RIAs report greater interest in FIAs
{June 26th, 2024} by Susan Rupe
In today’s environment, many fiduciary advisors are turning to protection products such as fixed indexed annuities and fixed annuities to offset client portfolio risk. That was one of the findings from Security Benefit’s Registered Investment Advisor Benchmark Study. The study looked into RIAs’ perspectives regarding client practices, economic sentiment, product diversification and the impact of the upcoming […]
AM Best Upgrades Credit Ratings of Athene Holding Ltd. and Its Subsidiaries
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of the members of Athene Group (Athene). Athene is the consolidation of the organization’s U.S. operating companies, along with its affiliated reinsurance companies domiciled in […]
AM Best Affirms Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (LSW) (Addison, TX). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings […]
AM Best Affirms Credit Ratings of Aspida Life Insurance Company and Aspida Life Re Ltd
{June 26th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Aspida Life Insurance Company (Aspida Life) (Durham, NC) and Aspida Life Re Ltd. (Aspida Re) (Bermuda), collectively referred to as Aspida Group. The outlook of these Credit Ratings (ratings) is stable. The ratings […]
Regulators move forward with offshore reinsurance ‘concepts’
{June 26th, 2024} by John Hilton
The Life Actuarial Task Force voted Thursday to expose a pair of reinsurance documents designed to move regulators closer to an actuarial guideline to tighten oversight of offshore arrangements. The documents deal with different aspects of asset adequacy testing. Comments will be received until July 20. Regulators spent the better part of the hour-long call […]
Nassau Financial Sues Its Insurers for Help With Paying Its Legal Bills
{June 26th, 2024} by Allison Bell
Nassau Financial, the parent of life insurance and annuity issuers, has sued its own insurers for help with paying bills related to lawsuits involving universal life insurance policies. James Kenney, the owner of a universal life policy written by PHL Variable Insurance, is seeking permission from the U.S. District Court in Connecticut to represent a […]
The Power of Us: Lincoln Financial Group Releases 2023 Corporate Social Responsibility Report
{June 26th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) today shared its 2023 Corporate Social Responsibility (CSR) report, The Power of Us, highlighting the company’s progress in advancing its purpose to provide financial protection and security to customers and their families and its environmental, social and governance (ESG) initiatives. The firm’s annual CSR Report, which covers activities from Jan. […]
Securian Financial launches surplus lines insurance company
{June 26th, 2024} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial has launched Securian Specialty Lines, Inc., a new surplus lines insurance company, to provide additional innovative insurance solutions to financial institutions and associations. AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Securian Specialty Lines. “For decades, […]
Americans Less Fearful About a Recession and Investing
{June 26th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–With the market making steady gains across the first half of the year, Americans are feeling more comfortable with the economy and less nervous about investing, according to the 2024 Q2 Quarterly Market Perceptions Study* from Allianz Life Insurance Company of North America (Allianz Life). ompared to this time last year, fewer Americans are […]
Welcome To The New Financial Well-Being Movement
{June 26th, 2024} by Maggie Seidel
As the home of the top financial security professionals, Finseca’s sole focus is on creating an environment that enables people to protect and enhance financial well-being — for themselves, their families, and their businesses. Since our inception in 2020, Finseca has orchestrated the consolidation of four pivotal organizations. Among them are GAMA, which represents career […]
Redefining Retirement: The Impact Of Fully Digitized Annuities In The Age Of AI And Blockchain
{June 26th, 2024} by Santiago Jeyaseelan, VP of Product Management & Design at Gainbridge
In today’s quickly changing financial services industry, digitizing annuity products represents a tremendous opportunity to reshape retirement planning and financial security for future generations. By incorporating advanced technologies like artificial intelligence (AI) and blockchain, the annuities sector is poised to transform how these financial products are handled, tailored and bought, bringing in a new era […]
UPDATED: US DEPARTMENT OF LABOR ISSUES REPORT TO CONGRESS ON CONSIDERATIONS FOR DEFINED BENEFIT PENSION PLAN FIDUCIARIES CHOOSING AN ANNUITY PROVIDER
{June 26th, 2024} by DOL
Report finds amendments to existing guidance are not unwarranted. WASHINGTON – The Department of Labor announced its Employee Benefits Security Administration today issued a report to Congress on an interpretive bulletin related to fiduciary standards when selecting an annuity provider for a defined benefit pension plan. Interpretive Bulletin 95-1, which outlines these Employee Retirement Income Security Act fiduciary requirements, was […]
Gen X finally tops boomer 401(k) balances, but will it be enough to retire?
{June 26th, 2024} by Medora Lee
For the first time ever, Gen X workers saw their 401(k) balances top those of baby boomers, Fidelity data showed. Balances for Gen X workers who have been saving for 15 years averaged $543,400, or $200 more than boomers’, according to the financial service firm’s analysis of its more than 22 million accounts in the first three […]
The Largest Life Insurance Companies in the US in 2024: Business Insider
{June 26th, 2024} by Ronda Lee and Alani Asis;
Northwestern Mutual, New York Life, and MassMutual are the largest life insurance companies in the US. State Farm, Nationwide, and MassMutual rank the highest in life insurance customer satisfaction. It’s also important to compare costs, eligibility, coverage options, financial stability, and other factors. There are many life insurance companies to choose from, but most Americas […]
John Hancock Adds Whole-Body MRI Discounts to Wellness Program
{June 26th, 2024} by Allison Bell
John Hancock has added a discount on the Prenuvo whole-body MRI scan to its Vitality wellness incentive program. Life insurance insureds ages 18 and older outside New York state who participate in the Vitality program and complete a health review can get the scans for $500 less than the full $2,499 price. Click HERE to read […]
Kansas City Life Accuses Ex-Employee of Burning, Stashing Policies at Home
{June 26th, 2024} by Allison Bell
Kansas City Life Insurance Co. has filed a suit that focuses attention on a potential data security threat: administrative assistants who work from home. The company alleges that a woman who previously worked as an assistant for life insurance general agents, or distributors, accumulated about 200 life insurance policies and policy correspondence files […]
How long is ‘forever’ when it comes to permanent life insurance?
{June 26th, 2024} by Marc Barnes
When presenting permanent life insurance solutions, clients frequently ask how long they will need to make premium payments. When products are sold based on covering a specific need, such as a mortgage or college for kids, once clients are in their retirement years with a paid-off mortgage and grown kids, they may wonder what the […]
Former FBI ‘Most Wanted’ Advisor Pleads Guilty to Fraud, Money Laundering
{June 26th, 2024} by Dinah Wisenberg Brin
A former financial advisor in Iowa who appeared on the Federal Bureau of Investigation’s “most wanted” list has pleaded guilty to wire fraud and money laundering charges. William Jack Berg, 51, who was arrested in April, pleaded guilty on June 10 in connection to defrauding over a dozen people by encouraging them to transfer their […]
2024 PULSE OF THE AMERICAN RETIREE SURVEY: MIDLIFE RETIREMENT ‘CRISIS’ OR A 10-YEAR OPPORTUNITY?
{June 26th, 2024} by Prudential Financial, Inc.
NEWARK, N.J., June 24, 2024 – As a record number of Americans reach the traditional 65-year retirement age in 2024, a younger demographic of critically underprepared pre-retirees begins a 10-year countdown to protect retirement outcomes, according to Prudential Financial, Inc.’s 2024 Pulse of the American Retiree Survey. Fifty-five-year-old Americans are far less financially secure than […]
Indexed universal life persistency risks abound: Don’t repeat the misestimations of the past!
{June 26th, 2024} by Nik Gordon
In 2023, I co-wrote an article on underperformance of indexed universal life (IUL) blocks. One of the potential drivers of that underperformance was policyholder behavior. Throughout the course of time, actuaries have learned many hard lessons about misestimating policyholder behavior and the efficiency of policyholders. In this article, I expand on the potential areas of […]
NATIONAL ANNUITY AWARENESS MONTH EDITION
{June 26th, 2024} by Wink's Intel Pros
June is National Annuity Awareness Month! We will be reprinting our Chief Storyteller, Sheryl Moore’s most requested annuity-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. National Annuity Awareness Month aligns perfectly with Wink’s top priority of ensuring that the public […]
Reprint: How to Change the Narrative Around Annuities, Annuity Awareness Month
{June 26th, 2024} by Sheryl J. Moore
June is Annuity Awareness Month, which is basically like a big, nerdy party for an annuity evangelist like me. This is primarily because I get to be on stage more often, do more webinars and Zooms than is typical. Heck, a few years ago, I even had the opportunity to work with my former Governor […]
Reprint: Americans Are Demanding Annuities #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl Moore
I have seen the demand for annuities grow stronger and stronger over the past couple of decades. When I talk about this with colleagues in the annuity industry, they think I am being facetious. What? You haven’t seen the same? Well, let me show you about the demand for annuities from my own perspective. Click […]
REPRINT: 100 facts your clients need to know about annuities: #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl J. Moore
Did you know that that the top fear of Americans is outliving their retirement income? Death comes in as the second top fear. It’s easy to see that annuities are still the black box of the insurance industry … what a shame. Did you know that the top fear of Americans is outliving their retirement income? (Death […]
REPRINT: ANNUITY ILLUSTRATIONS: LIABILITY YOUR AGENTS DON’T NEED #AnnuityAwarenessMonth
{June 26th, 2024} by Sheryl J. Moore
When it comes to life insurance sales, you cannot close the deal without an illustration. Thanks to the National Association of Insurance Commissioner’s (NAIC’s) Life Insurance Illustration Model Regulation, there are very few instances where one need not collect an illustration to get a life policy issued. However, when it comes to the annuity side […]
Symetra Enhances Trek® Plus RILA with New Crediting Strategies
{June 20th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company unveiled multiple enhancements to Symetra Trek® Plus, its signature registered index-linked annuity (RILA), including two new indexed account options that add some downside protection and higher potential returns in flat markets. “Symetra has been very diligent about building a set of annuity products that work in a variety of economic […]
We Have Regulators Too, Bermuda’s Insurers Say
{June 20th, 2024} by Allison Bell
The life and annuity insurers and reinsurers of Bermuda want the world to know something: Bermuda has insurance regulators, too. The companies’ trade group, Bermuda International Long Term Insurers and Reinsurers, has posted a paper that makes the case for why Bermuda is a sophisticated, attractive insurance regulatory jurisdiction, not primarily a place where U.S. life and […]
National Life Group is a ‘progressive mutual,’ CEO says, with record sales
{June 20th, 2024} by John Hilton
National Life Group is one of the oldest mutual insurance companies in the United States, but CEO Mehran Assadi likes to call the insurer, “a progressive mutual.” “Basically, it’s all about performing and being focused like a stock company with a long-term perspective of a mutual insurance company,” Assadi said during an investor call this […]
Reprint: Compensation: Commission vs. Fees #AnnuityAwarenessMonth
{June 20th, 2024} by Sheryl J. Moore
Never in my decades of insurance experience have I witnessed a debate on social media that is more heated and passionate than that of fee-based advisors versus those who are commissioned. The argument? “One cannot act in the client’s best interests unless they are a fiduciary who does not get paid a commission.” Fiduciaries […]
Reprint: Innovation in Annuities #AnnuityAwarenessMonth
{June 20th, 2024} by Bloomberg
A fireside chat with three annuity industry experts and a BI economist to discuss the space, as it relates to sales metrics, distribution and product innovation. Topics include the sales growth outlook for the Annuity space (Fixed, Variable, Indexed, RILA), product innovation in the index area, opportunities in the 401(k) market, competitive dynamics and the […]
Advocate concerned that NAIC accelerated underwriting effort lacks teeth
{June 20th, 2024} by John Hilton
After putting accelerated underwriting aside for a year, state insurance regulators are out with tentative guidance on the topic. But one longtime consumer advocate wonders what took so long. Birny Birnbaum, executive director of the Center for Economic Justice, noted that regulators have studied accelerated underwriting for at least eight years. Click HERE to read the full […]
Globe Life reports web portal breach as troubling year continues
{June 20th, 2024} by John Hilton
Globe Life Insurance Co. self-reported a potential web portal breach Friday, the latest in a series of troubling incidents for the company. In a Form 8-K filing, Globe Life said it was contacted Thursday by a state insurance regulator about the potential breach. The insurer “initiated a review of potential vulnerabilities related to access permissions and […]
S&P 500 Races Toward 30th All-Time High of 2024
{June 20th, 2024} by Rita Nazareth
Stocks headed toward fresh all-time highs as several big techs climbed despite a jump in Treasury yields, with traders gearing up for retail-sales data and a slew of Federal Reserve speakers. The S&P 500 was set to close with its 30th record this year. Some Wall Street strategists rushed to raise their targets even as many hedge funds grow […]
Annuity salesman sentenced to 19 years in what prosecutors call epic 17-year fraud scheme
{June 20th, 2024} by Lee Rood
On Wednesday, federal court Judge Rebecca Goodgame Ebinger sentenced Flaherty to 19 years in prison, a rarity for a so-called white-collar crime. U.S. Attorney Richard Westphal’s office had sought a harsh sentence of 17½ to 20 years in part because of the number of vulnerable seniors Flaherty swindled and his lack of remorse. The judge […]
Ken Fisher’s Fortune to More Than Double on Private Equity Sale
{June 20th, 2024} by Devon Pendleton
Finance billionaire Ken Fisher’s net worth is poised to rise by $7 billion following the sale of a minority stake in his investment adviser, Fisher Investments. Private equity firm Advent International and a unit of Abu Dhabi Investment Authority are paying at least $2.5 billion and potentially as much as $3 billion for a stake that values […]
Annuity Owners Face Online Information Gap
{June 20th, 2024} by Allison Bell
Typical annuity owners appreciate what you’re telling them about annuities, but they think that much of the annuity information posted online is useless. About 84% of the annuity owners who participated in a recent Nationwide survey said that they had learned a lot about annuities from their financial professionals, and 48% said they had looked […]
Survey: Most Americans Do Not Fully Understand Insurance Coverage…Yet 86% Say They Do
{June 20th, 2024} by Independent Insurance Agents & Brokers of America (the Big “I”) and Trusted Choice
ALEXANDRIA, Va.–(BUSINESS WIRE)–Consumers have many questions about insurance coverage, and a new survey shows that even the most discerning policyholders do not fully understand the intricacies. Ahead of National Insurance Awareness Day on June 28, Trusted Choice–the national consumer brand representing the members of the Independent Insurance Agents & Brokers of America (the Big “I”)–surveyed consumers about their […]
Best’s Special Report: U.S. Life/Annuity Industry’s Net Income Drops 80% in First-Quarter 2024
{June 20th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry saw its net income drop by 80% in the first quarter of 2024 compared with the same prior-year period, according to preliminary financial results. This financial review is detailed in a new AM Best report, “First Look: Three-Month 2024 US Life/Annuity Financial Results,” and the data is derived from companies’ three-month […]
Carriers Serve Up a New Flavor of Fixed-Rate Annuities
{June 20th, 2024} by Cyril Tuohy
“The point here is to offer consumers a simple product with greater upside potential,” said Sheryl Moore, CEO of Wink, publisher of Wink‘s Sales & Market Report, which tracks life and annuity markets. Regular fixed-rate contracts, known as multiyear guaranteed annuities, or MYGAs, offer a fixed return, typically over three, five or seven years, but sometimes more. Their […]
Guardian and Pelago launch new partnership to support tobacco-free lifestyle and inspire well-being®
{June 20th, 2024} by Guardian
NEW YORK, June 17, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) has announced a new partnership with Pelago, the leading digital clinic partner to U.S. businesses and health plans for substance use management. For Guardian members with workplace-sponsored dental insurance, Pelago will guide and support individuals through a personalized and confidential tobacco cessation program leveraging […]
Foresters Financial celebrates 150 years of protecting families: A century and a half of service across Canada, the United States, and the United Kingdom
{June 20th, 2024} by The Independent Order of Foresters
TORONTO, June 17, 2024 /PRNewswire/ – Foresters Financial™ (Foresters), the global life insurer helping its members do more of the good they want to do, today proudly celebrates its 150th anniversary. This milestone not only marks a century and a half of unwavering commitment to its members but also reinforces its dedication to the core values of community, […]
John Hancock Becomes First Life Insurer to Offer Customers Discounted Access to Prenuvo Whole-Body MRI Scans
{June 20th, 2024} by John Hancock
BOSTON, June 18, 2024 /PRNewswire/ – John Hancock, a unit of Toronto-based Manulife, today announced it is the first insurer in the U.S. to offer discounted access to Prenuvo’s1 state-of-the-art, whole-body MRI scans to eligible John Hancock Vitality customers.2 An industry first, John Hancock Vitality members will receive a $500 discount3 on Prenuvo’s whole-body scans. With this offering, John Hancock strengthens its commitment […]
“Higher for longer” interest rate environment is boosting life insurance demand, Swiss Re Institute
{June 20th, 2024} by Jack Willard
Swiss Re Institute is forecasting a 40% rise in insurers’ investment income on average, for insurers in the largest eight life markets in the five years to 2027, driven primarily by higher bond yields. In a recent blog authored by James Finucane, Senior Economist, Swiss Re Institute & Loïc Lanci, Economist, Swiss Re Institute, the […]
Integrity Launches Integrity Wealth to Expand Access to Comprehensive Life, Health and Wealth Solutions for More Americans
{June 20th, 2024} by Integrity Marketing Group, LLC
DALLAS, June 18, 2024 /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 the official brand launch of Integrity Wealth. With more than $46 billion in assets under management and advisement and an extensive network of wealth advisors across all 50 states, […]
IRS To Crack Down On ‘Basis Shifting’ Tax Avoidance By Business Partnership
{June 20th, 2024} by Tracey Longo
The Biden administration is ramping up new audit teams and regulations to collect some $50 billion in taxes over the next decade from business partnerships such as hedge funds, real estate investors and wealthy individuals it says inappropriately use “basis shifting” to avoid paying taxes, the Treasury Department announced. The Biden administration says business partnerships […]
Lincoln National Life settles with DOL over insurability practices
{June 20th, 2024} by Kenneth Araullo
A unit of Lincoln Financial Group has reached a settlement agreement with the US Department of Labor to revise its evidence of insurability requirements, the federal agency announced. Lincoln National Life Insurance Co will adjust its “proof of good health” requirement for participants in job-based life insurance plans, according to the DOL. As per AM Best, […]
Agonizing over “Fiduciary”
{June 20th, 2024} by Dan Solin
I support the efforts of The Institute for the Fiduciary Standard to subject all those providing financial services to a fiduciary standard of care. The Department of Labor has embarked on a “fourteen-year-old quest” to define fiduciary status. Its latest effort is outlined in its Retirement Security Rule, published on April 25, 2024, which defines an investment advice fiduciary. […]
Fidelity® and Envestnet Expand Relationship to Deliver Next-Generation Unified Wealth & Advisory Platform
{June 20th, 2024} by Fidelity Investments
BOSTON & BERWYN, Pa.–(BUSINESS WIRE)–Fidelity Investments and Envestnet (NYSE: ENV) today announced the expansion of their 20+ year relationship to deliver a comprehensive wealth and advisory solution that builds on the success of Fidelity Managed Account Xchange® (FMAX), Fidelity’s wealth management platform, and the firms’ long-standing collaboration that has grown to more than $500 billion across […]
How to Explain RILAs Better
{June 20th, 2024} by Myles J. Lambert
In the previous two articles in this series, I gave an overview of what registered index-linked annuities, or RILAs, are and the benefits that they can bring to a client’s retirement portfolio. In this final article of the series, I will share some tips to help financial professionals drive more effective client conversations about RILAs. […]
FIRST QUARTER 2024 LIFE INSURANCE SALES
{June 13th, 2024} by Sheryl J. Moore
All Universal Life Sales for the first quarter of 2024 were $1,040 million. Given that this is the first quarter that Wink has collected data on sales of all life insurance products, comparisons will be available in future quarters. All universal life (UL) products include fixed UL, indexed UL, and variable UL products. Total 1Q2024 […]
Wink, Inc. Releases First Quarter, 2024 Life Sales Results
{June 13th, 2024} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE Life insurance sales fall in the First Quarter Wink, Inc. Releases First Quarter, 2024 Life Sales Results Des Moines, Iowa. June 12, 2024– Wink, Inc. released the first quarter, 2024 life sales results in its 107th edition of Wink’s Sales & Market Report. Wink’s Sales & Market […]
REPRINT: DON’T ASSUME PROSPECTS KNOW ANNUITIES, #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
DON’T ASSUME PROSPECTS KNOW ANNUITIES April 21, 2013 by Sheryl J. Moore By Sheryl J. Moore, President and CEO of Moore Market Intelligence, an indexed product resource in Des Moines, IA. I was speaking to a health insurance agent today who was looking for information on life insurance and annuities. He was genuinely interested […]
Reprint: Wink’s Annuity Quick Reference by Sheryl J. Moore #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
Originally posted on March 1, 2022 “I do not endorse any company/product. It’s not that I want people to buy annuities; I just want them to have credible information about them so that they can make a decision about if they are right for them.” Wink’s CEO, Sheryl J. Moore Click to view Wink’s […]
Reprint: How to Change the Narrative Around Annuities: #AnnuityAwarenessMonth
{June 13th, 2024} by Sheryl J. Moore
June is Annuity Awareness Month, which is basically like a big, nerdy party for an annuity evangelist like me. This is primarily because I get to be on stage more often, do more webinars and Zooms than is typical. Heck, a few years ago, I even had the opportunity to work with my former Governor […]
Kenneth King’s webinar regarding A-Cap and 777 Re
{June 13th, 2024} by THE ESK
I fully appreciate it won’t be for everyone, but for completeness and given the level of attention it has attracted in the UK media and particularly the ongoing 777 Partner situation at Everton, I thought it worth placing as a matter of record. There’s both an audio recording of the webinar and a full transcript. […]
Everton Gets Funding Offer From Firm Behind Previous Bidder
{June 13th, 2024} by David Hellier and Jill R. Shah
(Bloomberg) — Advantage Capital Holdings LLC has made a proposal to invest in Everton FC, people familiar with the matter said, adding another unexpected twist to the takeover saga surrounding the English Premier League football club. New York-based A-Cap and a partner firm have submitted a plan that would see them refinance all of Everton’s […]
777 Re credit ratings withdrawn by AM Best
{June 13th, 2024} by Kenneth Araullo
Following a string of troubles, AM Best has withdrawn the financial strength rating of C- (Weak) and the long-term issuer credit rating of “ccc-“ (Weak) of 777 Re Ltd., based in Hamilton, Bermuda. At the time of the withdrawal, these ratings were under review with negative implications. Click HERE to read the full story via […]
FMOs doing due diligence on carriers has struck a chord.
{June 13th, 2024} by Sheryl J. Moore
I love my FMOs. The principals of the FMOs are some of my closest friends in this business. They have taught me so much about this business, over the past 25 years. That said- my recent post about FMOs doing due diligence on carriers has struck a chord. Several marketing groups reached out to me, […]
I mean, I know this isn’t exactly warm and fuzzy news about annuities, but…
{June 13th, 2024} by Sheryl J. Moore
Is it just me? Or, does it seem that InvestmentNews is getting less and less friendly toward annuities over the past few weeks? Click HERE to read I mean, I know this isn’t exactly warm and fuzzy news about annuities, but… “…an expensive and often misunderstood investment product?” I guess my life insurance policy could […]
Higher interest rates transforming life insurance growth and profitability: Swiss Re
{June 13th, 2024} by Kane Wells
Higher interest rates worldwide are reportedly transforming the outlook for life insurance growth and profitability, with a new high anticipated for US fixed annuity sales this year after record sales in 2022 and 2023, as per a new Swiss Re Institute report. Jérôme Jean Haegeli, Swiss Re’s Group Chief Economist, commented, “Higher interest rates are […]
Insurers, AM Best trade accusations in lawsuit over ratings downgrade
{June 13th, 2024} by John Hilton
Atlantic Coast Life Insurance and Sentinel Security Life Insurance … The insurers are part of the A-Cap insurance … Universal Life Insurance Solution … Click HERE to read the full story via INN Wink’s Moore on the Market: A-CAP email drama! Looks like we’ll know more about this case after June 28, 2024. Thanks for […]
Prioritizing Protected Growth
{June 13th, 2024} by Daniel Herr
It’s no secret that the fixed indexed annuity (FIA) market is booming, with sales expected to reach nearly $100 billion in 20251. This growth is attributed to the fact that FIAs are a perfect fit for the growing number of consumers who want to prioritize protection, but don’t want to sacrifice opportunities for growth. In […]
Coming DOL fiduciary rule likely pushing annuity sales higher, Wink says
{June 13th, 2024} by Staff Reports
Deferred annuity sales were up nearly 19% in the first quarter over the same period last year, Wink, Inc. reported today. Click HERE to read the full story via INN Wink’s Moore on the Market: I predict that the DOL’s fiduciary rule is going to start a “fire sale” mentality in the annuity business. […]
Life and Annuity Issuers Prepare to Feast on Commercial Real Estate
{June 13th, 2024} by Allison Bell
The same higher interest rates that are hurting typical commercial real estate market players are helping life and annuity issuers make great investment deals. John Murray, a portfolio manager at PIMCO, talked about the effects of the health gap Wednesday at S&P Global Ratings’ 40th insurance conference in New York The same higher interest rates that […]
How Likely Is That Annuity to Stick?
{June 13th, 2024} by Allison Bell
Will your client’s new annuity stay in force for decades, or only until the surrender-charge period ends? Or, will it suddenly just go poof? Members of the Society of Actuaries Research Institute’s Individual Annuity Experience Committee studied that topic together with LIMRA. Click HERE to read the full story via Think Advisor Wink’s Moore […]
The Middle Market Has Changed
{June 13th, 2024} by Allison Bell
Ordinary Americans of all ages are having trouble with planning and saving, and financial services players need to step up and help. Terrance Williams, the president and chief executive officer of TruStage, talked about his vision for easing the strain on those customers in a recent interview. Click HERE to read the full story via […]
U.S. Life Application Activity Cools
{June 13th, 2024} by Allison Bell
U.S. life insurance application activity cooled in May, after heating up in April. Shoppers submitted 0.6% fewer applications last month than in May 2023, MIB Group reports. MIB, a Braintree, Massachusetts-based life insurance industry underwriting support group, bases its monthly activity reports on its application checking systems’ processing volume. Click HERE to read the full story via […]
MassMutual CEO Aims for Bigger Role in Annuities
{June 13th, 2024} by Allison Bell
Roger Crandall, the chief executive officer of MassMutual, said Wednesday that he wants the company to expand its annuity business the way it’s expanded its cash-value life business. “We think scale matters,” Crandall said in New York at S&P Global Ratings’ 40th insurance conference. “It’s just harder if you don’t have scale.” Click HERE to […]
5 Questions: Vanguard’s New Report on Annuities in Retirement Plans
{June 13th, 2024} by Allison Bell
Vanguard put a team of its experts to work on answering one of the major retirement planning questions of the day: Will adding an annuity, or an annuity-like feature, to a target-date fund inside a 401(k) plan really help workers get a modern alternative to the old defined benefit pension plan, or will it just create all […]
Financial challenges hit harder for widowed women
{June 13th, 2024} by Press Release
MINNEAPOLIS, June 12, 2024 /PRNewswire/ — A new Thrivent survey reveals more than half of widowed women experienced financial challenges after their spouse’s passing, with 51% either living paycheck to paycheck or struggling to manage their bills. A lack of proactive financial planning could be to blame: 41% of the widowed women surveyed said they didn’t have […]
Goldman Sachs survey finds RILA acceptance, rise ‘meteoric’
{June 13th, 2024} by Doug Bailey
Reacting to expanding investor demands, annuity sellers are emphasizing value propositions that strike a balance between managing downside risk while offering opportunities for upside participation. Buffered annuities, such as Registered Index Linked Annuities (RILAs), have seen acceptance that is “rather meteoric,” according to Marci Green, head of Retirement Intermediary and Insurance Distribution at Goldman Sachs. […]
Insurers, AM Best trade accusations in lawsuit over ratings downgrade
{June 13th, 2024} by John Hilton
Update: Late Tuesday, Judge Rukhsana L. Singh ordered AM Best to deliver the disputed documents to him by Thursday. Singh will review the documents sought by plaintiffs, his ruling states. A pair of life insurers suing AM Best over a potential ratings downgrade say the defendant is refusing to share emails related to the controversial move. AM […]
South Carolina couple sue advisor, Symetra over IUL-funded plan
{June 13th, 2024} by John Hilton
A South Carolina couple claims that using an indexed universal life policy in a retirement planning strategy cost them substantial life savings. Beth and David Yokel, of Greenville County, claim their advisor sold them on a retirement plan centered around loans from a Symetra Accumulator IUL policy. Four years of premium payments totaling $800,000 was […]
Whole life down as life insurance sales slump in Q1, Wink reports
{June 13th, 2024} by Staff Reports
Depressed whole life sales led a disappointing first quarter for the life insurance market, Wink, Inc. reported. Whole life sales hit $1 billion for the quarter, down 12.8% compared with the previous quarter, and down 7.4% compared to Q1 last year. Items of interest in the whole life market included the top primary pricing objective […]
Jackson Awards $775,000 in Grants to Nonprofits Across Lansing, Nashville and Chicago
{June 13th, 2024} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.i (NYSE: JXN), today announced it has awarded $775,000 to nonprofits serving the communities where Jackson has offices: Lansing, Michigan; Nashville, Tennessee; and Chicago, Illinois. These funds will support the ability for nonprofit clients to obtain affordable financial services, establish savings […]
Pacific Life Honored for Marketing Achievement in the Areas of Lifetime Income and ESG
{June 13th, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life’s Institutional business team was honored with three Hermes Creative Awards, two Stevie® Awards from The American Business Awards®, and four Telly Awards for work that includes a financial literacy white paper, an ESG motion graphic video, and The Wave Strength podcast series. Decoding Retirement: Key Insights into Participant Preferences for Lifetime Income Options, […]
Gen X Approaching Retirement Crunch Time with Savings Regrets
{June 13th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Gen Xers, who are mostly in their late 40s and 50s, are approaching an important time in preparing to retire. Yet, Gen Xers are feeling less confident than ever about their finances and more worried about retirement than boomers or millennials, according to the 2024 Annual Retirement Study* from Allianz Life Insurance Company of […]
AIG Completes Deconsolidation of Corebridge Financial
{June 13th, 2024} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced it has met the requirements for the deconsolidation of Corebridge Financial (NYSE: CRBG) for accounting purposes. The deconsolidation is a result of AIG’s decision to waive its right to majority representation on the Corebridge Financial Board of Directors and the resignation of Chris Schaper, Executive […]
IDEA Insurance Agency Joins Integrity to Increase Insurance Accessibility in Underserved Communities
{June 13th, 2024} by Integrity Marketing Group, LLC
DALLAS, June 11, 2024 /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 partnered with IDEA Insurance Agency, an independent marketing organization based in Orlando, Florida, and led by Jorge and Maria Collado. Financial details of the partnership were not disclosed. “Integrity […]
Annuity.com, Inc. Acquires Safe Money Radio
{June 13th, 2024} by Annuity.com
GILBERT, ARIZONA, UNITED STATES, June 11, 2024 /EINPresswire.com/ — Annuity.com, Inc., a rapidly growing fintech and financial media company, today announced its acquisition of the trademark rights to Safe Money Radio, one of the nation’s largest and longest-running retirement income radio shows. This strategic move follows the company’s recent acquisition of annuity.com and further positions it to […]
Wink, Inc. Releases 1st Quarter, 2024 Annuity Sales Results
{June 6th, 2024} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE Indexed and Structured Annuity Sales are on a Hot Streak! Wink, Inc. Releases 1st Quarter, 2024 Annuity Sales Results Des Moines, Iowa. June 5th, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 107th edition […]
First Quarter 2024 Annuity Sales
{June 6th, 2024} by Sheryl J. Moore
All Annuity Sales Total 1Q2024 all annuity sales $105,705 million. Given that this is the first quarter that Wink has collected data on income annuity sales, comparisons will be available in future quarters. All annuities include sales of multi-year guaranteed, fixed, indexed, structured, variable, immediate income, and deferred income annuities. Deferred Annuity Sales Total 1Q2024 […]
RILAs Are Not the Only Annuities With Sizzle
{June 6th, 2024} by Allison Bell
Registered index-linked annuity (structured annuity) sales are climbing — and so are sales of the RILAs older siblings, non-variable indexed annuities. Sales of non-variable indexed annuities climbed 29% between the first quarter of 2023 and the first quarter of 2024, to $29 billion, according to new issuer survey data from Wink. Read the full […]
American Equity to move into downtown Des Moines building owned by Nationwide
{June 6th, 2024} by Tyler Jett
“As a large corporate employer and a good citizen, we want to be able to support a vibrant downtown,” Lorenzen said. “We think that’s important for the long-term success of Des Moines.” American Equity has an 8% share of the indexed annuity market, according to Wink’s Sales & Market Report. The company currently leases offices […]
Homework before advising people in a public forum
{June 6th, 2024} by Sheryl J. Moore
So, I didn’t expect The White Coat Investor to endorse insurance products, when appropriate, but they sure didn’t mince their words. Read their story at Mortgages, Universal Life Insurance, and Annuities “This person is not a financial advisor. You might think you’re getting some sort of beneficial financial advice because you once bought an insurance […]
Sammons Retirement Solutions® Launches the Nasdaq-100 Max 30™ Index on the LiveWell Dynamic Annuity RILA
{June 6th, 2024} by Sammons Financial Group
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Sammons Retirement Solutions, a division of Sammons Institutional Group®, Inc., and member company of Sammons Financial Group, is partnering with Nasdaq® to launch the Nasdaq-100 Max 30™ Index on the LiveWell Dynamic Annuity®, a registered index-linked variable annuity (RILA). This new index is available exclusively on the LiveWell Dynamic Annuity, which is the only RILA on the market […]
LIBRA Insurance Partners Announces Partnership with Luma Financial Technologies to Enhance Annuity Distribution Experience
{June 6th, 2024} by LIBRA Insurance Partners
BALTIMORE, June 6, 2024 /PRNewswire/ — LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the U.S., is proud to announce a partnership with Luma Financial Technologies (“Luma”). Luma’s award-winning technology provides cutting-edge annuity solutions, and this collaboration equips LIBRA’s partner firms with the tools needed to meet the increasing demand for modern annuity offerings. […]
Opinion: Why the DOL’s Retirement Security Rule is the emperor of all public policy mistakes
{June 6th, 2024} by David Macchia
Wink CEO, Sheryl Moore, was kind enough to share annuity sales data with me. In 2023, the largest segment of annuity sales was represented by multi-year guarantee annuities. MYGA sales totaled $153 billion. On those sales, insurance agents received an average commission of 1.9%. The second largest category was fixed index annuities. FIAs paid agents […]
Annexus & John Hancock Join Forces on Launch of New John Hancock Indexed Universal Life Insurance Solution
{June 6th, 2024} by Annexus Retirement Solutions
SCOTTSDALE, Ariz., June 5, 2024 /PRNewswire/ — Annexus, one of the nation’s leading independent retirement product design and distribution companies, announced a new collaboration with John Hancock, one of the largest life insurers in the United States. The partnership brings together each organization’s core strengths to launch a new John Hancock Indexed Universal Life (IUL) insurance solution, which launches today. […]
U.S. Chamber: DOL fiduciary rule ‘more egregious’ than past efforts
{June 6th, 2024} by John Hilton
The U.S. Chamber of Commerce is supporting plaintiffs asking a Texas judge for an injunction to halt a Department of Labor fiduciary rule from taking effect. Chamber attorneys filed a 28-page amicus brief Friday in the Eastern District of Texas. The Federation of Americans for Consumer Choice filed the lawsuit May 2 against the DOL rule, formally […]
The Future Of Life Insurance Sales: New Digital Illustration Software And AI Solutions
{June 6th, 2024} by Broker World
Sales Illustration systems are evolving with enhanced functionalities designed to help life BGAs and advisors better connect with their clients. Cutting-edge tools and advanced technology, including Artificial Intelligence (AI), are driving this transformation. As we consider the 72 million millennials aged 27 to 42, who are becoming major consumers of life insurance, it’s crucial to […]
Annuities: My Paranoia Of Product Extinction
{June 6th, 2024} by Charlie Gipple, CFP, CLU, ChFC
Buy annuities now! They are better than they have ever been, and they may not be here forever, at least in their current form. I don’t say that to be a “sales guy” trying to create urgency. I say that because there are memories that are tattooed into my brain that has been one of the […]
Double Trouble in the Bermuda Triangle
{June 6th, 2024} by Kerry Pechter
What can go wrong with the Bermuda Triangle strategy, with its closely affiliated annuity issuers, reinsurers and asset managers? PHL Variable Insurance, a former unit of Nassau Financial, is now in “rehabilitation.” A-CAP and 777 Partners discovered that it’s dangerous to mess with European football fans. Click HERE to read the full story via RIJ
Younger Americans are More Optimistic than Older Americans About the Potential of AI to Help Manage Money, According to Northwestern Mutual’s 2024 Planning & Progress Study
{June 6th, 2024} by Northwestern Mutual
Meanwhile, Gen X and Boomers+ are skeptical about “DIY GenAI” for financial planning Americans are most excited about AI’s advanced data analysis to potentially help financial advisors improve planning recommendations MILWAUKEE, June 4, 2024 /PRNewswire/ — As artificial intelligence (AI) continues to evolve and fuel debate about its transformative power on business and society, younger Americans are far […]
Simplicity Acquires Plum Life and Launches LifeLink™, a Digital Life Insurance Platform that Automates the Delivery of Much-Needed Protection
{June 6th, 2024} by Simplicity Group
SUMMIT, N.J., June 4, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”), a leading financial products distribution firm, today announced the launch of Simplicity LifeLink™ a life insurance sales platform that transforms and expedites the way insurance is purchased. Simplicity is launching LifeLink™ after its successful acquisition of Plum Life Inc. and is pleased to announce that Plum […]
Nassau Financial Group and Golub Capital Announce Strategic Partnership
{June 6th, 2024} by Nassau Financial Group
HARTFORD, Conn. & NEW YORK–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”), a leading provider of fixed annuities and asset management, and Golub Capital, a market-leading direct lender and experienced credit asset manager, today announced they have signed a definitive agreement to enter into a strategic partnership. As part of this strategic partnership, Nassau will receive a $200 […]
Best’s Special Report: US Individual Annuity Writers Saw Highest Premium Growth in Decade in 2023
{June 6th, 2024} by AM B
OLDWICK, N.J.–(BUSINESS WIRE)–Individual annuity premium grew by 22% in 2023 and reached $348 billion, representing the highest growth seen in a decade for U.S. providers, according to a new AM Best report. The Best’s Special Report, “Annuity Premiums Soar, Surrender Protection Strengthens,” states that annuity products have been attractive for consumers in the last few years, propelled by […]
GLWB Now, Or Accumulate Then Choose A GLWB Or SPIA?
{June 6th, 2024} by Broker World
A question that I have from my agents occasionally is this, “Does my client do an income rider now, or do they buy an accumulation product now and then purchase an income product once they hit retirement?” Let’s use an example to clarify this question. You have “Bill,” a 55-year-old that wants to retire in 10 […]
Annuities’ Non-U.S. Reinsurers May Face New Tests
{June 6th, 2024} by Allison Bell
Reinsurers based outside the United States could face new financial tests when they assume responsibility for U.S. life insurance policies and annuity contracts. A panel at the National Association of Insurance Commissioners is considering proposals for testing the offshore reinsurers’ cash flow, to increase the odds that the reinsurers will have the financial strength to […]
Despite high expectations, direct-to-consumer life insurance market struggles
{June 6th, 2024} by John Manganaro
A decade ago, direct-to-consumer platforms were the next big thing in life insurance. With sound reasoning. Study after study continues to show that Americans like self-directed shopping experiences made easy. Start-ups with breezy names such as Ethos and Lemonade and Ladder found seed money with ease and promised to make life insurance “affordable, accessible, and […]
Annuities selling strong, but for how long?
{June 6th, 2024} by John Hilton
On the surface, everything is A-OK in the life of an annuity producer. Huge numbers of Americans are at or nearing retirement age, annuities are selling like umbrellas at the beach and retirement plan rules are evolving to boost those sales even higher. But dark clouds are not just lurking — they sit directly overhead […]
Majority of Middle-Class Americans Say They Struggle Financially
{June 5th, 2024} by Alexandre Tanzi
Almost two-thirds of Americans considered middle class said they are facing economic hardship and don’t anticipate a change for the rest of their lives, according to a poll commissioned by the National True Cost of Living Coalition. By many traditional measures, the US economy is strong, with robust labor, housing and stock markets, as well as solid […]
Annuity Issuer Unit Sues Majesco Over Agent Relations Software
{June 5th, 2024} by Allison Bell
An F&G Annuities & Life subsidiary is suing an insurance industry software developer over a system replacement project. Fidelity & Guaranty Life Business Services said in a complaint filed May 30 in the U.S. District Court for the District of New Jersey that it hired Majesco to help it move to a new distribution management system. Click […]
Update: Connecticut Commissioner Orders PHL Variable Insurance Into Rehabilitation
{June 5th, 2024} by AM Best
The Connecticut Insurance Department said the companies [of PHL Variable] are in a “hazardous financial condition.” In aggregate, their capital and surplus is approximately negative $900 million and assets are projected to be exhausted in 2030 with about $1.46 billion of policyholder liabilities projected to remain unpaid, the CID said in a court filing seeking […]
Greg Lindberg asks court to set aside bribery conviction, or grant new trial
{June 5th, 2024} by John Hilton
Embattled financier Greg Lindberg today filed a motion for acquittal, or a new trial, two weeks after a second jury convicted him of bribing the North Carolina insurance commissioner. The 55-page motion argues that the evidence is “insufficient” for a conviction on the two charges: bribery and conspiracy to commit honest services wire fraud, according to court […]
Q1 life premium down; Northwestern Mutual tops first LIMRA sales list
{June 5th, 2024} by John Hilton
Northwestern Mutual is the king of life insurance premium, according to the first sales rankings compiled by LIMRA. The mutual insurer recorded nearly $267 million in new annualized life premium during the first quarter. Trailing were Pacific Life, Prudential Financial and State Farm, all with $184 to $186 million in life premium. Althought Northwestern Mutual […]
Celebrating Annuity Awareness Month With a Look at RILA
{June 4th, 2024} by Myles J. Lambert
The arrival of June means that it’s time, once again, to celebrate Annuity Awareness Month. With retirement security being top of mind for many people these days, this month provides an important opportunity to drive even greater awareness of the key role that annuities can play in helping clients protect and grow their retirement savings. […]
Climbing mountains starts with one step
{June 4th, 2024} by Maggie Seidel
Finseca stands as a beacon of unity in the financial security profession, dedicated to championing the cause that inspired our name: Financial Security for All. Since our inception in 2020, Finseca has orchestrated the consolidation of four industry organizations. Among them are GAMA, which represents career agency leadership, and AALU, formerly known as the advocacy organization for advisors. […]
10 Best Life Insurance Companies of June 2024
{June 4th, 2024} by Amy Danise, Tony Steuer
We thoroughly analyzed the term life and cash value policies of 16 companies and found that Pacific Life and Protective are among the best life insurance companies, earning five stars in our analysis. We used a database of more than 9,000 policies and scored key metrics including cost, historical performance, financial strength and cash value. Click […]
Variable annuity owner wonders whether annuity benefits will be there
{June 4th, 2024} by John Hilton
Peter Gould and his wife are counting on the guaranteed lifetime withdrawal benefits from their variable annuity to provide “predictable and secure retirement income.” Like many consumers who own these products, the Bloomington, Ind., couple had little idea that some insurance companies are taking increased investment risks with policyholder funds. Some insurers are already in […]
Asset Marketing Systems Partners with eSignature Group LLC to Offer Medallion Signature Guarantees to Investors
{June 2nd, 2024} by eSignature Group LLC
NEW YORK, May 30, 2024 (GLOBE NEWSWIRE) — via IBN – Asset Marketing Systems Insurance Services, LLC (Asset), a premier distributor of insurance products specializing in Fixed Index Annuities, Fixed Annuities, Life, and Asset-Based Insurance, is thrilled to announce a strategic partnership with eSignature Group LLC. This collaboration presents a significant advancement from a compliance, […]
Reprint: Structured Annuities Seize the Spotlight #AnnuityAwarenessMonth
{June 1st, 2024} by Sheryl J. Moore
About fourteen years ago, the first structured annuity hit the streets. It was the first time in 15 years that deferred annuities had to welcome a new product class. And if you are still unfamiliar with these products, it’s time to get an education. These annuities are now the fastest-growing segment of the life insurance […]
Reprint: Annuity Quick Reference Guide #AnnuityAwarenessMonth
{June 1st, 2024} by Sheryl J. Moore
Many have never heard of annuities. Perhaps the easiest way to grasp the concept of annuities is to first discuss life insurance products. Life insurance is a contract that pays a benefit in the event you die unexpectedly. In turn, annuities are a contract that pay a benefit in the event you live too long. […]
I GIVE A DAMN ABOUT ANNUITIES – YOU SHOULD TOO! Reprint #AnnuityAwarenessMonth
{June 1st, 2024} by Sheryl J. Moore
I GIVE A DAMN ABOUT ANNUITIES – YOU SHOULD TOO May 19, 2015 by Sheryl J. Moore WHY PEOPLE NEED ANNUITIES I recall well my entrance into the life insurance market. Nearly 20 years ago, I was a single mother with three babies in diapers; wondering what career I could hold in Des Moines, Iowa […]
