LIMRA: Sales of Indexed Life Products Rose 22% in Q2
{August 8th, 2023} by Allison Bell
Consumers in the U.S. showed a preference for a combination of benefits growth potential and benefits guarantees when they bought individual life insurance policies in the second quarter. The number of indexed universal policies sold was 22% higher in the latest quarter, which ended June 30, than in the year-earlier quarter, according to new issuer […]
The SEC’s New AI Plan Expands Reg BI — and More
{August 8th, 2023} by Melanie Waddell
While industry officials are busy digesting the Securities and Exchange Commission’s recently passed plan to address conflicts when broker-dealers and advisors use artificial intelligence and predictive data analytics, they are questioning whether the agency’s plan expands Regulation Best Interest and signals more compliance headaches under the SEC Marketing Rule. Click HERE to read the full story […]
Research Suggests 2 Keys to Solving the Annuity Puzzle
{August 8th, 2023} by David Blanchett
The relatively low allocation to products that provide income for life (aka annuities) among retirees has been well documented and is commonly dubbed the “annuity puzzle.” Decades of research not only documents the effect (i.e., why retirees should be considering annuities more than they do today) but also offers potential explanations for why the puzzle exists. […]
Women in Their Early 60s Want Annuities More Than Men Do: Study
{August 8th, 2023} by Michael S. Fischer
Fifty-three percent of American women ages 61 to 65 do not think their retirement savings and sources of income will last their lifetime, compared with 36% of men of similar age, the Alliance for Lifetime Income reported this week. This finding appeared in the third chapter of ALI’s ongoing 2023 Protected Retirement Income and Planning […]
What Inheritors of IRAs Need to Know About Required Withdrawals
{August 8th, 2023} by Leonard Sloane
There has been a lot of confusion about inherited individual retirement accounts. The confusion is largely about the annual withdrawals known as required minimum distributions. If you inherit an IRA, you may have to take these RMDs, which are then taxable. Click HERE to read the full story via WSJ
Artificial Intelligence And Insurance: Why Uncovering And Preventing Bias Is Critical
{August 8th, 2023} by Varun Mandalapu
The introduction of artificial intelligence (AI) into the insurance industry is transformative, heralding a new era marked by improved efficiency, accuracy and personalization. However, with this technological shift comes a significant yet often overlooked concern—AI bias. This issue is particularly pertinent in the life insurance sector, where it is crucial to understand and address AI […]
Are Fees Better Than Commissions?
{August 8th, 2023} by Alex Kim
Are you of the mindset that fees are better than commissions? Or do you fall into the camp that commissions are better than fees? Either way, you’re wrong. The right answer is that there is room for both if the objective is to ensure more people have access to holistic financial advice so they can […]
Indexed products: Why so popular and what are the downsides?
{August 8th, 2023} by John Hilton
Senior Editor John Hilton interviewed Sutton White, head of Annuity Product at Life Innovators, during the recent NAFA Annuity Leadership Forum to discuss how indexes work and why indexed products resonate so well with consumers. But threats lurk, mainly from regulators who want to crack down on proprietary indices. Click HERE to view the full […]
Indexed, MYGA annuities set Q1 sales record, says Wink
{August 8th, 2023} by Doug Bailey
Annuity sales are on a hot streak. In fact, indexed and multi-year guaranteed annuities set an all-time sales record in the first quarter of 2023, with deferred annuity sales at $84.7 billion, up 6.8% compared to the previous quarter, and up a whopping 41.9% compared to the same period last year. Deferred annuities include the […]
Annuity sales are back for investors
{August 8th, 2023} by On Air clup
Jack Otter and panelists discuss why annuity sales have grown on ‘Barron’s Roundtable.’ Click HERE to view via Fox Business Wink’s Moore on the Market: I get so sick of this. “Don’t put an annuity in your IRA.” Well- what if I want to guarantee an income for the rest of my life?!? My thanks […]
The explosion of index-based annuities
{August 8th, 2023} by John Forcucci
In recent years, the financial industry has witnessed a significant surge in the popularity of index-based annuities, marking a major shift in the retirement planning landscape. These innovative products offer individuals the potential for market participation while providing downside protection. However, alongside annuities’ rising popularity, a multitude of complex and arcane indexes have emerged to […]
Athene’s Parent Shrugs at MYGA Sales
{August 8th, 2023} by Allison Bell
Marc Rowan, the CEO of the investment company that controls Athene Holding, is not excited about the idea of Athene writing more multi-year guaranteed annuity contracts. Higher interest rates helped push total U.S. MYGA sales to $40 billion in the first quarter, up 173% from the total for the first quarter of 2022. Click HERE to read […]
Transamerica Report Projects Labor Shortage to Persist in 2026
{August 8th, 2023} by Transamerica
BALTIMORE, Aug. 2, 2023 /PRNewswire/ — Transamerica today released a new report, “Prescience 2026: Dynamics of the American Workforce,” highlighting the continued U.S. labor shortage in 2026, the gig economy’s response to attracting talent, and the importance of flexibility in workplace culture and benefits. The report is the third in a series of ten polls and three discussion sessions […]
Northwestern Mutual’s $2.5 million investment in higher education will support 136 diverse students over the next five years
{August 8th, 2023} by Northwestern Mutual
MILWAUKEE, Aug. 7, 2023 /PRNewswire/ — As an advocate for the advancement of Milwaukee residents and the future generation of leaders, Northwestern Mutual announces today its expanded commitment to providing diverse students access to quality education. The company will issue more than $2.5 million in grants and scholarships over the next five years to 136 students from local pipeline schools wishing to pursue […]
Horace Mann reports second-quarter 2023 results in line with pre-announcement
{August 8th, 2023} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended June 30, 2023: ($ in millions, except per share amounts) Three Months Ended June 30, Six Months Ended June 30, 2023 2022 % Change 2023 […]
Prudential Financial, Inc. Announces Second Quarter 2023 Results
{August 8th, 2023} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net income attributable to Prudential Financial, Inc. was $511 million ($1.38 per Common share) for the second quarter of 2023, compared to a net loss of $1.010 billion ($2.71 per Common share) for the second quarter of 2022. After-tax adjusted operating income was […]
Lincoln Financial Group Reports Second Quarter 2023 Results
{August 8th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income available to common stockholders for the second quarter of 2023 of $502 million, or $2.94 per diluted share, compared to net income available to common stockholders in the second quarter of 2022 of $833 million, or $4.83 per diluted share. Second quarter adjusted income […]
Equitable Holdings Reports Second Quarter 2023 Results
{August 8th, 2023} by Equitable Holdings, Inc
EW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2023. “We reported non-GAAP operating earnings of $1.17 per share or $1.27 per share after adjusting for notable items, which is up 5% compared to first quarter 2023 and up 2% […]
Corebridge Financial Announces Second Quarter 2023 Results
{August 8th, 2023} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today reported financial results for the second quarter ended June 30, 2023. Kevin Hogan, President and Chief Executive Officer of Corebridge, said, “This was an excellent quarter for Corebridge, where we continued to benefit from our focused execution, disciplined risk management and the competitive strengths […]
American Equity Reports Further Growth in Both Earnings and Sales Momentum as Private Asset Allocation Ramps to 25%
{August 8th, 2023} by American Equity Investment Life Holding Company
August 07, 2023 04:15 PM Eastern Daylight Time WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported its second quarter 2023 results. Sales momentum accelerated in both the independent agent channel and bank and broker-dealer channel while the investment portfolio allocation […]
A New Era Of Cancer Screening And Life Insurance
{August 8th, 2023} by Ken Leibow
At the Insuretech Connect conference (ITC) in Las Vegas last year, I had the opportunity to meet with one of my clients, Munich Re. During our discussion they informed me about their partnership with GRAIL, a healthcare company whose mission is to detect cancer when it can be cured. This collaboration aims to introduce GRAIL’s […]
A Simple Way To Analyze Volatility Controls
{August 8th, 2023} by Charlie Gipple, CFP, CLU, ChFC
In the obfuscated land of volatility control strategies, it is hard to determine which are sizzle and which are steak. Now, it is no coincidence that almost any volatility control strategy within a given product is going to “back-test” better than that specific product’s S&P 500 annual point a point strategy. This statement is especially […]
Broker Words—August 2023
{August 8th, 2023} by Stephen Howard
This time of year in particular reminds me that our industry owes a tremendous debt of gratitude to two organizations—LIMRA and Life Happens. We are, of course, on the doorstep of September’s Life Insurance Awareness Month, and the cooperative efforts of those two organizations to energize sales campaigns, provide brokers with excellent information, marketing and […]
A History Of Life Insurance In America
{August 8th, 2023} by Ian Gargan
The origins of life insurance date back to the times of ancient Rome, when a traditional Roman funeral included paid performers, a band, actors, singers, and sometimes even a clown. And that was all even before the cost of the gravesite and burial! And so began the practice of forming ‘burial clubs’ to cover the exorbitant […]
Athene Enhances Its Fixed Indexed Annuity Lineup
{August 1st, 2023} by Athene USA
WEST DES MOINES, Iowa, July 27, 2023 (GLOBE NEWSWIRE) — Athene USA (“Athene”), a premier provider of retirement savings products for individuals and institutions, has added three new indices to its market-leading suite of retail fixed indexed annuities.1 The indices employ proprietary market analysis and advanced technology to optimize risk-adjusted returns across market environments. They include […]
Five reasons Gen Z isn’t buying life insurance
{August 1st, 2023} by Ayo Mseka
Although nearly half of Generation Z and millennials say they need life insurance, many have not purchased a policy. During a recent LIMRA LinkedIn Live event, experts discussed 5 reasons the younger generation isn’t buying life insurance and how financial professionals can address these issues. Alison Salka, senior vice president and head of research, LIMRA […]
Why sandwich-generation stresses are weighing on retirement plans
{August 1st, 2023} by Gregg Greenberg
Advisor urges peers to educate themselves on elder care to help Gen Xers navigate tricky retirement landscape. Click HERE to read the full story via Investmentnews
Permanent Life Insurance and a Volatile Market
{August 1st, 2023} by Michael Konialian
Today, clients who are nearing retirement age face a climate of uncertainty. With inflation at historic levels, climbing interest rates, and market whipsawing, it’s a tumultuous time to plan for the long term. The markets did well in the second quarter, but who knows what will happen in the third quarter? Or the fourth quarter? […]
American National Seeks to Void a Life Insurance Policy Over Alleged Fraud
{August 1st, 2023} by Allison Bell
A life insurer is asking a federal court to void a life insurance policy based on the argument that the policy was purchased through an organized application fraud effort. The insurer, American National Insurance Co., last week filed a complaint seeking a judgment declaring the policy, which was sold to Cathy T. Sherlock of South […]
Unclaimed Life Insurance Property: Promises to Keep
{August 1st, 2023} by Jena Kennedy
Keeping the promise. It’s a euphemism often used to describe the payment of a life insurance claim. Because, at the heart of the matter, it’s the most important thing that life insurers do. Case in point, U.S. life insurers paid a record $100 billion to life insurance beneficiaries in 2021. Click HERE to read the full story via ThinkAdvisor
Why the Life Insurance Industry Must Change
{August 1st, 2023} by Loida Abraham
The Golden Age of life insurance came and went 70 years ago. Relatively little has changed in the industry since then, and, as a result, life insurance ownership has decreased gradually, decade after decade, since the 1960s. The experiences of the modern American family have transformed drastically, and our expectations for financial tools have certainly […]
MassMutual’s Digital Agency Makes Distribution Deals
{August 1st, 2023} by Allison Bell
Haven Life is ignoring the recent gloom about insurance technology companies and adding distribution relationships. MassMutual’s New York-based digital life insurance agency announced two new distribution alliances Monday. Click HERE to read the full story via ThinkAdvisor
7 Annuity Exclusion Ratio Basics to Know
{August 1st, 2023} by Allison Bell
One way for a financial advisor to get attention is to find a compliance-compatible way to post a guide to annuity exclusion ratio basics. The annuity exclusion ratio is an Internal Revenue Code provision that can reduce the federal income taxes on the cash coming out of a client’s annuity sharply Click HERE to read […]
Life Insurers Kept Selling More Fixed Annuities in Q2
{August 1st, 2023} by Allison Bell
Life insurers are continuing to sell more annuity products with fixed benefit guarantees — in spite of their efforts to limit their exposure to annuity guarantee risk. Total sales of U.S. individual annuities increased 12% between the second quarter of 2022 and the second quarter of this year, to $88.6 billion, according to new LIMRA […]
Once upon a time
{August 1st, 2023} by Pam Sheehan
Life insurance is intangible. Storytelling is how you make it relatable.
What is an annuity and when is it a smart investment?
{August 1st, 2023} by Ira Wilder
If you’re nearing retirement, one of the most important (and potentially stressful) questions you have to ask yourself is “do I have enough?” One-third of Americans over 50 said their biggest retirement planning regret was not obtaining a lifetime income source, according to a Nov. 2022 study from researchers at the University of Pennsylvania and the Hebrew […]
At least it is an opportunity for readers to ask financial advisors about life insurance.
{August 1st, 2023} by Sheryl J. Moore
Just what IS permanent life insurance? That is what Devon Delfino and Jennifer Lobb set out to communicate in this week’s USA TODAY’s Blueprint content. Click HERE to read Permanent Life Insurance Explained. **********SN: Blueprint is for lead generation, so there is that.********** This article was somewhat of a smorgasbord of life insurance information. It […]
Annuity product trends, sales innovation and advisor opportunities
{August 1st, 2023} by Paul Feldman
Chris Conroy, executive vice president & principal, Insurance Agency Marketing Services, Inc., at the recent NAFA Annuity Leadership Forum discusses a new indexed annuity product, sales and product trends, as well as his views on proposed industry regulation and how annuity advisors can be successful. Click HERE to watch via INN Wink’s Moore on […]
Indexed Universal Life Insurance?
{August 1st, 2023} by Nolan Stokes
Life insurance is most commonly known for providing beneficiaries with a death benefit upon the death of a provider, giving them a chance to recover financially and pay for major expenses like bills or a funeral. While that can be helpful, under a term life policy, it’s an extremely limited benefit that only pays out […]
Looks like this clickbait needs some improved fact-checking…
{August 1st, 2023} by Sheryl J. Moore
I was really interested to see an article from Forbes Advisor comparing certificates of deposit (CDs) to annuities. Click HERE to read Annuity vs. CD And I was moving right along until I read that there were “three main types” of annuities. Note to self: they forgot structured annuities/RILAs. No big deal. But THEN, I read […]
Symetra “Teammates” Campaign Debuts New Advertising with Sue Bird
{August 1st, 2023} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company has launched new brand advertising featuring five-time Olympic gold medalist and four-time WNBA Champion Sue Bird. Titled “Breathe,” the national consumer advertising evolves Symetra’s successful “Teammates” campaign (“Your teammate for whatever lies ahead”) and includes three commercials, and digital and social media components. “Breathe” is Bird’s fifth collaboration with Symetra, which […]
Allianz Life Announces Sponsorship of Five Olympians and Paralympians
{August 1st, 2023} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life) announced that it has signed on as sponsor of five Olympians and Paralympians – Ashleigh Johnson, U.S. Olympian – water polo, Chuck Aoki, U.S. Paralympian – wheelchair rugby, Ian Seidenfeld, U.S. Paralympian – Para table tennis, Matt Stutzman, U.S. Paralympian – Para archery, and Regan Smith, U.S. […]
AM Best Affirms Credit Ratings of Teachers Insurance and Annuity Association of America and Its Subsidiary
{August 1st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA […]
AM Best Upgrades Issuer Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries
{August 1st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a+” (Excellent) from “a” (Excellent) and affirmed the Financial Strength Rating (FSR) of A (Excellent) of Commonwealth Annuity and Life Insurance Company (Brighton, MA), First Allmerica Financial Life Insurance Company (Brighton, MA), Forethought Life Insurance Company (Indianapolis, IN), Accordia Life and Annuity […]
Principal Financial Group® Announces Second Quarter 2023 Results
{August 1st, 2023} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for second quarter 2023. Non-GAAP net income attributable to PFG excluding income from exited business1 for second quarter 2023 of $324.5 million, compared to $207.7 million for second quarter 2022. Non-GAAP net income excluding income from exited business per diluted share of $1.32 for second quarter 2023. Non-GAAP […]
Fidelity National Financial Announces Second Quarter 2023 Earnings Release and Conference Call
{August 1st, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., July 25, 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 release […]
F&G Annuities & Life Announces Second Quarter 2023 Earnings Release and Conference Call
{August 1st, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, July 25, 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 second quarter 2023 earnings after the close of regular market trading on Tuesday, August 8, 2023. A webcast and conference call to discuss the results will […]
Simplicity Partners with Vince Munno through the Acquisition of Universal Financial Consultants
{August 1st, 2023} by Simplicity Group
SUMMIT, N.J., July 26, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that Universal Financial Consultants (“UFC”) has officially joined Simplicity Group and Vince Munno becomes the Group’s newest partner. The day-to-day operations of UFC will continue to be managed by Mr. Munno and his leadership team. Launched more than 30 years ago, UFC is a Florida-based insurance […]
Guardian named to Forbes’ list of ‘America’s Best Employers for Women 2023’
{August 1st, 2023} by Guardian
Forbes recognition reflects Guardian’s support for women throughout their careers NEW YORK, July 26, 2023 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) announced today that it has been named to Forbes’ list of “America’s Best Employers for Women 2023.” The list recognizes 400 American companies that are admired by employees for their dedication to women […]
CNO Financial Group Reports Second Quarter 2023 Results
{August 1st, 2023} by CNO Financial Group, Inc.
CARMEL, Ind., July 31, 2023 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $73.7 million, or $0.64 per diluted share, in 2Q23 compared to $233.3 million, or $1.99 per diluted share, in 2Q22. Net operating income (1) was $62.3 million, or $0.54 per diluted share, in 2Q23 compared to $135.1 million, or $1.15 per diluted share, in 2Q22. “Production was strong in both our Consumer and Worksite […]
Haven Life and Blend Join Forces to Incorporate Life Insurance Into the Home Purchase Process
{August 1st, 2023} by Haven Life
U.S. Homeowners can Seamlessly Purchase and Protect Investment in One Step NEW YORK, July 24, 2023 /PRNewswire/ — Haven Life, a leading digital direct-to-consumer life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), is pleased to announce a strategic partnership with Blend, a leading provider of cloud banking services. This collaboration will make applying […]
Athene Annuity and Life Company Files Notice of MOVEit Data Breach at Pension Benefit Information
{August 1st, 2023} by Console and Associates, P.C.
On July 14, 2023, Athene Annuity and Life Company filed a notice of third-party data breach with the Attorney General of Maine after learning that a vendor used by Athene, Pension Benefit Information, LLC (“PBI”), experienced a data breach related to the popular file transfer application MOVEit. The filing included a sample template prepared by […]
Annuity sales boomed but also evolved in the second quarter
{August 1st, 2023} by Nathan Place
The Great Annuity Boom continued last quarter, but a close look at the details shows more change than meets the eye. From April to June 2023, total sales of annuities — insurance products that provide a pension-like retirement income — reached $88.6 billion, a 12% jump from the same quarter last year, according to LIMRA, an […]
Indexed annuity products power sales surge through Q2, set records
{August 1st, 2023} by Staff Reports
“Double-digit equity market increases and stable interest rates have prompted investors to seek out greater investment growth opportunity through RILAs and FIAs,” said Todd Giesing, assistant vice president, LIMRA Annuity Research. “Economic conditions continue to be favorable for the annuity market. LIMRA is forecasting a strong second half of the year and expects 2023 sales […]
Annuities selling at record level as clients look for growth and buffers
{August 1st, 2023} by Emile Hallez
Annuity sales have rocketed to record levels this year, fueled by demand for products that give contract owners stock exposure but provide limits that keep them from getting burned too severely by market drops. Click HERE to read the full story via Investmentnews
You May Be Surprised By How Long $750,000 Lasts You in Retirement
{August 1st, 2023} by Eric Reed
If you retire with $750,000 in your portfolio, how long will it last? This is one of the most important questions in retirement and the answer is, it depends. It depends on a wide range of individual factors, from where you live and how much you spend to how you invest. No one can give a general […]
Corebridge Financial, Inc. Confirms MOVEit Data Breach Leaked “a Significant Number” of SSNs
{August 1st, 2023} by Console and Associates, P.C.
On June 26, 2023, Corebridge Financial, Inc. filed documents with the Securities and Exchange Commission disclosing a data breach discovering that a vulnerability in the MOVEit file transfer program used by the company resulted in an unauthorized party being able to access confidential consumer information. In this notice, Corebridge explains that the incident resulted in […]
Fidelity & Guaranty Life Insurance Company Notified by PBI of Data Breach Related to MOVEit
{August 1st, 2023} by Console and Associates, P.C.
n July 20, 2023, Fidelity & Guaranty Life Insurance Company filed a notice of data breach with the Attorney General of Maine after discovering that one of the company’s vendors, Pension Benefit Information, LLC, experienced a MOVEit-related data breach. In this notice, F&G explains that the incident resulted in an unauthorized party being able to […]
Sovos Compliance Notifies Northwestern Mutual Clients of MOVEit-Related Data Breach
{August 1st, 2023} by Console and Associates, P.C.
On July 22, 2023, Sovos Compliance, LLC (“Sovos”) filed a notice of data breach on behalf of Northwestern Mutual after discovering that a secure file transfer program used by Sovos contained a vulnerability resulting in an unauthorized party being able to access files on the company’s MOVEit server. In this notice, Sovos explains that the […]
TIAA Touts In-Plan Annuity Growth Even as Retail Sales Hits New Record
{August 1st, 2023} by Alex Ortolani
TIAA announced that its in-retirement plan annuity offering is now being used by more than 250,000 participant accounts, as retail annuity sales continue to boom. TIAA, which has been providing annuity-backed retirement income products in 403(b) plans for more than 100 years, introduced a custom default product in 2014, and then rolled the offering out […]
Layin’ It on the Line: Annuities and America, a historical journey
{August 1st, 2023} by Steve Kerby
Delving into the history of annuities, an intriguing parallel emerges between these financial products and the journey of America since the Revolutionary War. From their early origins to their transformative impact on individuals’ lives, annuities have mirrored the growth and development of the United States, creating a fascinating historical connection. Click HERE to read the […]
AuguStar Retirement enters the annuity marketplace offering best-in-class products and services, led by a team of market-tested industry leaders
{July 25th, 2023} by Constellation Insurance Inc.
CINCINNATI, July 19, 2023 /PRNewswire/ — Constellation Insurance, Inc. (Constellation) announces the entry of AuguStar Retirement into the annuity marketplace, committed to creating value for clients and forging long-term advisor relationships. Constellation is a leading insurance holding company serving consumers and small business owners in the United States and Latin America through its family of insurance companies which collectively have over $34 […]
American National Insurance Unveils Bold Rebranding Initiative
{July 25th, 2023} by American National Insurance Company
Galveston, Texas, July 17, 2023 — American National Insurance Company, a trusted name in insurance and annuities since 1905, today announced a comprehensive rebranding initiative to modernize its brand and position the company to better compete among the best brands in the industry. As part of this transformation, the company unveiled a vibrant new logo […]
High Rates Make Annuities Hot Investments. The 100 Best
{July 25th, 2023} by Karen Hube
Annuity sales are in full bloom this year. This guide will help you understand the costs of these hybrid insurance-investment products and how to pick the right one for your needs. We have included a selection of 100 annuities with the most competitive payouts or guarantees, all offered by insurers with top credit ratings. Click […]
Two-Thirds of Americans Say Their Financial Planning Needs Improvement
{July 25th, 2023} by Northwestern Mutual
MILWAUKEE, July 24, 2023 /PRNewswire/ — Americans say their financial planning needs improvement and that having a financial advisor boosts confidence, yet only 37% work with one according to Northwestern Mutual’s 2023 Planning & Progress Study. The data finds that two-thirds of Americans (66%) believe their financial planning needs improvement, a 4 percentage-point uptick from the previous year. This […]
AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries
{July 25th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” (Superior) of Pacific Life Insurance Company and Pacific Life & Annuity Company (collectively referred to as Pacific Life Group). Both companies are headquartered in Newport Beach, CA. Additionally, AM Best has affirmed the […]
The ‘Great Wealth Transfer’ Is Underway but Nearly Half Expecting an Inheritance Are Not Ready to Manage It, Finds New York Life Wealth Watch Survey
{July 25th, 2023} by New York Life
NEW YORK–(BUSINESS WIRE)–The “Great Wealth Transfer” is underway and 15% of American adults expect to receive an inheritance in the next decade, according to the latest findings from the New York Life Wealth Watch survey. While inherited wealth may provide a financial lift for some, overall, Americans’ financial progress is impacted by inflation, growing […]
Prudential Financial to Reinsure $12.5B Guaranteed Universal Life Block with Somerset R
{July 25th, 2023} by Prudential Financial
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today an agreement to reinsure a portion of its guaranteed universal life block with Somerset Re, resulting in approximately $450 million of proceeds.1 Under the terms of the agreement, Somerset Re will reinsure approximately $12.5 billion of reserves backing Prudential’s guaranteed universal life policies issued by Pruco […]
Global Atlantic’s Your Thriving Practice Podcast Examines the 60/40 Asset Allocation Strategy
{July 25th, 2023} by Global Atlantic
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 released its latest Your Thriving Practice podcast series, “60/40: One Year Later,” which explores the failure of the 60/40 portfolio in 2022, its effect on investors’ savings, its 2023 rebound, and how to think […]
Lincoln, ex-agent, settle on mediator for lawsuit over FIA returns
{July 25th, 2023} by John Hilton
Lincoln Financial and nine plaintiffs – including a former Lincoln agent – suing over fixed indexed annuity performance agreed on a mediator to settle the dispute. Both sides accepted John DeGroote of DeGroote Partners, a Dallas mediation and arbitration firm, according to court documents. The parties were ordered to name a mediator, or state that […]
Indexed products: Why so popular and what are the downsides?
{July 25th, 2023} by John Hilton
Senior Editor John Hilton interviewed Sutton White, head of Annuity Product at Life Innovators, during the recent NAFA Annuity Leadership Forum to discuss how indexes work and why indexed products resonate so well with consumers. But threats lurk, mainly from regulators who want to crack down on proprietary indices. Click HERE to watch the full […]
Policyholders still waiting as regulators unwind Greg Lindberg insurers
{July 25th, 2023} by John Hilton
For many policyholders who purchased life insurance or annuities through Bankers Life, or another insurer formerly owned by Greg Lindberg, the wait to access their frozen funds is difficult to accept. Todd Davis, a Dillon, S.C.-based insurance agent, placed several policies with Lindberg-owned insurers. That was before Lindberg was charged with bribery, fraud and a […]
Should you tell your kids how much they’ll inherit?
{July 25th, 2023} by Gregg Greenberg
The Great Wealth Transfer is underway, but advisors say open dialogue within families is crucial to success. Click HERE to read the full story via InvestmentNews
Northwestern Mutual kicks off #LemonTopChallenge in honor of childhood cancer patients and survivors
{July 25th, 2023} by Northwestern Mutual
MILWAUKEE, July 24, 2023 /PRNewswire/ — Northwestern Mutual is kicking off a unique social media challenge today to generate awareness for a cause the company has been supporting for more than a decade – finding better treatments and cures for childhood cancer. For consumers who share a photo or video featuring themselves or someone else balancing a lemon on their […]
Nationwide Adds an Annuity With 2 Buffer Choices
{July 25th, 2023} by Allison Bell
Nationwide has confirmed that it likes the registered index-linked annuity market by adding a second RILA contract. The Columbus, Ohio-based insurer introduced the Nationwide Defender Annuity contract Monday. The product is registered with the Securities and Exchange Commission as a variable annuity, with the investment option menu mostly powered by investment market indexes, and offers […]
Leveraging Life Insurance
{July 25th, 2023} by Wm. Scott Page
Life insurance policies are long-term financial commitments individuals make to protect their loved ones or meet specific financial goals. Regularly appraising life insurance policies is crucial as it ensures that the financial plans align with a client’s evolving needs. As circumstances change and clients age, their policy may no longer adequately protect their loved ones […]
Gen Z and the future of life insurance: Adapting to a new generation
{July 25th, 2023} by Bob Gaydos
Generation Z represents one of the largest demographics in the U.S. – more than 68 million. This makes them a huge target market for the life insurance industry. However, given that only 37% of Gen Z adults are predicted to have life insurance by 2025, it’s clear that there’s a huge gap in the market. Click HERE […]
Ohio National to Become AuguStar Life
{July 25th, 2023} by Allison Bell
The company that bought Ohio National is changing the company’s name to AuguStar Life and getting ready to sell new life insurance products. Constellation Insurance announced Monday that AuguStar Life will sell indexed universal life and indexed whole life through agents and independent marketing organizations. Clients can use those products in retirement income planning, long-term […]
Best Whole Life Insurance Companies of 2023
{July 25th, 2023} by Sarah Li Cain | Reviewed by David C. Marlett, Ph.D., CPCU |
A type of permanent life insurance, whole life insurance guarantees the insured person is covered as long as premiums are paid. This type of policy also guarantees a specific death benefit and offers a savings component called the cash value portion of your policy. Whole life insurance provides significant benefits compared with other types of […]
American Interest in Adding Annuities to 401(k)s Still Rising
{July 25th, 2023} by Brian Anderson
It’s not surprising that an annuity provider would release a study saying Americans’ interest in adding annuities to employer-sponsored retirement plans is on the rise, but that doesn’t make it any less true. As the SECURE Act of 2019 opened the door for annuities to become part of employer-sponsored retirement plans like a 401(k), awareness—and […]
Global Atlantic Raised Over $2.4 Billion of Third-Party Capital for its Second Reinsurance Co-Investment Vehicle
{July 25th, 2023} by Global Atlantic Financial Group
New York, NY – July 10, 2023 — Global Atlantic Financial Group (“Global Atlantic”) has announced the final close of Ivy Co-Invest Vehicle II LLC (“Ivy II”), a reinsurance co-investment vehicle. With the final close, Ivy II brings its total capital to more than $2.4 billion, which it will deploy, on behalf of its investors, […]
Insurance and Annuity Plans Need Flexibility
{July 25th, 2023} by Allison Bell
Clients need life insurance policies and annuities that will suit who they are in the future, not just today. Paul Wetmore, a financial services industry consultant at Gerson Lehrman Group, gave that advice earlier this week in an email interview. “Some products have built-in flexibility,” Wetmore said. “Others can be packaged with additional features to […]
Fidelity Starts an Annuity Reinsurer in Bermuda
{July 25th, 2023} by Allison Bell
Fidelity Investments is starting a Bermuda-based reinsurer that will start out reinsuring retail fixed annuities issued by the company’s Fidelity Investment Life Insurance Co. business. The new reinsurer, Soteria Reinsurance Ltd., will also provide reinsurance for Fidelity Investment Life moves to absorb employers’ pension plan risk through pension risk transfers, according to a brochure posted by Fidelity’s […]
Nassau Financial Forms $8.4B Specialty Credit Arm
{July 25th, 2023} by Allison Bell
Nassau Financial Group — a company that’s been active in the U.S. annuity market — is taking a higher-profile approach to investing in bonds and loans. The Hartford, Connecticut-based company announced earlier this week that it has combined its own credit investment unit with a newly acquired firm, Angel Island Capital Management, to start Nassau Global Credit, a specialty […]
Investment Service and Product Launches
{July 25th, 2023} by Alex Ortolani
The Massachusetts Mutual Life Insurance Co. has, for the first time, added a buffer fund to its variable annuity offering to cushion downside losses with participation in potential upside gains. The Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund is the first buffer fund available in the MassMutual Envision Variable Annuity lineup of more […]
Bain Creates $1.15B Insurance Private Equity Fund
{July 25th, 2023} by Allison Bell
Bain Capital says it now has $1.15 billion in cash it can use to fund insurance deals. The Boston-based investment firm’s Bain Capital Insurance Fund plans to invest some of the money in insurance companies’ efforts to restructure themselves, carve some operations out from others and turn troubled operations around. The fund will also invest […]
Nationwide launches new registered index-linked annuity with buffer
{July 25th, 2023} by Nationwide
Nationwide Defender Annuity is an innovative, simple solution that makes it easier to customize an accumulation strategy while protecting against volatility Columbus, OH – At a time when more than half of consumers are concerned about keeping up with inflation and their retirement account losing value, Nationwide has announced the launch of the Nationwide DefenderSM Annuity , a new […]
Advisor Fights SEC in Annuity Switching Case
{July 25th, 2023} by Jeff Berman
The Massachusetts advisor who was charged by the Securities and Exchange Commission in March with defrauding clients as part of an annuity replacement scheme requested that the case be dismissed, arguing that, among other things, he was acting as an insurance agent and not an advisor, which means he didn’t violate the Investment Advisers Act of 1940. In a complaint […]
1 in 5 Americans don’t think they’ll ever retire, study finds
{July 25th, 2023} by Nathan Place
Americans differ widely in terms of when they expect to retire, from their 30s to deep into old age. Now a fifth of the population has another answer: Never. Twenty percent of U.S. adults don’t think they’ll ever retire, according to a new study by the news website Axios and the market research firm Ipsos. Of those respondents, 70% […]
Insurance Regulators Wrestle With AI Supervision
{July 25th, 2023} by Allison Bell
State insurance regulators have drafted rules for how insurers use artificial intelligence. The Innovation Cybersecurity and Technology Committee, an arm of the National Association of Insurance Commissioners, posted a draft AI model bulletin on the NAIC’s website Monday. Click HERE to read the full story via ThinkAdvisor
Finseca: 3 Ways to Ensure Your Financial Security Will Become a Reality
{July 25th, 2023} by Finseca
WASHINGTON, July 24, 2023 /PRNewswire/ — As The Washington Post recently noted, Americans are doing better financially today than before the pandemic – somewhere between 10 and 15 percent have more in their bank accounts today as compared to 2019. And while this is a step in the right direction, true financial security goes beyond just having a little […]
Lifetime Income Annuities Are Paying More
{July 25th, 2023} by Ken Nuss
Lifetime income annuities now pay more than they have in years. With interest rates up, insurers can invest annuity payments in higher-yielding bonds and thus offer much more generous lifetime payouts. This has gotten little media attention. While it’s easy to find rates on certificates of deposit, bonds, fixed-rate annuities and money-market accounts, income annuities […]
TIAA RetirePlus® sees rapid growth, surpassing 250,000 participant accounts
{July 25th, 2023} by TIAA
NEW YORK, July 24, 2023 /PRNewswire/ — TIAA RetirePlus® has recently grown to over 250,000 individual participant accounts. Demand for RetirePlus has been fueled by its ability to provide retirement plans with guaranteed growth during accumulation, asset allocation and guaranteed income in retirement, all at a potentially lower cost. “Retirement is becoming even more difficult to finance for Americans, […]
Moody’s Upgrades Financial Strength Ratings of F&G Annuities & Life’s Operating Companies to ‘A3’
{July 25th, 2023} by Fidelity & Guaranty Life
DES MOINES, Iowa, July 21, 2023 /PRNewswire/ — Moody’s Investors Service (“Moody’s”) announced it has upgraded the insurance financial strength (IFS) ratings of F&G Annuities & Life, Inc.’s (NYSE: FG) (“F&G” or the “Company”) insurance subsidiaries to ‘A3’ from ‘Baa1’. Concurrently, Moody’s has also upgraded the long-term issuer rating of F&G Annuities & Life, Inc. to ‘Ba1’ from […]
More Americans Interested in Adding Annuities to Employer Retirement Plans
{July 25th, 2023} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–A growing number of Americans are interested in adding an annuity to their employer-sponsored retirement plan like a 401(k), according to a new study* from Allianz Life Insurance Company of North America (Allianz Life). In the last few years, interest in annuities as part of an employer-sponsored retirement plan has grown significantly. The study […]
NAFA CEO talks about 2023 state of the fixed annuity industry
{July 25th, 2023} by Paul Feldman
Chuck DiVencenzo, NAFA president and CEO, discusses potential regulation, retirement trends and fixed annuity sales in 2023, with Paul Feldman, InsuranceNewsNet publisher. Click HERE to watch the story via INN
Driving better portfolio outcomes with annuities
{July 25th, 2023} by Paul Feldman
InsuranceNewsNet Publisher Paul Feldman interviewed Igor Zamkovski, head of Indexed Annuities, Retirement Insurance at BlackRock, at the recent NAFA Annuity Leadership Forum. They discussed the role that annuities can play providing guaranteed income during retirement, especially in an uncertain economy, and the value BlackRock sees in annuities during the decumulation period. Click HERE to watch […]
Constellation Launches AuguStar Annuity Business
{July 25th, 2023} by Allison Bell
Constellation Insurance today said its new AuguStar insurance business will sell a full line of individual annuities, not just life insurance. Constellation — the company that acquired Ohio National in 2022 and promised to invest $500 million in reviving it — said the AuguStar Retirement division will write non-variable indexed annuities, multi-year guaranteed annuities, traditional variable […]
S&C Advises American Equity Investment Life on $4.3 Billion Acquisition by Brookfield Reinsurance
{July 25th, 2023} by Sullivan & Cromwell LLP Logo
American Equity Investment Life (AEL), a leading issuer of fixed index annuities through independent agents, banks and broker-dealers, announced that it would be acquired by Brookfield Reinsurance, in a transaction that values AEL at approximately $4.3 billion. AEL shareholders will receive a total of $55 per AEL share in cash and Brookfield stock. Brookfield Reinsurance, a […]
Brighthouse Adds a Registered Indexed Universal Life Policy
{July 25th, 2023} by Allison Bell
Brighthouse Financial has introduced a life insurance policy that may help clients tie policy growth to the performance of the stock market while holding down their federal income taxes. The Charlotte, North Carolina-based company’s new Brighthouse SmartGuard Plus policy is a registered indexed universal life insurance (RIUL) policy. Click HERE to read the full story […]
Prudential Overcomes Federal Appeal in Annuity Design Case
{July 25th, 2023} by Allison Bell
Afederal court of appeals has ruled in favor of Prudential Financial in a case involving a dispute about the creation of a new variable annuity rider. A three-judge panel at the 6th U.S. Circuit of Appeals upheld a lower-court ruling and found that Prudential did not engage in trade secrets misappropriation in 2017 when it […]
AuguStar sheds Ohio National legacy with ‘all products in all channels’ bid
{July 25th, 2023} by John Hilton
When Constellation Insurance sought to dive into the annuity market, the insurer first had to address the difficult legacy of Ohio National. By the time Constellation acquired the troubled insurer in 2022, Ohio National had torched some bridges with producers with its controversial decision to eliminate trailing commissions in 2018. The insurer also ceased selling […]
AuguStar Retirement enters the annuity marketplace offering best-in-class products and services, led by a team of market-tested industry leaders
{July 19th, 2023} by AuguStar
CINCINNATI, July 19, 2023 /PRNewswire/ — Constellation Insurance, Inc. (Constellation) announces the entry of AuguStar Retirement into the annuity marketplace, committed to creating value for clients and forging long-term advisor relationships. Constellation is a leading insurance holding company serving consumers and small business owners in the United States and Latin America through its family of insurance companies which collectively have over $34 […]
Ohio National’s life insurance business repositioned and rebranded to AuguStar Life
{July 18th, 2023} by Constellation Insurance Inc.
CINCINNATI, July 17, 2023 /PRNewswire/ — Constellation Insurance, Inc. (Constellation) announces the strategic repositioning and rebranding of its Ohio National life insurance business as AuguStar Life. Constellation is a leading insurance holding company serving consumers and small business owners in the United States and Latin America through its family of insurance companies which collectively have over $34 billion in assets under management as […]
TruStage Announces Enhancements to ZoneChoice™ Registered Index-Linked Annuity
{July 18th, 2023} by TruStage
An index from Dimensional provides expanded market exposure and more flexibility to manage risk and returns MADISON, Wis., June 13, 2023 /PRNewswire/ — TruStage™, an insurance, investment and technology provider, announces enhancements to its ZoneChoice registered index-linked annuity (RILA). The enhancements include a new index – the Dimensional US Small Cap Value Systematic Index (“Dimensional Index”) – […]
Security Benefit Removes Surrender Charges for ClearLine Commission-Free Annuity
{July 18th, 2023} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company (Security Benefit) today announced the removal of all surrender charges on its commission-free ClearLine fixed index annuity product. ClearLine provides RIAs with multiple portfolio options to help their clients accumulate retirement assets and protect them in a variety of market conditions. “By removing all the surrender charges from […]
American Equity Announces Second Quarter 2023 Total Sales1 of $2 Billion and Expected Date of Second Quarter 2023 Earnings Results
{July 18th, 2023} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”) today announced that its second-quarter 2023 sales totaled $2 billion, the majority of which were in fixed index annuities. AEL also announced that it will release its second quarter 2023 earnings results after the market closes on Monday, August 7, 2023. The […]
MassMutual Adds Its First Buffer Fund to MassMutual Envision Variable Annuity
{July 18th, 2023} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–The Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund (“the buffer fund” or “the fund”) has been added to MassMutual EnvisionSM Variable Annuity (MassMutual Envision VA), making it the first buffer fund available in its lineup of 40+ funds. The fund is also available to contract owners who have elected MassMutual RetirePaySM. The […]
Nationwide announces new RILA with buffer
{July 18th, 2023} by Nationwide
Columbus, OH – July 17, 2023 – At a time when more than half of consumers are concerned about keeping up with inflation and their retirement account losing value, Nationwide has announced the launch of the Nationwide Defender Annuity, a new registered index-linked annuity (RILA) that offers customized growth potential and investment protection to fit investors’ needs in […]
The Standard’s New ECI Plus Annuity Features Legacy Benefits
{July 18th, 2023} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–The Standard now offers a new fixed indexed annuity that features an optional enhanced death benefit rider and a proprietary BofA Securities index. The Enhanced Choice Index Plus is a single-premium, deferred index annuity for customers seeking growth, certainty and the opportunity to maximize their legacy. “The ECI Plus is designed to provide benefits […]
Brighthouse Financial Expands Life Insurance Product Suite With Brighthouse SmartGuard Plus℠
{July 18th, 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 SmartGuard Plus, a registered index-linked universal life insurance policy that offers clients guaranteed Distribution Payments that can be used to supplement income in retirement and a guaranteed death benefit. By tracking the performance of well-known market indices, […]
Global Atlantic Is Going Digital With Electronic Applications for Annuities
{July 18th, 2023} by Aaron Smith
But direct-to-consumer annuity sales are a small portion of the market, with just eight insurers offering annuities directly to consumers, totaling 0.4% of deferred annuity sales in the fourth quarter, according to Wink CEO Sheryl Moore. Click HERE to read the full story via Life Annuity Specialist Wink’s Moore on the Market: I did let Aaron know […]
Security Benefit Drops Surrender Charge, Income Rider on Indexed Annuity
{July 18th, 2023} by Cyril Tuohy
Security Benefit’s changes put them on a more even playing field with the fee-based competition, said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, which tracks the annuity market. Click HERE to read the full story via Life Annuity Specialist
PlanEasy Launches Online Distribution of Annuities
{July 18th, 2023} by Aaron Smith
Wink CEO Sheryl Moore pointed out that annuities that are sold directly to consumers represent only a small sliver of the overall annuity market, representing just 0.4% of deferred annuity sales in the fourth quarter of 2022. Moore said that eight insurers offer annuities direct to the consumer — Clear Spring Life (through the agency Gainbridge,) Fidelity, MassMutual (via Blueprint Income,) Nationwide, Prudential, Puritan Life (through Canvas,) Security Benefit Life and RiverSource (through Ameriprise.) Click […]
American Equity Claims $2 Billion in Annuity Sales for Second Quarter
{July 18th, 2023} by Cyril Tuohy
“Rates are so attractive that you would have to be doing something wrong not to have solid sales of fixed and indexed annuities right now,” added Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, which tracks the life and annuity market. Click HERE to read the full story via Life Annuity Specialist
AM Best Affirms Credit Ratings of Guardian Life Insurance Company of America and Its Subsidiaries
{July 18th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa+” (Superior) of Guardian Life Insurance Company of America (Guardian Life) (New York, NY) and its core subsidiaries, Guardian Insurance & Annuity Company, Inc. (GIAC) (Wilmington, DE) and Berkshire Life Insurance Company of America […]
Best’s Special Report: U.S. Fraternal Insurers Still Face Challenges, But Balance Sheets For Rated Fraternals Are Solid
{July 18th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Despite ongoing challenges that have persisted for U.S. fraternal insurance companies over the past decade, the segment has continued to post favorable operating results on an aggregate basis, according to a new AM Best report. The Best’s Special Report, “Balance Sheets of Rated Fraternals Solid Despite Growth Challenges,” states that operating income remained favorable in 2022 […]
Global Atlantic Subsidiary Named to Ward’s 50 Top Life and Health Insurers for Fourteenth Consecutive Year
{July 18th, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group, a leading financial services company, today announced that its subsidiary, Forethought Life Insurance Company, has been named a Ward’s 50® top life and health insurance company for the fourteenth consecutive year. Forethought Life Insurance Company is the primary issuer of annuities and preneed life insurance products for Global Atlantic. “We are […]
Global Atlantic Announces Electronic Application Requirement for Fixed Rate Annuities
{July 18th, 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, recently announced its transition to the exclusive use of electronic applications for all multi-year guaranteed fixed-rate annuity sales. In an effort to continue driving the digital transformation of both Global Atlantic and […]
The Standard Recognized as a Best Place to Work for Disability Inclusion
{July 18th, 2023} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard) scored 100% on the Disability Equality Index and was named a “Best Place to Work for Disability Inclusion” by the American Association of People with Disabilities, the nation’s largest disability rights organization, and Disability:IN, the global business disability inclusion network. “We are very proud to be included in the 2023 Disability […]
Security Benefit Named to Ward’s 50® Companies List in the Life-Health Segment
{July 18th, 2023} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company has again been named to the Ward’s 50® list for 2023. The Ward’s 50® companies rank as the top performing life-health companies based on Ward’s annual analysis of nearly 700 life-health firms in the insurance industry domiciled in the U.S. Security Benefit Life passed all safety and consistency […]
Northwestern Mutual Earns Fifth Consecutive Perfect Score on National Disability Equality Index
{July 18th, 2023} by Northwestern Mutual
MILWAUKEE, July 13, 2023 /PRNewswire/ — Northwestern Mutual announced today that the company earned its fifth consecutive perfect score on the Disability Equality Index (DEI), a comprehensive benchmarking tool that helps companies build a roadmap of measurable, tangible actions that they can take to achieve disability inclusion and equality. “Fostering an inclusive workplace where everyone feels welcome […]
Guardian Recognized as Best Places to Work for Disability Inclusion
{July 18th, 2023} by Guardian
NEW YORK, July 12, 2023 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) achieved a top score of 100 on the Disability Equality Index for 2023 and was recognized as a Best Places to Work for Disability Inclusion by Disability:IN and the American Association of People with Disabilities (AAPD). The Disability Equality Index (DEI) is a comprehensive benchmarking tool that […]
NORTHWESTERN MUTUAL ANNOUNCES PROJECT TEAM FOR NORTH OFFICE BUILDING MODERNIZATION IN DOWNTOWN MILWAUKEE
{July 18th, 2023} by Northwestern Mutual
Company committed to providing employment, growth opportunities to residents and small businesses as the company invests over $500M in a new office tower MILWAUKEE, July 11, 2023 /PRNewswire/ — Northwestern Mutual today announced the project team for its $500M investment in the modernization of its North Office Building located at 818 East Mason Street in downtown Milwaukee. “We’ve assembled a team that strikes […]
Annexus Retirement Solutions named finalist in Wealth Management’s “Wealthies” awards for industry-changing innovation
{July 18th, 2023} by Annexus Retirement Solutions
SCOTTSDALE, Ariz., July 12, 2023 /PRNewswire/ — Annexus Retirement Solutions (ARS) has been named a finalist in the Wealth Management Industry Award category: In-plan Retirement Income – Product or Service, for its lifetime income solution, Lifetime Income Builder, along with its proprietary middleware solution, the Annexus Retirement Data Exchange (ARDX). These innovations from ARS have introduced a new way […]
INDEPENDENT LIFE RECOGNIZED FOR FAST ANNUITY PREMIUM GROWTH
{July 18th, 2023} by Independent Insurance Group LLC
JACKSONVILLE, Fla., June 21, 2023 /PRNewswire/ — Independent Life Insurance Company was recognized by Life Annuity Specialist – https://www.lifeannuityspecialist.com/, an online industry news service, for increasing its annuity premium by 248% to $78 million in the 2023 First Quarter. In Life Annuity Specialist’s June 15 article, “The 20 Fastest-Growing Smaller Annuity Issuers in the First Quarter,” the publication analyzed annuity issuers with direct premiums and […]
The Standard Adds an Annuity for Clients Who Like Robots
{July 18th, 2023} by Allison Bell
The Standard has introduced a single-premium, non-variable indexed annuity aimed at clients who are interested in long-term economic trends and death. The Portland, Oregon-based company says its new Enhanced Choice Index Plus product offers access to Bank of America’s BofA Global MegaTrends Index. The index includes components related to robotics, the digital economy, millennials and […]
Global Atlantic Named Among Best CEOs for Women and Best Places to Work for People with Disabilities in 2023
{July 18th, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading financial services company, today announced its inclusion in Comparably’s annual list of “Best CEOs for Women 2023” and Disability Equality Index’s “2023 Best Places to Work for People with Disabilities. We’re honored to receive these recognitions, which validate the value we place on diverse perspectives and […]
Insurance Among Strategies Needed For Lifetime Retirement Income, AllianceBernstein Says
{July 18th, 2023} by Edward Hayes
While retirement income planning has been helped by reforms such as auto 401(k) enrollment, AllianceBernstein says in a new report that advisors and their clients need to use insurance and other strategies to ensure sustainable retirement income. While legislation such as the SECURE Act and SECURE 2.0 made it easier for plan participants to invest […]
Avantax Considering Sale, Gauging Interest from Buyers: Report
{July 18th, 2023} by Alex Padalka
Wealth management software provider Avantax is mulling a possible sale, according to news reports. The Dallas-based firm has brought on a financial adviser to assist in gauging investor interest, people familiar with the matter who asked to not be identified tell Bloomberg. Click HERE to read the full story via Financial Advisor IQ
New Annuity Quote Site Shows the Numbers
{July 18th, 2023} by Allison Bell
PlanEasy is trying to attract annuity prospects with a strategy based on transparency. The new Lincoln, Nebraska-based retirement services seller has come to life with a website that puts a Fixed Annuity Marketplace button in the top right corner of the homepage. Click HERE to read the full story via ThinkAdvisor
MassMutual Adds an Annuity Cushion for the Anxious
{July 18th, 2023} by Allison Bell
Massachusetts Mutual Life Insurance Company has expanded a variable annuity investment menu to provide comfort for the moderately nervous. The Springfield, Massachusetts-based company is adding the Cboe Vest U.S. Large Cap 10% Buffer Strategies VI Fund to the list of funds available through its MassMutual Envision Variable Annuity contract. Click HERE to read the full […]
Lincoln Hopes Stephen Turer Will Make Its Retail Annuities Shine
{July 18th, 2023} by Allison Bell
Lincoln Financial has picked two executives to help it offer retail life insurance policies and retail annuities that will use less capital and make more money. The Radnor, Pennsylvania-based insurer promoted Stephen Turer to a newly created position, head of insurance solutions, and hired Thomas Diemer to be chief financial officer of its retail solutions […]
An Annuity Could Help Your Client Live Longer
{July 18th, 2023} by Allison Bell
Some annuities come with living benefits that protect clients against outliving their income. EquiTrust’s Bridge annuity comes with a different kind of living benefit: It could make clients live longer. The Des Moines, Iowa-based company recently introduced a non-variable indexed annuity with a built-in long-term care rider and a built-in wellness program powered by Assured […]
Allianz U.S. Unit Ordered to Pay $6B in Securities Fraud Case
{July 18th, 2023} by Bob Van Moris
ANew York judge ordered a unit of Allianz SE to pay about $6 billion as punishment for misrepresenting the investment risk posed by a group of hedge funds that collapsed amid market fluctuations caused by the Covid-19 pandemic. U.S. District Judge Colleen McMahon imposed the sentence Wednesday in Manhattan on Allianz Global Investors U.S., which had agreed […]
More Prime-Age Clients Want Life Insurance
{July 18th, 2023} by Allison Bell
Shifts in pricing, underwriting or marketing strategies may be pulling more consumers ages 30 to 59 into the U.S. individual life insurance market. The number of applications submitted by people in the 30-59 age group increased by almost 9% between June 2022 and June 2023, and that helped lead to an overall activity increase of […]
Global Atlantic Adds $2.4B in Life and Annuity Deal Cash
{July 18th, 2023} by Allison Bell
A subsidiary of KKR has raised $2.4 billion in reinsurance deal money from outside investors. Global Atlantic announced Monday that it plans to use the cash to provide reinsurance for life insurance and annuity issuers. Manu Sareen, co-president of Global Atlantic, said this is a great time to have a big new pool of reinsurance […]
More Older Clients Should Be Selling Their Life Insurance Policies
{July 18th, 2023} by Lisa Rehburg
Starting several years ago, the Life Insurance Settlements Association began collecting data on the life insurance settlements market, which gives the policyholders a chance to sell in-force policies to investors. LISA members represent 95% of the market. They submit data regarding the number of transactions they completed in 2022, the average face amount of the […]
[ThinkAdvisor Sponsored] Greasing the Wheels: How Broker-Dealers are Removing Friction in Life and Annuity Sales
{July 18th, 2023} by Hexure
Historically, life insurance and annuities were not every financial advisor’s favorite products to sell. They came with not-in-good-order (NIGO) challenges and workflow speedbumps. It was often easier to avoid selling them. Things are changing. Broker-dealers have long seen the value in advisors offering these products as part of a holistic financial plan. These products offer […]
Why low interest rates of the past are fueling present-day uncertainty
{July 18th, 2023} by The Thomasville TIme (NC)
History shows that when the U.S. Federal Reserve makes it inexpensive to borrow money, investors are more likely to make poor financial decisions. While it can take years to manifest, the consequences of suppressing the cost of capital usually can result in financial or economic turbulence. After more than a decade of historically low interest rates, it’s my […]
Americans believe they will need $1.27M to retire comfortably
{July 18th, 2023} by Northwestern Mutual
MILWAUKEE– Americans believe they will need $1.27 million to retire comfortably, according to the latest set of findings from Northwestern Mutual’s 2023 Planning & Progress Study. That number continues to increase, up from $1.25 million reported last year. Meanwhile, the average amount that U.S. adults have saved for retirement modestly increased by 3% to $89,300 from […]
Kenneth Rossman, ‘Annuity King’ sidekick, avoids prison in fraud plea
{July 18th, 2023} by John Hilton
Kenneth Rossman, who participated in a $6.3 million financial fraud, avoided jail time for his role in helping to convict self-styled “Annuity King” Phillip Roy Wasserman. Judge Charlene Edwards Honeywell sentenced Rossman to five years probation Wednesday. In 2021, he pleaded guilty to one count of conspiracy to commit mail fraud and wire fraud, and […]
Secure 3.0: What would a successor to SECURE look like?
{July 18th, 2023} by Susan Rupe
The SECURE Act was signed into law in December 2019. SECURE 2.0 became law three years after that. Could SECURE 3.0 be in the works? One financial industry trade association has urged the Biden administration to work with Congress to take up legislation that would further alleviate workers’ and retirees’ retirement anxiety. Click HERE to […]
Industry conferences still dealing with sexism, discrimination concerns
{July 18th, 2023} by John Hilton
Another troubling industry conference incident is giving reformers a chance to promote ongoing efforts to eliminate sexism and discrimination from events. Sonya Dreizler, for one, is heartened that it took two months for Jesse Watters’s offensive comments – made at an April conference by Independent Insurance Agents and Brokers of America – to erupt publicly. Heartened because […]
Advisor says SEC has no authority to regulate his insurance sales
{July 18th, 2023} by John Hilton
A Massachusetts advisor is leaning into the state regulation of insurance as a defense against fraud allegations lodged by the Securities and Exchange Commission (SEC). Jeffrey Cutter, who is also an insurance agent, filed a motion Friday to dismiss the SEC complaint. “The Investment Advisers Act of 1940 does not apply to an alleged scheme […]
Principal debuts annuity with sustainability index
{July 18th, 2023} by Business Record Staff
Principal Financial Group has introduced its first registered index-linked annuity (RILA) called Principal Strategic Outcomes. The launch aims to meet the increasing demand for annuity options amid market uncertainty and the desire to mitigate investment risk among individuals nearing retirement. The total industry sales of RILAs reached a record $41.1 billion in 2022 due to […]
SEC obtains judgement against Lindberg co-defendant in fraud case
{July 18th, 2023} by John Hilton
North Carolina judge approved a settlement with former insurance executive Christopher Herwig, who the Securities and Exchange Commission accused of teaming with financier Greg Lindberg to defraud investors of $75 million. Herwig agreed with the SEC’s findings and “shall pay disgorgement of ill-gotten gains and prejudgment interest thereon,” the order states. “The amounts of disgorgement […]
WealthVest, in partnership with Prosperity Life Group, to deliver two new indices from Fidelity Investments
{July 18th, 2023} by WealthVest
BOZEMAN, Mont., July 7, 2023 /PRNewswire-PRWeb/ — WealthVest, a financial services marketing and wholesaling firm, in partnership with Prosperity Life Group, is please to introduce WealthSecure℠, a fixed indexed annuity offering multiple crediting strategies, including two exclusive indices from Fidelity Investments. “We are excited to work with Fidelity Investments and Prosperity Life Group to offer competitive principal-protected retirement […]
Index providers, Take Note!
{July 18th, 2023} by Sheryl J. Moore
Shout out to my homies at Credit Suisse who not only have easy-to-navigate websites to research their indexed annuity indices but also disclose all relevant information. Index providers, take note!
PlanEasy Launches Innovative Retirement Platform and Annuity Marketplace for Consumers
{July 18th, 2023} by PlanEasy
LINCOLN, Neb.–(BUSINESS WIRE)–PlanEasy, founded by financial services entrepreneurs and annuity industry veterans Michael Salem and Noh-Joon Choo, is excited to announce the official launch of its consumer retirement platform PlanEasy.com. PlanEasy is the industry’s first end-to-end online consumer platform designed specifically for everyday Americans seeking to understand and simplify all of their key retirement decisions. As […]
