Regulators Ask for Advice About Indexed Universal Life Illustrations
{August 31st, 2022} by Allison Bell
The Life Actuarial Task Force wants to know: Can it make anyone who cares about indexed universal life insurance performance illustrations happy? The task force — an arm of the National Association of Insurance Commissioners — is asking anyone interested in the topic for advice on what it should do. Click HERE to read the […]
Wink, Inc. Releases 2nd Quarter, 2022 Deferred Annuity Sales Results
{August 31st, 2022} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE MULTI-YEAR GUARANTEED ANNUITY SALES SURPASS ALL OTHERS, WHILE VARIABLE SALES PLUMMET Wink, Inc. Releases 2nd Quarter, 2022 Deferred Annuity Sales Results Des Moines, Iowa. August 30, 2022– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1997 released its 100th edition […]
SECOND QUARTER 2022 ANNUITY SALES
{August 31st, 2022} by Sheryl J. Moore
Deferred Annuity Sales Total 2Q2022 deferred annuity sales were $72,804 million, compared with sales of $64,492 million for the second quarter of 2021. Second quarter deferred annuity sales were up nearly 22% when compared to the previous quarter and up nearly 13% when compared to the same period last year. Deferred annuities include sales of […]
Wink’s demo: Slice and dice sales data (in any way you can imagine!)
{August 31st, 2022} by Wink's Intel Pros
Wink released the 2nd Quarter, 2022’s sales in its 100th Wink’s Sales & Market Report. Be sure that you know how to slice and dice that sales data in the online Sales Data Query! The query is available for Wink’s Sales & Market Report subscribers. The Sales Data Query allows subscribers to search for sales […]
The Life Insurance Distributor That Can’t Stop Buying Other Firms
{August 31st, 2022} by Aaron Smith
Sheryl Moore, CEO of market research firm Wink, said she thinks Integrity wants to become a “preeminent distributor” of annuities, life insurance, and medical supplement and long-term-care products. Click HERE to read the full story via Life Annuity Specialist
Investors Heritage Ranks as the Fastest-Growing U.S. Insurer in 2021 According to S&P Global
{August 31st, 2022} by Investors Heritage
FRANKFORT, Ky.–(BUSINESS WIRE)–Investors Heritage Life Insurance Company (“Investors Heritage”) today announced that it ranked as the fastest-growing U.S. life and annuity insurer in 2021, according to a new report from S&P Global.1 Investors Heritage ranked as the fastest-growing U.S. annuity insurer in both total direct premiums and considerations as well as direct first-year premiums and […]
Banks have spoken
{August 31st, 2022} by Sheryl J. Moore
Let this sink in for a minute. Bank certificates of deposit are averaging a credited rate of less than 0.75%. Fixed annuities, however, are averaging credited rates of 3.43% today. Banks have spoken. FOR THE FIRST TIME, BANKS SOLD MORE ANNUITIES THAN ANY OTHER DISTRIBUTION CHANNEL IN THE BUSINESS. More than Full Service National Broker/Dealers. […]
Flight to safety propels New York Life, others to top of annuity hill
{August 31st, 2022} by John Hilton
The macroeconomic factors dominating 2022 are about as dramatic as it gets: 8-9% inflation rate, interest rates up 2% and the Dow Jones down 10%. To annuity buyers and sellers, it signals one thing: a flight to safety. In other words, a turn away from riskier, equity linked products toward safer, guaranteed rate return products […]
How Advisors Are Tackling Gaps In Financial Literacy
{August 31st, 2022} by Ben Mattlin
Let’s be frank: Clients are often financially ignorant. Advisors devote a lot of time to explaining the most elementary principles. When a client’s family gets involved, that learning curve can get even more complicated; different generations have differing degrees of comfort with money. Some advisors are working to improve the situation. By contributing to financial […]
NAIC’s LATF solicits feedback on options to address concerns related to AG 49-A
{August 31st, 2022} by Eversheds Sutherland (US) LLP
On August 15th, the NAIC’s Life Actuarial (A) Task Force (LATF) re-exposed for comment four options to address a concern raised by state insurance regulators regarding the use of illustrations for indexed universal life insurance (IUL) policies with volatility-controlled indexes that allow for crediting fixed bonuses under the policies. The four options include a brief […]
Principal Protection Is Out There: Annuity Moves
{August 31st, 2022} by Allison Bell
Some life insurers are still introducing annuities that protect the value of premium contributions, despite worries about stock market, bond market and interest rate volatility. National Western Life Insurance Company and North American Company for Life and Health Insurance — a Sammons Financial subsidiary — are two companies that have added non-variable indexed annuities in […]
AmeriLife Opens Two Career Agency Offices: The Gameboard
{August 31st, 2022} by Allison Bell
AmeriLife Group revived an old concept: starting career insurance agency offices, rather than buying existing agencies. The Clearwater, Florida-based financial services distributor announced Monday that it has opened one career agency in Mansfield, Texas, and another one in Cranston, Rhode Island. Click HERE to read the full story via ThinkAdvisor
Annuities May Be Winning Over Advisors Who Were Fence-Sitters: Survey
{August 31st, 2022} by Allison Bell
Advisor apathy toward annuities may be fading, but advisor hostility toward the products still looks strong, according to results of a new survey organized by RetireOne and Midland National. The percentage of advisors who said they were either likely or very likely to recommend annuities has increased to 64% this year, from 52% in 2021. […]
Life Insurers Need to Balance Speed With Risk Assessment: Brett Laker
{August 31st, 2022} by Allison Bell
Brett Laker helps life insurers figure out how dangerous their clients are. Laker is the head of North America at UnderwriteMe, a life insurance underwriting technology firm that is owned by Pacific Life’s reinsurance arm. Your clients might turn to life insurers to protect loved ones’ financial well-being, and to use life insurance and annuities in retirement […]
Life and Annuity Issuers Look Strong: S&P
{August 31st, 2022} by Allison Bell
The big, well-known life insurers that back many of your clients’ life insurance policies and annuities are getting high grades from rating analysts at S&P Global. S&P analysts tell lenders and insurance buyers how strong insurers are. The strength ratings affect how much insurers pay to borrow money, and how much they can charge for […]
9 Lessons From John Hancock’s $26M LTCI Settlement
{August 31st, 2022} by Allison Bell
To make up for early cancellation of benefits payments for 156 holders of New York State Partnership for Long Term Care policies, John Hancock agreed last week to pay a total of $26.3 million. The settlement includes a $21.6 million in extra benefits to policyholders and beneficiaries, a $2.5 million penalty to the New York […]
Why this is a golden age for life insurance
{August 31st, 2022} by Brooks Tingle
Every generation has defining moments, but few experience an event like the COVID-19 pandemic — an inflection point that delineates the “before” from everything that follows. Historians and future generations will undoubtedly use the past two-plus years to study significant societal change. In the life insurance industry, we felt change too. Consumer interest in life […]
“Secret weapon” to running multiple businesses
{August 31st, 2022} by Kelly Augspurger
Kelly Augspurger and Sheryl J. Moore chatted about business and their personal lives. Click HERE to listen in and learn what Sheryl’s “secret weapon” is and how she manages to run multiple businesses successfully.
Equitable Announces Acquisition of Penn Investment Advisors
{August 31st, 2022} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services company and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), announced today the acquisitioni of Penn Investment Advisors, Inc. (PIA), a registered investment adviser and subsidiary of Penn Community Bank. The acquisition is expected to close in the fourth quarter of 2022. Headquartered in Bucks County, Pa., Penn Investment Advisors has $600 million […]
AIG Announces Closing of Hybrid Notes Offering by Corebridge Financial, Inc.
{August 31st, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) (“AIG”) today announced that Corebridge Financial, Inc. (“Corebridge”), its majority-owned subsidiary, issued and sold $1.0 billion of 6.875% Fixed-to-Fixed Reset Rate Junior Subordinated Notes due 2052 (the “Notes”). Corebridge intends to use the net proceeds from this offering to repay a portion of the remaining $1.9 billion […]
Symetra Again Receives Top Workplace Honors from Forbes
{August 31st, 2022} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra has once again been recognized by Forbes as a top employer. The Bellevue, Wash.-based life insurer was named to Forbes’ 2022 “America’s Best-in-State Employers” list as one of the top 60 employers in Washington state. The designation is Symetra’s second workplace award for 2022 following its Great Place to Work Certification™ earlier this […]
Best’s Special Report: U.S. Life/Health Ratings Activity in 2021 Mixed as Insurers Navigate Headwinds
{August 31st, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/health (L/H) insurance industry saw a higher number of Credit Rating (rating) upgrades in the first half of 2022 compared with the same prior-year period, with improved capitalization levels a driving force, according to a new AM Best report. Rating downgrades decreased in the first half of 2022, according to the Best’s Special […]
KBRA Publishes Rating Report for CL Life and Crestline Assurance Holdings
{August 31st, 2022} by KBRA
NEW YORK–(BUSINESS WIRE)–On August 23, 2022, KBRA assigned an A- Insurance Financial Strength Rating (IFSR) to CL Life and Annuity Insurance Company (CL Life) and a BBB- Issuer Rating to CL Life’s insurance holding company, Crestline Assurance Holdings, LLC Crestline Assurance Holdings. The Outlook for both ratings is Stable. CL Life is a fixed annuity […]
AM Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries
{August 31st, 2022} 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” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these […]
Lincoln Financial Group Partners With Minority-Owned Boutique Asset Management Firm to Bring Additional Small-Cap Investment Opportunities to Clients
{August 31st, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced that its minority-managed mutual fund, LVIP Channing Small Cap Value Fund, is now available as a standalone investment within the Lincoln ChoicePlusSM and Investor Advantage® annuity product suites. This investment option, in partnership with Channing Capital Management, LLC, provides clients with a platform for investing primarily in […]
New Survey Suggests Americans are Worried about Outliving Savings, While Advisors are Confident They Can Address Client Concerns
{August 31st, 2022} by RetireOne
SAN FRANCISCO–(BUSINESS WIRE)–RetireOne®, the leading independent platform for fee-based insurance solutions, and Midland National Life Insurance Company (Midland National), a member of Sammons Financial Group®, today announced the results of the “2022 RIA Protected Accumulation + Retirement Income Survey”. The survey reveals that 82 percent of Registered Investment Advisors (RIAs) agree that clients are concerned about outliving their retirement […]
AM Best Affirms Credit Ratings of National Western Life Group, Inc. and Its Subsidiaries
{August 31st, 2022} 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 Rating (Long-Term ICR) of “a” (Excellent) of National Western Life Insurance Company (NWLIC) (Centennial, CO). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” (Excellent) of Ozark National Life Insurance […]
American Business Joins Integrity to Innovate Insurance Offerings for High-Net-Worth Clientele
{August 31st, 2022} by Integrity Marketing Group
One of the country’s most prestigious boutique life insurance firms looks to the future by tapping into Integrity’s broad suite of resources and services designed to enhance growth DALLAS, Aug. 16, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced […]
More Americans turning to family, friends, prayer than advisors for financial advice
{August 31st, 2022} by Nationwide
Nationwide Retirement Institute ® research also finds only about half of U.S. families feel confident they can save enough for retirement COLUMBUS, Ohio, Aug. 23, 2022 /PRNewswire/ — Today, the majority of U.S. parents (60%) cite inflation or rising living costs among their top financial concerns as they look ahead at the next 12 months, according to a new survey by […]
Northwestern Mutual in elite company with highest-available financial strength ratings
{August 31st, 2022} by Northwestern Mutual
On heels of record year, Northwestern Mutual recognized as industry standout by major ratings agencies MILWAUKEE, Aug. 30, 2022 /PRNewswire/ — Against the backdrop of surging inflation and low consumer sentiment across the country, Northwestern Mutual’s financial strength and consistency continue to set the company apart. This week the company announced it has once again maintained the […]
Senior Resource Services Partners with Integrity to Access End-to-End Insurtech Platform
{August 31st, 2022} by Integrity Marketing Group
Integrity’s best-in-class systems and innovative products will empower Senior Resource Services and its agents to better meet the complex retirement needs of American consumers DALLAS, Aug. 23, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an […]
LibertyMark® Freedom Annuities Now Offer a 7% Upfront Premium Bonus
{August 31st, 2022} by Legacy Marketing Group
PETALUMA, Calif.–(BUSINESS WIRE)–Legacy Marketing Group® today announced the release of a 7%* upfront premium bonus product on its newest fixed indexed annuity (FIA) series, LibertyMark Freedom. Issued by “A” (Excellent) rated** Americo Financial Life and Annuity Insurance Company, the new LibertyMark Freedom 10 Plus and 10 LT Plus annuities jump-start a client’s premium at contract issue with a […]
Three New Reports Highlight Economic Gains and Challenges Among Women Since Title IX’s Enactment
{August 31st, 2022} by TIAA
Newly released data from the sixth annual Personal Finance Index examines financial literacy among five generations of U.S. women NEW YORK (June 23, 2022)—Women have made substantial economic progress in the last 50 years but still face substantial gaps in financial knowledge and retirement readiness, three new reports show. The TIAA Institute is releasing the insights to […]
Inflation, Increased Rates Boost Annuities Industry To New Heights
{August 31st, 2022} by Edward Hayes
Inflation and volatile equity markets have bedeviled Wall Street and policy makers, but one sector that doesn’t seem to be bothered by the adversity is the annuities industry. Annuities have been enjoying record sales in recent months, and market watchers attribute much of the success to investors fleeing for safety in the face of a […]
Buy-up indexing strategies
{August 30th, 2022} by Sheryl J. Moore
Buy-up indexing strategies- These are strategies where the annuitant is paying a fee for relatively-higher caps/pars. Studies done by Wink, Inc. show that 20% – 30% of a product’s premium allocation typically goes to an available buy-up indexing strategy. -sjm
Sagicor Financial Company Ltd. to acquire ivari, a leading middle-market individual life insurer in Canada
{August 30th, 2022} by Sagicor Financial Company Ltd
TORONTO and BARBADOS, Aug. 25, 2022 /CNW/ – Sagicor Financial Company Ltd. (“Sagicor” or the “Company”) (TSX: SFC), a leading financial services provider in the Caribbean with a growing presence in the U.S., has entered into a definitive agreement to acquire ivari, a subsidiary of Wilton Re Ltd., subject to the satisfaction of customary conditions, including required regulatory approvals. The expected consideration, […]
Fixed Annuities Post Their Best Quarterly Sales Ever
{August 30th, 2022} by Ben Mattlin
Advisors who aren’t at least considering annuities as a solution shouldn’t be surprised if their clients turn elsewhere for advice, Bamji said. “Many advisors who had little true understanding of annuities in the past [are] finally becoming wise to the various protection benefits annuities offer in a truly diversified portfolio,” he said. “The bottom line […]
Future interest rates move away from the highs and round adjustments with the fall of the dollar
{August 30th, 2022} by N/A
Thus, around 1 pm, the Inter-financial Deposit rate for January 2024 was 13.07%, down from 13.08% last Friday; the DI rate for January 2025 was down to 11.98%, from 11.99%; the DI for January 2026 was at 11.78%, from 11.80%; and the DI for January 2027 was down to 11.76%, from 11.78% Click HERE to […]
Imminent needs to change the current state of IUL illustrations.
{August 23rd, 2022} by Sheryl J. Moore
The last call that regulators had on indexed life illustrations seemed to have a different feel. Finally, it seemed that the regulators are of the belief that there is a problem, and that it needs fixed sooner than later. The other interesting development is that opening the illustration model regulation now appears to be on […]
Wouldn’t be the first time that the purchaser misunderstood what they bought.
{August 23rd, 2022} by Sheryl J. Moore
What do you want to bet that this is a Variable Annuity with a living benefit that has a 7% rollup? Wouldn’t be the first time that the purchaser misunderstood what they bought. MarketWatch, you need experts that know more about annuities. Stop with the lead generation, it gets rid of your credibility. -sjm
Out of the Darkness
{August 23rd, 2022} by Sheryl J. Moore
Nine years ago, my son, AJ Betts killed himself. Each year since he has passed, I have walked in the Out of the Darkness Walks, which are put on by the American Foundation for Suicide Prevention. If you live in the Des Moines metro area, I invite you to walk with me on “Team AJ Betts.” […]
Task force weighs ‘limited’ revision of life insurance illustrations model
{August 23rd, 2022} by John Hilton
It “would be HUGE” if regulators reopened the illustrations model, wrote Sheryl Moore, president and CEO of Moore Market Intelligence and Wink, Inc., in an email. Indexed life insurance wasn’t available yet when #582 was finalized, she noted. Click HERE to read the full story via INN
Ibexis Life & Annuity Insurance Company Launches Innovative Fixed Annuity
{August 23rd, 2022} by Ibexis Life & Annuity Insurance Company
JEFFERSON CITY, Mo., Aug. 16, 2022 /PRNewswire/ — Ibexis Life & Annuity Insurance Company (“Ibexis”) has launched its MYGA Plus™ fixed annuity. The MYGA Plus™ is a fixed annuity product that provides clients with the flexibility to choose between two fixed rates that are each guaranteed for the initial duration of the product. One option is to […]
Sammons names Tyler Brown new government affairs director
{August 23rd, 2022} by Sammons Financial Group
Sammons® Financial Group, Inc. has named Tyler Brown to the role of director, Government Affairs. In this strategic role, Brown will report into the company’s Legal department and have primary responsibility for all state and federal government relations for Sammons Financial Group. In that capacity, Brown will manage communications with regulators and legislators on behalf […]
Ameritas retirement plans launches GoalWise(SM) the next technology for a personalized savings experience
{August 23rd, 2022} by Ameritas
LINCOLN, Neb., Aug. 22, 2022 /PRNewswire/ — The retirement plans division of Ameritas Life Insurance Corp. is proud to announce a digital, interactive retirement savings and financial wellness platform, GoalWiseSM, to manage the end-to-end retirement savings journey. GoalWise offers a personalized, goal-based gamification experience for participants and insightful, targeted, event-driven communications and data trending for financial professionals […]
Better Service Means Better Retirement Security: Mutual of America’s Brian Severin
{August 23rd, 2022} by Allison Bell
Brian Severin wants to convince workers throughout the United States to start saving early, keep their money in their nest eggs, and let their nest eggs grow. Severin is a senior executive vice president and chief marketing officer at Mutual of America Financial Group, a New York-based mutual insurer that focuses on the retirement plan […]
John Hancock to Pay $26.3M Over Canceled LTCI Policies
{August 23rd, 2022} by Allison Bell
New York state regulators are imposing a $2.5 million penalty on John Hancock Life & Health Insurance Co. for problems with 156 long-term care insurance policy terminations. The Boston-based Manulife Financial unit will also have to pay $2.2 million to the New York state Medicaid program, and $21.6 million in extra benefits to policyholders and […]
7 Reasons New York’s $26M John Hancock LTCI Action Matters for Advisors
{August 23rd, 2022} by Allison Bell
State Medicaid could start to go after insurers and other financial services companies that fail to live up to agreements with people who end up using Medicaid to pay nursing home bills. New York state insurance regulators raised that possibility last week, when they announced a $26.3 million consent agreement with Manulife’s John Hancock unit. […]
Life Insurers Triumphed Over Q2 Storms: Morgan Stanley
{August 23rd, 2022} by Allison Bell
U.S. life insurers went into the second quarter facing low background interest rates, rising rates, inflation, the COVID-19 pandemic, and worries about the effects of Russia’s invasion of Ukraine. And they did well. Nigel Dally and Erica Reynolds, securities analysts at Morgan Stanley, say the big, publicly traded life insurers they follow did so well, […]
State Regulators Are Open to Broader Review of Product Illustrations
{August 22nd, 2022} by Cyril Tuohy
Industry analysts like Sheryl Moore, CEO of Wink, and Bobby Samuelson, executive editor of The Life Product Review, have decried the illustration “gamesmanship” used to get around AG 49-A. Click HERE to read the full story via Life Annuity Specialist
American Business Joins Integrity to Innovate Insurance Offerings for High-Net-Worth Clientele
{August 22nd, 2022} by Integrity Marketing Group
DALLAS – AUGUST 16, 2022 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has acquired American Business, one of the nation’s leading providers of life insurance products to high-net-worth clients. As part of the acquisition, Alan Grad, Chairman and CEO […]
Equitable Holdings Mitigates Remaining Redundant Reserves Associated with New York’s Regulation 213 Through Proceeds of Reinsurance Transaction
{August 22nd, 2022} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (the “Company”) (NYSE: EQH) announced today that it has mitigated the remaining $1 billion of redundant reserves associated with New York’s Regulation 213 (“Reg. 213”). The Company’s principal operating subsidiary Equitable Financial Life Insurance Company (“EFLIC”) has entered into an agreement with Global Atlantic Financial Group subsidiary, First Allmerica Financial […]
Next Generation of Innovative Insurtech Companies to Join Accelerator
{August 22nd, 2022} by gener8tor
MINNEAPOLIS & ST. PAUL, Minn.–(BUSINESS WIRE)–Startup accelerator, gener8tor, and two leading organizations in the insurance space, Allianz Life Insurance Company of North America (Allianz Life) and Securian Financial, announced today the five participants of the 2022 OnRamp Insurance Accelerator: Botdoc, ForwardLane, Manifest, Nestimate and White Swan. The startup companies are contributing innovative solutions to the […]
AM Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries
{August 22nd, 2022} 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” (Excellent) of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these […]
Global Atlantic Announces $10 Billion Group Annuity Reinsurance Agreement With Equitable
{August 22nd, 2022} by Global Atlantic Financial Group
HAMILTON, Bermuda–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading financial services company, today announced it has signed an agreement with Equitable Financial Life Insurance Company (“Equitable”) to reinsure a portion of its group retirement annuities. The business Global Atlantic will reinsure currently has $10 billion in general account and separate account value. Under the […]
Ringleader of pension fraud scam adapted to IUL sales sent to prison
{August 22nd, 2022} by Staff Reports
The man behind a pension fraud scheme that was adapted to indexed universal life sales, resulting in millions of retirement fund losses, dozens of lawsuits and a high-profile bankruptcy was sentenced to 10 years in prison Friday. Authorities say Scott Kohn, 68, of Newport, California, caused $310 million in losses to more than 2,500 retirees […]
Biometric data lawsuits test insurer’s coverage limits
{August 22nd, 2022} by John Hilton
Illinois courts will soon decide a pair of biometric data cases and potentially establish important precedents in the next round of data privacy exposure for insurance companies. The cases will decide what constitutes a violation, and whether there is a statute of limitations on claims. Insurers, among others, are sure to be watching the cases […]
DOL likely inching close to a full fiduciary rule, analysts say
{August 22nd, 2022} by John Hilton
Virtually the only thing left for the Department of Labor to do with its fiduciary definition rewrite is to essentially make all first-time advice fiduciary, analysts agreed during a Thursday webinar. If it happens, that change would be significant and basically return the DOL to its initial 2016 fiduciary rule, said Brad Campbell, partner at […]
IBD Elite 2022: Brokerages are morphing, not going away
{August 22nd, 2022} by Tobias Salinger
No one wants to be a broker anymore. The unsavory image of stockpickers peddling shares for hefty commissions still hovers over the $39 billion independent brokerage industry. It’s partly why wealth managers that own both brokerages and registered investment advisors — the counterpoint to brokers, because they operate under the highest industry standard of client care […]
Equitable Announces Acquisition of Penn Investment Advisors
{August 22nd, 2022} by Equitable
Media Contacts: Monique Freeman (212) 314-2010 mediarelations@equitable.com NEW YORK — August 17, 2022 – Equitable, a leading financial services company and principal franchise of Equitable Holdings (NYSE: EQH), announced today the acquisitioni of Penn Investment Advisors, Inc. (PIA), a registered investment adviser and subsidiary of Penn Community Bank. The acquisition is expected to close in the fourth quarter of 2022. Headquartered in […]
Does Your Client Need Emergency Cash? Here Are Some Options
{August 22nd, 2022} by Ben Mattlin
Over the past few years, a lot of people have seen their lives disrupted. Many may have financial needs they hadn’t planned for. On top of that, the cost of borrowing is on the rise. So what are some smart ways for clients to access emergency cash without paying the 11% average interest rate on […]
Crestline enters insurance market through “strategic” acquisition
{August 22nd, 2022} by Kassandra Jimenez-Sanchez
Crestline, a credit focused institutional asset manager, has announced the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (CL Life). Through this “strategic” acquisition, Crestline enters the direct annuity insurance market. CL Life will provide insurance products to […]
Importance of adequate life insurance cannot be overstated
{August 22nd, 2022} by Rocky Mount Telegram
September is Life Insurance Awareness Month. And it is important to be aware of the importance of life insurance. Are you adequately insured? Many people aren’t. About 40 percent of Americans face some type of life insurance gap, either because they’re uninsured or underinsured, according to a 2021 survey by LIMRA and Life Happens. Click […]
Annuities Coming Soon To A 401(k) Near You
{August 22nd, 2022} by Jennifer Lea Reed
Upcoming legislation is expected to make it a lot easier for defined contribution retirement plan sponsors to add an annuity product to their mix of equity and fixed-income offerings, which in turn could make it easier for plan participants to solve the issue of longevity risk. But there are some big requirements for plan sponsors […]
Fed united on need for higher rates, divided over how high
{August 22nd, 2022} by Ann Saphir and Howard Schneider
Aug 18 (Reuters) – The Federal Reserve needs to keep raising borrowing costs to bring high inflation under control, a string of U.S. central bank officials said on Thursday, even as they debated how fast and how high to lift them. St. Louis Fed President James Bullard, who was among the central bank’s earliest advocates […]
Advisors Waiting to See How Bolt-On Annuity Income Spigots Work
{August 21st, 2022} by Allison Bell
David Anderson, the CEO of Merit Life Insurance has a tough job: Persuading advisors and their clients that letting retirement savers attach an annuity spigot to just about any sensible, diversified asset portfolio will work. Merit Life is a Shelton, Connecticut-based company with backing from the investment firm 777 Partners, just 14 employees in its […]
Whole Life Insurance Market May See a Big Move : Major Giants AIG, Aviva, Metlife: Whole Life Insurance Market 2022-2028
{August 21st, 2022} by ReleaseWire
New Jersey, NJ — (SBWIRE) — 08/19/2022 — Whole Life Insurance Market – Global Outlook and Forecast 2021-2027 is latest research study released by HTF MI evaluating the market risk side analysis, highlighting opportunities and leveraged with strategic and tactical decision-making support. The report provides information on market trends and development, growth drivers, technologies, and the changing […]
Lots going on with indexed UL illustrations…
{August 16th, 2022} by Sheryl J. Moore
I don’t believe that if the historical performance lookback on IUL is abolished that sales will decline by 75%. But they WILL decline. Oh, they WILL decline. Click HERE to read the latest installment of Bobby Samuelson’s “The Life Product Review” here. -sjm
Crestline Announces Launch of CL Life and Annuity Insurance Company
{August 16th, 2022} by Crestline Investors, Inc
FORT WORTH, Texas, Aug. 11, 2022 /PRNewswire/ — Crestline Investors, Inc. (“Crestline”) a credit focused institutional asset manager, today announced its entrance into the direct annuity insurance market with the acquisition of a life insurance company established in 1978 and licensed in multiple states, which will now operate as CL Life and Annuity Insurance Company (“CL Life”), […]
North American Builds upon its Top-Selling NAC BenefitSolutions Fixed Index Annuity
{August 16th, 2022} by North American Company for Life and Health Insurance
WEST DES MOINES, Iowa, Aug. 9, 2022 /PRNewswire/ — More than three out of four Americans are concerned about safeguarding their current savings and finding ways to secure lifetime income for their future. Today, 76% of Americans say protecting their retirement nest egg and account is important to them, and 77% acknowledge concern for outliving their income […]
Web-Based Life, Health and Annuity Distributor Raises $15M
{August 16th, 2022} by Allison Bell
Modern Life is getting $15 million in cash it can use to set up a web-based life, health annuity brokerage aimed at advisors. The New York-based startup is licensed to operate throughout the United States, including in New York state, and it will begin setting up relationships with many different large insurers, not just one […]
National Western Life introduces newest fixed indexed annuity, NWL New Frontiers
{August 16th, 2022} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 10, 2022 /PRNewswire/ — National Western Life Insurance Company (National Western Life) announced the launch of NWL® New Frontiers, an innovative addition to the Company’s product suite. This new fixed indexed annuity exclusively offers access to the J.P. Morgan Factor FocusSM Index, while providing customers with the opportunity to take advantage of market gains and help […]
WealthVest and Aspida Partner with Franklin Templeton on Exclusive Index
{August 16th, 2022} by Wealthvest
WealthVest, a financial services marketing and wholesaling firm, in conjunction with Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, have partnered with Franklin Templeton to offer two new crediting strategies on an exclusive index within Aspida’s WealthLock℠ Accumulator Fixed Index Annuity – developed jointly with WealthVest. The WealthLock℠Accumulator FIA, distributed solely by […]
Annuity Buyers Lose Some Appetite for Battered Special Indexes
{August 16th, 2022} by Cyril Tuohy
“The down market affects all indices, not just hybrids,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “The bad news is that some people are earning zero. The good news is that when the market recovers, those owning indexed annuities are going to have some fantastic opportunities for gains.” Click HERE to read the […]
Life Insurers See Q2 Mortality Decrease
{August 16th, 2022} by Allison Bell
Retirement advisors may be facing a new longevity planning problem: An easing of the COVID-19 pandemic could give clients extra years of post-retirement life. The number of reported pandemic-related deaths fell to about 30,000 in the second quarter, which ended June 30. This is down from about 158,000 in the first quarter. Click HERE to […]
Jackson’s Annuity Stormproofing Worked
{August 16th, 2022} by Allison Bell
Derivatives can make an annuity issuer’s earnings look messy, but they helped Jackson sail smoothly through the spring stock market storms. Thanks to hedging arrangements, the annuity giant is reporting $3 billion in net income for the quarter ending June 30, on just $6.5 billion in revenue. Click HERE to read the full story via […]
Merit Life Aims to Ramp Up Annuity Sales
{August 16th, 2022} by Allison Bell
Merit Life Insurance — a company best known for its contingent deferred annuity contracts — is staffing up. The Shelton, Connecticut-based company has hired Martin Woll, who has been the chief operating officer at Equitable’s individual retirement division, to be its chief operating officer. Click HERE to read the full story via ThinkAdvisor
Regulators Work to Keep Hot Annuity Products Fair
{August 16th, 2022} by Allison Bell
State insurance regulators are still shaping actuarial guidelines for a hot retirement savings product — the registered index-linked annuity, or RILA. A National Association of Insurance Commissioners team is deciding what to do about RILA asset values for consumers who pull cash out early. Click HERE to read the full story via ThinkAdvisor […]
Senate Finance Chair Asks Blackstone Unit for Private Placement Life Details
{August 16th, 2022} by Allison Bell
Congress may be about to pay more attention to private placement life insurance — arrangements wealthy individuals and families can use to package investments of their own choosing inside variable universal life insurance policies. Sen. Ron Wyden, D-Ore., the chair of the Senate Finance Committee, today announced that he is investigating the use of PPLI […]
Annexus company finding retirement plans receptive to annuities
{August 16th, 2022} by John Hilton
Annexus Retirement Solutions occupied a niche position within the Annexus empire, creating and managing new annuity platforms for retirement plans. As the lone Annexus satellite not part of the blockbuster Integrity Marketing Group acquisition, ARS continues as an independent company prepared to pounce in a very enticing market, said Joe Boan, director of sales and […]
AIG delays IPO for Life and Retirement division
{August 16th, 2022} by John Hilton
American International Group will attempt a delayed initial public offering next month for its Life and Retirement division. Executives announced the new timeline today during a second-quarter call with analysts. The Life and Retirement segment was rebranded as Corebridge Financial earlier this year and was to go public during the second quarter. Click HERE to […]
Integrity Expands Life Insurance Distribution by Partnering with Richman Insurance Agency
{August 16th, 2022} by Integrity Marketing Group
DALLAS, Aug. 9, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has acquired Richman Insurance Agency, an insurance marketing organization (“IMO”) based in Dallas, Texas. As part of the acquisition, Rob Richman, President of Richman Insurance Agency, will become a […]
National Western Life Focuses on Growth by Announcing Reinsurance Transaction
{August 16th, 2022} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 9, 2022 /PRNewswire/ — National Western Life Insurance Company (National Western Life), a wholly owned subsidiary of National Western Life Group, Inc. (Nasdaq: NWLI), announced the execution of an annuity reinsurance transaction with Aspida Life Re Ltd. (Aspida Re), a Bermuda based reinsurer rated “A-” (Excellent) by A. M. Best and “A-” by KBRA. The transaction was effective July […]
Midwest Holding Inc. Reports Second Quarter 2022 Results
{August 16th, 2022} by Midwest Holding Inc
LINCOLN, Neb., Aug. 15, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the second quarter of 2022. Second Quarter 2022 Highlights: GAAP net income was $9.3 million compared to a $(5.0) million GAAP net loss incurred in the second quarter of 2021. GAAP earnings were $2.47 per share (diluted) versus the $(1.34) per-share loss in Q1 2021. GAAP total revenue […]
Jackson Announces Second Quarter 2022 Results
{August 16th, 2022} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the three months ended June 30, 2022. Key Highlights Net income of $2,903 million, or $32.56 per diluted share, including the impact of non-economic hedging results under GAAP accounting Adjusted operating earnings1 of $225 million, or $2.52 per diluted share Total annuity account […]
AM Best Upgrades Issuer Credit Ratings of Members of A-CAP Group
{August 16th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Atlantic Coast Life Insurance Company (Charleston, SC) and Sentinel Security Life Insurance Company (Salt Lake City, UT). The outlook of these Credit Ratings (ratings) is stable. Both […]
Life Insurance Policy Administration Systems Market Is Set to Fly High in Years to Come
{August 16th, 2022} by AMA Research & Media LLP
New Jersey, USA — (SBWIRE) — 08/15/2022 — The latest study released on the Global Life Insurance Policy Administration Systems Market by AMA Research evaluates market size, trend, and forecast to 2027. The Life Insurance Policy Administration Systems market study covers significant research data and proofs to be a handy resource document for managers, analysts, industry […]
YOU CAN STILL LOSE MONEY WITH THESE PRODUCTS?!
{August 9th, 2022} by Sheryl J. Moore
Does anyone else take issue with people marketing structured annuities/RILAs as “offering downside protection?” YOU CAN STILL LOSE MONEY WITH THESE PRODUCTS?! You ARE offered some level of downside protection with structured annuities, but it isn’t like you cannot lose any money. Losses are normally tempered with a buffer or floor, which is typically less […]
OIDs: Sales don’t seem to be following the trend
{August 9th, 2022} by Sheryl J. Moore
I am reading more and more about Outsourced Insurance Desks (OIDs) over the past couple of months. In fact, Jeff Waddington, CLU, CLTC from Protective Life had an interview about them in today’s InsuranceNewsNet. “An OID, at its core, allows an advisor to access products and expertise in the risk management or insurance world when appropriate for their clients.” So, […]
Rhetorical Question
{August 9th, 2022} by Sheryl J. Moore
When it comes to pricing annuities, there are only 100 pennies in a dollar. And… The insurance company has to make a profit. The annuitant has to receive a fair credited rate/cap/par/spread. The distribution expenses have to be paid for a commission to the agent, and an override to the FMO. But what if it […]
Brighthouse Financial Expands Flagship Shield Level Annuity Suite With New Product That Provides Guaranteed Lifetime Income
{August 9th, 2022} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today the expansion of its flagship Brighthouse Shield® Level Annuities suite with the launch of Brighthouse Shield Level Pay PlusSM Annuities, which are designed to help strengthen clients’ retirement portfolios by providing a stream of guaranteed lifetime income.1,2 Shield Level Pay Plus annuities also offer […]
Prudential FlexGuard® reaches $10B total sales milestone at record pace
{August 9th, 2022} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced that its FlexGuard product has reached a $10 billion total sales milestone since its launch in 2020, making it the fastest-growing indexed variable annuity in the industry, according to data from the Secure Retirement Institute.1 FlexGuard allows individuals and their financial professionals to select index-linked investment strategies, including some […]
Lincoln touts ‘robust’ life insurance sales amid ongoing restructuring
{August 9th, 2022} by John Hilton
It has been a rough go for Lincoln Financial for several quarters as the company shifts away from capital-intensive products to more shared-risk ones. But the Radnor, Pa.-based insurer might be turning a corner. During a second-quarter earnings call with analysts today, Lincoln executives spoke of life insurance sales up 53% from the prior-year quarter, […]
Life Application Activity Returns to Pre-COVID Normal
{August 9th, 2022} by Michael S. Fischer
U.S. life insurance applications from consumers fell by 7.7% year over year in July, according to MIB Group’s activity report released this week. Activity was down by 13% from July 2020, when a coronavirus-related spike occurred, and was flat compared with the previous year. This suggests that policy purchases have returned to something like normal. […]
Prudential CEO Lowrey: We’ll manage life business ‘very, very carefully’
{August 9th, 2022} by John Hilton
Prudential Financial has no plans to exit the life insurance business anytime soon, but will move forward with caution, president and CEO Charles Lowrey said today. Lowrey lauded the potential in the life insurance business during a second-quarter earnings call with industry analysts. With the final question of the session, Lowrey was asked if Prudential […]
The Variation in Some Annuity Payouts Has Exploded
{August 9th, 2022} by David Blanchett and Branislav Nikolic
Single premium immediate annuities (SPIAs) can provide retirees with an incredibly valuable way to generate guaranteed lifetime income. Payout rates, which represent the annual income divided by the premium, vary both across insurance providers and over time. There are a number of different components that insurers consider when determining the respective payout rate for SPIA, […]
Brighthouse balances strong annuity sales with weaker life numbers
{August 9th, 2022} by John Hilton
This month marks the fifth anniversary of Brighthouse Financial as an independent company. Executives rejoiced Friday over strong annuity sales figures during a second-quarter earnings call. Brighthouse was spun off as a separate company from MetLife as part of its long-term strategy to become a leaner, less complex insurer focused on segments with a higher […]
12 Best & Worst Broker-Dealers: Q2 Earnings, 2022
{August 9th, 2022} by Janet Levaux
The latest earnings season for the broker-dealer community wrapped up on Tuesday, when LPL Financial reported its second-quarter profits — which topped analysts’ estimates. “Amid persistent market volatility and geopolitical uncertainty, our advisors reinforced the value they provide to their clients by helping them navigate through [challenging] times,” LPL President and CEO Dan Arnold said […]
Ex-Advisor Sentenced to Almost 22 Years in Prison Over Fake-Annuity Scam
{August 9th, 2022} by Jeff Berman
A former registered broker and investment advisor has been sentenced to almost 22 years in prison after being convicted of stealing over $9.3 million from clients as part of an annuities-related Ponzi scheme, according to court documents and the Department of Justice. After a trial in U.S. District Court for the Northern District of Ohio, […]
Inflation Risk is the Top Financial Concern for Nearly Three in Four Women
{August 9th, 2022} by Alliance for Lifetime Income
WASHINGTON, Aug. 3, 2022 /PRNewswire/ — The latest chapter of HerMoney and the Alliance for Lifetime Income’s State of Women 2022 study finds that inflation risk (73%) tops the list of women’s financial concerns, ahead of illness or disability (71%), market volatility (70%), longevity (58%) and unemployment (43%). Yet only two in five women (41%) say they […]
Retirees can rely on annuities as a source of guaranteed income for life
{August 9th, 2022} by IAMS, Inc
LINCOLN, Neb., Aug. 3, 2022 /PRNewswire/ — With industry surveys showing that most retirees’ #1 fear is running out of money,1 Insurance Agency Marketing Services, Inc. (IAMS) is pleased to highlight Annuity Awareness Month and the importance of annuities as a vehicle for secure retirement income. On Monday, July 11, IAMS’ Executive Vice President and General Counsel Chris Conroy joined Nebraska Governor Pete Ricketts at […]
National Western Life Group, Inc. Announces 2022 Second Quarter Earnings
{August 9th, 2022} by National Western Life Group, Inc.
AUSTIN, Texas, Aug. 8, 2022 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2022 consolidated net earnings of $30.8 million, or $8.70 per diluted Class A common share, compared with consolidated net earnings of $49.9 million, or $14.11 per diluted Class A common share, for the second […]
AIG Reports Second Quarter 2022 Results
{August 9th, 2022} by American International Group, Inc
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today reported financial results for the second quarter ended June 30, 2022. AIG Chairman & Chief Executive Officer Peter Zaffino said: “AIG had another excellent quarter. General Insurance reported outstanding results and Life and Retirement again delivered a solid performance considering the significant market headwinds in the […]
Principal Financial Group® Announces Second Quarter 2022 Results
{August 9th, 2022} by Principal Financial Group
Principal Financial Group® Announces Second Quarter 2022 Results DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for second quarter 2022. Net income attributable to PFG for second quarter 2022 of $3,059.4 million, including $2,827.2 million from exited business, compared to $361.8 million for second quarter 2021. Net income per diluted share of $11.94 for second […]
COLORADO ADOPTS STRONGER PROTECTIONS FOR ANNUITY CONSUMERS
{August 9th, 2022} by ACLI
WASHINGTON – American Council of Life Insurers (ACLI) President and CEO Susan Neely and National Association of Insurance and Financial Advisors (NAIFA) Colorado Political Action Committee Chair and Government Relations Committee member Brent Jones issued the following joint statement on the best interest annuity rule adopted recently by the Colorado Division of Insurance: “The new […]
American Equity Reports Strong Results as Investment Yield Improves
{August 9th, 2022} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported on its second quarter 2022 results. These results include improved yields in the investment portfolio, continued progress with our “best-in-class” asset origination partners, and continued share repurchase activities in-line with our capital return […]
The Mystery of Why a Startup Bought a Small Seller of Burial Insurance
{August 9th, 2022} by Cyril Tuohy
Sheryl Moore, CEO of Wink, said Everly’s move appears to be a strategic decision to acquire a company that is successful for final expense policies, then distribute that product straight to consumers. “Final expense life insurance products are fairly transactional, so it would be an ideal product line for online distributing,” she added. Moore said […]
Horace Mann reports second-quarter 2022 results slightly ahead of previous announcement
{August 9th, 2022} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended June 30, 2022: “Our capital generating capacity is strong, and we remain committed to driving shareholder value” Tweet this ($ in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, […]
WealthVest, in partnership with Aspida, offers new Lighthouse Index from Janus Henderson and Societe Generale
{August 9th, 2022} by WealthVest
WealthVest, a financial services marketing and wholesaling firm, in conjunction with Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, is now offering crediting strategies on an exclusive index from Societe Generale and Janus Henderson Investors on Aspida’s WealthLockSM Accumulator Fixed Index Annuity. The WealthLock SM Accumulator FIA, distributed solely by WealthVest’s nationwide […]
Brighthouse Financial Announces Second Quarter 2022 Results
{August 9th, 2022} 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 second quarter ended June 30, 2022. Second Quarter 2022 Results The company reported net income available to shareholders of $957 million in the second quarter of 2022, or $12.77 per diluted share, compared with net income […]
Lincoln Financial Group Reports Second Quarter 2022 Results
{August 9th, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income for the second quarter of 2022 of $238 million, or $1.34 per diluted share available to common stockholders, compared to net income in the second quarter of 2021 of $642 million, or $3.34 per diluted share available to common stockholders. Second quarter adjusted income […]
Equitable Holdings Reports Second Quarter 2022 Results
{August 9th, 2022} 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 second quarter ended June 30, 2022. “With our resilient business model and fair value hedging program, we continued to deliver robust results and our balance sheet remains protected amidst challenging economic conditions and declining markets. We […]
MetLife CFO John McCallion Provides Second Quarter 2022 Financial Update Video
{August 9th, 2022} by Metlife
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced that Executive Vice President and Chief Financial Officer John McCallion has provided a second quarter 2022 financial update video. The video can be viewed on the company’s website at https://www.metlife.com/about-us/newsroom/#video. About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s leading […]
Should FAs Be Tested for Cognitive Decline?
{August 9th, 2022} by Sam Del Rowe
Financial advisors have several ways of dealing with clients who may be behaving erratically, including freezing their accounts. But what’s the course of action when it’s the advisor exhibiting cognitive decline? “[T]he awkward part of the conversation [is] it’s not just clients. It’s me, it’s you, it’s financial advisors. None of us is immune from capacity […]
Prudential Financial, Inc. Announces Second Quarter 2022 Results
{August 9th, 2022} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net loss attributable to Prudential Financial, Inc. was $565 million ($1.53 per Common share) for the second quarter of 2022, compared to net income of $2.158 billion ($5.40 per Common share) for the second quarter of 2021. After-tax adjusted operating income was $664 […]
Eight Ameriprise Financial Advisors Named to the Forbes Best-in-State Financial Security Professionals List
{August 9th, 2022} by Ameriprise
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. today announced that eight of the firm’s financial advisors were named to the Forbes list of the “Best-in-State Financial Security Professionals” in the country. Forbes recognizes the top financial advisors and professionals in the insurance industry for their excellence in helping clients protect against the financial risks posed by disability, death, or job loss. The […]
A Majority of Americans Report a Financial Bright Spot Despite Declining Financial Confidence, According to New Findings from New York Life Wealth Watch Survey
{August 9th, 2022} by New York Life
NEW YORK–(BUSINESS WIRE)–As inflation remains elevated and the cost of everyday goods continues to rise, New York Life’s Wealth Watch Survey revealed that a majority (62%) of adults still report overall confidence in their ability to meet their financial goals, down from an average of 69% when compared to the beginning of the year. When asked to describe […]
Why a life insurance policy appraisal should be part of your toolkit
{August 9th, 2022} by William Scott Page
At the midpoint of the year, it’s always helpful for agents and advisors to perform a broad assessment of their annual goals and modify their sales and marketing strategies accordingly. Based on conversations with producers, agents, advisors and clients, here are three mid-year resolutions for better client relationships in our current bear market. Click HERE […]
How to get the most out of Life Insurance Awareness Month
{August 9th, 2022} by Avo Mseka
In a few short weeks, the life insurance industry will be participating in Life Insurance Awareness Month. LIAM, the public awareness campaign conducted by Life Happens to educate consumers about the critical role insurance plays in a family’s financial plan, starts Sept. 1. Click HERE to read the full story via INN
U.S. SEC addresses Wall Street ‘misconceptions’ about conflicts of interest
{August 9th, 2022} by Katanga Johnson
WASHINGTON, Aug 3 (Reuters) – The U.S. Securities and Exchange Commission (SEC) on Wednesday published a staff bulletin that seeks to clarify how broker dealers and investment advisors must address conflicts of interest when providing advice and recommendations to investors. The guidance aims to spell out expectations amid industry “misconceptions,” an SEC official told reporters, […]
As stocks struggle, annuity sales soar to new heights
{August 9th, 2022} by Nathan Place
In a quarter marked by rising inflation, fears of recession and a volatile stock market, one financial instrument had a fantastic few months: annuities. In the second quarter of 2022, total annuity sales in the United States reached $77.5 billion — the highest quarterly sales ever recorded by LIMRA, an industry-funded firm that has been […]
Midwest Holding Schedules Conference Call to Review Results from Second Quarter of 2022
{August 9th, 2022} by Midwest Holding Inc
LINCOLN, Neb., Aug. 4, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced plans to host a conference call to discuss its financial and operating results for the second quarter of 2022 on August 16, 2022, at 8:30 a.m. Eastern Time. The Company also plans to post those results on the investor relations section of its website at https://ir.midwestholding.com after […]
CORRECTING and REPLACING American Financial Group, Inc. Announces Second Quarter Results
{August 9th, 2022} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–Seventh paragraph, first sentence of release should read: “AFG had approximately $1.1 billion of excess capital (including parent company cash and investments of approximately $750 million) at June 30, 2022.” (instead of “AFG had approximately $1.1 billion of excess capital (including parent company cash and investments of approximately $1.7 billion) at June 30, 2022.”) […]
Fidelity Taps Instagram Influencers to Reach Women
{August 9th, 2022} by Alex Padalka
Fidelity has opted to reach out to women through a number of Instagram influencers with hundreds of thousands of followers as part of a successful effort to engage women on the topic of money, according to news reports. The company worked with marketing firm SheSpeaks to reach “popular social media personalities,” such as Los Angeles-based Camden Scott, a […]
Everything You Need to Know About Annuity Investing in 2022
{August 9th, 2022} by Allison Kade
If your clients are looking for ways to create an income stream for retirement, there’s a good chance you’ve at least thought about annuities. An annuity is an insurance contract through which investors pay premiums in return for a stream of payments for a specific period of time in the future. In some cases, that […]
New trial for Greg Lindberg? Judge sets hearing.
{August 9th, 2022} by Lauren Ohnesorge
Embattled billionaire Greg Lindberg could soon know whether to expect a new trial for federal bribery charges after his conviction was overturned. Click HERE to read the full story via Triangle Business Journal
With high inflation and volatility, do annuities make sense?
{August 8th, 2022} by William G. Lako
Rising interest rates, high inflation, and a declining stock market can push many investors to question their investment selection, especially those looking at retirement in a few short years. As such, the Secure Retirement Institute reported total U.S. annuity sales are at their highest since 2008. Does it make sense to purchase annuities in times […]
At the Perfect Time
{August 8th, 2022} by Karen Melchert and Brent Jones
Before long, Colorado will welcome its 6 millionth resident. Whether they are an infant or a transplanted retiree, the new Coloradoan will be arriving at the perfect time. That’s because of a recent Colorado state rule that puts all of its residents – new and old – in a better position to achieve financial security […]
Historical Snapshot the heck out of that!
{August 2nd, 2022} by Wink's Intel Pros
Starting with the 2Q2022, we will begin taking Historical Snapshots of our product specifications at the end of each quarter. This functionality gives you access to product specifications from past quarters. Wonder what the bonus used to be on that annuity? Check out the Historical Snapshot. How high was the street level compensation on that […]
It’s my hope to leave a lasting impression on regulators
{August 2nd, 2022} by Sheryl J. Moore
I have been attempting to get Indexed Life illustrated rates regulated and under control for more than 17 years. The gamesmanship that is occurring, to boost illustrated values with a combination of hybrid indices and bonuses, has gotten ridiculous. It is my hope that teaming up with my competitor, Bobby Samuelson, on a letter to the […]
AGA49a Joint Letter Samuelson Moore
{August 2nd, 2022} by Sheryl J. Moore
Please click 072522 AG49A Joint Letter Samuelson Moore to read the joint comment on the four potential options for handling the identified issue with Indexed Universal Life illustrations.
Product experts: Regulators need to end ‘gamesmanship’ of IUL illustrations
{August 2nd, 2022} by John Hilton
Sheryl Moore of Moore Market Intelligence and Bobby Samuelson of The Life Product Review took the unusual step of co-authoring a comment letter on Actuarial Guideline 49-A. The pair are competitors in the product intelligence field. Click HERE to read the full story via INN
Critics, Carriers Weigh in on Fractious Debate Over Indexed Life Illustrations
{August 2nd, 2022} by Aaron Smith
“I believe that a hard cap should be applied, with a range of returns that fluctuate on an outside benchmark, which is a barometer for prevailing interest rates,” said Sheryl Moore, CEO of market research firm Wink, in an email. Moore and Bobby Samuelson, president of Life Innovators and executive editor of The Life Product Review, and also five life insurers, submitted […]
Why Insurers Should Take a Closer Look at the Integrity-Annexus Deal
{August 2nd, 2022} by Cyril Tuohy
“This deal could potentially open up new deals for product development for Integrity,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, “If Integrity plans to open up the proprietary Annexus Group products to their existing distribution, it could mean more sales for insurance companies.” Click HERE to read the full story via […]
Annexus and Integrity Join Forces to Transform Annuity and Life Insurance Product Design and Distribution
{August 2nd, 2022} by Integrity Marketing Group
DALLAS, July 27, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Annexus, the foremost independent insurance and financial product design and distribution company. As part of the transaction, Ron Shurts, Co-Founder and CEO […]
Index-Linked Variable Annuities Enter a New Stage of Differentiation
{August 2nd, 2022} by Cyril Tuohy
“Structured annuities are coming into their own,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “They are maturing, and innovating just as we would expect of a product that is a decade old.” Click HERE to read the full story via Life Annuity Specialist
11 Best Life Insurance Companies of August 2022
{August 2nd, 2022} by Georgia Rose
The life insurance market in the U.S. is competitive, made up of a mix of longstanding insurers and newer “insurtechs” that sell policies online. To narrow down our list of the best life insurance companies, we looked at customer complaints data, consumer experience and financial strength. We also assessed the types of policies on offer, […]
RILAs: One way to keep the ‘risk on’ in retirement
{August 2nd, 2022} by David Blanchett
These are difficult times for investors. So far in 2022, stocks and bonds are down, and inflation is up. While this may scare many investors away from investing in risky assets such as stocks, maintaining an exposure to the stock market can be essential for retirees who need to fund income for 30 years or […]
Sounding The Alarm On Indexed Universal Life Insurance
{August 2nd, 2022} by Ed Leefeldt and Les Masterson
For more than a decade, indexed universal life insurance (IUL) has been one of the life insurance industry’s most profitable businesses. New IUL premiums increased by 29% in the fourth quarter of 2021 alone, according to LIMRA, an industry-funded financial research company. Click HERE to read the full story via Forbes Wink’s Note: What?!? Okay- there […]
Ameriprise Sees 11% Increase in Advisor Productivity
{August 2nd, 2022} by Allison Bell
Ameriprise Financial says its move to sell financial services products from other companies is going well. James Cracchiolo, the Minneapolis-based company’s CEO, noted Wednesday that the company has built up a force of 10,200 financial advisors, and that the average productivity of those advisors increased 11% between the second quarter of 2021 and the latest quarter, to […]
The 3 Top Issues at Industry Events Now
{August 2nd, 2022} by Bill Simpson
As financial services conferences have returned to in-person, the critical role they play has become more apparent. What we have missed over the past couple of years is how pivotal they have been in facilitating discussions in real-time while helping industry professionals keep a pulse on the first-hand challenges both financial companies and their advisors […]
Schumer-Manchin Deal May Raise Some Life Insurers’ Taxes
{August 2nd, 2022} by Allison Bell
The new Inflation Reduction Act of 2022 package could have an obvious effect on any insurance agents or financial advisors who help clients with health finance issues. The 725-page package could also have an indirect effect on life and annuity advisors, through provisions that do not mention life insurers directly but that could increase some […]
Independent RIAs, Clients’ Annuities and Fiduciary Control
{August 2nd, 2022} by Scott Bowers
The growth of the fee-based advice model has led to a sea change in how financial advisors do business. It’s no longer enough to possess working knowledge of stocks, bonds, and relationship-building skills. Click HERE to read the full story via ThinkAdvisor
New York Asks Life Insurers for Disaster Plan Updates
{August 2nd, 2022} by Allison Bell
The New York State Department of Financial Services has sent life insurers, retirement systems, health insurers and other life and health coverage providers a request for their new disaster response plans. Carriers are supposed to send in their updated disaster response plans and business continuity plans by Oct. 7. Click HERE to read the full […]
House Financial Services Committee OKs Annuity Bill
{August 2nd, 2022} by Allison Bell
The House Financial Services Committee has approved a bill that could lead to a big increase in the number of registered index-linked annuities on the market. Committee members approved H.R. 4865, the Registration for Index-Linked Annuities Act, on Thursday by a unanimous vote. Click HERE to read the full story via ThinkAdvisor
The New Rollover Rule Is Here: Are You Complying?
{August 2nd, 2022} by Thomas D. Giachetti
The new Department of Labor rule is now in effect. Is your firm doing everything required to comply with the new retirement rollover requirements as set forth in PTE 2020-02? I recently sat down with my colleague, Joe Antonakakis, to discuss compliance with the new rule. Antonakakis explained that the rule is designed to promote investment advice that is […]
Life’s Risks: Flying Low and Fast
{August 2nd, 2022} by Bill White
We are always told that life is full of risks, but the thought of my Navy F-14 Tomcat being shot down really hit home to me while flying low altitude photo reconnaissance missions over a war zone in Bosnia-Herzegovina. The risks were ever-present — starting in flight school, preparing for deployment, and then actually flying […]
Integrity Marketing to Acquire Annuity Designer Annexus
{August 2nd, 2022} by Allison Bell
Integrity Marketing — a big, rapidly growing life insurance and annuity distributor — today announced a deal that could turn it into a giant life and annuity product designer. The Dallas-based company has agreed to acquire Annexus, a company best known as a company that designs annuities and permanent life insurance products for companies like […]
Digital Life And Income Insurance (Tech) Companies Is A Growing Trend
{August 2nd, 2022} by Ken Leibow
We see what I like to call “digital insurance companies” and think instant issue and direct-to-consumer for low priced limited benefit products. Click HERE to read the full story via Broker World
Protective Life
{August 2nd, 2022} by Broker World
Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc., (TSE:8750) announced the launch of its Protective Aspirations variable annuity product, issued by its principal subsidiary Protective Life Insurance Company (“Protective”). “Whatever you aspire to achieve in retirement, it should be protected,” said Jim Wagner, chief distribution officer for Protective. Click HERE to […]
