Can bipolar disorder lead one to commit fraud?
{July 18th, 2023} by Sheryl J. Moore
Can bipolar disorder lead one to commit fraud? I think so. Click HERE to read ‘Annuity King’ partner claims bipolar disorder in presentence report: Click HERE to join in the discussion on LinkedIn
Life Insurance Companies Executive Compensation
{July 18th, 2023} by Sheryl J. Moore
Join in the discussion over on LinkedIn.
American Equity moves $2B in second-quarter annuities as sale nears
{July 18th, 2023} by John Hilton
American Equity celebrated another milestone in its remarkable turnaround with $2 billion in second-quarter annuity sales. The Des Moines, Iowa insurer will release full second-quarter results Aug. 7. Of the $2 billion, 94% were fixed-indexed annuities, American Equity said in a news release. Total enterprise FIA sales increased 94% compared to the first quarter of […]
“That’s a long surrender period”
{July 18th, 2023} by Sheryl J. Moore
One can no longer say that indexed annuities have surrender charges as long as 16 years. (It’s now 15 years.) Note, however, that there are multi-year guaranteed annuities (MYGAs) with surrender charges as long as 20 years.
Fidelity Investments forms retail annuities and pension risk transfer focused reinsurer
{July 18th, 2023} by Luke Galin
US investment giant Fidelity Investments has formed Soteria Reinsurance Ltd., a newly incorporated Class C insurer registered in Bermuda that will focus on the US retail fixed annuities and pension risk transfer space. On June 20th, 2023, Soteria Re, which is owned directly by Soteria Reinsurance Holdings, LLC, a wholly owned subsidiary of Fidelity Management […]
Senior Health & Life Benefits Takes Service and Support to Next Level by Partnering with Integrity
{July 18th, 2023} by Integrity Marketing Group, LLC
DALLAS, July 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 it has partnered with Senior Health & Life Benefits, a leading independent marketing organization (“IMO”) located in Savannah, Georgia and led by Lawrence Bradley, Sr., […]
New York Close to Fixing State’s Charitable Gift Annuity Glitch
{July 11th, 2023} by Allison Bell
New York state lawmakers have approved a bil that could help clients there make more use of charitable gift annuities. Members of the state Assembly recently voted 145-0 to pass 02683 and send it on to Gov. Kathy Hochul for her signature. The state Senate passed the bill by a 60-1 vote in May. The bill would […]
Ransomware Gang Has 6M Life and Annuity Client Records
{July 11th, 2023} by Allison Bell
Companies that write and reinsure your clients’ life insurance policies and annuity contracts say the Clop Ransomware Gang has stolen personal records for at least 6 million people, and that many of the stolen records include Social Security numbers. The life and annuity issuers are caught up in a massive cyberattack that has affected hundreds […]
SEC obtains judgement against Lindberg co-defendant in fraud case
{July 11th, 2023} by John Hilton
A 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 […]
Annuity King’ partner claims bipolar disorder in presentence report
{July 11th, 2023} by John Hilton
Kenneth Rossman, the accountant sidekick in a $6.3 million fraud led by self-styled “Annuity King” Philip Roy Wasserman, cited a bipolar disorder in arguing for a lighter sentence. In a presentencing report filed Wednesday in a Tampa, Fla. court, Rossman – represented by federal public defenders – added that he is the “sole caregiver” of […]
Texas judge deals DOL another setback on rollover regulation
{July 11th, 2023} by John Hilton
A second federal court dealt a blow last week to the Department of Labor’s ongoing bid to extend fiduciary status to more rollover transactions. U.S. Magistrate Judge Rebecca Rutherford recommended against the DOL’s broad interpretation of the “five-part test” to determine what constitutes investment advice. Dating to 1975, the five-part test is utilized to determine […]
AM Best Comments on Credit Ratings of American Equity Investment Life Insurance Company and Its Subsidiaries Following Acquisition Announcement
{July 11th, 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 American Equity Investment Life Insurance Company and its subsidiaries, American Equity Investment Life Insurance Company of New York (Lake Success, NY) and Eagle Life Insurance Company, remain unchanged following the announcement that […]
Pacific Life Unveils New Survivorship Variable Universal Life Product for Cost-Effective Legacy Planning
{July 11th, 2023} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced it has added a new competitively priced survivorship variable universal life insurance (VUL) product designed to help clients maximize their financial legacy. With $84 trillion projected to be passed down to heirs over the next 25 years,1 the death benefit protection-focused Pacific Legacy Survivorship VUL2 features competitive premium solves for […]
Brighthouse Financial Announces Conference Call to Discuss Second Quarter 2023 Results
{July 11th, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the second quarter ended June 30, 2023, at 8:00 a.m. Eastern Time on Wednesday, August 9, 2023. The call will follow the issuance of the Brighthouse Financial […]
Global Atlantic Raised Over $2.4 Billion of Third-Party Capital for its Second Reinsurance Co-Investment Vehicle
{July 11th, 2023} by Global Atlantic
NEW YORK–(BUSINESS WIRE)–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, alongside the Global Atlantic balance sheet […]
Northwestern Mutual Study Finds Americans Who Carry Personal Debt Owe an Average of $21,800 Exclusive of Mortgages
{July 11th, 2023} by Northwestern Mutual
Overall average is $8,000 lower than it was in 2019, but 35% of Americans say they’re carrying close to or at their highest level of debt ever while 43% say their debt is close to or at a historic low Credit cards account for more than double any other single source of personal debt People with personal […]
John Hancock Announces 2023 MLK Scholars Program, Invests Another $1 Million in Summer Jobs, Financial Education for Boston Youth
{July 11th, 2023} by John Hancock
84 Percent of Students Report Feeling More Prepared to Manage Finances Following Program BOSTON, July 10, 2023 /PRNewswire/ – Today, John Hancock, a unit of Toronto-based Manulife (TSX: MFC), announces the start of its annual MLK Scholars Program, which provides summer jobs, financial education, and professional development opportunities to Boston youth. Since 2008, John Hancock has invested over $16 million to fund […]
Advisors jumping onto Threads could create compliance headaches
{July 11th, 2023} by Ryan W. Neal
Financial advisors are jumping onto Threads, but the new social media app from Meta Platforms Inc. could create a new set of compliance headaches for the wealth management industry. Click HERE to read the full story via InvestmentNews
Senior Market Sales® Acquires The ASA Group in Strategic Move to Grow National Life Insurance Presence
{July 11th, 2023} by Senior Market Sales
Partnership Also Marks SMS’ Entry Into the Life Settlement Market as Interest Grows OMAHA, Neb., July 6, 2023 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations (IMOs), has acquired The ASA Group, a Little Rock, Arkansas, brokerage general agency serving insurance and financial planning professionals across the country for more than four decades. “The […]
InsurTech Market size to grow by USD 61,756.27 million from 2022 to 2027|Need to improve business efficiency to boost the market – Technavio
{July 11th, 2023} by Technavio
NEW YORK, July 10, 2023 /PRNewswire/ — The InsurTech market size is estimated to grow by USD 61,756.27 million from 2022 to 2027, according to Technavio. The market is estimated to grow at a CAGR of 44.05% during the forecast period. Europe will contribute to 50% of the market growth. For more insights on the historic data (2017 to 2021) and forecast market size (2023 to 2027) – Request a […]
Bermuda company to acquire West Des Moines’ American Equity for $4.3 billion
{July 11th, 2023} by Tyler Jett
After resisting takeover attempts for several years, the board of West Des Moines-based American Equity Investment Life Holding Co. will cash in on an acquisition offer with a large premium. The fixed annuity provider disclosed in a news release Wednesday that Brookfield Reinsurance will purchase it in a deal valued at $4.3 billion. Brookfield will […]
WealthVest, in partnership with Prosperity Life Group, to deliver two new indices from Fidelity Investments®
{July 11th, 2023} by WealthVest
Prosperity Life Group’s WealthSecureSM Fixed Indexed Annuities offer multiple crediting strategies linked to two exclusive indices from Fidelity Investments®. WealthVest, a financial services marketing and wholesaling firm, in partnership with Prosperity Life Group, is please to introduce WealthSecureSM, a fixed indexed annuity offering multiple crediting strategies, including two exclusive indices from Fidelity Investments®. “We are excited […]
84% of Millennials Say There Are Financial Topics They Need Professional Advice On, According to intelliflo Survey
{July 11th, 2023} by Intelliflo
ATLANTA–(BUSINESS WIRE)–Younger generations struggle with accessing financial advice, often unsure how to get advice or feeling as if they don’t have enough saved to receive it. This is one of the topics explored in a recent intelliflo survey. intelliflo is the leading cloud-based technology platform for financial advisors and their clients. More than 2,000 U.S. adults were […]
“Best Annuities For 2023”
{July 11th, 2023} by Marcia Wendorf
2022 saw an increase in the sale of annuities due to volatility in the equities markets and increasing interest rates. According to the Life Insurance Marketing and Research Association, (LIMRA), in 2022 total U.S. annuity sales hit $310.6 billion, a 23% increase over 2021 and 15% higher than the sales record set in 2008. According to […]
Brookfield Reinsurance to Acquire AEL in $4.3 Billion Transaction
{July 6th, 2023} by Brookfield Reinsurance
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Brookfield Reinsurance (NYSE, TSX: BNRE) and American Equity Investment Life Holding Company (NYSE: AEL) (“AEL”) today announced that they have entered into a definitive agreement whereby Brookfield Reinsurance will acquire all of the outstanding shares of common stock of AEL it does not already own in a cash and stock transaction […]
American Equity Agrees to $4.3B Offer From Brookfield Re
{July 6th, 2023} by Allison Bell
The board of American Equity Investment Life has agreed to move forward on a $55-per-share acquisition offer from Brookfield Reinsurance, an affiliate of Brookfield Corp., a large Canadian asset manager, the companies announced Wednesday. American Equity helped create the modern U.S. indexed annuity market. Click HERE to read the full story via ThinkAdvisor Moore on the […]
Nassau Financial Group Completes Acquisition of Delaware Life Insurance Company of New York
{July 6th, 2023} by Nassau
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group, L.P. (“Nassau”) today announced that its subsidiary, Nassau Life Insurance Company (“NNY”), has completed the acquisition of Delaware Life Insurance Company of New York (“DLNY”) from Delaware Life Insurance Company (“Delaware Life”), a Group 1001 company. NNY and DLNY are New York-domiciled life insurance companies, and Nassau plans to merge […]
New John Hancock Retirement CEO Sees Growing Demand for Retirement Advisors
{July 6th, 2023} by John Manganaro
The combined forces of higher market volatility, rapidly rising interest rates and greater global economic uncertainty are presenting major challenges for middle-class and mass-affluent investors focused on retirement planning. As Wayne Park, John Hancock Retirement’s newly appointed CEO, told ThinkAdvisor in a recent interview, survey data shows that investors are clearly feeling the strain, with […]
Lincoln Financial Group enhances Retail Solutions leadership team to strengthen alignment, collaboration across Life and Annuity businesses
{July 6th, 2023} by Lincoln Financial Group
PHILADELPHIA–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) announced several enhancements to its Retail Solutions organization’s leadership team, further strengthening alignment between Lincoln’s Life and Annuity businesses. Stephen Turer has been promoted to Head of Insurance Solutions, overseeing Lincoln’s Life, MoneyGuard® and Annuity product lines. Thomas Diemer has been appointed Chief Financial Officer (CFO) of Retail Solutions. Both Turer […]
Jackson to Report Second Quarter 2023 Financial Results
{July 6th, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the second quarter ended June 30, 2023, after market close Tuesday, August 8, 2023. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Wednesday, August 9, 2023, at 9 a.m. ET to review […]
DBRS Morningstar Looks at What CLOs Could Do to Annuities
{July 6th, 2023} by Allison Bell
Credit rating analysts at DBRS Morningstar think that the collateralized loan obligations (CLOs) in life and annuity issuers’ investment portfolios will probably continue to do well, but they’re curious to see how CLOs will perform the next time borrowers run into trouble. Patrick Douville and other analysts at the firm talk about CLOs in a […]
8 Reasons Not to Buy an Annuity
{July 6th, 2023} by Roger Wohlner
Annuities can be a good retirement planning vehicle for many of your clients. They offer a guaranteed stream of lifetime income as well as a number of other options that can enhance your client’s retirement finances. Like most financial strategies, an annuity may not be the right retirement planning solution for all clients or all client situations. Many annuities […]
Rollovers, Transfers, 1035s: Don’t Assume You Already Know
{July 6th, 2023} by Charlie Gipple
A client of mine calls me up and says, “My CPA says (oh boy, here we go) that I should have gotten a 1099-R for my direct rollover that we did into my SEP IRA.” I said, “It wasn’t a rollover, it was a direct transfer which does not generate 1099-Rs.” He said, “You are […]
Do Not Buy(Or Offer) An Indexed Universal Life Until You Read This
{July 6th, 2023} by Brian Manderscheid
In 2022 everything went perfectly wrong for investors. With inflation running at 40-year highs and the Fed raising interest rates at its fastest pace ever, the S&P 500 lost almost 20 percent, which was the worst performance since 2008 when it was down roughly 38 percent. Historically, bonds perform inversely to the stock market which […]
Continued Evolution Of VUL
{July 6th, 2023} by Charles Arnold
Variable life sales have declined at the start of 2023 to the tune of about 15 percent off the previous year. This can be expected as equity markets have turned volatile and a gradual increase in interest rates has made other products more appealing. Whole life, term, and IUL have seen marked increases, and the […]
Bringing life to the intangible sale
{July 6th, 2023} by Sheryl Moore
I have learned that the art of storytelling is essential in the life insurance business. My grandfather taught me this lesson when I was only nine years old, and yet it has continued to stand out starkly in my mind over the past twenty-four years. I had been playing hide-and-seek with my little brother when […]
Aspire Magazine
{July 6th, 2023} by Aspire Magazine
The latest issue of Aspire magazine is LIVE! This month, we’re focused on the art of “Storyselling” – helping advisors like you demonstrate the all-important “Why” behind your product portfolio. https://lnkd.in/eWhWwjkh In this edition, Aspire covers business strategies, life insurance, long-term care, insurtech, cross-selling, and compliance, with 20 articles to keep your mind and business sharp […]
M&A, Everybody’s doin’ it.
{July 6th, 2023} by Sheryl J. Moore
M&A. Everybody’s doin’ it. Click HERE to read Nassau Financial Acquires Delaware Life of New York The thing that confused me on this deal was that Allison Bell at ThinkAdvisor indicated: “Nassau could use its newly acquired New York state subsidiary to add a life or annuity product line or to make a product now sold only outside of […]
On a personal note: Pride and Plasma
{July 6th, 2023} by Sheryl J. Moore
In the wake of my son’s suicide, I was able to work with my Congressman to get the law changed, so that gay men could donate blood. While we were successful in getting this policy reformed in 2014, the new legislation was still restrictive. I continue to work hard to change the laws so that […]
Don’t overlook the LGBTQ+ population
{July 6th, 2023} by Michael Rusk
The LGBTQ+ community has been the subject of recent legislation and executive orders that shed light on this population segment’s financial planning and insurance challenges. Understanding the specific requirements of this demographic is crucial for building a successful practice in the coming years within this growing market. According to studies, approximately 7.2% of the population […]
The companies of National Life Group launch series of fixed indexed annuities with exclusive new feature
{July 6th, 2023} by National Life Group
Montpelier, Vermont – The companies of National Life Group are the first in the industry to liberate clients from only one interest crediting day in the year with its new single premium deferred indexed annuities, available June 24. Exclusive to National Life is the new innovative, indexed annuity feature, the Dollar Cost Averaging option, which spreads […]
Retiring without millions in the bank? It can be done easily.
{July 5th, 2023} by Brett Arends
The other day I saw an online debate about how much you “need” to retire these days. Those in the debate — including several financial planners — were engaged in what I could only guess was a bidding war. Was $2 million enough? No? How about $3 million? Or $4 million? No? Click HERE to […]
A Matter of Trust — With Jamie Hopkins
{July 5th, 2023} by Paul Feldman
Building trust and transparency are two keys to building success, said Jamie Hopkins, managing partner of Wealth Solutions at Carson Group, a national wealth management firm. A nationally recognized writer, researcher and educator, Hopkins is a regular contributor for Forbes, InvestmentNews and MarketWatch and he has been published in dozens of financial, educational and legal […]
Custom Indices Fuel Fixed Indexed Annuity Popularity
{July 5th, 2023} by Adam Politzer
Innovations in this transparent, rules-based element have increased the demand for fixed indexed annuities. Find out why they make such a difference and how they work. Click HERE to read the full story via InvestmentNews, content sponsored by Athene
How to Navigate Producer Licensing Complications to Sell Annuities
{July 5th, 2023} by Holly Monroe
At the height of the pandemic, heightened fears and a greater awareness of mortality drove consumers away from annuities and increased demand for life insurance products. Now, as the world enters another year of “post” pandemic life, we’ve seen those fears edged out and replaced with a renewed interest in investing for guaranteed income after […]
AEL Confirms Receipt of Acquisition Proposal From Brookfield Reinsurance
{June 28th, 2023} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today issued the following statement regarding the acquisition proposal it received from Brookfield Reinsurance Ltd. (“Brookfield Reinsurance”): “American Equity’s Board of Directors today confirmed that it has received a proposal from Brookfield Reinsurance […]
Brookfield Re Makes $4.3B Offer to Buy American Equity
{June 28th, 2023} by Allison Bell
American Equity Investment Life — a pioneer in the modern U.S. indexed annuity market — said today that it has received a $4.3 billion acquisition offer letter from Brookfield Reinsurance. Brookfield Re and affiliates already control a 20.38% stake in American Equity, according to a report the company filed with the U.S. Securities and Exchange […]
Why American Equity Life Stock Was Up 17.2% Today
{June 28th, 2023} by Dave Kovaleksi
Shares of American Equity Investment Life Holding (AEL -0.59%) were on the rise Tuesday, as the stock price was up about 17.2% as of the closing bell. Shares had been up as much as 19% during the trading day. The stock price is currently up around 16% year to date, trading at roughly $53 per share. The major markets […]
Brookfield Asset Management seeks to buy West Des Moines-based American Equity for $3.4 billion
{June 28th, 2023} by Tyler Jett
Canadian private equity firm Brookfield Asset Management is offering to buy West Des Moines-based American Equity Investment Life Holding Co. for $3.4 billion, potentially completing the investor’s transition from a life raft to a hostile partner. Brookfield, which bought a 20% stake in American Equity three years ago to help the 800-employee Iowa fixed annuity […]
American Equity Hits Record on $4.3 Billion Brookfield Bid
{June 28th, 2023} by Dinesh Nair
American Equity Investment Life Holding Co. shares soared to an all-time high after an arm of Canadian investment giant Brookfield made a cash and stock takeover bid valuing the insurance firm at about $4.3 billion. Click HERE to read the full story via Bloomberg
Brookfield values American Equity at $4.3 billion in takeover bid
{June 28th, 2023} by Niket Nishant
June 27 (Reuters) – Annuities provider American Equity Investment Life Holding (AEL.N) said on Tuesday it has received a takeover offer from its biggest shareholder, valuing the long-sought merger candidate at nearly $4.3 billion. The offer from the reinsurance arm of Canadian investment firm Brookfield (BN.TO), comes months after AEL rejected a nearly $4 billion bid from Elliott Investment Management-backed […]
So, this product is unique
{June 28th, 2023} by Sheryl J. Moore
“And while that isn’t the HIGHEST MYG rate for a five-year contract today, this annuity has something yours doesn’t.”
Random Facts
{June 28th, 2023} by Sheryl J. Moore
Random facts: – 20% – 20% = 0% (I promise, it means something.) – It is hard to replace an old annuity, with a new one, if there will still be surrender charges on the first contract, after the replacement; – There are two indexed annuities with a first-year surrender penalty of 20%; – Annuities […]
Close to Half of Workers Unaware of Annuities
{June 28th, 2023} by Amanda Umpierrez
Almost half of Gen Xers and Millennials believe they won’t be able to retire, according to a new survey by USAA Life Insurance company. Forty-nine percent of respondents said they cannot afford to retire, while four in 10 adults over the age of 18 said they are concerned over their retirement savings. The report […]
MYGA with an indexed bonus: it will definitely get some buzz
{June 28th, 2023} by Sheryl J. Moore
American Life & Security Corp. just introduced a new annuity.
The disturbing size of elder financial abuse in America
{June 28th, 2023} by Tobias Salinger
As financial advisors, wealth management firms and law enforcement agencies struggle to prevent elder financial exploitation, a new AARP study showed the size of the problem. Victims aged 60 or older lose $28.3 billion each year to elder financial exploitation schemes, with 72% of the damages inflicted by people who know them. The same percentage goes […]
Analysts doubt DOL can produce a new fiduciary rule by August
{June 28th, 2023} by John Hilton
WASHINGTON, D.C. – The Department of Labor claims it will produce its long-awaited fiduciary rule rewrite in August. But analysts here say that is highly unlikely. Brad Campbell, partner at Faegre Drinker Biddle & Reath, was part of a panel discussion on annuity regulation today at the National Association for Fixed Annuities’ Annuity Leadership Forum. […]
Greg Lindberg loses appeal and could lose much more
{June 28th, 2023} by John Hilton
Troubled financier Greg Lindberg lost again in court Tuesday, and the result could be very costly. A North Carolina Court of Appeals decision upheld a May 2022 Wake County Superior Court ruling against Lindberg and several associated companies. The civil case filed by four insurance companies once owned by Lindberg accused him of engineering a […]
California annuity sales rule on hold after industry outcry
{June 28th, 2023} by John Hilton
California legislators were “one step away from all sorts of very onerous requirements” with its proposed annuity sales rule, according to one industry analyst. The annuity sales bill passed the California Senate in May with no opposing votes at the committee level or from the floor. Since then, the bill attracted plenty of attention from […]
Lincoln ordered to mediate FIA illustration lawsuit filed by former agent
{June 28th, 2023} by John Hilton
Texas judge ordered Lincoln Financial and nine plaintiffs suing over fixed indexed annuity performance to agree on a mediator by July 11. The parties are to name a mediator, or state that they cannot agree on one, by that date, according to an order Tuesday by U.S. District Judge Ed Kinkeade. The judge closed the […]
California’s annuity sales update on track after trade groups sign off
{June 28th, 2023} by John Hilton
An annuity sales bill updating California’s suitability standard is expected to be presented Wednesday to the state Assembly Committee on Insurance. After a brief delay, the bill is back on track after a pair of industry trade associations withdrew their objections late last week. The California annuity sales bill is based on the best-interest model […]
SEC accused of ‘overreach’ with complaint targeting annuity sales
{June 28th, 2023} by John Hancock
A fraud case against a Massachusetts advisor has many in the annuity industry concerned about federal regulatory overreach. On March 17, the Securities and Exchange Commission filed charges against Jeffrey Cutter and his advisory firm, Cutter Financial Group for “recommending that their advisory clients invest in insurance products that paid Cutter a substantial up-front commission without adequately […]
State legislators to IRS: Stay out of the insurance business
{June 28th, 2023} by John Hilton
The National Council of Insurance Legislators is not happy with a proposed federal regulation to crack down on micro-captive insurance companies. The proposed regulation, put forth by the Treasury Department and the Internal Revenue Service, would identify certain micro-captive transactions as “listed transactions” and certain other micro-captive transactions as “transactions of interest.” Listed transactions are […]
‘Business as usual’ if Brookfield Reinsurance acquires American Equity
{June 28th, 2023} by John Hilton
American Equity’s board will review the proposal with advisors. In a separate statement, Brookfield said it’s aiming to negotiate terms of a definitive agreement and announce a transaction by June 30. The bid includes $38.85 per share in cash plus $16.15 per share in class A stock of Brookfield Asset Management Ltd. “Business as usual,” […]
Brighthouse CEO Likes Life Insurers. The Economy? Not So Much.
{June 28th, 2023} by Allison Bell
The head of a life insurer that was once at the heart of MetLife said Wednesday that he’s happier with life insurers than with the economy. “This industry is in good shape,” Brighthouse Financial CEO Eric Steigerwalt told a room full of rating analysts and investment managers. “But we don’t know what’s going to happen. […]
Federal Risk Tracker Spooks Life Industry Analyst
{June 28th, 2023} by Allison Bell
Acredit analyst says one big, hard-to-predict threat facing U.S. life insurers could be an agency that’s supposed to reduce financial system risk: the Financial Stability Oversight Council. Peter Troisi, Barclays’ senior credit analyst for high-grade U.S. banks and insurers, named FSOC as a possible source of “black swan” risk earlier this week during a panel […]
Global Atlantic’s Allocation Conversation Study: Retirement Age Investors Seek Investment Protection; Concerned About Volatility, Recession and Interest Rates
{June 28th, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–A new study from Global Atlantic Financial Group reveals that two-thirds (64%) of investors near or in retirement say protecting assets is more important than growing assets, and 92% are concerned about volatility, recession or high interest rates. The survey of retirement age investors (ages 55 to 75) working with financial professionals and with investable […]
Majority of Americans Have Taken a Financial Hit Due to Rising Interest Rates
{June 28th, 2023} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–As inflation cools, the majority of Americans say rising interest rates have hurt their finances in the last year. Three in five Americans (61%) say they have taken a financial hit due to rising interest rates in the last 12 months, according to the 2023 Q2 Quarterly Market Perceptions Study from Allianz Life Insurance […]
Nassau Financial Group Advances Digital Capabilities and Retiretech by Partnering with LifeYield
{June 28th, 2023} by Nassau Financial Group
HARTFORD, Conn. & BOSTON–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) today announced an agreement with LifeYield, a financial technology company specializing in applications that help advisors and independent insurance producers optimize retirement income, maximize Social Security, and minimize tax drag on investments for their clients. This collaboration is intended to help advance the ability of independent producers to create […]
Alliance Group and AIMCOR Group, LLC announce a strategic partnership to educate, expand, and grow distribution while bolstering consumer awareness around the “living” benefits of life insurance
{June 28th, 2023} by Alliance Group
LAWRENCEVILLE, Ga., June 26, 2023 /PRNewswire/ — Alliance Group, a leading Insurance Marketing Organization based in Lawrenceville, Georgia has forged a strategic partnership with AIMCOR Group and announced its intent to become a member of AIMCOR Group, LLC, a National Insurance Marketing Organization that distributes and services life, disability, LTC and annuity products through a variety of independent, institutional, […]
Americans Believe They Will Need $1.27 Million to Retire Comfortably, According to Northwestern Mutual Planning & Progress Study
{June 28th, 2023} by Northwestern Mutual
High-net-worth individuals expect to need $3 million to retire Gen Z aims to retire at age 60 – and expects to live to age 100 Expected retirement age climbs significantly in two years to 65 from 62.6 MILWAUKEE, June 22, 2023 /PRNewswire/ — Americans believe they will need $1.27 million to retire comfortably, according to the latest set of findings from Northwestern […]
Advisor Group Has a New Name
{June 28th, 2023} by Janet Levaux
Advisor Group says it is now doing business as Osaic — with its rebranding going hand in hand with the firm’s previously announced plans to unite its eight firms into one entity. “We are excited to announce our new brand and believe it truly pulls together our culture, community, experience, and diversity of thought into […]
Advisor Group rebranding to Osaic
{June 28th, 2023} by Tobias Salinger
About 11,000 financial advisors managing nearly $500 billion in client assets will be moving to a new brokerage and registered investment advisory firm called Osaic. Phoenix-based Advisor Group revealed its new name on June 21 for the company that will eventually be the brokerage and RIA home to teams at the eight subsidiaries in its current network: […]
Advisor Group’s New Name Gets Mixed Reviews
{June 28th, 2023} by Jeff Berman
Osaic, the new brand name for Advisor Group, is being greeted with a mixed reaction from some members of the financial services industry. The firm’s rebranding initiative goes hand in hand with its previously announced plans to unite its eight firms into one entity. It indicated in April that it was considering a new brand […]
Ascendant to Test Investor Appetite for Annuity Assets
{June 28th, 2023} by Allison Bell
Areinsurer based in the Cayman Islands hopes to get more capital it can use to back issuers of fixed annuities. Ascendant Capital has hired American Elm Distribution Partners to help its raise money for annuity reinsurance deals by selling preferred shares through a private offering, American Elm announced Monday. The companies did not say how […]
‘Fusion’ Power: New Product Combines Fixed Rate and Fixed-Indexed Annuity
{June 28th, 2023} by Arthur D. Postal
Sheryl Moore, founder and CEO of Wink and Moore Market Intelligence in Des Moines, Iowa, says that right now there is a big focus on indexed annuities which have participation rates upward of 100%. “These indexes illustrate well, which is driving sales of late,” Moore said. “Marketing organizations are eager to make indexed annuities more like MYGAs because then […]
Judge Orders Mediator in Lincoln Lawsuit Over Illustrations
{June 28th, 2023} by Aaron Smith
Implications for the Industry “I absolutely believe that this lawsuit has wider implications for the indexed annuity market,” said Sheryl Moore, chief executive officer of Moore Market Intelligence and the publisher of Wink’s Sales & Market Report. Moore said that, according to her data, 33.2% of the $22.6 billion in indexed annuity sales during the first quarter were allocated […]
Sales of Indexed Annuities with Living Benefits Rise 36% in First Quarter
{June 28th, 2023} by Cyril Tuohy
Sheryl Moore, CEO of Wink, which tracks the life and annuity market, said Allianz’s Allianz Benefit Control Annuity and Nationwide’s New Heights Select 9 were the No. 1 and No. 2 top-selling indexed annuities with guaranteed lifetime withdrawal benefits in the first quarter of the year. Click HERE to read the full story via Life Annuity […]
LIBRA Insurance Partners Expands ‘QuoteShop’ to Include Greater Automation, Communication and Reporting Capabilities
{June 28th, 2023} by LIBRA
BALTIMORE, June 27, 2023 /PRNewswire/ — LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the United States, announces the release of an updated version of QuoteShop, its proprietary ‘informal quote’ submission platform. The enhanced platform introduces new functionalities that streamline the carrier communication and submission processes, creating greater transparency and efficiency throughout the lifecycle […]
A Conversation With Tina Haley
{June 28th, 2023} by PE Kelley
Within its sheer size and scope, the Covid-19 Pandemic impacted so much more than the health of people worldwide. As it spread, and as we responded to its insidious affect, it also gave rise to revelation about the way we live, work and manage our lives, such as how the mandate for isolation provided the […]
Reprint: A SOURCE OF HEADACHES: “SOURCE OF FUNDS” #AnnuityAwarenessMonth
{June 27th, 2023} by Sheryl J. Moore
A SOURCE OF HEADACHES: “SOURCE OF FUNDS” July 16, 2013 by Sheryl J. Moore One of today’s most widely-miscommunicated issues is the fixed annuity market’s “Source of Funds” matter. The issue? It’s figuring out where the prospective purchaser of a fixed or indexed annuity is getting his or her money from, so they can use […]
Competing Duties Of A Life Insurance Agent: The Potential For A Conflict Of Interest In The Sale Of Life Insurance Policies And Annuities
{June 21st, 2023} by Pietragallo Gordon Alfano Bosick & Raspanti, LLP
The legal and regulatory scheme is set up in favor of life insurance companies to the detriment of the agents and customers. The imbalance of duties imposed upon a life insurance agent in the sale of life insurance policies and annuities to a client presents a potential conflict of interest. Life insurance agents owe a […]
Despite Milliman Pullback, Carriers to Continue Offering Buffered Funds
{June 21st, 2023} by Cyril Tuohy
Corebridge has added some additional subaccounts, so removing these is probably about looking to find the right balance,” said Peter Lamond, variable annuity product director for market researcher Wink. “For Milliman, they would have the cost of maintaining funds that aren’t being utilized, so liquidating them would make sense.” Click HERE to read the full story […]
Indexed Annuity Product Illustrations Draw Fire Over Illusory Returns
{June 21st, 2023} by Warren S. Hersch
Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, said indexed annuity illustrations she’s seen project annual returns upwards of 17%. Indexed annuities typically outpace the interest earnings of fixed-rate annuities by a small margin. That would seem to dictate yields well below those shown in illustrations, given that fixed annuities are currently […]
AM Best Affirms Credit Ratings of Protective Life Corporation and Its Key Life Subsidiaries
{June 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the primary life insurance subsidiaries of Protective Live Corporation (headquartered in Birmingham, AL), collectively known as Protective Life. Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and […]
5 Types of Clients Who Should Consider Annuities
{June 21st, 2023} by Michael Kazanjian
Too many advisors still avoid having the talk with their clients about the “‘A’ word.” Clients, on the other hand, are often looking for some of the benefits offered by annuities, even if they aren’t specifically asking for them by name. What the client says: “I’m afraid that I’m going to outlive my money.” “I’m […]
Preparing for Market Volatility Scares: 3 Strategies
{June 21st, 2023} by Tyler De Haan
Investing in the equity markets is kind of like entering a haunted house. You tread lightly, understanding that an unknown and unexpected scare could lurk right around the corner. At any moment, something could potentially jump out and frighten you. So you mentally prepare yourself. You expect surprises, but when they occur, you still scream. […]
New DOL Fiduciary Rule Coming in August
{June 21st, 2023} by Melanie Waddell
The Labor Department announced in its just-released regulatory flexibility agenda that a new fiduciary rule would be released in August. Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, said in May that issuing a new fiduciary rule is a “huge priority” for Labor, noting that one should be released soon. Click […]
Finseca: Worried About the Economy? These 3 Steps Can Help Protect You from Market Volatility
{June 21st, 2023} by Finseca
WASHINGTON, June 14, 2023 /PRNewswire/ — As the economy faces uncertainty and the possibility of an impending recession looms, it was recently reported that 71% of Americans are stashing more cash and adjusting their spending habits. Financial security can take on any number of forms, but here are three steps that every American should take during times of economic […]
USAA Survey Shows Concern Around Retirement Plans and Lack of Knowledge about Annuities
{June 21st, 2023} by USAA
SAN ANTONIO, June 15, 2023 /PRNewswire/ — Nearly half (49%) of Generation X and Millennials, ages 35-54, feel they will never be able to afford to retire, according to a new USAA Life Insurance Company survey. Additionally, the survey finds overall, four in ten adults over the age of 18 are concerned about their retirement savings. Life insurance […]
A Quarter of Investors Near Retirement are Delaying Plans due to Financial Uncertainty
{June 21st, 2023} by Nationwide
COLUMBUS, Ohio, June 20, 2023 /PRNewswire/ — After decades of planning, investors close to retirement age are delaying their retirement plans in light of today’s rising inflation, high interest rates and unstable economic environment, according to Nationwide’s eighth annual Advisor Authority survey, powered by the Nationwide Retirement Institute. A quarter (25%) of pre-retirees – defined as non-retired investors aged […]
iPipeline® Creates Dedicated Team to Enhance the Customer Experience and Help Customers Achieve Their Business Goals
{June 21st, 2023} by iPipeline
EXTON, Pa., June 15, 2023 /PRNewswire/ — As part of its ongoing commitment to strategically transform the life insurance and financial services industries through its innovative technology solutions, iPipeline® announces the establishment of a dedicated customer success initiative. Leading this firm-wide initiative to ensure customers realize maximum value from the company’s solutions is Leonid Davelman, iPipeline’s new Vice President […]
TruStage Announces Enhancements to ZoneChoice™ Registered Index-Linked Annuity
{June 21st, 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”) – […]
Push for more insurance and annuities into retirement accounts far from over
{June 21st, 2023} by InvestmentNews
Michelle Richter-Gordon, founder of Annuity Research & Consulting, sits down with InvestmentNews anchor Gregg Greenberg at Nasdaq’s Advisor Appreciation Day to discuss the explosion of insurance products and annuities in retirement accounts. Click HERE to read the view the video via InvestmentNews
Lincoln Financial in settlement talks with ex-agent who sued over FIA returns
{June 21st, 2023} by John Hilton
The update sets out a court schedule that ends with a trial date of April 7, 2025. The discovery phase, the initial disclosure included, is delayed until Dec. 18, 2023. Sheryl Moore, CEO of both Moore Market Intelligence and Wink, Inc., does not think those dates will be needed. “Insurance companies have a record of […]
Retiree Sues LPL and Ameritas over Annuity ‘Misrepresentation’
{June 21st, 2023} by Glenn Koch
LPL Financial and Ameritas Investment Co. are facing a lawsuit from an investor who claims that his retirement nest egg was broken by an advisor’s misrepresentation of annuity products. The suit’s plaintiff, Peter Parrino, a retired emergency medicine physician in his mid-50s, was counting on an investment account totaling about $1.43 million to fund his […]
Economic Climate Has Retirement Savers Eyeing Guaranteed Lifetime Income and Financial Planning Options, Morning Consult Survey Finds
{June 21st, 2023} by ACLI
WASHINGTON – New research shows retirement savers are eyeing guaranteed lifetime income products and financial planning options as key financial supports in the current economic environment. Conducted this month by Morning Consult* for the American Council of Life Insurers (ACLI), the nationwide survey of more than 1000 retirement savers – pre-retirees 45 to 65 years old — […]
The Truth About Custom Indices
{June 21st, 2023} by InvestmentNews Create
Fixed indexed annuities (FIAs) have surged in popularity because of their potential for growth when markets are strong and ability to ensure principal protection in down markets. Click HERE to read via InvestmentNews’ sponsored content by Athene
Executive compensation are no small cookies
{June 21st, 2023} by Sheryl J. Moore
I have commenced by executive compensation study of CEO pay at life/annuity insurers. I pulled the CEO pay from a regulator’s office. In this study, I am reviewing the total compensation of 70 different insurance companies that operate in the life/annuity space. The first thing that caught my attention? These CEO’s salaries were not as […]
Will Generation X miss out on the Great Wealth Transfer?
{June 13th, 2023} by Nathan Place
For Generation X, help may not be on the way. Research shows that Americans born in the 1960s and ’70s are woefully unprepared for retirement — and they don’t expect the Great Wealth Transfer to save them. That’s according to a new study by the international insurance firm Prudential, which questioned 2,000 pre-retiree Gen Xers about their […]
Regulatory Tightening on Product Illustrations May Be ‘Nothingburger’
{June 13th, 2023} by Sheryl Moore
Separately, Wink CEO Sheryl Moore soberly noted in December that “more conservativeness in illustration handling for indexed life always seems to have a negative effect on sales.” On May 1, the new illustration requirements that were approved by the National Association of Insurance Commissioners took effect, and insurers rolled out new versions of their policies. Click HERE to read the full […]
Global Atlantic, Dropping Indexed Life, to Lay off 38 in Des Moines
{June 13th, 2023} by Cyril Tuohy
Global Atlantic had a 1.22% share of the $2.73 billion indexed life market at the end of last year, according to Wink’s Sales & Market Report. National Life Group and Transamerica dominate sales. Sheryl Moore, CEO of Wink, which is also based in Des Moines, expressed regret at the news of the layoffs. “No doubt some of my old coworkers and […]
AIG Announces Closing of Secondary Offering of Corebridge Financial, Inc. Common Stock
{June 13th, 2023} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced the closing of its secondary offering of shares of Corebridge Financial, Inc. (NYSE: CRBG) common stock. AIG, as the selling stockholder, sold 74.75 million existing shares of common stock (out of approximately 648 million total shares of common stock outstanding) of Corebridge at a public […]
I want to feel like I am in a noble profession.
{June 13th, 2023} by Sheryl J. Moore
Man, I am feeling down about this business lately. Insurance companies have strayed from the business of protection to the business of accumulating assets. Instead of focusing on consumer value, there has been a transition to focusing on shareholder value. Life insurance and annuity products are seeing reduced rates in years two plus. Life insurance […]
California Annuity Sales Rule Bill Faces Consumer Group Opposition
{June 13th, 2023} by Allison Bell
SB 263, California’s annuity sales standards update bill, sailed through the state Senate in May, with no opposing votes at the committee level or on the state Senate floor. But the ultimate fate of the bill is still uncertain because of ongoing strong opposition from California consumer groups. One open question is whether a California move […]
New Bill Would Ease Use of Annuities as 401(k) Plan Default Options
{June 13th, 2023} by Allison Bell
A new bill could help annuities compete harder for retirement plan default investment option slots. Rep. Donald Norcross, D-N.J., and Rep. Tim Walberg, R-Mich., introduced H.R. 3942, the latest version of the Lifetime Income For Employees (LIFE) Act bill, Friday. H.R. 3942 would make the retirement plan “qualified defined investment alternative” role a better fit for annuities […]
Life insurance policy appraisals: debunking the three biggest misconceptions
{June 13th, 2023} by William Scott Page
For the past five years, I have been actively promoting that agents and advisors should suggest life insurance policy appraisals to clients. I speak with financial professionals all around the country, at conferences and other events, and am frequently told by advisors that they don’t think that their clients need to appraise their policies. I […]
Lincoln Financial in settlement talks with ex-agent who sued over FIA returns
{June 13th, 2023} by John Hilton
Sheryl Moore, CEO of both Moore Market Intelligence and Wink, Inc., does not think those dates will be needed. “Insurance companies have a record of settling disputes, whenever possible,” she said. “No one likes to see their name in lights with a class action lawsuit. No doubt the Lincoln case will not make it to […]
Hexure Launches New Pre-Configured Illustration Solution
{June 8th, 2023} by Hexure
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced the ForeSight Standard plan, a pre-configured illustration offering of its flagship sales illustration platform. The new ForeSight Standard plan increases speed to market while managing costs for carriers of all sizes. It enables carriers to launch […]
There is still a lot of work we need to do!
{June 7th, 2023} by Sheryl J. Moore
I still remember getting the state of Iowa to be the first to proclaim June as Annuity Awareness Month. Feels like quite a bit has been accomplished in the eight years since then. We had legislation passed to put annuities in retirement plans. We have developed annuities for an entirely new distribution of fee-based and […]
Global Atlantic to stop selling new fixed indexed universal life policies
{June 7th, 2023} by John Hilton
Global Atlantic’s fixed IUL sales dropped sharply in the first quarter, said Sheryl Moore, CEO of Moore Market Intelligence and Wink, Inc. “Frequent feedback from the field left me feeling unsurprised about their exit of the indexed life market,” she added. “The word on the street is that they plan to re-enter the indexed life […]
IRS Makes Annuity Mortality Table Update, With a Smile
{June 6th, 2023} by Allison Bell
The Internal Revenue Service is changing part of the financial machinery inside annuities, charitable giving and estate plans — in a friendly way. The agency recently completed work on final regulations updating the official actuarial tables used to value annuities and other arrangements tied to how long people live, to reflect the results of the 2010 U.S. census. […]
Prudential to Sell a Wholesale Life Distribution Unit to Saybrus
{June 6th, 2023} by Allison Bell
An arm of AmeriLife Group — a rapidly growing, private-equity-backed life insurance, health insurance and annuity distributor — has landed a whale. AmeriLife’s Saybrus Partners unit said Tuesday that it has agreed to acquire Prudential Life Distributors from Prudential Financial through a transfer agreement. Click HERE to read the full story via ThinkAdvisor
Pacific Life Slips Down Indexed Life Ranks as National Life Reigns
{June 6th, 2023} by Warren S. Hersch
Sales of indexed life products rose marginally, 0.4% to $632.6 million. Wink CEO Sheryl Moore expected volume for the second quarter to be hurt by the implementation of a revised NAIC actuarial guideline, 49-B, which is expected to reduce illustrated payouts on the products. Click HERE to read the full story via Life Annuity Specialist
Consumers Make a Big Move Into Longer Fixed-Rate Annuities
{June 6th, 2023} by Cyril Tuohy
“There was a flip-flop between the five-year and the three-year,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “Rates on the three-year are closer to the five-year products.” Click HERE to read the full story via LifeAnnuitySpecialist
New Buffered Annuity’s Bold Bet: Direct Sales, No Suitability Review
{June 6th, 2023} by Warren S. Hersch
Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, counts herself a skeptic about prospects for an indexed-linked variable annuity sold directly to consumers. Selling in the nascent market segment, which earlier was limited to simpler product designs like fixed-rate and single premium immediate annuities, is challenging, she said in an email. “It […]
Jackson Enhances Registered Index-Linked Annuity Suite
{June 6th, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today launched Jackson Market Link Pro® II (JMLPII) and Jackson Market Link Pro Advisory® II (JMLPAII), two new registered index-linked annuities (RILAs). JMLPII (commission-based) and JMLPAII (fee-based) provide consumers the opportunity to grow assets before and during retirement while […]
Pacific Life Announces Sales Leadership Team for New Workforce Benefits Business
{June 6th, 2023} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today its sales leaders for the organization’s new Workforce Benefits business and its recruiting efforts to hire regional sales representatives. In alignment with Pacific Life’s longstanding, industry-leading, broker-centric distribution strategy, the Workforce Benefits business’ new sales organization is designed to forge partnerships with brokers and general agencies to introduce […]
Midland National launches “EasySolve,” providing life insurance illustrations nearly twice as fast as before
{June 6th, 2023} by Sammons Financial Group
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland National® Life Insurance Company, member company of Sammons® Financial Group, announced an enhancement to its current life insurance illustration software. EasySolveSM is a dynamic tool designed to give more flexibility when showing a client sales concepts as well as offering less manual data inputs for easy and timely basic illustrations. EasySolve produces basic illustrations […]
Unlocking the power of FIAs in a secure retirement plan
{June 6th, 2023} by Jim Poolman
The modern-day retiree’s portfolio has its work cut out for it. As Americans live longer, they are dealing with ever-increasing health care costs. In addition, lifestyle choices differ from those available 30 or 40 years ago (including the demand for subscription services and devices and a desire to travel), employers are no longer fronting the […]
Product bundling, information key to annuity, LTCi purchases, studies show
{June 6th, 2023} by Steven A. Morelli
It’s no secret that people are going into their senior years and retirement with fewer pensions and protections against the financial ravages of old age, but the mystery is why so few protect themselves with insurance products. Research has had few satisfying answers as to why people don’t acquire annuities, long-term care insurance and reverse […]
Converting A GLWB Annuity To A Roth: What Value Is Taxed?
{June 6th, 2023} by Charlie Gipple
With the hundreds of billions of dollars that are currently sitting in annuities that have guaranteed lifetime withdrawal benefits that are also IRA money, I think it’s important that I point something out that many financial professionals are unaware of. It has to do with Roth IRA conversions. It also has to do with required […]
Life InsurTech Growth From Producer Licensing Automation To Life Fulfillment Platforms
{June 6th, 2023} by Ken Leibow
I attend multiple industry conferences every year, focusing on both life insurance and technology. These events provide opportunities for solution providers to showcase their products and services through exhibitions, speaking engagements, and sponsorships. Among the exhibitors I’ve come to know over the past two years, AgentSync stands out. They offer a cutting-edge insurance infrastructure that […]
MDRT
{June 6th, 2023} by Broker World
MDRT Global Services has announced the 131 winners of the prestigious 2023 MDRT Culture of Excellence Awards, the global standard for achievement in financial services leadership. These awards are another resource available to Global Services members to measure individual and agency-wide performance and foster a comprehensive approach to leadership excellence. Click HERE to read the […]
NAILBA
{June 6th, 2023} by Broker World
As a Finseca Community, the NAILBA Board of Advisors governs the brokerage community. Over the past year, a number of advisors have had their terms expire but extended their volunteer efforts to ensure smooth transition with the NAILBA Finseca merger. Click HERE to read the full story via Broker World
MIB: Individual Life Application Activity Rises
{June 6th, 2023} by Allison Bell
Strong consumer and insurer interest in universal life insurance pushed U.S. individual life application activity higher in May, according to new MIB Group data. The Braintree, Massachusetts-based underwriting services consortium says the number of applications flowing through its systems increased 7.5% between May 2022 and the latest month. Click HERE to read the full story via […]
Is It Time To Upgrade Your Variable Annuity Policy?
{June 6th, 2023} by Broker World
I love the game of blackjack. When I sit at the table, I feel optimistic and in control. However, as time goes on, I start betting larger amounts resulting in more risk. At this point greed takes over and I believe nothing can go wrong. We all know how this story ends though… To no […]
Reprint: Record Annuity Sales #AnnuityAwarenessMonth
{June 6th, 2023} by Sheryl J. Moore
Americans’ biggest fear is running out of money in retirement. You’d think that fact alone would set annuity sales to record heights. After all, this financial product is the only instrument which can guarantee the purchaser an income they cannot outlive…even if they live to be 150 years old! Click HERE to read the […]
Life insurance sales down ‘across the board,’ Wink reports
{June 2nd, 2023} by John Hilton
Life insurance sales suffered greatly from several disruptions in the first quarter, posting sales losses across the board, Wink, Inc. reported today. Traditionally, life insurance sales struggle in the first quarter because of the ramped-up sales efforts to close out the previous year, noted Sheryl Moore, CEO of both Moore Market Intelligence and Wink. Still, […]
Annuities hit nirvana moment – will it last?
{June 2nd, 2023} by John Hilton
Annuity sellers are sitting atop a mountain of goodness. Nearly all product lines are selling strong or boast a positive outlook, and successful technology adoption is proceeding with alacrity. States coast to coast are adopting the industry-favored best-interest sales rules. It’s all contributing to sales so strong that calling them simply “record breaking” almost undersells […]
Thrivent Adds a new Multi-Year Guarantee Annuity to its Broad Portfolio of Financial Products and Solutions
{June 2nd, 2023} by Thrivent
MINNEAPOLIS, May 31, 2023 /PRNewswire/ — Thrivent, a Fortune 500 diversified financial services organization, today announced the launch of its Multi-Year Guarantee Annuity™ (MYGA) product solution. This deferred fixed annuity gives Thrivent clients a flexible solution for today’s interest rate environment and offers multiple guaranteed fixed rate options along with the features and tax benefits of a […]
Gainbridge® Launches New Annuity Product Focused on Flexibility and Risk Mitigation
{June 2nd, 2023} by Gainbridge Insurance Agency
ZIONSVILLE, Ind., June 1, 2023 /PRNewswire/ — Gainbridge Insurance Agency, LLC (“Gainbridge”), a Group 1001 company, is pleased to announce the launch of OneUp™, a new registered index-linked annuity issued by Gainbridge Life Insurance Company through the Gainbridge® platform. The OneUp™ product is currently available at www.gainbridge.io. OneUp™ is a financial product designed with flexibility and risk mitigation in mind. The […]
LIBRA Insurance Partners Announces the Launch of LIBRA Insurance Institutional Platform
{June 2nd, 2023} by LIBRA Insurance Partners
BALTIMORE, June 1, 2023 /PRNewswire/ — LIBRA Insurance Partners, the largest independently owned life insurance marketing organization (IMO) in the United States, announces the release of LIBRA Insurance Institutional Platform (LIIP), a cloud-based integrated solution for delivering two-way reporting for LIBRA Institutional partners and affiliated Brokerage General Agencies (BGAs). LIIP revolutionizes how data is sourced, aggregated, and distilled, […]
More than half of young adults say they can improve the world, less than half say they can secure their financial future
{June 2nd, 2023} by TIAA Institute
Over 40% of young adults live paycheck-to-paycheck; more than one-third say saving for retirement remains a top financial goal NEW YORK, June 1, 2023 /PRNewswire/ — With a possible recession looming and global activism growing, young adults are far more bullish about their ability to change the world than they are about securing their own financial future, […]
Venerable to Recapture Annuity Blocks from Athene
{June 2nd, 2023} by Venerable
WEST CHESTER, Pa., May 30, 2023 /PRNewswire/ — Venerable Holdings, Inc. (Venerable), today announced an agreement for its wholly-owned subsidiary Venerable Insurance and Annuity Company (VIAC), to recapture approximately $2.8 billion of payout annuity reserves from Athene with an effective date of July 1, 2023. The business is principally comprised of guaranteed minimum income benefit (GMIB) rider annuitizations and annuitized […]
Principal® debuts annuity solution with sustainability index
{June 2nd, 2023} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® has launched its first Registered Index-Linked Annuity (RILA), Principal® Strategic Outcomes, to meet the growing demand for annuity solutions as market uncertainty persists and as individuals nearing retirement seek help mitigating investment risk. Recent market volatility and inflation pressures pushed total industry RILA sales to a record $41.1 billion in 2022.1 “Sustained […]
Americans Facing a New Retirement Reality
{June 2nd, 2023} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–The dynamics of retirement planning have dramatically shifted as Americans navigate inflation, market volatility, financial crises, fears of bank failures and other challenges. Taken together, these factors have created a new retirement reality that may have fundamentally shifted the long-term outlook for many Americans, according to the latest study from Allianz Life Insurance Company […]
ManhattanLife’s Email Campaign Wins Award
{June 1st, 2023} by ManhattenLife
HOUSTON–(BUSINESS WIRE)–ManhattanLife, an insurance and annuity company based in Houston, Texas, announced today that its Producer Spotlight Series was named the winner of the American Marketing Association Houston Chapter’s Crystal Award. This award validates the creative strength and effort behind this campaign and helps to solidify some of the company’s core competencies; superior service, brand […]
AM Best Affirms Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries
{June 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 “aa-” (Superior) of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (Addison, TX). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term […]
Life InsurTech Growth From Producer Licensing Automation To Life Fulfillment Platforms
{June 1st, 2023} by Ken Leibow
I attend multiple industry conferences every year, focusing on both life insurance and technology. These events provide opportunities for solution providers to showcase their products and services through exhibitions, speaking engagements, and sponsorships. Among the exhibitors I’ve come to know over the past two years, AgentSync stands out. They offer a cutting-edge insurance infrastructure that […]
Why MYGAs are enjoying a renaissance
{June 1st, 2023} by Susan Rupe
It’s the golden age of MYGAs, one annuity expert declared, as sales of multi-year guaranteed annuities more than doubled between 2021 and 2022. A recent webinar by the National Association for Fixed Annuities delved into the reasons why MYGAs are reaping the benefits of what another expert called “a perfect storm” that combined a record-breaking drop in […]
U.S. Heading From Retirement ‘Crisis’ to Retirement ‘Catastrophe’: Allianz
{June 1st, 2023} by John Manganaro
Unless a major course correction is achieved, workers in the United States appear to be on track for significant retirement hardship, and a growing body of academic and survey research suggests Americans are facing a grim new reality after they retire. The latest analysis pointing to this conclusion was published Wednesday by Allianz Life. Click […]
MYGA Frenzy Pushes Annuity Sales Higher in Q1: Wink
{June 1st, 2023} by Allison Bell
Moore’s View: Sheryl Moore, Wink’s CEO, said non-variable annuities are paying higher rates than bank certificates of deposit can offer. “As long as CD rates remain so low relative to annuity rates, you can count on indexed and MYGA annuity sales being high,” Moore said. . Click HERE to read the full story via ThinkAdvisor
Americans With Annuities Want More Annuities: Survey
{June 1st, 2023} by Allison Bell
Americans who already own annuities, or other products that provide a guaranteed source of lifetime income, love the idea of buying more annuities. The American Council of Life Insurers came up with data on how familiarity with annuities breeds love for annuities when it sponsored a recent survey of 1,003 U.S. retirement savers ages 45 […]
Bermuda Offshoring Could Make Annuity Issuers Look Too Good: Moody’s
{June 1st, 2023} by Allison Bell
Some U.S. life insurers use reinsurance from providers based in Bermuda and other offshore jurisdictions to cut the amount of capital supporting their products, invest the capital more aggressively and come away with nicer-looking risk-based capital ratios, according to a team at Moody’s Investors Service. Bob Garofalo and other analysts at Moody’s have prepared a […]
Indexed, MYGA annuities set Q1 sales record, says Wink
{June 1st, 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 killing it!!
{June 1st, 2023} by Sheryl J. Moore
Product Line $$$ / % Chng/Qtr / %Chng/Yr >All Deferred Annuities $84.74 B / 6.81% / 41.91% >>Non-Variable Deferred Annuities $62.91 B / 8.75% / 98.27% >>>Indexed Annuities $22.60 B / $22.60 B / 4.42% / 35.56% >>>Fixed Annuities $382.94 M / -33.45% / -17.39% >>>MYG Annuities $39.92 B / 12.05% / 173.49% >>Variable Deferred […]
Special Edition! A note from Wink
{June 1st, 2023} by Wink Intel Pros
We delayed the newsletter this week to coincide with the publishing of Wink’s Sales & Market Report’s life report and to kick off National Annuity Awareness Month! National Annuity Awareness Month is designed to provide awareness and understanding of annuities and their benefits in financial and retirement planning. Be sure to look for our social […]
Do us a favor
{June 1st, 2023} by Sheryl J. Moore
It’s Annuity Awareness Month, homies! Do me a favor, and ask your neighbor if they’ve heard of the “A-word.” The more people we educate, the less Americans we’ll have with insufficient income during retirement. -sjm
FIRST QUARTER 2023 LIFE INSURANCE SALES
{June 1st, 2023} by Sheryl J. Moore
Non-Variable IUL Sales Sales for the first quarter of 2023 were $730 million, compared with sales of $737 million for the first quarter of 2022. First quarter non-variable life sales were down 15% when compared to the previous quarter and down less than 1% as compared to the same period last year. Total 1Q2023 non-variable […]
