Jackson Announces Third Quarter 2023 Results
{November 14th, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the third quarter ended September 30, 2023. Key Highlights Net income attributable to Jackson Financial Inc. common shareholders of $2,762 million, or $33.35 per diluted share in the third quarter of 2023, compared to $1,879 million, or $21.38 per diluted share in […]
Fiduciary rule goals look suspiciously similar to SEC agenda, analyst says
{November 14th, 2023} by John Hilton
Oversight of fixed indexed annuities remains just beyond the reach of federal regulators, but the new fiduciary rule might be part of a coordinated effort to change that. Brad Campbell, partner at Faegre Drinker, said the DOL’s message and goals align a little too neatly with a March complaint the Securities and Exchange Commission filed against […]
Brookfield Q3 earnings’ report reflects hefty insurance assets
{November 14th, 2023} by John Hilton
The impact of life insurance assets is already having a big impact on the bottom line for Brookfield Corp., as the firm stockpiles cash for future investment. Brookfield, which is in the midst of closing its second major insurance company acquisition, reported third-quarter earnings this week. The deal for American Equity is expected to close early in 2024. Click […]
Nationwide launches new annuity riders, increases payout percentages on L.inc+ suite
{November 14th, 2023} by Nationwide
Columbus, OH — The traditional image of life in retirement is changing as fewer employers offer defined benefit pension plans and American savers are increasingly on their own to figure out how to stretch their savings, leaving some wondering if their income will last long enough. Nationwide is addressing this challenge with multiple updates to the […]
Jackson Financial touts strong RILA sales, investment income in Q3
{November 14th, 2023} by John Hilton
A product pivot to registered indexed-linked annuities delivered momentum for Jackson Financial during the third quarter. RILA product sales totaled $807 million in the quarter, up from $562 million in the year-ago quarter. Strong investment income helped Jackson’s retail annuities segment to pretax adjusted operating earnings of $354 million in Q3, compared to $330 million […]
New DOL Fiduciary Rule Will Face Lawsuit, Former Treasury Official Says
{November 14th, 2023} by Melanie Waddell
The Labor Department’s new fiduciary rule will face a lawsuit, according to Ben Harris, director of the Retirement Security Project at Brookings in Washington. “I think it’s virtually sure that you’ll see a lawsuit filed against it,” Harris, who previously served as assistant secretary for economic policy and chief economist at the Treasury, said during […]
18 Trade Groups Press DOL to Extend Fiduciary Rule Comment Period
{November 14th, 2023} by Melanie Waddell
Eighteen financial services trade groups pressed the Labor Department Wednesday to extend the 60-day comment period on its new fiduciary rule, the Retirement Security Rule, and amendments to the prohibited transaction exemptions, as the plan “makes significant and unanticipated changes to the current regulatory framework.” The proposed rule “will require significantly more time for meaningful […]
The 2 Biggest Fights Brewing Over DOL’s New Fiduciary Rule
{November 14th, 2023} by Melanie Waddell
Industry officials have been poring over the Labor Department’s new fiduciary rule since it was released on Oct. 31, and while there are many noteworthy aspects to the plan, its treatment of rollover advice and insurance agent status is catching the most attention. One of the most glaring parts is that Labor’s new fiduciary proposal, […]
MassMutual, PacLife and State Farm Face Genetic Privacy Suits
{November 14th, 2023} by Allison Bell
Three life insurers face lawsuits from consumers in Illinois who object to use of family history questions in life insurance underwriting. The plaintiffs contend that use of family history questions violates the Illinois Genetic Information Privacy Act of 1998, or GIPA. Click HERE to read the full story via ThinkAdvisor
In Defense of Fixed Indexed Annuities
{November 14th, 2023} by NAPA
FIDUCIARY RULES AND PRACTICES At an elaborate White House ceremony on October 31, President Biden unveiled the Department of Labor’s long-awaited proposed retirement security rule. The proposal is, among other things, another attempt by the Employee Benefits Security Administration (EBSA) to update the 1975 regulatory definition of investment advice under ERISA. The American Retirement Association […]
They don’t need pie-in-the-sky; they need reliable information, to base their decision on.
{November 14th, 2023} by Sheryl J. Moore
I am not sure I agree with Ken Nuss. “Back-testing based on historical index performance gives an idea of how a particular indexed annuity sub-account might perform in the future. While past performance is not a guarantee of future performance, it’s a good starting point.” Considering that there are indexed annuities illustrating linear returns of […]
Reinsurance Isn’t As Scary As You Think
{November 14th, 2023} by Greg Horak
Halloween is the quintessential celebration of all that is spooky and scary but even with the holiday being over, financial professionals may still have year-round fears about reinsurance. Submitting a life insurance application large enough that it must enter the reinsurance marketplace shouldn’t bring up those same fears that ghosts and goblins do. At one […]
Literal Language Versus Practical Language…The Client’s Perception Is Our Reality
{November 14th, 2023} by Charlie Gipple
I remember when my oldest kid was a toddler, and my youngest kid was old enough to just barely sit up by himself. I was in my office which overlooked the living room. They were both in the living room sitting on opposite sides of the room as I was observing from afar. My wife […]
Indexed Variable Annuities: Navigating The Balance Between Risk And Reward
{November 14th, 2023} by James A. Hofmann
Navigating the intricate waters of retirement planning is laden with challenges, paramount among which is the looming shadow of sequence of return risk, a precarious pitfall with the potential to unravel financial stability. This risk manifests when an individual faces lower or even negative returns early in retirement, precisely when withdrawals are being made from […]
One simply cannot suggest that “you’re actually invested in the market” with an IUL
{November 14th, 2023} by Sheryl J. Moore
In response to June Sham with NerdWallet, One cannot suggest that “you’re actually invested in the market” with an indexed UL. You do not invest in the market with IUL; you merely earn interest based upon the market’s performance. Click HERE to read An IUL for retirement? The pros and cons of indexed universal life […]
Insurers Begin to Post 2024 Policy Dividend Figures
{November 14th, 2023} by Allison Bell
Three policyholder-owned life insurers could increase their total dividend payments on participating insurance policies by about 10% in 2024. The insurers — MassMutual, Northwestern Mutual and Thrivent — have announced plans to pay about $10 billion in dividends next year, up from $9.1 billion in dividends this year. Click HERE to read the full story […]
Specialists Trading In Antonyms
{November 14th, 2023} by David J. Murphy
When I was 11 years old, I inherited two things from a 14-year-old neighbor kid named Bill: A parakeet named Clancy A newspaper route Bill asked me to take over his bird and his route because he and his family were moving away. I never cared much for Bill. My friends and I called him […]
Life: This Is Only My First Time
{November 14th, 2023} by Charlie Gipple
I recently had a friend that came back from a top agent conference a little depressed because this conference was a few days of recognizing him and his peers for their great success. I thought, “What is wrong with that?” He told me that hearing all of the stories from his peers of money, success, […]
CORRECTING and REPLACING AM Best Downgrades Credit Ratings of 777 Re. Ltd.; Places Credit Ratings Under Review With Negative Implications
{November 14th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–First sentence of the release dated November 8, 2023 should read, “AM Best has downgraded the Financial Strength Rating to B (Fair)…” (instead of “AM Best has downgraded the Financial Strength Rating to B (Good)…”) The updated release reads: AM BEST DOWNGRADES CREDIT RATINGS OF 777 RE. LTD.; PLACES CREDIT RATINGS UNDER REVIEW WITH NEGATIVE […]
Athene sets record quarter in Q3 with $872M earnings
{November 14th, 2023} by Ryan W. Neal
Retirement income products are in such high demand that executives at Athene – which saw record earnings in the third quarter – believe the industry is in a “golden age of annuities. Athene, which is owned by Apollo Global Management, reported non-GAAP earnings of $872 million in the third quarter of 2023, a record quarter […]
Life insurance: Helping clients achieve tax avoidance
{November 14th, 2023} by Susan Rupe
Three-quarters of affluent clients said they haven’t discussed taxes with their financial professional, Rob Petzold, regional vice president with Kansas City Life, told members of an industry association at a recent event. Petzold and Chris Bor, Kansas City Life regional vice president, discussed ways to help clients achieve tax avoidance during the National Association of […]
Transamerica, ADP Each Add In-Retirement Plan Annuity Options
{November 14th, 2023} by Alex Ortolani
Recordkeepers Transamerica Corp. and ADP Inc. both announced separate retirement income options with annuities that will now be available to plan participants. On Thursday, Transamerica announced it is offering the State Street GTC Retirement Income Builder series to its recordkeeping platform. The target-date-fund series has an annuity embedded in its glide path as a separate […]
Integrity and Inspire Insurance Group Join Forces to Bring Life Protection to More American Families
{November 14th, 2023} by Integrity Marketing Group, LLC
DALLAS, Nov. 7, 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 Inspire Insurance Group, an independent marketing organization (“IMO”) based in Phoenix, Arizona, and led by Marissa Mazziotti. Financial details of the partnership were not disclosed. […]
Three Simplicity Group Partners Honored with ID Twenty Awards at The Douglas Mooers Award for Excellence Dinner at NAILBA 42
{November 14th, 2023} by Simplicity Group
SUMMIT, N.J., Nov. 7, 2023 /PRNewswire/ — Three Simplicity Partners were honored with the prestigious ID Twenty Award at the Douglas Mooers Award for Excellence Dinner at NAILBA 42: Diana Greenberg, Jane Riley, and Nathan Jacobson. The ID Twenty Awards honor independent distribution’s most courageous innovators and visionaries, who have made important contributions to the insurance profession. “Congratulations to the Class of 2023 ID Twenty […]
Industry groups ask DOL for extended comment period on fiduciary proposal
{November 14th, 2023} by Brian Croce
A coalition of financial services and business trade groups on Nov. 8 sent a letter to the Department of Labor seeking additional time to respond to the agency’s new rule proposal that would amend the definition of the term “fiduciary” and require rollover advice to be in the best interest of the saver. The department […]
ACTION ALERT & Resources on DOL’s Fiduciary 3.0 Rule
{November 14th, 2023} by Finseca
On October 31, the DOL introduced its third attempt at a new fiduciary rule jeopardizing the retirement security of the people it is intended to help. Americans need holistic financial advice that includes a combination of life insurance, investments, and annuities, as proven by Ernst and Young. We need you to take action now to tell lawmakers their […]
“Go Beyond Thanks:” New Survey Reveals We Should Do More Than Simply Thank Our Veterans for Their Service
{November 14th, 2023} by USAA
SAN ANTONIO, Nov. 8, 2023 /PRNewswire/ — As the nation prepares to observe Veterans Day this year, USAA hopes to challenge the nation to go beyond simple gratitude to create real, positive impacts in the veteran community. A new survey sponsored by USAA reveals disparities between young military/veterans and their older counterparts in how they prefer to be […]
Proposed DOL Standard Would Greatly Expand Fiduciary Reach
{November 14th, 2023} by Robert Bloink and William H. Byrnes
After months of anticipation, the Department of Labor has released its revamped investment advice fiduciary definition. Dubbed the “retirement security proposed rule,” the new standard would be used to determine when an advisor would be classified as a fiduciary for liability purposes under the Employee Retirement Income Security Act of 1974. The new proposal, if […]
Jim Ash Recognized with the 2023 Douglas Mooers Award for Excellence
{November 14th, 2023} by NAILBA
NAILBA’s most coveted and prestigious accolade, the Douglas Mooers Award for Excellence, was presented to Jim Ash at NAILBA’s 42nd annual meeting in Hollywood, FL. The Mooers Award honors distinction in brokerage and is presented to the individual most committed to furthering independent life brokerage as a distribution system, and who demonstrates an exemplary record of […]
Comparing CDs and Annuities
{November 14th, 2023} by John Stevenson
Bank certificates of deposit, or CDs, and annuities are two popular and safe investment options that can provide a steady income stream for investors. Both have advantages and disadvantages that depend on a client’s financial goals, time horizon, and risk tolerance. Rising interest rates have suddenly made both types of products much more attractive. Here’s […]
Aspida Releases First Annuity With Income Feature
{November 7th, 2023} by Cyril Tuohy
Fast-growing Aspida Life has added a lifetime income feature to its Synergy Choice line of fixed-indexed annuities, the company said. —————————————————————————————- Article excerpt: Second-quarter sales of fixed-indexed annuities surged 28% from a year ago to $25.1 billion, according to market tracker Wink’s Sales & Market Report. The top-selling fixed-indexed annuity carriers in the April through June period […]
Lessons We Can Learn From New York
{November 7th, 2023} by Melissa Bova
When a notable decrease in interest and uptake of life insurance applications occurs among individuals aged 50 and older, it marks an unforeseen shift that is capturing the attention of the entire insurance industry. Even more, this demographic’s decrease in activity sheds light on the pressing need for a holistic financial plan. This data should […]
US DEPARTMENT OF LABOR ANNOUNCES PROPOSED RULE TO PROTECT RETIREMENT SAVERS’ INTERESTS BY UPDATING DEFINITION OF INVESTMENT ADVICE FIDUCIARY
{November 7th, 2023} by DOL
WASHINGTON – The U.S. Department of Labor today announced that its Employee Benefits Security Administration has proposed a retirement security rule updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. Aligned with the Biden-Harris administration’s efforts to protect retirement investors, the proposal would require trusted investment advisers to adhere to high standards […]
This appears to be a regulatory power grab.
{November 7th, 2023} by Sheryl J. Moore
How can life insurance agents ” …hold themselves out as trusted advice professionals,” when they are not advising their clients, but instead selling them products? They are not registered investment advisors?!? And how can the U.S. Department of Labor assert that “…said conflicts of interest related to the sales of fixed index annuities cost investors $5 billion annually?” […]
The insurance industry really doesn’t like the DOL’s proposed rule
{November 7th, 2023} by Emile Hallez
The Biden administration has singled out annuities in the DOL’s proposed fiduciary rule, and the stakes are high for independent insurance agents. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: This headline is the understatement of the week! -sjm
Labor Department sets comment schedule for new fiduciary proposal
{November 7th, 2023} by John Hilton
The Department of Labor is accepting comments on its new fiduciary proposal through Jan. 2, 2024. Headed by the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” the DOL published four separate rules Friday in the Federal Register. The remaining three rules deal with exemptions. Click HERE to read the full story via INN
Inaccurate clickbait annuity articles
{November 7th, 2023} by Ashley Kilroy
Whoa, whoa, whoa, WOAH! Oh, SmartAsset– you drive me crazy with your inaccurate clickbait annuity articles! Click HERE to read 8 Reason Annuities Might Actually Be a Bad Investment For You 1. Annuities can be complex. This is why having a trusted insurance agent is important. 2. Sales agents MUST disclose an itemized list of annuity […]
Biden administration to crack down on ‘junk fees’ in retirement plans
{November 7th, 2023} by Greg Iacurci
You’ll often hear that it’s important to save for retirement independently, whether through an employer-sponsored 401(k) or an IRA that you manage yourself. Click HERE to read the full story via The Ascent Wink’s Moore on the Market: It appears that Lael Brainard isn’t aware that annuity purchasers do not pay the commissions, which are paid to the […]
Indexed universal life insurance may be the right choice for some people – but probably not you
{November 7th, 2023} by Beth Pinsker
Everywhere you turn, somebody is probably trying to sell you indexed universal life insurance — financial advisers, TikTok influencers, news channel commercials and even your company’s benefits team. Click HERE to read the full story via Market Watch Wink’s Moore on the Market: Beth Pinsker wrote about indexed life today. My takeaway- We really need to […]
Repost for Eye Donation Month: I am ABSOLUTELY OVERWHELMED with a grateful heart right now!
{November 7th, 2023} by Sheryl J. Moore
November is National Eye Donation Month. Begun in 1983, the purpose of Eye Donation Month is to Raise Awareness about cornea donation and transplantation Honor the gift of sight given by selfless donors and their families Celebrate cornea transplant recipients living their fullest lives thanks to the generosity of donors Educate about eye donation and encourage individuals to register […]
How popular is your annuity? F&G and MassMutual score highest customer satisfaction in J.D. Power study
{November 7th, 2023} by Nathan Place
Annuities have enjoyed two years of skyrocketing sales, but that hasn’t always translated into high customer satisfaction. Now, according to a new study, that’s beginning to change. The consumer research company J.D. Power has unveiled its 2023 U.S. Individual Annuity Study, and it shows a clear improvement in client experience. On average, respondents gave their annuities […]
Critics Take Aim at New DOL Fiduciary Rule
{November 6th, 2023} by Melanie Waddell
While the much-anticipated new fiduciary rule released Tuesday by the Labor Department received applause from industry groups and some lawmakers, the proposal is not without its critics. Some predict Labor’s new plan, the Retirement Security Rule: Definition of an Investment Advice Fiduciary, will face legal challenges as its predecessor rule did. Click HERE to read the full story via Think […]
Equitable Eyes DOL’s Fiduciary Rule Approach
{November 6th, 2023} by Allison Bell
Annuity market players are still trying to determine how the 494 pages of new U.S. Labor Department fiduciary rule regulation drafts compare with what the department put out in 2016. Nick Lane, the president of Equitable, said his company is also studying the new proposal, and seeing how it differs from the old, ill-fated effort. Click HERE […]
The State of the Annuity Industry Through a Big-Screen Lens
{November 6th, 2023} by Paul Garofoli
I’m a movie buff. During the recent Writers Guild strike, I revisited classic movies to fill the gap and was inspired by the American Film Institute’s 100 Greatest Movie Quotes of All Time. Here’s the story of the annuity industry in seven scenes, each introduced by a famous line from a movie. Grab a bowl of […]
Here Are the ‘Big-Picture’ Principles of New Fiduciary Rule: DOL Official
{November 6th, 2023} by Melanie Waddell
Tim Hauser, associate solicitor at the Labor Department’s Employee Benefits Security Administration, described Friday the “big-picture” principles behind Labor’s new fiduciary definition. The “animating principle” behind the definition, Hauser said at the American Law Institute’s life insurance products conference in Washington, is that “if you’re holding yourself out as an investment professional, providing an individualized […]
U.S. Life Activity Rises, for Most Age Groups
{November 6th, 2023} by Allison Bell
Life insurers had a complicated relationship with applicants in October. Application activity for individual coverage increased some for people ages 50 and younger, and it increased a lot for people ages 71 and older, according to activity data from MIB Group. Click HERE to read the full story via Think Advisor
Draft Labor Regulations Allow Annuity Commissions
{November 6th, 2023} by Allison Bell
New draft regulations released Tuesday by the U.S. Department of Labor would let annuity sellers continue to earn commissions for selling non-variable indexed annuities. Independent agents who operate under one set of Labor Department regulations, Prohibited Transaction Exemption 84-24, would have to become fiduciaries, but they could continue to earn commissions. They would have to […]
Here Are the ‘Big-Picture’ Principles of New Fiduciary Rule: DOL Official
{November 6th, 2023} by Melanie Waddell
Tim Hauser, associate solicitor at the Labor Department’s Employee Benefits Security Administration, described Friday the “big-picture” principles behind Labor’s new fiduciary definition. The “animating principle” behind the definition, Hauser said at the American Law Institute’s life insurance products conference in Washington, is that “if you’re holding yourself out as an investment professional, providing an individualized […]
Lincoln Financial Group Receives Regulatory Approval for Reinsurance Transaction With Fortitude Re
{November 6th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced that it received regulatory approval late yesterday for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. (“Fortitude Re”). The transaction will have an effective date of October 1, 2023, and is expected to close later this month. Under the terms of the agreement, upon closing Lincoln will cede […]
Corebridge Financial Announces Third Quarter 2023 Results
{November 6th, 2023} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today reported financial results for the third quarter ended September 30, 2023. Kevin Hogan, President and Chief Executive Officer of Corebridge, said, “I am pleased to report outstanding progress over what has been an extraordinary twelve months since our initial public offering. Corebridge has executed […]
AM Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{November 6th, 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 RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). These companies represent the key life/health (L/H) insurance subsidiaries of […]
Prudential Financial, Inc. Announces Third Quarter 2023 Results
{November 6th, 2023} by Oceanview Holdings, Ltd
HAMILTON, Bermuda–(BUSINESS WIRE)–Oceanview Holdings, Ltd., a Bermuda company and ultimate parent of each of Oceanview Life and Annuity Company (“Oceanview Life”), an Alabama insurance company, and Oceanview Reinsurance Ltd., a Bermuda Class E insurance company (together “Oceanview”), today announced that global credit rating agency AM Best has upgraded the Financial Strength Rating (FSR) and Long-Term […]
Lincoln Financial Group Reports Third Quarter 2023 Results
{November 6th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2023. Net income available to common stockholders of $4.79 per diluted share Adjusted operating income available to common stockholders of $0.23 per diluted share and included: Net unfavorable notable items of $0.84 per diluted share related to […]
American Equity Declares 4th Quarter 2023 Preferred Stock Dividend
{November 6th, 2023} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), today announced that in accordance with the terms of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), which is represented by depositary shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock (the “Series […]
AM Best Upgrades Credit Ratings of Oceanview Life and Annuity Company and Oceanview Reinsurance Ltd.
{November 6th, 2023} 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 Oceanview Life and Annuity Company (Oceanview Life) (headquartered in Phoenix, AZ) and its reinsurer affiliate, Oceanview Reinsurance Ltd. (OVRe) (Hamilton, Bermuda). These companies are collectively referred to […]
AM Best Revises Outlooks to Positive for Brookfield Annuity Company
{November 6th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Brookfield Annuity Company (Toronto, Ontario, Canada). The Credit Ratings (ratings) reflect Brookfield Annuity Company’s balance sheet strength, which AM Best assesses as strong, as well […]
Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial
{November 6th, 2023} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–What does it take to become a millionaire? New research from Ameriprise Financial (NYSE: AMP) confirms that it comes down to practical behaviors and discipline around money. Ameriprise surveyed 580 Americans ages 27-77 who currently have a million dollars or more in investable assets to understand how they built their savings. Eighty percent cited […]
Horace Mann reports third-quarter 2023 results
{November 6th, 2023} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended September 30, 2023: ($ in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 % Change 2023 […]
RGA Recognized for Outstanding Reinsurance Scheme and as Life Reinsurer of the Year in APAC
{November 6th, 2023} by Reinsurance Group of America, Incorporated
ST. LOUIS–(BUSINESS WIRE)–Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced that it received the 2023 Outstanding Reinsurance Scheme Award from the Hong Kong Federation of Insurers and was named Life Reinsurer of the Year in the 27th Asia Insurance Industry Awards 2023, organized by Asia Insurance Review. RGA also […]
Nearly Half of the Sandwich Generation Report a Time They were Unable to Meet Essential Expenses Due to Costs of Caregiving, Finds Special Edition of New York Life Wealth Watch Survey
{November 6th, 2023} by New York Life Insurance Company
Sandwich Generation says caregiving responsibilities have prompted them to take action on their future long-term care needs November 01, 2023 09:00 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–U.S. adults who are part of the Sandwich Generation, defined as those who care for both children and aging loved ones, are skewing increasingly Millennial and male compared to […]
Insurers’ AI races ahead of rules
{November 6th, 2023} by John Hilton
When it comes to insurance and the use of artificial intelligence, the main questions are “how much?” and “how fast?” There is, however, one more vitally important question: What rules will insurers be following? They are going to use AI up and down the delivery funnel. Click HERE to read the full story via INN
CNO Financial Group Reports Third Quarter 2023 Results
{November 6th, 2023} by CNO Financial Group, Inc.
CARMEL, Ind., Nov. 6, 2023 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $167.3 million, or $1.46 per diluted share, in 3Q23 compared to $175.9 million, or $1.52 per diluted share, in 3Q22. Net operating income (1) was $101.3 million, or $0.88 per diluted share, in 3Q23 compared to $77.9 million, or $0.67 per diluted share, in 3Q22. Net income and net operating income (1) were both favorably impacted […]
Rollovers, exemption 84-24 among areas targeted in new fiduciary rule
{November 6th, 2023} by John Hilton
The Department of Labor unveiled nearly 500 pages worth of new fiduciary rulemaking today and, at first glance, industry trade groups panned the effort. As expected, the rulemaking effort will survive or die based on how closely regulators can hew to a 2018 decision by the Court of Appeals for the Fifth Circuit. In a […]
AIG rides strong annuity sales to another positive quarter
{November 6th, 2023} by John Hilton
American International Group again posted strong profits in the third quarter, driven by growth at its general insurance and life and retirement units. Also, catastrophic losses declined sharply. “In the third quarter, AIG continued to deliver exceptional results,” President and Chairman Peter Zaffino told analysts on a Thursday morning call. Click HERE to read the […]
State Insurance Regulators Work to Protect Consumers Who Buy Annuities; NAIC Releases Statement on DOL Fiduciary Rule Proposal
{November 6th, 2023} by NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
WASHINGTON, Nov. 1, 2023 /PRNewswire/ — The National Association of Insurance Commissioners (NAIC) released the following statement today on the proposed fiduciary rule announced October 31 by the Biden-Harris Administration and the Department of Labor (DOL): “We fundamentally disagree with the White House’s characterization of state consumer protections for annuity products. The White House press statement that oversight of these products ‘varies state by […]
DOL’s New Fiduciary Proposal Could Sweep Up Industry Salespeople
{November 6th, 2023} by Nate DiCamillo
The Department of Labor on Tuesday floated a long-awaited rule aimed at expanding the definition of an investment-advice fiduciary to include anyone who advises retirement plan participants and individual retirement account owners for a fee — including broker-dealer and asset manager salespeople. The proposal’s heftier disclosure requirements could also drive up costs for corporate defined benefit sponsors, lawyers […]
Integrity Named One of the Top 100 Companies in the U.S. for Best Perks & Benefits
{November 6th, 2023} by Integrity Marketing Group, LLC
Integrity Named One of the Top 100 Companies in the U.S. for Best Perks & Benefits Strong focus on comprehensive and meaningful benefit offerings earns Integrity a 2023 Best Company award through employee rankings collected by Comparably DALLAS – NOVEMBER 2, 2023 – Integrity Marketing Group, LLC (“Integrity”), a […]
New DOL fiduciary rule sets up ‘direct confrontation’ with court precedent
{November 6th, 2023} by John Hilton
HOLLYWOOD, Fla. –The Department of Labor’s latest attempt at an industrywide fiduciary standard is dominating conversation here at the 42nd NAILBA Annual Meeting. The conference kicked off Wednesday, or one day after the DOL released what it is calling a “retirement security” rule. The rule would make a fiduciary out of virtually any financial professional making […]
Biden 401(k) Fiduciary Rule Angers Precursor’s Wall Street Foes
{November 6th, 2023} by Austin Ramsey
Shortly after the Obama administration finalized its “fiduciary rule” in 2016, Brad Campbell got a message from his bank. The financial firm said it could no longer offer investment advice on one of his small-balance, commission-based IRAs. Under the US Labor Department’s new regulation, Campbell was told, small-fish investors like him weren’t worth the risk anymore. Click […]
Whole life products are feeling the pinch of rising interest rates
{November 6th, 2023} by John Hilton
HOLLYWOOD, Fla. – When it comes to interest rates, life insurers are faced with a problem they have not faced in 35 years. “One of the questions we’ve got to wrestle with as an industry is how do you sell portfolio rate products when the yields are worse than new money rates?” said Bobby Samuelson, […]
Survey: Annuity providers see a path in the RIA channel
{November 6th, 2023} by John Hilton
The push to include more annuities in the registered investment advisory channel has, so far, been largely a story of unrealized potential. Annuity companies have wooed wealth managers and independent investment advisors for several years, offering reduced contract expenses and new annuities that focus on retirement planning risks, and creating fee-based versions of popular commission-based […]
Relationships matter. Don’t burn bridges.
{October 31st, 2023} by Sheryl J. Moore
The very first week that I began working in the life insurance industry, my trainer gave me the best piece of advice, ever. Keep in mind that I live in Des Moines, Iowa- the life insurance capital of the United States. (Not to mention that our population is only a couple hundred thousand strong…I mean, […]
Chat with us!
{October 31st, 2023} by Wink Support
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Why the 2050 Annuity Market Looks Beautiful
{October 31st, 2023} by Allison Bell
This is the first in a new series of columns about annuities and retirement planning. The rain keeps coming, the international news headlines look grim, and life and annuity market trackers say we’ll get through this. Holding fast to a bright vision of the future is important, because optimism is as critical to retirement planning […]
Life Insurers Search for Ways to Better Protect the World
{October 31st, 2023} by Allison Bell
LIMRA was once the Life Insurance Marketing and Research Association, and speakers at its latest annual conference want to find ways to heal the world with life insurance, marketing and research. LIMRA started the three-day event Sunday in National Harbor, Maryland. The speakers on the podium talked about the conflicts facing the United States and […]
IRS Ruling Could Help Fee-Only Advisors Use Life Insurance
{October 31st, 2023} by Allison Bell
The Internal Revenue Service has issued two new private letter rulings that could help life insurers create a new generation of life insurance policies aimed at fee-based and fee-only advisors. The IRS sent the letters to Protective Life. The letters would affect a variable universal life insurance policy that’s registered with the Securities and Exchange […]
New DOL Fiduciary Rule to Be Released Tuesday: Report
{October 31st, 2023} by Melanie Waddell
The Labor Department’s new fiduciary rule is expected to be released for public comment Tuesday at 3:30 p.m. at an event at the White House. President Joe Biden will attend the event, according to the National Association of Plan Advisors. Labor changed the name of its upcoming new fiduciary rule to the Retirement Security rule […]
DOL’s Gomez Explains New Fiduciary Rule
{October 31st, 2023} by Melanie Waddell
Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, said Tuesday that Labor changed the name of its upcoming new fiduciary rule to the Retirement Security rule to reflect a move forward from the 2016 Conflict of Interest rule. “It’s the retirement security rule with respect to the definition of an investment […]
Help Plan-Sponsor Clients Meet the Demand for Annuities
{October 31st, 2023} by Michael Kazanjian
Concern among retirement savers about the future of Social Security is certainly not new. This continued perception that the system might run out of money is leading to interest in other sources of retirement income. A majority of Americans who are participating in an employer-sponsored retirement plan now say they would take advantage of “income […]
Fidelity National Financial Announces Third Quarter 2023 Earnings Release and Conference Call
{October 31st, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Oct. 24, 2023 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”), 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 subsidiary F&G Annuities & Life, Inc. (NYSE: FG), will […]
F&G Annuities & Life Announces Third Quarter 2023 Earnings Release and Conference Call
{October 31st, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Oct. 24, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release third quarter 2023 earnings after the close of regular market trading on Tuesday, November 7, 2023. A webcast and conference call to discuss the results will […]
Gainbridge Launches “Parity Week by Gainbridge” to Celebrate Women’s Sports Icons
{October 31st, 2023} by Group 1001
Pioneers Billie Jean King, Annika Sorenstam and Lyn St. James to be honored in Gainbridge’s first-ever Parity Week, where 180 women will compete for nearly $13 million ZIONSVILLE, Ind., Oct. 26, 2023 /PRNewswire/ — Gainbridge®, a Group 1001 company, announced today the launch of “Parity Week by Gainbridge,” a celebration of three pioneers in women’s sports centered around three flagship events the week […]
Could RILAs, Pension Risk Transfers Squeeze Life Insurers in a Crisis?
{October 31st, 2023} by Allison Bell
State insurance regulators are thinking about whether some types of annuity separate accounts could affect life insurers’ need for quick cash in an economic crisis. The Macroprudential Working Group, part of the National Association of Insurance Commissioners, mentions separate accounts associated with registered index-linked annuities and pension risk transfers in a new draft of the […]
Record demand for RILAs pushes Q3 annuity sales to new heights
{October 31st, 2023} by Gregg Greenberg
Led by record demand for registered index-linked annuities, total third-quarter annuity sales rose 11% year over year to $89.4 billion, according to preliminary results from Limra’s U.S. Individual Annuity Sales Survey. Click HERE to read the full story via Investment News
‘Annuity King’ pleads guilty to tax charge, confronts co-defendant in court
{October 31st, 2023} by John Hilton
Phillip Roy Wasserman pleaded guilty to a tax charge Monday and will avoid a second trial in his $6.3 million fraud case. Wasserman agreed to plead guilty to a single count of evasion of payment of income taxes and will be sentenced at a later date. According to Wasserman, the government made the plea offer […]
Kansas City Life Announces Third Quarter 2023 Results
{October 31st, 2023} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 27, 2023 /PRNewswire/ — Kansas City Life Insurance Company recorded net income of $4.6 million or $0.47 per share in the third quarter of 2023 compared to net income of $4.3 million or $0.45 per share in the third quarter of 2022. Net income totaled $5.8 million or $0.60 per share in the first nine months of 2023, up from $1.1 million or $0.12 per share in the first […]
How IUL supplements a financial plan
{October 31st, 2023} by Susan Rupe
Indexed universal life insurance makes sense for a client if it helps people accomplish their financial goals, not if it replaces their financial goals. That was the word from Ron Lee, vice president, advanced markets and brokerage field relations at Mutual of Omaha. Lee discussed how permanent life insurance can fit into everyone’s financial plan […]
DOL to Unveil Fiduciary Rule Tuesday, Open Comment Period: Reports
{October 31st, 2023} by Alex Padalka
The Department of Labor is expected to release its controversial new fiduciary rule for public comment on Tuesday, according to news reports. The DOL submitted the new rule for review by the Office of Management and Budget in early September, and that review process typically lasts several weeks, though it’s limited to 90 days. Click HERE to read the full […]
NISA Unveils Key Insights for Fiduciaries in Partial Annuity Buyout Transactions
{October 31st, 2023} by NISA
Partial annuity buyout transactions inherently pit two groups of participants against one another: (1) those in the transaction and (2) those remaining within the plan. NISA uses standard bond math to assist fiduciaries in quantifying the economic cost to each group. Results underscore the importance of fiduciaries considering the “safest available” provider, as measured by NISA’s […]
OPTIFINO, REDEFINES LIFE INSURANCE BY BRIDGING TECHNOLOGY WITH EXPERTS THAT HAVE A COLLECTIVE 100+ YEARS IN THE LIFE INSURANCE INDUSTRY.
{October 31st, 2023} by Optifino
TODAY, OPTIFINO ANNOUNCES ITS REMARKABLE ADVISORY BOARD. NEW YORK, Oct. 30, 2023 /PRNewswire/ — Optifino, redefines the life insurance industry by bridging technology and industry experts with a collective 100+ years in designing, underwriting, onboarding, and active management of the insurance portfolio. Today, Optifino proudly introduces its distinguished advisory board, composed of industry thought leaders and practitioners. Optifino is […]
Ameriprise Financial Reports Third Quarter 2023 Results
{October 31st, 2023} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q3 2023 Q3 2023 GAAP $8.14 GAAP 44.4% Adjusted Operating $6.96 Adjusted Operating 48.4% Adjusted Operating ex Unlocking (2) $7.68 Adjusted Operating ex Unlocking (2) 49.6% Third quarter adjusted operating […]
Could RILAs, Pension Risk Transfers Squeeze Life Insurers in a Crisis?
{October 31st, 2023} by Allison Bell
State insurance regulators are thinking about whether some types of annuity separate accounts could affect life insurers’ need for quick cash in an economic crisis. The Macroprudential Working Group, part of the National Association of Insurance Commissioners, mentions separate accounts associated with registered index-linked annuities and pension risk transfers in a new draft of the […]
‘Gates have opened’ for in-plan annuities, LIMRA Research Director says
{October 31st, 2023} by John Hilton
Legislative changes, product development and an enthusiastic industry are opening the gates to annuity products inside retirement plans. Still, analysts are cautiously optimistic about the next steps. Challenges remain, said Alison Salka, senior vice president, director of research, for LIMRA and LOMA. Click HERE to read the full story via INN
Brian Steiner named executive director of Life Happens
{October 31st, 2023} by Life Happens
The National Association of Insurance and Financial Advisors announced that Brian Steiner has rejoined NAIFA as the Executive Director of Life Happens, the consumer arm of the association. Steiner previously served as NAIFA’s Vice President of Business Development and Strategic Partnerships from 2015-2021 and most recently as President of United Wealth Advisors Group. Life Happens focuses on consumer […]
MassMutual Announces New Fixed Deferred Annuity: MassMutual Premier Voyage
{October 24th, 2023} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of a new fixed deferred annuity to its retirement savings and income offerings, MassMutual Premier VoyageSM, joining MassMutual Stable Voyage on its fixed annuity shelf. Fixed deferred annuities provide a fixed rate of interest, tax deferral, a death benefit, and the potential to turn […]
Life insurance application activity in sharp decline among 50+ ages
{October 24th, 2023} by John Hilton
The latest life insurance application data shows a sharp decline among a demographic that should be a reliable source of sales: Americans ages 50+. Overall, life insurance application activity finished the third quarter up 2.8% compared to the year-ago period, reported MIB Group, a membership-supported nonprofit organization. MIB data shows life insurance sales are full of […]
Security Benefit petition for judicial review of index annuity lawsuit denied
{October 24th, 2023} by John Hilton
A federal appeals court last week denied Security Benefit’s request for a full court review of a lawsuit claiming the insurer misrepresented how much investors stood to gain on certain fixed annuities The Court of Appeals for the Tenth Circuit rejected Security Benefit’s request for an en banc review. An en banc review is heard […]
Calif. annuity legislation must pass by 2025 to avoid ‘dual regulation’
{October 24th, 2023} by Rayne Morgan
California Senate Bill 263, which would make California the 41st state to adopt best-interest annuity sales rules, has stalled amid pushback from consumer groups. It is currently in the suspense file with the Assembly Appropriations Committee, and five consumer associations want it to stay that way unless revisions are made. Those groups are concerned that […]
PHL Variable Sues Its Insurers for Help With Defense Costs
{October 24th, 2023} by Allison Bell
A life insurer is suing its own insurers over coverage for lawsuit defense costs. PHL Variable Insurance, a subsidiary of Nassau Financial Group, filed the complaint in a state court in California earlier this week. PHL contends that XL Specialty Insurance, its primary insurer, or its providers of excess insurance coverage should cover the expenses […]
Could RILAs, Risk Transfers Squeeze Life Insurers in a Crisis?
{October 24th, 2023} by Allison Bell
State insurance regulators are starting to think about whether some types of annuity separate accounts could affect life insurers’ need for quick cash in an economic crisis. The Macroprudential Working Group, an arm of the National Association of Insurance Commissioners, mentions separate accounts associated with registered index-linked annuities and pension risk transfers in a new […]
New York Life Faces Suit Over Record Requests
{October 24th, 2023} by Allison Bell
New York Life is facing a suit that involves questions about the kinds of documentation an insurer can ask policy beneficiaries to provide. Fredric Paul Gallin, the representative for the estates of Herbert and Lucille Gallin, filed the suit in a state court in Somerset County, New Jersey, earlier this month. Click HERE to read the full […]
White House Meetings Mark Final Step Before New DOL Fiduciary Rule
{October 24th, 2023} by Patrick Donachie
Industry and investor protection advocates alike are meeting with the White House Office of Management and Budget about the Labor Department’s latest iteration of its fiduciary rule, one of the final steps before it can be finalized and released for public comments. Since the rule was delivered to the OMB in early September, organizations from the Securities […]
DPL survey: advisors can grow revenue, improve client plans with annuities
{October 24th, 2023} by John Hilton
Schneider Small Cap Value Fund is one of the worst-performing mutual funds of the past 25 years, Morningstar said recently, returning -18.9% after losing its bet on distressed energy company Chesapeake. Still, no advisor would warn clients off of mutual funds just because Schneider struggled. While not mentioning any specific mutual fund, panelists made the general analogy […]
NAFA Urges OMB to Reject New DOL Fiduciary Rule
{October 24th, 2023} by NAFA
NAFA ALERT NAFA Urges OMB to Reject New DOL Fiduciary Rule NAFA met with staff from the White House Office of Management and Budget (OMB) and the U.S. Department of Labor (DOL) on Friday, October 20, 2023 to express our deep reservations regarding the DOL’s proposed new “Conflicts of Interest in Investment Advice” rule that […]
Lost in Transition: Many Unsure About Managing Retirement Income
{October 24th, 2023} by Western & Southern Financial Group
CINCINNATI, Oct. 17, 2023 /PRNewswire/ — Many current and future retirees doubt their ability to manage their investments throughout retirement. That’s the finding of a new survey report on retirement income attitudes conducted by Western & Southern Financial Group (Western & Southern) in collaboration with LIMRA, a worldwide research, consulting and professional development organization serving the financial services industry. […]
Fixed Index Annuities Gain Popularity: Offering Principal Protection and Growth Potential Amid Rising Inflation Concerns
{October 24th, 2023} by Research and Markets
DUBLIN, Oct. 19, 2023 /PRNewswire/ — The “The US Annuity Market (by Type, Distribution Channel, Contract Type, Investment Category, Asset Under Management, & Annuity Premium): Insights and Forecast with Potential Impact of COVID-19 (2022-2026)” report has been added to ResearchAndMarkets.com’s offering. The US annuity market is poised for substantial growth, with an anticipated value of $259.97 billion by 2023, reflecting a robust Compound […]
Simplicity Enters into an Agreement to Acquire Aptus Marketing
{October 24th, 2023} by Simplicity Group
SUMMIT, N.J., Oct. 23, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced it has entered into an agreement to acquire Aptus Marketing (“Aptus”), an Ohio-based agency focused on annuity and life insurance sales. Jeff Hutchison, a well-known rising market leader, will continue to lead the office and will become Simplicity’s newest Partner following the transaction. “Jeff is […]
American Equity Announces Record Total Enterprise Sales1 of $2.2 Billion in Third Quarter and Expected Date of Third Quarter 2023 Earnings Results
{October 24th, 2023} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”) today announced that its third-quarter 2023 sales totaled $2.2 billion, substantially all of which were in fixed index annuities. AEL also announced that it will release its third quarter 2023 earnings results after the market closes on Tuesday, November 7, 2023. The […]
AM Best Affirms Credit Ratings of Constellation Insurance, Inc. and Its AuguStar Life Group Subsidiaries
{October 24th, 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 AuguStar Life Insurance Company (ALIC) and its wholly owned subsidiary, AuguStar Life Assurance Corporation (together referred to as AuguStar Life Group). These companies are the principal insurance subsidiaries of Constellation […]
Life insurance industry unprepared for $7.8 trillion wealth transfer to beneficiaries by 2040
{October 24th, 2023} by Capgemini Research Institute
PARIS–(BUSINESS WIRE)–The Capgemini Research Institute’s World Life Insurance Report 2023, published today, highlights an unprecedented shift for life insurers as they face a significant outflow of assets under management (AUM), ahead of history’s largest inter-generational wealth transfer1. Currently, policyholders over the age of 65 own 40% of insurers’ AUM, which for the 40 largest global life […]
7 Ways RIAs Say Annuities Have Boosted Their Business
{October 24th, 2023} by John Manganaro
Anew survey published by DPL Financial Partners may give registered investment advisors who normally shun annuities a reason to pause and reconsider. According to the results, which were shared this week during a webcast hosted by David Lau, founder and CEO of DPL Financial Partners, and David Blanchett, managing director and head of retirement research […]
Digital transformation boosts satisfaction with life insurance and annuities
{October 24th, 2023} by Steve Randall
Customer apathy toward life insurance and annuities is a decades-old challenge, but technology is helping the industry change perceptions. Click HERE to read the full story via InvestmentNews
Exclusive: Brookfield weighs move into UK pension insurance market -sources
{October 24th, 2023} by Pablo Mayo Cerqueiro, Amy-Jo Crowley and Iain Withers
Oct 17 (Reuters) – Brookfield (BN.TO), through its affiliate Brookfield Reinsurance (BNRE.N), is weighing entering Britain’s burgeoning pension insurance industry and is open to an acquisition to bolster growth, three people familiar with the matter told Reuters. Click HERE to read the full story via Reuters Wink’s Moore on the Market: The company that acquired American National, […]
Fed Sees Drop in Cash-Value Life Ownership
{October 24th, 2023} by Allison Bell
The Federal Reserve Board sees the percentage of U.S. households with cash-value life insurance dropping. The share of households with that asset fell to 16.1% in 2022, from 19% in 2019. it was 35.5% in 1989, according to the Fed’s latest Survey of Consumer Finances report. Click HERE to read the full story via Think […]
Mentorship Culture
{October 24th, 2023} by Sheryl J. Moore
I have had numerous mentors during my tenure in the insurance industry. Hear about how I approach mentorship, with a podcast I did with my dear friend Mark Williams of Brokers International. SN: Did you know that I was once married to a police officer who went to prison? Yep- that happened. Tune in to find out more! […]
PacLife Launches Variable Annuities Platform with SS&C
{October 24th, 2023} by Aaron Smith
Sales for variable annuities totaled $12.784 billion industrywide in the second quarter of 2023, according to Wink’s Sales & Market Report. That was a gain of 5% from the prior quarter, but a plunge of 20% from the year-ago quarter, when sales were $15.94 billion. Click HERE to read the full story via Life Annuity Specialist. […]
Is a life insurance policy like the family minivan?
{October 24th, 2023} by William Scott Page
Life insurance, like other commodities we own, has a “useful life.” In the same way we question how long to keep a car or when to upgrade an appliance, and we ponder the utility and lifespan of life insurance policies. For agents and financial advisors, understanding and educating their clients on this concept is pivotal. […]
Profitable growth is top of mind for life insurance execs
{October 24th, 2023} by Press Release
WINDSOR, Conn., and BOSTON, Mass., Oct. 23, 2023 – A new study reveals profitable growth is the most important challenge on the minds of C-suite executives in the life insurance industry, followed closely by talent management. When the same study was conducted in 2019, change management was what kept executives up at night. By 2021, as […]
While we’re on the topic of private equity-owned insurance companies…
{October 17th, 2023} by Sheryl J. Moore
Wow. Award-winning journalism from John Hilton at InsuranceNewsNet? Click HERE to read Critics call out Brookfield Asset Management asset transfers to insurer via INN. Could be. While we’re on the topic of private equity-owned insurance companies… The president of Brookfield Asset Management indicated that there are, “plans to target allocating ‘40% of our insurance assets into private funds. Today, that […]
Critics call out Brookfield Asset Management asset transfers to insurer
{October 17th, 2023} by John Hilton
Financial reporting documents by Brookfield Asset Management Reinsurance (Brookfield Re) and an insurer it acquired last year are raising renewed questions about private equity control of policyholder funds. Forms filed by Brookfield Re and American National Insurance Co. show a transfer of assets owned by the former company, mainly commercial real estate. A new report […]
West Des Moines’ American Equity demotes executive after trading violation
{October 17th, 2023} by Tyler Jett
Leaders at West Des Moines-based American Equity Life Investment Holding Co. have demoted an executive after he allegedly failed to disclose purchases of company stock within the legally required timeline. The annuity provider announced in a U.S. Securities and Exchange Commission filing late last week that Jimmy Dewayne Lummus lost his job as chief accounting […]
Billboard Near Insurance Regulator Warns Against Brookfield’s Potential Takeover of American Equity Life Insurance, Citing UNITE HERE Report
{October 17th, 2023} by UNITE HERE
DES MOINES, Iowa–(BUSINESS WIRE)–UNITE HERE launched a billboard today warning customers of American Equity Investment Life Insurance Company (NYSE:AEL), that it may be purchased by the Bermuda-based affiliate of Brookfield (NYSE:BN). Brookfield has defaulted on over $1 billion in commercial real estate this year alone. The billboard is located less than a mile from the Iowa Insurance […]
USAA Life Insurance Company Introduces Fixed Indexed Annuity
{October 17th, 2023} by USAA Life Insurance Company
SAN ANTONIO, Oct. 16, 2023 /PRNewswire/ — USAA Life Insurance Company announced today the addition of a fixed indexed annuity to its suite of retirement products. The new product is available in nearly all states, and offers those planning for, or living in, retirement another option for protected savings growth. According to USAA’s 2023 Life […]
10 Best Life Insurance Companies: Expert-Rated In 2023
{October 17th, 2023} by Amy Danise, Ashlee Tilford
The days of summer are gone and it’s officially fall. As you get wrapped up in apple cider and a cozy blanket, it’s the perfect time to devote some attention to your financial plan. If you don’t already have life insurance, now is a good time to secure a policy so you can support your […]
AM Best Comments on the Credit Ratings of Prosperity Life Group’s Subsidiaries Following Merger Announcement
{October 17th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings of “a-” (Excellent) of Prosperity Life Group’s subsidiaries, Shenandoah Life Insurance Company (Roanoke, VA), SBLI USA Life Insurance, Inc. (New York, NY) , Prosperity Life Assurance Limited (PLAL) (Bermuda) and S.USA Life Insurance Company, Inc. (Phoenix, […]
AM Best Places Credit Ratings Under Review With Various Implications for National Western Life Group, Inc. and Its Subsidiaries
{October 17th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of National Western Life Insurance Company (NWLIC) (Centennial, CO). Concurrently, AM Best has placed under review with developing implications the FSR of A- (Excellent) and the […]
Best & Worst Annuity and Life Insurance Providers: J.D. Power, 2023
{October 17th, 2023} by Michael S. Fischer
Customer apathy toward annuities and life insurance is a perennial challenge for providers. Satisfaction is rising as more clients engage with digital tools and start using life insurance and annuities for financial planning, in addition to such final planning services as death benefits and burial insurance, according to a study released Thursday by J.D. Power. […]
Northwestern Mutual Study Reveals Women Feel Financially Less Secure and Confident for Retirement than Men
{October 17th, 2023} by Northwestern Mutual
MILWAUKEE, Oct. 11, 2023 /PRNewswire/ — Fewer women in America feel financially secure or confident in their retirement readiness than men, according to the latest findings from Northwestern Mutual’s 2023 Planning & Progress Study. Just four in ten (43%) American women feel financially secure and 44% think they will be financially prepared for retirement. This compares to 59% of men […]
Allianz Partners announces strategic partnership with bolttech
{October 17th, 2023} by Allianz Partners
SINGAPORE, Oct. 11, 2023 /PRNewswire/ — Allianz Partners, a world leader in B2B2C insurance and assistance services, and bolttech, an international insurtech, today announced a partnership to provide embedded device and appliance protection insurance across Asia Pacific and the United States. The strategic cooperation agreement[1] aims to bring together each company’s complementary strengths to offer best-in-class solutions enabling business partners to add insurance and protection […]
Pacific Life Foundation Awards $75,000 in College Scholarships During September’s Life Insurance Awareness Month
{October 17th, 2023} by The Pacific Life Foundation
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–The Pacific Life Foundation has awarded five $15,000 college scholarships through Life Happens (www.LifeHappens.org) and its annual Life Lessons Scholarship Program to aid the financial burden of students who have lost a parent without life insurance. The scholarships were part of September’s Life Insurance Awareness Month, designed to help educate individuals on the […]
Satisfaction with Life Insurance and Annuity Products Climbs as Customers Embrace Digital, J.D. Power Finds
{October 17th, 2023} by J. D. Power
TROY, Mich.–(BUSINESS WIRE)–Could the latest generation of mobile apps and websites hold the keys to solving the decades-old challenge of customer apathy toward life insurance and annuities? According to the J.D. Power 2023 U.S. Individual Life Insurance StudySM and the J.D. Power 2023 U.S. Individual Annuity Study,SM both released today, customer satisfaction is climbing as more customers […]
Venerable Announces Partnerships With Russell Investments and Franklin Templeton
{October 17th, 2023} by Venerable
WEST CHESTER, Pa.–(BUSINESS WIRE)–Venerable Holdings, Inc. (“Venerable”) today announced that Venerable Investment Advisers, LLC (“Venerable Advisers”), its new wholly-owned subsidiary, intends to engage investment advisory subsidiaries of Russell Investments and Franklin Resources, Inc. (“Franklin Templeton”) to provide sub-advisory services with respect to Venerable Variable Insurance Trust (“VVIT”). As previously announced, the mutual funds will serve […]
Russell Investments Announces Partnership With Venerable to Build New Multi-Manager Variable Annuity Platform
{October 17th, 2023} by Russell Investments
SEATTLE–(BUSINESS WIRE)–Russell Investments is leveraging its multi-manager investment, risk and implementation platform in a new strategic partnership with Venerable Holdings, Inc. (“Venerable”). Venerable today announced that Venerable Investment Advisers, LLC (“Venerable Advisers”), its new wholly-owned subsidiary, intends to engage Russell Investments to provide sub-advisory and administration services to funds in its newly formed Venerable Variable […]
F&G Annuities & Life Ranked #1 for Highest Customer Satisfaction Among Annuity Providers in the U.S. by J.D. Power
{October 17th, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Oct. 12, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G” or “Company”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, is proud to announce the Company has been ranked the highest annuity provider for Customer Satisfaction in the J.D. Power 2023 U.S. Individual Annuity Study. F&G […]
Atlanta Life Insurance Reemerges with New Leadership and a New Vision that Stays True to the Herndon Legacy
{October 17th, 2023} by Atlanta Life Insurance Company
Earvin “Magic” Johnson’s EquiTrust partners to support the company’s mission to create legacies and build wealth in Black communities ATLANTA, Oct. 13, 2023 /PRNewswire/ — Atlanta Life Insurance Company, the lone remaining Black-founded and owned insurance company, is reemerging under new leadership with a fresh vision that pays homage to the brand’s rich history and legacy. For more than […]
Integrity Strengthens Life Insurance Leadership by Naming Victor Sanchez Vice President of Integrity Life
{October 17th, 2023} by Integrity Marketing Group, LLC
DALLAS, Oct. 11, 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 that it is continuing to expand its life insurance division with the addition of Victor Sanchez as Vice President of Integrity Life. Sanchez, a high-performing leader with extensive life […]
LIBRA Successfully Launches Innovative Technology from iPipeline® to Aggregate, Accelerate, and Ensure Compliance of Data
{October 17th, 2023} by iPipeline
EXTON, Pa. and BALTIMORE, Oct. 11, 2023 /PRNewswire/ — iPipeline® announces that LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the United States, successfully implemented its Agency Integrator product recently to support the LIBRA Institutional Insurance Platform (LIIP). With LIBRA’s use of Agency Integrator, critical data from members participating in the LIIP program is aggregated into one single source. […]
Long-term mortality trends: Challenges for life insurers
{October 17th, 2023} by John Bowers
A steady decline in mortality rates since the 19th century has brought about a long-term rise in life expectancy for both men and women, but progress is uneven and, as recent history tells us, uncertain. The forecasts that underpin the life segment’s mortality and longevity lines of business combine both historic trends analysis with a […]
Fed Sets Annuity-Friendly Capital Rules for Insurers It Regulates
{October 17th, 2023} by Allison Bell
The Federal Reserve Board has given U.S. annuity issuers a boost by deciding to draw its insurance capital standards from U.S. regulators, rather than applying standards from overseas. The board agreed last week to apply U.S.-style capital standards to federally insured banks that are “significantly engaged in insurance activities.” The board has posted a draft […]
Transamerica Sued Over Marijuana-Linked Claim Denial
{October 17th, 2023} by Allison Bell
A new Illinois state court case raises questions about whether leaving information about occasional marijuana use off a life insurance application is a serious enough omission to invalidate coverage. Ashley Merced, the beneficiary of a $250,000 policy insuring the life of her mother, Yvette Nieves, sued Transamerica Life Insurance Co. over the death benefits. Transamerica […]
U.S. Q3 Mortality Stays High
{October 17th, 2023} by Allison Bell
The total number of U.S. deaths recorded in September, and in the third quarter of the year, might have been much higher than the totals recorded before the COVID-19 pandemic showed up, early figures suggest. The total number of deaths recorded in preliminary figures for the four-week period ending Sept. 23 was 13% higher than […]
SEC rule on data analytics praised by consumer groups, ripped by industry
{October 17th, 2023} by John Hilton
A Securities and Exchange Commission rule attempting to address conflicts of interest created by the use of predictive data analytics could stifle access to much-needed retirement products. That’s the response from financial services’ groups. It could also mean important protection from the wide-ranging power of big-data technology – so consumer advocates say. Click HERE to […]
Allianz Life Faces Annuity Owner Suit
{October 17th, 2023} by Allison Bell
A new California state court case concerns the obligations a life insurer has to annuity holders and other customers when an advisor is convicted of wrongdoing. Layne Kramer and the Kramer Family Irrevocable Grant Trust assert in the complaint, which was filed last week in Los Angeles, that Allianz Life Insurance Co. of North America […]
SEC Proposes Significant Form and Rule Amendments for the Registration of Index-Linked Annuities
{October 17th, 2023} by Vedder Price
On September 29, 2023, the SEC proposed significant form and rule amendments to establish a tailored registration form for index-linked annuities, as directed by Congress under the Registered Index-Linked Annuities Act of 2022 (RILA Act). Unlike variable annuity contracts, for which the SEC has adopted specific registration statement forms (i.e., Forms N-3 and N-4), insurance […]
National Western and Prosperity Life Group Announce $1.9 Billion Cash Merger
{October 11th, 2023} by National Western Life Group, Inc.
AUSTIN, Texas, Oct. 9, 2023 /PRNewswire/ — National Western Life Group, Inc. (“National Western” or the “Company”) (NASDAQ:NWLI), and Prosperity Life Group (“Prosperity Life Group”) today announced the signing of a definitive Merger Agreement whereby S. USA Life Insurance Company, Inc. (“SUSA”), an affiliate of Prosperity Life Group, will acquire National Western in an all-cash transaction valued at […]
Ibexis Life & Annuity Insurance Company Launches 5-Year Fixed Indexed Annuity
{October 11th, 2023} by Ibexis Life & Annuity Insurance Company
JEFFERSON CITY, Mo.–(BUSINESS WIRE)–Ibexis Life & Annuity Insurance Company (“Ibexis”) today announced the launch of a 5-year index annuity, as the latest addition to its FIA Plus™ fixed indexed annuity series offering in the independent marketing organization (“IMO”) sales channel. The FIA Plus™ is an accumulation focused fixed indexed annuity. It offers crediting strategies linked […]
Bankers Life Introduces New Flexible Premium Bonus Indexed Annuity
{October 11th, 2023} by Bankers Life
CHICAGO, Oct. 10, 2023 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today that it is expanding its annuities portfolio by introducing the Flexible Premium Bonus Indexed Annuity (FPBIA). The Bankers Life FPBIA is designed with stability and flexibility in […]
Farmers Life, Ibexis Roll Out New Fixed-Indexed Annuities as Market Swells
{October 11th, 2023} by Cyril Tuohy
Second-quarter sales of fixed-indexed annuities surged 28% from a year ago to $25.1 billion, according to market tracker Wink’s Sales & Market Report. The top-selling fixed-indexed annuity carriers in the April through June period were Allianz Life, Athene and Corebridge Financial, Wink reported earlier. Click HERE to read the full story via Life Annuity Specialist
As Annuity Sales Surge, Industry-Watchers Fret Over Weak Broader Growth
{October 11th, 2023} by Warren S. Hersch
Sheryl Moore, CEO of Wink and Moore Market Intelligence, said in an email that banks have taken on a greater share of multi-year guaranteed annuities because of the products’ simple design. The products account for nearly 40% of deferred annuity sales, she said. The trendline in sales has entailed challenges for independent marketing organizations, a main distribution channel […]
SEC Proposes Streamlining Index Annuities Registration Process
{October 11th, 2023} by Tracey Longo
For years, the annuities industry has complained that the registration for new annuities products was needlessly cumbersome because insurers are forced to use non-annuities registration forms and procedures. Now, the Securities and Exchange Commission has proposed an overhaul designed to streamline the offering, disclosure and advertising framework insurers use for registered index-linked annuities (RILAs), including […]
