Wink, Inc. Releases First Quarter, 2023 Life Sales Results
{June 1st, 2023} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE LIFE SALES DOWN ACROSS THE BOARD Wink, Inc. Releases First Quarter, 2023 Life Sales Results Des Moines, Iowa. May 31, 2023– Wink, Inc. released the first quarter, 2023 life sales results in its 103rd edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is […]
‘Annuity King’ faces a second trial on tax evasion charges
{June 1st, 2023} by John Hilton
Phillip Roy Wasserman’s legal troubles did not end with his May 15 conviction on nine fraud counts. The self-styled ‘Annuity King’ will be tried separately on tax evasion charges. Wasserman requested that the tax charges be severed from the fraud charges, court documents say. Click HERE to read the full story via INN
Annuities rising; consumers seek balance of growth and protection
{June 1st, 2023} by Todd Giesling
The financial environment in 2022 — with unprecedented long-term equity market volatility and rapidly rising interest rates at levels not seen since the financial crisis — led to more people seeking the protection offered by fixed annuities. Sales of protection-based annuity solutions — which include fixed-rate deferred annuities, fixed indexed annuities without a guaranteed […]
NCOIL members fight for lead role in insurance regulation
{June 1st, 2023} by John Hilton
Editor’s Note: This is the third of a three-part series on the state-based insurance regulatory system. This month’s story takes a look at the National Council of Insurance Legislators and its niche role in the regulatory system. The regulation of insurance starts with state insurance departments. The National Association of Insurance Commissioners traces its roots to 1871. […]
These Bank Alternatives Can Keep Cash Rolling In
{June 1st, 2023} by Telis Demos
Like banks, nonbank investment giants are also subject to funding worries—just in different forms, and not to the same degree. That is a big reason these firms might continue to outperform their deposit-taking peers. Alternative-asset managers of private-equity and private-debt funds such as Apollo Global Management, and Blackstone KKR & Co. appear poised to capitalize […]
We Asked ChatGPT-Type Model About Life Insurance, Annuities. Yikes!
{June 1st, 2023} by Cyril Tuohy
Questionable Accuracy: We asked Bard about the average commission paid to an insurance agent on the sale of an immediate annuity and an indexed annuity. It told us commissions for immediate annuities are higher than those for indexed products. “This is absolutely inaccurate,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. Income annuities […]
AI Chatbots Don’t Understand Annuities
{June 1st, 2023} by John Manganaro
More and more consumers are finding ways to utilize generative artificial intelligence in their daily lives, most often through “chatbots” that use the emerging technology to spit out human-like responses to both simple and complex prompts in a matter of seconds. According to Tamiko Toland, managing director of lifetime income strategy and market intelligence at […]
MassMutual bolsters leadership team
{June 1st, 2023} by Ryan Smith
Massachusetts Mutual Life Insurance Company has announced that company veterans Paul LaPiana and Dominic Blue will join the executive leadership team. LaPiana has been appointed head of brand, product and affiliated distribution, while Blue has been named head of third-party distribution and markets. The appointments take effect Thursday. Both LaPiana and Blue will report to […]
Wink, Inc. Releases 1st Quarter, 2023 Deferred Annuity Sales Results
{May 25th, 2023} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED AND MULTI-YEAR GUARANTEED ANNUITIES ARE ON A RECORD-BREAKING STREAK! Wink, Inc. Releases 1st Quarter, 2023 Deferred Annuity Sales Results Des Moines, Iowa. May 25th, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1997, released its 103rd […]
FIRST QUARTER 2023 ANNUITY SALES
{May 25th, 2023} by Sheryl J. Moore
Deferred Annuity Sales Total 1Q2023 deferred annuity sales were $84,741 million, compared with sales of $59,716 million for the first quarter of 2022. First quarter deferred annuity sales were up nearly 7% when compared to the previous quarter and up nearly 42% when compared to the same period last year. Non-Variable Deferred […]
Annuity sales are killing it!
{May 25th, 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 […]
Only 25% of businesses survive 15 years or more.
{May 25th, 2023} by Sheryl J. Moore
According to the U.S. Small Business Administration, about 1 in 5 small businesses fail in their first year. In fact, nearly 50% of small businesses fail in the first FIVE years. After 10 years, about 65% of businesses have failed. Only 25% of businesses survive 15 years or more. Eighteen years ago, I got my walking […]
Memorial Day
{May 25th, 2023} by Wink's Intel Pros
The Wink office will be closed on Monday, May 29th in observance of the holiday. We wish you a meaningful and memorable weekend, in remembrance of our heroes this Memorial Day.
AM Best Revises Outlooks to Positive for Athene Holding Ltd. and Its Subsidiaries
{May 25th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a+” (Excellent) of the members of Athene Group (Athene). Athene is the consolidation of the organization’s U.S. operating companies, along with its affiliated reinsurance companies […]
National Western Life Group, Inc. Announces Exploration of Strategic Alternatives
{May 25th, 2023} by National Western Life Group, Inc.
AUSTIN, Texas, May 16, 2023 /PRNewswire/ — National Western Life Group, Inc. (Nasdaq: NWLI) (the “Company” or “NWLGI”) today announced that the Company is exploring strategic alternatives in order to maximize value for the Company’s stockholders. The Company has engaged Goldman Sachs & Co. LLC as financial advisor to assist it with this strategic alternatives review process, and […]
Gainbridge Announces Launch of Its New B2B Insurance-as-a-Service Platform and Partnership with SAVE
{May 25th, 2023} by Gainbridge
ZIONSVILLE, Ind., May 25, 2023 /PRNewswire/ — Gainbridge Insurance Agency, LLC (“Gainbridge”), a Group 1001 company, announced today the upcoming launch of its business-to-business (B2B) “insurance-as-a-service” platform targeting leading financial technology companies with turnkey, intuitive savings, and retirement solutions for their consumers. Today, Gainbridge® offers simple, commission-free annuity products with compelling returns through its digital-first user interface. With […]
Should’ve, could’ve, would’ve: Over 60% of retirees wish they could get a “do-over” in retirement planning, according to a recent study from Lincoln Financial Group1
{May 25th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–According to a recent study from Lincoln Financial Group (NYSE: LNC), more than 60% of retirees would like to go back and plan differently for their retirement if they could.2 Overwhelmingly, retirees wish they’d started saving earlier and saved more for retirement. Other “would’ve, could’ve, should’ve” reflections include choosing investments that provide a steady […]
Global Atlantic announces $19.2 billion reinsurance agreement with MetLife
{May 25th, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has signed a $19.2 billion reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies, will reinsure a seasoned and diversified block of MetLife’s […]
Pacific Life Named by Points of Light as One of America’s 50 Most Community-Minded Companies for Second Year
{May 25th, 2023} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has been named a national 2023 Civic 50 honoree by Points of Light, acknowledging it as one of the 50 most community-minded companies in the United States. The Civic 50 sets the standard for corporate civic engagement and creates a roadmap for companies seeking to best use their time, talent, […]
Prudential Financial to Reinsure $10B Block of PDI Traditional Variable Annuities with an affiliate of Constellation Insurance Holdings
{May 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 traditional variable annuity block with an affiliate of Constellation Insurance Holdings, Inc., for proceeds at closing resulting in approximately $650 million.1 Under the terms of the agreement, Constellation’s affiliate will reinsure approximately $10 billion of Prudential Defined Income […]
MassMutual purchases majority interest in Counterpointe Sustainable Advisors
{May 25th, 2023} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass. & GREENWICH, Conn.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced that it has purchased a majority interest in Counterpointe Sustainable Advisors LLC (together with its subsidiaries, collectively, “Counterpointe”), a leader in Commercial Property Assessed Clean Energy (C-PACE), sustainable real estate, and creative energy solutions financing. “We believe Counterpointe’s extensive experience, track record, and […]
Florida Adopts Reg BI-Friendly Annuity Sales Rule Update
{May 25th, 2023} by Allison Bell
Gov. Ron DeSantis of Florida officially started his campaign for the Republican presidential nomination Wednesday, and he also helped efforts to keep traditional annuity sales commissions alive, by signing state House Bill 1185. House Bill 1185 includes the annuity sales rule model update developed by the National Association of Insurance Commissioners. Click HERE to read […]
MetLife, Prudential Close $29.2B in Life and Annuity Reinsurance Deals
{May 25th, 2023} by Allison Bell
MetLife and Prudential Financial have announced reinsurance deals involving a total of $29.2 billion in life insurance and annuity account value. MetLife picked Global Atlantic, an affiliate of KKR, to reinsurance a block of $14 billion in life insurance policies and a block of $5.2 billion in fixed annuities. Click HERE to read the full […]
Global Atlantic and MetLife sign $19.2 billion reinsurance agreement
{May 25th, 2023} by Akankshita Mukhopadhyay
Leading financials services company Global Atlantic Financial Group and life insurer MetLife, Inc. have entered into a reinsurance agreement valued at $19.2 billion. The deal will see Global Atlantic reinsuring a diversified portfolio of MetLife’s U.S. retail annuity and life insurance business, reinforcing Global Atlantic’s position as a leading reinsurer in the annuity and life […]
Why Sales Tumbled at a Texas Insurer That Now May Be Up for Sale
{May 25th, 2023} by Aaron Smith
Wink Chief Executive Officer Sheryl Moore, publisher of Wink’s Sales & Market Report, said in an interview that executives at National Western Life had been trying to improve the company and worked on its infrastructure last year. “A couple years ago they brought in new management to increase annuity share of the annuity market,” she said. “That management […]
Survey shows inflation increases retirement savings worries
{May 24th, 2023} by Mark Schoeff Jr.
Rising inflation has most Americans worried about whether they can save enough money to fund their retirement, while economic headwinds have more of them thinking about purchasing annuities to stabilize their post-work income, according to a survey released Monday. Click HERE to read the full story via InvestmentNews
Allianz Guaranteed Income Product Will Be Available with SS&C
{May 24th, 2023} by SS&C Technologies
SS&C Retirement Income Clearing & Calculation (RICC) Platform to Add Allianz Lifetime Income+ Annuity WINDSOR, Conn., May 24, 2023 /PRNewswire/ — SS&C Technologies Holdings, Inc. (Nasdaq: SSNC) today announced it will be adding a guaranteed income product for defined contribution plans from Allianz Life Insurance Company of North America (Allianz Life) to its Retirement Income Clearing & Calculation (RICC) platform. The Allianz […]
American Equity CEO Sees ‘Irrational’ Behavior Among Annuity Sellers
{May 24th, 2023} by Cyril Tuohy
Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, which tracks the indexed annuity market, said the firm has seen more rate reductions so far in the second quarter than in the first quarter. She said in an email that a review of indexed annuities using an S&P 500 annual strategy found that the […]
Prudential Financial to Reinsure $10B Block of PDI Traditional Variable Annuities with an affiliate of Constellation Insurance Holdings
{May 24th, 2023} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today an agreement to reinsure a portion of its traditional variable annuity block with an affiliate of Constellation Insurance Holdings, Inc., for proceeds at closing resulting in approximately $650 million.1 Under the terms of the agreement, Constellation’s affiliate will reinsure approximately $10 billion of Prudential Defined Income […]
American Enterprise Group Announces Move to New, Single Brand Identity, Wellabe™
{May 24th, 2023} by American Enterprise
DES MOINES, Iowa–(BUSINESS WIRE)–American Enterprise Group, Inc. (AEG) announced it will rebrand to Wellabe™ in June, marking a significant milestone in the company’s 94-year history. The new name, pronounced well-uh-be, comes from the phrase, “We’ll always be.” It is an extension of the company’s promise to always be here for its customers, distribution partners, communities, […]
New York Life Launches New Suite of Term Life Products
{May 24th, 2023} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced the launch of a suite of new, attractively priced term life products that provide greater value for clients’ protection dollars and support preparedness for life’s financial challenges and opportunities. “At New York Life, we believe that every financial strategy begins with protecting what […]
Jackson Named “Best in Business” by Nashville Business Journal
{May 24th, 2023} by Jackson National Life Insurance Company
NASHVILLE, Tenn.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced that it has received a 2023 Best in Business award from the Nashville Business Journal in the “Local Office – Public Company” category, which honors public companies with a significant local presence that excel in service, growth, innovation […]
Antarctic Capital to Acquire Annuity Issuer for $100M
{May 24th, 2023} by Allison Bell
Another asset manager wants in on the U.S. annuity game. Antarctic Capital has agreed to acquire Midwest Holding for $100 million in cash, and it says it plans to keep the company’s management, employees, offices and operations in place. Chandra Patel, Antarctic Capital’s managing partner, said the firm intends to “accelerate Midwest’s ‘capital light […]
Midsize Annuity Issuer Might Put Itself Up for Sale
{May 24th, 2023} by Allison Bell
National Western Life Group announced Tuesday that it has hired Goldman Sachs to help it conduct a review of “strategic alternatives to maximize value for the company’s stockholders.” “No decision has been made to enter into a sale, merger or other strategic transaction,” National Western Life said. Click HERE to read the full story via […]
Fed Governor Shows He’s Thinking About the Life Insurers
{May 24th, 2023} by Allison Bell
One of the world’s top monetary policy shapers today told insurance regulators that he has mixed feelings about increasing interest rates, and that he’s thinking about the life insurers. Federal Reserve Board Governor Philip Jefferson spoke at a forum session in Washington organized by the National Association of Insurance Commissioners, which was streamed live on […]
Greg Lindberg Proposes To Establish A $40 Million Fund To Purchase Annuities At Par from Colorado Bankers Life and Bankers Life Insurance Company Policyholders
{May 24th, 2023} by Greg Lindberg
ORLANDO, FL, May 18, 2023 /24-7PressRelease/ — A spokesperson for entrepreneur, philanthropist and author Greg Lindberg says that he has asked a Wake County, NC court to allow $40 million that is to be used to satisfy Mr. Lindberg’s personal tax liabilities instead to be used to purchase annuities from those Colorado Bankers Life Insurance Company (CBL) […]
Income tops annuity buyers’ reasons for purchase, study says
{May 24th, 2023} by Steven A. Morelli
Access to their money and ability to annuitize were the biggest reasons annuity buyers cited for buying their annuities – even more than interest rates and far more than fees, according to a LIMRA buyer study. The top reason, cited by 25% of 900 buyers, was having a guaranteed lifetime income feature that allowed access […]
Constellation Announces $10 billion Block Reinsurance Transaction with Prudential Financial
{May 24th, 2023} by Constellation Insurance Holdings
CINCINNATI, May 24, 2023 (GLOBE NEWSWIRE) — Constellation Insurance Holdings, Inc. (Constellation), a leading insurance holding company backed by institutional investors CDPQ and Ontario Teachers’ Pension Plan Board (Ontario Teachers’), announced today that its subsidiary The Ohio National Life Insurance Company (ONLIC) has entered into an agreement with Pruco Life Insurance Company (PLAZ), an affiliate […]
Even So-Called Simple Annuities May Be More Complex Than You Think
{May 24th, 2023} by Allan Roth
The more complex the annuity, the worse it typically is for the consumer. But even so-called simple annuities have important distinctions. Here, I examine two kinds of simple annuities: single premium immediate annuities (SPIAs) and multiyear guaranteed annuities (MYGAs). I just bought the latter for myself but read on before you do the same for […]
Next wave of life expectancy gains is on the horizon, says Swiss Re report
{May 24th, 2023} by Press Release
Zurich, 22 May 2023 – Gains in human longevity have tapered off over the last decade but the next wave of improvements is on its way, says Swiss Re’s latest report, The future of life expectancy: Forecasting long-term mortality improvement trends for insurance. Advances in cancer diagnosis and treatment are the most likely areas to […]
7 Reasons Clients Need Their Own, Individual Life Insurance
{May 24th, 2023} by Bryce Sanders
Work may be different today, but the benefits can be pretty good. Insurance agents might that find younger prospects do not see the need for buying life insurance because, they say, “I get it through my company.” How can you make the case they should be spending their own cash to buy something they think […]
New Orleans-based Pan-American buying life insurance business from Ohio firm
{May 24th, 2023} by Staff Report
New Orleans-based Pan-American Life Insurance Group is acquiring Encova Life Insurance Company, the life insurance arm of Encova Mutual Insurance Group of Columbus, Ohio, the companies announced Monday. The deal’s purchase price was not disclosed, but it should add $60 million to Pan-American’s annual revenue haul, including $38 million in insurance premiums from 82,000 policies, […]
Apollo’s Big Bet on Insurance Put to Test as Interest Rates Rise
{May 24th, 2023} by Allison McNeely
The firm has staked its future growth on Athene annuities arm Private equity ownership of insurers faces heightened scrutiny Marc Rowan became the envy of the private equity world with his pioneering move into the insurance business. Now, his firm is finding that being out front invites more scrutiny when times get tougher. Apollo Global Management […]
Annuity sellers jockey for position in a record-breaking 1Q, LIMRA reports
{May 24th, 2023} by John Hilton
The income annuity market saw its highest quarterly sales ever, topping $4.2 billion in the first quarter 2023. Single-premium immediate annuity sales more than doubled (127%) in the first quarter to $3.3 billion. The majority of the SPIA sales growth came from independent and full-service broker-dealers, whose sales increased 352% and 209%, respectively. Deferred-income annuity […]
Why employers should offer options for individual life insurance
{May 23rd, 2023} by Bob Gaydos
Since the 1940s, employer-provided life insurance has been a staple of company benefits packages. These are typically group policies packaged by licensed benefits brokers who specialize in creating benefits packages for employees, and the policies usually provide guaranteed coverage and payouts for the insured’s beneficiary. While group insurance policies are easy to put together and […]
Are annuities an investment? A new SEC lawsuit against a financial advisor argues yes
{May 22nd, 2023} by Dan Shaw
Amid a historic boom for annuities, regulators are signaling to financial advisors that the pension-like products are just like any other investment when it comes to disclosing conflicts of interest. The Securities and Exchange Commission filed a lawsuit on March 17 against Jeffrey Cutter, a registered investment advisor in Falmouth, Massachusetts, and his firm, Cutter Financial Group, alleging they […]
Resolution Life and Farmers New World Life Insurance announce strategic transaction
{May 20th, 2023} by Akankshita Mukhopadhyay
Resolution Life US Holdings Inc. (Resolution Life), a subsidiary of Resolution Life Group Holdings Limited, has announced a strategic reinsurance agreement with Farmers New World Life Insurance Company (FNWL), the life insurance subsidiary of Farmers Group, Inc. The strategic transaction aims to bolster Resolution Life’s position as a global leader in managing in-force life insurance […]
American Equity Reports Strong Earnings Driven by Ramping Private Asset Allocation to 24% while Growing Total Sales to $1.4 Billion
{May 16th, 2023} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–May 8, 2023– American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today reported its first quarter 2023 results. Investment spread increased from the fourth quarter of 2022, while sales momentum continued in both the independent agent channel and bank and broker-dealer channel. American Equity’s President […]
American Equity rides the annuity boom with nearly $1B in Q1 FIA sales
{May 16th, 2023} by John Hilton
With protection-focused annuity products selling incredibly well, it’s not surprising that American Equity posted very strong first-quarter sales. The Des Moines, Iowa-based insurer is a big player in the fixed indexed annuity market. American Equity sold $964 million worth of fixed indexed annuities in Q1, an increase of 23.2% and 9.3% compared to fourth and […]
American Equity CEO Sees Annuity Competition Moderating
{May 16th, 2023} by Allison Bell
The head of a midsize annuity issuer says the level of competition is becoming more rational. Anant Bhalla, the CEO of American Equity Investment Life Holding Co., told securities analysts last week that he has seen some competitors changing contract terms in recent weeks. “There is this pocket of irrationality, but more rationality,” Bhalla said. […]
Jackson Announces First Quarter 2023 Results
{May 16th, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the first quarter ended March 31, 2023. Key Highlights Net income (loss) attributable to Jackson Financial Inc. of $(1,497) million, or $(18.11) per diluted share, including the net impact of market risk benefits and hedging results Adjusted operating earnings1 of $271 million, or […]
Corebridge Financial Announces First Quarter 2023 Results
{May 16th, 2023} by Corebridge Financial, Inc
Premiums and deposits1 grew 45% compared to the prior year quarter Base portfolio income2 for our insurance operating businesses grew 23% while base yield2 expanded 60 basis points compared to the prior year quarter Net loss of $459 million, or $0.70 per share, largely the result of realized losses recorded for the Fortitude Re funds withheld embedded […]
Midwest Holding Inc. Reports First Quarter 2023 Results
{May 16th, 2023} by Midwest Holding Inc
LINCOLN, Neb., May 15, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the quarter ended March 31, 2023. First Quarter 2023 Highlights: GAAP net income for the quarter was $3.8 million compared with $0.2 million recorded in the first quarter of 2022. GAAP earnings were $1.01 per share (diluted) versus $0.05 per share (diluted) in Q1 2022. GAAP total revenue in Q1 […]
Company launches to evaluate annuity options in 401(k) plans
{May 15th, 2023} by InvestmentNews
A new firm, Annuity Research & Consulting, has been launched to help 401(k) retirement plans and their record keepers evaluate lifetime income options for the plans. Click HERE to read the full story via InvestmentNews
F&G Explains Registered Index-Linked Annuity Launch Strategy
{May 15th, 2023} by Allison Bell
Interest rates are rising and banks are failing — and F&G Annuities & Life is preparing to launch a registered index-linked annuity. Executives from the Des Moines, Iowa-based insurer talked about the RILA launch last week while going over its latest results in a conference call with securities analysts. F&G performed well, with stable investment […]
U.S. Life Insurers’ Mortgage Exposure Continues to Grow
{May 15th, 2023} by Allison Bell
Portfolios at U.S. life insurers tilted more toward mortgage investments, and away from bonds, in 2022, according to new data from the National Association of Insurance Commissioners’ Capital Markets Bureau. Life insurers ended the year with $5.3 trillion in cash and invested assets, up 2.9% from the total at the end of 2021. Click HERE […]
5 Texas Annuity Bills to Watch
{May 15th, 2023} by Allison Bell
Lawmakers in Austin, Texas, are now racing to complete work on state-level bills that could affect state residents’ life insurance policies and annuities. What happens in Texas could leave Texas, and have an impact on residents in other states, because Texas is the biggest Republican-led jurisdiction. Click HERE to read the full story via ThinkAdvisor
Life Policy Buyer Sues Over Age Conflict
{May 15th, 2023} by Allison Bell
A financial services firm is suing an insurer over a conflict between the age of a woman stated on the woman’s life insurance policy and the age on her death certificate. The firm, BMI Financial Group, bought the policy from the insured in 2005. In its complaint, it asserts that, because of the age conflict, […]
CANNEX: Immediate Annuity Shoppers Look Younger
{May 15th, 2023} by Allison Bell
U.S. residents who were shopping for immediate annuities in the first quarter were almost a year younger than the shoppers who were looking for immediate annuities in the first quarter of 2022 The average age of the shopper described in an immediate annuity search fell to 67.4 years in the latest quarter, from 68.5 years […]
Anna Kooi Helps Life Insurers See (Potential) Deadbeats
{May 15th, 2023} by Allison Bell
Anna Kooi is helping life insurers around the country figure out the new Long-Duration Targeted Improvement accounting rules — and the Current Expected Credit Losses standard. The Financial Accounting Standards Board kept putting off implementation. Congress stepped in. But now CECL (pronounced “Cecil”) is finally here. Click HERE to read the full story via ThinkAdvisor
5 Reasons Annuity Issuers Want Us to Stop Worrying
{May 15th, 2023} by Allison Bell
The world, the stock market and banks went through some things in the first quarter. Accounting rules made life insurers put estimates of future fluctuations in the value of assets and benefits in current earnings, and that made some life insurers’ net income figures look awful. Lincoln Financial, for example, reported a $909 million net […]
New DOL Fiduciary Rule Plan Coming Soon, Top Official Says
{May 15th, 2023} by Melanie Waddell
Issuing a new fiduciary rule is a “huge priority” for the Labor Department, Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, said Thursday, noting that one should be released soon. Speaking at the Employee Benefit Research Institute spring policy forum, held in Washington, Gomez said “things have changed so much in the retirement market […]
Equitable Holdings Announces New Financial Guidance at 2023 Investor Day
{May 15th, 2023} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (the “Company”) (NYSE: EQH) announced today that it plans to achieve a Non-GAAP operating earnings per share (“Non-GAAP EPS”) annual growth rate of 12-15% through 2027. The Company plans to grow Non-GAAP EPS through organic earnings generation, margin expansion and capital management. Members of the Company’s management team will discuss […]
Lincoln Financial Group Reports First Quarter 2023 Results
{May 15th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported a net loss available to common stockholders for the first quarter of 2023 of $(909) million, or $(5.37) per diluted share, compared to net income available to common stockholders in the first quarter of 2022 of $1,481 million, or $8.39 per diluted share. The net loss […]
Insure.com’s 2023 Mother’s Day Index: Mom’s Pay Soars to More Than $133,000
{May 15th, 2023} by Insure.com
FOSTER CITY, Calif.–(BUSINESS WIRE)–Insure.com, a comprehensive source for insurance information, released today its 13th annual Mother’s Day Index, which finds the work moms typically perform for their families could justify an annual salary of nearly $133,500. That’s an increase of 5% over last year’s findings. Find the annual report: Mother’s Day Index 2023 “Mothers aren’t given […]
Nationwide’s Dedication to Customer Experience Excellence Earns Acclaimed DALBAR Award
{May 15th, 2023} by Nationwide
MARLBOROUGH, Mass.–(BUSINESS WIRE)–Nationwide has once again staked its claim as a customer service powerhouse by ensuring customers receive top tier service at each touchpoint of interaction. The firm has garnered its fourth consecutive DALBAR Customer Experience Excellence award. “Top of mind for Nationwide is ensuring that regardless of the path taken to connect with the […]
Pan-American Life Insurance Group Recognized as a US Best Managed Company, Third Consecutive Year
{May 15th, 2023} by Pan-American Life Insurance Group
NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life is proud to announce it has been selected as a 2023 US Best Managed Company. Sponsored by Deloitte Private and The Wall Street Journal, the program recognizes outstanding U.S. private companies and the achievements of their management teams. This is the third consecutive year Pan-American Life has been named a US […]
Northwestern Mutual Earns Top-Five Spot in InvestmentNews Ranking
{May 15th, 2023} by Northwestern Mutual
Firm’s wealth business thriving with another national accolade MILWAUKEE, May 9, 2023 /PRNewswire/ — With another prestigious industry recognition, Northwestern Mutual continues to reaffirm its status as a top-tier provider of wealth management strategies. Northwestern Mutual announced today it has moved up into the top five of independent broker-dealers based on gross revenue, according to the latest […]
Two-Thirds of Americans Expect the United States to Enter Recession This Year; Most Are Taking Steps to Navigate Economic Uncertainty
{May 15th, 2023} by Northwestern Mutual
Northwestern Mutual’s 2023 Planning & Progress Study finds U.S. adults have on average $65K in personal savings – nearly a 5% increase over last year Consumers are also cutting costs and postponing large expenses Top 3 financial concerns: inflation, recession and gas prices Generation “X” stands for “anXious,” says Northwestern Mutual’s Mitchell MILWAUKEE, May 15, 2023 /PRNewswire/ — Two-thirds […]
Survey: Americans fear we’re heading for a 2008 recession, or worse
{May 15th, 2023} by Nationwide
Nationwide’s 2023 Economic Impact survey reveals consumers are making tough sacrifices to offset inflation COLUMBUS, Ohio, May 15, 2023 /PRNewswire/ — Americans’ concerns about the economy have escalated over the past several months, culminating into fears of a future recession, according to Nationwide’s 2023 Economic Impact survey. More than two-thirds of Americans (68%) expect a recession within the […]
National Western Life Group, Inc. Announces 2023 First Quarter Earnings
{May 15th, 2023} by National Western Life Group, Inc.
AUSTIN, Texas, May 15, 2023 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today first quarter 2023 consolidated net earnings of $12.3 million, or $3.48 per diluted share of Class A Common Stock, compared with restated consolidated net earnings of $97.6 million, or $27.59 per diluted share of Class A […]
LSV Asset Management Increases Stake in American Equity Investment Life Holding
{May 15th, 2023} by Roberto Liccardo
LSV Asset Management, a global institutional investment firm specialized in value equity investment, has increased its stake in shares of American Equity Investment Life Holding (NYSE:AEL), a financial services provider. The company added 15,982 shares to its existing 393,682 shares, representing a growth of 4.2%. As per the most recent filing with the Securities and […]
The annuity industry eyes another record year after 2022’s grand slam performance
{May 15th, 2023} by Gregg Greenberg
Here’s why the retirement income instrument could pop out of the dugout for a curtain call in ‘23. Click HERE to read the full story via InvestmentNews
DOL won’t give up on push for fiduciary standard on rollovers, analysts say
{May 15th, 2023} by John Hilton
The Department of Labor isn’t likely to back away from pushing for tougher fiduciary standards on the sale of retirement products, a pair of experts agreed Thursday, despite significant losses in court. The DOL is in the midst of a fiduciary rule rewrite that seemingly has no timeframe. In 2018, the Fifth Circuit Court of […]
‘Annuity King’ Phillip Roy Wasserman found guilty of $6.3M fraud
{May 15th, 2023} by John Hilton
A Florida jury found the self-styled “Annuity King,” Phillip Roy Wasserman guilty today of defrauding investors with his FastLife life insurance products. Wasserman confirmed the verdict via an email. The federal government alleges that he perpetrated a $6.3 million fraud via sales of life insurance and annuity products. Click HERE to read the full story […]
These products are just the “next thing.”
{May 15th, 2023} by Sheryl J. Moore
No offense to ANY insurance company, but I don’t think that structured life insurance products (think the equivalent of a “RILA,” on the life side) are the “next big thing.” I agree with Tim Pfeifer in Life Annuity Specialist’s Why Structured Life Won’t Keep Up With Structured Annuities. They are just the “next thing.” Why? Structured […]
Jackson National posts $1.4B net income loss, steep annuity sales dip in Q1
{May 15th, 2023} by John Hilton
Jackson National is continuing to develop its product mix beyond variable annuities – a poorly performing product in the current economy – amid bottom-line financial struggles. Jackson reported a net income loss of $1.5 billion in the first quarter. Adjusted operating earnings of $271 million were down 28% from the first quarter of 2022, “reflecting […]
Ex-Lincoln Financial agent is lead plaintiff in Texas lawsuit over insurer’s FIA sales
{May 15th, 2023} by John Hilton
Having an agent sue his carrier for products he sold is not a good look for the annuity industry, said Sheryl Moore, CEO of Wink Inc. and Moore Market Intelligence. “This has huge implications,” she said. “Other agents appointed with just about any insurance company in the indexed annuity market could make the same move.” […]
Lincoln Financial Group Announces $28 Billion Reinsurance Transaction With Fortitude Re and Preliminary First Quarter 2023 Results
{May 8th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) and Fortitude Reinsurance Company Ltd. (“Fortitude Re”) today announced that they have entered into an agreement under which Lincoln will cede approximately $28 billion of in-force ULSG, MoneyGuard and fixed annuity statutory reserves to Fortitude Re. The reinsured block consists of approximately $9 billion of ULSG statutory reserves, or about […]
National Western Life introduces new 10-year Fixed Indexed Annuity with an optional Guaranteed Minimum Death Benefit Rider, NWL® Capital Solutions
{May 8th, 2023} by National Western Life Group, Inc.
New FIA is designed to protect legacies and offers access to a proprietary J.P. Morgan Factor FocusSM Index. AUSTIN, Texas, May 8, 2023 /PRNewswire/ — National Western Life Insurance Company (National Western Life) announced the launch of NWL® Capital Solutions, a 10-year FIA that includes an optional Guaranteed Minimum Death Benefit Rider (GMDB), exclusive access to the J.P. […]
May is Mental Health Awareness Month
{May 8th, 2023} by Sheryl J. Moore
Many of you are familiar with the fact that my son, AJ Betts, took his own life after being bullied. He was 16, and beautiful, and so full of life! And like Robin Williams and Kate Spade, you wouldn’t have known that he would ever complete suicide. AJ was playing outside with our dogs, doing […]
Honored to be on the Tech Map!
{May 8th, 2023} by Sheryl J. Moore
I am so pleased to see that Michael Kitces updated his “Financial AdvisorTech Solutions Map!” Wink, Inc. is honored to be listed under the “Insurance Data / Analytics” section of this infographic. THANK YOU! -sjm
Regulation has changed these products. Let’s keep educating.
{May 8th, 2023} by Sheryl J. Moore
The staff at Wink, Inc. just told me about one of my old friends, calling-in to say, “hi.” Doug Mantelli & I have worked together since his days at Jackson, but he is now elevating RIA distribution at Pacific Life. And just as I am getting ready to shoot him a note, my morning Google alerts delivers this piece to […]
This stat scares the bejeezus out of me
{May 8th, 2023} by Sheryl J. Moore
Well, here’s a stat that scares the bejeezus out of me: “Nearly half of baby boomers have no retirement savings” HALF! And WHAT?!? In the “55- to –64-year-old boomer age group, 58 percent of Americans own retirement accounts.” How the heck do you get caught up with your retirement savings at that point? “Without a […]
Equitable Holdings’ earnings fall 22% in Q1, but remains strong in liquid assets
{May 8th, 2023} by Doug Bailey
Equitable Holdings Inc., the global diversified financial services company, said its operating earnings fell 22% in the first quarter of 2023 compared to the same period a year ago, with net income of $177 million versus $530 million a year ago. The company said its assets under management also slipped a bit, down 8% to […]
Prudential falls short of earnings forecasts, execs stress long-term focus
{May 8th, 2023} by John Hilton
Prudential Financial continues to make moves to shake off the earnings malaise and reverse a stock decline. As in recent quarters, the first-quarter results are mixed at best. Led by Chairman and CEO Charlie Lowrey, company executives met with stock analysts Wednesday and touted some significant moves Prudential closed in recent months, including: 1. Acquiring […]
‘Annuity King’ begins defense after judge denies acquittal motion
{May 8th, 2023} by John Hilton
A Florida judge denied a defense motion for acquittal last week in the fraud trial of Phillip Roy Wasserman, the self-styled “Annuity King.” Wasserman, who also has a law degree, is handling his own defense, which began late last week. The federal government alleges that he perpetrated a $6.3 million fraud via sales of life […]
What the Broker-Dealer Industry Looks Like Now, in 5 Charts
{May 8th, 2023} by Melanie Waddell
The Financial Industry Regulatory Authority has released its 2023 Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. For the first time in years, the number of registered reps increased, and the number of people entering the industry was greater than the number leaving. “The 2023 […]
Younger Life Applicants Had a Busy April
{May 8th, 2023} by Allison Bell
The U.S. individual life insurance market was a complicated place in April. Overall, application activity fell 1.4% from the level recorded in April 2022, and the number of applications from people ages 51 and older for all kinds of major coverage types dropped, according to new MIB Group data. Click HERE to read the full […]
Raymond James Preps for DOL’s Independent Contractor Proposal
{May 8th, 2023} by John Manganaro
Back in October, the Labor Department released a proposed rule under the Fair Labor Standards Act to be used by employers to determine worker classification more strictly as either an independent contractor or an employee. While hailed by workers’ rights advocates as an important step meant to protect vulnerable populations at risk of exploitation on […]
NAIFA to Move Headquarters
{May 8th, 2023} by Allison Bell
The National Association of Insurance and Financial Advisors announced earlier this week that it plans to move its headquarters to Arlington, Virginia, on June 1. The 132-year-old group has been based in Falls Church, Virginia, since 2000. Click HERE to read the full story via ThinkAdvisor
Where Do Annuities Fit in Your Client’s Retirement Strategy?
{May 8th, 2023} by Roger Wohlner
Annuities can play a number of roles in your client’s retirement income strategy. However, there is often a degree of confusion among advisors and their clients about if and how to use annuities. At last week’s Morningstar Investment Conference, annuity experts Wade Pfau and Spencer Look discussed a number of these concerns and offered ideas […]
5 Things Pru Said Today About Volatility
{May 8th, 2023} by Allison Bell
Prudential Financial executives emphasized Wednesday that they want to continue to sell your clients individual life insurance and annuities — but in a way that limits the company’s own exposure to investment market risk. Executives from the Newark, New Jersey-based life insurer and asset manager talked about the company’s efforts to increase sales of insurance and […]
5 Clues About Indexed Annuities From CNO’s Earnings
{May 8th, 2023} by Allison Bell
CNO Financial hopes to continue to be a publicly traded U.S. company that provides attractive annuity guarantees — by setting up its own reinsurance company in Bermuda. Executives from the Carmel, Indiana-based insurer talked about their strategy for staying in the non-variable annuity game Tuesday, during a conference call they held to go after first-quarter earnings with […]
AM Best Comments on Credit Ratings of American Life & Security Corp. Following Definitive Merger Agreement
{May 8th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb+” (Good) of American Life & Security Corp. (American Life) (headquartered in Lincoln, NE), both of which have a stable outlook, remain unchanged following the May 1, 2023 announcement that American Life’s parent, Midwest Holdings […]
Fortitude Re Announces $28 Billion Life & Annuity Reinsurance Agreement with Lincoln Financial Group
{May 8th, 2023} by Fortitude Re
HAMILTON, Bermuda–(BUSINESS WIRE)–Fortitude Reinsurance Company Ltd., (“Fortitude Re”) today announced the signing of a $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation (NYSE: LNC) and its affiliates (“Lincoln”). Upon receipt of regulatory approvals, Lincoln will reinsure a significant portion of its universal life insurance and fixed […]
Horace Mann reports first-quarter 2023 earnings consistent with pre-announcement
{May 8th, 2023} by Horace Mann
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended March 31, 2023: ($ in millions, except per share amounts) Three Months Ended March 31, 2023 2022 % Change Total revenues $ 353.9 $ 346.7 2.1 % Net income […]
Prudential Financial, Inc. Announces First Quarter 2023 Results
{May 8th, 2023} by Prudential
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $1.462 billion ($3.93 per Common share) for the first quarter of 2023, compared to a net loss of $493 million ($1.33 per Common share) for the first quarter of 2022. After-tax adjusted operating income was […]
The 1 key area where women have better financial literacy
{May 8th, 2023} by Nathan Place
Research has shown that men outperform women on nearly every financial question — except how long they will live. A study by the insurance company TIAA found that on average, women have significantly better longevity literacy than men, meaning they more accurately estimate their own lifespans. Though this knowledge is not inherently financial in nature, […]
RetireOne and Midland National Enhance the Constance Contingent Deferred Annuity
{May 8th, 2023} by RetireOne
SAN FRANCISCO–(BUSINESS WIRE)–RetireOne®, the leading independent platform for fee-based insurance solutions, and Midland National Life Insurance Company (Midland National) today announced enhancements to the Constance contingent deferred annuity (CDA) designed to make the CDA easier to integrate into a financial advisor’s practice and more straightforward to communicate with clients. With feedback and collaboration from registered investment advisor (RIA) firms, Midland National® and […]
AM Best Affirms Credit Ratings of Ameritas Life Insurance Corp. and Its Subsidiary
{May 8th, 2023} by Ameritas
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively […]
Brighthouse Financial Announces First Quarter 2023 Results
{May 8th, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2023. First Quarter 2023 Results The company reported a net loss available to shareholders of $525 million in the first quarter of 2023, or $7.72 per diluted share, compared with net […]
American Equity Reports Strong Earnings Driven by Ramping Private Asset Allocation to 24% while Growing Total Sales to $1.4 Billion
{May 8th, 2023} by American Equity Investment Life Holding Company
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 first quarter 2023 results. Investment spread increased from the fourth quarter of 2022, while sales momentum continued in both the independent agent channel and bank and broker-dealer channel. American Equity’s President and […]
TIAA Named to DiversityInc’s 2023 Top 50 Companies
{May 8th, 2023} by TIAA
NEW YORK, May 3, 2023 /PRNewswire/ — TIAA has been named one of DiversityInc’s 2023 Top 50 Companies, ranking at number eight. TIAA has now been included on this list for over a decade. DiversityInc has also included TIAA on several other lists, such as Top Companies for Board of Directors, Top Companies for People With Disabilities, Top […]
F&G Annuities & Life Reports First Quarter 2023 Results
{May 8th, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, May 3, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G” or the “Company”) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the first quarter ended March 31, 2023. As of January 1, 2023, F&G has adopted Accounting Standard Update 2018-12, “Targeted Improvements […]
Midwest Holding Inc. To Release First Quarter 2023 Results On May 15, 2023
{May 8th, 2023} by Midwest Holding Inc
LINCOLN, Neb., May 5, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced that it will release its financial and operating results for the first quarter 2023 after the close of the financial markets on Monday, May 15, 2023. The Company plans to issue a press release and post the results on the investor relations section of […]
Transamerica Names Oriana Freidenberg to Lead Customer Experience and Marketing for Life Insurance and Annuities
{May 8th, 2023} by Transamerica
BALTIMORE, May 2, 2023 /PRNewswire/ — Transamerica has appointed Oriana Freidenberg to a new position as Head of Customer Experience and Marketing for the company’s Individual Solutions division, which provides life insurance and annuities to customers throughout the U.S. She will report to Jamie Ohl, President of Individual Solutions. At Transamerica, Ms. Freidenberg will lead the teams responsible for […]
Simplicity Acquires Goheen Companies and Welcomes Shawn Goheen and Morgan Goheen to its Partnership
{May 8th, 2023} by Simplicity Group
SUMMIT, N.J., May 3, 2023 /PRNewswire/ — Simplicity Group (“Simplicity”) today announced the acquisition of Goheen Companies (“Goheen”), a Texas-based brokerage specializing in premium financed life insurance solutions. With the successful closing of this transaction, Simplicity welcomes Shawn Goheen and Morgan Goheen as partners, both of whom will continue to lead their office and serve their clients while adding Simplicity’s extensive […]
Lincoln Financial Makes $28B Life and Annuity Reinsurance Deal
{May 8th, 2023} by Allison Bell
Lincoln Financial Group today announced a $28 billion reinsurance deal with Fortitude Reinsurance. The Radnor, Pennsylvania-based life insurer said the deal includes $12 billion in reserves related to its MoneyGuard policies, which offer long-term care benefits tied to life insurance policies, or about 80% of total reserves for in-force MoneyGuard policies. Click HERE to read […]
Income Annuities Emerged From the Shadows in Q1
{May 6th, 2023} by Allison Bell
Sales of most types of individual annuities soared in the first quarter, according to preliminary issuer survey results from LIMRA. Total sales of individual annuities increased 47% between the first quarter of 2022 and the latest quarter, to $93 billion. Click HERE to read the full story via ThinkAdvisor
Former insurance agent charged with grand theft and insurance fraud
{May 5th, 2023} by Miko Pagaduan
Former insurance agent Phong Thanh Nguyen has been charged with two felony counts of grand theft and insurance fraud by the Orange County District Attorney’s Office. According to the California Department of Insurance, Nguyen illegally pocketed $37,000 in commissions from two life insurance companies between February and March 2019. An investigation was opened after a […]
Annuity sales smash more records at start of 2023
{May 5th, 2023} by Nathan Place
For the past year and a half, annuities have been breaking record after record. Now, after the products’ best sales year in history, they’ve shattered another one: the highest quarterly sales ever recorded. In the first quarter of 2023, total annuity sales reached $92.9 billion, according to LIMRA, an industry-funded researcher that’s been tracking the […]
Best Annuity Companies of 2023
{May 5th, 2023} by David Rodeck and Rae Hartley Beck
If you’re concerned about outliving your money in retirement, annuities offer peace of mind. Leaving your money invested in the market could net you more in the long run, but market volatility might be the sort of thing that keeps you up at night when you should be enjoying your golden years. Annuities can […]
Consolidated Marketing Group Selects Integrity’s Insurtech Platform to Power National Growth
{May 4th, 2023} by Integrity Marketing Group, LLC
Consolidated Marketing Group Selects Integrity’s Insurtech Platform to Power National Growth Integrity’s best-in-class platform of innovative technology and resources positions Consolidated Marketing Group to expand its footprint and serve more people DALLAS – MAY 2, 2023 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and […]
The Future of Control: North American Company Launches New Fixed Index Annuity
{May 2nd, 2023} by North American Company for Life and Health Insurance
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Today North American Company for Life and Health Insurance®, a member company of Sammons® Financial Group, launched the NAC Control. X℠ fixed index annuity (FIA). NAC Control. X is a single-premium, deferred fixed index annuity with optional Total Control rider1 allowing customers more control over their annuity growth and income timeline. This FIA offers first-to-market income flexibility with the […]
Ibexis Life & Annuity Insurance Company Launches Innovative Fixed Indexed Annuity
{May 2nd, 2023} by Ibexis Life & Annuity Insurance Company
NEWS PROVIDED BY Ibexis Life & Annuity Insurance Company May 01, 2023, 09:00 ET The FIA Plus™ provides traditional accumulation benefits plus unique client options JEFFERSON CITY, Mo., May 1, 2023 /PRNewswire/ — Ibexis Life & Annuity Insurance Company (“Ibexis”) today announced the launch of its FIA Plus™ fixed indexed annuity in the independent marketing organization […]
Midwest Holding Inc. To Be Acquired By Antarctica Capital For $27.00 Per Share
{May 2nd, 2023} by Midwest Holding Inc
All-Cash Transaction Values Midwest at Approximately $100 Million, Representing a 97% Premium LINCOLN, Neb. and NEW YORK, May 1, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an international investment firm, today announced they have entered into a definitive merger agreement whereby an affiliate of Antarctica will acquire Midwest in an all-cash transaction valued at […]
Will AG 49-B be a May Day or meh day for IUL illustrations?
{May 2nd, 2023} by Steven A. Morelli
May Day has special significance for indexed universal life illustration rates as a new guideline goes into effect, which is expected to reduce illustrated rate and perhaps suppress sales. Click HERE to read the full story via INN ……………………………………………………………………………………………… Sheryl Moore, CEO of Wink Inc., said the lower illustrated rates are likely to suppress […]
Symetra Enhances Indexed Universal Life Suite
{May 2nd, 2023} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company has introduced updates to its Symetra Accumulator Ascent and Symetra Protector indexed universal life insurance (IUL) products, both of which can be paired with the new Chronic Care Advantage Rider. Accumulator Ascent IUL, with strong policy distributions for future income potential and attractive performance features, now offers customers even […]
Brighthouse Financial Announces Enhancements to Its Shield® Level Annuities Product Suite
{May 2nd, 2023} by Brighthouse Financial, Inc
nhancements include new Step Rate Edge feature, which is designed to provide additional growth opportunities in certain down markets May 01, 2023 04:15 PM Eastern Daylight Time CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that it has introduced new enhancements to its Shield Level Annuities Product Suite as […]
AM Best Affirms Credit Ratings of Aspida Life Re Ltd. and Aspida Life Insurance Company
{May 2nd, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a-” (Excellent) of Aspida Life Re Ltd. (Aspida Re) (Bermuda) and Aspida Life Insurance Company (Aspida Life) (Durham, NC). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect Aspida Re’s […]
RILAs showing ‘almost unprecedented’ growth, speaker says, here to stay
{May 2nd, 2023} by John Hilton
SALT LAKE CITY – The shine might be off registered indexed-linked annuities (RILAs) now that interest rates are climbing higher and higher, but RILAs remain a potent product. In fact, RILA sales expanded by 6% from 2021 to 2022, said Sutton White, head of annuity product for Life Innovators. “For as long as RILAs have […]
Life insurance companies ready for analysts to pick apart Q1 earnings
{May 2nd, 2023} by John Hilton
First-quarter earnings will reveal how well insurance companies are adapting to higher interest rates and taking advantage of a strong annuity sales environment. Earning season takes off this week with some major life insurance companies reporting results, including Prudential and American International Group. Earnings calls with insurance executives should shed further light on sales trends, […]
Junior Achievement
{May 2nd, 2023} by Sheryl J. Moore
For many years, I have had members of my team at Wink, Inc. volunteering for Junior Achievement USA. This organization offers “proven lessons in financial literacy, work and career readiness, and entrepreneurship [which] are shown to positively impact the lives of young people.” Why? “Research shows that Junior Achievement Alumni are more likely to have a college degree, […]
Advisor Group Announces Plan to Simplify Business Structure Under One New Brand
{May 2nd, 2023} by Advisor Group
Unified Platform, Technology Stack, Procedures and Financial Professional Support Model to Enhance the Financial Professional Experience and Reduce Complexity Without Need for Repapering Accounts PHOENIX, April 26, 2023 /PRNewswire/ — Advisor Group, one of the nation’s largest independent wealth management firms, today announced it is moving its multi-brand network to a single, rebranded entity. The firm will unify […]
It’s Official: Advisor Group to Unite Under One Name
{May 2nd, 2023} by Jeff Berman
Advisor Group confirmed on Wednesday that it is indeed shifting its multi-brand network to a single, rebranded entity. But the firm remained mum on what that new brand and name will be. The company is out to unify the eight wealth management firms that are now part of the Advisor Group broker-dealer network into one to “reduce […]
Don’t Let Record Sales Fool You: The Annuity Industry Is Stuck
{May 2nd, 2023} by Michael Kazanjian
Annuity sales reached an all-time high last year. But scratch below the surface, and you’ll see the industry’s core remains stagnant. Given last year’s rising interest rate environment and market volatility, it’s not surprising that many investors turned to certain types of annuities. Click HERE to read the full story via ThinkAdvisor
Life Insurers Need Better Tools for Detecting Asset Risk: Alla Gil
{May 2nd, 2023} by Allison Bell
Alla Gil wants life insurers to think about the possibility that, when bad times come, threats might work together to take financial terror to a horrible new level. Gil is the founder and CEO of Straterix, a Teaneck, New Jersey-based company that sells high-tech systems for generating a wide array of possible economic scenarios, including scenarios that […]
How an Annuity Issuer Found Bliss in Tiny Market for Direct Sales
{May 2nd, 2023} by Warren S. Hersch
Direct-to-consumer annuity sales have always been relatively small, according to Wink CEO Sheryl Moore. She noted that just eight insurers offered 18 annuities direct to consumers, and that this channel accounted for only 0.4% of $79.3 billion in deferred annuity sales in the fourth quarter. Click HERE to read the full story via Life Annuity Specialist Thus far, […]
Fidelity National Financial Announces First Quarter 2023 Earnings Release and Conference Call
{May 2nd, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., April 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 […]
F&G Annuities & Life Announces First Quarter 2023 Earnings Release and Conference Call
{May 2nd, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, April 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 first quarter 2023 earnings after the close of regular market trading on Wednesday, May 3, 2023. A webcast and conference call to discuss the results will […]
CNO Financial Group Reports First Quarter 2023 Results
{May 2nd, 2023} by CNO Financial Group, Inc.
Total new annualized premiums up 7% Capital and liquidity remain above target levels CARMEL, Ind., May 1, 2023 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported a net loss of $0.8 million, or $0.01 per diluted share, in 1Q23 compared to net income of $183.4 million, or $1.52 per diluted share, in 1Q22. Non-economic accounting impacts of market volatility often result in […]
EY announces alliance with EIS to support insurance transformation
{May 2nd, 2023} by EY
LONDON, April 27, 2023 /PRNewswire/ — The EY organization today announces an alliance between the EIS Group Inc (EIS), a global digital insurance platform provider, and Ernst & Young LLP (EY US) to help clients in implementing and integrating EIS’ cloud-native, digital insurance platform, which is primarily an application programming interface, to address challenges and future needs in […]
CFP Board Launches An Endowed Scholarship For Women
{May 2nd, 2023} by Joyce Blay
The CFP Board’s Center for Financial Planning in Washington, D.C., has launched an endowed scholarship program for women aspiring to become CFPs. The center launched its Women’s Initiative in 1993. In recognition of the program’s 10th anniversary, the center has announced the WIN Endowed Scholarship program to fund the education of a new generation of […]
Cracking the Retirement Income Puzzle
{May 2nd, 2023} by InvestmentNews Create
Protective’s Jim Wagner explains what advisors should look for as they prepare clients to begin drawing on their assets for income in a market unlike any they’ve seen. Click HERE to read the full story via Investment News
Why Investors See Life Insurance As A Safe Haven
{May 2nd, 2023} by Wm. Scott Page
The world has been experiencing a lot of uncertainty and turbulence in recent times. From the global pandemic to economic downturns, there have been several events that have impacted the financial system. As a result, many investors are seeking safe havens to invest their money, particularly after the failure of Silicon Valley Bank. While some […]
Happy AG49-B day
{May 1st, 2023} by Sheryl J. Moore
May 1st. Oh yeah, And a BIG happy AG49-B day to you! Enjoy it while you can, as I am certain that the Illustration Model Regulation will be opened up, which will lead to yet ANOTHER change in indexed life illustrations. (May you undersell and over-deliver in your life illustrations!) -sjm
HSBC launches AI-powered equity index with AWS
{May 1st, 2023} by Patrick Brusnahan
HSBC has launched its HSBC AI Global Tactical Index, powered by Amazon Web Services (AWS). The HSBC AIGT Index was developed by the bank and utilises the AI from AWS to carry out an AI-based index investment process. Furthermore, the solution gets AWS AI services to analyse and learn from data thousands of times faster […]
Panel: Advisors will warm to annuities, opening up big market
{May 1st, 2023} by John Hilton
SALT LAKE CITY – The advisor’s office is where annuity sellers have longed to find acceptance, only to be repeatedly disappointed. That is most certainly going to change in a big way, a panel agreed during a Monday session at the LIMRA Life Insurance and Annuity Conference. It’s all about the lure of guaranteed income, […]
Speaker: will life insurance companies stop writing policies less than $250,000?
{May 1st, 2023} by John Hilton
SALT LAKE CITY – Inflation and rising interest rates. Regulatory pressure and market volatility. These unique economic conditions might force insurers to abandon small-sized life insurance product policies. Click HERE to read the full story via INN
SECURE 2.0 Includes Several Changes Intended to Encourage the Use of Retirement Annuities
{May 1st, 2023} by Joshua Waldbeser
SECURE 2.0, which was included as part of the Consolidated Appropriations Act of 2023, was signed into law in late December 2022. The statute contains 92 substantive sections making reforms to a broad array of retirement-related provisions in ERISA, the Internal Revenue Code (the Code) and certain other laws. Of these 92 sections, four make […]
DPL rolls out member-wide access to RISA planning tool
{May 1st, 2023} by DPL Financial Partners
Retirement Income Style Awareness Profile matches client preferences with income solutions LOUISVILLE, KY, April 25, 2023 — DPL Financial Partners, the leading insurance platform for registered investment advisors (RIAs), announced that it has expanded access to the Retirement Income Style Awareness (RISA®) Profile to all its members. Retirement researchers Wade Pfau and Alex […]
AIG, Stone Point Finalize Deal to Start MGA for High Net Worth Business
{May 1st, 2023} by News Desk
American International Group said it has finalized an agreement with private equity firm Stone Point Capital to form Private Client Select (PCS) Insurance Services. PCS will be an independent managing general agent serving the high net worth and ultra high net worth market. PCS is expected to start doing business in the third quarter, AIG […]
Accounting standard dampens life insurers’ interest in high-interest bonds
{May 1st, 2023} by Steven A. Morelli
After a decade and a half of hoping, life insurance companies are finally seeing an increase in interest rates that improves yield on assets they can purchase, but carriers might be afraid to exchange their low-rate bonds for higher-rated ones because of an accounting standard. As rates dropped after the 2008 economic crash, insurers could […]
‘Annuity King’ bid for a mistrial is denied as trial moves on to week 5
{May 1st, 2023} by John Hilton
The trial of the self-styled “Annuity King” will continue into a fifth week after a Florida judge denied defendant Phillip Roy Wasserman’s motion for a mistrial. Wasserman is standing trial in Tampa, accused by the federal government of perpetrating a $6.3 million fraud via sales of life insurance and annuity products. The three most serious […]
Variable annuity sales on the ropes, but LIMRA forecasts mild rebound
{May 1st, 2023} by John Hilton
SALT LAKE CITY – Market volatility did not help variable annuity sales. Nor did COVID-19 or ramped-up regulatory activities. And the changing face of the advisor force wasn’t keen on VAs either. Some of these variables will get better and some will get worse in the coming years. Click HERE to read the full story […]
Small Business Owners Have Big Personal Finance Concerns, According to New Lincoln Financial Group Study
{May 1st, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) released new research today that shows small business owners have big personal finance concerns. According to the company’s Consumer Sentiment Tracker, there are several insurance and retirement planning issues that top their lists. Specifically, respondents who own small businesses (versus those who do not) are most concerned about: Having […]
Ameriprise Hints at How Life and Annuity Issuers Are Doing
{May 1st, 2023} by Allison Bell
Economic icebergs crashed against the life and annuity operations at Ameriprise Financial in the first quarter — but warm currents abound. The Minneapolis-based financial services company was the first major U.S. life and annuity issuer to post results for the quarter. CEO Jim Cracchiolo told securities analysts during a conference call streamed live online on […]
Guardian Life Recognized as one of Forbes’ 2023 Best Employers for Diversity
{May 1st, 2023} by Guardian
NEW YORK, April 26, 2023 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian ) has been named to the Forbes list of 2023 Best Employers for Diversity, ranking in the top quartile of all companies earning the distinction. This is a first-time honor for the company, which earlier this year appeared on Forbes’ list of America’s Best Large […]
Finseca: Graduates Should be Taking these Four Steps Ahead of Graduation
{May 1st, 2023} by Finseca
WASHINGTON, April 26, 2023 /PRNewswire/ — With graduation just around the corner for countless Americans, Finseca wants to make sure the class of 2023 is prioritizing their financial security. Getting started out, especially if you have student loan debt, can be daunting. But with careful planning and preparation, graduates can set themselves up for success by following […]
