MassMutual’s Stable Voyage Was Quarter’s Top Fixed-Rate Annuity
{March 21st, 2023} by Cyril Tuohy
The product helped make the Springfield, Mass.-based carrier the top fixed-rate annuity seller over the period with a market share of 16%, Wink’s Sales & Market Report said. Athene was second, followed by New York Life, Corebridge Financial and Brighthouse Financial, Wink reported in its quarterly survey of the industry… Click HERE to read Wink’s news release. Quarterly and yearly sales of […]
Rising Rates Push Sales of Individual Deferred Annuities Higher: Wink
{March 21st, 2023} by Allison Bell
Soaring interest rates might complicate the lives of life insurance company risk managers, but they were great for individual fixed annuity sales in the fourth quarter of 2022. Overall sales of all types of deferred contracts increased 30% between the fourth quarter of 2021 and the latest quarter, to $79 billion, according to new issuer […]
Nationwide and Fidelity Investments® establish new distribution relationship
{March 21st, 2023} by Nationwide and Fidelity Investments
Nationwide and Fidelity Investments® are launching a new product for those seeking stability in volatile markets while providing Nationwide access to Fidelity’s network of financial professionals, available through the Fidelity Insurance Network. With approximately 3,400 financial professionals, Fidelity serves its customers through 12 regional sites across the globe and more than 200 Investor Centers. The company has […]
Principal® Survey Identifies Leading Disruptors of Retirement Industry By 2030
{March 21st, 2023} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–A new survey from Principal Financial Group® identifies the leading disruptors to the retirement industry that employers and financial professionals believe will reshape plans, services, and solutions by 2030. An aging workforce, Generation Z, the growing demand for personalized investment advice, and financial wellness are top of mind for more than 250 plan sponsors […]
Best’s Commentary: SVB Collapse Highlights Critical Lessons for Insurance Industry
{March 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Despite U.S. insurance companies’ minimal exposure to bonds issued by the now-shuttered Silicon Valley Bank (SVB), the failure highlights for insurers the importance of managing enterprise, asset-liability and liquidity risks, according to an AM Best commentary. The Best’s Commentary, “SVB Collapse Highlights Critical Lessons for the Insurance Industry,” states that just eight U.S. insurers have bond […]
New York Life Announces Strong 2022 Financial Results Underscoring Company’s Robust Strength and Stability
{March 21st, 2023} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced strong financial results for 2022 that underscore the power of the company’s differentiated business model and its significant contributions to New York Life’s enduring financial strength. The company’s top-line growth was driven by a new record in annuity sales, making New York Life the […]
Best’s Special Report: Credit Rating Upgrades Exceed Downgrades for U.S. Life/Health Insurers in 2022; Under Review Ratings Fall
{March 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Credit Rating (rating) upgrades and downgrades remained relatively flat in 2022 in the U.S. life/health insurance industry as compared with the previous year, with a slight increase in upgrades, However, according to a new AM Best special report, the number of ratings under review dropped significantly. The Best’s Special Report, titled, “Rating Actions Decline, Upgrades […]
American Equity Announces $200 Million Accelerated Share Repurchase Agreement
{March 21st, 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 announced that it has entered into an accelerated share repurchase agreement (“ASR”) with JP Morgan to repurchase $200 million of American Equity common stock. The accelerated share repurchase reflects the Company’s continued […]
Northwestern Mutual Recognized by Forbes as one of America’s Best Large Employers
{March 21st, 2023} by Northwestern Mutual
MILWAUKEE, March 15, 2023 /PRNewswire/ — Northwestern Mutual, a leading financial services company, announced today that it was selected by Forbes as one of America’s Best Large Employers. This honor – the latest in a series of awards and accolades recognizing Northwestern Mutual’s exceptional culture and workplace – was based on a national survey of employees who rated companies on salary, […]
In Force Data Solutions from MIB Provide Unique Insights to the Life Insurance Industry
{March 21st, 2023} by MIB Group Holdings
BRAINTREE, Mass., March 16, 2023 /PRNewswire/ — MIB, the life insurance industry’s most trusted and secure partner for data-driven insights and digital services announced the launch of a new suite of solutions that leverage a unique database consisting of in force and pending application data as well as terminated policy data to provide new critical insights to the […]
How Tech Is Breathing New Life Into Life Insurance
{March 21st, 2023} by Ron Gura
The life insurance industry offers more than just policies: Carriers also strive to provide their customers with comfort, stability, and peace of mind. When someone buys life insurance, they do so trusting that the insurer will be present and involved in fulfilling the promise of the policy by distributing the money responsibly. Click HERE to […]
The Top 12 Annuity Issuers of 2022: NAIC
{March 21st, 2023} by Allison Bell
U.S. insurers generated more than $380 billion in annuity payments of all kinds in 2022, up from $325 billion in 2021, according to the National Association of Insurance Commissioners. For a look at the top 12 writers for 2022, see the gallery above. The Data The NAIC is a group for state insurance regulators. It […]
Derivatives Collateral Calls Could Affect Life and Annuity Issuers: Moody’s
{March 21st, 2023} by Allison Bell
Hedging programs that usually protect life insurers against big changes in stock prices and interest rates could sometimes add stress, by forcing the insurers to add cash, according to analysts at Moody’s Investors Service. Manoj Jethani and other Moody’s analysts talk about the concern — calls to add collateral for derivatives arrangements — in a […]
Big U.S. Life Insurers Have $1.7B Invested in Banks in News: Wells Fargo Analysts
{March 21st, 2023} by Allison Bell
Seventeen big U.S. life insurers have a total of about $650 million of their $162 billion in statutory surplus invested in the bonds of Silicon Valley Bank and Signature Bank of New York, and about $1 billion invested in the bonds of three other regional regional banks that are facing investor skepticism, according to Elyse […]
Some Advisors Tell Clients To Limit Bank Deposits To $250K Per Bank
{March 21st, 2023} by BEN MATTLIN, JACQUELINE SERGEANT AND JENNIFER LEA REED
With the recent bank failures, what are advisors telling clients to do about their cash accounts? Vance Barse, wealth strategist and founder of Your Dedicated Fiduciary in San Diego, said his phone has been ringing off the hook with clients who have two basic questions. Click HERE to read the full story via Financial Advisor
Annuities Have Never Been More Attractive, Athene Exec Says
{March 21st, 2023} by Jacqueline Sergeant
Consumers are flocking to annuities. And that’s expected to continue as recession fears linger, according to an executive at Athene, an insurance company based in West Des Moines, Iowa. “People are a little fearful of keeping their money in equities and having all that risk exposure, and buying annuities is absolutely a way to take […]
UBS to Buy Credit Suisse in $3.2B Deal
{March 21st, 2023} by Marion Halftermeyer, Eyk Henning, Jan-Henrik Förster & Dinesh Nair
Editor’s note: This story has been updated to reflect the final price of the UBS-Credit Suisse transaction, which is roughly $1.3 billion higher than what was initially reported Sunday by Bloomberg and other sources.] UBS Group AG agreed to buy Credit Suisse Group AG in a historic, government-brokered deal aimed at containing a crisis of […]
What If the Index in an Indexed Annuity Goes Away?
{March 21st, 2023} by Allison Bell
For life and annuity advisors, the current financial storm raises a new question: What if U.S. life insurers continue to do well, but the firms that produce some of the indexes inside indexed life and annuity products go away? Credit Suisse, for example, has been producing the Credit Suisse Momentum Index, a global, multi-asset index […]
Enhacing their GLWBs!
{March 21st, 2023} by Sheryl J. Moore
Nice to see insurance companies enhancing their Guaranteed Lifetime Withdrawal Benefits (GLWBs) on their indexed annuities! The following companies have all made improvement to their offerings, since the first of the year (most recent changes, appearing at top): – PRUCO LIFE INS CO, – Protective Life, – Integrity Life Insurance Co, – Jackson, – Allianz Life – Midland National Life Insurance […]
WHAT DOES IT MEAN?!
{March 21st, 2023} by Sheryl J. Moore
For nearly all lines of business, the average annuity premium is smaller, but the number of apps received is larger. More, smaller annuity cases were submitted in 4Q2022. Join in the conversation over on LinkedIn! -sjm
Relationships matter.
{March 21st, 2023} by Sheryl J. Moore
I won’t forget the day that changed my career, while I was working for my first home office. I worked for the #1 seller of indexed life insurance and indexed annuities, in product development. A had just received a directive from the top: I needed to assist other insurance companies in developing indexed insurance products. […]
Make Sure Everyone Understands Life Insurance: Jomil Guerrero
{March 21st, 2023} by Allison Bell
New York Life Insurance Company has picked Jomil Guerrero to help the company better connect to a wider market of customers. Guerrero, the financial services giant’s new chief diversity officer, will influence New York Life’s employee benefits, investment and marketing strategies. Part of her job will involve supporting agents’ and advisors’ efforts to reach more […]
NAIFA-CA URGES LAWMAKERS TO AMEND BILL THAT WOULD HARM LIFE INSURANCE PRODUCERS AND CONSUMERS
{March 21st, 2023} by NAIFA CA
NAIFA’s California chapter is holding its annual Legislative Day in Sacramento on March 29. The event will feature visits with lawmakers by NAIFA-CA members, during which they will discuss SB 263, a legislative proposal that in its current form would harm the ability of insurance agents and brokers to serve the public. SB 263 is simply unworkable and it […]
ICYMI: Finseca’s Cadin Corrects Record on Problematic California Proposal
{March 21st, 2023} by Marc Cadin
We were disappointed to read the story titled, California Is Shaping Law That May Change ‘Best Interest’ Landscape. Unfortunately, the piece provides a one-sided and myopic review of a California legislative proposal that, despite the commentary from the reporting, could be very problematic for consumers if left unamended. Click HERE to read the full story via Medium
Life insurers facing unrealized losses due to pace of interest rate rises: Moody’s
{March 21st, 2023} by Jack Willard
A report from Moody’s Investors Service has suggested that while the increase in interest rates within the last year has been positive for life insurers in Europe, the fast pace of the increase means that a majority of insurers are now sitting on significant unrealized losses in their fixed income portfolios. In the report, Moody’s […]
Conning: Growing Demand for In-Plan Annuities Creates Opportunity for Insurers
{March 21st, 2023} by Conning
Conning releases study looking into the current state of income (in)security for Americans and the U.S. insurance industry’s opportunity to supplement retiree income gaps through annuities. HARTFORD, Conn., March 17, 2023 /PRNewswire/ — A significant trend in the U.S. retirement system over the past four decades is that private sector employees have become less likely to be […]
EquiTrust’s New Product Launch Powered by Sapiens’ Game-Changing Technology
{March 21st, 2023} by Sapiens International Corporation
Utilizing Sapiens IllustrationPro and ApplicationPro, EquiTrust launches its new innovative product and process for Customer Acquisition in under 6 months RALEIGH, N.C., March 20, 2023 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced with EquiTrust, a leading North American life and health insurance company, the launch of their state-of-the-art […]
SEC charges advisor with failing to disclose annuity commissions
{March 21st, 2023} by Mark Schoeff Jr.
The SEC has charged an investment advisor with failing to adequately disclose commissions and other payments he earned for recommending annuity purchases, a move that could signal stepped-up scrutiny of insurance products. Click HERE to read the full story via InvestmentNews
AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries
{March 20th, 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 ICRs) of “aa-” (Superior) of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE), Vantis Life Insurance Company (Windsor, CT) […]
Credit Suisse Ignites Global Market Rout as Banking Fears Return
{March 20th, 2023} by Julien Ponthus and Tasos Vossos
All it took was a few tough words from Credit Suisse Group AG’s biggest shareholder on Wednesday to spark a selloff that quickly spread across global markets. Asked whether Saudi National Bank was open to further cash injections, Chairman Ammar Al Khudairy said “absolutely not.” It was a reminder about the precarious situation facing the […]
Getting to know our Director of Awesomeness
{March 19th, 2023} by Wink's Intel Pros
Jamie, Director of Awesomeness, is the person you’ll likely hear from when contacting Wink. She and her husband ran seven miles together on their first date- who does that?! Whether she is with her fellow marathoners or running circles around her Wink colleagues, Jamie stays active. She is responsible for all customer support, sales, social […]
In case you missed it
{March 14th, 2023} by Sheryl J. Moore
Life insurance sales results from 4Q2022… LINE OF BUSINESS: 4Q Sales, 2022 Sales – % Chng/Qtr, % Chng/Yr, % Chnge/2021 Non-Variable Universal Life: $861.59M, $3.16B – 12.02%, 0.44%, 5.97% >Universal Life: $109.62M, $425.32M – 11.42%, -21.71%, -17.97% Indexed Life: $752.29M, $2.73B – 12.16%, 4.77%, 10.95% Whole Life: $1.24B, $4.59B – 12.78%, -17.61%, -5.70% Stay […]
Indexed universal life drives strong 2022 sales, Wink reports
{March 14th, 2023} by Staff Reports
Consumers love indexed universal life, a love affair that remained strong in the fourth quarter 2022, according to Wink’s Sales & Market Report. Indexed life sales for the fourth quarter were $752.2 million, up 12.1% compared with the previous quarter, and up 4.7% compared to the same period last year. Indexed life sales include both […]
Fixed Universal Life Needs Innovation as Sales Fall Again, Wink Says
{March 14th, 2023} by Cyril Tuohy
Fourth-quarter sales of fixed universal life insurance tumbled 22% from a year earlier to $109.6 million, according to Wink. Sheryl Moore, CEO of Wink, said in a statement that sales of the product are probably at their lowest since it was introduced almost 45 years ago, adding that “there definitely needs to be some new innovation […]
How Good Are Top 10 Lists of Insurers? We Took a Hard Look at One.
{March 14th, 2023} by Cyril Tuohy
Using only the A.M. Best and interest rate criteria on which Insider Monkey relies, there are 68 companies that should make the list, according to Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist
National Western Life Group, Inc. Announces 2022 Full Year and Fourth Quarter Earnings
{March 14th, 2023} by National Western Life Group, Inc.
AUSTIN, Texas, March 10, 2023 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2022 consolidated net earnings of $101.1 million, or $28.60 per diluted Class A common share, compared with consolidated net earnings of $180.7 million, or $51.10 per diluted Class A common share, for 2021. The Company’s book […]
Ameritas earns 16th BenchmarkPortal Center of Excellence certification
{March 14th, 2023} by Ameritas
LINCOLN, Neb., March 9, 2023 /PRNewswire/ — For the 16th consecutive year, the Ameritas group division earned BenchmarkPortal’s Center of Excellence certification. It is one of the world’s most prestigious awards in the customer service and support industry. To earn it, contact centers must meet or surpass strict standards each year. Ameritas is one of only a handful […]
Lincoln Financial Group Further Enhances Industry-Leading MoneyGuard® Suite
{March 14th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) continues to strengthen its MoneyGuard® suite with the introduction of real-time underwriting capabilities and the expansion of Lincoln MoneyGuard Market Advantage® into California. Lincoln MoneyGuard Market Advantage® is a variable universal life policy with riders that reimburse for long-term care expenses; issued by the Lincoln National Life Insurance Company, Fort Wayne, IN. A Lincoln Financial […]
Pacific Life and Franklin Templeton Collaborate on Lifetime Income Solutions
{March 14th, 2023} by Pacific Life and Franklin Templeton
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life and Franklin Templeton have announced a collaboration to jointly tackle the need for lifetime income for defined contribution plan participants through personalization and insurance solutions. With the recent passage of the SECURE Act 2.0 and continued focus on supportive regulatory legislation, plan sponsors have shown an increased interest in offering […]
Jackson Receives Highest Customer Service Ranking in Financial Industry for 11th Consecutive Year
{March 14th, 2023} by Jackson National Life Insurance Company
Recognized with Four Awards from SQM for Excellence in Contact Center Service in 2022, Including “Call Center of the Year” Finalist March 09, 2023 04:05 PM Eastern Standard Time LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), was recognized with four awards from Service Quality Measurement Group, Inc. (SQM)2 for excellence in […]
Best’s Market Segment Report: US Life/Annuity Insurers Flex Muscles in 2022, Remain Well-Positioned for 2023 Challenges
{March 14th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Despite equity market volatility, inflationary pressure and rapid interest rate hikes, U.S. life insurance and annuity writers posted a 17% increase in net income to $31.7 billion through third-quarter 2022, as compared with the same prior year period, driven mainly by a 7% rise in premium and annuity considerations, according to a new AM […]
Pacific Life Named One of World’s Most Ethical Companies for Sixth Consecutive Year
{March 14th, 2023} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has been named one of the 2023 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on five categories, including its ethics and compliance program; culture of ethics; environmental and societal impact; corporate governance; […]
Regulators Look at Potential Bias in Life-Insurance Algorithms
{March 14th, 2023} by Leslie Scism
State regulators are pushing back on U.S. life insurers’ use of data science to speed up cumbersome application processes, citing concerns that artificial intelligence could unfairly discriminate against minorities. Colorado’s Division of Insurance has begun crafting regulations under a new state law restricting insurers’ use of algorithms, predictive models and the information fed into them […]
NAIC Life and Annuities (A) Committee adopts amendments to Actuarial Guideline 49-A
{March 14th, 2023} by Eversheds Sutherland (US) LLP
On February 24th, the NAIC Life Insurance and Annuity (A) Committee (A Committee) adopted amendments to Actuarial Guideline (AG) 49-A to address a concern raised by state insurance regulators regarding the use of illustrations for indexed universal life insurance (IUL) policies with uncapped volatility-controlled indexes that allow for crediting fixed bonuses under the policies. Insurer […]
Annuities Can Help Clients Fight Inflation
{March 14th, 2023} by John Stevenson
Billowing inflation has hit most of us hard over the last year. Surging prices for essential products like energy, food, and gasoline have emptied our bank accounts and put many dreams of homeownership and career advancement on hold. Click HERE to read the full story via Think Advisor
Biden Hopes to Tax ‘Frozen Cash Value’ Life Contracts
{March 14th, 2023} by Allison Bell
The administration of President Joe Biden hopes to impose federal income, estate and gift taxes on the “frozen cash value” inside some wealthy families’ life insurance arrangements. The U.S. Treasury Department described the new proposal Thursday in its “Greenbook,” or description, of the tax provisions in the administration’s 2024 budget proposal. Click HERE to read the full […]
Income Annuity Shoppers Might Be Splitting: Cannex
{March 14th, 2023} by Allison Bell
U.S. consumers seemed to be looking for less income from immediate income annuities in the fourth quarter of 2022, and more income from deferred income annuities, according to Cannex Financial Exchanges. The Toronto-based data services firm uses its own income annuity search data to produce quarterly shopping activity statistics. Click HERE to read the full […]
How Life and Annuity Issuers Could Get Silicon Valley Bank Flu
{March 14th, 2023} by Allison Bell
The failures of Silicon Valley Bank and Signature Bank of New York — two banks that began the year with solid credit ratings and good 2022 earnings — raise questions about whether other solid-looking financial services companies, such as life insurers, could be suffering from similar types of hard-to-detect problems. Life insurers have emphasized, over […]
Indexed Life Sales Continue to Rise
{March 14th, 2023} by Allison Bell
Indexed life insurance policies continued to sell well in the fourth quarter, as sales of two other types of non-variable cash value life insurance dropped. Wink — a Des Moines, Iowa-based life and annuity market monitoring firm — published on Tuesday a new insurer survey report exploring U.S. individual life insurance sales trends. Click HERE […]
NAILBA Charitable Foundation
{March 14th, 2023} by Sheryl J. Moore
I get to be a part of a really cool thing that the NAILBA CHARITABLE FOUNDATION does each year. **Our mission of the NAILBA Charitable Foundation is to encourage philanthropy and business, to work hand-in-hand, helping others who are at risk.** Since its beginning, the NAILBA Charitable Foundation has awarded over $3.5 million dollars in grants!! (And […]
Ameriprise secures $18B of client assets from Comerica Bank
{March 14th, 2023} by Victoria Zhuang
Ameriprise Financial expects around $18 billion to move onto its balance sheet later this year under a new agreement to take over management of Comerica Bank’s broker-dealer client assets. Minneapolis-based Ameriprise announced Friday that it had been chosen by Dallas-based Comerica to provide investment services to roughly 100 Comerica financial advisors based in Texas, Michigan, […]
Senior Solutions & Services Joins Integrity for Access to Innovative Agent and Consumer-Focused Platform
{March 14th, 2023} by Integrity Marketing Group, LLC
Senior Solutions & Services Joins Integrity for Access to Innovative Agent and Consumer-Focused Platform Integrity’s best-in-class systems and technology will empower Senior Solutions & Services agents to meet Medicare coverage needs more effectively and efficiently DALLAS – MARCH 8, 2023 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life […]
Why investors need to add annuities to their portfolio mix
{March 14th, 2023} by InvestmentNews
Alfred Eskandar, president and COO of Salt Financial, joins InvestmentNews anchor Gregg Greenberg to talk about using annuity solutions to combat the longevity crisis, as well as Salt’s recent index projects with the Nasdaq. Click HERE to view view via InvestmentNews
Advisors Excel Teams With Catchlight To Boost Organic Growth With AI-Driven Insights
{March 14th, 2023} by Advisors Excel
BOSTON & TOPEKA, Kan.–(BUSINESS WIRE)–To accelerate organic growth and create hyper-relevant engagement with prospective new clients, Advisors Excel, an industry-leading financial services company, will make Catchlight available to their advisors across the U.S. Advisors Excel’s advisors will use Catchlight’s data–driven insights and proprietary artificial intelligence to better understand and prioritize their leads. Catchlight distills up to 2,000 data […]
2022 Was Good For Annuities; 2023 Stands To Be Better
{March 14th, 2023} by Eric Rasmussen
The annuity industry has two gusts of wind at its back going into 2023: a higher interest rate environment and the new opportunities provided by the SECURE Act. Click HERE to read the full story via Financial Advisor
New York Life rockets to the top of the 2022 annuity sales charts
{March 14th, 2023} by John Hilton
New York Life emerged as the big winner in a record-setting year for annuity sales with more than $23 billion in sales, according to LIMRA. The largest mutual insurer in the United States, New York Life claimed nearly a 7% market share and increased its annuity sales by 70% over 2020 – when it finished […]
Wink, Inc. Releases Fourth Quarter, 2022 Life Sales Results
{March 8th, 2023} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE ALL LIFE SALES UP, AS IUL STEALS THE SHOW! Wink, Inc. Releases Fourth Quarter, 2022 Life Sales Results Des Moines, Iowa. March 7, 2023– Wink, Inc. released the fourth quarter, 2022 life sales results in its 102nd edition of Wink’s Sales & Market Report. Wink’s Sales & Market […]
FOURTH QUARTER 2022 LIFE INSURANCE SALES
{March 8th, 2023} by Sheryl J. Moore
Non-Variable UL Sales for the fourth quarter of 2022 were $861 million, compared with sales of $857 million for the fourth quarter of 2021. Fourth quarter non-variable life sales were up more than 12% when compared to the previous quarter and up less than 1% as compared to the same period last year. Non-variable universal […]
As Rates Rise, Innovation and Changes Sweep Through Annuities
{March 8th, 2023} by Cyril Tuohy
Higher rates aren’t the whole picture though, said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. They do generally mean better yields on general accounts from which carriers earn a profit. But she noted that you also have to consider the cost of options, such as on the S&P 500, that are used […]
Why Consumers Resist Annuity Swaps Even as Old Rates Worsen
{March 8th, 2023} by Cyril Tuohy
The case to turn in their old products seems compelling: Investment yields have jumped a lot over the past year. Also, rates on their existing products have sunk to the near-minimum levels allowed, said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. Click HERE to read the full story via Life Annuity Specialist […]
Midwest Holding Schedules Conference Call to Review Results for Fourth Quarter and Full Year of 2022
{March 8th, 2023} by Midwest Holding Inc
LINCOLN, Neb., March 6, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced plans to host a conference call to discuss its financial and operating results for the fourth quarter and full year of 2022 on Tuesday, March 28, 2023, at 8:30 a.m. Eastern Time. The Company also plans to post those results on the investor […]
U.S. Life Application Activity for Younger Consumers Rises
{March 8th, 2023} by Allison Bell
U.S. individual life insurance application activity continued to increase in February, and activity growth for applicants under 30 was especially strong, according to new MIB Group survey data. The insurance data-sharing consortium saw the number of applications flowing through its application-checking systems increase 3.0% from the number recorded in February 2022. Click HERE to read […]
More States Adopt Reg BI-Compatible Annuity Sales Standards
{March 8th, 2023} by Allison Bell
Georgia, Illinois and Tennessee have adopted an annuity sales standard update developed by the National Association of Insurance Commissioners. The states adopted revisions to the Suitability in Annuity Transactions through regulation changes. Click HERE to read the full story via ThinkAdvisor
MassMutual Consumer Spending & Saving Index: Is Optimism Replacing Fear as Americans Navigate Today’s Economy?
{March 8th, 2023} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–In contrast to last quarter, ongoing uncertainty about the trajectory of the U.S. economy has not dampened many Americans’ optimism about their financial futures despite rising interest rates, persistent inflation, and stock market volatility according to this quarter’s Consumer Spending & Saving Index from Massachusetts Mutual Life Insurance Company (MassMutual). Most notably: Americans are less concerned […]
Symetra Wins Silver Stevie® Award for Sales & Customer Service
{March 8th, 2023} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra has received a Silver Stevie® Award in the “Inside or Telesales Team of the Year” category in the 17th annual Stevie Awards for Sales & Customer Service. The Stevie Awards for Sales & Customer Service are the world’s top honors for customer service, contact center, business development and sales professionals. The 2023 winners […]
AM Best Comments on Credit Ratings of Certain Group 1001 Insurance Holdings, LLC Subsidiaries Following Ransomware Attack
{March 8th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of certain Group 1001 Insurance Holdings, LLC’s rated subsidiaries remain unchanged following the parent company’s disclosure that it sustained a cybersecurity attack that caused a network disruption and impacted certain systems. According to the company, the following subsidiaries experienced system interruptions but are now back […]
What Annuity Issuers Are Saying About Cash and Capital Now
{March 8th, 2023} by Allison Bell
Some of the big U.S. annuity issuers say they’re trying to get higher returns from the capital spend, but they all say they have plenty of cash and capital. Annuity issuers made a point during recent conference calls with securities analysts of talking about their risk-based capital ratios (RBCs), or capitalization level indicators, and about […]
Corebridge Financial Enhances Advanced Outcomes Annuity with Milliman FRM Structured Funds Sub-Advised by Capital Group
{March 8th, 2023} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial today announced that its Advanced Outcomes Annuity®, a variable annuity featuring structured outcome investments, now includes hedged equity funds managed by Milliman Financial Risk Management (Milliman FRM) and sub-advised by Capital Group, home of the American Funds®. “Our Advanced Outcomes Annuity helps financial professionals take action for their clients as they seek […]
Only 2% of Americans Can Identify Financial Solutions With Tax Advantages, Despite One-Third Wanting to Prioritize These Investments
{March 7th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–As consumers focus on filing their taxes and spending those returns, a new study reveals a need for increased awareness around tax-efficient financial strategies. Lincoln Financial Group’s Consumer Sentiment Tracker reports that only 2% of Americans can correctly identify financial solutions with tax advantages, despite one in three saying they prioritize investments that would help […]
Women & Income, online seminar project
{March 7th, 2023} by Sheryl J. Moore
Are you a female financial advisor that helps to address the unique challenges women face as they plan for long-term retirement security? My friend David Macchia is working on an online educational seminar project and could use your help. Please feel free to reach out to David, directly, if you are interested.
Equitable Enhances Market Leading Buffered Annuity Suite
{March 7th, 2023} by Equitable
Introduces new investment features that help clients face a challenging market with confidence. First-of-its-kind investment feature continues the company’s track record of innovation February 28, 2023 Media Contacts: Abby Aylman Cohen (212) 314-2010 mediarelations@equitable.com NEW YORK – February 28, 2023 – Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced enhancements […]
No Hibernation for Issuers of Index-Linked Variable Annuities and Index Universal Life
{March 7th, 2023} by Carlton Fields, Ann Young Black, Jordan Luczaj
After a blustery fall, the NAIC’s Life Actuarial (A) Task Force (LATF) adopted the following at its December 2022 meeting: Actuarial Guideline LIV – Nonforfeiture Requirements for Index-Linked Variable Annuity Products (ILVA AG 54), and Revisions to Actuarial Guideline XLIX-A – The Application of Life Illustrations Model Regulation to Policies with Index-Based Interest Sold on or […]
2023 Global Insurance Symposium Announces Event Headliners
{March 7th, 2023} by Global Insurance Symposium
– April 18-20 event theme is “Thriving in a Changing World” – DES MOINES, Iowa, March 03, 2023 (GLOBE NEWSWIRE) — International leaders in insurance, technology and government will convene at the 2023 Global Insurance Symposium, to be held in Des Moines, Iowa, on April 18-20. The Symposium’s speakers and panelists will offer industry-shaping insights […]
GLWB Economics: Are GLWBs Even A Good Thing?
{March 7th, 2023} by Charlie Gipple
This article is somewhat of a meshing of my last couple of monthly columns. In one article I discussed the economics and the “internal rates of return” by delaying your Social Security benefits. In another article I discussed indexed annuity GLWBs versus the old four percent rule. This article is bringing both concepts together—GLWBs and […]
The Truth Behind How Annuity Companies Make Money
{March 7th, 2023} by Kyle Tomko
The insurance industry has long been considered a black box, shrouded in secrecy, with endless (negative) connotations around carriers being a scam or even a rip off. Let’s be honest, we’ve all had a bad experience with reporting a claim or dealing with outlandish hold times and or customer service. Worst part yet, this experience […]
2023 Life Insurance Industry Trends
{March 7th, 2023} by John Thornton
To borrow from Bob Dylan, for life insurance carriers, brokerage general agencies (BGAs), brokers and agents, The times, they are a-changin. Based on the research and findings of leading business consulting groups, research firms, industry associations and insiders, the past few years have ushered in new industry dynamics reflected in many trends already underway in 2022 […]
Annuity Issuer Parent Company Fights Ransomware Attack
{March 7th, 2023} by Allison Bell
Group 1001 is fighting back against ransomware attackers. The Zionsville, Indiana-based parent of Delaware Life, Clear Spring Life and other annuity issuers announced Wednesday that after discovering ransomware infiltration on Feb. 9, it called the FBI and has hired outside experts to help it investigate the attack. Click HERE to read the full story via […]
Equitable Updates a RILA Family
{March 7th, 2023} by Allison Bell
Equitable has added some protection against market volatility to its Structured Capital Strategies Plus 21 and Structured Capital Strategies registered index-linked annuities. One of the new features, Loss Limiter, can keep a client from losing more than 5% or 10% of investment value due to a market downturn. Click HERE to read the full story […]
New $400M Team to Invest in Insurance Company Debt
{March 7th, 2023} by Allison Bell
An asset manager is teaming up with a big annuity issuer to lend money to borrowers in the insurance industry. The asset manager, Hudson Structured Capital Management, will use $400 million from Security Benefit Life Insurance Company to start the effort, the HSCM Insurance Credit Strategy. Click HERE to read the full story via ThinkAdvisor
Matt Berman Named President, Foresters Financial US and Canada
{March 7th, 2023} by The Independent Order of Foresters
TORONTO, March 1, 2023 /PRNewswire/ – Foresters Financial™ (Foresters), the fraternal life insurer that’s boldly redefining the life insurance industry through innovation, purpose and wellness, today announced the appointment of Matt Berman as President, Foresters Financial US and Canada, effective immediately. Previously, Mr. Berman held the position of President, Foresters Financial US. Earlier, he served as Chief Distribution Officer and President […]
Kansas City Life Announces Fourth Quarter 2022 Results
{March 7th, 2023} by Kansas City Life Insurance Company
KANSAS CITY, Mo., March 6, 2023 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $17.3 million or $1.79 per share in the fourth quarter of 2022 compared to net income of $13.1 million or $1.36 per share in the fourth quarter of 2021. Net loss totaled $16.2 million or $1.67 per share for the year ended December 31, 2022, compared to net income of $10.7 million or $1.11 per share […]
Nationwide reports 2022 record sales and growth amid challenging conditions
{March 7th, 2023} by Nationwide
$57 billion in record sales; $1.4 billion in net operating income in 2022 Nearly $19 billion in claims and benefits paid to customers Maintaining S&P AAA level capital Planning for disciplined growth across financial services, commercial lines and personal lines in 2023 COLUMBUS, Ohio, March 2, 2023 /PRNewswire/ — Nationwide—one of the largest and most diversified insurance and financial services companies in […]
Simplicity and Insurance Designers of America Merge to Offer an Unrivaled Suite of Services
{March 7th, 2023} by Simplicity Group
SUMMIT, N.J., March 2, 2023 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”) today announced that it has acquired Insurance Designers of America (“IDA”), a leading IMO, to offer an unrivaled suite of services. Together, Simplicity and IDA will offer its respective members a market-leading, tech-enabled distribution platform with an unrivalled suite of sales and marketing resources. “We […]
C2P Enterprises Launches ‘A Woman’s Clarity’ Program, Invites Advisors to Special International Women’s Day Event
{March 7th, 2023} by C2P Enterprises
New program helps financial professionals engage female advisors, clients, and prospects through ongoing thought leadership and networking and a newly launched podcast series. CLEVELAND, March 2, 2023 /PRNewswire/ — C2P Enterprises, a holding company comprised of four distinct brands, each designed to simplify financial planning for advisors and their clients, announces the launch of their latest innovative program […]
Group 1001 Insurance Units Resume Full Operations after Ransomware Attack
{March 7th, 2023} by Group 1001
INDIANAPOLIS, March 1, 2023 /PRNewswire/ — Group 1001, Inc. would like to provide an update to our stakeholders concerning recent system interruptions experienced by certain Group 1001 Insurance member companies, including Delaware Life Insurance Company, Delaware Life Insurance Company of New York, Clear Spring Life and Annuity Company, Clear Spring Property and Casualty Company, and our Clear Spring Health […]
AM Best Revises Outlooks to Stable for American Life & Security Corp.
{March 7th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to stable from positive and affirmed 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). The Credit Ratings (ratings) reflect American Life’s balance sheet strength, which AM Best assesses […]
Principal Financial Group Announces 2023 and Long-Term Outlook
{March 7th, 2023} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced its 2023 and long-term financial guidance today. Dan Houston, chairman, president, and CEO, and Deanna Strable, CFO, will provide additional details and take questions along with other members of the Principal executive team during a conference call on March 2, 2023, at 10 a.m. EST. Slides with […]
AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries
{March 7th, 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 of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company. Concurrently, AM Best has affirmed the Long-Term […]
MassMutual Delivers Excellent 2022 Financial Results
{March 7th, 2023} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today reported excellent financial results1 for 2022. Despite a challenging and uncertain economic environment, the company delivered strong sales and operating earnings as well as record levels of capital while making significant progress on its long-term strategy. Financial performance highlights for the year ended December 31, 2022 include: Double-digit […]
Aspire Magazine with Pam Sheehan
{March 7th, 2023} by Aspire Magazine
Hear from Aspire magazine publisher, Pam Sheehan, about the takeaways and content within Aspire’s inaugural issue 👉 https://lnkd.in/eB2bSeqG “What does it take to be successful in insurance and financial services? And, what are the resources you need to stay on top? These are the questions behind the creation of Aspire magazine. With over a million professionals in the independent […]
Life Insurers Boosted Premiums, Now They Are Paying Refunds
{March 7th, 2023} by Leslie Scism
When interest rates fell to near zero after the financial crisis, dozens of life insurers boosted costs for longtime policyholders, seeking to improve results as their investment income fell. Now they are giving partial refunds to tens of thousands of these customers to settle a wave of lawsuits spurred by the increases. Click HERE to […]
Independent Cetera team fighting Avantax ‘trade secret’ lawsuit
{March 7th, 2023} by Tobias Salinger
A simmering legal feud between two of the largest tax-focused wealth management firms underscores the shifting challenges for independent financial advisors who switch brokerages — and the industry’s scrutiny of LinkedIn posts. A previously-unreported lawsuit filed by the parent firm of Avantax Wealth Management cited a LinkedIn post by Brian Stern, the co-founder of Farpointe […]
Interest Rates Are Up. So Is It Time To Buy Annuities?
{March 7th, 2023} by Ben Mattlin
In February, the Federal Reserve raised interest rates for the eighth time in the preceding 12 months—and indicated that more rate hikes may be coming. Consequently, six-month Treasury bonds were yielding slightly less than 5%, while 10-year Treasurys were just under 3.5%. But it was fixed annuities that had some clients and advisors excited. Click […]
Six in ten women believe we are in or approaching a financial crisis
{March 7th, 2023} by Nationwide
Despite widespread concerns, less than half of women investors have a strategy in place to protect their assets from a recession COLUMBUS, Ohio, March 6, 2023 /PRNewswire/ — As ongoing market volatility and uncertainty over the direction of inflation continues, women investors are more fearful of a recession today than they were in 2022, according to Nationwide’s […]
Brooks Tingle Appointed President and CEO of John Hancock in Leadership Succession Plan
{March 7th, 2023} by John Hancock
Marianne Harrison to Retire After Twenty Distinguished Years at Manulife and Five as President and CEO of John Hancock TSX/NYSE/PSE: MFC SEHK: 945 BOSTON, March 3, 2023 /PRNewswire/ — Today, John Hancock, a unit of Manulife (NYSE: MFC), announced that Marianne Harrison has decided to retire after twenty distinguished years with the company and that Brooks Tingle will become President and CEO of John Hancock, […]
North Carolina magnate Greg Lindberg remains free after new charges
{March 7th, 2023} by Winston-Salem Journal (NC)
CHARLOTTE – A North Carolina business magnate remains free after he was indicted on charges he conspired to conduct a massive scheme to deceive insurance regulators and policyholders related to insurance companies that he controlled. Greg E. Lindberg of Durham was ordered released on $100,000 unsecured bond following his initial appearance and arraignment on Thursday before U.S. Magistrate Judge David Keesler in Charlotte, court filings show. Click HERE […]
Insurers staring at higher capital charges for investments in risky CLOs
{March 7th, 2023} by John Hilton
State insurance regulators are taking aim at the capital charges for insurers who invest in riskier collateralized loan obligations (CLOs), concerned that too much policyholder capital is being exposed to risky investments. New proposed rules highlight the divide between private-equity backed insurers, who are much more likely to invest in CLOs, and traditional insurers. Click […]
Jackson National pivoting away from struggling variable annuities
{March 7th, 2023} by John Hilton
Jackson National continued its necessary pivot away from the variable annuities during a dicey fourth quarter for the market leader. VA sales are in a steady slide amid the struggles of the equity markets. Jackson annually ranks No. 1 in VA sales, according to LIMRA sales statistics. But sales are sliding and Jackson President and CEO […]
Simplicity in it for the long haul
{March 7th, 2023} by John Hilton
Marketing firms are changing the business of distribution, said Sheryl Moore, president and CEO of Moore Market Intelligence and Wink Inc. Small- to mid-sized insurance marketing organizations and field marketing organizations are being gobbled up so quickly, it is forcing many to reconsider their plan, she added. “It is hard to compete against an Integrity, […]
A note to Investor.gov
{March 7th, 2023} by Sheryl J. Moore
Hey- U.S. Securities and Exchange Commission! I just had the opportunity to review your content on annuities on your “Investor” website. Click HERE to view Annuities via Investor.gov It isn’t entirely accurate. It is outdated. Do you need help updating it? For example- there is a fourth type of annuity that was developed over a decade […]
Evolving Life And Annuity Sales Platforms
{March 7th, 2023} by Ken Leibow
What’s exciting about 2023 is not just new technology, but the evolution of the platforms we use today to sell life insurance and annuities. Enhancing successful software solution platforms to help advisors sell more insurance continues to be released. Those that may have made the investment last year will see even more return this year. […]
Group 1001 and Andretti Autosport Kick off Women’s History Month at the Firestone Grand Prix of St. Petersburg
{March 7th, 2023} by Group 1001
Branding on the racecar salutes four significant organizations impacting equity in women’s sports at the first NTT INDYCAR SERIES race of the season on March 5 INDIANAPOLIS, March 2, 2023 /PRNewswire/ — NTT INDYCAR SERIES driver Colton Herta will pilot the No. 26 Gainbridge Honda for Andretti Autosport at the season’s first race with a special salute to Women’s History […]
Guardian Introduces SafeGuard360™ Offering Holistic Protection in a Single Solution
{March 1st, 2023} by Guardian
Industry-First Product Includes Life Insurance, Long Term Care and Income Protection Benefits for Lifelong Financial Well-being NEW YORK, Feb. 22, 2023 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) today introduced SafeGuard360™, an innovative solution that offers essential financial protection for consumers in one product. SafeGuard360™ is an industry-first, patent pending product that includes life insurance, long […]
Equitable Enhances Market Leading Buffered Annuity Suite
{March 1st, 2023} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced enhancements to its Structured Capital Strategies PLUS® 21 and Structured Capital Strategies® Income variable and registered index-linked annuities (RILAs). The new enhancements are designed to provide clients with partial protection against market volatility along with the opportunity to capture upside market […]
Older Americans richer than previously thought, Census says
{March 1st, 2023} by Steven A. Morelli
Older Americans may be doing better financially than the U.S. Census thought they were, according to a new analysis the agency recently released. The Census Bureau found that the population overall had higher income and slightly less poverty than previously thought, thanks to a new analysis project, the National Experimental Wellbeing Statistics, or NEWS. The […]
Less Than Half of U.S. Workers Are Aware of the IRS Tax Credit for Eligible Retirement Savers
{March 1st, 2023} by Transamerica Center for Retirement Studies
Transamerica Center for Retirement Studies® Offers Tips on How to Claim the Saver’s Credit LOS ANGELES, Feb. 28, 2023 /PRNewswire/ — Less than half (49%) of U.S. workers are aware of a tax credit that may help them save for retirement and lower their tax bill, according to survey findings from nonprofit Transamerica Center for Retirement Studies® (TCRS). The Saver’s Credit, also […]
John Hancock expands access to Galleri®, GRAIL’s breakthrough cancer screening technology
{March 1st, 2023} by John Hancock
Carrier previously became the first life insurer to offer access to the Galleri test through a pilot in 2022 TSX/NYSE/PSE: MFC SEHK: 945 BOSTON, Feb. 23, 2023 /PRNewswire/ — Today, John Hancock, a unit of Manulife (NYSE: MFC), announced it will expand access to GRAIL’s Galleri® multi-cancer early detection test to eligible life insurance customers participating in the John Hancock Vitality PLUS program, […]
IRI to Push for Annuities as Default Retirement Investment Option in ‘23
{March 1st, 2023} by Alex Ortolani
The Insured Retirement Institute will be focusing advocacy efforts in 2023 in part on eliminating barriers to the inclusion of guaranteed lifetime income annuities in retirement plans as a qualified default investment alternative. The IRI revealed its intentions on Monday in a release of its 2023 Federal Retirement Security Blueprint detailing the advocacy group’s federal legislative […]
Pan-American Life Insurance Group Reports 2022 Financial Results
{March 1st, 2023} by PALIG
NEW ORLEANS–(BUSINESS WIRE)–Pan-American Life Insurance Group (PALIG), a leading provider of life, accident, and health insurance throughout the Americas, announced today financial results for the full year ending December 31, 2022*. In 2022, amid a challenging investment climate, PALIG delivered another year of solid revenue growth and strong operational performance as the impact of the […]
Securian Financial Announces 2022 Results
{March 1st, 2023} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial—a diversified provider of insurance, investment and retirement solutions—announced 2022 results at its recent annual employee meeting. Earnings increased significantly while the company took bold steps to prioritize its most promising growth opportunities and fulfilled its purpose of building secure tomorrows for its customers. “2022 was a successful year for Securian […]
AM Best Revises Outlooks to Negative for Mutual of America Life Insurance Company
{March 1st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). These Credit Ratings (ratings) reflect MofA’s balance sheet strength, which AM Best assesses as very strong, […]
The Standard Partners With Black Insurance Industry Collective to Increase Representation and Accelerate Advancement of Black Professionals
{March 1st, 2023} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–The Standard recently became a founding sponsor of the Black Insurance Industry Collective to increase inclusion and support leadership opportunities for Black employees while also helping positively reshape the future of the insurance industry. “Whether you are a recent college graduate exploring career opportunities in the insurance industry or a mid-level professional seeking opportunities to lead, […]
Jackson Announces Fourth Quarter and Full Year 2022 Results
{March 1st, 2023} by Jackson
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the fourth quarter and full year ended December 31, 2022. Fourth Quarter Highlights Net income (loss) attributable to Jackson Financial Inc. of $(710) million, or $(8.48) per diluted share, including the impact of non-economic hedging results under GAAP accounting Adjusted operating earnings1 of […]
Empower Inspires Americans to Boldly Take on “What’s Next” With New Empower.com Digital Experience, News Site, and Brand Campaign
{March 1st, 2023} by Empower
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Money is a complicated experience for many Americans; in fact, only 34% of Americans report feeling very financially healthy.1 Empower, a leader in financial planning, investing, and advice, is changing that. The company launched a new digital experience at Empower.com, personal finance site and newsletter, The Currency™, to help answer money questions so people can […]
Kuvare Expands Internationally with Three New Reinsurance Transactions; Closed Transaction Count Now Stands At Ten
{March 1st, 2023} by Kuvare
HAMILTON, Bermuda–(BUSINESS WIRE)–Kuvare Holdings (“Kuvare”) is pleased to announce the closing of three additional strategic reinsurance transactions over the past two quarters. These deals bring Kuvare’s total completed reinsurance transactions to ten, and Kuvare now faces seven different highly rated counterparties. These three most recent transactions represent an initial expansion of Kuvare’s reinsurance solutions into […]
Drake University announces $3.15 million philanthropic commitment from Sammons Financial Group
{March 1st, 2023} by Sammons Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Drake University announced today that Sammons Financial Group® has committed $3.15 million to Drake to support the development of the Sammons Intercultural Center and Sammons Plaza, along with support for two scholarship funds that will create a total of 14 endowed scholarships. Beginning in 2024, Drake will use $1.75 million of the Sammons Financial […]
Why Are Fixed Annuities Breaking Sales Records?
{March 1st, 2023} by MassMutual
A new MassMutual study sheds light on why fixed annuities have become so popular with consumers. (Sponsored) Click HERE to view via Rethinking65 Wink’s Note: In a study done by MassMutual, 40% of consumers were unable to identify a fixed annuity. Not surprising. In the same study, financial professionals indicated that only 8% of clients […]
S&P Closes Out Worst Week of 2023
{March 1st, 2023} by Rita Nazareth
Wall Street’s reaction to hotter-than-estimated inflation data suggested growing bets the Federal Reserve has a long ways to go in its aggressive tightening crusade, making the odds of a soft landing look slimmer. A 1.1% slide in the S&P 500 Friday extended its weekly rout — the worst in 2023. The tech-heavy Nasdaq 100 sank […]
3 Annuity Rule Changes on IRI’s New Wish List
{March 1st, 2023} by Allison Bell
The Insured Retirement Institute has an idea for helping clients move individual retirement account money into more interesting income annuities. IRI also has ideas for building annuitization options into 401(k) plans and other employer-sponsored defined contribution retirement plans. Click HERE to read the full story via ThinkAdvisor
Regulators Say Rising Rates Could Ding Life Insurers’ Mortgage Investments
{March 1st, 2023} by Allison Bell
Higher interest rates should improve yields on new mortgages and mortgage-backed securities, but they could hurt the value of mortgages and mortgage-backed securities already in life insurers’ investment portfolios. Jennifer Johnson and Michele Wong, analysts at the National Association of Insurance Commissioners’ Capital Markets Bureau, gave that assessment in a new analysis of the impact […]
New Life Policy Can Protect Against Disability and Long-Term Care Risk
{March 1st, 2023} by Allison Bell
The Guardian Life Insurance Company of America has come out with a package that combines three different types of coverage. The company’s new SafeGuard360 product is designed to pay benefits when an insured dies; when a younger insured has a hard time working due to disability; and when an older insured suffers a serious enough […]
Lincoln Financial Caps Executive Severance Benefits
{March 1st, 2023} by Allison Bell
Lincoln Financial has adopted a new cash severance policy for top executives. The life insurer said in a notice filed with the U.S. Securities and Exchange Commission that it will not establish any new severance plan providing cash benefits that exceed 2.99 times the sum of the executive’s base salary and annual bonus opportunity, unless […]
Annuity Winds Might Be Shifting: Nationwide Executive
{March 1st, 2023} by Allison Bell
Soaring interest rates have been pushing U.S. sales of fixed annuities higher, and a top annuity issuer executive says he thinks conditions are right for a rebound in variable annuity sales later this year. Eric Henderson, president of Nationwide’s annuity unit, said in an email interview that relatively high interest rates could keep fixed annuity […]
“Best Life Insurance Companies…”
{March 1st, 2023} by Sheryl J. Moore
This is weird. I saw that USA TODAY published an “article” on the “Best life insurance companies of 2023.” They have my attention. The third sentence of this piece says, “we analyzed 15 of the leading life insurance companies” in the assessment. Leading life insurance companies, based on what? Later on, another reference, “life insurance experts evaluated […]
HSCM Bermuda Launches Insurance Credit Strategy with $400 Million Capital Commitment from Security Benefit
{March 1st, 2023} by HSCM
STAMFORD, Conn.–(BUSINESS WIRE)–Hudson Structured Capital Management Ltd. – conducting its insurance business as HSCM Bermuda (“HSCM Bermuda”) – today announced its launch of the HSCM Insurance Credit Strategy (the “Strategy”). Concurrent with its launch, Security Benefit Life Insurance Company (“SBL”) has, subject to certain conditions, committed $400 million of initial capital to HSCM Bermuda for […]
Insured Retirement Institute seeks to build on SECURE 2.0 wins
{March 1st, 2023} by Mark Schoeff Jr.
The annuity sector trade association is advocating for legislation that would mandate retirement plans for small employers that don’t have them, as well as bills that would increase the use of annuities. Click HERE to read the full story via InvestmentNews
Thomas H. Lee bought RIAs before anyone else
{March 1st, 2023} by Bruce Kelly
Thomas H. Lee, a private investor who bought into the market for RIAs more than a decade ago, well before many of his competitors, died suddenly Thursday. Click HERE to read the full story via InvestmentNews
No surprise here
{March 1st, 2023} by Sheryl Moore
With deferred annuities projected to hit $300 billion in sales for 2022, this will mark a nearly 20% increase from the record hit in 2008. And while final figures won’t be available until after the publication of this article, it’s clear principal protection was a theme in 2022. Click HERE to read the full story […]
What a great lineup!
{March 1st, 2023} by Sheryl J. Moore
Just reading the new Aspire Magazine, by my friend Pam Sheehan. Click HERE to read Aspire! What a great lineup! There is a terrific article on what the “bottom line costs.” I could definitely apply this to MY business! Here my buddy, Bobby Samuelson, makes a compelling argument for why we were proposed an alternative to the AG49-B […]
13 Finance Experts Recommend Tech Tools For Managing Business And Personal Finances
{March 1st, 2023} by Forbes Finance Council
7. LivePlan LivePlan software “helps entrepreneurs and small businesses organize relevant strategy and projection information more concisely.” I use the software for all of my financial projections and cash flow assumptions. The standard system comes at a cost of $20 per month, and it is worth every penny. – Sheryl J. Moore, Wink, Inc. Click HERE to view […]
When Failure Comes Unexpectedly to a Man
{March 1st, 2023} by David Macchia
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. In the final analysis, Dan’s confidence borne of providing good financial advice for 17 years proved meaningless. Marcie’s email absolutely stunned him: Dan, thank you for the 17 years of service you provided to Phil and me. However, now that […]
NAILBA Board of Advisors
{March 1st, 2023} by NAILBA
Interested in serving on the NAILBA Board of Advisors or know someone who should? We’re accepting nominations and applications until FRIDAY 3/3! This is your opportunity to help steer the path of NAILBA. LEARN MORE AND APPLY: https://bit.ly/3KMf42t
#352 The Walls are Closing In on Term Conversions
{March 1st, 2023} by Bobby Samuelson
Wink’s Note: I just got schooled by Steve Cox from Life Innovators. He contends that “the walls are closing in on term conversions.” Specifics to back this claim up? – Restricting conversion privileges to the first few years of the guaranteed premium period; – Restrictive conversion privileges to face amounts about $1M; – Restrictive conversion privileges for […]
12 Best & Worst Broker-Dealers: Q4 Earnings, 2022
{March 1st, 2023} by Janet Levaux
Broker-dealers reported mixed earnings for the final quarter of 2022, with an equal number posting year-over-year growth and declines in corporate profits. But while one large BD saw its profits drop over 65%, another knocked it out of the park with an earnings jump of nearly 200%. Speaking about the conditions affecting banks and other […]
Considering Annuities? How to Find the Right One for You
{March 1st, 2023} by Bradley Rosen
An annuity can help protect your retirement savings from threats such as sequence of returns risk from market volatility, longevity risks from outliving your money and inflation risks through the use of a guaranteed growth feature. Annuities come with dozens of customizable features, but careful planning and reflection on your personal goals for retirement can […]
This article made me sad for several reasons
{March 1st, 2023} by Sheryl J. Moore
This article, 3 REASONS YOU SHOULDN’T INVEST IN ANNUITIES made me sad. For several reasons. First, I cannot IMAGINE someone being sold an annuity that only yields 2% annually- especially “a few years later” than 2002? If that were truly the case, it HAD to be a very short-term product. That said, the commission would […]
Canvas Annuity Announces Launch of Multi-Year Guarantee Annuities in California
{March 1st, 2023} by Canvas Annuity
Product Features Unique “Buy Direct” Model and 6.25% 7-year Rate SCOTTSDALE, Ariz., Feb. 28, 2023 /PRNewswire/ — Canvas Annuity, a distribution affiliate of Puritan Life Insurance Company of America (Puritan Life), has announced the availability of their Future and Flex Fund multi-year guarantee (MYGA) fixed annuities in the state of California. Californians seeking high, guaranteed rates of return […]
The Savage Truth: These annuities have gotten more popular, and with good reason
{March 1st, 2023} by Terry Savage
Although I have previously warned against many annuities, with good reason, this column will focus on one type of annuity that might serve a very good short-term purpose in your financial plan. Click HERE to view the full story via Buffalo News Wink’s Note: It looks like Terry Savage may be warming-up to annuities! **Has […]
Salt Financial and MSCI Announce Strategic Collaboration to Develop Volatility-Controlled Index Solutions
{March 1st, 2023} by Salt Financial
GREENWICH, Conn., Feb. 15, 2023 /PRNewswire/ — Salt Financial today announced a collaboration with MSCI Inc. (NYSE: MSCI) to create risk-controlled index solutions for insurance companies. The cooperation is expected to provide insurance companies and their clients with a new way to leverage MSCI’s 50 years of expertise in investment research and index construction using Salt’s patent-pending truVol® […]
Northwestern Mutual revenue reaches all-time high at $35B
{March 1st, 2023} by Doug Bailey
In what a top executive humorously quipped “exceptionally boring,” Northwestern Mutual again reported annual record sales, earnings, and dividends for 2022 in a year that saw many of its peers struggle to post mediocre returns. The 166-year-old financial services company said its revenue reached an all-time high or nearly $35 billion for the year, up […]
Helping Black Americans bridge the racial wealth gap
{March 1st, 2023} by Susan Rupe
Alexis Harris’s clients – a couple in their mid-30s – seemed to be on a good path. They wanted to save for their retirement, save for their newborn daughter’s education and build a legacy that would impact their daughter as well as the generations after her. This couple was disciplined about saving and investing. But […]
Women agents and advisors making history in 2023
{March 1st, 2023} by Diane Boyle
With March being Women’s History Month and 2023 ushering in a new Congress, it is a good time to note that the 118th Congress has a record number of women. Women now hold 28% of congressional seats, which is a 59% increase from a decade ago. As our industry is well aware, there have been […]
MassMutual’s Direct Private Investments Team and MassMutual Asset Finance to Transition to Barings
{March 1st, 2023} by Massachusetts Mutual Life Insurance Company and Barings
Move will broaden investment solutions for insurance companies and other institutional investors CHARLOTTE, N.C. and SPRINGFIELD, Mass., Feb. 27, 2023 /PRNewswire/ — Massachusetts Mutual Life Insurance Company (“MassMutual”) and Barings, one of the world’s leading investment managers and subsidiary of MassMutual, today announced plans to transition MassMutual’s Direct Private Investments (“DPI”), a leading fund finance provider, and MassMutual Asset […]
Finseca: 4 Smart Ways to Leverage Your 2023 Tax Return
{March 1st, 2023} by Finseca
WASHINGTON, Feb. 23, 2023 /PRNewswire/ — In a recent study from NerdWallet, 55% of Americans expect a tax refund this year. Your refund check is an excellent opportunity to set yourself up for long-term financial security. Finseca, or FINancial SECurity for All, encourages Americans to consider the following four ideas before spending this year’s refund. 1. Pay off debt. If you’ve got a […]
Newsflash: This does not bode well for the 1035 activity, fellas/ladies.
{February 28th, 2023} by Sheryl J. Moore
Recently I’ve been hearing A LOT of chatter from insurance agents that are replacing a certain indexed annuity, with a surrender charge that extends beyond 15 years. Turns out, the insurance company underwriting this particular annuity has recently slashed their inforce renewal rates/caps/pars. Dramatically. This has put many an insurance agent in the position to […]
Amid Plethora of Indexes, Annuity Buyers Return to the Familiar
{February 22nd, 2023} by Cyril Tuohy
In the third quarter of 2022, for every $100,000 sunk into a fixed-indexed annuity, $44,000, or 44%, went to the S&P 500 Index, according to Wink’s Sales & Market Report. That was up from 32.8% in the third quarter of the previous year. Hybrid indexes, which include volatility-controlled indexes, scooped up 41.4% of premiums, down from 60.1% […]
You can’t publish a headline like “10 Best Annuity Companies In the US” and NOT get my attention.
{February 22nd, 2023} by Sheryl J. Moore
I was all over this one on Yahoo Finance! After all, you can’t publish a headline like “10 Best Annuity Companies In the US” and NOT get my attention. Now, before we you go on to the list of top annuity companies, you have to know the following: 1. The author of this article, Insider Monkey is “a […]
AIG to Create Independent Agency to Serve Wealthiest Clients
{February 22nd, 2023} by Jeff Berman
American International Group said Monday it entered into a binding memorandum of understanding with Stone Point Capital, a private equity firm specializing in investing in businesses within the global financial services sector, to create an independent managing general agency to serve high-net-worth and ultra-high-net-worth markets. AIG’s Private Client Group will shift to the new independent […]
Homesteaders Life Company Enters Strategic Relationship to Distribute Life Insurance Product Through The Beneficiary Liquidity Plan®
{February 22nd, 2023} by Homesteaders
West Des Moines, Iowa — Homesteaders Life Company (“Homesteaders”), a leader in pre-planning life insurance and end-of-life planning, is partnering with Phil Graham, Creator and CEO of the Beneficiary Liquidity Plan (“BLP”) to offer GenBridge, a new life insurance product designed to provide immediate liquidity of funds upon death and flexibility in financing final expenses. “Homesteaders […]
DOL Fiduciary Rollover Guidance Struck Down by Florida Court
{February 22nd, 2023} by Melanie Waddell
A federal court in Tampa, Florida, on Monday struck down the Labor Department’s guidance that declared rollover advice fiduciary advice. The Florida court ruled that Labor’s interpretation of the five-part test setting out who qualifies as a fiduciary under the Employee Retirement Income Security Act was “arbitrary and capricious.” Click HERE to read the full […]
