
{November 11th, 2018} by Morgan Chilson
Millennial families aren’t buying life insurance at the same rates as previous generations, and that shift affects the industry. SE2, a Topeka-based tech company working in that field, wanted to know why. What it discovered through a survey, said chief information officer Vinod Kachroo, was that in some ways, the industry is tackling that market […]
Ohio National Sued For Second Time In A Week
{November 11th, 2018} by John Hilton
A second lawsuit this week was filed Thursday against Ohio National over its decision to abandon trail commissions to be paid out on select variable annuity contracts. Veritas Independent Partners, an independent broker-dealer based in Conway, Ark., filed the lawsuit in the Southern District of Ohio court. Lance Browning, an LPL Financial broker based in […]
Voices: Let’s not forget — Bernie Madoff was a fiduciary
{November 11th, 2018} by John Taft
Ten years ago next month, Dec. 11, 2008, the FBI arrested financier Bernard L. Madoff for securities fraud. Soon after, thousands of investors learned they were victims of a nearly $65 billion Ponzi scheme and what would eventually be revealed as one of the largest investment frauds in U.S. history. Not long after Madoff was […]
Allstate said to be considering fixed-annuities business sale
{November 10th, 2018} by Matt Sheehan
Allstate Corporation, one of the largest primary insurers in the U.S, is reportedly considering the sale of its fixed-annuities business, which stopped selling new policies about five years ago, according to sources at Bloomberg. People familiar with the matter said the insurer was working with financial advisers to find buyers for the business, which has […]
Prudential Posts Big Increase in Annuity Sales
{November 10th, 2018} by Allison Bell
Prudential Financial Inc. says its U.S. individual annuity sales climbed to $2.2 billion in the third quarter, up from $1.3 billion in the third quarter of 2017. Mark Grier, the vice chairman of the Newark, New Jersey-based company, said Thursday that the increase was due partly to “thoughtful pricing strategies.” Prudential’s emphasis on financial wellness has also […]
Massachusetts Launches Elder Financial Abuse Training Program
{November 10th, 2018} by NASGA
A new training program is being offered in Massachusetts by the Securities Division to train the state’s law enforcement personnel on financial fraud and elder financial abuse. Combating Elder Financial Abuse and Securities Fraud, according to the division, “highlights common schemes and hallmarks of financial abuse that harm older adults and other vulnerable populations.” The […]
Two Big Mutuals Post 2019 Dividend Estimates
{November 10th, 2018} by Allison Bell
Two big U.S. mutual life insurers are taking a cautious approach to 2019 policy dividend projections. Northwestern Mutual says it will increase its dividend rate slightly, to 5%, from 4.9% for 2018. The company expects total dividend payments to increase to $5.6 billion for 2019, from $5.3 billion for this year. Massachusetts Mutual Life Insurance […]
Nearly Two-Thirds of Consumers Think Long-term Care Insurance Is Important
{November 9th, 2018} by LIMRA
New research from LIMRA identifies strong interest in combo-policies According to the U.S. Department of Health and Human Services (HHS), more than half (52 percent) of Americans turning 65 today will develop a disability serious enough to require long-term care services.1LIMRA research finds 52 percent of consumers say they personally feel they need long-term care […]
Allstate Reported to Be Weighing Sale of Fixed-Annuities Business
{November 9th, 2018} by Matthew Monks
Allstate Corp., the automobile and home-insurance giant, is exploring a sale of its fixed-annuities business, which stopped selling new policies about five years ago, people familiar with the matter said. The insurer is working with financial advisers to seek buyers for the business, which has a book value of $4 billion to $5 billion, said […]
Broker-dealer CEO sees rapid escalation of brokers abandoning commissions in favor of fees
{November 9th, 2018} by Bruce Kelly
The chief executive of a leading independent broker-dealer is seeing a rapid escalation of brokers abandoning commissions in favor of charging clients annual fees. Click HERE to read the full story via InvestmentNews; registration required.
RetireOne and Great American Life Work Together to Grow Fintech-Linked Offerings for RIAs
{November 9th, 2018} by RetireOne
SAN FRANCISCO, Nov. 8, 2018 /PRNewswire/ — RetireOne® has teamed up with Great American Life Insurance Company® to offer the Index ProtectorSM 7 annuity to RIAs and fee-based advisors who are seeking non-correlated assets to de-risk client portfolios. With interest rates still relatively low and rising, this no-load fixed-indexed annuity (FIA) can serve as a fixed income alternative in client portfolios […]
Ohio National sued by broker-dealer Veritas over annuity trail commissions
{November 8th, 2018} by Greg Iacurci
Ohio National Financial Services Inc. and its affiliates have been sued by an independent broker-dealer, Veritas Independent Partners, over the insurer’s recent termination of trail commissions on some variable annuities. Click HERE to read the full story via InvestmentNews; registration required.
Are We Witnessing a Demise in the Use of Professional Financial Advice?
{November 8th, 2018} by Larry Cohen, director, Consumer Financial Decisions Group, Strategic Business Insights
Given the increasingly complex and crucial nature of households’ use of financial services and the growing time constraints to research and make good decisions, one might think that households’ use of professional financial advice would be increasing. However, the opposite is true. After an extended period of good economic news — and right before recessions […]
Federal Reserve Opts To Leave Interest Rates Unchanged
{November 8th, 2018} by INN
The Federal Reserve voted Thursday to keep rates where they are, for now. The central bank announced the range for its benchmark interest rate will remain fixed between 2 and 2.2 percent. Click HERE to read the full story via INN; subscription required.
Industry Groups React to… THAT
{November 8th, 2018} by Allison Bell
Life, health and annuity groups have known what might come out of Tuesday’s midterm elections for weeks. Political analysts were telling the groups that the most likely outcome was that the Democrats would win control over the House, and that the Republicans would keep control over the Senate. Now… the most likely outcome is here. […]
Wells Fargo considering sale of retirement-plan unit
{November 8th, 2018} by Bloomberg News
Wells Fargo & Co. is considering the sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one person, who asked to not be identified because the matter isn’t public. The people said deliberations are at an early stage and the bank may […]
Broker Lawsuit Against Ohio National Could Be ‘Just The Beginning’
{November 8th, 2018} by John Hilton
An LPL Financial broker filed a lawsuit Tuesday, asking an Ohio court for an injunction to prevent Ohio National from eliminating trail commissions on select variable annuity contracts. A lawsuit was expected, and one industry analyst said there will be more. “This is just the beginning,” said Sheryl Moore, president and CEO of Moore Market […]
Prudential Financial profit rises as life insurance offsets annuities weakness
{November 8th, 2018} by Suzanne Barlyn
(Reuters) – Prudential Financial Inc (PRU.N) on Wednesday reported a 1.74 percent rise in quarterly profit from the year-ago period as profits in its life insurance units offset weaker results in its annuities business. Prudential, the largest U.S. insurer by assets, said it earned $1.35 billion, or $3.15 per share, in adjusted operating profit after-tax […]
Latest FIO report chock full of industry data and analysis
{November 7th, 2018} by Brian Anderson
The United States remained the world’s largest single-country insurance market in 2017, with a 28% market share of global direct premiums written, according to the recently released 2018 report on the insurance industry from the Federal Insurance Office (FIO). China leapfrogged Japan to claim the second spot on the list, followed by the U.K., France, […]
SEC’s Own Investor Committee Says Reg BI Needs Fiduciary Principles
{November 7th, 2018} by Tracey Longo
There’s no dearth of corrective criticism surrounding the Securities and Exchange Commission’s Regulation Best Interest proposal. The latest missive comes from the agency’s own Investor Advisory Committee which today approved by a vote of 18-3 the release of an 8-page letter calling on the SEC to create explicit fiduciary principles for brokers. Reg BI is […]
SEC’s Clayton: Advice Standards Package Done by September, ‘if Not Sooner’
{November 7th, 2018} by Melanie Waddell
Securities and Exchange Commission Chairman Jay Clayton told ThinkAdvisor on Thursday morning that the commission is “aiming to get [the advice standards package] done by September [2019], if not sooner.” When asked by ThinkAdvisor on his way into the 2018 Financial Markets Quality Conference at Georgetown University in Washington if the agency’s regulatory agenda setting […]
Wells Fargo Is Exploring Sale of Its Retirement Plan Services
{November 7th, 2018} by Matthew Monks and Hannah Levitt
Wells Fargo & Co. is considering a sale of its retirement-plan services business, according to people familiar with the matter. The unit could fetch as much as $1 billion, said one of the people, who asked to not be identified because the matter isn’t public. The people said deliberations are at an early stage and […]
Ohio National Class Action Lawsuit: Morgan Stanley Gets Special Treatment While Others Suffer Heavy Annuities Trailing Commission Losses
{November 7th, 2018} by Rita Raagas De Ramos
Up in arms over Ohio National Financial Services’ decision to terminate variable annuities selling agreements with broker-dealers and stop paying trailing commissions, an LPL Financial broker has brought a class action suit against the firm. The suit reveals that while some broker-dealer groups may be suffering heavy losses in annuities trailing commissions, Morgan Stanley is still getting preferential treatment from […]
Life Insurers applaud SEC for new variable annuity disclosure rule
{November 7th, 2018} by Dave Kovaleski
The American Council of Life Insurers (ACLI) supports a new proposal from the Securities and Exchange Commission (SEC) to increase transparency for consumers considering variable life insurance and variable annuities. The proposed rule change is designed to improve disclosure for investors and help them better understand the features, fees, and risks so they can make […]
SEC Proposes Disclosure Improvements for Variable Annuities and Variable Life Insurance Contracts
{November 7th, 2018} by U.S. Securities and Exchange Commission
FOR IMMEDIATE RELEASE 2018-246 Washington D.C., Oct. 30, 2018 — The Securities and Exchange Commission today announced that it has voted to propose rule changes designed to improve disclosure for investors about variable annuities and variable life insurance contracts. The proposal is intended to help investors better understand these contracts’ features, fees, and risks, and to more […]
Northwestern Mutual expects biggest dividend payout in company history
{November 7th, 2018} by Sari Lesk
Northwestern Mutual expects to pay about $5.6 billion in dividends for 2019, an uptick from the 2018 dividend payout of $5.3 billion. The life insurance and financial services provider, which is based in Milwaukee, says the 2019 payout is expected to be the highest in company history. The 2017 dividend payout was $5.2 billion. Northwestern Mutual […]
Prudential to Enhance Customer and Producer Experience with iPipelines e-Delivery Solution
{November 7th, 2018} by iPipeline
EXTON, PA (November 6, 2018) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today reported Prudential, a financial services leader with more than $1 trillion in assets under management, has selected the DocFast® e-Delivery solution to improve speed, customer and producer experience, scalability and flexibility. […]
What The Midterms Mean For Financial Services
{November 7th, 2018} by John Hilton
The costliest, and possibly most intense, midterm election concluded Tuesday with a little something for everyone. Democrats regained control of the House and several states, while Republicans expanded Senate control and won several high-profile races. Click HERE for the three key takeaways for the financial services’ industry via INN; subscription required.
Legal & General America Appoints Mark Holweger as President and CEO of its Insurance Division
{November 7th, 2018} by Legal & General America
Wednesday, September 19, 2018 Legal & General America (LGA), a top five U.S. life insurer*, today announced the appointment of Mark Holweger as President and CEO of its insurance division, which includes operating companies Banner Life Insurance Company and William Penn Life Insurance Company of New York. Holweger previously served as Executive Vice President, Distribution […]
Charles Schwab executive talks financial literacy
{November 7th, 2018} by Sarah Skidmore Sell
Carrie Schwab-Pomerantz is an industry leader in financial literacy. A seasoned financial planner, she is senior vice president of Charles Schwab & Co., the company her father founded in 1971. Schwab-Pomerantz has advised two White House administrations and is the author of multiple personal finance books. Schwab-Pomerantz recently spoke to The Associated Press about financial […]
New Strategic Design Annuity Offers Industry-first Flexibility for Retirement Income Planning, Downturn Protection
{November 6th, 2018} by North American Company for Life and Health
WEST DES MOINES, Iowa, Nov. 06, 2018 (GLOBE NEWSWIRE) — The Strategic Design AnnuitySM X (SDA X), fixed index annuity from North American Company for Life and Health Insurance® (North American) is being introduced to offer the flexibility needed to help meet the challenges of retirement income planning. “SDA X is designed to be as dynamic as life […]
AIG Announces Closing of Glatfelter Acquisition
{November 6th, 2018} by American International Group
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG) today announced it has completed its acquisition of Glatfelter Insurance Group (“Glatfelter”). The transaction, which was first announced on September 21, 2018, has closed following receipt of regulatory approvals and satisfaction of other customary closing conditions. As part of AIG, Glatfelter brings a high-quality specialty programs business, a […]
DOL Rule Forced Changes On Advisors, Survey Finds
{November 6th, 2018} by John Hilton
The reviled Department of Labor fiduciary rule is gone, but a majority of advisors ended up making major changes anyway, a new survey finds. Fifty-four percent of advisors say they will “very likely” increase compliance infrastructure as a direct result of the DOL rule. The data comes from “Harnessing Growth: The LIMRA-EY Experienced Financial Advisor […]
NAIC Working Group Set to Hammer Out Annuity Sales Model Reg
{November 6th, 2018} by Elizabeth Festa
A key annuity-sales governing committee of the National Association of Insurance Commissioners is set to meet Nov. 15 at the groups’ national fall meeting in San Francisco to hammer out issues before reaching a consensus on a new model regulation to set a standard for annuity sales. The Annuity Suitability Working Group is scheduled to […]
How 6 Annuity Issuers Are Doing Now
{November 6th, 2018} by Allison Bell
U.S. annuity issuers continued to face mixed conditions in the third quarter, with sales increasing for some issuers for some products but falling for others. Many of the issuers are reporting higher overall earnings. Most of the issuers that break out earnings for their annuity units are reporting higher earnings for their annuity units. But […]
The Society of Annuity Facts and Education (SAFE) responds to “Steak Dinner and Annuities: Retirement Product Surges after Fiduciary Rule’s Demise”
{November 6th, 2018} by Bob Phillips
Dear Mr. Eisen and Ms. Beilfuss, We are longtime readers and subscribers to the Wall Street Journal and are always interested in discussing the facts about annuities. That said, we found some errors in your article “Steak Dinner and Annuities: Retirement Product Surges after Fiduciary Rule’s Demise” and would like to clarify some misconceptions. Because the […]
LPL Adds Teams From Cetera, Foresters
{November 6th, 2018} by Janet Levaux
LPL Financial says it recruited a $365 million team from Cetera Advisors and a $110 million group from Foresters Financial. The ex-Cetera group, Infinity Financial Partners, is now part of LPL’s hybrid platform. It is based in Richmond, Virginia, and was founded in 2000 by Ronnie Poindexter and Phillip Heesen Jr. Other Infinity advisors are Alex Robinson, Robert Kellis Jr., […]
Commissioner Races Could Shape Sales Standards Debate
{November 6th, 2018} by Allison Bell
California voters will get to decide today on whether to bring their old Republican insurance commissioner back as an independent, or make a Democratic candidate with little insurance experience their new commissioner. Voters will also be electing insurance commissioners in Georgia, Kansas and Oklahoma. Commissioners in all of these states could play a major role […]
MassMutual Approves Record $1.72 Billion Estimated 2019 Dividend Payout
{November 6th, 2018} by Targeted News Service
The MassMutual board approved a record $1.72 billion estimated dividend payout in 2019 to eligible participating policyowners and members. The all-time high estimated dividend payout represents an increase of more than $125 million over 2018, and marks the 151st consecutive year that MassMutual will be paying a dividend. Additionally, the 2019 estimated payout reflects a dividend interest rate1 of […]
Life Insurance Provides A Financial Safety Net For Families
{November 6th, 2018} by Salina Journal (KS)
Life insurance provides a financial safety net for families. Sounds simple, but decisions over whether and how much to buy can get complicated, and mistakes can be costly. Here are common mistakes financial planners see: Buying too much or not enough Not everyone needs life insurance. “If there’s no one else depending on your income, […]
NAIC Working Group Plans Deeper Dive Into Annuity Illustrations
{November 6th, 2018} by John Hilton
A state insurance commissioners’ working group wants more time to consider tweaks to a plan allowing insurers to illustrate indexed annuities using indices that have been around less than 10 years. During their latest conference call today, the Annuity Disclosure Working Group seemingly reached an impasse when John Robinson of Minnesota proposed changes. The substantive change would […]
Election Day Preview: Insurance Is On The Ballot, Too
{November 6th, 2018} by John Hilton
Tuesday’s midterm Election Day is filled with fascinating races coast to coast – from the Florida gubernatorial contest to the Texas Senate race, with control of Congress hanging in the balance. Not as many people are paying attention to the expected turnover among state insurance commissioners. Click HERE to read the full story via INN; […]
SEC Considers New Annuity and Life Insurance Summary Disclosures
{November 6th, 2018} by John Manganaro
The U.S. Securities and Exchange Commission (SEC) this week voted to propose rule changes designed to simplify disclosures for investors in variable annuities and variable life insurance contracts. According to SEC’s announcement, the proposal is intended to help investors better understand these contracts’ features, fees and risks, and to more easily find the information needed to make an informed investment […]
Top Five Most Heavily Fined Issues This Year (Annuities Among Them)
{November 6th, 2018} by Rita Raagas De Ramos
The number of disciplinary actions reported by self-regulator Finra decreased in the first six months of 2018 compared with the same period in 2017, according to Eversheds Sutherland’s latest annual midyear analysis of Finra’s disciplinary actions. Finra reported 342 disciplinary actions during the first six months of 2018, a 25% decline compared to the first six months of […]
American Equity Reports Third Quarter 2018 Results
{November 6th, 2018} by American Equity Investment Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported third quarter 2018 net income of $169.3 million, or $1.85 per diluted common share, compared to net income of $57.0 million, or $0.63 per diluted common share, for third quarter 2017. Non-GAAP operating […]
Delaware Life Adds Variable Annuity With Optional Benefits Guarantee Rider
{November 6th, 2018} by Allison Bell
Delaware Life Insurance Company has introduced an individual deferred variable annuity contract that offers an optional guaranteed lifetime withdrawal benefit (GLWB) rider. The Waltham, Massachusetts-based company says it will distribute the new Delaware Life Masters Prime Variable Annuity contract through the bank and broker-dealer channels. A copy of the GLWB rider filed with Delaware insurance regulators […]
Tata Consultancy comes to town
{November 6th, 2018} by The Gazette
When Transamerica went looking for a company to which it could outsource part of its Cedar Rapids business, it didn’t think small. In January, it announced a $2 billion third-party agreement with Mumbai, India-based Tata Consultancy Services. Tata Consultancy, which as part of Tata Group overnight became one of the largest private employers in Cedar […]
Jackson Acquires John Hancock’s Group Payout Annuity Business
{November 6th, 2018} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) announced today it has executed definitive agreements with John Hancock Life Insurance Company (U.S.A.) (John Hancock) to reinsure 100% of the Group Payout Annuity business of John Hancock and its affiliate, John Hancock Life Insurance Company of New York. The transaction closed yesterday on the non-New York portion […]
Brandon Carter to Lead LL Global Board
{November 6th, 2018} by Allison Bell
Brandon Carter has now taken over as the chair of the board of LL Global, the organization that oversees LIMRA and LOMA. Carter is the president of USAA Life Insurance Company. He succeeds Michael Doughty, the president of Manulife Canada. The board of LL Global typically chooses its incoming chair a year ahead of time […]
Relay Designers Create Cash-Back Annuity Arrangement
{November 6th, 2018} by Allison Bell
Group One Thousand One LLC — the parent of Delaware Life — has come up with a new annuity product idea: an annuity that’s kind of fun. Group1001 has developed an immediate annuity that will pay the annuity holders cash back, just as a credit card or debit card might. The company has made that possible by combining the […]
Brighthouse Financial: 3Q Earnings Snapshot
{November 5th, 2018} by The Associated Press
CHARLOTTE, N.C. (AP) _ Brighthouse Financial Inc. (BHF) on Monday reported a loss of $271 million in its third quarter. The Charlotte, North Carolina-based company said it had a loss of $2.26 per share. Earnings, adjusted for non-recurring costs, were $2.23 per share. The results topped Wall Street expectations. The average estimate of six analysts surveyed […]
