House Passes Bill Requiring SEC to Set Up Senior Task Force
{April 30th, 2019} by Melanie Waddell
The House passed Tuesday the Senior Security Act of 2019, HR 1876, which requires the Securities and Exchange Commission to set up an interdivisional task force to help investigate and combat financial exploitation of seniors. “The task force will consult with authorities at all levels of the government to create meaningful recommendations to Congress about […]
Fitch Upgrades Financial Strength Ratings of Athene’s Operating Companies to ‘A’
{April 30th, 2019} by Fitch Ratings
PEMBROKE, Bermuda–(BUSINESS WIRE)–Fitch Ratings (“Fitch”) announced it has upgraded the Insurer Financial Strength (IFS) ratings of Athene Holding Ltd.’s (“Athene”) (NYSE: ATH) operating companies to ‘A’ (strong) from ‘A-’ (strong). At the same time, Fitch has also upgraded the Long-Term Issuer Default Rating (IDR) of Athene Holding Ltd. to ‘BBB+’ from ‘BBB’. Fitch’s ratings and […]
CNO Financial Group Reports First Quarter 2019 Results
{April 30th, 2019} by CNO Financial Group
CARMEL, Ind., April 29, 2019 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending March 31, 2019, net income was $0.32 per diluted share, compared to $0.50 per diluted share in 1Q18. CNO also reported that 1Q19 net operating income (1) was $0.41 per diluted share, compared to $0.39 in 1Q18 (as adjusted to remove the earnings from the long-term care business […]
AM Best Revises Outlooks to Positive for NLV Financial Corporation and Its Insurance Subsidiaries
{April 30th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly-owned subsidiary, Life Insurance Company of the Southwest (Addison, TX) (together known as National Life). […]
Ameriprise Financial Reports First Quarter 2019 Results
{April 30th, 2019} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP) today reported first quarter 2019 net income of $395 million, or $2.82 per diluted share. Adjusted operating earnings were $525 million, with adjusted operating earnings per diluted share of $3.75, up 2 percent. Normalizing for the tax rate and a vendor settlement in the prior year period, adjusted operating earnings […]
Why is basic financial literacy so elusive?
{April 30th, 2019} by Barry Ritholtz
Graduation season will soon be upon us, and with it, so many admonitions explaining why students are unprepared for the challenges of the real world. Click HERE to read the full story via InvestmentNews.
AXA Equitable Holdings, Inc. Schedules Announcement of First Quarter 2019 Results
{April 30th, 2019} by AXA Equitable Holdings, Inc.
NEW YORK–(BUSINESS WIRE)–AXA Equitable Holdings, Inc. (NYSE: EQH) announced today that it will release financial results for the first quarter of 2019 after the market closes on Thursday, May 9, 2019. The company will host a conference call webcast on Friday, May 10, 2019 at 8:00 a.m. ET to discuss the results. The conference call […]
Principal Announces First Quarter 2019 Results
{April 30th, 2019} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) today announced results for first quarter 2019. Net income attributable to PFG for first quarter 2019 of $429.9 million, compared to $397.1 million for first quarter 2018. Net income per diluted share of $1.53 for first quarter 2019 compared to $1.36 in the prior year quarter. Non-GAAP operating earnings […]
AM Best Affirms Credit Ratings of The Northwestern Mutual Life Insurance Company and Its Subsidiary
{April 30th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aaa” of The Northwestern Mutual Life Insurance Company (Northwestern Mutual) and its subsidiary, Northwestern Long Term Care Insurance Company. The companies are domiciled in Milwaukee, WI, and collectively are known as Northwestern Mutual Group (NMG). Concurrently, AM […]
Athene Holding Ltd. to Announce First Quarter 2019 Financial Results and Host Conference Call on May 7, 2019
{April 30th, 2019} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement savings products, today announced it will release financial results for the first quarter 2019 on Tuesday, May 7, 2019, before the opening of trading on the New York Stock Exchange. The news release, financial supplement, and earnings presentation will be available on the ir.athene.com website. […]
Securian Financial Enters Bank Channel for Individual Annuity Distribution
{April 30th, 2019} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has entered the $41.5 billion1 bank distribution channel for individual annuities with customized products and a new sales team knocking on doors to share the insurer’s value proposition. “Our history as a highly rated insurer2 that operates with a conservative, long-term perspective makes us an attractive option for banks looking to diversify […]
Life Insurance Retirement Plans: Are They A Good Choice For You?
{April 30th, 2019} by Michael Jankowski
Retirement — it’s that glorious time in your life where the only worry you should have is why your grandchildren haven’t called yet this week. Though it is a life-changing occasion and naturally stressful, it should be an easy transition from work life to retirement life, as you have been planning for this moment for […]
Florida Moves to Restrict Life Insurers’ Use of Genetic Test Results
{April 30th, 2019} by Maria Wood
disability insurance or long-term care insurance (LTCI) policy. SB 258 would apply when an insurer is seeking to limit, cancel or deny access to individual life insurance, disability insurance or LTCI coverage based on information from DNA testing The bill would prohibit an insurer from using genetic information in those situations, “unless such action is […]
The IA25 Winners of 2019
{April 30th, 2019} by Janet Levaux, Ginger Szala and Melanie Waddell
For the second time in 17 years, the winners of the Investment Advisor 25 have been picked by our readers as the most influential in a variety of fields. The 2019 list includes many repeat winners, but it also features some new names — as well as some VIPs making reappearances after a year or […]
Annuity Group Unveils Retirement Readiness Benchmarking Tool
{April 30th, 2019} by Allison Bell
A group that promotes use of annuities in retirement income planning is introducing a tool that Americans as a people could end up using to determine how well, or poorly, they are prepared for post-retirement income needs. The Alliance for Lifetime Income hired Milliman, an actuarial consulting firm, to develop the new Retirement Income Security […]
What to Take Away From Sears Canceling Thousands of Life Insurance Plans
{April 30th, 2019} by Peter Colis
Sears recently announced some unsettling news for its retirees: the retail company is slashing its life insurance benefits for a number of its more than 90,000 retired employees. The notice allegedly gives retirees the option to convert all or a portion of their group coverage into an individual whole life policy and cover the costs […]
SEC Extends BDs’ Compliance Deadline With Amended Reg NMS
{April 30th, 2019} by Melanie Waddell
The Securities and Exchange Commission has extended the deadline for broker-dealers to comply with recently adopted amendments to Rule 606 of Regulation National Market System, or Reg NMS, which requires BDs to provide additional disclosures concerning the handling of customer orders. Broker-dealers have told the agency they need more time beyond the May 20 deadline, […]
State regulators urge SEC not to try to block state fiduciary laws
{April 30th, 2019} by Mark Schoeff Jr.
State regulators are urging the Securities and Exchange Commission not to try to block state fiduciary laws and regulations through the agency’s investment advice reform rule. Click HERE to read the full story via InvestmentNews.
Celebrity Advisor David Bach: Get Millennials Now or Lose Business Later
{April 30th, 2019} by Melanie Waddell
(Editor’s note: This story first appeared in Human Capital, a briefing by Washington Bureau Chief Melanie Waddell about the people who shape the financial services regulatory space.) Welcome back to Human Capital, where we’re getting a jolt of advice from celebrity advisor and New York Times bestselling author David Bach, who’s set to release on May 7 his 13th […]
Advisors Beware: Subscription-Based Financial Advice Gearing Up
{April 30th, 2019} by Bernice Napach
American households are increasingly using subscription-priced services such as Netflix and Amazon to fulfill everyday needs. Within the next five years, they will be doing the same for financial services, according to Ernst & Young’s latest NextWave Consumer Financial Services report. Charles Schwab announced a subscription-priced premium digital financial advisor service last month and if EY is […]
Annuities that Pay Cash Back Rewards
{April 30th, 2019} by Kerry Pechter
Holland’s 17th-century tulip craze serves as a foil for annuities in a recent TV commercial from Gainbridge, a new online annuity sales platform. The lavish 90-second costume drama, produced by Bullish, portrays deferred and immediate income annuities as prudent alternatives to financial fads. Click HERE to read the full story via RIJ. Delaware Life, a top-20 […]
A retirement readiness tool from Alliance for Lifetime Income
{April 30th, 2019} by Editorial Staff
The Alliance for Lifetime Income, a retirement industry trade group that includes most of the publicly held life insurers, as well as Milliman, the actuarial firm, have created an online wizard to help people quantify their retirement preparedness. The Alliance needs an immediate publicity boost. Its sponsorship of the Rolling Stones “No Filter” U.S. tour […]
California May Give Lawmakers More Clout Over Commissioner
{April 30th, 2019} by Joseph D'Allegro
Members of the California Insurance Committee voted 14-0 Wednesday to approve Assembly Bill 1591 — a bill that could increase the amount of information lawmakers receive from the state’s insurance commissioner. AB 1591 would require the California insurance commissioner to inform members of key policy and fiscal committees of National Association of Insurance Commissioners (NAIC) […]
AIG 2019 Annual Meeting Webcast Details
{April 30th, 2019} by American International Group, Inc
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will provide a live webcast of the 2019 Annual Meeting of Shareholders on Tuesday, May 21, 2019, starting at 11:00 a.m. ET. The webcast will be available in the Investors section of AIG’s website, https://www.aig.com. American International Group, Inc. (AIG) is a leading global insurance organization. Building on […]
Securian Is Latest to Jump Into Bank Sales Channel for Annuities
{April 30th, 2019} by Cyril Tuohy
In separate data published by Wink’s Sales & Market Report, banks were responsible for 26.5% of the $1.1 billion in fixed annuity volume sold at the end of the fourth quarter. That was a big jump from the 15.9% share that banks held of the $755 million in fixed annuities sold in the last quarter […]
Prudential Financial closes $2.6 billion in longevity reinsurance agreements
{April 30th, 2019} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Retirement®, a unit of Prudential Financial, Inc. (NYSE: PRU), has concluded about $2.6 billion in previously undisclosed longevity reinsurance contracts, an important signal of an unprecedented start to the 2019 U.K. pension risk transfer market. As part of these transactions, Prudential Retirement is assuming the longevity risks of approximately 16,000 pensioners. This […]
After a slow start, Ameriprise ends Q1 with solid numbers
{April 30th, 2019} by Patrick Kennedy
The stock markets began the year slowly and with increased volatility, but improved steadily, helping Minneapolis-based Ameriprise Financial report a strong first quarter. “Ameriprise delivered a solid quarter led by double-digit earnings growth in our Advice & wealth management business,” said Jim Cracchiolo, chairman and chief executive in a news release. “Overall, I’m pleased with […]
Finra launches office to focus on fintech
{April 30th, 2019} by Ryan W. Neal
The Financial Industry Regulatory Authority Inc. wants to take a closer look at how its member firms are using technology. Click HERE to read the full story via InvestmentNews.
Americans Are Confident About Their Finances. Retirement? Not So Much.
{April 30th, 2019} by Michael S. Fischer
Seventy-five percent of participants in Fidelity Investments’ Retirement Mindset Study, released Tuesday, said they felt only somewhat confident to not confident at all in being financially prepared for retirement. This compared with 62% who said they felt confident about their current financial health, and 65% who said they were more confident today than they were […]
Many Expect their Retirement Assets to be Insufficient, Says AARP Survey
{April 30th, 2019} by AARP
WASHINGTON—Emphasizing the urgency for more people to take steps now to address future financial shortfalls, AARP today released a survey that indicates that a majority of U.S. adults may be at risk of a retirement savings gap. Fifty-nine percent of those polled by AARP said it was only “somewhat likely” to “not at all likely” […]
Want Annuity Customers? Try Baby Boomers.
{April 30th, 2019} by Chris Conklin
Seventy-six million. That hefty number is the estimated number of baby boomers living today in the United States. We’ve heard a lot about how this generation — those born between 1946 and 1964 — has its own unique challenges when it comes to retirement planning, particularly since it can’t rely on pensions or even Social […]
Principal Is Hoping for Congressional 401(k) Annuitization Help
{April 30th, 2019} by Allison Bell
Principal Financial Group Inc. posted $600 million in sales of the big group annuities that help employers shed defined benefit pension obligations in the first quarter. Now the company is hoping Congress will help boost sales of group annuities, or group annuitization features, to 401(k) plans and other defined contribution retirement plans. Renee Schaaf, the […]
Happy (almost) National Life Insurance Day
{April 30th, 2019} by Insurance Forums Staff
From the “betcha didn’t know” file, Thursday, May 2, is National Life Insurance Day, which according to “The Appreciation Society” is the 349th anniversary of the first day of a life insurance policy ever being written in the United States. While the first life insurance company in America was organized in 1759 by the Presbyterian Synods […]
Forget Bond Ladders for Now; CD Ladders Pay Higher Rates
{April 30th, 2019} by Bernice Napach
Bond ladders are a popular vehicle for investors, like retirees, who want a guaranteed income available over time and are willing to hold the bonds until maturity, but at current interest rates a CD ladder makes more sense. The CD yield curve, unlike the Treasury yield curve, slopes upward, which means that longer maturities have […]
Parkland Shooting Suspect Is Getting $430,000 From Life Insurance and May Lose His Lawyers
{April 30th, 2019} by Liam Stack
The public defender’s office representing Nikolas Cruz, who has been charged with killing 17 people in the Parkland school shooting, asked to be removed from the case on Wednesday after learning that Mr. Cruz had been awarded half of a life insurance policy worth almost $865,000. When Mr. Cruz received public defense services last year, his lawyers […]
Accumulation Annuities Due To Grow Up To 35% By 2023: LIMRA
{April 26th, 2019} by LIMRA Staff
LIMRA Secure Retirement Institute (LIMRA SRI) predicts that while both income-focused annuity product sales and accumulation-focused annuity product sales will grow in the next five years, accumulation annuity sales will grow at a much faster pace. LIMRA SRI is forecasting accumulation-focused annuity products to grow 30-35% by 2023. Of the income-focused annuity product sales, those […]
NAFA Promotes Bailey Sorensen to Director of Membership
{April 25th, 2019} by NAFA
Tenured Employee Assumes Role in Facilitating Association Growth WASHINGTON (Apr. 25, 2019) — NAFA, the National Association for Fixed Annuities, is pleased to announce that Bailey Sorensen has been promoted to director of membership effective May 1. Having spent nearly nine years with NAFA, she will leverage her institutional knowledge of the association and long-standing relationships […]
Insurance lobby plans blitz to get retirement bills through Congress quickly
{April 24th, 2019} by Mark Schoeff Jr.
Insurance trade associations are set to launch a campaign to gain approval for retirement-savings bills by August to ensure they don’t stall again as attention turns to the 2020 election. Click HERE to read the full story via InvestmentNews.
Annuities Are Likely Coming to Your 401(k). Should You Use Them?
{April 24th, 2019} by David Blanchett
Annuities may be coming to your 401(k) plan in the future. Driving this potential change is legislation working its way through Congress–the Setting Every Community up for Retirement Enhancement, or Secure, Act–that is getting bipartisan support and was passed by the House’s Ways & Means Committee earlier this month. Among other things, the bill would reduce the fiduciary liability […]
No. 309: Greg Lindberg and Three Others Indicted by a Federal Grand Jury in North Carolina
{April 24th, 2019} by Joseph M. Belth
On March 18, 2019, in a sealed indictment, a federal grand jury in North Carolina charged Greg E. Lindberg and three others with criminal wrongdoing. On April 2, a magistrate judge unsealed the indictment. On April 3, the case was assigned to U.S. District Judge Max O. Cogburn, Jr. President Obama nominated him in January […]
Are Annuities a Good Investment?
{April 24th, 2019} by Selena Maranjian
Annuities are contracts between you and an insurance company. In exchange for a typically large sum of money, the company promises to pay you a lump sum at some point or, more often, a monthly sum. The payments start immediately or at some point in the future and can make your retirement more secure. Annuities […]
Great American Life Introduces New Three-Year Fixed-Indexed Annuities
{April 24th, 2019} by Great American Life
CINCINNATI — April 18, 2019 — Great American Life® is pleased to announce the availability of two new fixed-indexed annuity products. The American Landmark℠ 3, available in the Retail channel, and AssuranceSelect® 3 Plus, available in the Financial Institutions channel, are designed for consumers seeking growth opportunity with the flexibility to access their funds penalty-free after just […]
New Research from Principal Shows Annuities Improve Retirement Outcomes
{April 24th, 2019} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–The simulations have been run and the numbers have been crunched: annuities help improve retirement outcomes compared to investments alone. This is according to new research commissioned by Principal Financial Group®and conducted by Michael Finke, Ph.D., CFP®, and Wade Pfau, Ph.D., CFP®. The research looked at how retirees can use guaranteed income annuities to not […]
Lincoln launches Consumer Retirement Index
{April 24th, 2019} by Doug LeDuc dleduc@kpcmedia.com
Lincoln National Corp. launched its Consumer Retirement Index earlier this month, and its initial findings were less than encouraging when it came to the nation’s retirement preparations. The tool it designed in partnership with CivicScience to measure U.S. sentiment on the subject showed just 25% of adults within a traditional labor force participation age range […]
Texas House Passes Life Premium Change Disclosure Bill
{April 24th, 2019} by Joseph D'Allegro
The Texas House of Representatives today approved a bill that could set new disclosure requirements for issuers of permanent life insurance. House members passed the bill by a vote of 147 to 0. Two other members were present but did not vote on the bill. The bill, House Bill 207, would establish disclosure standards that would […]
LPL Financial Is Looking to Lure RIAs
{April 24th, 2019} by Alex Padalka
LPL Financial is actively assessing its operations to make the firm more attractive to RIAs, according to news reports. Independent broker-dealers and RIAs have both experienced healthy growth over the past nine years, and while LPL has been very active in the IBD scene, it’s now focusing on the RIA side, Rich Steinmeier, LPL’s new head of business development, […]
NJ Fiduciary Plan ‘Far Exceeds’ Other Rules: Lawyers
{April 24th, 2019} by Melanie Waddell
New Jersey’s newly proposed uniform fiduciary plan “far exceeds” the Securities and Exchange Commission’s Regulation Best Interest as well as the Labor Department’s now defunct fiduciary rule, according to a recent analysis by Groom Law Group. “New Jersey believes that a uniform standard of care is necessary for the provision of securities recommendations — and […]
An annuity check arrived every month for nearly 40 years. Then it ‘just disappeared’
{April 24th, 2019} by Sean P. Murphy
Before her death, Marjorie Kiernan gathered her two grown daughters and told them she had funded annuities for each of them. It was a clever and much appreciated way for Kiernan to connect them to her memory for the rest of their lives. That was nearly 40 years ago. And until recently, on the first […]
Medicare, Social Security Face Shaky Fiscal Futures
{April 24th, 2019} by Kellene Stockwell
The financial condition of the government’s bedrock retirement programs for middle- and working-class Americans remains shaky, with Medicare pointed toward insolvency by 2026. That’s the word from the latest report by the government’s overseers of Medicare and Social Security. It paints a sobering picture of the programs, though it’s relatively unchanged from last year’s update. Social Security would […]
Raymond James’ Saut to Retire as Chief Investment Strategist
{April 24th, 2019} by Janet Levaux
Raymond James says that Chief Investment Strategist Jeff Saut, 69, is retiring this week. “We thank Jeff for his 20 years of service to financial advisors and their clients, as well as the awareness he helped build of Raymond James’ sophisticated suite of investment thought leadership. We wish him well in his future endeavors,” the company […]
AIG Exec Talks About Longevity And Retirement
{April 24th, 2019} by Associated Press
Kevin Hogan is chief executive of insurer AIG’s Life & Retirement division, where he oversees the firm’s individual retirement, life insurance business and more. He recently spoke with The Associated Press about longevity, financial anxiety and other issues surrounding retirement in the U.S. The conversation was edited for length and clarity. Q. AIG recently conducted […]
Annuities Are for Savers and Spenders
{April 24th, 2019} by John Manganaro
Since joining Principal in August 2018, Sri Reddy, senior vice president of retirement and income solutions, has continued his long-running efforts to clear up common misconceptions about annuities and guaranteed income products. On this point, the firm recently commissioned and published a white paper by Michael Finke and Wade Pfau. The research looked at how retirees can […]
OP-ED: America’s retirement system is a mess. This new legislation can help
{April 24th, 2019} by Martin Neil Baily and Benjamin H. Harris
The American retirement system is in urgent need of repair. Projections show that around half of all American households are not saving enough for retirement. Many Americans don’t have access to saving plans at work, and those who are saving need better options for turning their wealth into security. Policymakers are taking action. The Senate recently introduced […]
Older Americans are twice as likely to work now as in 1985
{April 24th, 2019} by Bloomberg News
Just as single-income families began to vanish in the last century, many of America’s elderly are now forgoing retirement for the same reason: They don’t have enough money. Rickety social safety nets, inadequate retirement savings plans and sky-high health-care costs are all conspiring to make the concept of leaving the workforce something to be more feared than […]
Two California women arrested for decade-long insurance scam
{April 24th, 2019} by Ryan Smith
Two California women have been arrested for allegedly targeting an elderly woman for insurance fraud over a period of 10 years. Erica Salda, 57, operated the E-Pro Insurance Agency out of her home. She and Wendy Foster, 59, allegedly targeted the elderly Santa Barbara, Calif., resident since 2005, according to local news affiliate keyt.com. The […]
Hiring young advisers: You can’t start too early
{April 24th, 2019} by Kate Healy
The talent shortage is one of the biggest challenges our industry is currently facing, so it’s no surprise that finding and recruiting the right talent were top of mind for attendees at TD Ameritrade Institutional’s annual adviser conference, National LINC, this year. Click HERE to read the full story via InvestmentNews.
SEC commissioner calls for major changes to Reg BI
{April 24th, 2019} by Kenneth Corbin
The SEC shows every sign of moving ahead with its proposal for new rules governing brokers and advisors, but Regulation Best Interest will need substantial revisions before it wins the support of the one Democrat currently on the commission. Commissioner Robert Jackson appealed for significant reforms to Reg BI at the annual SEC Speaks conference […]
Russ Prince: Why Life Insurance Agents Are Becoming Wealth Managers
{April 24th, 2019} by Russ Alan Prince
There was a time when life insurance agents provided life insurance, investment advisors provided money management, accountants did tax work, attorneys did legal work, and so on and so forth. However, for certain types of wealthy clients that time has passed. Over the past few decades, functions have been melding when it comes to serving […]
Financial Independence: The Ultimate Goal and Biggest Hurdle for Today’s Early Adults, Merrill Lynch Study Finds
{April 24th, 2019} by Merrill Lynch
April 18, 2019 08:00 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–A new study by Merrill conducted in partnership with Age Wave finds that financial independence defines adulthood today (75 percent) – more so than the traditional milestones of employment (61 percent), homeownership (30 percent) or starting a family (20 percent). However, due to mounting debt, […]
What’s harder: Training for the CFP exam or the Olympics?
{April 24th, 2019} by Graison Dangor
Lauryn Williams knows how hard it can be for professional athletes to receive good financial advice. After signing a six-figure sponsorship deal with Nike in 2004, the young Olympian sought help to manage the windfall and plan her financial future. Unfortunately, her first financial advisor was interested only in investing her money, not planning, and […]
Parental Support Past Age 25 Is the New Normal: Study
{April 24th, 2019} by Bernice Napach
Today’s young adults are having a much harder time achieving financial independence than young adults in previous generations, according to a study by Merrill Lynch and Age Wave. The study, the last of a series examining distinct life stages, surveyed a national sample of more than 2,700 young Americans, age 18 to 34, about the financial […]
5 New Facts About THE Annuity Gorilla’s 2018 Earnings
{April 24th, 2019} by Allison Bell
Low interest rates and a rigid rate structure have hurt the mother of all retirement annuity gorillas. The giant Federal Old-Age and Survivors Insurance (OASI) trust fund — the fund that makes Social Security retirement benefits payments — is reporting a $22 billion operating loss for 2018 on $831 billion in revenue, compared with $26 billion […]
Centerbridge May Buy Advisor Group for $2B: Report
{April 24th, 2019} by Kiel Porter and Matthew Monks
Centerbridge Partners LP is in talks to buy independent broker-dealer Advisor Group Inc. for more than $2 billion, according to people familiar with the matter. The private equity firm could reach a deal as soon as this week to acquire Advisor Group, said the people, who asked to not be identified because the matter isn’t […]
A Skeptical Look at Use of New Investment Indices
{April 24th, 2019} by Michael Jay Markey Jr.
Product manufacturers in the fixed index annuity (FIA) world seem to be broken down into two groups. Those who believe, build, and use exotic indices and those who don’t. The latter warn about the dangers of back-tested results. They’ll say things like, “have you ever seen a bad back-test?” Surely, you haven’t. And I believe […]
Prudential Financial announces $180 million global investment to solve complex challenges facing opportunity youth, promoting financial wellness of the next generation
{April 24th, 2019} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Doubling down on its commitment to make lives better by solving the financial challenges of our changing world, Prudential Financial, Inc. (NYSE: PRU) is committing more than $180 million through 2025 to support young people aged 15-29 worldwide who lack access to school, training or regular jobs – a segment of the global […]
AIG 2019 Annual Meeting Webcast Details
{April 24th, 2019} by American International Group, Inc
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will provide a live webcast of the 2019 Annual Meeting of Shareholders on Tuesday, May 21, 2019, starting at 11:00 a.m. ET. The webcast will be available in the Investors section of AIG’s website, https://www.aig.com. American International Group, Inc. (AIG) is a leading global insurance organization. Building on […]
Medigap Agents More Likely to Sell Life and Indexed Annuities: Agent Link
{April 24th, 2019} by Allison Bell
Agents who focus on selling Medicare supplement (Medigap) insurance policies seem to be a lot more likely to cross-sell many other life, health and annuity products. Stu Gramajo, market research director at Agent Link, has published data supporting that conclusion in a new summary of results from a survey of 1,200 licensed insurance agents. The Clearwater, Florida-based […]
BARREDO JOINS WINK AS ANNUITY INTEL WHISPERER
{April 23rd, 2019} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE BARREDO JOINS WINK AS ANNUITY INTEL WHISPERER Wink, Inc. Empire Now Boasts a Century of Competitive Intelligence Experience! Des Moines, Iowa. April 22, 2019 – Lawrence Barredo has been named the Annuity Intelligence Whisperer for Wink, Inc. where he is responsible for co-managing Variable Annuities (VAs) on […]
Fixed annuity could help extend llfe span of retirement accounts
{April 23rd, 2019} by Edward Jones for use by Kendra Nolte, Chillicothe’s local Edward Jones Financial Advisor.
It’s almost impossible to save too much for retirement. After all, you could spend two, or even three, decades as a retiree. And retirement is not cheap – even if you maintain a relatively modest lifestyle, some of your expenses, especially those involving health care, may continue to rise over the years. Consequently, you will […]
The Society of Annuity Facts and Education (SAFE) responds to “Why I still hate annuities: Here are the reasons these investments are bogus”
{April 22nd, 2019} by SAFE
Dear Mr. Fisher, We are longtime readers and subscribers to USA Today, and are always interested in discussing the facts about annuities. That said, we found some errors in your article “Why I still hate annuities: Here are the reasons these investments are bogus,” and would like to clarify some misconceptions. It is important to establish […]
IBD report: Another impressive year
{April 22nd, 2019} by Bruce Kelly
Despite a stock market decline, the largest independent broker-dealers turned in another stellar year in 2018, with revenue for the top 25 firms participating in an InvestmentNews survey reaching $25.5 billion, a 14.7% increase over 2017. Click HERE to read the full story via InvestmentNews.
Fewest Open Variable Annuity Contracts Since 1997: Morningstar
{April 22nd, 2019} by Michael Manetta
New sales of variable annuities (VAs) came in at $22.5 billion in the fourth quarter of 2018, a 4.3% decline compared to a year earlier but in line with average quarterly sales figures over the past two years. Sales of VAs with guaranteed living benefits posted a fifth consecutive quarter of positive year-on-year (y/y) sales […]
Missouri Insurance Regulators Get Fewer Complaints
{April 20th, 2019} by Allison Bell
Missouri insurance regulators received a total of 2,728 life and health line claims in 2018, down 5.3% from the total for 2017. The number of complaints received fell for every major coverage category, according to officials at the Missouri Department of Insurance, Financial Institutions & Professional Registration. Complaint rates can fall because consumers are more […]
Vermont Department of Financial Regulation issues fine for improper life insurance payments
{April 20th, 2019} by Vermont Press Release
Montpelier, VT – (April 15, 2019) — The Vermont Department of Financial Regulation (DFR) has entered into a Stipulation and Consent Order with the CMFG Life Insurance Company (CMFG) for improperly calculating interest amounts resulting in underpayments to approximately 200 life insurance policy beneficiaries. Under the terms of the settlement, CMFG will pay a $231,000 […]
Superintendent’s secret life insurance policy leaves Pikeville school board divided
{April 20th, 2019} by Lexington Herald-Leader (KY)
April 18– Apr. 18–PIKEVILLE — More than 10 years ago, the Pikeville Independent Schools system cut a $154,000 check to pay for a clandestine, million-dollar life insurance policy for the district’s superintendent. The life insurance policy was never publicly discussed or voted on at the time. No mention of it exists in the board’s meeting minutes and […]
New Jersey, Nevada Likely to Pass Fiduciary Rules: Attorney
{April 20th, 2019} by Melanie Waddell
In the race to get fiduciary rules on the books before the Securities and Exchange Commission finalizes its Regulation Best Interest, Nevada and New Jersey are two states that have a “strong desire” to push their regulations through “and hope they survive scrutiny,” said attorney George Michael Gerstein, co-chair of Stradley Ronon’s fiduciary governance group. […]
Variable annuity sales up big among independent broker-dealers
{April 20th, 2019} by Greg Iacurci
Independent broker-dealers saw big growth in their sales of variable annuities last year, even as other distribution channels such as the wirehouses and other large national brokerage houses saw sales stay flat or decline. Click HERE to read the full story via InvestmentNews.
How Investors Can Use Insurance to Reduce Risk
{April 18th, 2019} by Jeff Brown
INVESTORS HAVE VARIOUS ways to reduce risk – diversification, cash reserves, planning to hang tough through the dips. But experts say it pays to think outside the investing box and consider other tools, like insurance. “As we amass more assets, we have to protect those assets,” says John Grace, president of Investor’s Advantage Corp. in Westlake Village, […]
Re: Why I still hate annuities: Here are the reasons these investments are bog
{April 18th, 2019} by Charles J. DiVencenzo
April 17, 2019 Re: Why I still hate annuities: Here are the reasons these investments are bogus To: Nicole Carroll, Editor USA Today Dear Ms. Carroll, In response to Kenneth Fisher’s opinion piece in USA Today, dated April 14, 2019, I would like to rebut his misleading and factually inaccurate view regarding annuities. In this […]
Don’t Send Remaining Term Life Insurance To The Scrapyard
{April 18th, 2019} by Stephen Jass
If you owned an exotic antique car, with buyers lined up around the corner to make offers, it would not make sense to send that car to the scrapyard. This metaphor paints the picture of how remaining term life insurance has often been handled, and it is an example of how the life insurance industry […]
Symetra Names Daniel Guilbert as President, Individual Life and Retirement Divisions
{April 18th, 2019} by Symetra Life Insurance Company
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today named Daniel R. Guilbert as president of its Individual Life and Retirement Divisions. “Leading Symetra is very much a team effort. Dan’s new title recognizes the significant role he plays in developing Symetra’s long-term strategic plans and his ongoing contributions to the successful execution of our strategy,” said […]
The Life Sale: Engaging With a Rare Creature In The Wild
{April 18th, 2019} by Chris Behling
Life insurance consumers are elusive creatures. They are hard to find and even harder to engage. It’s unclear whether (A) there are less of them out there, (B) we are looking in the wrong places, or (C) we are using the wrong approaches to engage with them. What is clear, is that there is a […]
Fate of New Jersey fiduciary standard could come down to politics, court
{April 18th, 2019} by Mark Schoeff Jr.
A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. Click HERE to read the full story via InvestmentNews.
Valmark Reworks Life Sales Tool for N.Y. Best Interest Era
{April 18th, 2019} by Allison Bell
Valmark Financial Group is getting ready for the possibility that New York state’s new Regulation 187 best interest standard really will apply to life insurance as well as to annuities. Valmark — an Akron, Ohio-based life insurance distribution and policy management company — announced today that it has updated its Life Assurance 360 life insurance coverage design, implementation […]
Symetra and Kemper Name Life Unit Chiefs
{April 18th, 2019} by Allison Bell
Two insurance organizations — Symetra Life Insurance Company and Kemper Corp. — have named new heads for U.S. life units. Symetra Symetra said it has picked Daniel Guilbert to be the president of its individual life and retirement divisions. Symetra is a Bellevue, Washington-based arm of Sumitomo Life of Osaka, Japan. Guilbert has been head of Symetra’s […]
CDs And Deferred Annuities Address Different Financial Needs
{April 18th, 2019} by Observer-Reporter (Washington, PA)
Saving for future goals is not easy. Hopefully, I can help explain the differences between two commonly used tools: certificates of deposit (CDs) and Deferred Annuities (DAs). CDs and DAs allow single or multiple individuals to accumulate money and earn interest for future goals. The differences between them should be considered when deciding which is […]
MassMutual enhances web portal to serve pension annuitants
{April 18th, 2019} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass., April 11, 2019 – As the growth of its pension risk transfer (PRT) business accelerates, Massachusetts Mutual Life Insurance Company (MassMutual) has enhanced its website to serve PRT annuitants, improving navigation, providing more self-service features and information, and offering mobile access. “MassMutual is increasing services and capabilities for our pension annuity customers. Our enhanced […]
New Jersey Unveils Proposed Fiduciary Rule
{April 17th, 2019} by Bernice Napach
As expected, New Jersey has proposed its own fiduciary rule that requires all investment professionals registered with the state’s Bureau of Securities to place the interests of their clients above their own when recommending securities or providing investment advice. The proposed rule, covers broker-dealers, agents and advisors but excludes advisors who already act as fiduciaries […]
NIPR ANNOUNCES NEW FEATURES TO MOBILE APP
{April 17th, 2019} by NIPR
KANSAS CITY, Mo. (April 9, 2019) — The National Insurance Producer Registry (NIPR) has launched new features to its popular mobile app. Powered by NIPR’s Producer Database (PDB), the app allows insurance professionals to access their information on a mobile device, making compliance faster and more convenient. The new License Renewal Reminder will push notifications of […]
Is Suitability Being Pushed Aside?
{April 17th, 2019} by John Hilton
Dwight Carter paused mid-sentence, acknowledging that what he was about to say could sound boastful: “I’ve never had a complaint in 49 years.” But he did not say it for bragging rights — he was demonstrating that the suitability standard is effective. The key is approaching every annuity sale with the right intentions, said Carter, […]
Fidelity Executive to Lead LIMRA Retirement Arm
{April 17th, 2019} by Allison Bell
The new chair of the LIMRA LOMA Secure Retirement Institute is a mutual fund company executive. The 2019 chair is Steve Patterson, executive vice president, sales and relationship management for workplace investing, at Fidelity Investments, LL Global announced Thursday. LL Global is the Windsor, Connecticut-based parent of LIMRA, LOMA and the retirement institute. Fidelity Investments provides retirement […]
Demand for Income Annuities Is Out There: Idea File
{April 17th, 2019} by Allison Bell
An executive at New York Life Insurance Company has an idea for this week’s National Retirement Planning Week campaign: Consumer demand for income annuities is still out there. Dylan Huang, head of retail annuities at New York Life, says sales of the products have been growing, slowly, in spite of the effects of prolonged low […]
MassMutual and Symetra Make Sports Sponsorship Deals
{April 17th, 2019} by Allison Bell
Massachusetts Mutual Life Insurance Company and Symetra Life Insurance Company have announced major sports sponsorship deals this week. MassMutual will be asking its financial advisors to help make use of a new relationship with the National Hockey League. The Springfield, Massachusetts-based life insurer will be the Official Life Insurance and Retirement Planning Partner of the […]
Under-60 crowd not pulling their weight with life insurance applications
{April 17th, 2019} by Insurance Forums Staff
Overall U.S. life insurance application activity slowed in March, with the composite Index falling -4.9%, YOY, according to the latest edition of the MIB Life Index. For the first quarter, the MIB Life Index is off -1.0% versus Q1 2018. MIB says the declines are due in large part to younger buyers, who account for 53% […]
‘Selfies’ that predict life expectancy buoyed by new partnership
{April 17th, 2019} by Insurance Forums Staff
Life insurers have a new shortcut to implementing facial analytics now that two digital disruptors have joined forces. Sureify, the leading digital platform for life and annuity insurance companies, announced April 15 that it has partnered with Lapetus Solutions, a science-based AI company that specializes in forecasting life expectancy. While Sureify already offers many customer […]
Young Consumers’ Life Application Activity Sinks Faster: MIB
{April 17th, 2019} by Allison Bell
U.S. life insurance application activity went back to normal in March: It fell — because consumers under age 60 stayed away. Life activity increased from year-earlier levels in January and February, according to activity data from MIB Group Inc. Those were the first year-over-year increases MIB had reported since July 2018. In March, MIB says, overall activity fell 4.9%. […]
Investment Losses Hurt Life Insurers’ 2018 Earnings: Fitch
{April 17th, 2019} by Allison Bell
Big U.S. life insurers’ operating earnings continued to improve in 2018, but their overall net income fell sharply, according to data from Fitch Ratings. Fitch put Generally Accepted Accounting Principles (GAAP) earnings data from 15 large, publicly traded U.S. life insurers in the analysis. Those insurers reported a total of $25.4 billion in earnings from […]
Fate of New Jersey fiduciary standard could come down to politics, court
{April 17th, 2019} by Mark Schoeff Jr.
A New Jersey proposal to raise investment advice standards is benefitting from strong political momentum at the outset, which may protect it from financial industry opposition. Click HERE to read the full story via InvestmentNews.
NAIFA, NAILBA Partnering On Initiatives
{April 17th, 2019} by The National Association of Insurance and Financial Advisors (NAIFA) and the National Association of Independent Life Brokerage Agencies (NAILBA)
FALLS CHURCH, Va., April 11, 2019) – The National Association of Insurance and Financial Advisors (NAIFA) and the National Association of Independent Life Brokerage Agencies (NAILBA) have increased coordination of programs that support member professional development and networking, and political advocacy and engagement on Capitol Hill and in state legislatures across the U.S. “NAIFA and […]
FINRA Clarifies How BDs Should Handle Departing Rep Information
{April 16th, 2019} by Melanie Waddell
Broker-dealers must “promptly and clearly” communicate a registered rep’s departure to clients — including the departing rep’s contact information — and provide “timely and complete” answers to clients’ queries about the departing rep, the Financial Industry Regulatory Authority states in a new Regulatory Notice. However, FINRA’s notice is vague when it comes to whether broker-dealers […]
FPA Drops Plan to Merge Into Single Legal Entity
{April 16th, 2019} by Emily Zulz
The Financial Planning Association released the second iteration of its OneFPA Network plan — and the most notable change is that merging into a single legal entity is now “off the table.” Announced November 2018, the OneFPA Network is an organizational vision to completely restructure the entire association to better align and integrate FPA at all levels. […]
Will New Jersey start a fiduciary trend?
{April 16th, 2019} by Andrew Welsch
New Jersey’s newly proposed fiduciary rule expands the battlefield over which investor advocates and industry trade groups have fought in recent years, extending a fight that has largely taken place in Washington to state capitols across the nation. The Garden State, which issued its proposal on Monday, suggests that if efforts at the SEC to craft […]
Wink’s 2018 Excellence in Life Insurance Innovation Award
{April 16th, 2019} by Wink, Inc.
AXA US for IUL Protect 160 (“Extra Interest Credit” feature) About Wink’s Sales & Market Report Wink’s Sales & Market Report has served as the insurance industry’s #1 resource of indexed insurance product sales since 1997. Providing sales by product, company, crediting method, index, distribution, surrender […]
Wink’s 2018 Excellence in Annuity Innovation Award
{April 16th, 2019} by Wink, Inc.
Midland National Life Insurance Company for LiveWell® Freedom Variable Annuity (“Freedom Date” feature) About Wink’s Sales & Market Report Wink’s Sales & Market Report has served as the insurance industry’s #1 resource of indexed insurance product sales since 1997. Providing sales by product, company, crediting method, index, […]
Wink’s 2018 Trailblazer in Whole Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Americo Per Wink’s Sales & Market Report, Americo Financial Life and Annuity Insurance Company increased their Whole Life Insurance market share the greatest percentage of any company, from 2017 to 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & […]
Wink’s 2018 Trailblazer in Universal Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Massachusetts Mutual Life Companies Per Wink’s Sales & Market Report, Massachusetts Mutual Life Insurance Company increased their Universal Life Insurance market share the greatest percentage of any company, from 2017 to 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s […]
Wink’s 2018 Trailblazer in Indexed Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Symetra Financial Per Wink’s Sales & Market Report, Symetra Life Insurance Company increased their Indexed Life Insurance market share the greatest percentage of any company, from 2017 to 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report […]
Wink’s 2018 Trailblazer in Multi-Year Guaranteed Annuity Sales
{April 16th, 2019} by Wink, Inc.
Reliance Standard Per Wink’s Sales & Market Report, Reliance Standard Life Insurance Company increased their Multi-Year Guaranteed Annuity market share the greatest percentage of any company, from 2017 to 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report […]
Wink’s 2018 Trailblazer in Indexed Annuity Sales
{April 16th, 2019} by Wink, Inc.
RiverSource Life Per Wink’s Sales & Market Report, RiverSource Life Insurance Company increased their Indexed Annuity market share the greatest percentage of any company, from 2017 to 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report Wink’s […]
Wink’s 2018 Trailblazer in Fixed Annuity Sales
{April 16th, 2019} by Wink, Inc.
AIG Per Wink’s Sales & Market Report, aggregately American General Life Insurance Company, The United States Life Insurance Company in the City of New York, and The Variable Annuity Life Insurance Company increased their Fixed Annuity market share the greatest percentage of any company, from 2017 […]
Wink’s 2018 Leader in Whole Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Massachusetts Mutual Life Companies Per Wink’s Sales & Market Report, Massachusetts Mutual Life Insurance Company was the #1 seller of Whole Life Insurance in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report Wink’s Sales & Market […]
Wink’s 2018 Leader in Universal Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Protective Life Companies Per Wink’s Sales & Market Report, aggregately Protective Life Insurance Company and Protective Life and Annuity Insurance Company were the #1 sellers of Universal Life Insurance in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & […]
Wink’s 2018 Leader in Indexed Life Insurance Sales
{April 16th, 2019} by Wink, Inc.
Pacific Life Companies Per Wink’s Sales & Market Report, aggregately Pacific Life Insurance Company and Pacific Life & Annuity Company were the #1 sellers of Indexed Life Insurance in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market […]
Wink’s 2018 Leader in Structured Annuity Sales
{April 16th, 2019} by Wink, Inc.
AXA US Per Wink’s Sales & Market Report, AXA Equitable Life Insurance Company was the #1 seller of Structured Annuities in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report Wink’s Sales & Market Report has served […]
Wink’s 2018 Leader in Multi-Year Guaranteed Annuity Sales
{April 16th, 2019} by Wink, Inc.
New York Life Per Wink’s Sales & Market Report, New York Life Insurance and Annuity Company was the #1 seller of Multi-Year Guaranteed Annuities in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report Wink’s Sales & […]
Wink’s 2018 Leader in Indexed Annuity Sales
{April 16th, 2019} by Wink, Inc.
Allianz Life Per Wink’s Sales & Market Report, Allianz Life of North America was the #1 seller of Indexed Annuities in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s Sales & Market Report Wink’s Sales & Market Report has served […]
Wink’s 2018 Leader in Fixed Annuity Sales
{April 16th, 2019} by Wink, Inc.
Jackson National Life Insurance Company Per Wink’s Sales & Market Report, aggregately Jackson National Life Insurance Company and Jackson National Life of New York were the #1 sellers of Fixed Annuities in 2018. Rankings based on participants of Wink’s Sales & Market Report. About Wink’s […]
AM Best Comments on Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries Following Acquisition Announcement
{April 16th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Principal Financial Group, Inc. [Nasdaq:PFG] (headquartered in Des Moines, IA) and its insurance subsidiaries (Principal) remain unchanged following the announcement that the company has signed a definitive agreement to acquire Wells Fargo’s Investment Retirement and Trust business. Under the agreement, the purchase price is […]
Foresters Sells Money Manager, Keeps Life Business
{April 16th, 2019} by Allison Bell
The Independent Order of Foresters today announced plans to sell its U.S. asset-management and broker-dealer businesses and focus more tightly on its core life insurance operations. The Toronto-based fraternal insurer says it intends to focus on increasing sales of life insurance to mass-market and middle-market consumers in Canada, the United States and the United Kingdom. Macquarie […]
Global Bankers Companies Face Turbulence
{April 16th, 2019} by Allison Bell
Colorado Bankers Life Insurance Company and Bankers Life Insurance Company of Florida are trying to keep protecting U.S. consumers against mortality and longevity risk while their holding company deals with concerns about its ownership. The holding company — Global Bankers Insurance Group LLC of Durham, North Carolina — acquired Colorado Bankers Life in 2015 and Bankers […]
AM Best Places Credit Ratings of Colorado Bankers Life Insurance Company and Bankers Life Insurance Company Under Review with Negative Implications
{April 16th, 2019} by AM Best
April 10, 2019 03:31 PM Eastern Daylight Time OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb+” of Colorado Bankers Life Insurance Company (CBL) (Durham, NC). Concurrently, AM Best has placed under review with negative implications […]
A.M. Best Affirms Ratings of Protective Life Corporation and its Subsidiaries
{April 16th, 2019} by AM Best
FOR IMMEDIATE RELEASE OLDWICK, N.J. – APRIL 10, 2012 A.M. Best Co. has affirmed the financial strength rating (FSR) of A+ (Superior) and issuer credit ratings (ICR) of “aa-” of the primary life/health subsidiaries of Protective Life Corporation (Protective) (headquartered in Birmingham, AL) [NYSE: PL], led by Protective Life Insurance Company (PLIC) (Brentwood, TN). Additionally, A.M. Best has affirmed the […]
Product Combines Whole Life With Funeral Services Shopping Tool
{April 16th, 2019} by Allison Bell
A Mutual Of Omaha unit has developed an end-of-life planning package that combines whole life insurance with access to a funeral planning service. The funeral planning service provides access to data on local funeral services providers’ prices, and help from a concierge service that can help with negotiating funeral prices, according to Mutual of Omaha. […]
National Life Transforms Customer Experience Program with Cognizant
{April 16th, 2019} by Cognizant
TEANECK, N.J., April 16, 2019 /PRNewswire/ — Cognizant (Nasdaq: CTSH) today announced an expansion of its strategic business partnership with National Life Group, one of the fastest-growing life insurance companies in the United States1. Cognizant is advising and providing technology and solutions expertise for National Life’s multi-year approach to creating a digital self-serve customer experience, making it possible to securely and conveniently […]
New Jersey releases rule to impose fiduciary duty on brokers
{April 16th, 2019} by Mark Schoeff Jr.
New Jersey brokers would have to meet a higher investment advice standard under a rule proposed Monday. Click HERE to read the full story via InvestmentNews.
Principal-Wells Fargo retirement deal hints at fee compression
{April 16th, 2019} by Greg Iacurci
The blockbuster deal inked by Principal Financial Group and Wells Fargo & Co. earlier this week provides a glimpse into the economics prevailing in the defined-contribution-plan record-keeping business. Click HERE to read the full story via InvestmentNews.
FBL Financial Group Chief Operating Officer to Retire in December 2019
{April 16th, 2019} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) announced today that Raymond W. (Ray) Wasilewski, Chief Operating Officer – Life Companies, will retire around year-end 2019. In announcing his plans, Wasilewski stated, “It’s been an honor and a privilege to be a part of the Farm Bureau Financial Services organization over the last 22 […]
We’re average students, getting a “C” when it comes to understanding finances, Americans say
{April 16th, 2019} by Prudential Financial, Inc.
Media Contact(s) Kristin Meza 973-367-4104 kristin.meza@prudential.com April 10, 2019 NEWARK, N.J., April 10, 2019 – More than half of Americans say they’d earn a “C” or lower when it comes to financial literacy, according to a new survey conducted by Harris Poll on behalf of Prudential Financial, Inc. (NYSE: PRU). Nearly three quarters (73%) take responsibility […]
CNO Financial Group Announces First Quarter 2019 Earnings Release Date
{April 16th, 2019} by CNO Financial Group
CARMEL, Ind., April 15, 2019 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that it will report results for the first quarter of 2019 after the market closes on Monday, April 29, 2019. The company will host a conference call to discuss results at 11:00 a.m. Eastern Daylight Time on Tuesday, April 30, 2019. The webcast of the […]
Life Insurance At Center Of 1977 Murder Of Miami Nurse
{April 16th, 2019} by Miami Herald
From the day Coral Gables nurse Debra Clark was discovered strangled, beaten and shot inside her townhome, police had focused on one chief suspect: Allen Bregman, her older, married lover. But it took 42 years, and the evolution of DNA-matching technology, for a jury to decide that detectives had the right man. Jurors on Friday […]
Product Combines Whole Life With Funeral Services Shopping Tool
{April 16th, 2019} by Allison Bell
A Mutual Of Omaha unit has developed an end-of-life planning package that combines whole life insurance with access to a funeral planning service. The funeral planning service provides access to data on local funeral services providers’ prices, and help from a concierge service that can help with negotiating funeral prices, according to Mutual of Omaha. […]
Rep barred for lying about variable annuity sales practices
{April 16th, 2019} by InvestmentNews
The Financial Industry Regulatory Authority Inc. has barred Frederick Holloway, who ran an eponymous firm in Easton, Md., for improperly withholding documents and providing altered documents to Finra in the course of an investigation into his sales of variable annuities. Click HERE to read the full story via InvestmentNews.
Outgoing Nationwide CEO Sees Growing Sophistication in Distribution Strategies
{April 16th, 2019} by David Pilla
COLUMBUS, Ohio – With the announcement of his intention to retire as chief executive officer of Nationwide Mutual Insurance Co. in October, Steve Rasmussen said his hope is he has left the company prepared to “grow on a wide front as I walk out the door.” Rasmussen said despite 45 years of changes he’s seen, […]
MetLife Puts Old Individual Life, Annuity and LTCI Business Under CFO
{April 16th, 2019} by Allison Bell
MetLife Inc. says it wants to get more cash out of its closed blocks of life, annuity and long-term care insurance (LTCI) business. Executives at the New York-based company talked about those goals Friday, when they announced a change in how the company will run its MetLife Holdings unit. MetLife put most of its continuing life […]
Ally Invest Quarterly Market Outlook Survey: Investors Remain Bullish As Long As Interest Rates Hold Steady
{April 16th, 2019} by Ally Financial
CHARLOTTE, N.C., April 15, 2019 /PRNewswire/ — Ally Invest Quarterly Survey Highlights: Bearish sentiment drops to only 20% of respondents, down sharply from 47% last quarter Optimism is tied to two potential market drivers for 2019: Respondents expect interest rates will be left unchanged and Economic trade agreements will be penned Brexit is a non-issue per 75% […]
CDs And Deferred Annuities Address Different Financial Needs
{April 14th, 2019} by Observer-Reporter (Washington, PA)
Saving for future goals is not easy. Hopefully, I can help explain the differences between two commonly used tools: certificates of deposit (CDs) and Deferred Annuities (DAs). CDs and DAs allow single or multiple individuals to accumulate money and earn interest for future goals. The differences between them should be considered when deciding which is […]
Global Life Insurance Market Outlook 2019-2024 : Allianz, AXA, Nippon Life Insurance, American Intl. Group, Aviva
{April 14th, 2019} by Reports Buzz
The present report for the worldwide “Life Insurance Market” underscores an in-depth analysis and study of the global market for Life Insurance which approximates market volumes, and also examines the assessment of the market in the approximated time. The competitive players with regards to the global Life Insurance market have also been thoroughly summarized with […]
Former Guggenheim President Todd Boehly Is Growing His Investment Empire, From the Dodgers to Collateralized Loans
{April 13th, 2019} by Mary Childs
Todd Boehly’s visit to Topeka, Kan., wasn’t going as planned. It was one of his earlier trips in his negotiations to buy life insurer Security Benefit, but one dark morning in 2010 after his cab dropped him off, he found that the doors of his hotel did not open. The front desk was empty, his […]
AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiary; Upgrades Credit Ratings of Vantis Life Insurance Company and Vantis Life Insurance Company of New York
{April 13th, 2019} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiary, The Penn Insurance and Annuity Company (Wilmington, DE) The outlook of these Credit Ratings (ratings) is […]
Anyone trying to get life insurance should be ready to answer a loaded question: Do you smoke pot?
{April 13th, 2019} by Tanza Loudenback
Life insurance isn’t terribly expensive, on average, but rates vary depending in part on your health. Most people need to undergo a medical exam to take out a life insurance policy. Smoking cigarettes or marijuana — even if it’s legal in your state — can negatively affect a health assessment. Smokers can pay two to three times more […]
John Hancock Adds Alexa Skills to Retirement Plan Participant Experience for Frequently Asked Questions
{April 12th, 2019} by John Hancock
BOSTON, April 11, 2019 /PRNewswire/ — John Hancock Retirement Plan Services (“John Hancock“) is enhancing its participant experience by providing its open architecture retirement plan participants access to personalized information including frequently-asked account queries through their Alexa-enabled devices. Now, by saying, “Alexa, open John Hancock,” and providing a secure and personalized voice code, participants can hear their account […]
FINRA Trumpets Variable Annuity Sales Problems While SEC Falls Silent
{April 12th, 2019} by Carlton Fields
INRA’s report on its broker-dealer examination findings for 2018 features a substantial discussion of “Unsuitable Variable Annuity Recommendations.” This is in sharp contrast with FINRA’s 2017 report, which didn’t mention variable insurance products at all. It also contrasts with the SEC’s Office of Compliance Inspections and Examinations (OCIE) 2019 exam priorities, which, for the first […]
Tell Us What You Really Think
{April 12th, 2019} by Kerry Pechter
Life insurers increasingly rely on registered reps and financial advisors to recommend or sell their annuities, so insurers tend to listen closely when advisors and their broker-dealers offer feedback about what the insurers are doing right and what they could do better. Click HERE to read the full story via RIJ.
Why Living Benefits Are Dying
{April 12th, 2019} by Kerry Pechter
One of my takeaways from last week’s LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore was that sales of income-generating variable annuities (VAs) and fixed indexed annuities (FIAs) have shrunk during a period when they should have been rising. Click HERE to read the full story via RIJ.
Will Wells Fargo, JPMorgan Hit or Miss With Q1 Earnings?
{April 12th, 2019} by Janet Levaux
Get ready for weak earnings, starting early Friday. That’s the conclusion of analysts at FactSet, who anticipate an average decline in earnings of 4.2% for companies in the S&P 500 Index. Just four months ago, analysts were looking for an average expected gain of 2.8% among those companies. The last quarter with average earnings declines […]
AmeriLife Names Patrick J. Fleming Executive Vice President
{April 10th, 2019} by AmeriLife
CLEARWATER, Fla., April 9, 2019 /PRNewswire/ — AmeriLife, a national leader in developing, marketing and distributing annuity, life and health insurance solutions, today named Patrick J. “Pat” Fleming as Executive Vice President Product Innovation & Corporate Actuary. This announcement comes as the company intensifies its partnership with leading carriers to deliver proprietary and other financial solutions to the […]
Cetera to Acquire Assets of Foresters Financial’s Brokerage and Investment Advisory Business
{April 10th, 2019} by The Wealth Advisor Contributor
As it continues to expand the reach of its Advice-Centric Experience, Cetera has entered into a definitive agreement to purchase select assets of Foresters Financial’s U.S. broker-dealer and advisory business. The transaction, which is subject to regulatory approval, is expected to close late in the second quarter of 2019. Financial terms of the transaction will not […]
Nation’s Largest Network of Carriers, Distributors and Financial Institutions Receives Support from iPipeline for NY Reg 187
{April 10th, 2019} by iPipeline
Pipeline Tackles Toughest Best-Interest Regulation in the Nation to Support U.S. Carriers, Distributors and Financial Institutions Exton, PA (April 9th, 2019) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced increasing support for NY Reg 187, one of the toughest best-interest regulations in […]
Achieving The (Retiree’s) American Dream
{April 10th, 2019} by Scott Goldberg
According to the Bankers Life Center for a Secure Retirement, just one-third (31 percent) of middle-income baby boomers feel well prepared for retirement. That makes this year’s National Retirement Planning Week, which began April 8, the perfect time for agents everywhere to reassess their approach to retirement planning with their clients. With access to modern medicine, […]
Tim Minard Promoted to Executive Vice President Within Great American Insurance Group’s Annuity Group
{April 10th, 2019} by Great American Insurance Group
CINCINNATI–(BUSINESS WIRE)–Great American Insurance Group is pleased to announce the promotion of Tim Minard to Executive Vice President within its Annuity Group. Since joining the Company in 2016, Mr. Minard has served as Senior Vice President and Chief Distribution Officer of the Annuity Group. He earned a Bachelor of Business Administration in Finance from the […]
