FINRA Sees Spike in ‘Investment Group’ Frauds on Social Media
{January 23rd, 2024} by Melanie Waddell
The Financial Industry Regulatory Authority says it’s seeing a “significant spike” in investor complaints of recommendations made by fraudulent “investment groups” promoted through social media channels. Complaints received by FINRA and posted on social media “describe bad actors, posing as registered investment advisers, who initially advertise ‘stock investment groups’ on Instagram and other social media […]
What to expect while you’re expecting the fiduciary rule
{January 23rd, 2024} by Emile Hallez
It will be months before the Department of Labor publishes the final version of its fiduciary rule, but one thing advisors and their firms should expect is that it will be effective for some time. Click HERE to read the full story via InvestmentNews
Integrity Announces Expansion of Transformational Legacy Safeguard® Turnkey Offerings for all Integrity Agents
{January 23rd, 2024} by Integrity Marketing Group, LLC
Integrity Announces Expansion of Transformational Legacy Safeguard® Turnkey Offerings for all Integrity Agents Proprietary legacy planning service fully integrates with Integrity’s end-to-end suite and empowers agents to more holistically serve their clients and help them leave a lasting legacy DALLAS – JANUARY 18, 2024 – Integrity Marketing Group, LLC (“Integrity”), a […]
Nassau Financial Group Launches Innovative New Fixed Indexed Annuity Product
{January 17th, 2024} by Nassau Financial Group
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) today introduced a new, innovative fixed indexed annuity (“FIA”) to its product portfolio, Nassau Income Accelerator. Nassau’s latest offering is a single premium fixed indexed annuity with flexible guaranteed lifetime income options that help retirees delay, and therefore increase, their Social Security and other retirement benefits. “For retirees faced […]
After 8-hour hearing, ‘Annuity King’ sentencing continued to Jan. 31
{January 17th, 2024} by John Hilton
Sentencing for Phillip Roy Wasserman was continued Friday after nearly eight hours. Judge Charlene Edwards Honeywell will reconvene the hearing on Jan. 31. The judge had expressed a desire to wrap up sentencing in one day, but it wasn’t to be. Honeywell denied motions for acquittal and or a new trial on Wednesday and Thursday. Click HERE […]
DOL on a ‘crusade to ban commissions’ with fiduciary rule, speaker claims
{January 17th, 2024} by John Hilton
Commissions-based compensation is the backbone of the independent distribution of insurance products and is threatened by the proposed Department of Labor fiduciary rule. And that is the DOL’s intent, said Marc Cadin, CEO of Finseca, who testified Wednesday at a House Capital Markets Subcommittee hearing on the rule. “The department is on an ideological crusade over the […]
Life insurance applications up 3% in 2023; first rise in nearly 4 years
{January 17th, 2024} by Doug Bailey
Application activity for U.S. life insurance grew at a near 3% rate in 2023 compared to the previous year showing the first uptick in almost four years, according to the MIB Group, a member-owned company that provides underwriting services to life and health insurance companies. The 2023 year-to-year comparisons are impacted by the decline in […]
New DOL rule could undermine financial advisors’ independent contractor status
{January 17th, 2024} by Doug Bailey
he U.S. Department of Labor’s new rule to determine whether a worker is an employee or independent contractor includes a six-factor test of the “economic reality” of the relationship between workers and employers. Financial industry advocates fear the rule may undermine advisor’s independent contractor status. Among other things, the test asks whether the worker depends […]
Lobbyists race to make best interest a blanket standard in final few states
{January 17th, 2024} by John Hilton
Forty-one states operate under new best-interest annuity sales standards based off a model put forth by the National Association of Insurance Commissioners. It is a standard favored and pushed by industry lobbyists who say it will cause the least disruption to business models. Meanwhile, the Department of Labor is behind closed doors putting the finishing […]
Life Insurer Faces Legal Pushback From Its Own Insurers
{January 17th, 2024} by Allison Bell
Court filings in California and Connecticut show what happens when a life insurer has problems collecting benefits from its own insurance companies. PHL Variable Insurance Co., a subsidiary of Nassau Financial, faced class-action lawsuits after it increased universal life policy cost-of-insurance charges. Click HERE to read the full story via Think Advisor
Why New DOL Fiduciary Rule Is Not a ‘Rehash’ of 2016
{January 17th, 2024} by Melanie Waddell
As the architect of the Labor Department’s 2016 fiduciary rule, Phyllis Borzi is no stranger to controversy. Borzi, the former head of Labor’s Employee Benefits Security Administration under President Barack Obama, faced a barrage of criticsm as she crafted the department’s 2016 rule, which was eventually struck down by the U.S. Court of Appeals for the 5th Circuit […]
7 Threats Life and Annuity Commenters See Lurking in DOL Fiduciary Rule Draft
{January 17th, 2024} by Al
The U.S. Department of Labor’s proposed fiduciary rule regulations could destabilize state life insurance markets, disrespect the Internal Revenue Service, weaken career agents’ employee benefits and hurt insurers’ ability to offer some well-established, popular life and annuity products that have not caused any noticeable problems. Regulators, executives and agents in the life and annuity sector […]
Life Insurance Execs to Lead 2 Fed Regional Banks
{January 17th, 2024} by Allison Bell
The list of 2024 Federal Reserve System regional bank chairs and vice chairs includes two life insurance company chief executive officers. Chris Hilger, the chairman and CEO of Securian Financial, will be the chair of the Federal Reserve Bank of Minneapolis. He was the bank’s vice chair in 2022 and 2023. Click HERE to read the full […]
Ameritas Teams With Ethos on Indexed Universal Life Product
{January 17th, 2024} by Allison Bell
Ethos Technologies has worked with Ameritas to introduce an indexed universal life policy. The new Ethos IUL policy comes with a tool for helping helping clients match premium and coverage targets, a digital application process, and a quick decision process. Ethos is an Austin, Texas-based company that has focused on selling life insurance to families […]
Only Thirty Percent of Retirees Did Enough Planning For How To Spend Time In Retirement, According to New Study from Lincoln Financial Group
{January 17th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–The number of Americans aged 65 and older will more than double in the next 40 years, and more adults than ever are planning for their post-working years. While traditional retirement plans require ample conversations about savings for the future, less of the retirement conversation refers to how retirees intend to spend their days during […]
Brighthouse Financial Announces Conference Call to Discuss Fourth Quarter and Full Year 2023 Results
{January 17th, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the fourth quarter and full year ended December 31, 2023, at 8:00 a.m. Eastern Time on Tuesday, February 13, 2024. The call will follow the issuance of […]
Best’s Special Report: U.S. Annuity Surrenders Up Through 3Q/2023, Edging Out Premium Growth
{January 17th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The value of surrendered annuity policies increased 18% through the third quarter of 2023, compared with the same prior-year period, according to a new AM Best report. However, premium growth held steady at 17% through the same period, with individual annuity premiums notching its 11th consecutive quarter of year-over-year growth. In its Best’s Special Report, titled, […]
AM Best Upgrades Credit Ratings of Fidelity & Guaranty Life Holdings, Inc. and Its Life/Health Subsidiaries
{January 17th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York, (New York, NY). These subsidiaries of Fidelity & […]
Heartland National Life Launches New MYGA through FireLight
{January 17th, 2024} by Heartland National Life Insurance Company
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced Heartland National Life Insurance company (Heartland National) has implemented FireLight for e-submission of its annuity business. With FireLight, Heartland National accelerated the launch of its new multi-year guaranteed annuity (MYGA) product while providing its agents and […]
Finra Examiners Detail Reg BI Failures In New Report
{January 17th, 2024} by Tracey Longo
Finra’s examination program has found that a number of broker-dealers have been violating Regulation Best Interest by failing to highlight conflicts of interest with costly products and excessive recommendations. That’s the upshot of the regulator’s 2024 annual report released today. Click HERE to read the full story via Financial Advisor
Private equity stake in life insurers draws new round of critical reports
{January 17th, 2024} by John Hilton
Private equity firms continue to stalk insurance company takeovers and critics say the potential for a financial disaster grows along with that trend. Americans for Financial Reform, a Washington, D.C.-based nonprofit group that advocates for stronger regulation of Wall Street firms, is the latest group to raise alarm bells on what it deems to be […]
‘Annuity King’ Wasserman seeks new trial as sentencing date draws near
{January 17th, 2024} by John Hilton
Phillip Roy Wasserman is scheduled to be sentenced Friday in his $6.3 million fraud case and Judge Charlene Edwards Honeywell appears determined to avoid any further delays. “The Court has set aside all day for the sentencing hearing and it is the Court’s intent to conclude the sentencing hearing on January 12,” the judge’s order […]
Understanding the behavioral benefits of annuities
{January 17th, 2024} by Philip E. Caminiti
Financial professionals tend to emphasize the strong quantitative benefits annuities provide, yet it’s the emotional and behavioral benefits that often make them the ideal choice for consumers. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: The big reason that annuity sales are hitting records is because of the […]
Penn Mutual offers more choice with Accumulation Variable Universal Life
{January 17th, 2024} by The Penn Mutual LIfe Insurance Company
Diverse accumulation options cater to nearly every risk tolerance and preference HORSHAM, Pa., Jan. 16, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Accumulation Variable Universal Life (VUL) to its life product portfolio. Issued through Penn Mutual’s wholly owned subsidiary, The Penn Insurance and Annuity […]
A.M. Best Upgrades Financial Strength Rating of F&G Annuities & Life’s Primary Operating Companies to ‘A’; Outlook Stable
{January 17th, 2024} by AM Best
DES MOINES, Iowa, Jan. 12, 2024 /PRNewswire/ — A.M. Best announced it has upgraded the financial strength ratings of F&G’s primary operating companies, Fidelity & Guaranty Life Insurance Company and Fidelity & Guaranty Life Insurance Company of New York, to ‘A’ (Excellent) from ‘A-‘ (Excellent). Concurrently, A.M. Best has also upgraded the long-term issuer credit rating (ICR) of Fidelity […]
Penn Mutual expands annuity portfolio with Deferred Variable Annuity (DVA)
{January 17th, 2024} by The Penn Mutual Life Insurance Company
Lower-fee Vanguard investment options support a wide range of retirement goals HORSHAM, Pa., Jan. 10, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of the Deferred Variable Annuity (DVA) product to its growing annuity portfolio. Issued through Penn Mutual’s wholly owned subsidiary, The Penn Insurance and […]
illumifin Acquires AmeriLife’s Administrative Partners of America
{January 17th, 2024} by Illumifin
Strategic Acquisition Adds Material Growth to illumifin’s Health, Annuities and Life TPA Revenue and Expands Partnership with AmeriLife GREENVILLE, S.C., Jan. 9, 2024 /PRNewswire/ — illumifin, a leading third-party insurance administration and technology provider, today announced it has acquired Administrative Partners of America (APA), the Third-Party Administrator (TPA) of AmeriLife, a national leader in developing, marketing, and […]
F&G Annuities & Life Announces $250 Million Investment From Fidelity National Financial
{January 17th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Jan. 16, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G or the Company”) today announced the closing of a $250 million preferred stock investment from parent Fidelity National Financial, Inc. (“FNF”). F&G intends to use net proceeds from the investment to support the growth of its insurance company subsidiaries. Under the terms of the […]
Ameritas and Ethos launch new index universal life product
{January 17th, 2024} by Ameritas
LINCOLN, Neb., Jan. 9, 2024 /PRNewswire/ — Ameritas and Ethos have introduced a new index universal life insurance product offered exclusively through Ethos, providing customers with the speed and convenience of a web-based process alongside the guidance of an agent. Ethos has built one of the most advanced technology platforms in the industry, leveraging thousands of data […]
The Gratitude of Lifetime Annuities
{January 17th, 2024} by Rod Mims
Will your clients’ retirement savings last as long as they do? It’s a question on the minds of many financial professionals and their clients, and rightly so. In fact, according to 2022 data from Athene, over half (55%) of American adults are worried that they will outlive their retirement savings. Planning for retirement is a difficult […]
IRS Gives Equal Billing to an Adviser Life Insurance Contract: Treats Adviser’s Fee the Same as Under Adviser Annuities
{January 17th, 2024} by Stephen Kraus
The IRS recently published a private letter ruling (No. 202341002) dealing with the tax treatment of advisory fees paid to an adviser from an “adviser life insurance contract.” Specifically, the letter ruling addressed whether the payment of such fees directly from a life insurance contract will be treated as a distribution from the life insurance […]
The evolution of the life/annuity agent experience
{January 17th, 2024} by Fabio Sarrico
Only a few years ago, with the onset of the COVID-19 pandemic, many in the life and annuity insurance industry believed that the direct-to-consumer channel would be a salvation — and that agents would be replaced by automated processes. But today, as we look at customer experience preferences through the lens of channel preferences, it’s […]
Ken Fisher Can’t Have It All
{January 17th, 2024} by Michael Finke
Ken Fisher has mounted one of the most successful attacks on a single financial product in history. Consumers searching for annuities have seen ads from Fisher explaining earnestly why retirees shouldn’t buy them. He’s even registered the trademark “I hate annuities.” It’s no secret that Fisher sees annuities as a perfect target to market his […]
American National Named One of America’s Best Insurance Companies for 2024
{January 17th, 2024} by American National Insurance Company
HOUSTON, Dec. 12, 2023 (GLOBE NEWSWIRE) — American National Insurance Company has earned a place on the Forbes list of America’s Best Insurance Companies 2024. This prestigious award is presented by Forbes and Statista Inc., the world-leading statistics portal and industry ranking provider. America’s Best Insurance Companies 2024 were identified in an independent survey based […]
Midwest Holding Inc. Completes Acquisition by Antarctica Capital
{January 8th, 2024} by Midwest Holding Inc
LINCOLN, Neb. and NEW YORK, Dec. 21, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an alternative asset management firm, today announced the completion of the acquisition of Midwest by an affiliate of Antarctica. Georgette Nicholas, Chief Executive Officer of Midwest, said, “Today marks the beginning of a new chapter for Midwest, […]
NAFA Urges DOL to Withdraw 2023 Fiduciary Advice Proposal in Its Entirety
{January 8th, 2024} by NAFA
Washington, DC, January 02, 2024 –(PR.com)– NAFA, the National Association for Fixed Annuities, submitted a letter in response to the Department of Labor’s request for comments regarding its Retirement Security Rule: Definition of an Investment Advice Fiduciary. This rulemaking package, which was introduced on Nov. 3, 2023, represents the Department’s fourth attempt at imposing a new fiduciary standard […]
Despite perceived benefits, most Americans aren’t working with a financial professional
{January 8th, 2024} by Ayo Mseka
Although many Americans surveyed believe that working with a financial professional would benefit them, most are not doing so. Nine out of ten (88%) respondents said that working with a financial professional would be helpful to ensure they can financially support all the things they want to do in life. But only 44% are currently […]
DOL Reviewing 19,000 Fiduciary Rule Comments
{January 8th, 2024} by Melanie Waddell
The Labor Department is now “carefully” reviewing and analyzing the more than 19,000 submissions it received on its new fiduciary rule proposal, a Labor spokesperson told ThinkAdvisor Friday. During the public comment period, which ended on Jan. 2, “many of these submissions were unique, while the vast majority were petitions that were submitted in common by […]
IMF Economists: Bermuda Rules Make Annuity Issuers Look Bette
{January 8th, 2024} by Allison Bell
Economists at the International Monetary Fund make the case that Bermuda’s capital counting rules really do encourage annuity issuers in the United States and Europe to buy reinsurance from companies based in Bermuda. Bermuda lets reinsurers build assumptions about high future earnings on hard-to-sell, hard-to-price assets into benefits obligation valuations, then build the expected extra […]
Annuity Issuers Move to Fill Bank Loan Gap
{January 8th, 2024} by Allison Bell
U.S. annuity sales should be strong in 2024, and the issuers will probably invest a significant share of the premiums in private credit arrangements, according to Jamie Tucker, a senior director at Fitch Ratings. “We expect allocation to private credit to continue to increase, in part driven by bank lending retrenchment,” Tucker said Friday during […]
Fisher Investments Denies Report of Its Possible Sale
{January 8th, 2024} by Gillian Tan
Private equity firm Advent International has held talks to acquire billionaire Ken Fisher’s eponymous Fisher Investments, according to a person with knowledge of the matter. An agreement hasn’t been reached and it’s possible no deal will transpire, said the person, who asked not to be identified discussing confidential information. Click HERE to read the full […]
Private Equity-Backed Life Insurers, Reinsurers Should Expect “Intrusive” Valuation Checks
{January 8th, 2024} by Risk Market News
Global and US regulators are preparing for a focus on private equity’s valuation practices in life insurance and reinsurance. The growth of private capital throughout the capital markets is a continuing theme, whether it is in the form of the increase in private credit or in PE-backed participation within industries like healthcare. Click HERE to read the full […]
Bermuda Says It’s Watching Private Equity Insurers Carefully
{January 8th, 2024} by Allison Bell
The Bermuda Monetary Authority is working to ease outside observers’ concerns about private equity firms’ rush to own life and annuity insurers based in Bermuda. The agency recently put out a paper emphasizing that it is already addressing those concerns. “PE insurers require an intensified supervisor engagement,” Bermuda officials say in the new paper. “Accordingly, within the BMA, they […]
Pan-American Life Insurance Company Announces Closing of its Acquisition and Merger of Encova Life Insurance Company
{January 8th, 2024} by Pan-American Life Insurance Group
NEW ORLEANS, La.–(BUSINESS WIRE)–Pan-American Life Insurance Company (“PALIC”) has completed the acquisition and merger of Encova Life Insurance Company (“Encova Life”). The transaction will add approximately $60 million in revenues, over $500 million in total assets, $35 million in insurance premiums and 79,000 covered lives to PALIC’s U.S. life insurance business, further enhancing PALIC’s U.S. […]
Lincoln Financial Group to Report 2023 Fourth Quarter and Full Year Results on February 8
{January 8th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced today that it will report its results for the fourth quarter and full year ended December 31, 2023 at 7 a.m. Eastern Time on Thursday, February 8, 2024. A conference call is scheduled at 8:30 a.m. Eastern Time the same day. Earnings materials, including the 2023 fourth […]
Jackson to Report Fourth Quarter and Full-Year 2023 Financial Results and Provide 2024 Outlook
{January 8th, 2024} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the fourth quarter and full year ended December 31, 2023, after market close Wednesday, February 21, 2024. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, February 22, 2024, at 10 a.m. […]
The Age Of Interdependent Financial Advice Is Upon Us
{January 8th, 2024} by Michael Nathanson
Financial “advice” has been available in our country since—and even before—its capitalistic origins, though it looked quite different in the more distant past. The content, form, delivery, consumers and providers of financial advice have evolved—dramatically—since “founding father” Benjamin Franklin advised that “a penny saved is two pence clear” and later, “a penny saved is a […]
Private Equity Funds Are Borrowing Against Themselves, With The Help Of Insurers
{January 8th, 2024} by Miles Weiss
Apollo Global Management Inc. is at the forefront of a growing trend: insurers lending to private equity funds that want to borrow against their investments. Athene, an Apollo unit, is one of several insurers ramping up their participation in net asset value financing, an increasingly popular form of borrowing for private equity funds that need […]
Insurance, Annuity Industry Wants Exclusion From Mass. ‘Junk Fee’ Rule
{January 8th, 2024} by Tra
The insurance and annuities industry have come out against a Massachusetts proposal to regulate hidden or surprise “junk” fees above the advertised price of goods or services. The proposal by Massachusetts Attorney General Andrea Joy Campbell would prohibit hidden “junk fees,” which she said companies use to “deceptively hike prices” on consumers above advertised prices. Click […]
4% Rule: ‘Neat, Plausible And Wrong’
{January 8th, 2024} by Paul R. Samuelson
The persistent—and futile—debate over the 4% rule for retirement income brings to mind the observation of the American social critic H.L. Mencken: “There is always a well-known solution to every human problem—neat, plausible and wrong,” Mencken wrote in 1920. Click HERE to read the full story via Financial Advisor
Philly Area Father-Son Team Wins $500K From Woodbury For Defamation
{January 8th, 2024} by Eric Rasmussen
A father-son advisory team in the Philadelphia area has won a half-million-dollar arbitration award from their former firm, Woodbury Financial Services, after an arbitration panel found that the two had been defamed by the broker-dealer. Advisors Joseph Michael Cucinotta Sr. and his son, Cucinotta Jr., were both terminated in September 2021 by Woodbury, a subsidiary […]
What Holds Clients Back From Annuities?
{January 8th, 2024} by Eric Rasmussen
Why is it that so many people say they want to buy an annuity but few actually do? A new blog from the Center for Retirement Research at Boston College suggests that it’s not for the reasons you might think. Click HERE to read the full story via Financial Advisor Wink’s Moore on the […]
Overconfidence exposes many Americans to financial scams
{January 8th, 2024} by Ayo Mseka
Although 90% of U.S. adults express confidence in their ability to detect and prevent financial scams, more than a quarter (27%) of 2,432 online respondents reported falling victim at some point to them, according to a survey by Citi. This disconnect, the study says, emphasizes the need for continued vigilance, awareness, and education to keep […]
Happy Retirement Mike Sause
{January 8th, 2024} by AMS
Please join us in extending best wishes to Mike Sause who retired from AMS January 1st. His remarkable 40+years in the industry, marked by innovation and pioneering efforts, have left an indelible mark on the annuity and IMO space.
iCapital Managing Director Scott Stolz discusses how annuities can benefit in a volatile market
{January 8th, 2024} by iCapital
iCapital Managing Director Scott Stolz dissects the evolution of annuities and its variations available today in a talk with iCapital Chief Investment Strategist Anastasia Amoroso Click HERE to view via iCapital
Finseca sends a comment letter to the Department of Labor (DOL)
{January 8th, 2024} by Finseca
Finseca’s comment letter on the proposal to the DOL addresses the offensive and misleading language like “junk fees” to rationalize a third failed attempt to pursue a regulatory result that will limit consumer choice and access to the very advice millions more Americans need to achieve financial security. You can read the letter here.
Integrity Deepens Offerings in Underserved Markets by Partnering with We The People Agency
{January 8th, 2024} by Integrity Marketing Group, LLC
Integrity Deepens Offerings in Underserved Markets by Partnering with We The People Agency Agency founded by dynamic, energetic and visionary entrepreneurs enters next stage of growth through partnership designed to enhance holistic offerings for agents and clients DALLAS – JANUARY 3, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor […]
Getting to know Wink: VA Ambassador
{January 8th, 2024} by Wink's Intel Pros
Peter is Wink’s VA Ambassador and the only thing more impressive than his knack for variable annuities (VAs) is his Australian accent. While he isn’t the first man to brave Wink’s day-to-day operations, he has more experience than most of the Wink staff combined. Duly-licensed and ready to take on the world, this Aussie is mixing […]
NAIC ‘greatly disappointed’ in DOL diss of state annuity sales rules
{January 3rd, 2024} by John Hilton
The National Association of Insurance Commissioners reminded federal officials that the states are regulating annuity sales just fine and the Department of Labor should butt out. In a letter sent last week, the NAIC took the rare step of commenting on federal rulemaking. The DOL’s controversial Definition of an Investment Advice Fiduciary rule essentially extends fiduciary […]
KKR Completes Acquisition of Remaining 37% of Global Atlantic
{January 3rd, 2024} by KKR
NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)–KKR & Co. Inc. (NYSE: KKR) and The Global Atlantic Financial Group LLC (together with its subsidiaries, “Global Atlantic”) today announced the closing of the previously-announced transaction in which KKR is acquiring the remaining 37% of Global Atlantic, increasing KKR’s ownership to 100%. KKR acquired a majority of Global Atlantic […]
New DOL Fiduciary Rule Will Be Crushed in Court: SIFMA
{January 3rd, 2024} by Melanie Waddell
The Securities Industry and Financial Markets Association urged the Labor Department on Tuesday to withdraw its new fiduciary rule proposal and warned that it “will not will not survive judicial scrutiny.” “Virtually the entire proposal is inconsistent” with the U.S. Court of Appeals for the Fifth Circuit’s decision, which overturned Labor’s 2016 fiduciary rule, “including the […]
DOL Pushes Insurance Officials on Fiduciary Duty vs. Best Interest
{January 3rd, 2024} by Melanie Waddell
Labor Department attorneys bombarded insurance industry officials during the recent public hearings on Labor’s new fiduciary proposal about the difference between a fiduciary standard and that of a best-interest standard. The online hearings were held on Dec. 12 and 13. On Dec. 22, Labor released transcripts. Click HERE to read the full story via Think […]
DOL Denies Second Request for More Time on Fiduciary Rule Comments
{January 3rd, 2024} by Melanie Waddell
The Labor Department has once again denied a request to extend the Jan. 2 deadline for comments on its new fiduciary rule proposal — this time from lawmakers. Seven Senate Democrats urged Labor on Dec. 21 to lengthen the comment period for feedback on the proposal, just weeks after Assistant Secretary of Labor for the […]
Redacted contract-holder annual statements
{January 3rd, 2024} by Sheryl J. Moore
I am putting the finishing touches on my second book. As a part of that process, I am looking for redacted contract-holder annual statements that show fantastic gains on indexed annuities. If you have a couple, that you are interested in sharing, please shoot them my way. -sjm sjm@intelrockstar.com
Broker Words—January 2024
{January 3rd, 2024} by Stephen Howard
It’s been my profound privilege to serve on the NAILBA Charitable Foundation board for a number of years, and help the foundation since its inception in 2002. Broker World was one of the original founding contributors and has continued to donate ever since. But I personally have been greatly rewarded beyond philanthropy by the amazing number of […]
Pioneering Technological Advances In Life Insurance Underwriting
{January 3rd, 2024} by Ken Leibow
Life insurance underwriting technology has undergone significant transformations in recent years, reshaping the landscape of the insurance industry. This evolution is driven by the integration of advanced technologies such as artificial intelligence (AI), machine learning (ML), big data analytics, and the Internet of Things (IoT). These innovations are not only enhancing the efficiency and accuracy […]
Annuity GLWBs And My 1999 Pontiac Grand Am
{January 3rd, 2024} by Christine Dobby and Daniel Taub
I remember when I was young and dumb and buying my first brand new car. I pulled into the dealership with my beat up 1999 Pontiac Grand Am and told them I was looking to trade it in for a brand-new Toyota. Yes, I was a big hitter! Again, because I was young and dumb, […]
Allianz Life Insurance Company of North America 2024 Carrier Forecast
{January 3rd, 2024} by Eric Thomas
Many Americans are stressed out about their finances. With increased cost of living, market volatility and other economic factors, they are worried about how they will fare in retirement. In fact, at the end of 2023, 40 percent of Americans said they are more stressed than they were last year, according to the New Year’s Resolutions […]
Mutual Trust Life Solutions 2024 Carrier Forecast
{January 3rd, 2024} by Luke Cosme
At the close of almost every year I say to myself that the coming year can’t possibly be as challenging as this one. Fast forward to the end of the next year and…2023 was certainly no different. Rapidly rising interest rates helped improve portfolio yields for the first time in a long time. But those […]
Mutual of Omaha 2024 Carrier Forecast
{January 3rd, 2024} by Randy Mousel and Michael “Slades” Sladek
For 114 years, Mutual of Omaha has defined success by our ability to help people address their financial needs. Working with brokers, we have evolved to meet customers’ changing needs over generations, innovating and expanding into new markets to continue growing and serving even more people. As many of our brokers know, serving clients in […]
Best’s Review Presents Guide to Understanding the Insurance Industry
{January 3rd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Best’s Review starts the new year with the publication of the Guide to Understanding the Insurance Industry as the January edition of the magazine. A high-level overview designed with students, new employees and prospects in mind, the Guide furthers the magazine’s mission to inform readers about the workings of the insurance industry, particularly in the United States. New […]
As Americans Look Ahead to a New Year, Lincoln Financial Group Shares Recommendations for Turning Financial Resolutions Into Reality
{January 3rd, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–With the new year approaching, people are setting resolutions with goals for exercising, reading, saving money and more. Financial planning is often high on the list when it comes to New Year’s resolutions – with the current economic environment impacting Americans’ specific financial goals. According to recent research by Lincoln Financial Group (NYSE: […]
Fewer Americans are Optimistic About the Economy in 2024
{January 3rd, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Less than half of Americans think the economy will improve in 2024 while many Americans are keeping more money out of the market, according to the Q4 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life) Just 47% of Americans say they think the economy will improve in 2024. […]
Lincoln deal caps year of change at Osaic
{January 3rd, 2024} by Bruce Kelly
As it wraps up a year of furious change, Osaic Inc., the giant broker-dealer network of 10,500 financial advisors, looks as if it’s moving closer to an inevitable initial public offering in the next year or two. Click HERE to read the full story via InvestmentNews
Labor gets an earful: 25 key moments from retirement advice hearings
{January 3rd, 2024} by Tobias Salinger
Two days of panels with critics and supporters of the Department of Labor’s “retirement security rule” proposal displayed the widely diverging views of the potential new regulation. Earlier this month, officials from the Labor Department’s Employee Benefits Security Administration engaged in spirited, substantive discussions with financial advisors, professional organizations, industry and consumer advocates and other […]
Did insurtech live up to the hype in 2023?
{January 3rd, 2024} by Doug Bailey
The hype died, the venture capital money dried up, and 2023 might have been the year the insurtech business came face to face with reality, abandoning notions of massive technological revolutions, transformations, and disruptions, and settling into the cold, hard vagaries of the traditional insurance market and reasonable values. “I think by most measures and […]
AI Could Keep the Life Underwriting Gears Moving: Brooke Vemuri
{January 3rd, 2024} by Allison Bell
Brooke Vemuri helps turn streams of data into life insurance, and she now sees a lot more variation in the gears, sprockets and cogwheels inside insurers’ application underwriting machinery. “Today, there’s so much variety in terms of how the application processes work,” Vemuri said in a recent interview. Click HERE to read the full story […]
Getting Deeper Into Annuities
{January 3rd, 2024} by John Stevenson
If you’re an advisor trying to help more clients with annuities, and you also want to make sure you do it right, then going beyond the basics is important. I know we all want to make a commission on these contracts, or make clever moves to justify our fees, but a lot of times, if […]
John Hancock CEO on saving lives with behavioral science
{January 3rd, 2024} by Jen Frost
Brooks Tingle, John Hancock CEO, joined Insurance Business from Insuretech Connect in Las Vegas to discuss how the life insurer is looking to behavioral science and drawing on gamification techniques used by casinos to help policyholders lead healthier lives. The ‘ding, ding, ding’ of slot machines, the aimless twists and turns of carpeted warrens, rowdy […]
Life sales review: a 2023 sales dip should reverse in 2024, LIMRA says
{January 2nd, 2024} by John Hilton
Life insurance jumped into the spotlight with the COVID-19 pandemic. Converting that mortality awareness into life sales proved to be largely disappointing once the initial buying surge faded. Click HERE to read the full story via INN Wink’s Note: View the latest life insurance industry sales trends via Wink’s Sales & Market Report, 3rd […]
Here we go again!
{January 2nd, 2024} by John Hilton
With the Nov. 3 publication of the Retirement Security Rule, the Department of Labor embarked on its latest Sisyphean quest to extend fiduciary duty to annuity sellers. Regulators are expected to spend much of 2024 pushing the metaphorical boulder up the hill to get the rule on the books before the November presidential election. It […]
Regulators lukewarm on illustrations rewrite in 2024
{January 2nd, 2024} by John Hilton
It is long overdue to update the life illustrations model regulation, agreed Sheryl Moore, CEO of Wink, Inc. and Moore Market Intelligence. “It is time to nip the illustration gamesmanship by the bud,” she said. “Indexed life didn’t exist when the life insurance illustration model regulation was adopted by the states. It’s time to reopen […]
Annuity sales review: 2023 was great but 2024 could be even better
{January 2nd, 2024} by John Hilton
Sales of annuity products hit record highs throughout 2023 and ended the year riding a wave strong enough to raise expectations for 2024 and beyond. Favorable economic conditions is the biggest factor leading LIMRA to project strong growth for annuity sales going forward. Annuity sellers offer unique products to match differing economic trends. Click HERE […]
Fidelity Moves Ahead With Efforts to Launch SoteriaRe
{January 2nd, 2024} by Allison Bell
Anew Fidelity Investments annuity reinsurance arm, Soteria Reinsurance, is getting closer to opening its doors. The Pembroke, Bermuda-based company recently hired Ari Lindner to be its president, and it’s now hiring a valuation actuary. Click HERE to read the story via ThinkAdvisor
Total annuity sales break quarterly records
{January 2nd, 2024} by Aspire Magazine
Wink shares 3rd quarter sales results within fixed annuity, indexed annuity, and multi-year guaranteed annuity (MYGA) markets. Click HERE to read the full story via Aspire Magazine
NABIP will ‘go on the offense’ regarding public policy in 2024
{January 2nd, 2024} by Susan Rupe
The CEO of the National Association of Benefits and Insurance Professionals wants to see 2024 as the year in which the association is “responsive and not reactive.” Jessica Brooks-Woods took the helm of NABIP in September. She told InsuranceNewsNet her goal for the organization is to see it “go on the offense” regarding public policy […]
Index crediting strategy: Which one is best for your clients?
{January 2nd, 2024} by Susan Rupe
When it comes to choosing an index crediting strategy, there is no one-size-fits-all approach, according to Jeff Barnes, EquiTrust regional vice president. Barnes presented a three-step approach to choosing the right index crediting strategy during a recent webinar held by the National Association for Fixed Annuities. “Different index crediting strategies thrive in different environments,” he […]
If selling life insurance were easy, everyone would do it
{January 2nd, 2024} by Joe Ross
Most InsuranceNewsNet readers are well convinced of the value of life insurance — as they should be. Life insurance is an extraordinary financial product that helps ensure security and protection for loved ones and beneficiaries. But life insurance’s many benefits and positives don’t mean that selling life insurance is easy. After all, if it were easy, everyone […]
Annuities Newcomber Aspida Life Reaping Benefits of a Fruitful Market
{December 27th, 2023} by Terrence Dopp
Aspida started operations in June 2022 from a “clean shell” with no legacy blocks. Now the company says it’s on a $2 billion annual run-rate for new business as it focuses on bolstering its technology. Click HERE to read the full story via Best/s Review
TruStage CEO Williams Sees 2024 as End of Intro Period, Shift to ‘Operating Mode’
{December 27th, 2023} by BestDay
Terrance Williams sees the start of 2024 as a milestone. That’s when the new TruStage Financial Group, Inc. president and chief executive officer wraps up the listening tour he’s been on and shifts to what he calls operating mode. Click HERE to read the full story via AM Best
The power of life insurance in enabling tomorrow’s wealth transfer
{December 27th, 2023} by Samantha Chow
Human beings are living longer and healthier lives. By 2050, the over-50 population will reach 3.2 billion, or 33% of the world’s total population, according to the United Nations. For individuals, increased longevity is good news. Click HERE to read the full story via INN
Annuities, Rollovers, and Access Dominate Debate Over DOL Fiduciary Proposal
{December 27th, 2023} by Paul Mulholland
The Department of Labor held hearings with stakeholders on December 12 and 13 to further solicit public comment on its retirement security rule proposal. Also known as the fiduciary rule proposal, the proposed changes would replace the current five-point fiduciary test with one that applies fiduciary status to many one-time transactions, including rollovers to individual retirement accounts, […]
Advisors May Have Little Power to Bridge the Annuity Divide
{December 27th, 2023} by John Manganaro
The findings of a new research report point to both the promise and the peril of reliance on fiduciary financial professionals to guide clients to greater use of annuities. According to the analysis, advisors themselves tend not to recommend annuity purchases to their retirement clients, even as they broadly harbor concerns that some could run short of […]
Advisors look ahead to life insurance in 2024
{December 27th, 2023} by Ayo Mseka
As 2023 draws to a close, agents and advisors are reviewing the trends that have impacted the life insurance industry during the past several months and are thinking about what is ahead for 2024 and beyond. Two industry experts, John Carroll, SVP and head of life and annuities for LIMRA, and Brian Haney, founder/CEO of The […]
Midwest Holding Inc. Completes Acquisition by Antarctica Capital
{December 27th, 2023} by Midwest Holding Inc
LINCOLN, Neb. and NEW YORK, Dec. 21, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an alternative asset management firm, today announced the completion of the acquisition of Midwest by an affiliate of Antarctica. Georgette Nicholas, Chief Executive Officer of Midwest, said, “Today marks the beginning of a new chapter for Midwest, […]
AM Best Affirms Credit Ratings of Members of Aegon Ltd.’s U.S. Subsidiaries
{December 27th, 2023} 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 Ratings of “a+” (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) [NYSE: AEG]. Aegon Ltd.’s U.S. L/H companies are Transamerica Life Insurance Company (Cedar Rapids, IA) and Transamerica Financial Life Insurance Company (Harrison, NY) and […]
TIAA Traditional Offers Highest New Money Payout Rate in More Than 20 Years
{December 27th, 2023} by TIAA
NEW YORK, Dec. 19, 2023 /PRNewswire/ — Participants electing lifetime income from TIAA Traditional, TIAA’s flagship annuity, in January 2024 will receive a historically high payout rate of 8.2%. “When you convert your savings into lifetime income with TIAA Traditional, you get a guarantee that you’ll have money coming in for life no matter how long you live,” said Colbert Narcisse, chief […]
Best’s Special Report: U.S. Life/Annuity Industry Posts 9.3% Increase in Total Income Through Nine-Month 2023 Period
{December 27th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry reported a 9.3% increase in total income during the first nine months of 2023 compared with a year earlier, driven by growth in premium and annuity considerations, as well as net investment income, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, “First […]
AM Best Affirms Credit Ratings of Brighthouse Financial, Inc. and Its Subsidiaries
{December 27th, 2023} 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 ICRs) of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred to […]
AM Best Revises Outlooks to Negative for SILAC Insurance Company
{December 27th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). These Credit Ratings (ratings) reflect SILAC’s balance sheet strength, which AM Best assesses as adequate, as well […]
Parent Problems Put AnnuityNet in Play
{December 27th, 2023} by Allison Bell
AnnuityNet — a company that helped move about $98 billion in annuity premium payments in 2022 — could soon have a new home. Ebix, AnnuityNet’s Johns Creek, Georgia-based parent, has filed for Chapter 11 bankruptcy protection because of problems with gift card operations in India. Click HERE to read the full story via Think Advisor
Senate Democrats Press DOL for More Time on Fiduciary Rule Comments
{December 27th, 2023} by Melanie Waddell
Seven Senate Democrats are urging the Labor Department to extend the comment period on its new fiduciary rule proposal. In a letter sent late Wednesday to acting Labor Secretary Julie Su, the senators — including Joe Manchin, D-W.Va., and Ben Cardin, D-Md. — told Su that “given the broad impacts of this potential rulemaking, we are concerned that you are […]
Alicia Munnell Praises DOL Rollover Rule, Blasts New Social Security 2100 Act
{December 27th, 2023} by Jane Wollman Rusoff
Alicia Munnell, professor of management sciences at Boston College and director of its Center for Retirement Research, minces no words in her assessment of temporary benefit increases included in the newest proposed version of the Social Security 2100 Act. “It’s terrible,” she tells ThinkAdvisor in a recent interview. “That will cause dissatisfaction among workers who […]
Market for These Annuities Looks ‘Exceptionally Robust’: Equitable
{December 27th, 2023} by Allison Bell
Robin Raju is helping a company that has been a pillar of the U.S. life insurance industry get its fame back. Raju is the chief financial officer at Equitable Holdings, the New York-based company founded in 1859 that operated relatively quietly from 1992 through 2018, when it was controlled by AXA of Paris. Click HERE […]
Trade groups: keep life insurance out of Mass. proposal banning ‘junk fees’
{December 27th, 2023} by John Hilton
Massachusetts Attorney General Andrea Joy Campbell is mimicking the language preferred by federal regulators in proposing regulations to prohibit hidden “junk fees.” Industry trade associations don’t like those two words any better at the state level. In fact, the proposal is moot as it relates to the life insurance industry, a trio of trade groups […]
DOL fiduciary rule comments number 14,000+ as opposing views harden
{December 27th, 2023} by John Hilton
Federal regulators are releasing a steady trickle of the more than 14,000 public comments on the Department of Labor’s contentious fiduciary rule proposal. One week remains until the Jan. 2 deadline to comment on the rule, which the DOL has fast tracked since its Halloween release. The DOL posted recordings this week of a two-day […]
Judge allows SEC annuity fraud allegations against advisor to proceed
{December 27th, 2023} by John Hilton
A federal judge refused to toss out annuity fraud charges filed by the Securities and Exchange Commission against a Massachusetts financial advisor. U.S. District Judge Denise J. Casper denied a motion to dismiss filed by Jeffrey Cutter, who is also an insurance agent. Cutter argued that the Investment Advisers Act of 1940 did not apply […]
Not all annuities are equal: Answers to client questions
{December 27th, 2023} by Rich Lane
How can you help a client choose an annuity? Who’s the right fit for an annuity with an enhanced death benefit rider? Here I provide InsuranceNewsNet with answers to some frequently asked questions about annuities. Click HERE to read the full story via INN Wink’s Moore on the Market: Sage words from my buddy Rich Lane […]
Aon to Pay $13.4B for NFP
{December 27th, 2023} by Alex Ortolani
Aon plc Wednesday announced its plans to acquire retirement, insurance, and wealth advisory NFP for an estimated purchase price of $13.4 billion. NFP will continue to operate as an independent company on a “connected platform” with Aon and will be known as NFP, an Aon company. Doug Hammond, chairman and CEO of NFP, will continue […]
Annuity sales are on track for a record year. Here’s what to know before buying
{December 27th, 2023} by Greg Iacurci
Consumers pumped record money into annuities in 2023, on the back of higher interest rates and anxiety about the stock market and U.S. economy, experts said. Click HERE to read the full story via CNBC Wink’s Moore on the Market: regory Iacurci at CNBC has a gem for us this morning. He’s interviewing a member […]
SILAC outlook downgraded due to decline in reinsurance quality
{December 27th, 2023} by Kenneth Araullo
Utah-based SILAC Insurance Company (SILAC) has had its outlook adjusted from stable to negative by AM Best. The shift to a negative outlook is primarily due to a decline in the quality of SILAC’s reinsurance counterparties and a decrease in risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR). Click HERE to read the […]
SEC Charges RiverSource Distributors with Improper Switching of Variable Annuities
{December 27th, 2023} by Graham Shear
The Securities and Exchange Commission today announced settled charges against RiverSource Distributors Inc. for improper switching or replacing of variable annuities. This is the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940. Section 11 of the Investment Company Act prohibits any principal underwriter from making or causing to be […]
Do Financial Professionals Recommend Annuities?
{December 27th, 2023} by Karolos Arapakis and Gal Wettstein
The rate of ownership of annuities in the United States is low, with only about 10 percent of older Americans having a commercial annuity. Researchers have offered many potential rationales as to why people approaching retirement have so little interest in annuities. However, a largely overlooked issue is how financial professionals view annuities and how […]
New annuity products don’t have ‘icky feeling of commission’
{December 27th, 2023} by Emile Hallez
Some advisors are coming round to annuities but survey reveals majority seldom recommend them – and clients don’t listen anyway. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: Here we go again with David Lau bashing commissioned annuities. High commissions compared to what? Most annuities don’t even have fees. […]
From Boomers To Zoomers: The Seasoned Silver-Haired Advisor’s Guide To The Zillennial Gold Mine
{December 27th, 2023} by Brittany Maples
I’m a young, anxious, confused, and overwhelmed consumer and if you’re reading this, there’s a high likelihood that you retain more financial knowledge than me. I disclose this at the risk of some readers stopping here before they get to the end because I believe this presents a much more advantageous opportunity than it may […]
The Time to Buy a Fixed Indexed Annuity Is Now
{December 27th, 2023} by Sean Ruggiero
It is my obligation as a financial professional to offer clients the financial product and plan that best suits their unique situation. In many instances that plan can include a fixed indexed annuity (FIA), and it’s important that all financial professionals know something about them. Click HERE To read the full story via Think Advisor […]
Delmarva Benefit Group Partners with Integrity to Access Innovative, Growth-Driven Platform
{December 27th, 2023} by Integrity Marketing Group, LLC
DALLAS, Dec. 19, 2023 /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 Delmarva Benefit Group, an independent marketing organization based in Felton, Delaware, and led by Dave Lewis. Financial details of the partnership were not disclosed. “At Integrity, we […]
Merry Christmas!
{December 19th, 2023} by Wink's Intel Pros and Sheryl J. Moore
We wish you a very Merry Christmas. May this Christmas bring you many reasons to smile.
They could be the answer to the nation’s retirement crisis.
{December 19th, 2023} by Sheryl J. Moore
I don’t know what else to say. This stuff makes me mad. Click HERE to read DOL hearing parses intersection of ‘best interest’ and annuity sales via InvestmentNews Just because annuities are purchased in a different manner than investments, doesn’t make them inferior. These are important products, and Americans need to learn about them. They […]
3Q Indexed Life Sales Record Modest Rise: Wink
{December 19th, 2023} by Cyril Tuohy
Third-quarter indexed universal life sales rose 2.4% from a year ago to $687.2 million, Wink reported last week. Sales dipped 5.3% compared with the second quarter, but remain on track to deliver a record year, Wink also reported. Click HERE to read the full story via Life Annuity Specialist
Aspida and WealthVest Add New Index Strategies and 5-Year Product to WealthLock Accumulator
{December 19th, 2023} by WealthVest Marketing
Financial professionals and clients can now allocate funds to 6 high watermark strategies across 3-surrender periods with Aspida’s WealthLock Accumulator fixed index annuity. BOZEMAN, Mont., Dec. 16, 2023 /PRNewswire-PRWeb/ — Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, and WealthVest, a leading financial services distribution firm, announced the addition of new 2- and 5-year […]
Equitable Enhances its Flagship Investment-Only Variable Annuity
{December 19th, 2023} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced enhancements to its Investment Edge® investment-only variable annuity that add new options designed to increase growth potential and provide additional flexibility to customize investment options. This announcement continues Equitable’s strong track record of innovation in the annuity market. Growth […]
Americans More Stressed with Inflation Affecting Finances
{December 19th, 2023} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–More Americans plan to put an emphasis on their finances in the new year as inflation and rising interest rates affect their long-term financial outlook, according to the 2023 New Year’s Resolutions Study* from Allianz Life Insurance Company of North America (Allianz Life). With ongoing economic stressors, Americans feel like they need to make […]
AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries
{December 19th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], collectively referred to as Prudential. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of […]
New York Life’s Industry-Leading Financial Strength Ratings Affirmed by All Major Ratings Agencies
{December 19th, 2023} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced that major ratings agencies Standard & Poor’s, Fitch Ratings, A.M. Best, and Moody’s Investors Service have all affirmed New York Life as maintaining the highest possible ratings for financial strength. New York Life continues to maintain the highest financial strength ratings currently awarded […]
Nebraska Department of Insurance Approves Acquisition of Midwest Holding Inc. by Antarctica Capital
{December 19th, 2023} by Midwest Holding Inc
LINCOLN, Neb. and NEW YORK, Dec. 14, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an international investment firm, today announced receipt of approval from the Nebraska Department of Insurance for the acquisition of Midwest by an affiliate of Antarctica. The transaction is expected to close on or about December 20, 2023. Pursuant […]
Ebix Reaches “Stalking Horse” Sale Agreement for Life Insurance and Annuity Business with Zinnia to Ensure Successful Recapitalization Efforts
{December 19th, 2023} by Ebix, Inc
Company Continues to Have Robust Worldwide Operations and Strong Fundamentals Secures New Financing to Support Restructuring Process Proposed Transaction Provides Ongoing Stability for the Insurance Industry, Ensuring Continued World Class Delivery for Clients JOHNS CREEK, Ga., Dec. 18, 2023 /PRNewswire/ — Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, […]
DOL’s Gomez Lays Out Fiduciary Rule’s Chief Goals
{December 19th, 2023} by Melanie Waddell
Kicking off a two-day online public hearing on the Labor Department’s new fiduciary proposal, Lisa Gomez — assistant secretary of Labor for the Employee Benefits Security Administration — outlined Tuesday morning the new plan’s multi-pronged goal. The “chief aim” of the Retirement Security Rule: Definition of an Investment Advice Fiduciary, Gomez said during her opening […]
Top 10 Life, Health and Annuity Deals of 2023, So Far
{December 19th, 2023} by Allison Bell
U.S. life, health and annuity issuers have announced more traditional mergers and acquisitions so far this year than they had announced by mid-December 2022. The total value of the 2023 M&A deals with announced prices, or easy-to-estimate values, is about $12 billion, according to ThinkAdvisor estimates, based on companies’ own releases and reports from organizations […]
Would New DOL Fiduciary Rule Curtail Advice Access? No Way, Consumer Groups Testify
{December 19th, 2023} by Melanie Waddell
The claim by the brokerage and insurance industries that small savers would lose access to advice under the Labor Department’s new fiduciary proposal “is little more than a scare tactic,” Micah Hauptman, director of investor protection for the Consumer Federation of America, told Labor officials. The federation is among 45 groups, some supporting the proposal and some […]
Why the Annuity Industry Needs a Fiduciary Standard
{December 19th, 2023} by David Lau
For at least the past three decades, the financial services industry has been steadily, even aggressively, moving toward low-cost products with transparent pricing and no sales loads. During that time, financial advisors have migrated en masse from largely commission-based compensation to fee-based or fee-only compensation. The transition from commissions to fees changes a financial professional […]
10 Worst Financial Advisors in America: 2023
{December 19th, 2023} by Dinah Wisenberg Brin
While financial advisors and brokers can make a positive difference for their clients, helping them to build retirement nest eggs and family wealth, that doesn’t mean that the industry and its clients are immune to fraud, theft and violent crime. Over the years, clients, business associates, romantic partners and the public have been swindled and […]
Moody’s: US life insurance outlook is stable for 2024
{December 19th, 2023} by Press Release
Moody’s Investor Service maintains a stable outlook for the US life insurance sector, driven by benefits of rising interest rates, which will offset slower economic growth as well as weakness in certain asset classes such as commercial real estate. Insurers’ solid capital positions will help them weather negative surprises in the capital markets and economy, […]
Here’s How Apollo Global Management (APO) Grew
{December 19th, 2023} by Soumya Eswaran
Investment management company Ave Maria recently released its “Ave Maria Focused Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.37% compared to the S&P MidCap 400 Growth Index’s -3.25% return. Year-to-date the fund returned 21.03% compared to the 6.88% return […]
Judge allows SEC annuity fraud allegations against advisor to proceed
{December 19th, 2023} by John Hilton
A federal judge refused to toss out annuity fraud charges filed by the Securities and Exchange Commission against a Massachusetts financial advisor. U.S. District Judge Denise J. Casper denied a motion to dismiss filed by Jeffrey Cutter, who is also an insurance agent. Cutter argued that the Investment Advisers Act of 1940 did not apply […]
What’s next for the Department of Labor fiduciary rule proposal?
{December 19th, 2023} by John Hilton
Now that the Department of Labor’s two-day public hearing is over, Jan. 2 is the next big date for its controversial fiduciary rule proposal. That is the day public comments are due after the department refused to grant an extension. As of Thursday, the government had received more than 8,000 comments on the fiduciary proposal. […]
CFP Board reminds advisors of the differences between fiduciary and best interest
{December 19th, 2023} by John Hilton
As more states rush to adopt best-interest annuity sales standards, the Certified Financial Planner Board of Standards is reminding advisors that it has a higher standard. The CFP Board’s Code of Ethics and Standards of Conduct takes precedence over the best-interest regulation created by the National Association of Insurance Commissioners. Forty-seven states have either adopted […]
BD, Insurer Groups Blast Fiduciary Plan at DOL Hearing
{December 19th, 2023} by Melanie Waddell
Industry trade groups told the Labor Department Tuesday during the first day of a two-day online hearing to withdraw its new fiduciary proposal, the Retirement Security Rule: Definition of an Investment Advice Fiduciary. The Securities Industry and Financial Markets Association, which represents broker-dealers, investment banks and asset managers, and the American Council of Life Insurers […]
Longtime consumer advocate Birny Birnbaum to retire from NAIC duties
{December 19th, 2023} by John Hilton
Consumer advocate David “Birny” Birnbaum is at times a pain the neck for NAIC regulators who face his relentless questions and criticism. But they will miss him, said Louisiana Insurance Commissioner Jim Donelon. Birnbaum, a longtime National Association of Insurance Commissioners-sponsored consumer liaison, is retiring from those duties. Click HERE to read the full story via […]
Five things your annuity seller SHOULD tell you:
{December 19th, 2023} by Sheryl J. Moore
I believe you may misunderstand indexed annuities Mike Palmer. Click HERE to view Five Things Your Annuity Seller Won’t Tell You via Kiplinger What do you mean when you say indexed annuities “offer ‘point to point’ crediting, but the investor must choose monthly or annual valuation, and the fees for each option differ?” The annuity […]
How to Talk to Clients About Annuities
{December 19th, 2023} by Matt DiGangi
About This Episode With Americans living longer and deferring retirement for lots of reasons, the retirement planning landscape is changing. Employers are not offering pensions. All these factors make planning for retirement income crucial. We’ll explore this in depth with my guest, Matt DiGangi. Click HERE to listen via Advisor Perspectives Wink’s Moore on […]
Asset manager Bayview explores sale of insurance arm Oceanview
{December 19th, 2023} by David French and Pablo Mayo Cerqueiro
Dec 13 (Reuters) – Credit investment firm Bayview Asset Management told Reuters it has put its insurance arm Oceanview Holdings up for sale, in what could be the latest chapter of dealmaking in North America’s life insurance and annuities sector. The sale process comes amid strong appetite from private equity firms and other asset managers […]
Stephen Dybwad: Exploring parallels between crop insurance and fixed index annuities
{December 19th, 2023} by Stephen Dybwad
Imagine you are a farmer. You have been working the land for years, cultivating crops, and raising livestock. You have grown accustomed to the rhythms of the seasons, the unpredictable weather patterns, and the vagaries of the market. You have learned to adapt to the changing circumstances and to make the most of what you […]
Washington Insurance Commissioner Issued $305K in Fines
{December 19th, 2023} by Insurance Journal
Washington Insurance Commissioner Mike Kreidler issued fines in November totaling $305,694 against insurance companies and insurance producers for violations of state insurance laws and regulations. Following are the fines, the reasons for them from the commissioner’s office and the details of the reported violations Click HERE to read the full story via Insurance Journal […]
Harnessing AI in Annuities
{December 19th, 2023} by Danielle Lutkus
Artificial Intelligence is today’s hottest of hot topics across all industries, and the annuities market is no exception. AI technology and machine learning is transforming traditional processes for financial advisors, agents, and carriers leading to improved efficiency, accuracy, and customer experience. Click HERE to read the full story via Think Advisor
https://insurancenewsnet.com/innarticle/ebix-announces-bankruptcy-plan-to-sell-life-and-annuity-assets-to-zinnia
{December 19th, 2023} by John Hilton
Ebix, Inc. announced today that it has reached a “stalking horse” agreement to sell its North American life and annuity assets to Zinnia for $400 million, part of a bankruptcy reorganization plan. A leading international supplier of on-demand software and e-commerce services to insurance and financial services, Ebix is filing for Chapter 11 protection of its U.S.-based […]
The (Surprisingly) Good News on Life Expectancy: It’s Still Going Up
{December 19th, 2023} by Josh Zumbrun
Over the past decade a number of alarming stories have chronicled the decline of U.S. life expectancy in the midst of rising overdose deaths, Covid-19, alcohol-related deaths and suicides. It turns out there are two ways to measure mortality and life expectancy, and the one you hear about the most paints a misleadingly pessimistic picture of the […]
Osaic Announces Acquisition of Lincoln Wealth
{December 19th, 2023} by Osaic
Acquisition continues Osaic’s strategic growth with addition of more than 1,450 producing advisors and $108B in AUM PHOENIX, Dec. 14, 2023 /PRNewswire/ — Osaic, Inc. (Osaic), one of the nation’s largest providers of wealth management solutions, announced a definitive agreement to acquire Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS), the wealth management firms that make […]
JST Financial Partners with Integrity to Empower Agents with Industry’s Most Innovative Technology
{December 19th, 2023} by Integrity Marketing Group, LLC
JST Financial Partners with Integrity to Empower Agents with Industry’s Most Innovative Technology Agency built on integrity, service and excellence joins forces with the leader in industry innovation to bring new technology, products and features to their fast-growing team of agents DALLAS – DECEMBER 12, 2023 – Integrity Marketing Group, LLC […]
Maybe if more companies would follow suit…
{December 19th, 2023} by Sheryl J. Moore
Athene is promoting annuities in my Morning Brew newsletter. Maybe if more companies would follow suit, we wouldn’t have a retirement crisis. 🤷🏼♀️ -sjm
