Mortality Table Shift Pumps Up Life Sales
{March 11th, 2020} by Allison Bell
U.S. life insurance sales looked great in the fourth quarter of 2019. Annualized premiums from new individual policy sales were 15% higher than in the fourth quarter of 2018, according to new survey data from LIMRA. In the third quarter, sales were up just 2%, year over year. LIMRA bases the individual life sales data […]
Life Insurance May Be Going to the Dogs: Survey
{March 11th, 2020} by Allison Bell
Many U.S. consumers would like to use life insurance proceeds to protect their pets. AIG Life & Retirement, an arm of American International Group Inc., has reported that finding in a summary of the results from a recent online survey of 2,201 U.S. adults. The survey team asked the participants many questions about what they […]
Legal Battle Over North Carolina Allegations Continues
{March 11th, 2020} by Allison Bell
Greg Lindberg and his consultant are continuing to fight allegations that they promised to make improper campaign contributions to the re-election campaign for the North Carolina insurance commissioner. A federal jury convicted Lindberg and the consultant, John Gray, of public corruption and bribery charges last week in Charlotte, North Carolina, after a three-week trial before […]
Pacific Life Foundation Plans $7.25 Million in 2020 Giving: Philanthropy
{March 11th, 2020} by Allison Bell
The Pacific Life Foundation says it plans to give $7.25 million to charity this year. Newport Beach, California-based foundation will focus on supporting organizations in the communities where Pacific Life employees work: Orange County, California; Omaha, Nebraska; and Lynchburg, Virginia. The foundation gave about $2 million to 155 nonprofit organizations recently at a reception in […]
Integrity Marketing Acquires Las Vegas Firm
{March 11th, 2020} by Allison Bell
Integrity Marketing Group LLC has acquired a company in Nevada. The Dallas-based insurance distributor bought Las Vegas-based Taylor Financial and Insurance Services Inc, which is also known as FFL USA. Integrity Marketing has about 1,000 employees, relationships with about 250,000 agents, and about $2.5 billion in annual premium production. Click HERE to read the full story […]
A shouting jury, then a verdict: Billionaire Greg Lindberg guilty of political bribery
{March 11th, 2020} by AMES ALEXANDER AND MICHAEL GORDON
For the jury ruling on Greg Lindberg’s fate, the tale was in the tape. Lindberg, a Durham billionaire who became one of North Carolina’s largest political donors, was convicted Thursday of using the promise of millions in campaign money to bribe North Carolina’s insurance commissioner Mike Causey. Following about 12 hours of deliberations spread over […]
Global Growth Chairman George Vandeman Says Mike Causey Lied to the FBI and Demanded Illegal Donations from Greg Lindberg
{March 11th, 2020} by Sitrick And Company
DURHAM, N.C.–(BUSINESS WIRE)–George Vandeman, chairman of Global Growth, commented on today’s jury verdict: “We respect the jury’s decision, but we absolutely believe that these verdicts are contrary to the evidence. The jury only saw a portion of what this case was about. “We intend to pursue all legal avenues in seeking a new trial on […]
Prudential to Issue Green Bonds
{March 11th, 2020} by Allison Bell
Prudential Financial Inc. is offering a $500 million green bond issue along with a $1 billion conventional bond issue. Proceeds from the green bond issue will go toward existing or future investments in renewable energy, green buildings, environmentally sustainable management of living natural resources and land use, energy efficiency, clean transportation, sustainable water and wastewater […]
2020 Life, Health and Annuity Planner
{March 11th, 2020} by Allison Bell
March 16-18: Self-Insurance Institute of America, Self-Insured Health Plan Executive Forum, in Charleston, South Carolina. March 18-19: America’s Health Insurance Plans (AHIP), National Health Policy Conference, in Washington. (CANCELED DUE TO COVID-19) March 19-20: America’s Health Insurance Plans, National Conference on the Individual and Small-Group Markets, in Washington. (CANCELED DUE TO COVID-19) March 21-24: NAIC, fall meeting, in Phoenix. March 22-25: GAMA International, Leadership and Management Program […]
5 Things to Know About Pandemics, for Annuity Sellers
{March 11th, 2020} by Allison Bell
Health insurers and life insurers know that the virus that causes Covid-19 pneumonia could lead to more claims. The people who write, market and sell annuities are starting to think harder about how a large disease outbreak in the United States, such as a severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2) epidemic, could affect them. […]
Best’s Special Report: U.S. Life/Health Sector Credit Rating Upgrades Outnumber Downgrades in 2019
{March 11th, 2020} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–Similar to 2018, Credit Rating (rating) upgrades for the U.S. life/health industry outpaced downgrades in 2019, marking a turnaround from the previous three years, according to a new AM Best report. The Best’s Special Report, titled, “Life/Health Rating Upgrades Outnumber Downgrades in 2019,” states that the positive rating developments were driven primarily by strong capitalization and […]
AM Best Comments on the Implications of Coronavirus for European Insurers
{March 11th, 2020} by AM Best
LONDON–(BUSINESS WIRE)–The Coronavirus (COVID-19) has the potential to challenge European insurers on both the asset and liability sides of their balance sheets. However, AM Best believes the biggest impact will come as a result of the economic fallout as governments and markets react to the virus’ rapid spread, rather than from direct coronavirus exposures. “European Insurers Well Positioned […]
Finra Bars Broker Who Blamed DOL’s Fiduciary Rule in VA Ruse
{March 11th, 2020} by Alex Padalka
Finra has barred a former broker who allegedly told clients that the Department of Labor’s fiduciary rule required him to send out forms giving him the right to withdraw advisor fees from their variable annuity accounts. Between August and December 2016, Louis Cook, then associated with National Planning Corp., allegedly got at least 11 clients to sign a third-party authorization […]
How Fast Can I Get Life Insurance?
{March 11th, 2020} by Amy Danise
Why would you need fast life insurance? Maybe you’re finally getting around to your New Year’s resolutions. Maybe your spouse gave you an ultimatum to get it. Or maybe the coronavirus has you jittery. But how fast can you get life insurance? The answer is: Possibly in about 10 minutes. The choices you’ll have will […]
Who are the female trailblazers in insurance?
{March 11th, 2020} by Insurance Business
The call for entries for Insurance Business America’s Elite Women 2020 is underway. The annual list brings together top-performing female leaders who have enjoyed remarkable success in the business. Tracy Dolin of S&P Global Ratings, previously named an Elite Woman, shared her view on how this accolade is a timely and much-needed platform for women to step up […]
Alliance For Lifetime Income Launches M.U.G. Initiative
{March 11th, 2020} by FA Staff
The Alliance for Lifetime Income is renewing its sponsorship of the Rolling Stones for 2020. But this year it is also launching a new initiative that zeroes in on spending in retirement. Called “M.U.G.,” for mortgages, groceries and utilities, it is designed to focus on essential expenses facing retirees. “Retirement income planning is the future […]
Bear market would bode well for fixed annuities: reports
{March 11th, 2020} by Emile Hallez
Insurers will likely struggle to keep pace with the record annuity sales volume they saw last year – but things could turn around in short order, an industry lobbying group predicts. Click HERE to read the full story via InvestmentNews
A fond and grateful farewell to Ladenburg Thalmann, and hello to new beginnings
{March 11th, 2020} by Richard Lampen and Adam Malamed
At Ladenburg Thalmann Financial Services’ annual fee-based advisory conference in January, we welcomed financial advisors, home office executives and strategic partners from across the country. Click HERE to read the full story via InvestmentNews
Massachusetts fiduciary rule won’t cover variable annuity sales
{March 11th, 2020} by Mark Schoeff Jr.
Regulations that would raise the investment-advice standard for brokers in Massachusetts won’t apply to sales of variable annuities, the state’s top securities regulator indicated Wednesday. Click HERE to read the full story via InvestmentNews
John Hancock sued over ‘self-dealing’ in 401(k) plan products
{March 11th, 2020} by Emile Hallez
A former John Hancock employee is leveling class action claims against the company, alleging it broke the law by packing its 401(k) menu with proprietary products. Click HERE to read the full story via InvestmentNews
Rep used DOL rule as cover to take $150,000 from VAs: Finra
{March 11th, 2020} by Emile Hallez
A Staten Island, N.Y.-based registered rep who allegedly bilked $150,000 from elderly clients and parents of children with disabilities was barred this week by Finra. Louis Cook, who was associated with National Planning Corp. and the Securities Service Network, allegedly used the Department of Labor’s now-defunct fiduciary rule as a ploy to get 11 clients […]
Northwestern Mutual Makes $1 Million Grant To Milwaukee Public Museum
{March 10th, 2020} by Northwestern Mutual
MILWAUKEE, March 4, 2020 /PRNewswire/ — Northwestern Mutual, through its Foundation, has announced a $1 million grant to the Milwaukee Public Museum, underscoring the company’s commitment to investing in Milwaukee’s cultural and educational attractions. The grant will support both MPM’s Annual Campaign and its Foundation for the Future Fund, which is dedicated to the Museum’s efforts to plan for its future […]
InsurTech NY Announces Finalists of Global InsurTech Competition
{March 10th, 2020} by InsureTech NY
NEW YORK, March 5, 2020 /PRNewswire/ — InsurTech NY, the largest InsurTech community in the New York metro area, announces the finalists of its 2020 InsurTech Competition (insurtechny.com/competition). Over 200 startups applied to compete in a two-track competition, pitting early and growth-stage companies against each other, for over $300,000 in prizes. Contestants are vying to be the most investable and the best carrier and […]
Transamerica Receives Five 2020 Refinitiv Lipper Fund Awards
{March 10th, 2020} by Transamerica
BALTIMORE, March 6, 2020 /PRNewswire/ — Transamerica announces today that it has received five prestigious 2020 Refinitiv Lipper Fund Awards for four funds advised by Transamerica Asset Management, Inc. The funds receiving awards are: Transamerica Intermediate Muni, class I2 shares (TIMTX) Best Fund out of 57 Over Past Three Years, Intermediate Municipal Debt Funds category Transamerica Asset […]
Insurance Industry Leaders Make Strategic Investments in Omniscience
{March 10th, 2020} by Omniscience
PALO ALTO, Calif.–(BUSINESS WIRE)–Omniscience today announced that both RGAX, LLC and Guardian Life Insurance Company of America have made equity investments in the company. Omniscience’s breakthrough computing platform and artificial intelligence (AI) are assets for these investors and the insurance industry. “Machine learning and AI have the promise to solve many insurance industry challenges,” shares Chandra […]
Principal to Host 2020 Investor Day on June 23, 2020 in New York City
{March 10th, 2020} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced today that it will host its 2020 Investor Day on Tuesday, June 23rd, at the Nasdaq MarketSite in New York City. Dan Houston, chairman, president, and CEO of Principal®, Deanna Strable, CFO, and other members of the executive team will provide an update on the company and […]
Inheriting an Annuity? Here’s a Little-Known Way to Stretch Its Tax Benefits
{March 10th, 2020} by Ken Nuss
One of the biggest advantages of an annuity, tax deferral, can be lost when anyone other than a spouse inherits an annuity. Then, all deferred taxes on the gains must be paid sooner or later. It’s usually better to pay them later rather than sooner — and there are different ways to do that. If […]
SECURE Act’s annuity provisions to get Labor Department input
{March 10th, 2020} by Robert Steyer
The Department of Labor expects to write new rules or issue guidance to help implement the annuity safe harbor provision of the SECURE Act, said Preston Rutledge, the agency’s assistant secretary for the Employee Benefits Security Administration. “Although the law contains no specific regulatory direction to EBSA, we expect some stakeholders may request some regulations […]
More Than 800 Industry Members Set To Convene for Annual BISA Convention
{March 5th, 2020} by Rich Blake
The Diplomat Resort in Hollywood, Florida will become a vortex of strategic brainstorming amidst volatile market conditions, as more than 800 bank and insurance industry professionals gather March 3-6 for the 2020 Bank Insurance and Securities Association (BISA) Annual Convention. “BISA 2020: Prism of Growth” features a finely tuned educational curriculum, ample networking opportunities […]
Iowa Proposes Best Interest Regulation to Put Consumers First
{March 4th, 2020} by Iowa Insurance Division
Thursday, February 27, 2020 Des Moines, Iowa – The Iowa Insurance Division today filed proposed regulations to require annuity agents and securities agents to act in the best interest of their customers. These standards ensure consumer’s interests are put first. This follows efforts by the National Association of Insurance Commissioners (NAIC) to develop a model Suitability in Annuity […]
Best’s Review Examines Change in the Insurance Industry
{March 4th, 2020} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–The March issue of Best’s Review looks at how insurers are reinventing themselves to keep pace with changing customer expectations and market demands. In “Change Is Inevitable,” Maurice R. “Hank” Greenberg discusses the insurance industry’s need to evolve and adapt to change. He speaks about his time in the Army and about carrying out orders, both in the […]
AM Best Affirms Credit Ratings of Lincoln National Corporation and Most Subsidiaries; Upgrades Credit Ratings of Lincoln Life Assurance Company of Boston
{March 4th, 2020} by A.M. 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 ICR) of “aa-” of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). Concurrently, AM Best has upgraded the FSR to A+ (Superior) […]
SE2 and Life.io Survey Finds 85% Of U.S. Adults Would Improve Health And Fitness Habits For A Lower Monthly Life Insurance Premium
{March 4th, 2020} by The Harris Poll
TOPEKA, Kan.–(BUSINESS WIRE)–New research conducted online by The Harris Poll on behalf of SE2 and Life.io among over 2,000 U.S. adults found the vast majority of respondents would opt to share real-time wellness data with insurance companies through wearable devices in exchange for ongoing financial benefits like a lower insurance premium or wellness rewards. SE2 is an industry leader […]
Double-Digit Sales, Earnings and Capital Growth Drive MassMutual’s Excellent 2019 Financial Results
{March 4th, 2020} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–MassMutual today reported excellent financial results1 for 2019 in a number of key areas – including significant sales, earnings and capital growth – as it also took steps to solidify its leading competitive position and provide financial security to more Americans. For the year ended December 31, 2019, MassMutual reported total sales through its […]
Athene and Apollo Announce Closing of Transaction to Strengthen Strategic Relationship and Eliminate Athene’s Multi-Class Share Structure
{March 4th, 2020} by Athene Holding Ltd.
PEMBROKE, Bermuda & NEW YORK–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading retirement services company, and Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”), a leading global alternative investment manager, announced the closing of their previously announced strategic transaction after having obtained customary shareholder and regulatory approvals. The transaction strengthens […]
FBL Financial Group Increases Quarterly Cash Dividend, Declares Special Cash Dividend and Names New Director
{March 4th, 2020} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today announces a 4.2% increase in its quarterly cash dividend to $0.50 per share, declares a special cash dividend of $1.50 per share and names a new Class B director. “FBL Financial Group maintains a very strong financial foundation with excess capital,” said Daniel D. Pitcher, […]
Equitable Holdings Reports Full Year and Fourth Quarter 2019 Results
{March 4th, 2020} by Equitable Holdings
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the full year and fourth quarter ended December 31, 2019. “This is a historic time for our company as we begin 2020 celebrating the return of Equitable, an iconic American brand synonymous with helping generations of people […]
AM Best Affirms Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries; Assigns Credit Ratings to Global Atlantic Assurance Limited
{March 4th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a” of Commonwealth Annuity and Life Insurance Company (Brighton, MA), its subsidiaries, First Allmerica Financial Life Insurance Company (Brighton, MA), Forethought Life Insurance Company (Indianapolis, IN), Accordia Life and Annuity Company (Des Moines, […]
New Massachusetts Fiduciary Rule Under Fire from Everyone
{March 4th, 2020} by dkorth@finsum.com (FINSUM)
Advisors will have likely noticed that Massachusetts has just introduced a new fiduciary rule. The rule, announced on Friday, makes Massachusetts the first state to adopt a best interest standard since courts struck down the DOL’s fiduciary rule. The rule is under the usual attacks from industry trade groups, but more surprisingly, it is also […]
First State-Level Best Interest Rule Targeting Annuities Unveiled
{March 4th, 2020} by Alex Padalka
On the heels of the National Association of Insurance Commissioners adopting a model best interest regulation regarding the sale of annuities, Iowa has rolled out one of its own. The move makes the Hawkeye State, home to several large annuity providers, the first to unveil such a rule. Earlier this month, the NAIC finalized a […]
Variable Annuities Escape New Regulation
{March 4th, 2020} by dkorth@finsum.com (FINSUM)
Variable annuities have been going through a difficult period recently. Fixed and fixed index annuities have been grabbing market share in the year since the DOL rule got canceled. However variable annuities just escaped an important new regulation. Massachusetts just implemented the first state fiduciary rule—which may become a template for liberal states all over […]
Iowa Proposes Best Interest Regulation For Annuity Sales
{March 4th, 2020} by John Hilton
The Iowa Insurance Division unveiled a best-interest proposal Thursday to require annuity agents and securities agents to act in the best interest of their customers. The regulation is meant to require annuity sellers to put the consumer’s interests first. Iowa’s regulation follows a vote two weeks ago by the National Association of Insurance Commissioners (NAIC) to amend its […]
FGL Holdings Reports Fourth Quarter and Full Year 2019 Results and Declares Common Stock Dividend
{March 4th, 2020} by FGL Holdings
GEORGE TOWN, Cayman Islands, Feb. 26, 2020 /PRNewswire/ — FGL Holdings (NYSE: FG), a leading provider of annuities and life insurance, today announced financial results for the fourth quarter of 2019. Net income available to common shareholders for the fourth quarter of 2019 was $217 million, or $1.02 per diluted common share (per share), compared to net loss for the fourth quarter of […]
National Western Life Group, Inc. Announces 2019 Full Year and Fourth Quarter Earnings
{March 4th, 2020} by National Western Life Group, Inc.
AUSTIN, Texas, Feb. 28, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2019 consolidated net earnings of $131.6 million, or $37.22 per diluted Class A common share, compared with consolidated net earnings of $116.8 million, or $33.02 per diluted Class A common share, for 2018. The Company’s book […]
Project LIMA Aims to Solve the Annuity Puzzle
{March 4th, 2020} by Kerry Pechter
Milliman, the actuarial consulting firm, envisions putting a multi-premium deferred income annuity inside a 401(k) managed account as a way to turn tax-deferred savings into lifetime income. It seeks an asset manager partner. Let’s assume that most American retirees would be better off with pensions. And let’s assume that most people who want a pension […]
Allianz Life Reports Strong Financial Results for 2019
{March 4th, 2020} by Allianz Life Insurance Company of North America
MINNEAPOLIS – February 21, 2020 – Allianz Life Insurance Company of North America (Allianz Life®) today announced its 2019 financial results, with assets under management rising to $151 billion, up 9 percent over 2018. Total premium grew 7.7 percent to $13.73 billion over the same period. In addition, Allianz Life provided additional value to its policyholders […]
Bankers Life Named a 2020 Training Top 125 Award Winner for Ninth Consecutive Year
{March 4th, 2020} by Bankers Life
CHICAGO, Feb. 27, 2020 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, has been named to Training magazine’s Training Top 125 for the ninth year in a row. The Training Top 125 list was created to recognize companies’ employer-sponsored training and […]
5 Reasons Why Life Insurance is a Must for Stay-at-Home Parents
{March 4th, 2020} by Erie Insurance Group
ERIE, Pa., Feb. 28, 2020 /PRNewswire/ — If you never thought a stay-at-home parent needed life insurance, you might want to think again. Because in addition to being full-time caregivers, stay-at-home parents are also chefs, housekeepers, tutors, chauffeurs and more. That’s a lot of responsibilities that demands life insurance protection. Erie Insurance lists five reasons why stay-at-home parents need […]
DMI Announces launch of “Advantage”
{March 4th, 2020} by DMI
HINGHAM, Mass., Feb. 28, 2020 /PRNewswire/ — DMI, wholesaler of consumer-driven life and annuity products announces the launch of its comprehensive suite of marketing services. The new tiered approach to marketing services was designed to help advisors, at all levels, create a strong marketing foundation and then build from there for optimized results. DMI’s professional profile has evolved […]
DALBAR Recognizes the Leaders in Investor Communications
{March 4th, 2020} by DALBAR, Inc
MARLBOROUGH, Mass., Feb. 26, 2020 /PRNewswire/ — Pershing, BlackRock, Merrill and AIG top the list of best-in-class communications in DALBAR’s 22nd Annual Trends and Best Practices in Investor Statements. Each of these firms offers a superior standard of care through informative and digestible account statements that provide more than simply the required details. Pershing achieved its highest score ever, earning […]
Advisors Excel Event Raises Funds to Help Habitat for Humanity
{March 4th, 2020} by Advisors Excel
TOPEKA, Kan., March 2, 2020 /PRNewswire/ — In keeping with its commitment to the community, Advisors Excel and its affiliated financial professionals recently raised $471,000 for Habitat for Humanity during a fundraising event. The gift will help to fund affordable housing for families in need in Topeka and across the country. “Our home is our safe-haven; it is a basic human need […]
Integrity Marketing Group Continues Momentum With Acquisition of Taylor Financial and FFL USA
{March 4th, 2020} by Integrity Marketing Group, LLC
DALLAS, March 3, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”) today announced the acquisition of Taylor Financial and Insurance Services, Inc. (“FFL USA“), an insurance marketing organization based in Las Vegas. As part of the acquisition, Andrew Taylor, President of FFL USA, will become an Owner in Integrity. Financial terms of the deal were not disclosed. Founded in 2013, FFL USA provides […]
What Can Insurance Agents Do During Stock Market Declines?
{March 4th, 2020} by Bryce Sanders
Insurance is often considered boring when compared to the stock market. “Protection” is an industry buzzword. Then the stock market hits an air pocket. What’s an insurance agent to do? If your major business with a client is homeowners or auto insurance, the client probably doesn’t see a connection to investments and wealth management. Click […]
Appeals Court Sides With Insurer In Shareholder Dispute
{March 4th, 2020} by John Hilton
The Eighth Circuit Court of Appeals handed a big victory recently to Liberty Insurance Underwriters over the use of life insurance in a company stock dispute. The case — Russell v. Liberty Insurance Underwriters, Inc. — involved three shareholders of a business who entered into stock agreements that provided for the company to purchase life insurance for […]
NY Fines Insurer $4M For Inadequate Consumer Disclosures
{March 4th, 2020} by John Hilton
The New York Department of Financial Services fined Asurion Insurance Services and Asurion Protection Services $4 million for providing inadequate consumer disclosures for insurance offerings. Asurion was lax on disclosures for mobile phones, tablets, and other wireless communication equipment, and improperly bundled such insurance with other products, DFS said in a news release. Asurion is […]
U.S. Life Insurers, Stocks Shook Off the 1918 Flu
{March 4th, 2020} by Allison Bell
Today’s world is much different from the world of 1918, and “past performance is no guarantee of future results.” But one comforting takeaway from 1918 influenza flu pandemic statistics is that U.S. life insurers and major U.S. stocks got through the pandemic period in pretty good shape. The 1918 flu pandemic may have been comparable, […]
Fix the ‘Broken Rung’ on the Management Track Ladder: Conference Speakers
{March 4th, 2020} by Allison Bell
About 48% of the people who start working at big companies are women, but only 38% of those companies’ lowest-level managers are women. Elixabete Larrea, a partner at McKinsey & Co., described the problems that women have with getting the lowest-level management jobs as a “broken rung” on the ladder of opportunity. “There’s a gap […]
AM Best Announces Availability of 2019 Annual Financial Data
{March 4th, 2020} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best’s 2019 annual data for U.S. Property/Casualty; Life, Accident & Health; and Health insurance companies is now available. Data from insurers that have completed their filings to date is now available through a number of AM Best’s data and analytical products, accessible online, though Excel and via FTP feed. For more information, […]
7 Things CNO Told Investors About Insurance and the Middle Market
{March 4th, 2020} by Allison Bell
Gary Bhojwani, the chief executive officer of CNO Financial Group Inc., got to ring the opening bell for the New York Stock Exchange Tuesday — a day the NYSE Composite Index fell 2.88%, due to fears about the effects of the new coronavirus. Bhojwani told investors Wednesday, during the company’s investor day conference, that he talked […]
Genworth Reports Higher Subsidiary Capital Levels
{March 4th, 2020} by Allison Bell
Genworth Financial Inc. is reporting higher capital levels at its U.S. life insurance company subsidiaries. The Richmond, Virginia-based company is a major player in the mortgage insurance market. It was a large issuer of life insurance, annuities and long-term care insurance (LTCI), and it still sells some LTCI coverage. Here’s what Genworth said about the […]
How Life and Health Insurer Stocks Performed This Week
{March 4th, 2020} by Allison Bell
Fear and confusion about the possible effects of the new coronavirus pneumonia on the world economy led to concern this week for just about everyone new follows the news. Many people in China are sick. Quarantines have shut down most stores in many parts of China, and they are limiting the ability of tens of millions of […]
State Insurance Regulators Explain Extreme Mortality Risk
{March 4th, 2020} by Allison Bell
The National Association of Insurance Commissioners (NAIC) is pointing out that it has been preparing for an outbreak like the new coronavirus pandemic for decades — and that it was around for the 1918 flu pandemic. The NAIC has posted a new coronavirus outbreak preparedness alert on its website. The Kansas City, Missouri-based […]
NAIC Posts 2019 Life and Annuity Market Share Data
{March 4th, 2020} by Allison Bell
The 900-pound gorillas of the U.S. life and annuity markets may have increased their share of the market slightly in 2019, according to a new preliminary figures from the National Association of Insurance Commissioners (NAIC). Life insurance writers generated about $174 billion life premiums in 2019, up 4.5% from the 2018 total. Annuity writers produced about […]
Dynasty Financial to Offer Trust Services
{March 4th, 2020} by Michael S. Fischer and Janet Levaux
Dynasty Financial Partners is partnering with National Advisors Trust to offer trust services to financial advisors who want to expand the wealth management services they offer clients. “Trust services are an essential component of any comprehensive wealth solution,” said James Combs, president and CEO of National Advisors Holdings, in a statement. “When integrated with the Dynasty […]
Arizona Tees Up Best-Interest Annuity Sales Rules
{March 4th, 2020} by John Hilton
Arizona might be the next state to approve a best-interest annuity sales standard via legislation. Titled “Annuity Transactions; Requirements,” the bill was introduced Feb. 4 by state Sen. David Livingston, R-22. It passed the Arizona Senate Feb. 20 by a 26-0 vote, with four senators not voting, and is now in the House. Click HERE […]
Insurers Seek Growth Through Accelerated Underwriting
{March 4th, 2020} by LIMRA
Many consumers view underwriting as a significant obstacle to obtaining life insurance — often believing that the process takes too long and the requirements are too invasive. To address these challenges, companies are using automated and/or accelerated underwriting programs to improve their ability to determine medical risks by incorporating more and more data sources. According […]
NAIC Terminates ‘Insure U’ Consumer Website
{March 4th, 2020} by John Hilton
The National Association of Insurance Commissioners is terminating its Insure U consumer education website. Since its 2006 launch, Insure U has featured public service announcements, consumer alerts, news releases, mobile apps and games, along with integrated social media campaigns, in order to help consumers understand difficult topics. Regulators are working to duplicate some of the […]
5 Things to Know About the New Triangular Annuity Issuer Paper, for Agents
{March 4th, 2020} by Allison Bell
Nathan Foley-Fisher is back with another paper about what he believes to be the large, little-understood risk inside the investment operations of U.S. life insurers that issue annuities. Foley-Fisher has teamed up with two colleagues in the Research and Statistics Division of the Federal Reserve Board, Nathan Heinrich and Stéphane Verani, to write “Capturing the […]
MetLife Named a Top Company for Executive Women
{March 4th, 2020} by MetLife, Inc.
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced that it has been named a top company for executive women by the National Association for Female Executives (NAFE), in recognition of its efforts to identify, promote and mentor successful women. This is the 12th time MetLife has been recognized by NAFE, a division of Working Mother […]
Pan-American Life Insurance Group Announces New MGU Partnership With Resolute Underwriting Strategies
{March 4th, 2020} by Pan-American Life Insurance Group
NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance Group (PALIG), a leading provider of insurance and financial services throughout the Americas, today announced a new Managing General Underwriter (MGU) partnership with Resolute Underwriting Strategies. The Philadelphia-based MGU will offer Pan-American Life medical stop loss products and a unique proprietary self-funded platform. “This new partnership reflects Pan-American Life’s continued […]
Jackson Earns 2019 “Contact Center of the Year” Award from SQM
{March 4th, 2020} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) was recognized with four awards from Service Quality Measurement Group, Inc. (SQM)1 for excellence in contact center service in 2019. For the first time, Jackson was awarded SQM’s top honor — Contact Center of the Year — for earning the highest combined ratings for customer and employee experience among a field of leading […]
Symmetry Financial Group Receives Dale Jr. Indomitable Spirit Award Presented by Make-A-Wish Central and Western North Carolina
{March 4th, 2020} by Symmetry Financial Group
ASHEVILLE, N.C., March 3, 2020 /PRNewswire/ — Symmetry Financial Group, the leading insurance marketing organization in the country, announced that it was the 2020 recipient of the Dale Jr. Indomitable Spirit Award presented by Make-A-Wish Central and Western North Carolina. On Friday, February 21, Make-A-Wish Central and Western North Carolina recognized Symmetry Financial Group with this honor at their annual Wish Ball. The […]
Search underway for industry’s trailblazing women
{March 3rd, 2020} by Insurance Business
In an industry in which the majority of leadership roles are still dominated by men, the women in the last year’s showcase proved that they are slowly changing the status quo. After receiving numerous nominations from readers across the country, IBA recognized last year’s list of 68 ground-breaking women who have overcome obstacles and broken […]
The Annuity Everyone Needs — and Anybody Can Get
{March 3rd, 2020} by Chris Kissell, Money Talks News
Finding and purchasing the right annuity — especially one with built-in inflation protection — can be a difficult and expensive chore. But if you are smart and flexible, virtually any American retiree can grab such an annuity on the cheap. It’s not the usual blah, blah, blah. Click here to sign up for our free […]
Massachusetts’ Fiduciary Rule Won’t Govern Variable Annuity Sales
{March 1st, 2020} by Ross Snel
Massachusetts’ new fiduciary rule won’t apply to the sale of variable annuities. So reports InvestmentNews, citing a spokeswoman for William Galvin, Massachusetts’ top securities cop and the driving force behind the regulation. “Under Massachusetts law, variable annuities are not securities,” Debra O’Malley, the spokeswoman, tells the publication in an email. “The regulations cover securities.” Click HERE […]
