AmeriLife To Acquire TruChoice Financial Group from Allianz Life Insurance Company of North America
{November 8th, 2022} by AmeriLife
CLEARWATER, Fla. and MINNEAPOLIS | November 07, 2022 03:30 PM Eastern Standard Time AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing, and distributing life and health insurance, annuities and retirement planning solutions, anAdd Newnounced today that it has entered into an agreement to acquire TruChoice Financial Group (“TruChoice”) and its affiliate Inforce Solutions, LLC (“Inforce”), from Allianz Life Insurance […]
Penn Mutual introduces new Survivorship Indexed Universal Life
{November 8th, 2022} by The Penn Mutual LIfe Insurance Company
HORSHAM, Pa., Nov. 2, 2022 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of Survivorship Indexed Universal Life (SIUL), a permanent life insurance product for two people in one policy. The product provides protection and cash value accumulation potential backed by more than 175 years of financial strength. […]
Pacific Life’s Collaboration with Bank of America Introduces a New Lock‐In Feature
{November 8th, 2022} by Pacific Life
NEWPORT BEACH, Calif. — Nov. 1, 2022 — To help address market volatility, Pacific Life recently announced that it has enhanced its Pacific Index Dimensions® fixed indexed annuity. The product now includes five new crediting options linked to the BofA Iris U.S. Sectors Index, two of which can be used with the Index Lock‐In Feature that gives clients […]
Ohio National Announces Structure and Leadership Changes
{November 8th, 2022} by Ohio National Financial Services
Ohio National Financial Services, Inc. to be renamed Constellation Insurance, Inc. Anurag Chandra to be appointed as President and CEO, replacing Barbara Turner who is stepping down following the successful transaction and integration with Constellation Ohio National Financial Services, Inc. (“Ohio National” or “the Company”) today announced that the Company is implementing certain structural […]
AmeriLife acquiring TruChoice to create ‘a force to be reckoned with’
{November 8th, 2022} by John Hilton
Sheryl Moore is founder and CEO of Moore Market Intelligence. The TruChoice acquisition is a major boost for AmeriLife, she said this morning. “Two of the biggest marketing organizations in life insurance just formed a force to be reckoned with,” she said. “It will be interesting to see how many FMOs are left standing when […]
Talcott Financial Group Closes $7 Billion Block Reinsurance Transaction with Guardian
{November 8th, 2022} by Talcott Financial Group
HAMILTON, Bermuda, Nov. 2, 2022 /PRNewswire/ — Talcott Financial Group (“Talcott”), an international life insurance group and the insurance industry’s trusted partner for comprehensive risk solutions, has completed its previously announced reinsurance transaction between its subsidiary, Talcott Resolution Life Insurance Company (“Talcott Resolution”), and The Guardian Insurance & Annuity Company, Inc. (“GIAC”), a wholly owned subsidiary of The Guardian Life […]
Finseca continues collaboration with NAIC’s efforts to increase diversity in marketing, distribution, and access to life insurance products to better promote Financial Security for All
{November 8th, 2022} by Finseca
WASHINGTON, Nov. 2, 2022 /PRNewswire/ — Today, Finseca CEO, Marc Cadin and four members of the financial security profession led a panel discussion with the NAIC Special (EX) Committee about their efforts to increase diversity and address unnecessary burdens placed on the professionals dedicated to providing financial security for millions of Americans. The panel discussion added to the existing […]
Graying Brokerage Industry Prompts Need for Succession Plans: FINRA
{November 8th, 2022} by Melanie Waddell
The Financial Industry Regulatory Authority is encouraging registered representatives to have a succession plan in place to plan for unexpected life events and as more and more brokers are nearing retirement. Brokerage industry demographics indicate that an increasing number of reps are at or approaching traditional retirement age, FINRA states in a just-released Regulatory Notice. […]
Less than half of those surveyed have worked with a financial professional- WHAT AN OPPORTUNITY!
{November 8th, 2022} by Sheryl J. Moore
Holy buckets! Did you know that only 16% of Americans have an LTC plan in place? While “most consumers are unsure of their likelihood of ever needing LTC…it is estimated that almost 70% of individuals over the age of 65 will require a form of long-term care services at some point in their lives.” What a disconnect! […]
No one is fact-checking this stuff, and it comes off as being credible, simply because of the source.
{November 8th, 2022} by Sheryl J. Moore
This is the stuff that makes us look bad, folks. Seriously. If you are going to write like this, keep it to yourself. Click HERE to read Forbes: Why Indexed Universal Life Insurance Might Be New 401(k) It is ludicrous to suggest that an IUL can typically earn 7%, much less to suggest that there […]
Athene Helped Stabilize U.K. Government Bond Market: Apollo Executives
{November 8th, 2022} by Allison Bell
Capital from Athene Holding helped Apollo Global Management stabilize the United Kingdom’s government bond market in October, company executives told securities analysts Wednesday. Scott Kleinman, the New York-based investment company’s co-president, said Apollo spent $1.1 billion to buy about one-third of the assets pension funds and other institutional investors sold last month to come up […]
Global Atlantic Annuity Holders Are Keeping Their Contracts: KKR
{November 8th, 2022} by Allison Bell
A top KKR & Co. executive said the company is happy with the performance of its Global Atlantic life insurance and annuity unit. Robert Lewin, the New York-based private equity firm’s chief financial officer, told securities analysts Tuesday that he sees no signs of credit problems affecting the bonds in Global Atlantic’s investment portfolio, and […]
Older-Age Life Insurance Application Flow Rises
{November 8th, 2022} by Allison Bell
Overall U.S. individual life insurance activity fell in October, but the number of applications coming from people ages 61 and older increased, according to MIB Group. The Braintree, Massachusetts-based life insurance underwriting organization says overall application flow was 5.2% lower last month than in October 2021. Click HERE to read the full story via ThinkAdvisor
5 Cash-Flow Challenges That Might Catch Life Insurers Off Guard
{November 8th, 2022} by Allison Bell
Some life insurers may not understand what rising interest rates and increased market volatility will do to their investment cash flow, an insurance investment expert said last week. Edward Toy, an insurance company financial examiner, said those life insurers have focused mainly on long-term asset adequacy without thinking enough about how much money might be going into […]
Hot Annuities Face SEC Form Reviewers
{November 8th, 2022} by Allison Bell
A Securities and Exchange Commission form reviewer said Thursday that he wants to make sure life insurers give investors a clear picture of how their registered index-linked annuity contracts will work. Michael Kosoff, an attorney on the staff of the SEC’s Division of Investment Management, talked about how that goal affects RILA filing approvals at […]
Lincoln Financial Aims to Rebuild Capital by Changing Sales Mix
{November 8th, 2022} by Allison Bell
Lincoln Financial is counting on agents, advisors and other distributors to help it recover from a $2.6 billion third-quarter net loss, by increasing sales of products that can generate the most profits per dollar of capital. Ellen Cooper, the Radnor, Pennsylvania-based company’s CEO, told securities analysts Thursday that the company plans to increase capital levels by cutting costs […]
Simplicity Welcomes Daly Brokerage as Kelly Daly and Lori Caiaze Join as New Partners
{November 8th, 2022} by Simplicity Group
SUMMIT, N.J., Nov. 2, 2022 /PRNewswire/ — Simplicity Group (“Simplicity”) today announced the acquisition of Connecticut-based Daly Brokerage, which was founded in 1997 by Kelly Daly. Over the last 25 years, Daly Brokerage has established itself as a leading, full-service wholesaling firm dedicated to providing superior service and products in the areas of life, annuity, and long-term care. Together […]
Buckle Up! We Are Going To Create An Indexed Annuity!
{November 8th, 2022} by Charlie Gipple
Get out your financial calculators, spectacles, and your pocket protectors because we are going to have some fun with this column. We are going to create a product. Of course I am being somewhat facetious because there’s much more that goes into “creating a product” than just the numbers, such as: Non-forfeiture requirements, state filing, […]
Simplicity Welcomes Marketing Financial to the Group as Alan Lockhart Joins as Partner
{November 8th, 2022} by Simplicity Group
SUMMIT, N.J., Nov. 3, 2022 /PRNewswire/ — Simplicity Group (“Simplicity”) today announced its 46th acquisition: Springfield, Missouri-based, Marketing Financial. The company, led by Alan Lockhart who becomes a Simplicity Group partner following this transaction, is a full-service wholesaling firm focused on supporting advisors within banks, credit unions and broker-dealers with life insurance, annuities, executive benefits, disability, and long-term care insurance products. […]
Impaired Risk Life Underwriting: Evolving With The Process
{November 8th, 2022} by Robert Goldstone
When asked to write on advances in impaired risk underwriting, I began to question the term “advances.” There are no arguments that technologically we have moved far ahead of where we were 10, 20, and 30 years ago. Ease of application has become a true benefit for the potential insured. It is far easier to […]
Fidelity National Financial, Inc. Announces Increase in Quarterly Cash Dividend
{November 8th, 2022} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Nov. 3, 2022 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) today announced that its Board of Directors has declared an increase in the Company’s quarterly cash dividend, to $0.45 per share, from the previous quarterly cash dividend of $0.44 per share. The dividend will be payable December 30, 2022, to stockholders of record as of December 16, 2022. About Fidelity National Financial, Inc. […]
AM Best Affirms Credit Ratings of Aegon N.V.’s U.S. Subsidiaries
{November 8th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon N.V. (Netherlands) [NYSE: AEG]. Aegon’s U.S. L/H companies are Transamerica Life Insurance Company and Transamerica Financial Life Insurance Company and referred to collectively as Aegon USA […]
Horace Mann reports third-quarter 2022 net income of 33 cents per share and core earnings* of 57 cents
{November 8th, 2022} by Horace Mann
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended September 30, 2022: ($ in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2022 2021 % Change 2022 2021 % Change Total revenues […]
AM Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{November 8th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). These companies represent the key life/health (L/H) insurance subsidiaries of […]
MassMutual Consumer Spending & Saving Index: Inflation and Recession Fears Have Americans Looking for Change
{November 8th, 2022} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Americans are heading into this holiday season increasingly stressed and less optimistic about the economy, according to the latest Consumer Spending & Saving Index from Massachusetts Mutual Life Insurance Company (MassMutual). The financial impacts of inflation and the increasing concern about a recession are continuing to put pressure on Americans’ financing, impacting their optimism and […]
Equitable Holdings Reports Third Quarter 2022 Results
{November 8th, 2022} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2022. “In the tough economic environment, we delivered solid results reporting third quarter Non-GAAP operating earnings of $1.28 per share which, after adjusting for a favorable assumption update in the quarter, […]
Lincoln Financial Group Reports Third Quarter 2022 Results and Declares Quarterly Cash Dividend
{November 8th, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported a net loss for the third quarter of 2022 of $(2.6) billion, or $(15.17) per diluted share available to common stockholders, compared to net income in the third quarter of 2021 of $318 million, or $1.68 per diluted share available to common stockholders. Third quarter adjusted […]
American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend
{November 8th, 2022} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2022 third quarter net earnings of $165 million ($1.93 per share) compared to $219 million ($2.56 per share) in the 2021 third quarter. Net earnings for the 2022 third quarter included after-tax non-core realized losses on securities of $28 million ($0.32 per share loss). By comparison, […]
Ignite by Jackson Helps Young Professionals Explore Careers in Financial Services
{November 8th, 2022} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc. (NYSE: JXN), has developed a premier career exploration program — Ignite by Jackson — to help young professionals learn about opportunities within the financial services industry. Ignite offers hands-on experience across multiple financial disciplines, including banking, insurance and asset management, as well as information […]
Jackson Hosts Legal and Compliance Summit to Increase Access to Annuities
{November 8th, 2022} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc. (NYSE: JXN), held its Legal and Compliance Executive Council on October 27-28, 2022 in Washington, D.C. The goal of the meeting was to promote partnership, collaboration and transparency between distribution, legal and compliance leaders at Jackson and counterparts at more than […]
American Equity Reports Strong Earnings Driven by Continued Execution of AEL 2.0 Strategy with Private Asset Allocation Growing to 18.4%
{November 8th, 2022} 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 on its third quarter 2022 results. These results include improved yields in the investment portfolio through continued ramping of our investment portfolio toward target allocation to privately sourced assets, and continued share repurchase […]
Brighthouse Financial Announces Third Quarter 2022 Results
{November 8th, 2022} 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 third quarter ended September 30, 2022. Third Quarter 2022 Results The company reported a net loss available to shareholders of $702 million in the third quarter of 2022, or $9.82 per diluted share, compared with net […]
Federal Reserve Hikes by 0.75 Point, Signals Slower Increases but Ultimately Higher Rates
{November 8th, 2022} by Nick Timiraos
WASHINGTON—The Federal Reserve lifted interest rates by another 0.75 percentage point to combat inflation and signaled plans to keep raising them, possibly in smaller increments but to higher levels than previously anticipated. The increase approved Wednesday, the Fed’s fourth consecutive 0.75-point rate rise, lifts the central bank’s benchmark federal-funds to a range between 3.75% and 4%. After […]
Despite slammed quarter, Prudential sees brighter future with annuities
{November 8th, 2022} by Steven A. Morelli
Prudential Financial was slammed by losses in the third quarter, but showed growth in fixed annuities and plans to add to its growing stable of indexed variable annuities. “Building upon FlexGuard’s tremendous success, we plan to introduce FlexGuard Life, an indexed variable universal life product, later this month,” said CEO Charles Lowrey in the company’s […]
One Product From Life Insurers That’s Selling Itself Right Now
{November 8th, 2022} by Cyril Tuohy
“Consumers are flocking to fixed and indexed annuities because the yields on certificates of deposit are still abysmal,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “I have multi-year guaranteed annuities that are crediting 4.90% annually, for three years,” she added. “Why would anyone lock into a five-year CD at […]
Equitable rides index-linked annuity sales success to strong 3Q
{November 8th, 2022} by John Hilton
When Equitable came out with the first registered indexed-linked annuity in 2011, the industry gave it the skeptical side eye, an executive recalled. “Everyone looked at us like we had three eyes and two heads or something,” said Robin Raju, chief financial officer. “No one was interested in the product in 2011 and now everyone […]
Retirement planning: How to manage longevity risk and inflation in a volatile market
{November 8th, 2022} by InvestmentNews Create
Financial professionals and their clients have recently been reminded that planning for retirement income means preparing for potential surges in inflation and market downturns, not just the risk of living longer. Click HERE to read the full story via InvestmentNews’ sponsored content by Athene
OK to buy life insurance with intent to resell it, Georgia court rules
{November 7th, 2022} by Steven A. Morelli
It is OK to buy life insurance on yourself with the intent to sell to a third party, according to a Georgia Supreme Court ruling in a case emanating from the HIV viatical era. Even though the $500,000 term policy was purchased fraudulently in the 1990s by someone who did not disclose his HIV-positive status […]
DPL launches referral program to match advisors with annuity-seeking investors
{November 7th, 2022} by DPL Financial Partners
FOR IMMEDIATE RELEASE DPL CONTACT: Greg Joslyn, The Lowe Group greg.joslyn@lowecom.com (414)-376-7275 DPL launches referral program to match advisors with annuity-seeking investors RIA-focused insurance platform responds to inbound inquiries from individuals about commission-free solutions for income, protection LOUISVILLE, KY, Nov. 3, 2021- DPL Financial Partners (“DPL”), the leading insurance platform for registered investment advisors (“RIAs”), […]
Mason Insurance Prepares to Serve More Agents and Consumers by Joining with Integrity
{November 5th, 2022} by Integrity Marketing Group
DALLAS, Nov. 1, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Mason Insurance, an independent agency based out of Colleyville, Texas. As part of the acquisition, Dale Mason, President of Mason Insurance, will become a […]
Would life insurance be available for a $1.9B Powerball winner?
{November 5th, 2022} by John Hilton
Update: Saturday night’s drawing yielded no winners, so the new Powerball jackpot increases to $1.9 billion for Monday night. There might not be enough life insurance available to cover a solo winner of the massive $1.5 billion Powerball jackpot. The next drawing is slated for Saturday night, with $745.9 million available to a single winner […]
CUNA Mutual Group Wins Accolades for Annuities Success
{November 1st, 2022} by CUNA Mutual Group
Industry Recognition from WealthManagement.com, ThinkAdvisor Accompany Recognition in Barron’s Best Annuities List for Fourth Successive Year MADISON, Wis., Oct. 26, 2022 /PRNewswire/ — CUNA Mutual Group’s dedication to improving retirement products, client service and company culture in the insurance and annuity space has earned them recognition from industry platforms. In 2022, the company received placements on Barron’s Best Annuities for Income and […]
LIBRA Insurance Partners and Insurance Designers of America Announce Merger
{October 31st, 2022} by LIBRA Insurance Partners
Companies unite under the LIBRA brand to become the largest independently owned Life Insurance Marketing Organization (IMO) in America BALTIMORE, Oct. 26, 2022 /PRNewswire/ — LIBRA Insurance Partners and Insurance Designers of America, LLC (IDA) announce the merger of the two organizations, creating the largest independently owned life insurance marketing organization (IMO) in the United States. The combined company […]
Equitable Enhances Leading Buffered Annuities as Financial Protection Takes Center Stage in Current Market Environment
{October 31st, 2022} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced updates to two of its market-leading registered index linked annuity (RILA) products. These updates are designed to help financial professionals and their clients manage volatile equity markets and generate lifelong income amid rising inflation and interest rates. Equitable’s […]
Ameriprise Financial Reports Third Quarter 2022 Results
{October 31st, 2022} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q3 2022 Q3 2022 GAAP $4.86 GAAP 47.1% Adjusted Operating $5.24 Adjusted Operating 45.6% Adjusted Operating Ex. Unlocking (2) $6.43 Adjusted Operating Ex. Unlocking (2) 47.9% Third […]
Guaranty Income Life Insurance Company (GILICO) Earns Upgraded AM Best Rating of A- (Excellent)
{October 31st, 2022} by Guaranty Income Life Insurance
BATON ROUGE, La.–(BUSINESS WIRE)–Guaranty Income Life Insurance Company (“GILICO”), a life and annuity affiliate of Kuvare US Holdings, Inc. (Kuvare) headquartered in Baton Rouge, earned an AM Best Financial Strength Rating (FSR) of A- (Excellent), upgraded from B++ (Good). AM best also noted a stable outlook for the GILICO ratings. Kuvare Chief Executive Officer Dhiren […]
Alaska Updates Annuity Sales Standards
{October 31st, 2022} by Allison Bell
Alaska last week became the 29th state to adopt an annuity sales standard update developed by the National Association of Insurance Commissioners. The state’s Division of Insurance will require insurance producers, and insurers selling annuities directly to consumers to act in the best interest of consumers when recommending annuities, as well as verifying that the […]
Kansas City Life Announces Third Quarter 2022 Results
{October 31st, 2022} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 28, 2022 /PRNewswire/ — Kansas City Life Insurance Company recorded net income of $4.3 million or $0.45 per share in the third quarter of 2022 compared to a net loss of $6.0 million or $0.62 per share in the third quarter of 2021. Net income totaled $1.1 million or $0.12 per share in the first nine months of 2022 compared to a net loss of $2.4 […]
Young Americans Seen Failing to Match Baby Boomers’ Wealth Gains
{October 31st, 2022} by Ben Steverman
An epic four-decade boom in housing and stock prices made Baby Boomers the richest generation in US history. A new study shows just how difficult it will be for younger Americans to copy that success. The wealth boom since 1980 widened the gaps between rich and poor and young and old to record levels, the research finds. Click HERE to […]
Secure Lifetime Income Through Secure Act 2.0
{October 31st, 2022} by Tyler Brown
Even during a contentious election year in Washington, Republicans and Democrats can agree on at least two things: retirement policy and a shared enthusiasm for lengthy acronyms. That’s good news for retirement savers, as both chambers of Congress have been quietly working on a bipartisan package of retirement policy reforms they hope to pass later […]
13 Scary Retirement Statistics to Read in the Dark
{October 31st, 2022} by John Manganaro
Every year, advisory firms, retirement plan providers, asset managers and advocacy organizations publish an extensive amount of research assessing the retirement preparedness of the U.S. population. Some of the positive findings shared by industry analysts include a clear commitment to tax-advantaged retirement savings among workers and a broad-based realization that steady participation in the financial […]
Ameriprise Continues to Shift Away From Life and Annuity Guarantees
{October 31st, 2022} by Allison Bell
Interest rates are rising, but Ameriprise Financial is still working to reduce exposure to life insurance and annuity guarantee risk. Jim Cracchiolo, the CEO of the Minneapolis-based company, said Wednesday that he believes the Federal Reserve Board and other central banks will have to continue to increase interest rates to get inflation under control. Click […]
Barred Broker Sentenced to 5 Years for Fraud That Shuttered Life Insurance Firm
{October 31st, 2022} by Jeff Berman
A barred broker was sentenced on Thursday to five years in prison for his role in a scheme to defraud a North Carolina-based life insurance company, according to the Justice Department and court documents. Bradley C. Reifler, 62, of New York caused about $20 million in losses to the company, which led to it being […]
The Real Value of Annuities for Mass Affluent Retirees
{October 31st, 2022} by Jason Fichtner and Michael Finke
Recent research released by Morningstar addresses the potential benefits of annuities in defined contribution (DC) retirement plans. This is a much-needed analysis at an important time when many employers and/or advisors are considering whether to add an annuity to a DC plan. The authors primarily judge the benefit of annuities using a failure rate method, […]
Sales of These Life and Annuity Products Could Surge Next Year
{October 31st, 2022} by Warren S. Hersch
Wink CEO Sheryl Moore anticipates that annuity sales will increase by double digits next year. A key driver for fixed-rate annuities, she noted, is the large “spread,” or difference between rates paid on certificates of deposit and the higher yields offered on annuities. Click HERE to read the full story via Life Annuity Specialist
How carriers can lean on partnerships to innovate with speed
{October 31st, 2022} by Lena Chukho
All life insurance carriers are aware of the consumer’s demand for digital-first experiences, but not every carrier has been able to meet that demand. A lengthy and complicated application process with the added friction from a medical exam isn’t ideal for many digitally native consumers, so insurance companies must reassess their use of technology to […]
Northwestern Mutual Kicks Off 2023 Dividend Announcement Season
{October 31st, 2022} by Allison Bell
Northwestern Mutual says it plans to push up total dividend payments to policyholders next year. The Milwaukee-based life insurer expects to increase the dividend total to $6.8 billion in 2023, or 4.6% more than the $6.5 billion dividend payout for 2022. The dividend interest rate used in the dividend calculations will hold steady at 5%, […]
Northwestern Mutual Study Finds Americans Now Believe They Will Need $1.25 Million for Comfortable Retirement
{October 31st, 2022} by Northwestern Mutual
MILWAUKEE, Oct. 25, 2022 /PRNewswire/ — The latest findings from Northwestern Mutual’s 2022 Planning & Progress Study reveal that U.S. adults aged 18+ anticipate they will need $1.25 million to retire comfortably, a 20% rise since 2021. At the same time, Americans’ average retirement savings has dropped 11% – from $98,800 last year to $86,869 now – while their expected retirement age has risen – […]
Northwestern Mutual to Deliver Record-Breaking $6.8 Billion in Dividends to Policyowners
{October 31st, 2022} by Northwestern Mutual
Annual life insurance payout is close to triple the size of its nearest competitor MILWAUKEE, Oct. 26, 2022 /PRNewswire/ — Northwestern Mutual will once again break its own industry-leading dividend payout record with an expected $6.8 billion to be delivered to its policyowners in 2023. The company has paid a dividend every year for more than 150 years, totaling over $150 billion. […]
World Financial Group Announces Its Virtually Unstoppable Women’s Online Event 2022
{October 31st, 2022} by WFG
JOHNS CREEK, Ga., Oct. 27, 2022 /PRNewswire/ — The third annual Virtually Unstoppable Women’s Conference hosted by World Financial Group Insurance Agency, LLC (WFGIA) offers an exciting opportunity for women and men to hear from top professional entrepreneurs about how to expand their leadership skills and financial knowledge. The virtual event is free and offers guidance to others, whether a current […]
Integrity Further Enhances Agent Development by Acquiring Elevation Sales Coaching
{October 31st, 2022} by Integrity Marketing Group, LLC
DALLAS, Oct. 25, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has entered into an agreement to acquire Elevation Sales Coaching (“Elevation”), based in Wake Forest, North Carolina. As part of the acquisition, Jordan Smith, President of Elevation Sales Coaching, will […]
Fidelity National Financial Announces Third Quarter 2022 Earnings Release and Conference Call
{October 31st, 2022} by Fidelity National Financial, Inc.; FGL Holdings
JACKSONVILLE, Fla., Oct. 25, 2022 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (the “Company”), 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 FNF’s wholly-owned subsidiary, F&G, will release third quarter 2022 earnings after […]
Principal Financial Group® Announces Third Quarter 2022 Results
{October 31st, 2022} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for third quarter 2022. Net income attributable to PFG for third quarter 2022 of $1,385.5 million, including $990.7 million from exited business, compared to $359.9 million for third quarter 2021. Net income per diluted share of $5.50 for third quarter 2022 compared to $1.32 in the prior […]
Inflation Causing Majority of Americans to Stop or Reduce Retirement Savings
{October 31st, 2022} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–The impact of 40-year high inflation is hitting savings accounts as a majority of Americans say they are stopping or reducing retirement savings because of inflation. More than half (54%) of Americans say they have stopped or reduced retirement savings due to inflation, according to the 2022 Q3 Quarterly Market Perceptions Study from Allianz […]
Aristotle Expands Credit Offerings with Acquisition of Pacific Asset Management from Pacific Life
{October 31st, 2022} by Aristotle Capital Management, LLC
LOS ANGELES & NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Aristotle Capital Management, LLC (“Aristotle”), an investment management organization that specializes in equity and fixed income portfolio management for institutional and advisory clients worldwide, and Pacific Life Insurance Company (“Pacific Life”), a leading mutual life insurance company, today jointly announced Aristotle’s planned acquisition of Pacific Life’s third-party credit asset […]
Jackson and Halo Investing Expand Relationship to Increase RIA Access to New Fee-Based Annuity Solutions
{October 31st, 2022} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc. 1 (NYSE: JXN), today announced it has expanded its relationship with Halo Investing (Halo), an award-winning platform for protective investments, to provide registered investment advisors (RIAs) more fee-based options when considering annuities. Jackson began offering RIAs access to fee-based fixed index annuities […]
‘Ugly times’ are pushing record annuity sales. Here’s what you need to know before you buy
{October 31st, 2022} by Greg Iacurci
Consumers are funneling money into annuities as the stock market tanks and higher interest rates raise payouts for buyers. Annuity sales in the third quarter of 2022 approached $80 billion, just edging out the $79.4 billion record set in Q2, according to estimates published by Limra, an insurance industry trade group. Click HERE to view […]
‘Are they all they’re claiming to be?’ What is an IUL, and what do advisers think of them?
{October 31st, 2022} by Alisa Wolfson
Wink’s Note: No, no, NO! On indexed life, it is inaccurate to say that a “portion of the funds are invested in a stock market index.” The purchaser is NEVER invested in the stock market index with these products. Later, an advisor is quoted as saying, “Most people try to get the most insurance for […]
I do think that indexed annuity sales this year will eclipse the 2019 record.
{October 31st, 2022} by Sheryl J. Moore
I really liked this article, Why Fixed Indexed Annuities Are Back by David Blanchett. However, David Blanchett, I am having a little trouble with the suggestion that the “relative appeal of FIAs is going to evolve over time as the market changes,” in the manner that you suggest. Indexed annuities achieved record sales levels of $73.2 […]
Annuity Products – Negotiating A Surrender
{October 31st, 2022} by Burt Snover
There are many opinions among financial industry professionals on why annuity surrender charges exist, how they may be a good thing, and how they may actually enhance product designs. On the flip side, many cynics believe they exist to further gouge a client, or that they represent an additional profit center for the carrier. It […]
Brad Rhodes: Who gets money from your annuity if you die?
{October 31st, 2022} by Staff
Brad Rhodes: Who gets money from your annuity if you die? If you buy an annuity and die, the insurance company keeps your money. We have all seen and heard that broad statement. Is it true? No. Click HERE to read the full story via INN Wink’s Note: While this is true about deferred […]
How To Buy An Annuity
{October 31st, 2022} by John Egan
Many retirees who would benefit from annuities generally avoid them. That’s a shame because Americans tend to underestimate how long they’ll live, and it means they’re missing out on one of the best reasons to choose annuities: longevity insurance. Click HERE to read the full story via Forbes Wink’s Note: really appreciated the […]
LPL sees demand for yield products amid down market
{October 31st, 2022} by Bruce Kelly
LPL Financial Holdings Inc. saw financial advisers and their clients turn to commission-based products that promise yield, including fixed income, annuities and alternative investments, in recent months as equities struggled and anxiety about a U.S. recession permeate the market. Click HERE to read the full story via InvestmentNews Wink’s note: LPL Financial has been […]
54% of Consumers Have Cut Retirement Savings Due to Inflation: Allianz Life
{October 31st, 2022} by Michael S. Fischer
Inflation in the U.S. is taking a toll on consumers and retirement savers, according to Allianz Life’s third-quarter market perceptions study. Fifty-four percent of study participants reported that they have stopped or reduced retirement savings because of inflation, and 43% said rising costs have forced them to dip into their retirement savings. Click HERE to […]
Annuities Continue To Soar In 2022
{October 31st, 2022} by Edward Hayes
Annuities are continuing their record-breaking year. For the second consecutive quarter, these products saw increased sales in LIMRA’s “U.S. Individual Annuity Sales Survey,” reporting $79.6 billion in sales for the third quarter, which represents a 27% increase over a year ago. Click HERE to read the full story via Financial Advisor Wink’s Note: I […]
Apollo Turns to Smaller Firms for Investing Acumen in High-Growth Areas
{October 31st, 2022} by Chris Cumming
Apollo Global Management Inc. is taking an unusual approach to harnessing investing talent outside its traditional areas of expertise: backing smaller private-equity firms. Executives of the New York-based alternative-asset giant, which manages about $515 billion, often emphasize the firm’s cost-conscious approach—a principle of avoiding market bubbles or overpaying for investments. Originally known for snapping up […]
Private Equity’s Pension-Plan Takeovers Face Backlash
{October 31st, 2022} by Chris Cumming
Private equity’s aggressive expansion into the insurance industry is facing pushback from some lawmakers and labor unions, who say that buyout firms take too much risk with investments that back workers’ nest eggs. As low interest rates squeezed insurers over the past decade, private-equity managers moved in to acquire struggling businesses on the cheap. Now, […]
Both Life Insurance and Annuity Customer Satisfaction Decline as Pandemic Fears Wane, J.D. Power Finds
{October 24th, 2022} by JD Power
TROY, Mich.: 13 Oct. 2022 — Individual life insurance and annuity products—with the longest term lengths of long-term investment and insurance products—have created a customer engagement problem. According to the J.D. Power 2022 U.S. Individual Life Insurance StudySM and the J.D. Power 2022 U.S. Individual Annuity Study,SM both released today, customer satisfaction with these products starts declining relatively soon […]
NY Court of Appeals reinstates tough standard for life insurance, annuities
{October 24th, 2022} by John Hilton
The New York State Court of Appeals sided with regulators in a Thursday decision to reinstate the toughest state annuity sales standard in the nation. Regulation 187, passed in 2018 by the New York State Department of Financial Services, requires life insurance and annuity producers to base their sales recommendations on the best interest of […]
Why Are Customers So Unhappy With Life Insurance and Annuities?
{October 24th, 2022} by Michael S. Fischer
Customers’ satisfaction starts to decline relatively soon after they buy individual life insurance and annuity products, according to two new studies from J.D. Power. As a result, there is both a low likelihood that customers will consider buying other insurance and financial services products and a general lack of understanding of products these customers already […]
16 Highest-Paid CEOs in Financial Services
{October 24th, 2022} by Michael S. Fischer
The 15th edition of the Equilar 200, which analyzes pay packages awarded to chief executives at U.S. public companies during fiscal year 2021, showed that median total CEO compensation surged to $23.2 million in 2021, a 29.4% increase from the previous year. The Equilar 200 includes the largest pay packages awarded to CEOs from U.S.-based […]
How DOL’s New Independent Contractor Rule Could Cause Major Headaches for Advisors
{October 24th, 2022} by Jeff Berman
The proposed rule the Labor Department released Oct. 11 that would determine worker classification as either an independent contractor or an employee stands to create a major headache for financial advisors, according to David Bellaire, executive vice president and general counsel for the Financial Services Institute, an advocacy group. The new Labor rule would replace […]
Life insurance lags behind other sectors in adopting behavioral benefits
{October 24th, 2022} by Doug Bailey
Behavioral insurance has found a place in health, auto, and home coverage, but U.S. companies have been relatively slow to apply the dynamics to life insurance. This type of insurance underwrites, prices, and pays out according to a customer’s behavior. Auto insurers use telematics or mobile apps that can reward drivers with lower premiums based […]
Federal Judge OKs $25M Genworth Universal Life Settlement
{October 24th, 2022} by Allison Bell
A federal judge in Richmond, Virginia, approved a $25 million universal life insurance class action at a fairness hearing Monday. Genworth Life and Annuity Company agreed to pay the settlement to about 13,400 policyholders affected by a Genworth move to increase the policyholders’ cost-of-insurance rate in 2019. Genworth Life also agreed not to challenge claimants […]
The greatest
{October 24th, 2022} by Sheryl J. Moore
ANNUITIES: “The greatest retirement product that no one knew about.” – Sheryl J. Moore
If you like stats you’ll enjoy this!
{October 24th, 2022} by Sheryl J. Moore
If you like stats, like I love stats, you will enjoy using the “American Council of Life Insurers – ACLI‘s Life Insurers Fact Book!” This is one of my top secret tools, that I have at my disposal for market research. So many people asking for information that I find in it, that I thought […]
Top New York court revives protections for buyers of annuities, life insurance
{October 24th, 2022} by Barbara Grzincic
(Reuters) – New York’s highest court on Thursday reinstated a 2018 regulation that requires life insurance and annuity producers to base their sales recommendations on the best interest of the consumer, regardless of the adviser’s compensation or other incentives. The New York Court of Appeals – the state’s top court – overturned an intermediate appellate ruling that […]
Market Conditions Create a Fixed Annuity Buying Opportunity
{October 24th, 2022} by Scott Stolz
Fixed annuity sales hit a record $28.7 billion in the second quarter of this year, up 79% over the same quarter of last year, according to LIMRA’s annuity sales estimates. Historically, fixed annuity sales have been highly correlated with 10-year Treasury rates. An accurate prediction of 10-year Treasury rates would lead to an accurate estimate […]
AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries
{October 24th, 2022} by AM Best
LONDON–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd (Zurich) (Switzerland). At the same time, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Zurich (a non-operating holding […]
AM Best Affirms Credit Ratings of Farmers New World Life Insurance Company and Farmers Reinsurance Company
{October 24th, 2022} 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 Farmers New World Life Insurance Company (FNWL) (Bellevue, WA). At the same time, AM Best has affirmed the FSR of A (Excellent) and the Long-Term ICR of “a” (Excellent) of […]
The Standard to Acquire Securian Financial’s Retirement Plan Recordkeeping Business
{October 24th, 2022} by Securian Financial and The Standard
PORTLAND, Ore. & ST. PAUL, Minn.–(BUSINESS WIRE)–Standard Insurance Company (“The Standard”) and Securian Financial Group, Inc. (“Securian Financial”) today announced a definitive agreement under which The Standard will acquire Securian Financial’s retirement recordkeeping business. The acquisition is subject to customary closing conditions and is expected to close this year. The Standard and Securian Financial are […]
Pacific Life Enhances Select Indexed Universal Life Insurance Products by Providing Additional Policyowner Flexibility
{October 24th, 2022} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has added two new uncapped volatility control indexed accounts to select indexed universal life insurance (IUL) products. These indexed accounts are available on certain new and inforce policies and are tied to the BlackRock Endura® Index,1 which uses volatility controls to determine a daily mix of equities and short-term U.S. Treasuries […]
AM Best Upgrades Credit Ratings for Guaranty Income Life Insurance Company; Affirms Credit Ratings of United Life Insurance Company and Lincoln Benefit Life Company
{October 24th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating (FSR) to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” (Excellent) from “bbb+” (Good) of Guaranty Income Life Insurance Company (GILIC) (headquartered in Baton Rouge, LA). In addition, AM Best has affirmed the FSR of A- (Excellent) and the […]
Best’s Review Explores New Hazards and Risks, Rising Interest Rates
{October 24th, 2022} by AM Best
Best’s Review Explores New Hazards and Risks, Rising Interest Rates October 24, 2022 12:05 PM Eastern Daylight Time OLDWICK, N.J.–(BUSINESS WIRE)–Best’s Review has released the following previews of next month’s issue: “Pot, Pans and the Internet” discusses three emerging hazards that should be on the radar for insurers and their customers. “Putting a New Face on Reality: […]
Kansas City Life Declares Quarterly Dividend
{October 24th, 2022} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 24, 2022 /PRNewswire/ — The Board of Directors of Kansas City Life Insurance Company declared a quarterly dividend of $0.14 per share on Oct. 24, 2022. The dividend will be payable on Nov. 9, 2022, to stockholders of record on Nov. 3, 2022. Kansas City Life Insurance Company (OTCQX: KCLI) was established in 1895 and is based in Kansas City, Missouri. The Company’s primary […]
New Transamerica Program Aids Small Businesses in Employee Retirement and Health Savings
{October 24th, 2022} by Transamerica
BALTIMORE , Oct. 13, 2022 /PRNewswire/ — Transamerica is helping small businesses to gain advantages in today’s competitive job market by offering an initiative that encourages employees to save more now for retirement and medical costs. By providing special incentives until the end of the year, the initiative can serve as a magnet for new talent and a […]
Midwest Holding Schedules Conference Call to Review Results from Third Quarter of 2022
{October 24th, 2022} by Midwest Holding Inc
LINCOLN, Neb., Oct. 20, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced plans to host a conference call to discuss its financial and operating results for the third quarter of 2022 on November 15, 2022, at 8:30 a.m. Eastern Time. The Company also plans to post those results on the investor relations section of its website at https://ir.midwestholding.com after […]
Addressing the 5 misconceptions around life insurance
{October 24th, 2022} by Nathan Richardson
Having life insurance provides peace of mind and can help individuals feel financially secure. However, according to research from LIMRA, 41% of Americans say they don’t have sufficient life insurance coverage, and at least 106 million Americans live with a life insurance gap. Here are a few top misconceptions we hear about life insurance and how […]
EVEREST FUNERAL CONCIERGE ANNOUNCES INTERNATIONAL EXPANSION WITH ENTRY INTO UK GROUP LIFE MARKET
{October 23rd, 2022} by Everest
HOUSTON, Oct. 17, 2022 /PRNewswire/ – Funeral planning and concierge service firm Everest announced today a new strategic partnership with MetLife in the UK market. As part of this initial three-year exclusive arrangement, MetLife will offer funeral support services to more than 1.4 million UK employees, via its Group Life insurance arrangements. The partnership marks Everest’s entry […]
TruChoice Hosts Inaugural Discover Conference
{October 23rd, 2022} by TruChoice
MINNEAPOLIS, Oct. 21, 2022 (GLOBE NEWSWIRE) — TruChoice Financial Group, LLC (TruChoice), one of the largest distributors of insurance products in the financial services industry, held its first annual Discover conference Oct. 12-14 at the JW Marriott Minneapolis Mall of America in Bloomington, Minnesota. More than 50 of TruChoice’s financial professionals gathered to discuss best […]
SEC Issues No-Action Letter Regarding Everlake Life Insurance
{October 23rd, 2022} by Targeted News Service
WASHINGTON, Oct. 22 — The Securities and Exchange Commission issued the following no-action letter on Oct. 21, 2022: * * * To: Stephen E. Roth, Eversheds Sutherland (US) LLP Email: steveroth@eversheds-sutherland.com Re: Everlake Life Insurance Company By letter dated October 20, 2022, you request permission under Regulation S-X Sec.3-13 (“Rule 3-13”) for Everlake Life Insurance Company (“ELIC”) to file audited financial statements prepared in accordance with statutory […]
Annuity buyers in a protection mode
{October 23rd, 2022} by John Hilton
As 2022 winds down, one thing is clear in the annuity world: protection is king. LIMRA estimates that annuity sales might hit as high as $85 billion when the third-quarter numbers are finalized — led by protection-focused products, said Todd Giesing, assistant vice president and head of annuity research, Secure Retirement Institute. Giesing moderated a […]
What’s ‘The One Thing’?
{October 18th, 2022} by Wink's Intel Pros
Years ago there was an article, “I Wish I Knew Then: 6 Power Women Share Most Valuable Career Advice” by Moira Forbes. The article had top female leaders, identified as successful at that time, sharing key insights into their careers and were asked “What’s ‘The One Thing’ you wish you would have known when starting […]
Target Premium
{October 17th, 2022} by Sheryl J. Moore
I think I am going to rock your world. (And not in a good way.) Did you know that target premium has nothing to do with the amount of premium needed to fund a UL? And I mean any type of UL- universal life, indexed universal life, or variable universal life contract. Target premium has […]
Both Life Insurance and Annuity Customer Satisfaction Decline as Pandemic Fears Wane, J.D. Power Finds
{October 17th, 2022} by J. D. Powe
TROY, Mich.–(BUSINESS WIRE)–Individual life insurance and annuity products—with the longest term lengths of long-term investment and insurance products—have created a customer engagement problem. According to the J.D. Power 2022 U.S. Individual Life Insurance StudySM and the J.D. Power 2022 U.S. Individual Annuity Study,SM both released today, customer satisfaction with these products starts declining relatively soon after they […]
State regulator group previews possible ‘quick fix’ to IUL illustration issue
{October 17th, 2022} by John Hilton
For now, the group is accepting comments for three weeks on the following three concepts to fix AG 49-A: Bobby Samuelson noted that his proposal actually encompasses the thoughts expressed by several letter writers. Samuelson authored a pair of letters with fellow product intelligence analyst Sheryl Moore. They favor removing the lookback option from calculations. Their letter […]
Booming sales could be even better, Levenson says
{October 17th, 2022} by Steven A. Morelli
Even though life insurance products, especially annuities, are having their best year ever, there is still an enormous demand out there. That is a key theme that LIMRA and LOMA CEO David Levenson planned to focus on in his opening address today at the association’s 2022 annual conference, LIMRA’s first in-person annual since 2019. Click […]
American Equity Schedules Third Quarter 2022 Earnings Release, Conference Call and Webcast
{October 17th, 2022} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that it will release third quarter 2022 earnings and other financial results after the close of market on Monday, November 7, 2022. The third quarter earnings release and financial supplement will be posted on the American Equity IR website at https://ir.american-equity.com/ at that […]
Women double life sales, advisor study finds
{October 17th, 2022} by Steve Morelli
More financial advisors are getting into insurance and women are outpacing men in business growth, both because of a broader scope of services, according to the latest edition of the experienced advisor study conducted by LIMRA and EY. Those are two high-level findings in the study updated from 2018, said Laura Murach, LIMRA and LOMA […]
Uptick in Product Surrenders Has Treasury Team on Alert
{October 17th, 2022} by Allison Bell
The Federal Insurance Office is worrying about product surrenders at life, health and annuity issuers. The FIO, an arm of the U.S. Treasury Department, talks about a big increase in surrenders at the companies in its latest annual report. Surrenders increased 12% between 2020 and 2021, to $363 billion, and surrenders amounted to 52% of […]
Get Ready: FINRA’s New CE Rules Start in January
{October 17th, 2022} by Melanie Waddell
As a part of a revamp of the Financial Industry Regulatory Authority’s continuing education program, broker-dealers and their reps face new CE requirements in January — with courses likely to drill down on the Securities and Exchange Commission’s Regulation Best Interest. Last November, FINRA adopted changes to its CE and registration rules, which included, among […]
FINRA Issues First Reg BI-Related Fine
{October 17th, 2022} by Melanie Waddell
In its first disciplinary move related to Regulation Best Interest, the Financial Industry Regulatory Authority has fined a former registered rep $5,000 and issued a six-month suspension. From July 2020 through November 2021, Charles V. Malico willfully violated Reg BI’s Care Obligation and also violated FINRA Rule 2010 “by recommending a series of transactions in […]
SEC Issues FAQ on Fiduciary DEI Duties
{October 17th, 2022} by Melanie Waddell
The Securities and Exchange Commission released guidance Thursday clarifying an advisor’s fiduciary duty when considering factors relating to diversity, equity and inclusion in selecting or recommending other advisors. The question addressed in the FAQ: “Under its fiduciary duty, may an investment adviser that recommends other investment advisers to or selects other advisers for its clients […]
Barry Ritholtz Warns: Don’t Mix Investing and Identity Politics
{October 17th, 2022} by Dinah Wisenberg Brin
Identity politics and investing don’t mix well, investor Barry Ritholtz warned this week, urging investors not to base their portfolio moves on emotional ideological branding. “Good investing is about future discounted cash flows, behavioral management and having a long-term perspective. It’s not about partisan politics, religious beliefs or any other emotionally driven system separated […]
Uptick in Product Surrenders Has Treasury Team on Alert
{October 17th, 2022} by Allison Bell
The Federal Insurance Office is worrying about product surrenders at life, health and annuity issuers. The FIO, an arm of the U.S. Treasury Department, talks about a big increase in surrenders at the companies in its latest annual report. Click HERE to read the full story via ThinkAdvisor
Resolution Life and Blackstone Announce Strategic Partnership to Grow Leading Global Life Insurance and Annuity Consolidation Business
{October 17th, 2022} by Resolution Life Group and Blackstone
NEW YORK–(BUSINESS WIRE)–Resolution Life and Blackstone (NYSE: BX) today announced a strategic partnership to support the continued growth of Resolution Life, a leading global life and annuity insurance consolidation business. This partnership solidifies Resolution Life’s position as a leader in the multi-trillion-dollar global life and annuity consolidation market by combining Resolution Life’s global liability management […]
Four Generations of Workers Are Preparing for Retirement Amid an Uncertain Future
{October 17th, 2022} by Transamerica Center for Retirement Studies
LOS ANGELES, Oct. 12, 2022 /PRNewswire/ — Seventy-six percent of workers say their life priorities changed as a result of the pandemic, and 56 percent cite saving for retirement as a financial priority, according to Emerging From the COVID-19 Pandemic: Four Generations Prepare for Retirement, a survey report released today by nonprofit Transamerica Center for Retirement Studies® (TCRS) in […]
Burnout high among planners, especially for female financial advisors
{October 17th, 2022} by Tobias Salinger
Financial planners burn out at a high rate from long work hours on a job that spills over into their personal and family time, according to a new study. Women report that they’re going through stress in the workplace from the challenges of working at large firms, according to a study on work-life balance in the planning […]
RIA Leaders 2022: These are the 20 largest fee-only RIAs
{October 17th, 2022} by Tobias Salinger
The biggest fee-only advisory firms in the country manage more than a combined $332 billion in assets, as the industry’s continuing movement toward fiduciary advice fuels their growth. For Financial Planning‘s latest annual RIA Leaders study of registered investment advisors that provide fee-only financial planning services, compliance firm RIA in a Box scraped SEC Form ADV filings to compile a […]
Pass Rate on CFA Level II Exam Remains Below 10-Year Average
{October 17th, 2022} by Alex Padalka
A smaller percentage of people passed the second level of the Chartered Financial Analyst exam this summer than in the previous two exam periods, with several exam centers being affected by Covid-19 restrictions, according to news reports. Of the nearly 16,000 candidates who took the CFA Level II exam in August, only 40% passed, compared […]
The BEST long term care policy is the one that is inforce when you need it!
{October 17th, 2022} by Steadfast Insurance Agency
Which LTC Solution is Best? Sheryl J. Moore and I chatted about this topic. Check it out.
What does ‘the restructuring tsunami’ mean for annuities?
{October 17th, 2022} by Susan Rupe
The emergence of private equity and asset-manager-backed insurance companies is leading to what Conning researchers call “a restructuring tsunami” in the annuity industry. Scott Hawkins, Conning managing director and head of insurance research, described the role of new parties entering the annuity market and the shifting competitive landscape during the American Council of Life Insurers’ […]
The top 4 most common types of investment fraud
{October 17th, 2022} by Wink's Response
Wink’s Response: I didn’t know that annuities were one of the four most common types of investment fraud. I mean, that makes it sound like annuity sales are only as high as they are because of all the fraud that is occurring, right? I also didn’t know that annuities had “high commissions and fees.” I […]
I can’t wait to hear what my people (that’s YOU!) think of this!
{October 17th, 2022} by Sheryl Moore
What do you think? Join in the conversation on LinkedIn HERE.
Let’s try again: What do you think?
{October 17th, 2022} by Sheryl Moore
The last time I asked “what do you think” to a Burt Snover post, I unleashed a firestorm. Let’s try again. What do YOU think? Click HERE to join in the conversation on LinkedIn.
Volatility Controlled Strategies: Just Sizzle or Steak?
{October 17th, 2022} by Charlie Gipple
Wink’s Note: Which is better on an indexed annuity- the S&P 500 capped, or a hybrid index with a participation rate? Charlie Gipple, CFP®, CLU®, ChFC® explains here, why the response is “that depends.” – sjm
10-Year Treasury
{October 17th, 2022} by Sheryl J. Moore
Who knew, when I was bellyaching about the 10-Year Treasury being less than 2.00% at the beginning of this year, that it would more than double by the close of the year? Craziness.
What does ‘the restructuring tsunami’ mean for annuities?
{October 13th, 2022} by Susan Rupe
The emergence of private equity and asset-manager-backed insurance companies is leading to what Conning researchers call “a restructuring tsunami” in the annuity industry. Scott Hawkins, Conning managing director and head of insurance research, described the role of new parties entering the annuity market and the shifting competitive landscape during the American Council of Life Insurers’ […]
SEC’s technical glitch won’t slow rulemaking, experts say
{October 12th, 2022} by Mark Schoeff Jr.
A technical glitch that prevented the Securities and Exchange Commission from receiving some comment letters on several proposals is not expected to slow the pace of rulemaking. Click HERE to read the full story via InvestmentNews
Corebridge Financial Names Terri Fiedler President of Retirement Services Terri Fiedler, President of Retirement Services, Corebridge Financial (Photo: Business Wire)
{October 12th, 2022} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (NYSE: CRBG) today announced that Terri Fiedler has been named President of its Retirement Services business, effective immediately. She will continue to report to Kevin Hogan, Chief Executive Officer, Corebridge Financial. “Terri is a proven leader for Corebridge Financial and across the industry, and she now will bring her commitment to […]
Whittling Down: In 2023, Cuna Mutual Group Prepares to Rebrand and Focus on Middle Market
{October 12th, 2022} by Terrence Dopp
Life insurers spent years chasing the whales: high net worth individuals who could shoulder large policies and might just be in the market for a host of ancillary financial and protection products. But not Robert Trunzo, president and chief executive of Cuna Mutual Group. As he tells it, the company’s bread and butter lies in what […]
AM Best Affirms Credit Ratings of Ohio National Financial Services, Inc. and Its Subsidiaries
{October 12th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of The Ohio National Life Insurance Company (ONLIC) and its wholly owned subsidiary, Ohio National Life Assurance Corporation (together referred to as Ohio National Life Group). These companies are the principal […]
AM Best Assigns Credit Ratings to GCU
{October 12th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to GCU (Beaver, PA). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect GCU’s balance sheet strength, which AM Best assesses as adequate, as well as its strong operating performance, […]
Jackson to Report Third Quarter 2022 Financial Results
{October 12th, 2022} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the third quarter ended September 30, 2022 after market close Wednesday, November 9, 2022. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Thursday, November 10, 2022 at 10 a.m. ET to review […]
AIG to Report Third Quarter 2022 Financial Results on November 1, 2022 and Host Conference Call on November 2, 2022
{October 12th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) will report financial results for the third quarter after the market closes on Tuesday, November 1, 2022. AIG’s press release and financial supplement will be available in the Investors section of AIG’s website at https://www.aig.com. AIG will also host a conference call on Wednesday, November 2, 2022 at […]
Investor and Advisor Recession Concerns Mirror Levels Seen at Height of Pandemic
{October 12th, 2022} by Nationwide
Inflation and volatility deflate retirement confidence, eighth annual Advisor Authority study finds COLUMBUS, Ohio, Oct. 10, 2022 /PRNewswire/ — The current macroeconomic environment has created a stressful situation for investors and advisors, leading to a sharp decrease in their optimism. Just 39% of investors are optimistic about their 12-month financial outlook, a 10-percentage point decrease from last […]
Talcott Financial Group Announces $7 Billion Block Reinsurance Transaction with Guardian
{October 12th, 2022} by Talcott Financial Group
HAMILTON, Bermuda, Oct. 6, 2022 /PRNewswire/ — Talcott Financial Group (“Talcott”), an international life insurance group and the insurance industry’s trusted partner for comprehensive risk solutions, today announced a reinsurance transaction between its subsidiary, Talcott Resolution Life Insurance Company (“Talcott Resolution”), and The Guardian Insurance & Annuity Company, Inc. (“GIAC”), a wholly owned subsidiary of The Guardian […]
FIDELITY NATIONAL FINANCIAL ANNOUNCES RAY MARINE AND DON DUBOIS AS WESTERN OPERATION CO-PRESIDENTS
{October 12th, 2022} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Oct. 4, 2022 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: 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 FNF’s wholly-owned subsidiary, F&G, today announced that Ray Marine and Don DuBois have been named Co-Presidents […]
Senior Market Sales® Acquires Ohio Family of Businesses Spanning 3 Generations
{October 12th, 2022} by Senior Market Sales
Gerber and Associates LLC Will Continue Family Legacy With Insurance and Financial Services OMAHA, Neb., Oct. 4, 2022 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, has acquired a family of full-service insurance businesses in Ohio spanning three generations of the Vic Gerber Sr. family. SMS President Jim Summers said the acquisition preserves the legacy of Gerber and Associates founder Vic […]
Ameritas awards $5,000 Life Lessons scholarship
{October 12th, 2022} by Ameritas
LINCOLN, Neb., Oct. 11, 2022 /PRNewswire/ — In partnership with Life Happens, Ameritas has awarded Damien Duff a $5,000 college scholarship to further his education at Somerset Community College in Somerset, Kentucky, where he is majoring in criminal justice. The Life Lessons scholarship program is designed to encourage college students and college-bound high school seniors to share their personal experiences regarding the importance of life […]
SURVEY: Americans concerned U.S. economy will get worse before it gets better
{October 12th, 2022} by Nationwide
Consumers looking to cut back on insurance coverage aren’t considering financial impact of future losses COLUMBUS, Ohio, Oct. 4, 2022 /PRNewswire/ — Increased interest rates, climbing inflationary costs and a higher cost of living are concerning consumers as they fear a looming recession, leaving them feeling unprepared when it comes to their personal finances. A recent Nationwide Agency Forward […]
Pacific Life and Human API Partner to Further Transform the Life Insurance Buying Experience
{October 12th, 2022} by Pacific Life
October 11, 2022 01:30 PM Eastern Daylight Time NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced a strategic partnership with Human API, a leading electronic health records provider. By incorporating access to electronic health records and attending physician statements through Human API’s platform, applicants can benefit from a more seamless underwriting experience. Pacific Life is focused […]
4% Rule Is Based on Faulty Assumptions, New Paper Argues
{October 12th, 2022} by John Manganaro
The 4% withdrawal rule is one of the most broadly cited retirement planning rules of thumb discussed by retirement advisors and their clients. Defined basically, the rule suggests a given client in retirement should add up all of their investments and simply plan to withdraw 4% of their total wealth during their first year of […]
11 Confusing Annuity Tax Rules Financial Advisors Should Know
{October 12th, 2022} by Emily Holbrook
Annuities, or long-term investment contracts issued by insurance companies, are designed to help protect investors from the risk of outliving their income. There are several types of annuity contracts, each with their own level of risk, payout potential, and associated tax rules. One of the main tax advantages of annuities is they allow investments to […]
Fidelity Readies Annuity Platform for 401(k) Assets
{October 12th, 2022} by John Manganaro
Last November, Fidelity Investments announced plans to create a new retirement income solution called Guaranteed Income Direct, designed to support individuals as they convert a portion of their 401(k) or 403(b) savings into a guaranteed annuity. At the time, Keri Dogan, a senior vice president of retirement solutions at Fidelity, highlighted the nearly 8 million […]
What the Future of Annuities Means for Advisors
{October 12th, 2022} by John Manganaro
While many in the financial planning world are still studying up on the best ways to communicate about and deliver annuities to retirement planning clients, Kelli Hueler, CEO and founder of Hueler Cos., has been working on the challenge for many years. Hueler founded her firm in 1987, and today Hueler Cos. is recognized as […]
Life Insurance Application Flow Slows Again
{October 12th, 2022} by Allison Bell
Inflation, market gloom and a scarcity of life insurance agents cast a shadow over U.S. life insurance application activity in September. Overall application activity was 7.8% lower last month than in September 2021, according to MIB Group’s new U.S. application activity report. Click HERE to read the full story via ThinkAdvisor
DOL Issues New Independent Contractor Rule
{October 12th, 2022} by Melanie Waddell
The Labor Department released Tuesday a proposed rule that would replace the existing 2021 test under the Fair Labor Standards Act used to determine worker classification as either an independent contractor or an employee. The new Labor rule would replace the 2021 rule that went into effect as a result of a ruling in March […]
A shifting credit cycle creates opportunities for insurers
{October 12th, 2022} by Matthew Daly
Monetary policy around the world is changing as many central banks are attempting to tighten financial conditions in order to control rampant inflation. As illustrated below, negative-yielding sovereign debt has seen a nearly 10-fold decline across the globe. The tightening has generated recession fears and market volatility, and has contributed to wider corporate spreads. Click […]
Integrity Expands Insurtech Innovation with Launch of New LeadCENTER Platform
{October 12th, 2022} by Integrity Marketing Group, LLC
DALLAS – OCTOBER 6, 2022 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced the launch of its proprietary new LeadCENTER platform, available exclusively to Integrity Partners and their contracted agents, advisors and agencies. The forward-looking move further illustrates […]
