Trade Associations Team Up To Tackle Life Insurance Coverage Gap
{February 3rd, 2021} by Staff Reports
JOIN THE WEBINAR! LL Global CEO Dave Levenson and Finseca CEO Marc Cadin will discuss why these associations have joined together at 1 p.m. Wednesday, Feb. 3. Seven U.S. life insurance trade associations today announced they are pooling their resources to support the efforts of life insurers and financial security professionals as they help Americans get […]
State Farm NFL Ads Crushing The Marketing Competition
{February 3rd, 2021} by Staff Reports
State Farm has been all over the NFL Playoffs, with popular quarterbacks Aaron Rodgers and Patrick Mahomes serving as two of the most popular pitchmen in the marketing world. Mahomes will play in his second straight Super Bowl Sunday when he leads the Kansas City Chiefs against the Tampa Bay Buccaneers. Rodgers remains one of […]
Traditional Milestones Continue to Shift as Americans Enter 2021 With a New Outlook on Life, Love and Life Insurance
{February 3rd, 2021} by Life Happens
Arlington, Va. — Nearly six in 10 (59%) Americans are planning to make “carpe diem” their new mantra after the COVID-19 pandemic, according to a new study, “Life’s New Appreciations” by Life Happens, a nonprofit dedicated to educating consumers about the importance of life insurance and other related products for sound financial planning. For Life Happens’ annual Insure Your […]
Is There A Viable Alternative To Bonds?
{February 3rd, 2021} by Telegraph (Nashua, NH)
Annuities often get a bum rap, generally from market-based planners who view them as a threat, or other financial advisors that don’t really understand them very well. However, once you do understand how they work, it’s easy to see why nearly everyone would want them as a component of their portfolio. Notice I said, “component.” […]
Jackson National IPO Scuttled; To Go Through Demerger
{February 3rd, 2021} by Staff Reports
Prudential plc, the parent company of Jackson Financial, today announced that the Prudential board has decided to pursue the separation of Jackson in the second quarter of 2021 through a demerger, whereby shares in Jackson would be distributed to Prudential shareholders. The demerger, also known as a spin-off in the U.S., is subject to shareholder […]
Northwestern Mutual Wins $4M Zoom Trial After Jury Rules Suicide
{February 3rd, 2021} by John Hilton
Northwestern Mutual won a court victory saving the company a reported $4 million last week when a Florida jury decided that a 2016 lawyer’s death was a suicide. Desmond H. Staple died March 16, 2016. According to news reports, he was found unresponsive in his car in a Walmart parking lot in Hillsborough County. Click […]
Empower Retirement: COVID-19 Pandemic May Be the Catalyst to More Retirement Savings
{February 3rd, 2021} by Empower Retirement
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–The COVID-19 pandemic and its effects on the economy had Americans tightening their belts, and it may be the catalyst that now drives them to spend less and save more. That’s according to a new survey from Empower Retirement and Personal Capital conducted by Harris Poll1 that asks working and retired Americans how […]
Pacific Life Foundation Announces $7.25 Million Giving Program for 2021
{February 3rd, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The Pacific Life Foundation has announced plans to grant $7.25 million in charitable funding in 2021. Supporting communities where Pacific Life employees live and work, including Orange County, California; Omaha, Nebraska; and Lynchburg, Virginia, the grants will focus on the areas of arts and culture; civic, community and economic development; environment; education; […]
LifeYield, Allianz Life Expand Partnership to Help Financial Professionals Increase Retirement Income Potential
{February 3rd, 2021} by LifeYield, LLC
BOSTON–(BUSINESS WIRE)–To help investors find the right solutions to fill gaps in their retirement checks and cover anticipated expenses, LifeYield LLC, the market leader in developing cloud-based solutions that allow advisors to maximize retirement income for their clients, announced an expanded partnership with Allianz Life Insurance Company of North America (Allianz Life). LifeYield proprietary Social Security Advantage® solution, which helps […]
Young Adults Are on an Uncertain Road to Retirement
{February 3rd, 2021} by Transamerica Center for Retirement Studies
LOS ANGELES, Jan. 28, 2021 /PRNewswire/ — With increasing strain on social security systems globally and the economic effects of the pandemic intensifying, young adults are setting out on an uncertain journey of work and money. They are expecting to self-fund an even greater proportion of their retirement income than previous generations. However, few young adult workers (age 20 […]
Northwestern Mutual Named One of FORTUNE Magazine’s World’s Most Admired Companies
{February 3rd, 2021} by Northwestern Mutual
MILWAUKEE, Feb. 1, 2021 /PRNewswire/ — Northwestern Mutual, a leading financial security company, announced today it has been named one of the World’s Most Admired Companies in its industry according to FORTUNE’s annual survey for the 38th year. Since 1983, top executives and directors from eligible companies, as well as financial analysts, have determined the companies with the strongest […]
LIBRA Insurance Partners Protects Policyholders and Producers in Voya/Resolution Life Transaction in Colorado
{February 3rd, 2021} by LIBRA Insurance Partners
LINTHICUM HEIGHTS, Md., Jan. 27, 2021 /PRNewswire/ — LIBRA Insurance Partners, one of the nation’s largest insurance marketing organizations, successfully petitioned the Colorado Department of Insurance to add restrictions and mandates to the Voya/Resolution Life transaction prior to approving the close of the transaction. These conditions were proposed in order to protect the rights of the policyholders […]
Industry Associations Unite to Help Address the Life Insurance Coverage Gap in the United States
{February 3rd, 2021} by LIMRA
WINDSOR, Conn., Feb. 1, 2021 /PRNewswire/ — Seven U.S. life insurance trade associations today announced they are pooling their resources to support the efforts of life insurers and financial security professionals as they help Americans get life insurance coverage and the certainty it provides at a time of great financial insecurity for many Americans. LL Global, the parent […]
Study: Fewer than a third of millennial parents have a will
{February 3rd, 2021} by Nationwide
COLUMBUS, Ohio, Feb. 1, 2021 /PRNewswire/ — A new Nationwide Retirement Institute® survey finds 71% of millennial parents currently do not have a will. Of those that do have a will, the COVID-19 pandemic was the second most common reason for creating one (39%), along with having new children (40%) and getting married (38%). According to the […]
Helping vs. Selling
{February 3rd, 2021} by James R. Grazioli
In my over 29 years of being in my business, the biggest lesson I have learned is the I importance of dealing with the retirement emotion by the concept of helping vs. selling. When my career began in 1991, it was only about selling, showing product and getting the application signed regardless if it fit […]
Blackstone Entities Agree to Buy an Allstate Life Unit
{February 3rd, 2021} by Allison Bell
The Blackstone Group Inc. recently hired Michael Hovey to be the senior managing director in charge of its insurance deals unit. The New York-based investment management company confirmed its interest in insurance deals Tuesday, by having entities it manages agree to pay $2.8 billion to buy Allstate Life Insurance Company from The Allstate Corp. Click […]
SEC Articulates Standards for Relief Under Section 26(c) for Variable Insurance Product Substitution Orders
{February 3rd, 2021} by Vedder Price PC
On December 4, 2020, the SEC granted a substitution order under Section 26(c) of the Investment Company Act of 1940 to Allianz Life Insurance Company of North America and Allianz Life Insurance Company of New York, together with their respective separate accounts (collectively, Allianz). Section 26(c) of the 1940 Act prohibits the substitution of shares […]
Commentary: Why Zero Is Not My Hero
{February 3rd, 2021} by Ron Sussman
The current pandemic and resulting stock market volatility seem to have encouraged insurance companies to promote indexed universal life with even more bravado than usual. If I hear, “zero is my hero” one more time I am going to beat to a pulp the speaker of this banal nonsense with my college macroeconomics textbook. As […]
Prudential Plans to Split Jackson Off Without an IPO
{February 3rd, 2021} by Allison Bell
Prudential PLC has decided to separate from Jackson Financial Inc. by giving shares of Jackson Financial stock to its own shareholders, Prudential announced today. Prudential PLC is a large, London-based insurer that has no connection with Prudential Financial of Newark, New Jersey. Click HERE to read the full story via ThinkAdvisor
Allianz Life Named a 2021 Best Place to Work for LGBTQ Equality
{February 3rd, 2021} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–The Human Rights Campaign Foundation has named Allianz Life Insurance Company of North America (Allianz Life®) a 2021 “Best Place to Work” for lesbian, gay, bisexual, transgender, and queer (LGBTQ) employees. The company received a 100% rating on the Foundation’s Corporate Equality Index (CEI) for the fifth consecutive year. The CEI is a national […]
Securian Financial Names George Connolly Executive Vice President
{February 3rd, 2021} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has promoted George I. Connolly to executive vice president, Individual Solutions, reporting to Chris Hilger, chairman, president and CEO. The Individual Solutions division includes Securian Financial’s Individual Life, Individual Annuity and Wealth Management Group businesses, as well as their related wholesaling functions. “George’s promotion to executive vice president recognizes the […]
KKR Closes Acquisition of Global Atlantic Financial Group Limited
{February 3rd, 2021} by KKR
NEW YORK & BERMUDA–(BUSINESS WIRE)–KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group Limited (“Global Atlantic”) today announced the closing of their previously-announced strategic transaction. Global Atlantic is one of the largest fixed rate and fixed annuity providers in the United States, serving more than two million policyholders through its retirement and life […]
Investment Firm Closes on Global Atlantic Acquisition
{February 3rd, 2021} by Allison Bell
An investment company now owns one of the largest U.S. issuers of non-variable annuities. KKR & Co. Inc. has completed efforts to acquire Global Atlantic Financial Group Ltd., through a deal with a total value of about $4.7 billion. KKR now has about a 60% stake in Global Atlantic. Click HERE to read the full story via […]
Here’s a New COVID-19 Nightmare, for You
{February 3rd, 2021} by Allison Bell
COVID-19 could make the Americans who have the toughest time saving for retirement even less likely to save, and even less like to use the retirement savings they have to buy annuities. Three economists have reported on research supporting this conclusion in a new working paper published on the National Bureau of Economic Research website. […]
Principal Financial Group Saw Record Life Insurance Apps In 2020
{February 3rd, 2021} by John Hilton
Principal Financial Group reported a record number of life insurance applications in 2020. The COVID-19 pandemic is motivating large numbers of people to seek life insurance coverage for their families. Faster underwriting and direct-to-consumer channels also helped Principal boost its life insurance count, CEO Dan Houston said during a fourth-quarter earnings call this morning. Click […]
Principal Announces Fourth Quarter and Full Year 2020 Results
{February 3rd, 2021} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for fourth quarter and the full year of 2020. Net income attributable to PFG for fourth quarter 2020 of $472.6 million, compared to $300.9 million for fourth quarter 2019. Net income per diluted share of $1.70 for fourth quarter 2020 compared to $1.07 in the prior […]
Principal Sees COVID-19 Impacting Earnings
{February 3rd, 2021} by Allison Bell
Executives at Principal Financial Group Inc. now assume that COVID-19 will kill about 300,000 people in the United States in 2021, with more of the deaths occurring in the first half of the year. The company is continuing to estimate that it will incur about $10 million in direct mortality and morbidity impact on earnings, […]
Reinsurance Helps Stabilize Ameriprise Protection Earnings
{February 3rd, 2021} by Allison Bell
Annuity and life insurance operations were a source of stability at Ameriprise Financial Inc. in the fourth quarter of 2021. The Minneapolis-based financial services company says its Retirement & Protection Solutions division performed about as well in the latest quarter as it did in the fourth quarter of 2019, in spite of the COVID-19 pandemic […]
Some Types of Life Policies Are Harder to Sell Than You Think
{February 3rd, 2021} by Lisa Rehburg
You may know that 500,000 seniors a year lapse their life insurance policies. They walk away with little or nothing. The reason? They no longer need or want the policy, or they can no longer afford it, and they do not know there is another option. A life settlement can be a good solution for […]
From the Vault: The Journey of African-American Insurance Professionals
{February 3rd, 2021} by Marsh
As the demographics of the US change, becoming more diverse in terms of race, ethnicity, socio-economics, age, and gender, the insurance industry’s executive and management ranks — from insurers to agencies and beyond — need to better reflect those emerging trends. In a ground-breaking study, The Journey of African-American Insurance Professionals provides quantitative and personal insights into […]
40 Under 40 in Wealth Management
{February 2nd, 2021} by American Bankers Association
Congratulations to all our winners. They are a shining example of wealth management and fiduciary professionals who are committed to the highest standards of achievement at work and in their communities. Click HERE to view the Class of 2021 via American Bankers Association
AIG Partners with Beacon to Certify Annuity Information Through Annuity Switchboard
{February 2nd, 2021} by Beacon Annuity Solutions
NORTHFIELD, Ill., Feb. 2, 2021 /PRNewswire/ — Beacon Annuity Solutions®, a leading provider of cloud-based annuity software and compliance solutions, today announced American International Group, Inc. (AIG), a global insurance organization, has joined a growing list of Annuity Switchboard® partners. Annuity Switchboard®, a Beacon Annuity Solutions service, is a fully automated data delivery platform that connects insurance carriers to […]
Ares Management Corporation and Aspida Announce the Closing of F&G Reinsurance Acquisition
{February 2nd, 2021} by Ares Management Corporation
OS ANGELES–(BUSINESS WIRE)–Ares Management Corporation (“Ares”) (NYSE: ARES) and its indirect subsidiary Aspida Holdings Ltd. (“Aspida”) jointly announced today the completion of Aspida’s previously announced acquisition of F&G Reinsurance Ltd (the “Company”) from FGL Holdings (“F&G”), a subsidiary of Fidelity National Financial, Inc. (NYSE: FNF). As part of the transaction, Aspida will enter into a […]
