3Q Earnings Could Reveal Insurers’ Plans On Layoffs, Low Rates
{October 28th, 2020} by John Hilton
With the economic recovery slowing, winter on the way, and a second round of COVID-19 threatening public health, insurers are staring at a prolonged downturn. This is the backdrop as public companies produce their third-quarter earnings reports. Analysts are eager to see the bottom lines as many insurers are starting to show cracks in the […]
Unlimited Access to Wink’s Enterprise Solution
{October 28th, 2020} by Wink's RockStars
Wink offers annuity/life distributors an enterprise solution for annuity and life insurance product management. Side-by-side product comparisons Quickly compare rates on an apples-to-apples basis Advanced Search tool with a detailed rider search A full library of product specifications, standardized in laymen’s terms The unlimited-access iFrame can be added to your website, configured to your branding […]
AIG to Pursue Separation of Life & Retirement Business
{October 28th, 2020} by American International Group, Inc
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced its intention to separate its Life & Retirement business from AIG. The company’s executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, conducted a comprehensive review of the company’s current composite structure, including strategic, operational, […]
AIG Announces Leadership Transitions
{October 28th, 2020} by American International Group, Inc
Peter S. Zaffino to Become Chief Executive Officer and Joins Board Brian Duperreault to Become Executive Chairman Douglas M. Steenland to Become Lead Independent Director NEW YORK, October 26, 2020 — American International Group, Inc. (NYSE: AIG) today announced leadership transitions for its executive team and Board of Directors. The AIG Board of Directors has […]
AIG To Split Off Life & Retirement Business
{October 28th, 2020} by John Hilton
American International Group will separate its life and retirement business from AIG. The company’s executive management team, with assistance from independent financial and legal advisors and oversight from the AIG Board of Directors, “conducted a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications,” the company said in a […]
Global Atlantic Reinsures $5.7 Billion in Great American Annuities
{October 28th, 2020} by Allison Bell
An arm of Global Atlantic Financial Group Ltd. has reinsured $5.7 billion in fixed and non-variable indexed annuities for Great American Life Insurance Company, the companies announced Monday. Resources Documents related to the transaction are available here. An article about the KKR-Global Atlantic deal is available here. Great American is a subsidiary of American Financial Group of Cincinnati. Click HERE […]
Bipartisan retirement bill would increase RMD age to 75
{October 28th, 2020} by Mark Schoeff Jr.
Bipartisan leaders of the House tax-writing committee introduced an expansive retirement savings bill Tuesday that would allow people to save longer and set aside more money for retirement and expand automatic enrollment in company retirement plans. Click HERE to read the full story via InvestmentNews
More States Moving to Adopt NAIC Model Annuity Rule
{October 28th, 2020} by Melanie Waddell
More states are moving toward adopting the National Association of Insurance Commissioners’ revised Suitability in Annuity Transactions model regulation, which aligns with the Securities and Exchange Commission’s Regulation Best Interest. Arizona and Iowa have already adopted the model rule, while Kentucky, Michigan, Nevada and Ohio are mulling the idea. Click HERE to read the full […]
Secure Act 2.0′ Could Expand Use of ETF-Like Options in Variable Annuities
{October 28th, 2020} by Allison Bell
The big new “Securing a Strong Retirement Act of 2020″ bill — which some are calling the “Secure Act 2.0″ bill — contains a provision that could help life insurers expand variable annuity investment option menus. Section 203 in the Secure Act 2.0 would make it easier for life insurers to put subaccounts linked to exchange-traded funds […]
Expanding the Life and Annuity Industry’s Sales Pie
{October 28th, 2020} by Harry N. Stout
The pandemic has exposed the weak financial foundations of American families. Emergency funds have been depleted, retirement funds prematurely accessed, the lack of individual, non-employer based life insurance protection exposed and the politically charged availability of government provided safety net benefits made clear for all to see. Most families have come to the realization that […]
RIJ’s Honorable Mention
{October 28th, 2020} by Editorial Staff
SEC to air October 26 public hearing on ‘Reg BI’; Plan participants want lifetime income options: Lincoln Financial; Pandemic creates anxiety about Social Security: Wells Fargo; Empower marks year of extraordinary growth; Financial Times announces top 401 retirement plan advisers of 2020. SEC to air October 26 public hearing on ‘Reg BI’ Commission (SEC) has […]
Nationwide wants five pieces of the in-plan annuity market
{October 28th, 2020} by Kerry Pechter
Nationwide, the 10th-largest annuity issuer in the US and a provider of about 34,500 retirement plans, is launching a cluster of in-plan annuities. RIJ talks with Eric Stevenson, president of Nationwide Retirement Plans since mid-2019. Nationwide Financial announced this week that, starting in late 2020, it will introduce or begin marketing the first of at […]
Drama in Des Moines
{October 28th, 2020} by Kerry Pechter
Rejecting a takeover bid by Athene and MassMutual, fixed index annuity issuer American Equity will partner with Brookfield Asset Management. The deal releases up to $350m in capital for American Equity, and makes it a ‘Bermuda Triangle’ player. Having spurned a takeover bid from insurance giants Athene Holding and MassMutual a few weeks ago, […]
InsurTech Helps Advisors Reimagine Annuities & Life Sales
{October 28th, 2020} by Bill Hortz
Selling insurance has always been a laborious time, paper and process intensive business that has been, per the industry’s nature, slow to innovate and employ cutting-edge technology. But that is starting to change, very rapidly. While InsurTech might not grab headlines like other flashier FinTech sectors, based on Crunchbase data, 2019 saw the most venture capital […]
American International Group to Divest Life-Insurance Business
{October 28th, 2020} by Leslie Scism
Insurance conglomerate American International Group Inc. AIG is taking steps to split off its life-insurance business into a separate company, leaving it to focus on property-casualty insurance, a separation it will make under the direction of a new chief executive. In news releases late Monday afternoon, the New York company said current Chief Executive Brian […]
Can you pass this retirement literacy quiz?
{October 28th, 2020} by Elliot Raphaelson
The American College of Financial Services periodically conducts a retirement literacy quiz for prospective retirees. The 2020 quiz consists of 38 questions covering all important retirement issues. Unfortunately 8 out of 10 individuals taking the 2020 quiz failed to get a passing grade. Click HERE to read the full story via Chicago Tribune
FBI Charges Missing FA with Mail Fraud, Asks Public’s Help to Find Him
{October 28th, 2020} by Alex Padalka
The Federal Bureau of Investigation says it has charged Atlanta financial advisor Chris Burns — who disappeared in September amid an SEC investigation into his business — with mail fraud. The FBI believes that Burns, who left his home on September 24, a day before he was to turn over documents to the SEC, has swindled several victims out of […]
American Financial Group, Inc. Announces Block Reinsurance Agreement With Global Atlantic; Expected to Result in $375 Million to $400 Million of Additional Excess Capital at AFG
{October 28th, 2020} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE:AFG) announced today that it has entered into a reinsurance agreement with Commonwealth Annuity and Life Insurance Company (“Commonwealth”), a subsidiary of Global Atlantic Financial Group Limited (“Global Atlantic”). Through its subsidiaries, Global Atlantic offers a broad range of retirement, life and reinsurance products, and is rated “A” by A.M. […]
Athene Holding Ltd. to Announce Third Quarter 2020 Financial Results and Host Conference Call on November 3, 2020
{October 28th, 2020} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (NYSE: ATH), a leading provider of retirement savings products, announced it will release financial results for the third quarter 2020 on Tuesday, November 3, 2020, 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. Management […]
As Americans Age, Longer Retirements and Rising Costs Put Pressure on Financial Decision Making
{October 28th, 2020} by Allianz Life Insurance Company of North America
Allianz Life study finds people are concerned with the impact of inflation and the cost of healthcare, but not taking action to protect their retirement security Key Findings Snapshot: Over half (57%) of Americans are worried inflation will make basic retirement expenses unaffordable 48% of current retirees and 62% of non-retirees have no idea of […]
Eagle Life Parent Company American Equity Ranks in J.D. Power’s Top 3 for Customer Satisfaction
{October 28th, 2020} by Eagle Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–As a subsidiary of American Equity Investment Life Insurance Company, Eagle Life Insurance Company is proud to share that American Equity earned a third-place distinction for customer satisfaction in the J.D. Power 2020 U.S. Life Insurance Study. The carrier’s satisfaction index score outpaced the annuity industry average. Last year, American Equity […]
American Equity Ranks in J.D. Power’s Top 3 for Customer Satisfaction
{October 28th, 2020} by American Equity Investment Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Insurance Company, a leader in the sale of fixed index annuities, earned a third-place distinction for customer satisfaction in the J.D. Power 2020 U.S. Life Insurance Study. The carrier’s satisfaction index score outpaced the annuity industry average. Last year, American Equity ranked 4th in J.D. Power’s first “Overall […]
AM Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{October 28th, 2020} 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 ICR) of “aa-” of RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). These companies represent the key life/health (L/H) insurance subsidiaries of Ameriprise […]
OneAmerica Teams with ComPsych to Provide Stress Reduction Resource
{October 28th, 2020} by OneAmerica
INDIANAPOLIS–(BUSINESS WIRE)–For many working Americans, stress levels caused by various compounding events, such as COVID-19, racial injustice and the divisive political climate, are on the rise, prompting OneAmerica® and employee assistance program provider ComPsych Corporation to offer resources to help people protect their mental and physical health. The American Psychological Association says stress among Americans is […]
Securian Financial Is First U.S. Direct Life Insurer to Complete a Mortality Insurance-Linked Security Transaction
{October 28th, 2020} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial affiliate, Minnesota Life Insurance Company, has successfully completed a $100 million insurance-linked security (ILS) transaction, becoming the first U.S. direct writer of life insurance to utilize an extreme mortality bond structure. La Vie Re, a special purpose insurer not affiliated with Securian Financial, issued $100 million of Series 2020-1 Class […]
Principal Announces Third Quarter 2020 Results
{October 28th, 2020} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for third quarter 2020. Third quarter 2020 financial results Net income attributable to PFG for third quarter 2020 of $236.0 million, compared to $277.1 million for third quarter 2019. Net income per diluted share of $0.85 for third quarter 2020 compared to $0.98 in the prior year […]
North America insurtechs take gold and silver at the Zurich Innovation Championship
{October 28th, 2020} by Zurich North America
SCHAUMBURG, Ill., Oct. 21, 2020 /PRNewswire/ — Zurich North America Insurance is celebrating today as its two regional finalists have come out on top as the Gold and Silver winners of the Zurich Innovation Championship global finals. Zurich Insurance Group announced the top winners at a virtual ceremony today, bringing to a close the year-long insurtech competition geared […]
Haven Life Named One of the 2020 Best Small & Medium Workplaces™ by Great Place to Work® and Fortune
{October 28th, 2020} by Haven Life
NEW YORK, Oct. 22, 2020 /PRNewswire/ — Haven Life, the customer-centric life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is being recognized as one of the 2020 Best Workplaces by Great Place to Work and Fortune. The ranking considered more than 189,000 employees working at small- and medium-sized businesses in the United States. Haven Life ranked […]
Cigna and Earvin “Magic” Johnson Join Forces to Combat Health Disparities and Support Minority and Women-Owned Businesses
{October 28th, 2020} by Cigna
LOS ANGELES, Oct. 22, 2020 /PRNewswire/ — Cigna is teaming up with Earvin “Magic” Johnson, chairman and chief executive officer of Magic Johnson Enterprises, to combat health disparities and to support minority and women-owned small and mid-size businesses in the greater Los Angeles area. Together, Cigna and Johnson will pursue innovative approaches to create safer, healthier and more productive […]
Financial Times Names 10 Northwestern Mutual Advisors to List of Top Retirement Plan Advisors
{October 28th, 2020} by Northwestern Mutual
MILWAUKEE, Oct. 22, 2020 /PRNewswire/ — Northwestern Mutual today announced that 10 financial advisors affiliated with Northwestern Mutual Wealth Management Company have been named to the 2020 edition of the Financial Times’ 401 Top U.S. Retirement Plan Advisors. The FT 401 list recognizes an elite group of advisors who specialize in serving defined contribution (DC) retirement plans across the […]
Kansas City Life Declares Quarterly Dividend
{October 28th, 2020} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 26, 2020 /PRNewswire/ — The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.27 per share on October 26, 2020. The dividend will be payable on November 11, 2020, to stockholders of record on November 5, 2020. Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company’s primary business is providing financial protection through the sale of life insurance and annuities. The Company operates in 49 states and the District of Columbia. For more information, please visit www.kclife.com. SOURCE Kansas City Life Insurance Company
ProEquities Names Kim Davis Vice President Of Business Development
{October 28th, 2020} by ProEquities
BIRMINGHAM, Ala., Oct. 27, 2020 /PRNewswire/ — ProEquities (“the firm”), a leading independent financial advisory and brokerage firm and subsidiary of Protective Life Corporation, today announced that it has named Kim Davis Vice President of Business Development. In this role, Ms. Davis will manage the firm’s long-term growth objectives by leading the recruitment of outside financial professionals and be […]
Life Insurance Direct Marketing Association (LIDMA) Announces IXN as Winner of its 2020 Innovation Award & Key Partner Sessions Showcasing cutting edge products and services that power today’s leading life insurance distributors
{October 28th, 2020} by LIDMA
ATLANTA, Oct. 27, 2020 /PRNewswire/ — The Life Insurance Direct Marketing Association (LIDMA) today announced IXN as the winner of its 2020 Innovation Award. LIDMA also announced key 2020 dates and times for Partner Webinars launching on October 28th. IXN’s LifeDX Wins 2020 LIDMA Innovation Award On October 21, LIDMA’s audience of members and their staffs viewed five videos of […]
Virtudent And Guardian Life Announce Teledentistry Partnership
{October 28th, 2020} by Guardian
BOSTON, Oct. 27, 2020 /PRNewswire/ — Virtudent, Inc. (www.virtudent.com), the leading provider of teledentistry services, and The Guardian Life Insurance Company of America (Guardian Life) have announced a partnership to provide teledentistry services to Guardian members nationwide. Approximately 7 million Guardian PPO members will now have access to 24/7 teledentistry services through the co-branded teledentistry solution by […]
Globe Life Inc. Reports Third Quarter 2020 Results
{October 28th, 2020} by Globe Life, Inc.
MCKINNEY, Texas, Oct. 21, 2020 /PRNewswire/ — Globe Life Inc. (NYSE: GL) reported today that for the quarter ended September 30, 2020, net income was $1.76 per diluted common share, compared with $1.82 per diluted common share for the year-ago quarter. Net operating income for the quarter was $1.75 per diluted common share, compared with $1.73 per diluted common share for the year-ago quarter. HIGHLIGHTS: Net income as […]
F&G Finds Nearly Three in Four American Investors Steering Clear of Risks Since COVID-19
{October 28th, 2020} by Fidelity & Guaranty Life
DES MOINES, Iowa, Oct. 27, 2020 /PRNewswire/ — A new study from F&G, a leading provider of fixed indexed annuities and life insurance, found that 72% of respondents say the events of the last six months, including the pandemic, social unrest and market volatility, have made them less likely to take risks in general. The finding was part of […]
Household Wealth ‘Unscathed’ Despite Pandemic, Credit Suisse Says
{October 28th, 2020} by Contributor
While the pandemic has led to a decline in individual fortunes, household wealth has held up. That’s one of the main findings in Credit Suisse Group AG’s 2020 Global Wealth Report released Thursday. Thanks to government and central-bank actions to mitigate the Covid-19 fallout, global wealth rebounded from an initial slump in the first quarter […]
Venerable to Double Size of Managed Business Through Transaction with Equitable Holdings
{October 28th, 2020} by Venerable Holdings, Inc
WEST CHESTER, Pa., Oct. 27, 2020 /PRNewswire/ — Venerable Holdings, Inc. (“Venerable”) today announced a transaction with Equitable Holdings, Inc. (NYSE: EQH) (“Equitable Holdings”) that will double Venerable’s total assets. Venerable has entered into a definitive agreement to acquire Corporate Solutions Life Reinsurance Company (“Corporate Solutions Life Re”), a Delaware domiciled variable annuity reinsurance company, and will concurrently reinsure approximately $12 billion of […]
If you own or owned an Athena Universal Life II policy issued by AXA Equitable Life Insurance Company that was subject to a cost of insurance rate increase announced in October 2015, your rights may be affected
{October 28th, 2020} by JND Legal Administration
SEATTLE, Oct. 26, 2020 /PRNewswire/ — A class action lawsuit has been filed against AXA Equitable Life Insurance Company (“AXA Equitable”), now known as Equitable Life Insurance Company, for allegedly unlawful cost of insurance (“COI”) rate increases announced on October 1, 2015 on certain life insurance policies issued by AXA Equitable (the “COI Rate Increase”). The class action lawsuit is […]
Consultant Sees Too Much Optimism in Life Insurers’ Prices
{October 28th, 2020} by Allison Bell
The heads of America’s life insurers asked LIMRA, their nonprofit life industry research group, to start a review process that ultimately led to a consultant, Scott Campion, giving them a jolt of economic ice water. Back before the COVID-19 pandemic and its related shutdowns, life insurers asked LIMRA to set up a low interest rate […]
AIG Names Peter Zaffino CEO; Intends To Separate Its Life & Retirement Business
{October 28th, 2020} by N/A
American International Group, Inc. announced that it has named Peter Zaffino as its Chief Executive Officer, effective March 1, 2021, in addition to his current role as President. Brian Duperreault will become Executive Chairman and Douglas Steenland, currently Independent Chairman, will become Lead Independent Director, also effective March 1, 2021. Click HERE to read the […]
Long-Term Care Insurance Gaining Momentum In Pandemic
{October 28th, 2020} by Richmond Times-Dispatch (VA)
Kiplinger’s Personal Finance The pandemic’s effect on seniors has brought renewed attention to long-term care insurance – and aging at home. When policies first became widely available in the late 1970s, it was primarily used to help pay the costs of nursing homes. That has changed. Almost any policy sold now will have a pool […]
Army To Give Life Insurance Benefits To Vanessa Guillen, Killed ‘In The Line Of Duty’
{October 28th, 2020} by UPI Top News
The United States Army has ruled that Spc. Vanessa Guillen died “in the line of duty” and that her family is entitled to receive military benefits. Texas’ Fort Hood, where Guillen was stationed, announced the determination of her death in a statement on Tuesday, saying it was made following an investigation. “This investigation concluded that […]
MassMutual Lays Off 150+, Others Get Offer To Join Empower
{October 28th, 2020} by MassLive.com
A majority of MassMutual employees impacted by selling of retirement plan business to Colorado-based Empower Retirement will receive new offers to join the Colorado company. “MassMutual recently reached a definitive agreement to sell our retirement plan business to Empower, which includes approximately 2,000 employees associated with the business,” Laura Crisco, head of media relations said […]
National Life Group Simplifies Research and Quoting Process for Life Insurance Agents with iPipeline’s iSolve
{October 28th, 2020} by iPipeline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of low code cloud-based software solutions for the life insurance and financial services industry – today announced National Life Group, a leading provider of life insurance and diversified financial products, will implement iSolve®, an advanced research and quoting product, to automate the selling of permanent insurance for their […]
Some Positives Came Out Of The Pandemic, Panelists Say
{October 28th, 2020} by Susan Rupe
COVID-19 devastated the U.S. economy and upended daily life in so many ways. But some things were unchanged by the virus and some positives came out of the pandemic, a group of financial professionals said during a panel discussion during the National Association for Fixed Annuities’ Annuity Distribution Summit. “People will always need life insurance […]
The Anti-Annuity Dominos Have Fallen
{October 28th, 2020} by Tom Hegna
I have been an annuity believer for 30 years. The research of leading PhDs, specifically on the power of income annuities in retirement, is overwhelming. You really must cover your basic living expenses in retirement with some form of guaranteed lifetime income – Social Security, pensions and annuities. Click HERE to read the full story […]
Landmark Study Finds Number of Protected Households Rises for First Time Since 2018
{October 28th, 2020} by Alliance for Lifetime Income
WASHINGTON, Oct. 26, 2020 /PRNewswire/ — For the first time since the Alliance for Lifetime Income launched the Protected Lifetime Income Study in 2018, the number of protected households in the US has increased. Protected households are those that have a source of protected income—a pension or an annuity—to supplement what they receive from Social […]
Nationwide’s New Bet: Workers Want Indexed Annuities in 401(k)s
{October 25th, 2020} by Cyril Tuohy
“I do expect more companies to offer in-plan indexed annuities,” said Sheryl Moore, CEO of Wink and More Market Intelligence, which tracks the annuity market. Click HERE to read the full story via Life Annuity Specialist Companies need time to comply with the Employee Retirement Income Security Act, which governs in-plan investment choices, she said. […]
How COVID-19 Volatility and Near-Zero Rates Benefit Annuities
{October 21st, 2020} by Contributor
DPL Financial Partners hosted a digital roundtable discussion Thursday focused on the related and evolving topics of annuities, record-low interest rates and the COVID-19 pandemic. Speakers participating in the event included David Blanchett, head of retirement research at Morningstar Investment Management; David Lau, founder and CEO of DPL Financial Partners; Dan Rohlfing, senior financial adviser […]
American Equity Announces Strategic Partnership With Brookfield Asset Management to Accelerate AEL 2.0 Value-Creation Strategy
{October 21st, 2020} by American Equity Investment Life Holding Company
October 18, 2020 PDF Version Brookfield to Reinsure Up to $10 Billion of American Equity Fixed Index Annuity Liabilities and Make 19.9% Equity Investment in American Equity At $37.00 Per Share for Initial Investment American Equity Board Authorizes $500 Million Share Repurchase Program Rejects Unsolicited, Non-Binding Acquisition Proposal from Athene and MassMutual WEST DES MOINES, Iowa–(BUSINESS WIRE)–Oct. 18, 2020– American Equity Investment Life Holding Company (NYSE: […]
Brookfield Announces Strategic Partnership with American Equity Life. Establishes Brookfield as Cornerstone Investor and Reinsurance Counterparty of Leading Retirement Planning Annuity Provider
{October 21st, 2020} by Brookfield Asset Management Inc.
BROOKFIELD, NEWS, Oct. 18, 2020 (GLOBE NEWSWIRE) — Brookfield Asset Management Inc. (“Brookfield”) (NYSE: BAM, TSX: BAM.A) today announced a strategic partnership with American Equity Investment Life Holding Company (“AEL”) (NYSE: AEL), a leading retirement planning annuity provider. The partnership establishes Brookfield as a 19.9% cornerstone investor and reinsurance counterparty of AEL, supporting continued growth […]
‘Slow to insurance,’ Brookfield boosts presence with American Equity pact
{October 21st, 2020} by Tim Zawacki
Another alternative asset manager has partnered with a significant U.S.-based annuity writer to accelerate its insurance-related activities. Three months after KKR & Co. Inc. agreed to acquire Global Atlantic Financial Group Ltd., American Equity Investment Life Holding Company announced a partnership with Brookfield Asset Management Inc. that incorporates a significant equity investment, a reinsurance component, […]
American Equity board rejects takeover bid from West Des Moines neighbor Athene
{October 21st, 2020} by Tyler Jett
American Equity Investment Life Holding has rejected a takeover bid from fellow West Des Moines insurance company Athene Holding. American Equity announced in a news release that its board turned down a $3 billion offer from Athene and Massachusetts Mutual Life Insurance Co., saying the unsolicited bid was “opportunistic” and “significantly undervalues” the company. Instead, American Equity […]
American Equity Board Prefers Brookfield Deal to Athene-MassMutual Offer
{October 21st, 2020} by Allison Bell
American Equity Investment Life Holding Company has rejected an acquisition offer from Athene Holding Ltd. and Massachusetts Mutual Life Insurance Company. The Athene-MassMutual offer is “is opportunistic, significantly undervalues the company, and is not in the best interests of American Equity and its shareholders and other stakeholders,” according to a letter to Athene and MassMutual […]
Scott Pope Joins Legacy Marketing Group® As Regional Sales Director
{October 21st, 2020} by Legacy Marketing Group
PETALUMA, CA, October 16, 2020—Legacy Marketing Group, creator and distributor of exclusive, innovative insurance and annuity products, announces that Scott Pope has joined the company as Regional Sales Director. Scott joins Legacy from Ameritas Life Insurance Corp., where he worked as a Regional Sales Director for the past five years. Prior to Ameritas, Scott held […]
Insurance Titan Greg Lindberg To Report To Prison Today
{October 21st, 2020} by Charlotte Observer (NC)
Try as he might to extend his freedom, Durham businessman and convicted felon Greg Lindberg is scheduled become a federal inmate today. U.S. District Judge Max Cogburn denied a second motion Monday to delay Lindberg’s report date. In court documents, Lindberg’s attorneys said his partner is pregnant with his child and due to deliver the […]
Factors Affecting The Parameter Values For Fixed Index Annuities
{October 21st, 2020} by Wade Pfau
The previous discussion makes clear that the parameters offered by an FIA (floors, participation rates, caps, spreads, and buffers) will depend in large part on the level of interest rates and the cost of financial derivatives for the associated index. Higher interest rates mean that principal can be protected with less assets, which then leaves more that […]
Asset Managers Are Eating Life Insurers’ Share
{October 21st, 2020} by Allison Bell
Retirement accounts and mutual fund companies ripped about $3 trillion in assets away from U.S. life insurers between 1995 and 2019, according to analysts at Ernst & Young. The EY analysts found that life insurers’ share of U.S. household assets fell to 4% in 2019, from 10% in 1995. Click HERE to read the full […]
BofA’s Diversity Chief: Representation Doesn’t Mean You’re Inclusive
{October 21st, 2020} by Miriam Rozen
Bank of America’s top diversity and inclusion executive touted the bank’s recent transparency regarding representation, but noted that diversity doesn’t always translate to inclusion. “Just because you have representation doesn’t mean you have an inclusive environment,” Cynthia Bowman, the bank’s chief diversity and inclusion and talent acquisition officer, said yesterday. To succeed, diversity advocates need […]
Father of 4% Rule Says It Was Really More of a Guideline
{October 21st, 2020} by Ginger Szala
Michael Kitces, blogger and head of planning strategy at Buckingham Wealth Strategies, recently interviewed Bill Bengen, the “father” of the 4% rule, the “safe” withdrawal rate for retirement savings. In the discussion, the retired advisor said he actually used 4.5% instead for his clients. In fact, with inflation as low as it is today, he […]
Many Consumers Say They Need More Life Insurance: Global Atlantic
{October 21st, 2020} by Allison Bell
Many Americans may have already sold themselves on the idea that, really, they should have more life insurance. Global Atlantic has published data supporting that possibility in a summary of results from an online survey of 1,065 U.S. residents ages 25 through 74. All of the participants were involved in making financial decisions for their […]
Asset Managers Are Eating Life Insurers’ Share
{October 21st, 2020} by Allison Bell
Retirement accounts and mutual fund companies ripped about $3 trillion in assets away from U.S. life insurers between 1995 and 2019, according to analysts at Ernst & Young. The EY analysts found that life insurers’ share of U.S. household assets fell to 4% in 2019, from 10% in 1995. Click HERE to read the full […]
Focus On Retirement Happiness To Make The Annuity Case
{October 21st, 2020} by Tom Hegna
I think everyone dreams of a retirement where they can live a long and happy life. This has been researched by PhD’s around the world and the answers may surprise you. Research shows that people with a guaranteed lifetime income source tend to be happier and live longer. Click HERE to read the full story […]
Pacific Life Insurance Co. lays off almost 300 employees in light of COVID-19
{October 21st, 2020} by Lilly Nguyen
Just under 300 employees from Newport Beach-based Pacific Life Insurance Co. were laid off last week in light of the ongoing coronavirus pandemic and low interest rates. “We are constantly evaluating our business to ensure Pacific Life has the right structure to accomplish its goals and best serve the long-term interests of our clients,” a […]
Why an Economist Says Your Clients Should Buy Annuities Early
{October 21st, 2020} by Allison Bell
Anthony Webb has seen how COVID-19 can change everything first hand: The New School economist has been trapped on an island in Greece for six months because of lockdown-related travel restrictions. But the Alliance for Lifetime Income — an organization sponsored by the annuity production and distribution giants — managed to beam him in, via the […]
Ash Brokerage Reveals Turnkey System For Term Life Applications
{October 21st, 2020} by Ash Brokerage
FORT WAYNE, Ind., Oct. 20, 2020 /PRNewswire/ — Ash Brokerage, an insurance brokerage dedicated to excellent customer service and technology innovation released Ash Term Express, a streamlined platform designed to help financial professionals easily offer life insurance to clients. Ash Term Express allows the advisor the capability to quote premiums from different carriers and submit an application in […]
Nationwide Annuities Ranked No. 1 in J.D. Power 2020 U.S. Life Insurance Study
{October 21st, 2020} by Nationwide
COLUMBUS, Ohio, Oct. 14, 2020 /PRNewswire/ — Nationwide, one of the strongest, diversified, Fortune 100 insurance and financial services companies, announced that Nationwide annuities ranked No. 1 in the J.D. Power 2020 U.S. Life Insurance Study. Nationwide ranked No. 3 for its Individual Life products. “Nationwide has a deep commitment to protecting people, businesses and futures with extraordinary […]
AmeriLife® Expands Final Expense Platform and Call Center Capabilities with Acquisition of The Equita Group
{October 21st, 2020} by AmeriLife Group, LLC
CLEARWATER, Fla., Oct. 15, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health and retirement solutions, has partnered with The Equita Group, formally known as Equita Financial and Insurance Services. “The Equita Group’s purpose is centered around providing peace of mind,” said AmeriLife Chairman and CEO, Scott Perry. “Their mission meshes seamlessly […]
Sapiens Announces Pricing of Public Offering of its Common Shares
{October 21st, 2020} by Sapiens International Corporation
HOLON, Israel, Oct. 16, 2020 /PRNewswire/ — Sapiens International Corporation N.V. (Nasdaq: SPNS) (TASE: SPNS) (“Sapiens”), a leading global provider of software solutions for the insurance industry, announced today the pricing of an underwritten public offering of 3,389,830 of its common shares at a public offering price of $29.50 per share, before underwriting discounts and commissions. Sapiens has also granted the […]
Sapiens Wins Celent’s North America Xcelent Award for New Business and Underwriting Functionality in Life Insurance
{October 21st, 2020} by Sapiens International Corporation
HOLON, Israel, Oct. 19, 2020 /PRNewswire/ — Sapiens Americas, a wholly owned subsidiary of Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Sapiens has won Celent’s XCelent award in the ‘Breadth of Functionality’ category in North America for Sapiens UnderwritingPro for Life & Annuities. This marks the eleventh XCelent award Sapiens […]
Nationwide Announces Plans to Launch Full Suite of In-Plan Annuities
{October 21st, 2020} by Nationwide
COLUMBUS, Ohio, Oct. 20, 2020 /PRNewswire/ — The SECURE Act opened a new era of opportunity for retirement plan participants – expanding the ability for plan sponsors to help participants not only plan for retirement, but also live in retirement. One way the Act will help is by making in-plan annuities within defined contribution plans such as 401(k)s and 457(b)s more accessible and portable […]
Fidelity National Financial Announces 3rd Quarter 2020 Earnings Release And Conference Call
{October 21st, 2020} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Oct. 20, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF), a leading provider of title insurance and transaction services to the real estate and mortgage industries, will release 3rd quarter 2020 earnings after the close of regular market trading on Wednesday, November 4, 2020. A conference call will follow at 12:00 p.m. Eastern Time on Thursday, November 5, […]
Simplicity Announces a New Capital Investment from Lee Equity Partners
{October 21st, 2020} by Simplicity Group Holdings
SUMMIT, N.J., Oct. 16, 2020 /PRNewswire/ — Simplicity Group Holdings (“Simplicity”), a leading financial products distribution business, today announced that it has entered into an agreement with Lee Equity Partners (“Lee Equity”) pursuant to which Lee Equity will become the new majority owner of the company. Simplicity was previously majority owned by Aquiline Capital Partners (“Aquiline”). Additional terms […]
Symetra Gives Employees Paid Time Off to Vote
{October 21st, 2020} by Allison Bell
Symetra Life Insurance Company says it will give employees paid time off to vote Nov. 3. The Bellevue, Washington-based insurance is a U.S. arm of Sumitomo Life. It has about 2,000 employees. Click HERE to read the full story via ThinkAdvisor
FBL Hires Firms to Evaluate Offer From Sister Company
{October 21st, 2020} by Allison Bell
FBL Financial Group says it has hired a law firm and a financial advisory firm to evaluate an acquisition offer from a sister company, Farm Bureau Property & Casualty Insurance Company. FBL has hired Sidley Austin LLP to be its legal counsel for evaluating the offer, and Barclays Capital to be its financial advisor. Click […]
Financial Advisors Warn: Keep Emotions And Politics Out Of Your Portfolio
{October 21st, 2020} by The Georgetown Times (SC)
Financial adviser Erica Rahr didn’t think she was getting into the “emotional coach” business, but she did. “I consider that to be one of the largest parts of my job,” said the Edward Jones adviser from her office in Murrells Inlet. “Being that emotional coach. Many would make the argument, including myself, that that’s one […]
#InsuranceJobs Needed
{October 20th, 2020} by Sheryl J. Moore
I created a LinkedIn group to help insurance pros looking for work to meet insurance pros looking for jobs. Unfortunately, I think we are going to get a lot more members in this group over the coming weeks… https://lnkd.in/ehkTvkE -sjm
Here Are 2 Ways Opponents Could Stop The DOL Advice Rule
{October 20th, 2020} by John Hilton
Industry watchers expect the Department of Labor to publish a final version of its investment advice rule any day now — but the regulation’s 10-year saga is far from over. Publishing the final rule soon makes it much harder for a Joe Biden administration to pivot away from it. But even if the president wins […]
M&A Should Resume In 2021 As Insurers ‘Reinvent’: Deloitte
{October 20th, 2020} by John Hilton
Like many aspects of the insurance industry, mergers-and-acquisitions activity is not at all where analysts expected coming into 2020 — thank COVID-19 for that. But M&A will continue robustly, analysts predict. In fact, it will help shape how the industry recovers from the pandemic and reinvents itself. “Most industries, including insurance, will need to reinvent […]
California IUL Lawsuit Is One To Watch, Attorney Says
{October 20th, 2020} by John Hilton
The insurance industry will be watching closely in the coming months as a class-action lawsuit over an indexed universal life policy plays out in a California courtroom. The lawsuit was filed Aug. 6 in Orange County Superior Courts by plaintiffs Hong Li and Tailong Liu. Defendants are listed as Tiffany Xu, Sky Vision Insurance Agency […]
How Annuity Hatred Melted For These Advisors
{October 20th, 2020} by John Hilton
“I was an annuity hater,” said Dan Rohlfing, a senior financial advisor with Lantz Financial Team in Naperville, Ill. The main reason is pretty simple, he said during a webcast sponsored by DPL Financial Partners Thursday: annuities of the early 2000s were expensive and offered little more than tax deferral. But times have changed and […]
Voices: Did the DoL fiduciary rule really make variable annuities cheaper?
{October 20th, 2020} by Scott Stolz
This piece is in response to an article that appeared in Financial Planning Sept. 24. Did sales of “expensive” variable annuities fall as a result of the now-vacated Department of Labor’s fiduciary rule, as claimed by professors in a study published in July? The professors from Harvard Business School and New York University do make a pretty compelling argument. […]
The Latest In Sales Illustrations, Paramed Exams And Client Engagement
{October 20th, 2020} by Ken Leibow
There has been a lot reported on the impact of COVID-19 to the life insurance industry. I wanted to research this from a different perspective. Starting with sales illustration vendors from changes to carrier projects to how BGAs and agents are engaging with their clients. Next, I was curious about the truth regarding paramed exams. […]
Annuities One Solution For Today’s Challenging Retirement Environment
{October 20th, 2020} by Timothy L. Dameron
Investing used to be easier for retirees. Many sought to generate enough income from the yield created by bonds or short-term investments like money market funds to meet their living expenses. This was easier in 1981, when yields, another term for interest, on the benchmark 10-year U.S. Treasury note reached 15.8 percent. In early 1990, […]
AIG Aims New Index Annuity At Regulation-Focused New York
{October 20th, 2020} by Staff Reports
AIG Life & Retirement today announced the launch of the Power Index Premier NY Index Annuity with Lifetime Income Builder. The new product goes to market amid a tough regulatory environment in New York. Developed exclusively for the state, AIG said the Power Index Premier NY is currently the only index annuity that gives New […]
CUNA Mutual Group Debuts MaxProtect™ Fixed Annuity
{October 20th, 2020} by CUNA Mutual Group
MADISON, Wis., Sept. 21, 2020 /PRNewswire/ — CUNA Mutual Group, a leading insurance and financial services company, announced today the launch of its new MaxProtect™ Fixed Annuity, a multi-year guaranteed annuity providing investors a guaranteed rate of return while protecting their nest egg from market volatility. MaxProtect™ joins CUNA Mutual Group’s already-robust portfolio of annuities, which had fourteen […]
Goldman Sachs, Allstate Join Other Companies Announcing Layoffs
{October 20th, 2020} by Connor Smith
Goldman Sachs Group, Allstate, and Marathon Petroleum each announced layoffs on Wednesday—a day after Walt Disney said it would cut 28,000 jobs. Goldman Sachs Group (ticker: GS) plans to cut about 1% of its workforce, or just under 400 people, according to a person familiar with the matter. The company ended its 2019 fiscal year with 38,300 employees. Bloomberg News first reported the layoffs. […]
Don’t Make These Mistakes When Buying Life Insurance
{October 19th, 2020} by Cameron Huddleston and Amy Danise
If you were planning to buy a car or even a TV, you’d likely spend hours researching your options and comparing prices to get the best deal. Would you devote much time, though, to buying life insurance? After all, it’s not nearly as exciting as getting the keys to a new car. But, arguably, buying […]
“Best” life insurance companies for 2020
{October 14th, 2020} by Joe Van Brussel
Best overall Fastest coverage Best customer service Best overall (runner-up) Best customer service (runner-up) Most flexible terms
AIG Life & Retirement Launches the Only Index Annuity in New York That Guarantees Lifetime Income Growth
{October 14th, 2020} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities, today announced the launch of the Power Index Premier NY Index Annuity with Lifetime Income Builder. Developed exclusively for the state of New York, Power Index Premier NY is currently the only index annuity […]
Reliable and relevant
{October 14th, 2020} by Sheryl J. Moore
I will never forget the day when Grandfather came home with tears in his eyes, talking about his client who had died unexpectedly. You see, this client’s wife had just held my grandfather’s hand for hours, as people came through a funeral home, paying their last respects to her husband. She repeatedly thanked him, looking […]
Pandemic Hasn’t Driven Consumers To Buy More Life Insurance, Study Says
{October 14th, 2020} by Jacqueline Sergeant
The 200,000-plus U.S. deaths and uncertainty associated with the Covid-19 crisis have not moved people to run out and buy life insurance, according to the J.D. Power 2020 U.S. Life Insurance Study, released today. The study, based on responses from 5,469 individual life insurance customers and 3,674 annuity customers and fielded from June through August, […]
Biden win could open the door for Reg BI revamp
{October 14th, 2020} by Kenneth Corbin
The future of advice regulation could be on the ballot as the presidential election heads into the final stretch, according to fiduciary advocates and industry groups. To be sure, neither President Donald Trump nor former Vice President Joe Biden is campaigning on how their SEC or Department of Labor would regulate investment advisors and brokers, […]
Why The 4% Withdrawal Rule For Retirement Is History
{October 14th, 2020} by John L. Smallwood
A recent article discusses a savings target based on 4% withdrawal vs 3.5%. According to John L. Smallwood, the target is the problem. The 4% Withdrawal Rule Is History It is impossible to predict how much money you will need in retirement since the all the variables of the equation are subject to change. Click HERE to read the full […]
Fidelity Hiring 4,000 Workers, Including Advisors
{October 14th, 2020} by Bernice Napach
Fidelity Investments is seeking to fill approximately 4,000 new client-facing positions across the U.S. over the next six months due to “unprecedented customer growth and engagement” in its business. According to a company announcement, the positions include financial advisors, licensed representatives and customer service employees involved in personal investing and workplace investing. It hopes to fill […]
MIB Life Application Activity Level Cools
{October 14th, 2020} by Allison Bell
U.S. life insurance application activity started to come back to earth in September. MIB Group says its overall life application activity index was 4.4% higher in September than in September 2019. Click HERE to read the full story via ThinkAdvisor
New York Life Chair Set to Lead Life Insurers Into 2021 Budget Battles
{October 14th, 2020} by Allison Bell
Ted Mathas is preparing to lead U.S. life insurers into whatever the next 12 months may hold. The board of the American Council of Life Insurers today elected Mathas to be its 2020-2021 chair at its annual conference Click HERE to read the full story via ThinkAdvisor
Many Americans Want to Retire Early, Move Out of U.S.: Survey
{October 14th, 2020} by Michael S. Fischer
More Americans appear to be interested in moving abroad, a trend that International Living, which provides retirees information on transitioning overseas, has observed up close. “At International Living in recent weeks, we’ve watched the volume of [web] search traffic surge around the subject of moving outside the U.S.,” Jennifer Stevens, IL’s executive editor, said in […]
Regulators Settle On 0.15% Nonforfeiture Floor On Deferred Annuities
{October 14th, 2020} by John Hilton
A state regulator task force took another stab at resetting the standard minimum nonforfeiture interest rate for individual deferred annuities to help insurers cope with historically low interest rates. Regulators had previously toyed with dropping the rate from 1% to 0%, but the Life Actuarial Task Force revisited the issue today and settled on 0.15%. […]
Most Big Life and Annuity Issuers Look Fine: Morgan Stanley
{October 14th, 2020} by https://www.thinkadvisor.com/2020/10/08/most-big-life-and-annuity-issuers-look-fine-morgan-stanley/
Most of the big, publicly traded life and annuity issuers that Morgan Stanley tracks look as if they’re doing fine —and well enough to be using cash to buy back their own stock by the end of the year. Nigel Dally and other MorganStanley securities analysts give that assessment in a new commentary on the […]
AM Best Affirms Credit Ratings of Aegon N.V.’s U.S. Subsidiaries
{October 14th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of the U.S. life/health subsidiaries of Aegon N.V. (Aegon) (Netherlands) [NYSE: AEG]. Aegon’s U.S. life/health companies are referred to collectively as Aegon USA Group (Aegon USA). The outlook of these Credit Ratings (ratings) […]
AM Best Places Credit Ratings of F&G Reinsurance Ltd. Under Review with Developing Implications
{October 14th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” of F&G Reinsurance Ltd. (F&G Re) (Bermuda). The under review status follows the recent announcement that Fidelity National Financial, Inc. (FNF) [NYSE: FNF] and its subsidiary Fidelity & Guaranty Life […]
Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears, J.D. Power Finds
{October 14th, 2020} by J.D. Power
TROY, Mich.–(BUSINESS WIRE)–Even as deaths associated with COVID-19 eclipse 200,000 in the United States, consumers don’t seem motivated to buy life insurance and life insurance customers are largely apathetic toward their insurer despite some standout performances. According to the J.D. Power 2020 U.S. Life Insurance Study,SM released today, a combination of infrequent client communications and a […]
Northwestern Mutual to Host First-of-its-Kind Virtual Women in Tech Conference
{October 14th, 2020} by Northwestern Mutual
MILWAUKEE, Oct. 12, 2020 /PRNewswire/ — Northwestern Mutual today announced the company will host its first Women in Tech Conference on December 3. This virtual conference will gather top companies nationwide, women technologists, and their allies for a full-day event focused on professional development, empowerment and collaboration with the ultimate goal of fostering a more diverse and inclusive tech industry and […]
New Documentary Seeks to Tell True Story of Columbus
{October 14th, 2020} by Knights of Columbus
NEW HAVEN, Conn., Oct. 11, 2020 /PRNewswire/ — A new documentary on Christopher Columbus co-produced by the Knights of Columbus and the National Columbus Education Foundation with narration by Chazz Palminteri will premiere nationally this Columbus Day Weekend. Courage and Conviction: The True Story of Christopher Columbus examines the life and legacy of the historic figure credited with the discovery of the New […]
RetireOne® and Protective® Collaborate on New Low-Cost Advisory Variable Annuity for RIAs
{October 14th, 2020} by RetireONe
SAN FRANCISCO and BIRMINGHAM, Ala., Oct. 8, 2020 /PRNewswire/ — RetireOne® and Protective® are teaming up to bring a new, low-cost advisory variable annuity to market. With an M&E fee of just 30 basis points, and subaccounts from Vanguard® and DFA, the Protective® Investors Benefit Variable Annuity is one of the lowest-cost variable annuities on the market.1 “After acquiring Great-West last year, our goal […]
Symetra Affirms Commitment to Diversity, Equity and Inclusion with Expanded Commitments to Racial Equity and Social Justice
{October 14th, 2020} by Symetra Life Insurance Company
BELLEVUE, Wash.–(BUSINESS WIRE)–Following its June statement on systemic racism, Symetra Life Insurance Company today sharpened its Symetra Empowers Inclusion strategic pillar by outlining a broad list of commitments that builds on its diversity, equity and inclusion principles and more explicitly details the company’s goals to advance racial equity and address racial injustice. Symetra also announced a $50,000 donation to […]
FIDx Announces the Launch of FIDx Protection Intelligence to Radically Expand Annuity Distribution
{October 14th, 2020} by FID-x
BERWYN, Pa., Oct. 8, 2020 /PRNewswire/ — FIDx, a product-agnostic platform that connects annuities with wealth management platforms and other solution providers, today announced the launch of its proprietary platform, FIDx Protection Intelligence. The launch enables direct integration for any distribution entity to offer access to protection and income solutions from a range of insurance carrier partners. […]
How SS&C Advent aims to meet advisor demand for annuities
{October 14th, 2020} by Ryan W. Neal
Fintechs are introducing new digital insurance marketplaces to meet rising demand for the products among financial advisors. SS&C Advent is now offering a new, aptly named Insurance Marketplace for advisors to find annuities, life insurance, long-term personal care and disability products for clients. The marketplace will be accessible through SS&C Advent’s portfolio management and accounting […]
Des Moines advocate is awarded $10,000 grant to help underserved women in STEM education
{October 8th, 2020} by Special to the Register
Nancy Mwirotsi, founder of Pursuit of Innovation 515 (Pi515) in Des Moines, has been awarded a $10,000 Nation of Neighbors grant from Royal Neighbors of America, one of the first and largest women-led insurers in the country. Mwirotsi is known in the area for her advocacy work on behalf of underserved women, refugees, and low-income students, the […]
You have spoken, Wink listened.
{October 7th, 2020} by Wink's RockStars
New product trends can be fleeting. As the market environment changes, so too does product development. However, you have spoken, and Wink listened! Indexed products that have “buy-up caps” will now have their rates and fees listed on our analysis tools’ Product Search, Product Specs, Product Rates, and Historical Rates. Hope you love it! […]
American Equity Confirms Receipt of Unsolicited Non-Binding Acquisition Proposal
{October 7th, 2020} by American Equity Investment Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) today confirmed that it received an unsolicited non-binding proposal from Athene Holding Ltd. (NYSE: ATH) with Massachusetts Mutual Life Insurance Company to acquire all outstanding common shares of American Equity for $36.00 per share in cash. Consistent with its fiduciary responsibilities, American Equity’s […]
Advisors Who Hate Annuities Haven’t Seen Their New Structures
{October 7th, 2020} by Jack Sharry
Why do some advisors hate annuities? What I hear is: “The fees are too high. They’re complicated. There’s no transparency. There’s an insurance company involved. The back office is a nightmare. Don’t you need a separate license?” But just like our world has changed, so have annuities. They have evolved at warp speed to meet […]
WealthVest launches free online university to help financial professionals succeed in this changing world
{October 7th, 2020} by WealthVest
During the COVID-19 pandemic, the way business is done has changed significantly. Some changes remain and will possibly become the new normal. For businesses and industries that thrive on face to face meetings, this change in our world has demanded a large pivot in the way business is done. The shift to digital meetings has […]
Why American Equity’s Share Price Spiked Today
{October 7th, 2020} by Kerry Pechter
With new management and a new business model, American Equity Investment Life hopes to climb back onto the FIA sales leaderboard. It’s using the strategy that RIJ dubbed ‘The Bermuda Triangle’ in two stories six weeks ago. It’s now clear what American Equity intended when it hired Anant Bhalla, a former Brighthouse/MetLife financial star, as […]
She’s Got Advice for Life Insurers
{October 7th, 2020} by Kerry Pechter
‘Insurers can’t remain wedded to product sales, which are becoming commoditized in a future that trends toward financial advice,’ says industry veteran Michelle Richter, who just launched Fiduciary Insurance Services, LLC. What is the nature of insurance advice—in the context of annuities and retirement? Does it mean reading prospectuses? Does it mean recommending an indexed annuity […]
Don’t let ageism stop you from talking about longevity
{October 7th, 2020} by Kathleen Burns Kingsbury
The financial industry often denies the fact that clients are living longer than ever before. Just think about the first words that come to mind when you think of old people — words such as frail, slow, cranky, feeble or sick are typically associated with seniors. Click HERE to read the full story via InvestmentNews.
Former Agent Group Leader Says NAIFA and Finseca Should Combine
{October 7th, 2020} by Allison Bell
A former chief executive officer of the National Association of Insurance and Financial Advisors (NAIFA) says NAIFA should team up with Finseca. David Woods, who served as NAIFA’s CEO from 2003 through 2007, said he has been disappointed to see the Association for Advanced Life Underwriter combine with GAMA International to form Finseca, while staying […]
5 Myths Keeping Black Americans From Buying Life Insurance
{October 7th, 2020} by John Hilton
Some recent studies show that Black households are more receptive than other races are to purchasing life insurance — the key is reaching that market. Nearly 80% of Black Americans said having life insurance is a goal for them, a 2019 New York Life study found, versus 63% of all adults. More than 90% of […]
Low Interest Rates Push Prices for New Life-LTC Hybrids Higher: Milliman
{October 7th, 2020} by Allison Bell
Falling interest rates seem to be hitting issuers of long-term care (LTC) hybrid products hard. Actuaries at Milliman have included comments supporting that assessment in a new summary of results from an LTC hybrid issuer survey. Seven of the nine carriers that participated said they had increased LTC hybrid prices at least once in the previous […]
Tackling Pay Equity in the Insurance Industry
{October 7th, 2020} by Zev Eigen
The insurance industry has a well-known pay gap that is worse than the national average and larger today than it was in 1951. Fortunately, insurance companies are getting serious about pay equity based on gender and race — and for good reasons: One: it’s the law. Two: it’s good for business. Three: it’s the right thing to […]
AM Best Affirms Credit Ratings of Great-West Lifeco Inc. and Its Subsidiaries
{October 7th, 2020} 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 ICR) of “aa” of The Canada Life Assurance Company (Winnipeg, Manitoba) and its affiliates. Concurrently, AM Best has affirmed the Long-Term ICR of “a” and the Long-Term Issue Credit Ratings (Long-Term IR) of Great-West Lifeco Inc. (Lifeco) […]
Investors Heritage Celebrates 60 Years of Service
{October 7th, 2020} by Investors Heritage
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) announced that this year it was recognizing its 60th year of continuous operations in its mission to provide customers with reliable insurance solutions that meet their needs and those of their loved ones. Investors Heritage was founded in 1960 by two-term Kentucky Lieutenant Governor Harry Lee Waterfield. […]
Ameriprise Financial Celebrates 15-Year Anniversary as an Independent, Publicly Traded Company Committed to Helping Clients Achieve Their Financial Goals
{October 7th, 2020} by Ameriprise Financial
MINNEAPOLIS–(BUSINESS WIRE)–October 3 marks the 15-year anniversary of Ameriprise Financial’s (NYSE: AMP) spinoff from American Express. The company’s roots trace back more than 125 years, when it was founded in Minneapolis as Investors Syndicate in 1894 with a vision to help everyday Americans achieve their financial goals. That legacy continued as the firm operated under […]
AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries
{October 7th, 2020} by AM Best
LONDON–(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 main rated insurance subsidiaries of Zurich Insurance Group Ltd (Zurich) (Switzerland). At the same time, AM Best has affirmed the Long-Term ICR of “a” of Zurich (a non-operating holding company). The […]
Protective Life Announces Expanded Virtual Workforce
{October 7th, 2020} by Protective Life
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today the expansion of its virtual workforce, as the company refocuses its physical location footprint on three core sites in Birmingham, Cincinnati and St. Louis. Employees who regularly work in six Protective offices will join the company’s […]
Athene, MassMutual Made Over $3 Billion Takeover Offer to American Equity
{October 7th, 2020} by Leslie Scism
A pair of insurance companies made a bid for American Equity Investment Life Holding Co. AEL -1.30% last month, in a bet that the small Iowa insurer’s retirement-income products will continue to be popular with conservative savers. Massachusetts Mutual Life Insurance Co. and the publicly traded Athene Holding Ltd. ATH -1.92% offered American Equity $36 a share in cash on Sept. 8, according to a […]
TIAA Expands Investment Menu Lineup With More Than 30 New Funds
{October 7th, 2020} by TIAA
NEW YORK, Oct. 1, 2020 /PRNewswire/ — TIAA significantly expanded the investment options available in the TIAA Access variable annuity1 lineup. TIAA participants investing through their employer retirement plans will now have access to more than 30 new funds across a range of asset classes and outcome goals. These new investment options illustrate TIAA’s commitment to continually evolving […]
Goldman Sachs to Eliminate 400 Jobs
{October 7th, 2020} by Alex Padalka
Goldman Sachs is the latest financial services company to reportedly return to laying off staff after suspending any cuts in light of the coronavirus crisis. The company intends to cut around 1% of its employees, or around 400 jobs, people with knowledge of the matter, who asked to remain anonymous, tell Bloomberg. The current round […]
BofA Rolls Out Life Plan Tool with Access to Financial Professionals
{October 7th, 2020} by Alex Padalka
Bank of America says it has launched a financial planning program aimed at offering customers digital services as well as connecting clients with the firm’s financial professionals. Life Plan, as the new program is called, is available to BofA clients through its mobile app and online banking platform, according to the bank. The program allows […]
Joe Biden Owns a Security Benefit Variable Annuity
{October 7th, 2020} by Allison Bell
The 2020 presidential race has raised many important questions about the future of the country, and the world, and given a financial professionals a chance to peek inside the candidates’ portfolios. All of the four major party presidential and vice presidential candidates — President Donald Trump; Vice President Mike Pence; Joe Biden, the former vice […]
A Conversation With Gina Birchall
{October 7th, 2020} by P.E. Kelly
September was Life Insurance Awareness Month, the embodiment of a strategic effort by numerous industry constituencies to provide a sharper focus on the importance and immutable efficacy of our life insurance products. Seventeen years ago, the non-profit organization LifeHappens was formed to do just that: condense and deliver a cohesive message to consumers about the […]
October Focus Provides Opportunity For Critical Illness Insurance Awareness
{October 7th, 2020} by American Association for Critical Illness Insurance
October is National Critical Illness Awareness Month an opportunity for advisors and insurance agents to capitalize on the heightened awareness for this important protection. “There are 100 million Americans who may need this coverage, most of whom have never thought about their risk and ways to plan,” explains Jesse Slome, founder and director of the American […]
Another asset manager enters the ‘Bermuda Triangle’ fixed annuity business
{October 7th, 2020} by Editorial Staff
‘Aspida’s three-pronged strategy includes executing new reinsurance contracts, pursuing opportunistic acquisitions of insurance companies and issuing new annuity and life insurance products,’ an Ares Asset Management release said. Aspida Holdings Ltd., an indirect subsidiary of Ares Management Corp., has agreed to buy all outstanding common shares in F&G Reinsurance Ltd, a Bermuda-domiciled life and annuity […]
John Bultema Named Preident & CEO Of Columbus Life
{October 7th, 2020} by N/A
Cincinnati, OH – Western & Southern Financial Group has announced that John H. Bultema III will become president and chief executive officer of Columbus Life Insurance Company. Bultema will succeed J.J. Miller, who is retiring effective October 2, 2020. In addition to his new role, Bultema will continue to serve as and chief executive officer of The Lafayette […]
Allegis Advisor Group Acquires Beacon Financial Inc.
{October 7th, 2020} by Allegis Advisor Group
SALT LAKE CITY, Oct. 6, 2020 /PRNewswire/ — Allegis Advisor Group, an independent insurance marketing and financial planning firm, announces today their acquisition of Beacon Financial, Inc., a national marketing organization founded in 2000, that specializes in annuities, life insurance and Medicare, and its merger into the firm. The companies will combine resources to offer affiliated advisors access […]
FIDx and Halo Announce Partnership to Expand Annuity Distribution to Halo’s Protective Investing Platform
{October 7th, 2020} by https://www.prnewswire.com/news-releases/fidx-and-halo-announce-partnership-to-expand-annuity-distribution-to-halos-protective-investing-platform-301143876.html
BERWYN, Pa., Oct. 1, 2020 /PRNewswire/ — FIDx, a product-agnostic platform that seamlessly integrates insurance solutions with wealth management platforms, today announced a strategic partnership with Halo Investing, a marketplace provider that connects investors to protective investment products. The integration will elevate the availability and distribution of annuities to users of the Halo platform. FIDx and Halo are […]
Fidelity National Financial and F&G Announce the Signing of a Definitive Agreement to Sell F&G Re to Aspida Holdings Ltd.
{October 7th, 2020} by Fidelity National Financial, Inc
JACKSONVILLE, Fla. and DES MOINES, Iowa, Sept. 30, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (“FNF”) (NYSE: FNF) and F&G, a leading provider of annuities and life insurance, announced today that F&G has entered into a definitive agreement (the “Transaction”) to sell F&G Reinsurance Ltd (“F&G Re”) to Aspida Holdings Ltd. (“Aspida”), an indirect subsidiary of Ares Management Corporation. F&G […]
Ameritas Investment Company, LLC Chooses Entreda, A Wholly Owned Subsidiary Of Smarsh, To Provide Endpoint Cyber Risk And Compliance Software; Completes Roll Out To Independent Financial Professionals
{October 7th, 2020} by Entreda
SANTA CLARA, Calif. and LINCOLN, Neb., Oct. 5, 2020 /PRNewswire/ — Entreda, an award-winning developer of integrated cybersecurity software and solutions for the wealth management and insurance industries, today announced that it has finalized an agreement with Ameritas Investment Company, LLC (AIC), an independent Broker/Dealer and Registered Investment Adviser. Entreda will provide its comprehensive suite of cybersecurity solutions to the […]
AmeriLife Expands Third-Party Administration Capabilities with Secure Administrative Solutions Acquisition
{October 7th, 2020} by AmeriLife Group, LLC
CLEARWATER, Fla., Oct. 6, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health and retirement solutions, has acquired Secure Administrative Solutions (SAS) from A-CAP. SAS is a multi-product, third-party administrator, and this acquisition plays a key role in AmeriLife’s strategic initiative to expand its third-party administrator capabilities. “This acquisition was […]
Northwestern Mutual Invests $2.5 Million in Education to Bolster Diverse Talent in Milwaukee
{October 7th, 2020} by Northwestern Mutual
MILWAUKEE, Oct. 1, 2020 /PRNewswire/ — Only nine percent of Milwaukee students will earn both a high school diploma and college degree. To boost students’ long-term success to achieve their full educational and career potential, Northwestern Mutual today announced a commitment of $2.5 million to schools, nonprofits and programming in the city of Milwaukee. These funds will support the company’s newly-evolved philanthropic strategy of investing […]
New Milliman survey reveals significant repricing of long-term care hybrid products in the last 12 months
{October 7th, 2020} by Milliman
SEATTLE, Sept. 30, 2020 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today released the results of a new survey examining changes to hybrid long-term care (LTC) plans in light of the low interest rate environment and COVID-19. The study, “LTC Hybrid Product Survey,” is based on a survey of top writers of life LTC […]
NAIFA New York State Joins Finseca
{October 7th, 2020} by Finseca
WASHINGTON, Sept. 29, 2020 /PRNewswire/ — Finseca – a newly-launched professional trade association formed through the merger of AALU and GAMA, which represents the financial security professionals across the United States – announced today an affiliation with NAIFA – New York State. NAIFA – NYS will align its strengths and focus with Finseca’s national reach to benefit the members of the […]
Study Reveals Perceptions About Life Insurance Ownership Around World
{October 7th, 2020} by Staff Reports
All over the world, consumers rely on life insurance to protect their families and provide financial security. As we highlight the importance of life insurance as we wrap up Life Insurance Awareness Month (LIAM) in the United States, here’s a look at how consumers around the globe think about life insurance. Compared to the U.S., […]
