THIRD QUARTER 2020 LIFE INSURANCE SALES
{November 30th, 2020} by Sheryl J. Moore
Non-Variable UL Sales for the third quarter of 2020 were $624 million, compared with sales of $841 million for the third quarter of 2019. Third quarter non-variable life sales were down more than 5% when compared to the previous quarter and down nearly 26% as compared to the same period last year. Indexed Life Sales […]
As Insurers Fight for Fixed-Rate Annuity Sales, Commissions Fall
{November 26th, 2020} by Warren S. Hersch
The decline in commissions for the products, called multi-year guaranteed annuities, comes as third-quarter sales jumped to $16.6 billion, up 70% from a year earlier, according to Wink. The leading sellers of the products have also changed, to Sammons Financial and MassMutual from AIG and New York Life in the same quarter of 2019. Wink CEO Sheryl Moore couldn’t be reached for comment. Click HERE […]
Wink, Inc. Releases 3rd Quarter, 2020 Deferred Annuity Sales Results
{November 25th, 2020} by Wink's RockStars
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE Multi-Year Guaranteed Annuities Dominate Sales! Wink, Inc. Releases 3rd Quarter, 2020 Deferred Annuity Sales Results Des Moines, Iowa. November 23, 2020– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-two indexed annuity providers, 47 fixed annuity providers, […]
What’s Better than a Paycheck for Life?
{November 25th, 2020} by Sheryl J. Moore
If your prospects have never heard of annuities, there are some great things you can share with them, in order to make them receptive. Some people plan to invest in their home, fix it up, and eventually sell it when they are ready to retire- then live off the proceeds. Others may own a business, […]
Strong MYGA Sales Boost Q3 Annuity Sales Totals
{November 25th, 2020} by Allison Bell
U.S. sales of individual deferred annuities started to firm up in the third quarter, according to new issuer survey data from Wink. The survey participants reported a total of $54 billion in deferred annuity sales. Sales were 1.1% lower than in the third quarter of 2019, but sales were up 18% when compared with the […]
THIRD QUARTER 2020 ANNUITY SALES
{November 25th, 2020} by Jamie Johnson
Deferred Annuity Sales Total 3Q2020 deferred annuity sales were $54,217,243,301. Third quarter deferred annuity sales were up more than 18% when compared to the previous quarter, and were down more than 1% when compared to the same period last year. Non-Variable Deferred Annuity Sales Total 3Q2020 non-variable deferred annuity sales were $30,932,756,676. Third quarter deferred […]
Global Atlantic Financial Group Unites Annuity and Life Distribution within Individual Markets Business Unit; Appoints Jason Bickler as Chief Distribution Officer
{November 25th, 2020} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading annuity and life insurance company, has announced the merging of its annuity and life insurance sales and distribution teams into a single distribution organization within its Individual Markets business. The move will provide distribution partners with a streamlined relationship delivering holistic strategies for income, accumulation, […]
Sammons Financial Completes Work on New Headquarters
{November 25th, 2020} by Allison Bell
Sammons Financial Group says builders have completed construction of a new, 30-acre headquarters campus for the company in West Des Moines, Iowa. The company hopes to move about 600 employees and contractors into the six-story, 217-square-foot building on Mills Civic Parkway by the end of the year. Click HERE to read the full story via ThinkAdvisor
Regulators, Lawmakers Eye Agent Commission Accounting Rules
{November 25th, 2020} by Allison Bell
State lawmakers and state insurance regulators could change accounting rules in a way that would cause headaches for some insurers that use outside companies to pay trail commissions to agents and brokers. Some accounting specialists would like to see insurers record the trail commission liabilities when insurers first issue the affected policies. This is even if […]
Ed Slott on RMDs, Backdoor Roths and the Death of the Stretch IRA
{November 25th, 2020} by Ben Mattlin
Ed Slott, the Rockville Centre, New York-based CPA, editor of the newsletter Ed Slott’s IRA Advisor, and author of “The New Retirement Savings Time Bomb” (Penguin Books), to be released in March, recently talked to ThinkAdvisor with some advice about how tax law changes. Here are excerpts from our interview: THINKADVISOR: One of the biggest […]
TIAA’s Ferguson Faults Wealth Gap
{November 25th, 2020} by Saleha Mohsin
Roger Ferguson, the chief executive of Teachers Insurance and Annuity Association and an earlier candidate for Treasury secretary in the Biden administration, said the U.S economy could be six percent bigger than it is today if policy makers narrowed the country’s wealth gap. (Editor’s note: Late Monday, news reports circulated that Janet Yellen would likely get the post.) […]
Moody’s Sees Pent-Up Demand for Life and Annuity Deals
{November 25th, 2020} by Allison Bell
Low interest rates and new accounting rules may continue to push publicly traded life insurers to sell variable annuity blocks to private capital companies in 2021. Bob Garofalo, a senior credit officer at Moody’s Investors Service, and other Moody’s analysts make that prediction in a new report on the state of mergers and acquisitions in the U.S. […]
Barbara Turner to Become Ohio National’s CEO
{November 25th, 2020} by Allison Bell
The board of Ohio National Financial Services has elected Barbara Turner to succeed Gary Huffman as its chief executive officer, effective Jan. 1, 2021. Huffman, who is now the Cincinnati-based life insurer’s chairman and CEO, says he will give up the CEO post Dec. 31. Click HERE to read the full story via ThinkAdvisor
Ellevest Gets $7.5M Investment From Allianz Life
{November 25th, 2020} by Jeff Berman
Allianz Life has invested $7.5 million in Ellevest, the digital-advice platform for women co-founded by industry veteran Sallie Krawcheck, as part of a $12.3 million extension of Ellevest’s Series A financing round. The funds will help Ellevest “expand its business, which is growing quickly at a pivotal point in history,” the firms said Tuesday in […]
Annuities Could Stop Retirees From Going Broke. Why Don’t More People Use Them?
{November 25th, 2020} by Ginger Szala
Retirees face a number of challenges to their financial security, including living longer and facing the danger of depleting their savings too soon. The pandemic has further threatened retirement nest eggs, as a growing number of people need to take Social Security benefits early, before full retirement age, thus reducing those payments in the long […]
Is Single Premium Life Insurance Right For You?
{November 25th, 2020} by Tony Steuer, Amy Danise
ife insurance policies typically have ongoing, regular premium payments. Single premium life insurance policies are specifically designed to be funded by one single premium payment. You may be attracted to the features and benefits of single premium life insurance. Almost any universal life, variable universal life or indexed universal life insurance policy can be funded […]
Do variable annuities belong in a retirement plan?
{November 25th, 2020} by Michael Finke
In 1952, The Teachers Insurance and Annuity Association (TIAA) sold the first variable annuity (VA) developed by Harvard Ph.D. economist William Greenough to Brown University President Henry M. Wriston. Since then, over a million education employees have invested in VAs through the TIAA College Retirement Equities Fund (TIAA-CREF). The original VA was seen as a […]
New study: People living longer in retirement, signals need for lifetime income strategies
{November 25th, 2020} by Principal
November 19, 2020 Guaranteed income strategies have emerged as underutilized methods to not only help people save for retirement but also provide a stream of income to sustain them during potentially longer life spans. The new study from the Longevity Project in collaboration with Principal Financial Group®, explores the implications of longevity in retirement and potential policy […]
More than 50% of Americans are Considering Benefit Changes as a Result of COVID-19, According to Guardian Life
{November 25th, 2020} by Guardian
NEW YORK, Nov. 18, 2020 /PRNewswire/ — Open enrollment is well underway and Americans are approaching it very differently than in years past. For instance, more than half of working Americans said they are likely to make benefits changes as a direct result of the COVID-19 pandemic, and nearly half (44 percent) are likely to make changes as […]
USAA Life Insurance Company Receives Highest Overall Score in J.D. Power Life Insurance Study
{November 25th, 2020} by USAA
SAN ANTONIO, Nov. 18, 2020 /PRNewswire/ — USAA achieved the highest overall score* in the J.D. Power 2020 U.S. Life Insurance Study, released last month. With a score of 844 for life insurance and 902 for annuities (on a 1,000-point scale), USAA significantly outpaced industry averages of 763 and 778, respectively. This is the seventh year in […]
Haven Life Recognized as the Best InsurTech during Benzinga’s Sixth Annual Global Fintech Awards
{November 25th, 2020} by Haven Life
NEW YORK, Nov. 19, 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 the Best InsurTech amongst the financial service organizations honored during Benzinga’s Global Fintech Awards. The Benzinga Global Fintech Awards features companies in 35 different categories for their work creating positive […]
Northwestern Mutual Recognizes Champions of Diversity & Inclusion with Inaugural Award
{November 25th, 2020} by Northwestern Mutual
MILWAUKEE, Nov. 19, 2020 /PRNewswire/ — After reviewing dozens of submissions from local offices across the country, Northwestern Mutual has announced its Washington, D.C. office has received the company’s inaugural Diversity & Inclusion Champion award. The recognition celebrates those who are making a tangible impact in creating an inclusive work environment; attracting and developing a diversity of talent; building a […]
FIDx Announces Distribution Technology Partnerships With American Equity Investment Life Insurance Company And Eagle Life Insurance Company, Expanding Access To Annuity Solutions
{November 25th, 2020} by FIDx
BERWYN, Pa., Nov. 24, 2020 /PRNewswire/ — Fiduciary Exchange LL (FIDx), a product-agnostic retirement platform solution that allows insurance carriers to offer insurance solutions through wealth management platforms and other platforms, today announced partnerships with insurance providers American Equity Investment Life Insurance Company and Eagle Life Insurance Company. The partnership makes annuity solutions from both insurance entities available […]
AM Best Affirms Credit Ratings of American National Insurance Company and Its Subsidiaries
{November 25th, 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 American National Insurance Company (ANICO) and its life/health subsidiaries, American National Life Insurance Company of Texas (ANTEX), American National Life Insurance Company of New York (ANICONY) (Glenmont, NY) and Standard Life […]
AM Best Posts Interactive Webinar Highlights for “How the COVID-19 Pandemic Is Changing the Insurance Industry”
{November 25th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Viewers can access highlights from an AM Best webinar sponsored by LexisNexis Risk Solutions to learn about the fallout of COVID-19 and both the pitfalls and opportunities that could await insurers going forward. Panelists include: Patrick Sugent, vice-president, data science, LexisNexis Risk Solutions; Adam Pichon, vice-president, auto insurance, LexisNexis Risk Solutions; and Christopher Rice, senior director, data […]
New York Life Announces Second Largest Dividend in Company History with $1.8 Billion Total Dividend Payout to Policy Owners in 2021
{November 25th, 2020} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced that the company has declared a dividend payout of $1.8 billion to eligible participating policyholders in 2021, the second largest in company history. The ability to pay a dividend in excess of the guarantees provided to policy owners on their cash value growth […]
FlexGuard ℠ achieves record-setting $1B in sales less than six months after launch
{November 25th, 2020} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–FlexGuard℠, Prudential Financial, Inc.’s (NYSE: PRU) first indexed variable annuity product, achieved $1 billion in sales less than six months after launch,i making it the fastest-selling product of its kind ever, according to annuity sales data from the Secure Retirement Institute. FlexGuard is designed to provide customers with downside protection and the opportunity to […]
Roger Ferguson Jr. to Retire as TIAA CEO: Personnel Moves
{November 25th, 2020} by Allison Bell
Roger Ferguson Jr., the president and chief executive officer of Teachers Insurance and Annuity Association of America-College Retirement Equities Fund (TIAA) , intends to retire from those posts March 31, TIAA announced earlier this week. Ferguson has been TIAA’s president and CEO since 2008. Before that, he was head of financial services at Swiss Re and […]
Ex-Broker Charged With Murdering a Client in Texas
{November 25th, 2020} by Jeff Berman
A former Parkland Securities broker who was under investigation for a suspected Ponzi scheme has been charged with murdering a client, according to the police department in Carrollton, Texas. Detectives charged 48-year-old Keith T. Ashley of Allen, Texas, with murder for the shooting death of 62-year-old James “Jim” Seegan, the Carrolton Police Department announced Wednesday. Click HERE to […]
Using Cash Value Life Insurance for Retirement Income
{November 25th, 2020} by Steve Parrish
Cash value life insurance can be a versatile tool in the hands of a diligent financial advisor, writes our guest columnist, an Adjunct Professor of Advanced Planning at The American College of Financial Services. Can cash value life insurance provide a useful retirement income supplement? It depends on whom you ask. Click HERE to read […]
Can Annuities Slow the Cash-Drain from 401(k)s?
{November 25th, 2020} by Kerry Pechter
The Defined Contribution Institutional Investors Association held its annual Academic Forum virtually this week. The ongoing dilemma for this organization of asset managers and others is: How to keep money in 401(k)s longer. As they convened virtually for their annual Academic Forum this week, members of the Defined Contribution Institutional Investors Association (DCIIA) faced a […]
U.S. Individual Life Sales Rise
{November 25th, 2020} by Allison Bell
U.S. life insurers sold 7% more individual life insurance policies in the third quarter of this year than in the third quarter of 2019, according to LIMRA. Click HERE to read the full story via ThinkAdvisor Wink’s Note: Stay tuned for Wink’s Sales & Market Report 3rd Quarter, 2020’s life sales release. […]
Our best wishes for a safe, healthy, and happy Thanksgiving.
{November 24th, 2020} by Wink's RockStars
At this time of Thanksgiving, our thoughts turn gratefully to you with warm appreciation. The Wink offices will be closed on Thursday and Friday for an extended holiday break. Our best wishes for a safe, healthy, and happy Thanksgiving. -The Wink, Inc. family
Checklist for Buying Cash Value Life
{November 24th, 2020} by Steve Parrish
Follow the steps that Steve Parrish of The American College has assembled here when helping a client obtain the right cash value life insurance policy. Product selection What kind of policy fits the situation, both in terms of the usage of the policy and the client’s ability to understand and accept the attendant risk? Click […]
Lincoln Adapts Indexed Universal Life for Younger Buyers
{November 24th, 2020} by Warren S. Hersch
Lincoln is rolling out the two indexed contracts after a tough quarter for the product segment. In the second quarter, sales of indexed universal life insurance fell 14% from the same period in 2019, according to Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist
What Advisors Think About Indexed Life and Its 50-Page Illustrations
{November 24th, 2020} by Hannah Miller
In the U.S., indexed universal life insurance sales fell 14% in the second quarter from a year earlier, according to Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist.
Banks Rebound in Third Quarter to Drive Fixed-Rate Deferred Annuities Growth
{November 24th, 2020} by Secure Retirement Institute
WINDSOR, Conn., Nov. 17, 2020—Fixed-rate deferred (FRD) annuity sales surged 60% in the third quarter to $15.8 billion, driven in part by strong sales through banks, according to the Secure Retirement Institute® (SRI®) U.S. Individual Annuity Sales Survey. “Despite the 10-year treasury rates remaining below 1%, FRD annuities were the largest driver of sales growth in […]
New Life Insurance Products from Lincoln Financial Group Provide Greater Flexibility to Protect Loved Ones and Retirement
{November 17th, 2020} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–In a time when nearly half of consumers surveyed say they would be more likely to purchase life insurance if the benefits could be used while they’re alive1, Lincoln Financial Group is introducing new life insurance products that focus on the ‘living benefits’ for needs such as retirement income and long-term care in […]
Equitable enhances its flagship buffered annuity, or RILA
{November 17th, 2020} by Editorial Staff
Available on Nov. 23, the eight new options add to the Dual Direction feature on Equitable’s Structured Capital Strategies Plus buffered annuity. ‘When Equitable introduced the buffered annuity in 2010, it created not just a new kind of annuity but a new category of annuity, the RILA (registered index-linked annuity). Since then, sales have steadily […]
In nod to iconic ‘Wild Kingdom,’ new Mutual of Omaha logo features lion
{November 17th, 2020} by Henry Cordes
In all of television, there may not be a closer association between an advertiser and a program than Mutual of Omaha and “Wild Kingdom.” The Omaha insurance company has made a nod to that iconic show and historic link by adopting a new logo that features a lion. On Thursday, Mutual publicly unveiled the replacement […]
NAIC Urged To Adopt 5 Changes To Fix Illustration Issues
{November 17th, 2020} by Jamie Johnson
Consumer advocate Birny Birnbaum pushed a state insurance regulator committee to overhaul illustration rules Tuesday. The Life Insurance and Annuities Committee gave Birnbaum 20 minutes to make the case for new illustration rules. The committee, part of the National Association of Insurance Commissioners, considers model laws to govern insurance, which are then available to states […]
Holy annuities, Batman!
{November 17th, 2020} by Sheryl J. Moore
Multi-Year Guaranteed Annuity (MYGA) sales are up nearly 33% from last quarter and over 85% from this time last year?! Look who’s stealing indexed annuity market share now… Structured annuity sales are up 38% from last quarter and 30% from this time last year?! Before we know it, they’ll be selling better than indexed annuities […]
CEO Chris Blunt of F&G Explains It All
{November 17th, 2020} by Kerry Pechter
In only about three years, Fidelity & Guaranty Life has leveraged the asset management skills of strategic partner Blackstone to become a major fixed indexed annuity provider. Blunt, F&G’s CEO since 2019, explains exactly how F&G came so far so fast. Chris Blunt has held C-level positions in asset management, marketing or annuities at Merrill […]
NFP Further Aligns Life Insurance Assets, Completes Consolidation of The Financial Architects Partners, LLC
{November 17th, 2020} by NFP
NEW YORK (PRWEB) NOVEMBER 16, 2020 NFP, a leading insurance broker and consultant providing employee benefits, property and casualty, retirement, and individual solutions, today announced the consolidation of The Financial Architects Partners, LLC (“FinArch”) with NFP Life Solutions. With this addition, FinArch, which has been a member of PartnersFinancial, NFP’s life insurance membership platform, for over […]
AG 49A Should Lead To Greater IUL Client Satisfaction
{November 17th, 2020} by Karl Kreunen
Indexed universal life insurance has become one of the most commonly sold products in our industry over the past 10 or 12 years. There are many reasons for IUL’s popularity: the base product is flexible, it has many distribution options available, it can be built to focus on protection or on accumulation, and may have […]
Insurers Start to Feel Pressure as Rivals Pile Into Buffered Annuity Market
{November 17th, 2020} by Cyril Tuohy
An early leader, Equitable Holdings, which issued the first buffered annuity in 2010, once had much of the nascent market to itself. With Lincoln, Brighthouse Financial and Allianz it’s now a four-way tussle for the highest market share, according to Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist
More consumers consider life insurance unnecessary – study
{November 17th, 2020} by Ryan Smith
The percentage of Americans with life insurance policies continues to decline, driven by declining interest among mass-market consumers under the age of 45, according to a new study from J.D. Power. According to J.D. Power’s 2020 U.S. Life Insurance New Business Study, the most common reasons consumers decide against purchasing life insurance is the perception […]
Voices: The 7 biggest shockers from my four decades of financial planning
{November 17th, 2020} by Allan S. Roth
Working as a financial planner all of my adult life — the first 20 years as a corporate financial planner and the second half working with individuals — I’ve seen some big changes in the industry, some foreseeable and others, many in fact, that have been so counterintuitive or just plain out of left field […]
Tax-favored gift exemptions that give back — in any administration
{November 17th, 2020} by Ed Slott
With a president-elect Joe Biden heading to the White House, estate and gift tax exemptions could be on the chopping block next year. Even if nothing happens, these exemptions are slated to be halved after 2025. The upshot: Wealthy clients wishing to make big gifts can save taxes by using the generous exemptions now. Click […]
SEC’s Clayton plans to step down as chairman at year’s end
{November 17th, 2020} by Ben Bain
Jay Clayton, who has led the SEC for most of President Trump’s term in office, said in a statement Monday that he will step down at the end of the year. Clayton, a 54-year-old former deals lawyer who left New York-based Sullivan & Cromwell to join Wall Street’s main regulator, avoided the scandals that embroiled […]
Life Insurers Face the Q3 Earnings Stress Test
{November 17th, 2020} by Allison Bell
One sign of U.S. life insurers’ strength is how well most did in the third quarter. Life insurers are wrestling with low interest rates, wild stock prices and COVID-19. But seven of the 11 publicly traded, U.S.-based life and annuity issuers that have posted third-quarter results in the past two weeks have reported net profits, […]
Policygenius Sees Stability in Individual Term Life Prices
{November 17th, 2020} by Allison Bell
Typical U.S. life insurance prices for healthy applicants might have stayed about the same between October and November, in spite of the effects of the COVID-19 pandemic. Policygenius, a New York-based web broker, has published data supporting that possibility in a new monthly life insurance price report. Click HERE to read the full story via […]
MassMutual, Northwestern Mutual and Ohio National Set 2021 Dividends
{November 17th, 2020} by Allison Bell
The boards of Massachusetts Mutual Life Insurance Company, Northwestern Mutual Life Insurance Company and Ohio National and have announced 2021 dividend payout estimates. The announcements mainly affect holders of the companies’ participating whole life policies. Click HERE to read the full story via ThinkAdvisor Wink’s Note: Participating whole life dividend rates are being hit, just […]
Mutual of Omaha Unveils New Logo
{November 17th, 2020} by Allison Bell
Mutual of Omaha has put a lion in its new corporate logo. The Omaha, Nebraska-based insurer unveiled the new logo Thursday. The previous logo featured the image of a Great Plains Indian chief. Mutual of Omaha announced in July that it would be moving away from use of Native American imagery in its logo. “Our new […]
RGA Executives Look at What COVID-19 Is Really Doing: Earnings
{November 17th, 2020} by Allison Bell
Reinsurance Group of America said that it did well in the third quarter, and that claims related to the COVID-19 pandemic continued to be toward the lower end of what it might have expected from a major pandemic. But executives at RGA (NYSE: RGA) have been watching the pandemic closely. Jonathan Porter, the Chesterfield, Missouri-based […]
Finding a Great Annuity Block Buyer Takes Work
{November 17th, 2020} by Allison Bell
Equitable Holdings made a $12 billion reinsurance deal with Venerable, and that has given securities analysts something new to discuss with insurance company executives who have been holding conference calls to go over earnings for the third quarter. The insurers have posted recordings of the those calls on the investor relations sections of their websites. […]
COVID-19 Raises Anxiety Levels for College Students by Presenting Extraordinary Health and Financial Challenges
{November 17th, 2020} by AIG Retirement Services
NEW YORK–(BUSINESS WIRE)–AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers including education institutions, and EVERFI, the nation’s leading social impact education innovator, today announced the results of a new survey of over 7,000 college students nationwide on topics ranging from the impact of COVID-19 on their education, to personal […]
Reliance Standard Earns “A++” Upgrade From AM Best
{November 17th, 2020} by Reliance Standard Life Insurance Company
PHILADELPHIA–(BUSINESS WIRE)–Reliance Standard Life Insurance Company (Reliance Standard), a leading insurance carrier specializing in employee benefits solutions and both fixed and fixed index annuity products, has earned an “A++ (Superior)” Financial Strength Rating from AM Best, upgraded from “A+ (Superior).” In a public news release dated today, AM Best noted, “The ratings of Reliance Standard […]
AIG Announces Executive Promotions
{November 17th, 2020} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that Lucy Fato, Executive Vice President & General Counsel, has taken on additional responsibilities in the newly created position Global Head of Communications and Government Affairs. In her expanded role, Ms. Fato has assumed responsibility for Global Communications in addition to the Government Relations and […]
Caregiving in a COVID-19 World: Voya Financial Study Finds the Special Needs Community Facing Heightened Challenges During the Global Pandemic
{November 17th, 2020} by Voya
NEW YORK–(BUSINESS WIRE)–Voya Financial, Inc. (NYSE: VOYA), announced today results of a study* that found that the special needs community feels isolated and alone to a higher degree than those who are not part of this community, as the COVID-19 pandemic continues to spread across the globe. Overall, more than a third of respondents (37%) […]
AM Best Affirms Credit Ratings of Guardian Life Insurance Company of America and Its Subsidiaries
{November 17th, 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 Guardian Life Insurance Company of America (Guardian Life) (New York, NY) and its core subsidiaries, Guardian Insurance & Annuity Company, Inc. (Wilmington, DE) and Berkshire Life Insurance Company of America (Pittsfield, MA) […]
Brighthouse Financial Announces Preferred Stock Dividends and Related Depositary Share Distributions
{November 17th, 2020} by Brighthouse
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that on December 28, 2020, holders of record as of December 10, 2020 (the “Record Date”) of (i) its depositary shares (the “Series A Depositary Shares” (Nasdaq: BHFAP)), each representing a 1/1,000th interest in a share of its 6.600% Non-Cumulative Preferred […]
Pacific Life Foundation Donates Additional $500,000 in Support of Covid-19 Relief Efforts in Local Communities
{November 17th, 2020} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The Pacific Life Foundation (the Foundation) has announced grants totaling $500,000 in support of Covid-19 relief efforts in several local communities where Pacific Life employees live and work. The funds are part of a $1.75 million commitment from the Foundation toward Covid-19 relief efforts for 2020. Boys & Girls Clubs across the […]
Features Of A Fixed Index Annuity: Surrender Charges
{November 17th, 2020} by Wade Pfau
Fixed index annuities can be complex financial products, and I will conclude this chapter* by discussing some of the other various features one may come across when investigating FIAs. We begin with surrender charges or, more formally, contingent deferred sales charges. FIAs are meant to serve as long-term tools and surrender charges help the insurance […]
Manulife reports 3Q20 net income of $2.1 billion, core earnings of $1.5 billion, APE sales of $1.4 billion, and a strong LICAT capital ratio of 155%
{November 17th, 2020} by Manulife
TORONTO, Nov. 11, 2020 /PRNewswire/ – Today, Manulife announced its 3Q20 results. Key highlights include: Net income attributed to shareholders of $2.1 billion in 3Q20, up $1.3 billion from 3Q19 Core earnings1 of $1.5 billion in 3Q20, down 6%2 from 3Q19 Strong LICAT ratio3 of 155% Core ROE1 of 11.4% and ROE of 16.4% in 3Q20 NBV1 of $460 million in 3Q20, down 14% from 3Q19 APE sales1 of $1.4 billion in 3Q20, […]
Northwestern Mutual’s Internship Program Ranked Top 15 in U.S.
{November 17th, 2020} by Northwestern Mutual
MILWAUKEE, Nov. 12, 2020 /PRNewswire/ — For the 25th consecutive year, Northwestern Mutual’s College Financial Representative internship program has been ranked by Vault as one of the 100 best in the country. The program is in the top 15 overall, and top three among financial services firms. Additionally, it is one of the top 10 internships for career […]
World Market Outlook for Life Insurance Providers Market to 2030: COVID-19 Impact and Recovery
{November 17th, 2020} by Research and Markets
DUBLIN, Nov. 16, 2020 /PRNewswire/ — The “Life Insurance Providers Global Market Report 2020-30: COVID-19 Impact and Recovery” report has been added to ResearchAndMarkets.com’s offering. The global life insurance providers market is expected to decline from $1700.8 billion in 2019 to $1612.8 billion in 2020 at a compound annual growth rate (CAGR) of -5.2%. The decline is mainly due to economic slowdown across countries owing […]
TIAA Supplier Diversity Economic Impact Report illustrates commitment to a diverse and unique supplier base
{November 17th, 2020} by TIAA
NEW YORK, Nov. 9, 2020 /PRNewswire/ — Nearly 30 years ago, TIAA, a Fortune 100 financial services company, launched its Supplier Diversity Program in recognition of the need to build relationships with diverse and diverse-conscious enterprises. The program endeavors to develop strong working relationships with suppliers owned by minorities; women; veterans; disabled people; and lesbian, gay, bisexual and transgender […]
Roger Ferguson to Retire as President and CEO of TIAA
{November 17th, 2020} by TIAA
NEW YORK, Nov. 17, 2020 /PRNewswire/ — TIAA, a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions, said Roger W. Ferguson, Jr., intends to retire as President and CEO on March 31, 2021. The company’s Board and Mr. Ferguson believe it is an appropriate time to identify a successor who […]
Milliman analysis: Estimated cost of retiree pension risk transfer as low as 100.3% in October, under competitive pricing rate
{November 17th, 2020} by Milliman
SEATTLE, Nov. 17, 2020 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the Pension Risk Transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations […]
BLACK ENTERPRISE Hosts First-Ever “Your Money Your Life V-Summit” As A Unique Experience For Those Seeking Financial Wealth And Wellness, Nov. 16
{November 17th, 2020} by Black Enterprise
NEW YORK, Nov. 16, 2020 /PRNewswire/ — BLACK ENTERPRISE presents its first-ever Your Money Your Life V-Summit, Nov. 16, as a virtual conference experience in partnership with host sponsor Prudential Financial, Inc. (NYSE: PRU). The summit will use real-time engagement and provide real-life solutions for those looking to achieve financial wellness during a time of anxiety and market disruption. Registration is complimentary. […]
Best’s Special Report: U.S. Life/Health Insurance Impairments Rise in 2019; Half Tied to Fraud, Bribery Investigation
{November 17th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Ten insurance companies became impaired in 2019, compared with three in 2018, including five affiliated life and annuity insurance companies related to a federal investigation into wire fraud and bribery, according to a new AM Best special report. Three health insurers, one life reinsurer and one long-term care accident & health (A&H) insurer made up […]
Advising The Generational Divide
{November 17th, 2020} by Kevin Hogan
Younger generations have been tech-savvy for most of their lives, a fact that may lead some to believe they prefer to rely on technology for financial advice. That’s not, however, always the case. Even as technology and digital planning tools become increasingly integrated across financial services, millennials and Gen Xers crave something more from their […]
NAIC Updates Its State Insurance Regulatory Response to COVID-19
{November 17th, 2020} by NAIC
Washington (October 29, 2020) – The National Association of Insurance Commissioners (NAIC) today releases its second update regarding the current pandemic and the insurance industry: A Report of the NAIC on the State Insurance Regulatory Response to COVID-19 Update 2. The latest report outlines the actions taken by members and regulators from June 1, 2020 […]
Looking for an ETF Alternative to Annuities?
{November 17th, 2020} by Contributor
With retirement planners and retirees themselves scrambling for more income, annuities are getting more looks. However, investors can shore up income streams and complement annuities with the Nationwide Risk-Managed Income ETF (NYSEArca: NUSI). NUSI is an actively managed portfolio of stocks included in the Nasdaq-100 Index and an options collar. Per index rules, the fund […]
Prudential To Exit Variable Annuities With GLWB Business
{November 17th, 2020} by Contributor
Prudential Financial is discontinuing all sales of variable annuities with guaranteed living benefits, chairman and CEO Charlie Lowrey said today. That means eliminating the Highest Daily Income and Prudential Defined Income annuity products. The move is needed as the insurer recalibrates amid economic uncertainty and ultra-low interest rates, Lowrey said. Click HERE to read the […]
To Buy or to Sell?
{November 17th, 2020} by Terrence Dopp
In the back halls of the life insurance and annuities world, mergers and acquisitions chugged along at the same rate as before the COVID-19 pandemic through June, in a 2020 that was marked by uncertainty. Joblessness rose in the first half of the year and lockdowns to stanch the spread of the novel coronavirus brought […]
Annuity Sales Credited For Rise In Households With Lifetime Income
{November 17th, 2020} by Contributor
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 Security. The share of protected US […]
The Role of Guaranteed Minimum Benefit Riders in In-Plan Annuities
{November 17th, 2020} by Contributor
When it comes to annuity riders such as a guaranteed minimum withdrawal benefit (GMWB), or other types of riders being used for in-plan choices, there are two main approaches that are currently most popular in retirement plans, says Eric Henderson, president of Nationwide Annuity at Nationwide Financial. “The first is a variable annuity with a […]
Fixed Annuity Rates Beat Low Bank CD Rates
{November 17th, 2020} by Contributor
With a fixed-rate annuity you can earn up to 2.40% for a three-year guarantee period and up to 3.05% annually for a five-year contract, according to AnnuityAdvantage’s large database of annuity rates. With bank CDs, the best you can do (as of 11/06/2020) is a mere 0.80% for a one-year CD, 0.85% for a three-year […]
New Life Expectancy Tables Will Decrease RMDs
{November 17th, 2020} by Rebecca Moore
The IRS has issued final regulations providing guidance relating to the life expectancy and distribution period tables that are used to calculate required minimum distributions (RMDs) from qualified retirement plans, individual retirement accounts (IRAs), annuities and certain other tax-favored employer-provided retirement arrangements. The final regulations in this document apply to distribution calendar years beginning on […]
Trust Me
{November 17th, 2020} by Sheryl Moore
One of the biggest reasons that people put their retirement savings monies into Certificates of Deposit (CDs), rather than annuities, is because they are comfortable with their bank. They know what a CD is; their parents likely had some. The bank is real; they can walk inside of it. They know people at their bank; […]
The Standard Leverages Predictive Modeling in Total Linked Care Offering
{November 17th, 2020} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–The Standard announced today the availability of Total Linked Care through an agreement with Workpartners, a national leader in providing wellness and population health solutions. Total Linked Care is an integrated three-pronged health and productivity approach created to champion better disability outcomes for employees and reduce health care costs for employers. The Standard […]
Envestnet looks outside the advice industry to fill top tech role
{November 17th, 2020} by Ryan W. Neal
Envestnet went outside of the company, and the entire wealth management industry, to find a successor for its retiring chief technology officer. The company’s new CTO is Robert Coppola, who most recently served as chief information officer of public relations software firm Cision. He replaces current Envestnet CTO Scott Grinis, who will retire in 2021 […]
Advisers Can Help Retirement Savers Navigate Annuities
{November 17th, 2020} by Roger Wohlner
Financial advisers know their clients probably see a lot of ads for annuities, and perhaps even get some pitches from insurance agents and registered reps they may know. Some have characterized annuities as financial products that are sold rather than bought. The reality is that annuities might make sense for your clients, but it’s important […]
Industry Icon American Group Joins Integrity Platform to Provide More Resources to Agents and Employees
{November 16th, 2020} by Integrity Marketing Group, LLC
DALLAS, Nov. 11, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products announced today it has acquired Dallas-based American Group Insurance Brokerage Services (“American Group”). As part of the acquisition, American Group President and Owner Shane Van Loon will continue to lead his business while also becoming a Managing […]
The AAA’s Panel on the SECURE Act
{November 16th, 2020} by Kerry Pechter
The American Academy of Actuaries hosted a webinar on the implications of the SECURE Act last week. As one of the panelists, I gave a presentation on the Act’s implications for life insurers who hope to market annuities to plan participants. With Mark Iwry of the Brookings Institution and Greg Fox of Aon, I had […]
3 Life Insurance Moves to Consider as COVID-19 Surges
{November 16th, 2020} by Chris Huntley
With U.S. hospitalizations due to COVID-19 hitting new highs, sadly, some families are reviewing life insurance coverage in case of the worst. Not all may be aware of options that can help a policy owner who is seriously ill, or could soon become so. Life-insurance coverage isn’t always static. Some policies allow changes to be […]
Warren Buffett once compared himself to Mike Tyson and sold life insurance to the boxing champion
{November 16th, 2020} by Theron Mohamed
Warren Buffett, the billionaire investor and Berkshire Hathaway CEO with a junk-food habit, and Mike Tyson, the former world heavyweight-boxing champion with a cameo in “The Hangover,” don’t have much in common at first glance. However, Buffett’s company crafted a life-insurance policy for the puncher a quarter of a century ago. “We insured the life […]
3 Life Insurance Brands Make Emotional Connections And Offer Digital Solutions
{November 16th, 2020} by Sarah Cavill
For many families and individuals this year, health and wellness has been a top priority. The pandemic and lockdowns have led many people to consider the quality of their health, both as it relates to COVID-19 and the impact of quarantines on overall well-being. This introspection by consumers during a global health crisis has caused […]
Voices: 3 ways to best serve ex-military clients
{November 16th, 2020} by Jerry Quinn
A financial advisor meeting with any client for the first time will prioritize establishing a relationship and identifying common ground in order to get a fix on their short- and long-term goals. The same applies to ex-military clients. Veterans answered to a higher purpose during their service, but you’ll find that in retirement, they’re working […]
Wealth managers fall short under Reg BI? What regulators are saying
{November 16th, 2020} by Jessica Mathews
Five months into Reg BI’s reign, initial regulatory exams reveal wealth managers are making a bona fide effort to meet new requirements — but the industry is hardly up to snuff, according to regulatory officials. Some firms have failed to disclose how they make compensation. Others inaccurately reported their disciplinary history. And at least a […]
Equitable Continues to Expand Innovative Buffered Variable Annuity Offerings
{November 11th, 2020} by Equitable
Latest additions to Equitable’s Structured Capital Strategies® PLUS buffered variable annuity are designed to give investors more options to help weather volatility and preserve growth in years leading to retirement November 9, 2020 Media Contacts: Abby Aylman Cohen (212) 314-2010 mediarelations@equitable.com NEW YORK – November 9, 2020 – Equitable, a leading financial services organization and principal franchise of Equitable […]
AIPMA Adds New Wink Solution for Annuities
{November 11th, 2020} by AIPMA
As a leading provider of annuity sales, AIP Marketing Alliance works with multiple top-rated carriers and vendors to deliver services and platforms that make selling insurance products easier for our independent wholesalers and agents. Click HERE to read the full release via AIPMA AIPMA has come a long way from our printed mailers with annuity […]
Credit Suisse and Salt Financial announce a collaboration on quantitative index solutions
{November 11th, 2020} by Credit Suisse
New York, November 5, 2020 – Credit Suisse is working on a collaboration with Salt Financial as a strong addition to its Quantitative Investment Strategies (“QIS”) offering, the Swiss bank has announced. Their association is expected to result in the development of newly designed systematic strategies harnessing Salt’s intellectual property on risk regime identification and […]
Prudential to End Sales of Variable Annuities With Guaranteed Living Benefits
{November 11th, 2020} by Emily Holbrook
Prudential Financial will discontinue all sales of variable annuities with guaranteed living benefits, according to statements made by company executives during its third quarter earnings call. Reducing exposure to changes in market conditions and interest rates the company stated, adding it will instead focus on other sources of revenue that are less rate sensitive. Click […]
Jackson Readies Two Buffered Annuities to Storm Into Market
{November 11th, 2020} by Cyril Tuohy
Jackson may have waited to create a buffered product partly out of concern that it could cannibalize the insurer’s huge variable annuity business, speculated Sheryl Moore, CEO of market research firm Wink. Click HERE to read the full story via Life Annuity Specialist Jackson’s new buffered annuities are likely a response to the prospect of […]
‘Survival pessimism’ dulls the appetite for annuities
{November 11th, 2020} by Editorial Staff
Those in their early 60s underestimate the chance of survival to 75 by more than 25 percentage points, on average, and those in their early 70s underestimate survival to age 85 by more than 15 percentage points, new research shows. Add “survival pessimism’—not expecting to live very long in retirement—to the list of reasons (along […]
A Closer Look at CLOs
{November 11th, 2020} by Kerry Pechter
New research into collateralized loan obligations (CLOs), which are helping reshape the investment policies of the life/annuity industry, explores whether they have the same vulnerabilities as the ‘CDOs’ in ‘The Big Short,’ the book and 2015 film starring actor Steve Carell (in photo), Brad Pitt and others. Collateralized loan obligations, or CLOs, are a […]
Brighthouse Racks Up Record Annuity Sales In 3Q
{November 11th, 2020} by Steven A. Morelli
In a difficult year of annuity sales, Brighthouse Financial had its best annuity sales quarter since it became a public company. Third-quarter annuity sales increased 29% and life sales increased 63% compared with the third quarter of 2019. Fixed annuities had a particularly strong quarter year over year, with $945 million in sales in the […]
Lincoln Promises 8 New Products As Part Of Big 2021 Push
{November 11th, 2020} by John Hilton
Lincoln Financial expects “to bottom out” in life and annuity sales during the fourth quarter, but the carrier plans to bounce back in 2021 with eight new products, said CEO Dennis Glass. Glass spoke today during a conference call with analysts to review third-quarter earnings. He did not elaborate on the new product lineup. Lincoln […]
AIG Execs: ‘Significant Value’ In Splitting Off Life/Retirement
{November 11th, 2020} by John Hilton
American International Group has ruled out breaking up its Life & Retirement business and selling them “in pieces,” incoming top executive Peter Zaffino said today. The plan is to sell 19.9% of the life/retirement business, either through an initial public offering or a private sale. AIG “will not consider” selling more than that, said Zaffino, […]
AIG Reports Third Quarter 2020 Results
{November 11th, 2020} by American International Group, Inc
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today reported financial results for the quarter ended September 30, 2020. Brian Duperreault, AIG’s Chief Executive Officer, said: “We are pleased to report AIG’s solid third quarter results as we embark on an important phase of our journey to become a top performing company. In General Insurance, […]
Brighthouse Financial Announces Third Quarter 2020 Results
{November 11th, 2020} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the third quarter ended September 30, 2020. Third Quarter 2020 Results The company reported a net loss available to shareholders of $3,012 million in the third quarter of 2020, or $32.49 per diluted share, compared with net […]
FBL Financial Group Reports Third Quarter 2020 Results
{November 11th, 2020} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the third quarter of 2020 of $21.0 million, or $0.85 per diluted common share, compared to net income of $25.1 million, or $1.01 per diluted common share, for the third quarter of 2019. Adjusted operating income(1) totaled […]
Equitable Holdings Reports Third Quarter 2020 Results
{November 11th, 2020} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2020. “Equitable‘s strong performance in uncertain times continues to demonstrate our ability to adapt and underscores the stability of our business and earnings. We are pleased to report third quarter non-GAAP […]
MetLife Announces Third Quarter 2020 Results
{November 11th, 2020} by MetLife
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced its third quarter 2020 results. Third Quarter Results Summary Net income of $633 million, or $0.69 per share, compared to net income of $2.2 billion, or $2.30 per share in the third quarter of 2019. Adjusted earnings of $1.6 billion, or $1.73 per share, compared to adjusted […]
Lincoln Financial Group Reports Third Quarter 2020 Results and Announces Increase to Dividend
{November 11th, 2020} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income for the third quarter of 2020 of $398 million, or $2.01 per diluted share available to common stockholders, compared to net loss in the third quarter of 2019 of $(161) million, or $(0.83) per diluted share available to common stockholders. Third quarter adjusted loss […]
AM Best Revises Outlooks to Positive for SILAC Insurance Company
{November 11th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The ratings reflect SILAC’s balance sheet strength, which AM Best categorizes as adequate, as well as its adequate […]
Brighthouse Financial Announces Upsize of Previously Announced Cash Tender Offers
{November 11th, 2020} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (the “Company” or “Brighthouse Financial”) (Nasdaq: BHF) announced today, in connection with its previously announced cash tender offers (each, an “Offer”, and collectively, the “Offers”) for the Notes set forth below, that the Company has increased the aggregate principal amount of each series of Notes that the Company intends to […]
Genworth Financial Announces Third Quarter 2020 Results
{November 11th, 2020} by Genworth Financial, Inc
RICHMOND, Va., Nov. 4, 2020 /PRNewswire/ — Merger Agreement With China Oceanwide Holdings Group Co., Ltd (Oceanwide) Extended To November 30, 2020; Oceanwide Has Made Significant Progress On Transaction Funding U.S. Mortgage Insurance (MI) Segment Adjusted Operating Income Of $141 Million Primarily Driven By Lower Levels Of New Delinquencies And Incurred But Not Reported (IBNR) Favorability $26.6 Billion In New Insurance […]
Integrity Acquires Smith Agency to Grow Network in Pacific Northwest
{November 11th, 2020} by Integrity Marketing Group, LLC
DALLAS, Nov. 5, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Smith Agency, a rapidly growing insurance marketing organization (“IMO”) based in Vancouver, Washington. As part of the acquisition, Matt Smith, President of Smith Agency, will become a Managing Partner at Integrity. Financial terms of […]
AmeriLife® Acquires Forward Strategies Insurance Brokerage
{November 11th, 2020} by AmeriLife
CLEARWATER, Fla., Nov. 5, 2020 /PRNewswire/ — AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health and retirement solutions, has acquired Forward Strategies Insurance Brokers, LLC (“Forward Strategies”), a national leader in marketing annuities, life insurance, long-term care and hybrid products based in Tucson, Ariz. “Forward Strategies has built an operation that focuses on product […]
National Western Life Group, Inc. Announces 2020 Third Quarter Earnings
{November 11th, 2020} by National Western Life Group, Inc.
AUSTIN, Texas, Nov. 6, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today third quarter 2020 consolidated net earnings of $10.8 million, or $3.06 per diluted Class A common share, compared with consolidated net earnings of $20.0 million, or $5.65 per diluted Class A common share, for the third […]
TIAA Supplier Diversity Economic Impact Report illustrates commitment to a diverse and unique supplier base
{November 11th, 2020} by TIAA
NEW YORK, Nov. 9, 2020 /PRNewswire/ — Nearly 30 years ago, TIAA, a Fortune 100 financial services company, launched its Supplier Diversity Program in recognition of the need to build relationships with diverse and diverse-conscious enterprises. The program endeavors to develop strong working relationships with suppliers owned by minorities; women; veterans; disabled people; and lesbian, gay, bisexual and transgender […]
Bankers Life Uses New Software to Provide Customers an Interactive Retirement Income Planning Experience
{November 11th, 2020} by CNO Financial Group
CHICAGO, Nov. 10, 2020 /PRNewswire/ — Bankers Life, a national life and health insurance brand focused on the insurance and investment needs of Americans near or in retirement, announced today a new software tool that provides consumers efficient, more personalized assistance with retirement income planning. Through a collaboration with RetireUp, an unaffiliated entity, Bankers Life wealth management professionals […]
J.D. Power: Life Insurance Customer Satisfaction Flatlines Despite Pandemic Fears
{November 11th, 2020} by Emily Holbrook
Even with the current pandemic that has taken more than 230,000 lives across the U.S., consumers aren’t any more interested in purchasing life insurance than they were in the past, according to the J.D. Power 2020 U.S. Life Insurance Study. The report says a combination of infrequent client communications and a pervasive perception of high […]
Consumer Confidence in Insurance Sector Surges: LIMRA
{November 11th, 2020} by Michael S. Fischer
Three in five Americans are highly concerned about the coronavirus and half are similarly concerned about the state of the economy, according to LIMRA’s latest consumer sentiment study. Click HERE to read the full story via ThinkAdvisor
Time Running Out for Trump DOL Fiduciary Rule
{November 11th, 2020} by Melanie Waddell
The Labor Department’s proposed fiduciary prohibited transaction exemption to align with the Securities and Exchange Commission’s Regulation Best Interest could be “a dead letter” if Labor fails to send its final version to the Office of Management and Budget this week, according to Brad Campbell, partner at Faegre Drinker in Washington. Labor “is effectively out […]
AIG Mulls IPO for Life & Retirement Unit: Report
{November 11th, 2020} by Janet Levaux
American International Group says it is considering options for its Life and Retirement business, including an initial public offering or a private sale of a nearly 20% stake in the unit, according to a Reuters report. The development comes about 10 days after AIG said it plans to split off its life and retirement operations […]
Credit Suisse bets on intraday vol signals to revive FIA sales
{November 11th, 2020} by Helen Bartholomew
After a decade of double-digit gains, whipsawing markets and persistently low rates have taken the shine off fixed indexed annuities (FIAs), bringing sales growth in the popular US retirement products to a screeching halt. At $41 billion, FIA sales are down by more than a quarter year-to-date – the first decline in 12 years, according […]
Life Insurance Agent Commissions and How to Protect Them
{November 11th, 2020} by Bernard F. Pettingill and Federico R. Tewes
Life insurance agents work strictly on commissions, but the figures vary from company to company and agency to agency. Commissions paid to agents vary upon the size of the policy and the product type being sold. For example, products such as variable universal life insurance, variable insurance, and universal life insurance tend to have the […]
FINRA Sets Sights on Registered Index-Linked Annuities
{November 11th, 2020} by Melanie Waddell
FINRA is eying registered index-linked [aka structured] annuities as sales of the products skyrocket. During a virtual panel discussion at the Life Insurance Products 2020 conference, held by the American Law Institute, Brian Rubin, partner at Eversheds Sutherland, questioned FINRA CEO Robert Cook regarding the broker-dealer regulator’s exams of firms’ use and marketing of RILAs. […]
Latest Insurance Regulator Election Results
{November 11th, 2020} by Allison Bell
Voters in five states found insurance regulator races on their general election ballots Tuesday. Here are the tallies election officials in those states were posting, as of around 3:20 p.m. Eastern Time on Wednesday. In some cases, the results may not reflect the full effect of mail-in ballots or certain other types of ballots. Click […]
News MIB Life Application Activity Rises Again
{November 11th, 2020} by Allison Bell
Life insurance application trends looked much stronger for younger U.S. consumers in October than for older consumers. MIB Group says overall U.S. individual life application activity was 7.6% higher last month than in October 2019. Click HERE to read the full story via ThinkAdvisor
Tom Campbell to Lead the American Academy of Actuaries
{November 11th, 2020} by Allison Bell
Thomas Campbell is the new leader of a group that helps U.S. policymakers do the math. Taking over as the 20202021 president of the American Academy of Actuaries (AAA) last week, Campbell is a senior consulting actuary at Actuarial Resources Corp. in Farmington, Connecticut. He succeeds Joeff Williams, a consulting actuary with Actuarial Management Resources […]
Biden’s Retirement Policy
{November 11th, 2020} by Kerry Pechter
DOL and annuities: Biden would appoint a new Labor Secretary. He is not likely to nominate a fox to guard the DOL poultry. Click HERE to read the full story via RIJ
NAIFA’s New York Chapter Teams With New York Life Insurer Group
{November 11th, 2020} by Allison Bell
The National Association of Insurance and Financial Advisors (NAIFA) says its New York state chapter will be working with another Empire State group, the Life Insurance Council of New York (LICONY), on issues of interest to agents and advisors. The NAIFA New York chapter and LICONY will look for ways to work together on legislative and […]
Holiday season is upon us
{November 11th, 2020} by Wink's RockStars
Please note the Wink offices will be closed on the following holidays: Veterans Day, Wednesday, November 11th. Thanksgiving, Thursday and Friday, November 26th and 27th for an extended holiday weekend. Christmas Eve, Thursday, December 24th. Christmas, Friday, December 25th. To all the veterans out there… we salute you! Thank you for your service and sacrifice! […]
LifeDX Platform Launches into Life Insurance Industry Through Collaboration with Pacific Life
{November 11th, 2020} by IXN Tech
SALT LAKE CITY, Nov. 3, 2020 /PRNewswire/ — It was announced today the LifeDX platform from IXN launched with Pacific Life as the first life insurance carrier onboard. LifeDX is a multi-carrier platform that provides an application programming interface (API) solution for quotes and application submissions for the life insurance industry. Leveraging APIs for quotes and application submissions streamlines […]
Getting annuities onto 401(k) plan menus
{November 11th, 2020} by Emile Hallez
Retirement income has long been a shortcoming of defined-contribution plans. Insurance companies have tried for decades to tap into that business, mostly unsuccessfully. Click HERE to read the full story via InvestmentNews
SEC Amends Capital-Raising Rules
{November 4th, 2020} by Melanie Waddell
The Securities and Exchange Commission voted Monday to amend its capital-raising rules for small and medium-sized businesses. “For many small and medium-sized business, our exempt offering framework is the only viable channel for raising capital. These businesses and their prospective investors must navigate a system of multiple exemptions and safe harbors, each with different requirements,” […]
Athene Execs: Looking For Deals, But Out On American Equity
{November 4th, 2020} by John Hilton
Athene Holding will not be further pursuing a deal with American Equity, company executives said today during the insurer’s third-quarter earnings call. Athene is in a deal-making mode, President Bill Wheeler said, but will be looking elsewhere. American Equity rejected a $3 billion takeover bid put forth earlier this month by MassMutual and Athene, and […]
Annuities Face Tough Headwinds, But Bright Future Overall
{November 4th, 2020} by John Hilton
Annuities might be down, but they are not out. In fact, the global pandemic and associated economic disruption, punctuated by ultra-low interest rates, might be giving annuity manufacturers the time out needed to build toward a sales resurgence. A panel is slated to discuss the possibilities Wednesday at the LIMRA virtual annual conference. Click HERE […]
Now Divesting: AIG, Equitable and Great American
{November 4th, 2020} by Kerry Pechter
Three major publicly held annuity issuers have announced major restructuring moves—a signal that COVID-19 and low interest rates are adding fuel to a life/annuity industry shakeup that began soon after the 2008 financial crisis and has only accelerated since. Click HERE to read the full story via RIJ
On A Mission
{November 4th, 2020} by John Hilton
Mormon missionaries spend two years in a daily struggle against tremendous odds to win converts to the faith. Those who complete their missions learn to communicate better, be persistent, accept rejection and live a disciplined life. Luckily for Rod Furniss, those lessons learned during his Argentina mission could not have prepared him better for a […]
F&G Finds Decrease in U.S. Investor Risk Tolerance
{November 4th, 2020} by Allison Bell
F&G says it has evidence that recent events, including the COVID-19 pandemic and social unrest, have made many Americans feel less comfortable about assuming risk. The Des Moines, Iowa-based life insurer 72% of the participants in a recent risk tolerance survey said recent events had made them less tolerant of risk, and 60% said they […]
Yes, We Could Get Some Certainty on Election Night
{November 4th, 2020} by Bernice Napach
Despite growing expectations that the result of the 2020 presidential election won’t be called on election night, there are a number of key states that could potentially report the bulk of their voting counts Tuesday evening, possibly ending the uncertainty. Key among them, Florida, with 29 electoral votes, and North Carolina, with 15, are crucial […]
Great American’s Parent Talks About Annuity Sales: Earnings
{November 4th, 2020} by Allison Bell
Executives at American Financial Group — the parent of Great American Life Insurance Company — say they’re pleased with how the company’s annuity business performed in the third quarter. Core operating earnings at the annuity unit were higher in the the latest quarter than they were in the year-earlier quarter, in spite of the effects of […]
Why Advisors Are Learning to Love Annuities
{November 4th, 2020} by Ginger Szala
Advisors might think of annuities as “the A word,” according to some industry specialists, but there’s no doubt the interest in these products, both for advisors and their clients, has grown in recent years. The reasons? A combination of possibly years of low fixed income returns and the threat of dropping stock valuations are forcing […]
11 Scariest Retirement Statistics: 2020
{November 4th, 2020} by Ginger Szala
The specter of COVID-19 can put a scare into anyone, but the fear is even greater for those in or near retirement. Not only are eight in 10 people who die of the virus over 65, the pandemic is rattling health care, Social Security, Medicare, personal savings and government spending. And that’s on top of […]
Jackson National Lays Off 150 Workers
{November 4th, 2020} by Emily Holbrook
Lansing, Michigan-based Jackson National Life Insurance will lay off 150 workers across its branches, it announced Monday. The layoffs are due to “economic conditions and a decline in industry sales,” a company spokesperson said in a statement to WKRN in Franklin, Tennessee, home to one of 10 Jackson National branches. Click HERE to read the […]
5 Insurance Regulator Races Are on Nov. 3 State Ballots
{November 4th, 2020} by Allison Bell
Voters in five states will get a chance Nov. 3 to show what they think about insurance regulation when they choose their states’ top insurance regulators. The U.S. Securities and Exchange Commission helps oversee variable annuity and variable life products, but, because the federal government leaves regulation of the business of insurance to the states, the […]
5 Things to Know About the H.R. 8696 Methuselah Annuity Provision
{November 4th, 2020} by Allison Bell
The part of the new “Securing a Strong Retirement Act of 2020″ bill getting the most attention may be the section that would increase the required minimum distribution (RMD) age for individual retirement account (IRA) assets to 75, from 72. Another part of H.R. 8696, Section 202 could increase use of a product that’s popular […]
Still Hate Annuities? You Shouldn’t
{November 4th, 2020} by Jack Sharry
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 marketplace demands for competitive pricing and […]
Finseca NY Forms Independent Board
{November 4th, 2020} by Allison Bell
A New York state affiliate of Finseca — the national financial professional organization formed in September by the merger of AALU and GAMA — now has a leadership team. Finseca NY announced earlier this month that it has formed an independent board of directors. Phillip Held will be the chairman of Finseca NY, Held is a financial professional in […]
Million Dollar Round Table Starts Prep Academy
{November 4th, 2020} by Allison Bell
The Million Dollar Round Table (MDRT) is launching an online group for life insurance agents and other financial professionals who want to qualify for MDRT membership, someday, but aren’t there yet. The new MDRT Academy website and mobile app are set to come to life Sunday. MDRT will use the academy program to offer educational, training […]
Customers of Lindberg firms can withdraw money from annuities.
{November 4th, 2020} by Richard Carver
AWake County Superior Court judge issued an order Friday that allows the state Insurance Department to offer customers of two insurance companies a one-time option for a limited partial withdrawal of funds from annuity contracts. The insurers — Colorado Bankers Life Insurance Co. and Bankers Life Insurance Co. — are tied to principal owner Durham businessman Greg Lindberg. Click […]
Principal Life Insurance to pay $6 million for failure to disclose value of customer plans
{November 4th, 2020} by Des Moines Register
Des Moines-based Principal Life Insurance Co. will pay $6 million in a settlement with New York’s financial regulator for failing to tell customers whether their new investments would end up costing them money in the long run, the state announced Friday. Principal employees did not explain to hundreds of customers how much money they might […]
FIA Lifetime Income Benefits
{November 4th, 2020} by Wade Pfau
FIAs also frequently offer optional lifetime income guarantee benefits in the same manner as variable annuities (VAs). These guaranteed lifetime withdrawal benefits (GLWBs) are what can make particularly valuable in a retirement income plan. Though the names for different pieces may vary, the discussion from the previous chapter still applies in terms of rollup rates, the […]
