Life Industry Reps Try to Speed Shape DOL Rollover Standards Draft
{September 8th, 2020} by Allison Bell
Officials at the Employee Benefits Security Administration (EBSA) clearly think they have heard from all of the usual investment advice standards interest groups about 5,000 times too often. They struggled to squeeze all remaining public discussion of their new 401(k) plan rollover standards draft into one day of testimony, held Thursday. Phyllis Borzi, a former EBSA head, […]
Women fund managers beat men at stock picks, Goldman finds
{September 8th, 2020} by Lu Wang
Women fund managers remain woefully underrepresented in the fund industry, but they’re doing a better job picking stocks than their male counterparts, at least this year. Among some 500 large-cap U.S. mutual funds, those with at least one-third of manager positions held by women have beaten those with no women by 1 percentage point in […]
Does a 40% Bond Allocation Make Sense in Today’s Portfolios?
{September 8th, 2020} by Kurt Fillmore
Whether you’re the kind of investor who meets regularly with an adviser or the set-it-and-forget-it type who rarely looks at your 401(k), there’s a good chance your portfolio is set up with something close to a 60/40 mix of stocks and bonds. That asset allocation — with approximately 60% of an investor’s money in stocks […]
A-CAP and AmeriLife Launch New Fixed Indexed Annuity Linked to the Credit Suisse Momentum Index
{September 2nd, 2020} by A-CAP
NEW YORK–(BUSINESS WIRE)–A-CAP and AmeriLife today announced the launch of the Accumulation Protector Plus℠ (“APP”) Annuity, a 10-year fixed indexed annuity. The APP Annuity is the latest addition to the industry-leading product lines of A-CAP’s two insurance subsidiaries, Sentinel Security Life Insurance Company and Atlantic Coast Life Insurance Company. The APP Annuity is distinct in […]
Equitable Life & Casualty Insurance Company Changes Corporate Name to SILAC Insurance Company
{September 2nd, 2020} by Equitable Life & Casualty Insurance Company
SALT LAKE CITY, Utah–(BUSINESS WIRE)–Equitable Life & Casualty Insurance Company, a leading provider of fixed and fixed indexed annuities, announced today that it will be changing its corporate name to SILAC Insurance Company. SILAC Insurance Company will continue to operate in its current structure and there has been no change in ownership and staff. The […]
Investors Heritage Ranks Among Fastest-Growing Private Companies on the 2020 Inc. 5000
{September 2nd, 2020} by Investors Heritage Life Insurance Company
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) is pleased to announce that it was named to Inc. Magazine’s 2020 Inc. 5000 list, which ranks the nation’s fastest-growing private companies. With three-year growth of 371%, Investors Heritage ranked as the second fastest-growing private life insurer nationwide, the sixth fastest-growing private company in Kentucky, and […]
Transamerica Announces Fee Reductions on 26 Fund Share Classes
{September 2nd, 2020} by Transamerica
DENVER, Aug. 31, 2020 /PRNewswire/ — Transamerica today announced management fee reductions on 26 share classes for mutual funds and variable annuity funds. Contingent upon share class, these reductions total 259 basis points annually and range from as much as 20 to two basis points per share class. The cumulative impact for 26 share classes is on approximately $4.98 […]
Ohio National enhances whole life portfolio with new riders
{September 2nd, 2020} by Ohio National Financial Services
CINCINNATI, Aug. 31, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce the addition of the Protector Plus and Level-premium Paid-up Additions (PUA) riders to its limited pay whole life insurance lineup. Previously available together only on the Prestige 100 II lifetime pay whole life policy, their combination on limited pay whole […]
Black Basketball Pro Turned Advisor Worried About ‘Clear Color Line’
{September 2nd, 2020} by Susan Rupe
Many white advisors may have never asked a Black advisor what it’s like to be a minority in the industry. So Chris Gandy told them what it’s like. Gandy is president and founder of Midwest Legacy Group in Chicago and president of NAIFA-Chicagoland. Click HERE to read the full story via INN […]
Life Insurance In The Age Of COVID-19
{September 2nd, 2020} by Daniel Bortz
As a young entrepreneur with no kids, Jesse Silkoff hadn’t purchased life insurance before the coronavirus crisis. “I just didn’t think I needed it yet, and I’ve committed most of my financial resources to my business,” says Silkoff, 31, the president and co-founder of MyRoofingPal.com, an online marketplace that connects property owners with roofing contractors. COVID-19, […]
Need For Life Insurance Heightened By The Global Pandemic
{September 2nd, 2020} by Press Release
One thing that the COVID-19 pandemic has made clear is that life is fragile and a person’s financial situation can change very quickly. Yet, despite the fact that people generally recognize the value of life insurance, LIMRA research shows 46% of Americans are uninsured and many more do not have enough coverage. Before the pandemic, […]
Life/Annuity Industry’s 2020 Net Income Falls 66%, A.M. Best Finds
{September 2nd, 2020} by Staff Reports
The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene. This financial review is detailed in a new Best’s Special Report, titled, “First Look— Six-Month 2020 Life/Annuity Financial Results.” Although […]
Millennials and Gen Xers Shaping the Future of Financial Planning by Establishing New Norms with Financial Professionals
{September 2nd, 2020} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–According to a new study from AIG Life & Retirement and the MIT AgeLab, financial clients are expressing a willingness and desire to step beyond traditional conversational boundaries with their financial professionals. This is particularly apparent with younger clients between the ages of 30 and 45 who indicate the most interest in discussing […]
Pacific Life Foundation Awards $75,000 in College Scholarships to Students Who Lost a Parent Without Life Insurance
{September 2nd, 2020} by The Pacific Life Foundation
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The Pacific Life Foundation (the Foundation) has awarded five $15,000 college scholarships through Life Happens (www.LifeHappens.org) and its annual Life Lessons Scholarship Program to aid the financial burden of students who have lost a parent without life insurance. The scholarships are part of September’s Life Insurance Awareness Month, designed to help educate individuals […]
2Q Life Insurance Sales Decline ‘More Severe’ Than Expected: Wink
{September 2nd, 2020} by Staff Reports
Life insurance sales struggled mightily during a pandemic-marred second quarter, according to new data from Wink’s Sales & Market Report. “Product repricing for 2017/PBR is definitely catching up with everyone,” said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink Inc. “This cyclical reduction in sales is something we see every […]
COVID, Low Rates Slam 2Q Annuity Sales: Wink
{September 2nd, 2020} by John Hilton
Annuity sales were down sharply in all but two product categories during the second quarter, according to the Wink’s Sales & Market Report, in a particularly tough sales period. Overall sales for all deferred annuities in the second quarter were down 12.8% when compared to the previous quarter and 21.2% when compared to the same […]
Monday Motivation: Trust me
{September 2nd, 2020} by NAILBA
“Kick off your week with important tips about annuity sales in the special edition of NAIBA’s award-winning Perspectives magazine” Click HERE to view Trust Me by Sheryl Moore via NAILBA. Click HERE to view NAILBA on LinkedIn.
In short, sales were terrible!
{September 2nd, 2020} by Sheryl J. Moore
“Hoping everyone is finally getting comfortable with their new products after the 2017 CSO/PBR repricing and we can have a good push for 3Q and 4Q. ”
Wink, Inc. Releases Second Quarter, 2020 Life Sales Results
{September 2nd, 2020} by Wink's RockStars
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE LIFE INSURANCE SALES DOWN ACROSS THE BOARD Wink, Inc. Releases Second Quarter, 2020 Life Sales Results Des Moines, Iowa. August 31, 2020– Wink, Inc. released the second quarter, 2020 life sales results in its 92nd edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report […]
The Time is Now for Life Insurance: Life Happens & Brooke Shields Kick-Off Life Insurance Awareness Month
{September 2nd, 2020} by Life Happens
ARLINGTON, Va., Sept. 1, 2020 /PRNewswire/ — Brooke Shields returns as the spokesperson for Life Happens, a nonprofit dedicated to educating consumers about the importance of life insurance and other related products for sound financial planning. During September’s Life Insurance Awareness Month (LIAM), Life Happens and Brooke Shields will join together to emphasize the value of life insurance. Following the […]
Massachusetts begins enforcing fiduciary rule despite Reg BI
{September 2nd, 2020} by Mark Schoeff Jr.
Massachusetts began enforcing Tuesday a regulation that would raise the investment-advice standard for brokers, becoming the first state to implement a rule to compete with a new federal advice standard. Click HERE to read the full story via InvestmentNews
Annuity sales hurt by low interest rate policy: Wink Inc.
{September 2nd, 2020} by Kerry Pechter
MYGA [multi-year guaranteed rate annuities] sales increased double-digits, while indexed annuity sales declined by double digits. This is a new trend,’ said Sheryl Moore, CEO of Wink Inc., the annuity sales and market research firm. Athene USA surpassed long-standing indexed annuity sales leader Allianz Life in the second quarter of 2020, with an 11% market […]
Couples Are Complicated Prospects: New York Life Investments
{September 2nd, 2020} by Allison Bell
Married women who account for a majority of household income may have tricky relationships with their spouses, and they want advisors who understand them. Analysts at New York Life Investments have published some data on the “married woman breadwinner” market in a summary of results from a new consumer survey. Click HERE to read the […]
Wink Sees Growth in [Structured] Annuity Sales
{September 2nd, 2020} by Allison Bell
Sales of [structured] annuities were hot in the second quarter, and sales of non-variable products were not. U.S. sales of all types of individual deferred annuities fell to $46 billion in the latest quarter, down 21% from the total for the second quarter of 2019, according to new issuer survey data from Wink Inc. Click HERE […]
States Need Insurance Policyholder Advocacy Agencies: Advocate
{September 2nd, 2020} by Allison Bell
A longtime insurance consumer advocate has a proposal for fighting racism in insurance: Give every state a permanent, securely funded agency that can represent consumers in all kinds of disputes involving insurance. Birny Birnbaum, director of the Center for Economic Justice, included the “Bureau for the Consumer Advocate” (BICA) provision in a proposal for developing […]
Jackson Launches Digital Experience for Independent RIAs
{September 2nd, 2020} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced it has introduced a new distribution digital experience focused on independent Registered Investment Advisors (iRIAs) and their clients. As part of this new service, Jackson distribution associates will serve as licensed insurance professionals to help meet the needs of iRIAs and their clients. The new online […]
Athene Holding Ltd. Declares Third Quarter 2020 Preferred Stock Dividends
{September 2nd, 2020} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH) announced that it has declared the following preferred stock dividends on its non-cumulative preference shares (represented by depositary shares, each representing a 1/1,000th interest in a preference share), payable on September 30, 2020 to holders of record as of September 15, 2020. Quarterly dividend of $396.875 per […]
Transamerica Cuts Fees on 26 Share Classes of Active Funds, Variable Annuities
{September 2nd, 2020} by Allison Bell
Transamerica has reduced fees on 26 share classes of several actively managed mutual funds and variable annuity funds. The fee reductions range from two to 20 basis points and are the second set of fee cuts for the year. They were effective as of Aug. 28 for some funds and Aug. 31 for others. In […]
NAIC Race and Insurance Panel Schedules Open Meeting
{September 2nd, 2020} by Allison Bell
A new state insurance regulator panel will be looking at how it should address matters related to race, diversity, inclusion and fairness in the insurance sector. The Special Committee on Race and Insurance, an arm of the National Association of Insurance Commissioners (NAIC), is preparing to hold a two-hour open meeting starting at 2 p.m. Eastern […]
Life Insurers’ Commercial Mortgage Investments Did Great in Q2: Trepp
{September 2nd, 2020} by Allison Bell
Life insurers’ U.S. commercial mortgage investments did well in the second quarter, in spite of COVID-19 and pandemic-related lockdowns. Life insurers’ commercial mortgage loans provided 4.58% in total return for the second quarter. That was up from a 1% drop in the first quarter, and up from 3.11% in total return for the second quarter […]
Many Life Insurers Plan to Add Employees: Jacobson
{September 2nd, 2020} by Allison Bell
Low interest rates and COVID-19-related turmoil are squeezing U.S. life, health and annuity issuers — but half expect to add staff over the next 12 months. One-third expect to maintain current staffing levels, and just 17% expect to downsize, according to analysts at the Jacobson Group and Aon PLC’s Ward unit. Click HERE to read the full story […]
Dalbar to DOL: A Rollover Decision Is Not an Investment Decision
{September 2nd, 2020} by Allison Bell
Dalbar has told the Employee Benefits Security Administration that EBSA has based proposed sales standards for 401(k) plan rollovers on a faulty premise: that rollover decisions are investment decisions. “Rollover decisions are primarily driven by spending choices, personal obligations, estate considerations and longevity risk,” Dalbar says, in an outline of Dalbar executives’ views that was sent […]
GAO Tells Lawmakers Offshore Variable Life Can Be Abused
{September 2nd, 2020} by Allison Bell
A U.S. Government Accountability Office (GAO) team is telling Congress that taxpayers can abuse private placement variable life insurance. The GAO team looked at the product for Sen. Charles Grassley, R-Iowa, the chairman of the Senate Finance Committee. The team focused on two types of offshore insurance: micro-captive insurers controlled by U.S. businesses, and private placement […]
Study Finds 2 in 3 RIAs Would Consider Annuities if Clients Inquire
{September 2nd, 2020} by RetireOne
SAN FRANCISCO and NASHVILLE, Tenn., Sept. 1, 2020 /PRNewswire/ — Joint research from RetireOne® and Jackson National Life Insurance Company® (Jackson®) finds that 68% of registered investment advisors (RIAs) would consider recommending an annuity in cases where clients asked about annuities. For the remaining third who say they would not recommend an annuity, cost, lack of liquidity and complexity are the main concerns cited. […]
Annuity Sales Slump During Pandemic
{September 2nd, 2020} by Ben Mattlin
t’s a uniquely difficult time for retirement planning. Because of the pandemic, the economy is on edge. Equity markets are volatile, and interest rates remain at record lows. So it’s not surprising that annuities—a key tool for retirement planning—are in a tizzy, too. Click HERE to read the full story via Financial Planning
Two-Thirds of RIAs Open to Recommending Annuities: Survey
{September 2nd, 2020} by Michael S. Fischer
Sixty-eight percent of RIAs say they would consider recommending annuities to clients who ask about them, according to joint research released Tuesday by RetireOne, a platform for fee-based insurance solutions, and Jackson National Life Insurance Co. The remaining third of RIAs in the study said they would not recommend an annuity because of cost, lack of liquidity […]
‘Everything Is About Engagement’: Idea File
{September 2nd, 2020} by Allison Bell
For Mike James, COVID-19 is not a friend. James has been of NFP’s NFP Life Solutions unit since July 2017, and head of individual solutions at NFP since January 2006. He came into NFP as a sales executive with NFP’s Partners Financial, after spending 14 years at John Hancock. Click HERE to read the full […]
FBL Financial Group to Present at Investor Conferences in September
{September 2nd, 2020} by FBL Financial Group, Inc
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today announced that it will participate in two investor conferences in September. Dan Pitcher, Chief Executive Officer, and Don Seibel, Chief Financial Officer, will discuss the company at the Keefe, Bruyette & Woods 2020 Virtual Insurance Conference on Wednesday, September 9, 2020 at 4:40 p.m. Eastern […]
Voya Financial Provides Update on Sale of Individual Life Business and Other Closed Blocks
{September 2nd, 2020} by Voya Financial, Inc
NEW YORK–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), today announced that it now expects to complete the divestment of its Individual Life and other legacy non-retirement annuities businesses in the fourth quarter of 2020. Voya previously announced that it has sold these businesses to Resolution Life Group Holdings (Resolution Life) pursuant to a Master Transaction Agreement […]
Majesco Positioned as a Visionary in Gartner 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America
{September 2nd, 2020} by Majesco
MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global provider of cloud insurance platform software for insurance business transformation, today announced that it has been once again positioned as a Visionary in the August 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America. Per the report, which evaluates 11 vendors, “This Magic Quadrant provides a […]
FBL Financial Group Declares Quarterly Dividend
{September 2nd, 2020} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today announces that its Board of Directors declared a quarterly cash dividend of $0.50 per share to owners of Class A and Class B common stock. The dividend will be payable on September 30, 2020 to shareholders of record as of September 15, 2020. FBL Financial […]
SDNY Rules on Class Plaintiffs’ Motion for Class Certification in AXA COI Litigation
{September 1st, 2020} by Orrick, Herrington & Sutcliffe LLP, Ric Fukushim, Khail LeQuang, Aaron Rubin
On August 13, 2020, in the putative class action challenging AXA’s COI rate increase on Athena Universal Life II (“AUL II”) policies, Judge Jesse M. Furman of the United States District Court for the Southern District of New York issued an order granting in part and denying in part the class plaintiffs’ motion for class […]
