Raising the bar by building a strong network
{December 12th, 2023} by Sheryl J. Moore
When the door to my corporate job shut on my expected career path, the next door opened when I recognized an unmet need in the insurance industry. Click HERE to read the full story via Aspire Magazine page 30
Indexed Life Sales Creep Higher: Wink
{December 12th, 2023} by Allison Bell
Consumers were making a little more use of indexed life insurance in the third quarter. Total U.S. sales of individual indexed life insurance increased 2.5% between the third quarter of 2022 and the third quarter of 2023, to $687 million, according to Wink. Click HERE to read the full story via ThinkAdvisor
AM Best Affirms Credit Ratings of Lincoln National Corporation and Its Subsidiaries
{December 12th, 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 The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). These companies are the key life and annuity insurance […]
Global Atlantic, John Hancock Strike Biggest LTCI Reinsurance Deal Ever
{December 12th, 2023} by Allison Bell
Global Atlantic has agreed to take responsibility for a block of John Hancock long-term care insurance policies backed by $4.4 billion in reserves through a reinsurance agreement. The LTCI reinsurance agreement is the biggest ever announced, and executives at John Hancock’s Toronto-based parent, Manulife Financial, said they hoped this deal would lead to more big […]
Global Atlantic Announces $10 Billion Block Reinsurance Agreement with Manulife Across Both US and Japan Business
{December 12th, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has signed a $10 billion reinsurance agreement with Manulife Financial Corporation (NYSE: MFC). Key Highlights of the Transaction: Third block transaction Global Atlantic has executed with Manulife, a leading international […]
WealthVest Signs Agreements with 3 Broker-Dealers to Distribute Prosperity Life Group’s New Fixed Indexed Annuity
{December 12th, 2023} by WealthVest
WealthVest to distribute Prosperity Life Group’s new WealthSecure℠ Pro fixed indexed annuity to 1,700+ advisors at 3 broker-dealers across the country. BOZEMAN, Mont., Dec. 8, 2023 /PRNewswire-PRWeb/ — To support the rising popularity of fixed indexed annuities, WealthVest, a financial services marketing and wholesaling firm, recently finalized agreements with three, nationally recognized broker-dealers to distribute Prosperity Life Group’s […]
American Equity Celebrates 20th Anniversary of NYSE Listing
{December 12th, 2023} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today announced that it will celebrate the 20th anniversary of its listing on the New York Stock Exchange (NYSE) by ringing the NYSE Opening Bell on Friday, December 8, 2023. President and CEO Anant […]
RGA Forms a $2.5B Sidecar
{December 12th, 2023} by Allison Bell
Reinsurance Group of America has a new tool it can use to share life and annuity risk with outside investors. The company has started Ruby Reinsurance Co., a reinsurance “sidecar,” or arrangement that lets a reinsurer team with other capital providers, and sent Ruby Re $2.5 billion in business. Click HERE to read the full […]
AM Best Assigns Credit Ratings to RGA Life and Annuity Insurance Company; Affirms Credit Ratings of Reinsurance Group of America, Incorporated and Its Subsidiarie
{December 12th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) to RGA Life and Annuity Insurance Company (RLAC) (Chesterfield, MO). The outlook assigned to these Credit Rating (ratings) is stable. In addition, AM Best has affirmed the FSR of A+ (Superior) […]
SEC Probes Investment Advisers’ Use of AI
{December 12th, 2023} by Richard Vanderford
The Securities and Exchange Commission is asking investment advisers how they use and oversee artificial intelligence, as agency head Gary Gensler continues to express skepticism about the technology. The SEC’s examinations division has sent requests for information on AI-related topics to several investment advisers, part of a process known as a sweep. Click HERE to read the […]
Manulife to Reinsure $10 Billion With KKR’s Global Atlantic
{December 11th, 2023} by Christine Dobby and Daniel Taub
Manulife Financial Corp. agreed to reinsure C$13 billion ($10 billion) of reserves with KKR & Co.’s Global Atlantic Financial Group and its partners in a deal the company said is the largest long-term care reinsurance transaction in the industry’s history. Click HERE to read the full story via Bloomberg
DOL Fiduciary Rule Hearing Starts Tuesday
{December 11th, 2023} by Melanie Waddell
The Labor Department’s two-day public hearing on its new fiduciary proposal, the Retirement Security Rule: Definition of an Investment Advice Fiduciary, is slated for Tuesday, Dec. 12 and Wednesday, Dec. 13. The online hearing may also be held on Thursday, if needed, Labor has said. Click HERE to read the full story via Think Advisor
10 Questions People Ask Google About Life Insurance: 2023
{December 11th, 2023} by Allison Bell
One way to read people’s minds: Type a few characters into Google and see how Google offers to complete what you’re typing. We studied what people are thinking about life insurance by opening a private browser window and simply typing “is life insurance,” without the quotation marks, into Google. We did the same thing with […]
Older Consumers Flock to Cash-Value Life Policies
{December 11th, 2023} by Allison Bell
Older consumers’ interest in cash-value life policies helped keep U.S. life insurance application activity stable in November, MIB Group says. Overall activity was just 0.1% higher than in November 2022, but activity for consumers climbed 11.6%, year-over-year. Click HERE to read the full story via Think Advisor
FINRA Releases Reg BI Notice
{December 11th, 2023} by Melanie Waddell
The Financial Industry Regulatory Authority has released a notice pointing broker-dealers to guidance issued by the Securities and Exchange Commission designed to help BDs comply with the agency’s Regulation Best Interest as both regulators continue bringing enforcement actions related to the rule. In late November, FINRA barred a broker for excessive churning in the accounts […]
SEC Investor Advocate: RILAs Are Hard for Consumers to Understand
{December 11th, 2023} by Allison Bell
Researchers at the Securities and Exchange Commission’s Office of the Investor Advocate had a hard time getting the information they wanted to analyze registered index-linked annuities, and consumers showed little understanding of the RILA disclosures tested. When the researchers gave 2,500 consumers who read RILA disclosures a true-and-false test, the consumers answered only 58% of […]
Best & Worst Broker-Dealers: Q3 Earnings, 2023
{December 11th, 2023} by Janet Levaux
The third-quarter earnings season for the broker-dealer community included a big loss for one wirehouse firm, which is digesting a former competitor. Four BDs saw their earnings decline from the year-ago period, but six reported stronger results. “Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers,” explained […]
Life Happens: Getting back to the roots of storytelling
{December 11th, 2023} by Susan Rupe
Life Happens has a new executive director who wants to bring the organization back to its roots of telling stories about the ways life insurance plays a critical role in protecting Americans’ financial security. Brian Steiner was named the executive director of Life Happens, which is the consumer arm of the National Association of Insurance […]
DOL receives over 4k comments on fiduciary rule as public hearing looms
{December 11th, 2023} by John Hilton
The Department of Labor (DOL) is readying for an avalanche of industry criticism on its fiduciary rule proposal during a two-day public hearing that kicks off Tuesday. The DOL has said the hearing will start at 9 a.m. both Tuesday and Wednesday, be held via WebEx, and continue Dec. 14 if needed. Requests to testify at the […]
Oklahoma couple sues PacLife, advisor over $15M premium financing deal
{December 11th, 2023} by John Hilton
An Oklahoma couple claims they were misled by an advisor and Pacific Life Insurance Co. on a premium financing program to fund a $15 million life insurance policy. Tom D. Le and Trang H. Nguyen are suing PacLife, Arvest Bank and advisor Kory Allsop in Tulsa County district court. In a response, PacLife denied all […]
Wink, Inc. Releases Third Quarter, 2023 Life Sales Results
{December 8th, 2023} by Wink's Intel Pros
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE LIFE SALES TAKE A DIVE IN THE THIRD QUARTER Wink, Inc. Releases Third Quarter, 2023 Life Sales Results Des Moines, Iowa. December 7, 2023– Wink, Inc. released the third quarter, 2023 life sales results in its 105th edition of Wink’s Sales & Market Report. […]
THIRD QUARTER 2023 LIFE INSURANCE SALES
{December 8th, 2023} by Sheryl J. Moore
Non-Variable UL Sales for the third quarter of 2023 were $774 million, compared with sales of $769 million for the third quarter of 2022. Third quarter non-variable life sales were down more than 6% when compared to the previous quarter and down less than 1% as compared to the same period last year. Total 3Q2023 […]
Wow. Life insurance sales really struggled 3Q2023!
{December 8th, 2023} by Sheryl J. Moore
LINE OF BUSINESS SALES % CHNG QTR / % CHNG YR >Non-Variable Universal Life | $774.03 M | -6.49% / 0.64% >>Universal Life | $86.82 M | -14.57% / -9.65% Indexed Life | $687.22 M | -5.38% / 2.46% Whole Life | $1.01 B | -7.10% / -7.61% -sjm
Speaking of annuity sales-
{December 8th, 2023} by Sheryl J. Moore
PRODUCT LINE SALES % CHG/QTR / % CHG/YR All Deferred Annuities $78.61 B -1.41% / 8.53% >Non-Variable Deferred Annuities $54.79 B -2.38% / 12.19% >>Indexed Annuities $23.34 B -7.24% / 11.29% >>Fixed Annuities $495.94 M -1.47% / 9.82% >>Multi-Year Gtd. Annuities $30.95 B 1.63% / 12.91% >Variable Deferred Annuities $23.81 B 0.88% / 0.95% >>Structured […]
Life insurance sales take a dive in the third quarter, Wink reports
{December 8th, 2023} by Staff Reports
Life insurance sales were down across major product categories in the third quarter, Wink, Inc. reported in its quarterly Sales and Market Report. The sales news continues a recent trend of depressed life sales. Some analysts say peak growth opportunities fueled by the COVID-19 pandemic have passed. Click HERE to read the full story via INN
Trade groups oppose NASAA’s proposed changes to annuities regulation
{December 8th, 2023} by Rayne Morgan
A coalition of major trade groups is calling for the North American Securities Administrators Association (NASAA) to withdraw proposed changes to its business rules, calling those changes “confusing” and “unnecessary.” NASAA’s amendments intend to protect investors by implementing stricter codes of ethical conduct for financial advisors and similar professionals or firms. The coalition issued a […]
Here’s What Life and Annuity Issuers Spend on Investment Costs
{December 8th, 2023} by Allison Bell
U.S. life insurance and annuity issuers have told state insurance regulators that they had an overall average portfolio investment expense assumption of 0.17% for new assets that they managed in 2022. About 31% of the 197 insurers that provided overall expense data said they assumed that their overall portfolio investment expenses would amount to less […]
Best’s Special Report: Private Equity and Investment Managers Continues to Enter Life/Annuity Market
{December 8th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Private equity-owned insurers increased their stake in the industry’s admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report. n its Best’s Special Report, “Private Equity and Investment Managers Continue to Enter Life/Annuity Market,” AM Best states that outside capital was active in entering the life/annuity […]
Iowa commissioner: DOL regulators ‘misunderstand’ state annuity rules
{December 8th, 2023} by John Hilton
Department of Labor staff have said they met with state regulators and understand the NAIC best-interest annuity rules that have been adopted by 40 states. Iowa Insurance Commissioner Doug Ommen is unconvinced. “That just simply is not accurate,” he said. Click HERE to read the full story via INN
Life insurance activity flat in November, up for the year, MIB reports
{December 8th, 2023} by John Hilton
Life insurance application activity was flat in November on a year-over-year comparison. But activity remained up 2.6% year to date, according to the MIB Life Index. Comparing November to the same month in prior years reveals steady growth. Life insurance activity was flat at -0.1% compared to November 2021, up 2.8% compared to 2020, and […]
58% of life insurers use artificial intelligence or are interested: NAIC survey
{December 8th, 2023} by John Hilton
Fifty-eight percent of life are either using or have an interest in using artificial intelligence in their businesses, an NAIC working group found. That data was part of the third in a series of surveys state insurance regulators are conducting across the insurance world. The Big Data and Artificial Intelligence Working Group discussed the findings […]
Commentary: The NAIC must get its house in order
{December 8th, 2023} by Ralph Hudgens
In 2012, then-Congressman Ed Royce (R-Calif.) wrote to the Federal Insurance Office, noting that “very few checks exist today on the [National Association of Insurance Commissioners].” Nearly a decade later, that remains the case. And now, NAIC staff members are attempting to grab even more power, threatening the institution’s credibility and risking real harm to consumers and […]
AM Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates
{December 8th, 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 ICR) of “a” (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These companies together are […]
The New Reality for Financial Professionals
{December 8th, 2023} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Even as American consumers navigate a new retirement reality characterized by market volatility, inflation and recurrent financial crises, the majority of Americans are not employing the guidance of a financial professional to create their strategy, according to the Annual Retirement Study* from Allianz Life Insurance Company of North America (Allianz Life). The study also […]
A Third or More Young Investors Acted on Misleading Online Financial Advice
{December 8th, 2023} by Nationwide
A majority of advisors are experimenting with generative artificial intelligence (AI) in their practice and educating their clients on potential risks of online misinformation COLUMBUS, Ohio, Dec. 4, 2023 /PRNewswire/ — As investors become inundated with financial advice in the news and on social media, misguided advice from unqualified sources – such as relatives, generative artificial intelligence […]
TruStage Named to Forbes America’s Best Insurance Companies for 2024
{December 8th, 2023} by TruStage
Companies were ranked based on a survey of over 15,000 Americans with an insurance policy in at least one of five categories: homeowners, renters, auto, permanent life, or term life MADISON, Wis., Dec. 4, 2023 /PRNewswire/ — TruStage™, a leading insurance, investment and technology provider, announced today that it has been named one of America’s Best Insurance […]
Athene BCA 2.0 Suite of Fixed Indexed Annuities Wins Two Major Industry Awards
{December 8th, 2023} by Annexus
SCOTTSDALE, Ariz., Dec. 5, 2023 /PRNewswire/ — Annexus, a leading independent retirement product design company, today announced that its innovative work with the Athene® BCA® 2.0 Suite of Fixed Indexed Annuities (FIAs) recently received two prominent industry awards. “These awards recognize the innovative indices and strength of our ongoing partnerships with Athene, leading index designers Prof. Robert Shiller and Prof. Jeremy Siegel, Barclays, […]
The universe is expanding for AuguStar Life’s top-tier IUL
{December 8th, 2023} by AuguStar
ew digital capabilities put Virtus IUL II at the fingertips of more advisors and their clients CINCINNATI, Dec. 6, 2023 /PRNewswire/ — AuguStarSM Life, a Constellation company, today announces it has implemented a suite of digital capabilities to make its top-tier indexed universal life (IUL) insurance product more broadly available. AuguStarSM Life’s Virtus IUL II is now offered through […]
The silent partner behind 777’s buying spree
{December 8th, 2023} by Liz Hoffman
777 Partners, the sports investor whose finances are now under intense global scrutiny, has had a silent partner for years: the chief executive of a U.S. insurance company, whose customers have unwittingly funded 777’s rapid expansion through a web of previously unreported transactions. Click HERE to read the full story via Semafor Wink’s Moore […]
Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents
{December 8th, 2023} by Integrity Marketing Group, LLC
Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents Integrity supports agents of established, successful life and health agency through expanded product offerings and revolutionary technology DALLAS – DECEMBER 5, 2023 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider […]
Finra Brings Down Reg BI Hammer on Ex-Cambridge Broker Over Annuity Exchanges
{December 8th, 2023} by Lisa Fu
The Financial Industry Regulatory Authority has fined and suspended a former independent broker with Cambridge Investment Research in Mason, Ohio for recommending a series of variable annuity exchanges that violated Regulation Best Interest, according to a settlement finalized on Thursday. Click HERE to read the full story via AdvisorHub Wink’s Moore on the Market: […]
Fixed indexed annuities—a potent tool for diversifying away from equities
{December 8th, 2023} by Ken Nuss
Most financial experts believe that many older Americans are too heavily invested in the stock market, and now there’s evidence to back them up. When giant Fidelity Investments analyzed its retirement accounts customers, it found that 37% of those born between 1946 and 1964 (so-called Baby Boomers) have more equity holdings than they should. Depending […]
I bought an annuity through a direct-to-consumer platform.
{December 8th, 2023} by Sheryl J. Moore
I bought an annuity through a direct-to-consumer platform. The electronic process was very simple. At this point, I am waiting for one of their home office agents to contact me about the case. My inforce 5-year MYGA was renewing at 4.40%. Why would I renew, when I can get a new 5-year MYGA crediting 6.50%? […]
Setting Corebridge on the path to the ‘one-click’ consumer — With Tim Heslin
{December 8th, 2023} by Paul Feldman
Tim Heslin began his life insurance career by pricing term life insurance. He’s worked his way up the ladder at AIG over the past 20 years, holding a wide variety of titles that prepared him to become Corebridge Financial’s president of life insurance. Corebridge Financial was formed as a rebrand of AIG’s life and retirement subsidiary […]
Go in with your eyes wide open!
{December 8th, 2023} by Sheryl J. Moore
Reading an ad, promoting a hybrid index that is used on indexed annuities. I HOPE you know that one of the constituents in nearly all hybrid/engineered/bespoke/volatility-controlled indices is CASH. Index providers control the allocation of funds within the index’s constituents. If the index is heavily weighted toward cash, this WILL have the effect of drag […]
Changing exemptions for life insurance sales in qualified plans
{December 8th, 2023} by Ernest Guerriero
Life insurance in qualified retirement plans is a useful strategy to provide a pre-retirement death benefit to participants and their beneficiaries. This can possibly self-complete a retirement plan for survivors as well as use a noncorrelated asset in overall portfolio diversification. Click HERE to read the full story via INN Wink’s Moore on the […]
ECA Marketing, Inc Partners with Wichita National Life Insurance to Launch Competitive Multi-Year Guaranteed Annuity Product
{December 8th, 2023} by ECA Marketing
Eden Prairie, Minnesota – Eden Prairie, MN, December 5, 2023 – ECA Marketing, Inc, a leading Insurance Marketing Organization, is thrilled to announce its latest joint venture with Wichita National Life Insurance (WNL) to introduce a competitive, proprietary Multi-Year Guaranteed Annuity (MYGA) product. This strategic partnership combines the annuity expertise and resources of ECA Marketing […]
RGA launches third-party life reinsurer Ruby Re
{December 8th, 2023} by Reinsurance Group of America
Reinsurance Group of America (RGA), a global life and health reinsurer, has launched Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. According to the announcement, Ruby Re has closed its first round of funding and secured equity capital commitments from lead investors Golub Capital, Hudson Structured Capital Management […]
New DOL Proposal Could Spur Consolidation, Shift to Advisory: LPL CEO
{December 8th, 2023} by Sam Del Rowe
The Department of Labor’s new proposed fiduciary rule could trigger “a wave of consolidation” in the industry and accelerate the trend in assets shifting from brokerage to advisory, both of which can benefit a firm such as LPL Financial, according to its president and chief executive officer Dan Arnold. Click HERE to read the full story via Financial […]
Pacific Life, Agent Face Suit Over $500K Payment That Vanished
{December 8th, 2023} by Allison Bell
riminals who pretended to be Pacific Life executives fooled an agent into causing an applicant to send them a $500,000 payment, according to a new lawsuit. The plaintiff, William Machin, filed the suit in the U.S. District Court for the Southern District of Florida. Click HERE to read the full story via ThinkAdvisor […]
A Closer Look at the DOL’s Proposed Rollover Rule
{December 8th, 2023} by Allison Bell
The Department of Labor on Oct. 31 released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act, along with proposed amendments to class prohibited transaction exemptions available to investment advice fiduciaries, including PTE 2020-02, aka the “rollover rule.” I recently spoke with my colleague Joe […]
How Much Cash Can I Expect Each Month From A $150,000 Annuity?
{December 8th, 2023} by Jeannine Mancini
Many people have turned to annuities as a reliable means of securing a stable income during retirement. Financial advisers often highlight annuities as a prudent choice for those looking to manage retirement finances effectively. With a $150,000 annuity, the monthly income potential varies based on several key factors, such as the type of annuity chosen, […]
Broker Words—December2023
{December 8th, 2023} by Stephen Howard
“Long overdue” is the first phrase to come to mind in announcing that Jim Ash, one of the most influential BGAs to ever grace our business (and a really great guy), is this year’s recipient of the Douglas Mooers Award for Excellence. Presented at the annual conference, the Mooers award is NAILBA’s, and thus brokerage’s, […]
Andrew Mais to Lead State Insurance Regulators Into Fiduciary Rule Arena
{December 8th, 2023} by Allison Bell
Members of the National Association of Insurance Commissioners have elected Andrew Mais to be the group’s president in 2024. The results mean that Mais, the Connecticut insurance commissioner, will lead the NAIC as the organization wrestles with the Department of Labor over jurisdiction over annuity sales standards. Click HERE to read the full story via […]
DPL Financial Partners Surpasses $2B in Commission-Free Annuity Sales
{December 8th, 2023} by DPL Financial Partners
LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners, the leading platform for commission-free annuities, today announced that it has crossed $2 billion in sales of no-load annuity products. The milestone, spurred by growing adoption among both longtime fee-only advisors and “breakaway” advisors transitioning from brokerage to a fiduciary practice, comes just over one year after the company hit $1 […]
10 Questions People Ask Google About Annuities: 2023
{December 8th, 2023} by Allison Bell
Google knows our secret thoughts, because we often turn them into search queries. If we search for “fever,” Google suspects that we might be sick. If we type “fever sy,” Google suggests a list of autocomplete options that includes “fever symptoms in dogs,” “fever symptoms in babies“ and “fever symptoms in toddlers.” Public health officials […]
Wink’s Sales & Market Report: Life sales report update
{December 1st, 2023} by Wink Intel Pros
While we delayed this week’s newsletter in anticipation of publishing Wink’s Sales & Market Report’s 3rd Quarter 2023 life sales report, we are unintentionally delayed due to a couple of late sales submissions. Preliminary sales are available in the online Sales Data Query for subscribers. Did you see the annuity sales report for the third […]
Structured annuity sales soar higher in strong Q3 market, Wink reports
{December 1st, 2023} by Staff Reports
Structured annuities sold strong yet again in the third quarter, Wink, Inc. reported, showing that the unique products have more room to run. Also known as registered indexed-linked annuities, structured annuity sales in the third quarter were $11.4 billion, up 6% compared to Q2 and up 12.5% over Q3 2022. Structured annuities have a limited […]
Quiz: Can You Identify These Annuity Players?
{December 1st, 2023} by Allison Bell
It’s important to know facts about Social Security and income taxes, but what if you go to a holiday party over the next few weeks, meet the CEOs of companies with $10 billion in annual annuity sales and blank on those CEOs’ names? Click HERE to view the slideshow While you are here, check […]
Buffered Variable Annuities on Track to Overtake Traditional Variable Contracts in Q4
{December 1st, 2023} by Cyril Tuohy
“I am projecting that structured annuity sales will top variable annuity sales by next quarter,” Sheryl Moore, CEO of Wink, publisher of the report, said in a news release. “Once the market volatility started, it was only a matter of time until variable annuity sales started to slip,” Moore added in a followup email. Click HERE to […]
KKR to Acquire Remaining 37% of Global Atlantic for $2.7 Billion in All-Cash Transaction
{December 1st, 2023} by KKR
NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)–KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%. Joe Bae and Scott Nuttall, Co-Chief Executive Officers of […]
KKR Agrees to Pay $2.7B for Full Control Over Annuity Issuer
{December 1st, 2023} by Allison Bell
KKR & Co. has agreed to pay $2.7 billion to acquire full control of Global Atlantic Financial Group, a life insurance and annuity insurer and reinsurer, from minority owners. KKR already owns 63% of Global Atlantic’s stock. The minority-owner investors have 37%. Click HERE to read the full story via Think Advisor
Full acquisition of Global Atlantic driving massive growth plan at KKR
{December 1st, 2023} by John Hilton
KKR’s deal to acquire the remaining 37% of Global Atlantic Financial Group is part of a larger plan to power up the investment firm’s overall earnings to compete with the likes of Berkshire Hathaway. In a deal announced Wednesday morning, KKR will pay about $2.7 billion in an all-cash transaction to buy out minority stakeholders […]
Forefront Agency Strengthens Mission to Serve Military Veterans and their Families by Partnering with Integrity
{December 1st, 2023} by Integrity Marketing Group, LLC
DALLAS, Nov. 28, 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 Forefront Agency, an independent marketing organization based in Austin, Texas, and led by Calvin Wright. Financial details of the partnership were not disclosed. After serving in […]
Many not planning well for life expectancy, study finds
{December 1st, 2023} by Rayne Morgan
A new study by Jackson Financial Inc. and Boston College suggests that most seniors are not as concerned about longevity risk – i.e., outliving retirement resources – as they should be, as most are not accurately predicting their lifespan. Longevity risk refers to the chance that life expectancies and actual survival rates exceed expectations or […]
NAIC life insurance committee sets 2024 regulatory goals
{December 1st, 2023} by John Hilton
The Life Insurance and Annuities Committee approved its 2024 work charges Tuesday with no comment. Charges were also set for the Life Actuarial Task Force, which the committee oversees. Members come from the National Association of Insurance Commissioners, which debate and set insurance regulation across a variety of issues. Click HERE to read the full […]
DOL fiduciary proposal applies ‘major hammer’ to bad advice, panel says
{December 1st, 2023} by John Hilton
The Department of Labor fiduciary rule proposal went public Oct. 31 with no obvious exposure to lawsuits. That was welcome news for producers. But a closer look at the 494 pages reveals the potential for severe penalties for any failure to adhere to the fiduciary standards, say lawyers from Groom Law Group. Click HERE to […]
There’s a financial literacy gender gap – and older women are eager for education that meets their needs
{December 1st, 2023} by The Caledonian-Record, (VT)
Knowledge is power – especially where money is concerned. Rockaa/E+/Getty Images Every day, families across the U.S. have to make difficult decisions about budgeting, spending, insurance, investments, savings, retirement and on and on. When faced with these choices, financial literacy – that is, knowing how to make informed decisions about money – is key. Click […]
Global Atlantic closes $19 billion reinsurance agreement with MetLife
{December 1st, 2023} by Global Atlantic Financial Group
NEW YORK, NY — November 16, 2023 — Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has closed a previously announced reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies in May, reinsures a seasoned […]
Buffered Variable Annuities on Track to Overtake Traditional Variable Contracts in Q4
{December 1st, 2023} by Cyril Tuohy
“I am projecting that structured annuity sales will top variable annuity sales by next quarter,” Sheryl Moore, CEO of Wink, publisher of the report, said in a news release. “Once the market volatility started, it was only a matter of time until variable annuity sales started to slip,” Moore added in a followup email. Click HERE to […]
New DOL Fiduciary Rule Could Rein In Use of Advisor-Like Titles
{December 1st, 2023} by Melanie Waddell
The Labor Department is requesting comments on how to potentially regulate advisor-like titles — such as financial consultant, financial planner and wealth manager — under its new fiduciary rule. The preamble to the proposed rule says the department wants feedback on titles that “may convey the offer of individualized recommendations and are relied upon by […]
Annuity Product Sales Trend Lines Start to Converge
{December 1st, 2023} by Allison Bell
New annuity sales figures show that clients are warming up a little to investment risk. In spite of the ongoing war in Ukraine and the new conflict between Israel and Gaza, sales of U.S. individual deferred variable annuities rose 1% between the third quarter of 2022 and the third quarter of this year, to $24 […]
Here’s How Long the CDC Expects Your Clients to Live Now
{December 1st, 2023} by Allison Bell
U.S. clients ages 25 and older are still missing 2.6% of the years of life they had to live in 2019, before the COVID-19 pandemic began. Clients ages 65 and older are still missing 3.6% of their pre-pandemic life expectancy. The National Vital Statistics System, an arm of the U.S. Centers or Disease Control and […]
How Life Insurance Policy Reviews Trip Up Fiduciary Advisors
{December 1st, 2023} by John Manganaro
The Certified Financial Planner Board of Standards recently published a new guide highlighting key areas in which state-based annuity sales rules fall short of the organization’s own fiduciary standards. The guide’s publication quickly sparked conversation among insurance sales professionals and financial advisors about the significant murkiness of the regulatory waters when it comes to advisors and insurance. […]
Transamerica Bolsters Long Term Care Planning with Innovative Workplace Life Insurance Rider
{December 1st, 2023} by Transamerica
BALTIMORE, Nov. 27, 2023 /PRNewswire/ — Transamerica today unveiled its new Long Term Care Rider for the Transamerica Universal Life Insurance SM, a strategic innovation designed to help address the long-term care needs of Americans approaching retirement. As the U.S. population ages and life expectancy hovers around 77 years, Transamerica’s Long Term Care Rider offers a flexible and forward-thinking solution to help secure financial […]
AuguStar Life(SM) Selects iPipeline® to Help Strengthen its Digital Transformation Journey and Improve the Agent Experience
{December 1st, 2023} by iPipeline
EXTON, Pa., Nov. 30, 2023 /PRNewswire/ — iPipeline® announces a partnership which will help AuguStarSM Life to accelerate and strengthen its digital transformation with innovative solutions from iPipeline that are designed to improve the agent experience. These solutions will automate and simplify the application process while providing agents with instant quotes and illustrations, all to increase speed and efficiency, […]
F&G Annuities & Life Prices Senior Unsecured Notes Offering
{December 1st, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Nov. 29, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”) today announced that it priced a public offering of $345 million aggregate principal amount of its 7.95% senior notes due 2053 (the “notes”). The offering is expected to close on December 6, 2023, subject to satisfaction of customary closing conditions. The notes will be guaranteed […]
Best’s Market Segment Report: AM Best Maintains Stable Outlook on U.S. Life/Annuity Insurance Segment
{December 1st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best is maintaining its stable outlook on the U.S. life/annuity market segment for 2024, noting its strong liquidity and capital positions, robust annuity sales and slightly improved new money yields in a benign credit environment. The stable outlook is supported by the industry’s absolute level of capital, as well as solid […]
AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries
{December 1st, 2023} by AM Best
LONDON–(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 main rated insurance subsidiaries of Zurich Insurance Group Ltd. At the same time, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Zurich Insurance Group Ltd (Zurich) (Switzerland) […]
Securian Financial CEO Chris Hilger Signs Employer Support for Guard and Reserve Statement of Support
{December 1st, 2023} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Chairman, President and CEO Chris Hilger has signed the Employer Support for the Guard and Reserve Statement of Support—officially pledging Securian Financial’s continued commitment to supporting military servicemembers both inside and outside of its workplace. As part of several company-supported Veteran’s Day and National Military Families Month activities, Hilger signed […]
AM Best Affirms Credit Ratings of Securian Financial Group, Inc. and Its Subsidiaries
{December 1st, 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 Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group (Securian). AM Best also has affirmed the FSR of A (Excellent) […]
Jackson’s Scott Golde Honored as Recipient of ThinkAdvisor LUMINARIES 2023 Executive Leadership Award
{December 1st, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced Scott Golde, Senior Vice President, Enterprise Chief Ethics and Compliance Officer, has been named a ThinkAdvisor Executive Leadership 2023 Luminary. Golde was recognized for his significant leadership and continuous efforts to effect change in the insured retirement industry. […]
CFPs Are Fiduciaries Even When They Sell Annuities, CFP Board Says
{December 1st, 2023} by Tracey Longo
CFPs who sell annuities are subject to a tougher fiduciary standard, as well as the National Association of Insurance Commissioners (NAIC) suitability model regulation, the CFP Board said in new guide published today. “The CFP Board Code imposes a fiduciary duty. The Model Regulation does not,” the guide said, adding that advisors who sell insurance products must […]
Forrester’s top 5 insurance industry predictions for 2024
{December 1st, 2023} by Doug Bailey
Now is the season when news columns include predictions for the coming year – followed by New Year’s resolutions that will pop up in a few weeks. Predictions are always tricky – and resolutions rarely fulfilled. Weren’t we supposed to all have jet packs or flying cars by now? Click HERE to read the full […]
31 changes to prohibited transaction exemptions under DOL proposal
{December 1st, 2023} by Tobias Salinger
The Labor Department’s new potential “retirement security rule” carries significant changes to existing guidelines known as prohibited transaction exemptions for fiduciary investment advice. While the main part of the rulemaking package would alter the definition of “fiduciary” under the Employee Retirement Income Security Act, three other potential amendments included in the proposal would enforce new […]
Life Insurance Awareness Should Be All Year – Parts 1 & 2
{December 1st, 2023} by BISA Staff & Stathis-Mittel
The newest installments (part 1 and part 2) of the BISA Industry TrendWatch series, produced by BISA in partnership with Stathis-Mittel, is now live! PART 1 This episode was recorded in September, which is Life Insurance Awareness Month. As many of our listeners know, we passionately believe that to be a true trusted advisor you must not only help your clients […]
NAIC’s AI Bulletin Leading Insurers’ Concerns Going Into Fall Meeting
{December 1st, 2023} by AM Best
Insurance industry and regulators will keep an intense focus on the latest draft model bulletin on the use of artificial intelligence systems by insurers at the National Association of Insurance Commissioners’ 2023 Fall Meeting in Orlando, Fla. Click HERE to read the full story via AM Best
Seriously. Let’s do something about it!
{November 30th, 2023} by Sheryl J. Moore
No, no, no! Disagree. Click HERE to read Consumer Reps Ask States to Change Annuities’ Faces “For clients, illustrations serve as products’ easy-to-understand faces.” Hardly. On the other hand, so glad that the National Association of Insurance Commissioners (NAIC)‘ A Committee was compelled to keep the Indexed Universal Life Illustration Subgroup going. “Eliminate hypothetical historical […]
Equitable, Consultant Sued Over Rollover Into an Annuity
{November 30th, 2023} by Allison Bell
A retired New York resident has accused a financial consultant of misrepresenting the benefits of rolling $202,624 in savings from a retirement account into a variable annuity. Simone Russo asserts in a lawsuit filed last week in a state court in Rockland County, New York, that the consultant, David Turk, led him to believe that […]
Giving Tuesday
{November 30th, 2023} by Sheryl J. Moore
My first-born, and only son for 17 years, was born with cleft lip and cleft palate. Despite numerous ultrasounds, AJ’s congenital birth defect wasn’t apparent until his head emerged, during my delivery. My baby had a giant hole in his face. He had two upper lips. Half of his nose was missing. There was a […]
Kim Rawlings of Retirement Pension Review Breaks Down Fixed Index Annuities, Helps Clients Shield Retirements From Stockmarket Losses
{November 30th, 2023} by GetNews
Stock ownership in the U.S. has been rising steadily since 2015 despite the ever-increasing market volatility. Kim Rawlings, the founder and owner of Retirement Pension Review likened this phenomenon to “gambling”, saying that many Americans aren’t even aware of the alternatives to saving for retirement in the stock market.. Read more: https://www.digitaljournal.com/pr/news/getnews/kim-rawlings-of-retirement-pension-review-breaks-down-fixed-index-annuities-helps-clients-shield-retirements-from-stockmarket-losses#ixzz8KavcSCph Wink’s […]
DOL proposal starts where Reg BI stops
{November 30th, 2023} by Mark Schoeff Jr.
An investment advice proposal recently released by the Department of Labor picks up where Regulation Best Interest leaves off — a point criticized by opponents and celebrated by supporters. Click HERE to read the full story via Investmentnews Wink’s Moore on the Market: I take issue with the suggestion that those purchasing annuities […]
Adding to the confusion is the suggestion that income annuities have “often-high fees,” when in fact they have none.
{November 30th, 2023} by Sheryl J. Moore
This article from Aaron Brown at Bloomberg News, which was featured in ADVISOR PERSPECTIVES INC, is extremely misleading. To start- insurance companies with private equity backing hold 26.6% of the deferred annuity market; not 10%. The beginning of the article outlines the current goings-on in the deferred annuity industry but then points to income annuities. […]
Is the IUL unproven?
{November 30th, 2023} by The Power of Zero
I was recently interviewed and quoted in an article by Market Watch. I want to give you my response to all of the claims that were made, good and bad. The thesis of this article is trying to conclude that IUL is not beneficial for most people. – The Power of Zero […]
Life is fleeting. LIve life intentionally
{November 30th, 2023} by Sheryl J. Moore
A great man died last week. Arthur “Dave” Postal has worked with me since he was at “National Underwriter.” He wrote about life insurance and annuities. He cared about the quality and the content of his message. He had integrity in his reporting. He was 82, and still working with Life Annuity Specialist. I just […]
10 Reasons S&P Is Not Panicking About Annuities
{November 30th, 2023} by Allison Bell
Carmi Margalit and other analysts at S&P Global Ratings think the outlook for U.S. life insurers looks stable. That could be good for your clients’ life insurance policies and annuities. S&P is one of the firms that grade the strength of bond issuers and insurance providers. Its ratings help determine whether insurers can borrow capital, […]
Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results
{November 22nd, 2023} by Jamie Johnson
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE STRUCTURED ANNUITIES ON PACE TO OUTSELL VARIABLE BRETHREN! Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results Des Moines, Iowa. November 21, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 105th edition report […]
Third Quarter 2023 Annuity Sales
{November 22nd, 2023} by Sheryl J. Moore
Deferred Annuity Sales Total 3Q2023 deferred annuity sales were $78,616 million, compared with sales of $72,438 million for the third quarter of 2022. Third quarter deferred annuity sales were down more than 1% when compared to the previous quarter but up nearly 9% when compared to the same period last year. Non-Variable Deferred Annuity Sales […]
DOL Denies Request to Extend Fiduciary Rule Comment Period
{November 21st, 2023} by Melanie Waddell
Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, denied a request by industry trade groups to extend the comment period on Labor’s fiduciary rule. In a letter Tuesday, Gomez told the Securities Industry and Financial Markets Association that “EBSA believes that its current proposal reflects significant input it has received from […]
Fortitude Re Announces Closing of $28 Billion Reinsurance Agreement with Lincoln Financial
{November 21st, 2023} by Fortitude Re
HAMILTON, Bermuda–(BUSINESS WIRE)–Fortitude Reinsurance Company Ltd., (“Fortitude Re”) today announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation (NYSE:LNC) and its affiliates (“Lincoln”). Consistent with the agreement announced May 2, 2023, Lincoln will reinsure a significant portion of its universal life insurance and […]
Brighthouse Financial Launches Suite of Fixed Indexed Annuities Designed to Meet Multiple Retirement Portfolio Needs
{November 21st, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today the launch of Brighthouse SecureKey Fixed Indexed Annuities, a suite of single premium deferred fixed indexed annuities that can help clients keep their plans for retirement on track by providing features and benefits designed to fill multiple needs in a portfolio. Brighthouse […]
AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited
{November 21st, 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 ICR) of “a+” (Excellent) of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as Standard Insurance Group (The Standard). Concurrently, […]
AM Best Downgrades Credit Ratings of Lincoln Benefit Life Company; Affirms Credit Ratings of United Life Insurance Company, Guaranty Income Life Insurance Company and Kuvare Life Re Ltd.
{November 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. In […]
New York Life Declares Company-Record $2.2 Billion Dividend for 2024
{November 21st, 2023} by New York LIfe
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today declared a company-record dividend of $2.2 billion to be paid to eligible participating policy owners in 2024. New York Life has paid in excess of $1 billion in dividends every year since 1990 and more than $48 billion in total dividend payouts over that time. […]
Global Atlantic closes $19 billion reinsurance agreement with MetLife
{November 21st, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has closed a previously announced reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies in May, reinsures a seasoned and diversified block of MetLife’s […]
Pacific Life Continues Strategic Focus on Lifetime Income and Pension Risk Transfer Solutions
{November 21st, 2023} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–A recent study by The Alliance for Lifetime Income indicates that 51 percent of consumers between ages 45 and 75 feel they do not have enough retirement savings to last their lifetime. Launched in early 2020, Pacific Life’s Institutional Business team remains focused on providing innovative retirement solutions to help pave the way […]
AM Best Downgrades Credit Ratings of Lincoln Benefit Life Company; Affirms Credit Ratings of United Life Insurance Company, Guaranty Income Life Insurance Company and Kuvare Life Re Ltd.
{November 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. In […]
New MassMutual research: How have families and belief in the American dream changed?
{November 21st, 2023} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–As the holiday season approaches, some believe that the American Dream – defined by most as financial security for them and their family – is disappearing, and many are turning to family for financial advice and broadening who they invite into their ‘definition’ of family. Shockingly, social media influencers made the “family” cut […]
Survey reveals 8 in 10 Americans worry that Artificial Intelligence tech will be used for identity theft crimes
{November 21st, 2023} by Nationwide
COLUMBUS, Ohio, Nov. 20, 2023 /PRNewswire/ — Generative artificial intelligence (AI) has captured the world’s attention but also has introduced new risks and concerns that were not on people’s radars even a year ago. Today more than 8 in 10 (82%) are concerned about the use of AI by criminals to steal someone’s identity, that’s according to […]
Premium bonus
{November 21st, 2023} by Sheryl J. Moore
Nearly half of all indexed annuity sales were on products that had a premium bonus. Those premium bonuses were as high as 20%. Replacements, anybody? -sjm
Advisor: DOL Rollover Fee Disclosure Plan Would Hurt Annuities
{November 21st, 2023} by Allison Bell
An investment advisor who is skeptical about annuities predicts that the Labor Department’s rollover fee disclosure proposal will hurt annuity sales. John Nowicki, president of LCM Capital Management, a Chicago-based registered investment advisor, welcomed DOL efforts to have financial professionals create comprehensive rollover assessments when helping clients who are thinking of moving assets out of 401(k) plans or individual retirement accounts. […]
7 ‘Irrational’ Reasons People Avoid Annuities: Study
{November 21st, 2023} by John Manganaro
The Center for Retirement Research at Boston College’s new special report about longevity starts with a simple fact: Over the past century, life expectancy has increased significantly around the world. In the United States, on average, a man alive at 65 is now expected to live an additional 17.5 years, while a woman is expected […]
6 in 10 Americans believe money can buy happiness: the price is $1.2 million, according to new Empower research
{November 21st, 2023} by Empower
GREENWOOD VILLAGE, Colo., Nov. 20, 2023 /PRNewswire/ — Can money buy happiness? The answer is “yes” for 59% of Americans (72% of Millennials and 67% of Gen Z) and the price tag is $1.2 million according to new research from Empower, a leader in financial planning, investing and advice – though just 17% of people say financial contentment is about reaching a certain […]
Integrity Continues to Expand Reach Within Life Market by Partnering with Living Hope Life Group
{November 21st, 2023} by Integrity Marketing Group, LLC
Leading insurtech platform continues to grow its life insurance distribution and strengthen partner network through partnership with productive and ambitious life insurance group DALLAS, Nov. 14, 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 […]
Navigate your future with ease
{November 21st, 2023} by Royal Neighbors of America
Could this be the right choice for you? Read tips from expert Sheryl J. Moore, Shareholder and CEO of the life and market research firm Wink, Inc. https://bit.ly/45Fyblg
Garrett again battles for DOL rule
{November 21st, 2023} by Mark Schoeff Jr.
Sheryl Garrett, founder of the Garrett Planning Network, got a shout-out from President Obama in 2015 when he introduced a Department of Labor fiduciary rule. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: I’m sorry. You lost me at “it’s virtually an irrevocable decision [to roll over funds […]
How captive and independent agents are affected by the DOL rule
{November 21st, 2023} by John Hilton
The new Department of Labor fiduciary proposal is nearly 500 pages and has a lot of details. But the biggest fight is going to come down to how agents are regulated – and that goes for both independent and captive agents. Should the new fiduciary proposal become law, life will change for both of the […]
Public hearing date set for DOL fiduciary rule; House GOP rallies in opposition
{November 21st, 2023} by John Hilton
The Department of Labor denied a request for an extension of a public comment period for its controversial fiduciary rule package. A public hearing will be held Dec. 12-13 in Washington, D.C. Public comments remain due by Jan. 2. In a letter last week, a group of trade associations asked for an extension of the […]
Model, Stylist Sue Advisors Over Cash-Value Life Advice
{November 21st, 2023} by Jamie Johnson
Two clients have joined to sue their financial advisors over what the clients say were sales of unsuitable, illiquid cash-value life insurance arrangements. Leona Binx Walton, a fashion model, says the advisors sold her six life insurance policies with a total annual carrying cost of $87,506.36, after she had emphasized that she was uncertain about […]
How to Surrender One of Those Nasty Indexed Universal Life Insurance Policies
{November 21st, 2023} by The White Coat Investor
Today, we are answering your questions on the speakpipe. If you want your question answered, leave us a message at whitecoatinvestor.com/speakpipe. For this episode, we talk about 401(k)s vs. SEP-IRAs, legal insurance, disability insurance, how to surrender an indexed universal life policy, and more. Click HERE to view The White Coat Investor Wink’s Moore on the Market: […]
Brighthouse Adds Indexed Annuity With Lifetime Income Rider
{November 21st, 2023} by Allison Bell
A new family of annuities from Brighthouse Financial could help a client create a stream of retirement income that will increase along with prices. The Charlotte, North Carolina-based company introduced the Brighthouse SecureKey Fixed Indexed Annuities Monday. Click HERE to read the full story via Think Advisor
Debate: Will the New DOL Fiduciary Rule Hurt Retirement Investors?
{November 21st, 2023} by Robert Bloink and William H. Byrnes
The Department of Labor has released its proposed replacement for the definition of “investment advice fiduciary.” Under the proposal, a financial services professional would be classified as an investment advice fiduciary if (1) the provider offers investment advice or makes investment recommendations to a retirement investor, (2) for a fee or compensation and (3) the […]
LPL to Distribute Prosperity Life Indexed Annuity
{November 21st, 2023} by Allison Bell
LPL Financial has agreed to offer a new indexed annuity from Prosperity Life Group to its 4.5 million clients. The WealthSecure Plus annuity is a single-premium, non-variable indexed menu. Click HERE to read the full story via Think Advisor
Financial fears encourage, inhibit life insurance sales
{November 21st, 2023} by Rayne Morgan
People who have financial fears are more than five times more likely to say they want to buy life insurance, according to new research by LIMRA. However, at the same time, that research also found that interest in buying life insurance is often overstated as affordability is a common reason why people ultimately choose not […]
Paul Feldman: An Industry Trailblazer and Winner of 2023 NAILBA ID 20 Award
{November 21st, 2023} by InsuranceNewsNet
The team at InsuranceNewsNet has a reason to celebrate. Our founder, publisher, and president Paul Feldman has been honored with the prestigious Insurance Distribution (ID) 20 Award. This award, given by the National Association of Independent Life Brokerage Agencies (NAILBA), a Finseca community, acknowledges the intelligent, creative, and innovative visionaries in our industry. Click HERE […]
MassMutual to ‘wind down’ Haven Life amid poor results, high costs
{November 21st, 2023} by John Hilton
Massachusetts Mutual Life Insurance Co. said it will “wind down” its online Haven Life subsidiary, which offers term life insurance only. Over the “coming months,” MassMutual will shift direct access to MassMutual life insurance products from Haven Life to MassMutual.com, a spokesperson confirmed today. Created in 2015, Haven Life suffered from “lack of consumer adoption” […]
This one is making their presence known.
{November 21st, 2023} by Sheryl J. Moore
If you all haven’t heard of Aspida, you better ask somebody. They are trying to make their presence in the indexed annuity market KNOWN. Their sales are up 60,033% from this time last year. Recognize. -sjm
Retirees Need Simple, Stable Annuity Options: Corebridge
{November 21st, 2023} by Allison Bell
Multi-year guaranteed annuities (MYGAs) are like the hammer in the carpenter’s toolbox. They’re so common they often get overlooked. But Bryan Pinsky, president of individual retirement at Corebridge Financial, said in a recent interview that Corebridge is happy to be in the multi-year market. Click HERE to read the full story via Think Advisor […]
New York Life Faces Hiring Suit Linked to Adult Film
{November 21st, 2023} by Allison Bell
Awoman who hoped to work for New York Life alleges in a new lawsuit that the company withdrew a job offer because of an adult film that was made and distributed against her will. The woman, Melissa King, filed the suit in a New York state court in New York County. According to her complaint, […]
Better identity verification: The key to combatting the industry’s $300B fraud problem
{November 21st, 2023} by Azim Esmail
Fraud and cyber-attacks in the insurance industry have risen dramatically over the past few years. With highly sensitive data at the core of the sector, this spike in fraud is impacting everything from health care to corporate finance and personal identity security. Companies that deal with sensitive data must be informed – and prepared. In […]
Annuity Intermediaries Left in the Lurch Under Fiduciary Rule Proposal
{November 21st, 2023} by Warren S. Hersch
Annuity Giants Agents Academy founder Tracy Lownsberry, whose company offers an online training platform for agents, said on the LinkedIn page of Wink CEO Sheryl Moore that the idea is very much on his mind, though he’s not yet certain what’s best to do. “Once we find out what will be required or suggested, we will take that all into consideration […]
DOL Fiduciary Rule May Require All Rollover Options’ Fee Info
{November 20th, 2023} by Allison Bell
The new U.S. Department of Labor fiduciary rule proposals could lead to big changes in the types of information that annuity professionals would have to gather and present to clients, on top of everything else. Annuity compliance law experts talked about the proposed information-gathering changes Tuesday during a webinar organized by the National Association for […]
Advisors Selling Annuities, Beware: CFP Standards and NAIC Annuity Sales Rules Differ
{November 20th, 2023} by John Manganaro
A new guide published by the Certified Financial Planner Board of Standards helps financial professionals compare the requirements of the CFB Board’s internal code of ethics and standards with annuity sales regulations adopted by the National Association of Insurance Commissioners (NAIC). Click HERE to read the full story via Think Advisor
Nationwide Updates Variable Annuity Income Riders
{November 20th, 2023} by Allison Bell
Nationwide has updated some of its variable annuity income guarantee riders. The Columbus, Ohio-based company changed the riders available with its Nationwide Advisory Retirement Income Annuity contract — a product aimed at fee-based advisors — as well as contracts designed to pay commissions. Click HERE to read the full story via ThinkAdvisor Article excerpt: […]
Greg Lindberg accomplice settles with insolvent insurers for $75k
{November 20th, 2023} by John Hilton
A top executive to disgraced financier Greg Lindberg agreed to settlement terms with four insurance companies once owned by Lindberg and now in liquidation. Settlement terms call for Christopher Herwig, who the Securities and Exchange Commission accused of teaming with financier Lindberg to defraud investors of $75 million, to pay $75,000 to the insurance companies […]
Ex-Globe Life exec claims insurer ignored bad acts, brings whistleblower suit
{November 20th, 2023} by John Hilton
Globe Life is being sued by a former executive who claims he was fired for blowing the whistle on “potentially illegal” sales practices. Scott Dehning claims that Globe Life and subsidiary American Income Life Insurance Co. fired him in May 2023 after he reported “a clear practice of unethical and potentially illegal business practices” to Michigan regulators. […]
Retirement Savers Are Getting Ripped Off
{November 20th, 2023} by The Editors of Bloomberg News
Where is the line between selling a financial product and providing investment advice? That question is at the heart of a debate over a new proposal that aims to protect Americans’ retirement savings. Since 1975, the government has required pension fund advisers to meet a fiduciary standard, which means putting their customers’ needs first and […]
Fiduciary 401(k) Proposal a ‘Broadside Attack’ on Annuity Market
{November 20th, 2023} by Austin R. Ramsey
The Biden administration’s controversial new fiduciary investment advice proposal has in its cross hairs a $300 billion life insurance annuities market with deep ties to 401(k)s as a method for delivering steady retirement income. Click HERE to read the full story via Bloomberg Law Wink’s Moore on the Market: What?!? The indexed annuity market is not […]
Variable Annuities Attract Premium Deposits in Year 2: Study
{November 20th, 2023} by Allison Bell
Some variable annuity buyers put more cash in during the second year that they own the contract. About 5% to 6% of the owners of contracts with guaranteed lifetime withdrawal benefits add premium deposits during the second contract year, according to a team of analysts from LIMRA and the Society of Actuaries Research Institute. For […]
Arthur J. Gallagher & Co. Acquires Coverys Insurance Services
{November 20th, 2023} by Arthur J. Gallagher & Co
ROLLING MEADOWS, Ill., Nov. 16, 2023 /PRNewswire/ — Arthur J. Gallagher & Co. today announced it has acquired certain assets of the retail agency business of East Lansing, Michigan-based Coverys Insurance Services. Terms of the transaction were not disclosed. Coverys Insurance Services is a full-service insurance broker specializing in medical malpractice and professional liability for healthcare clients throughout Michigan. The […]
Fidelity National Financial, Inc. Announces Intent to Invest Approximately $250 Million In Majority-Owned Subsidiary F&G
{November 14th, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Nov. 13, 2023 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (FNF or the Company) today announced its intent to invest approximately $250 million in F&G Annuities & Life, Inc. (F&G). FNF held approximately 85% ownership in F&G as of September 30, 2023. F&G will use net proceeds from the investment to support the growth of assets under management, […]
F&G Annuities & Life Announces Intent of Investment for Approximately $250 Million From Fidelity National Financial
{November 14th, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Nov. 13, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) today announced its intent to enter into an agreement under which Fidelity National Financial, Inc. (FNF) will make an investment of approximately $250 million in F&G. FNF held approximately 85% ownership in F&G as of September 30, 2023. The net proceeds from […]
F&G Annuities & Life Reports Third Quarter 2023 Results
{November 14th, 2023} by F
DES MOINES, Iowa, Nov. 7, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the third quarter ended September 30, 2023. Net earnings for the third quarter of $306 million, or $2.45 per diluted share (per share), compared […]
FNF Reports Third Quarter 2023 Financial Results
{November 14th, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Nov. 7, 2023 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & […]
Midwest Holding Inc. Reports Third Quarter 2023 Results
{November 14th, 2023} by Midwest Holding Inc
LINCOLN, Neb., Nov. 13, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the quarter and nine months ended September 30, 2023. Highlights for the third quarter of 2023: GAAP net income for the quarter was $0.4 million compared with $7.4 million for the third quarter of 2022. GAAP earnings were $0.10 per share (diluted) versus $1.96 per share (diluted) for the third […]
Northwestern Mutual Study Finds Gen Z Wants to Talk About Family Finances Far Earlier than Previous Generations
{November 14th, 2023} by Northwestern Mutual
MILWAUKEE, Nov. 7, 2023 /PRNewswire/ — Younger Americans say they are ready to have conversations about more sensitive family financial topics earlier on in life. From family budgets to inheritances to estate planning, the time to talk is trending sooner. As the 2023 holiday season approaches, Northwestern Mutual’s Planning & Progress Study is exploring this topic for the very […]
Transamerica Teams with State Street Global Advisors to Help More Americans Become Retirement Ready
{November 14th, 2023} by Annexus Retirement Solutions
SCOTTSDALE, Ariz., Nov. 9, 2023 /PRNewswire/ — ARS (previously Annexus Retirement Solutions) announced today that Transamerica is adding the State Street GTC Retirement Income Builder (the Series) to its recordkeeping platform, joining State Street Global Advisors, Global Trust Company (GTC) and ARS in helping more Americans become retirement ready. This new industry innovation in target date funds […]
Jackson Study Finds Vast Majority of Investors Inaccurately Predict Life Expectancy, Increasing Risk in Their Retirement Income Plans
{November 14th, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today released key findings from its comprehensive study on how retirees and financial professionals perceive retirement risk and the possibility of outliving income. The study is part one of Jackson’s Security in Retirement Series conducted in partnership with the Center for […]
Protective Life Corporation Announces Transformation to Drive Growth
{November 14th, 2023} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), announced today leadership changes that will help drive transformative change, deliver greater value for customers, and establish a roadmap for building the company’s future. As part of this business transformation, the company has appointed a new transformation executive and realigned key functions among […]
Brighthouse Financial Announces Third Quarter 2023 Results
{November 14th, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the third quarter ended September 30, 2023. Third Quarter 2023 Results The company reported net income available to shareholders of $453 million in the third quarter of 2023, or $6.89 per diluted share, compared with net income […]