American Equity Reports Solid Results in line with Expectations
{May 10th, 2022} by American Equity Investment Life Insurance 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 first quarter 2022 results. These results include improved yields in the investment portfolio, continuing implementation of new relationships with “best-in-class” asset originators, and new sales and other operating costs and expenses […]
AIG Reports First Quarter 2022 Results
{May 10th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today reported financial results for the first quarter ended March 31, 2022. AIG Chairman & Chief Executive Officer Peter Zaffino said: “In the first quarter of 2022, AIG delivered excellent results, while simultaneously advancing a number of strategic, operational and financial priorities. I am very pleased with […]
SEC Marketing Rule: What You Need to Know
{May 10th, 2022} by Rita Raagas De Ramos
Registered investment advisor firms have until November 4 to fully comply with the Securities and Exchange Commission’s new marketing rule. The “Marketing Rule” is part of the Investment Advisers Act of 1940. It overhauls and modernizes the SEC’s “Advertising Rule” and “Cash Solicitation Rule” and creates a single rule, according to the Wagner Law Group. Click HERE […]
Michael Finke Explains the Bolt-On Annuity
{May 10th, 2022} by Allison Bell
Clients who hate existing retail annuity investment portfolios can build their own. RetireOne has brought in Michael Finke — a retirement security researcher — to help it explain that this is possible, even for retirement savers who are not billionaires and who do not own lairs on private islands. Finke wrote a “white paper,” or […]
Lincoln Financial Losses Slow With Ebbing Pandemic
{May 10th, 2022} by Steven A. Morelli
Lincoln Financial earnings dropped by more than half year over year in the first quarter, largely because of pandemic-related losses but also a drop in indexed variable annuity sales, which incoming CEO Ellen Cooper said was in line with the carrier’s shift in sales strategy. The company’s earnings totaled $103 million, $0.58 per share, compared […]
Life Sales Ring $200 Billion Bell
{May 10th, 2022} by Steven A. Morelli
Mortality awareness apparently drove a banner year for life insurance in 2021 with the industry selling more than $200 billion in premium for the first time, according to S&P Global. Life premiums popped by nearly 10% over the year, bringing sales to $204.7 billion, according to an S&P Global Market Intelligence analysis of company annual […]
S&P Puts Off Effort to Develop Tougher Life Insurer Grading System
{May 10th, 2022} by Allison Bell
S&P Global Ratings is backing away from a battle with regulators and life insurers over a grading system update. The New York-based rating agency has been trying to adopt new, tougher insurer risk-based capital adequacy criteria, to look harder to see how well any given insurer might perform in dire circumstances. Click HERE to read […]
How to navigate the turbulent stock market depends on when you will retire
{May 10th, 2022} by Claire Ballentine and Suzanne Woolley
You know you’re not supposed to look, but it’s impossible to resist. When stocks are plunging, checking your investment accounts is risky business. The market turbulence is jarring for younger investors, who are used to the idea that stocks always go up. And for those with a bit more experience, watching hard-earned money suddenly disappear […]
Insurers Working Quickly To Address Employee Shortage Crisis
{May 10th, 2022} by John Hilton
Like most industries, insurance is struggling to add employees. In fact, the talent shortage is approaching crisis levels. Insurance unemployment is at 1.5%, said Brad Whatley, managing director of The Jacobson Group, compared to the national 3.6% unemployment rate for all industries. Whatley hosted a session during the annual 2022 Life Insurance Conference last week, […]
5 Annuity Bills in Congress Now
{May 10th, 2022} by Melanie Waddell
Changes to the annuity landscape will likely be ushered in this year with the anticipated passage by the Senate of the Securing a Strong Retirement Act of 2022, or Secure Act 2.0, which would make it easier to use qualified longevity annuity contracts in retirement plans, among other changes. In the meantime, total U.S. annuity […]
Edelman, Nadig Say FINRA Complex Product Ideas Are ‘Unworkable,’ Terrifying
{May 10th, 2022} by Melanie Waddell
The Financial Industry Regulatory Authority’s potential changes to regulation of complex products are “fatally flawed” and “completely unworkable,” according to RIA founder turned crypto evangelist Ric Edelman. As set out in Regulatory Notice 22-08, FINRA could limit retail investor access to many mutual funds, ETFs and closed-end funds, according to Dave Nadig, financial futurist at […]
Transamerica Transforms Annuity and Life Insurance Solutions with Addition of Liza Tyler and Andrew DeMarco
{May 9th, 2022} by Transamerica
Transamerica announces that Liza Tyler has been appointed Head of Annuity Solutions and Andrew DeMarco as Head of Life Solutions for the company’s Individual Solutions division. This new leadership structure is part of Transamerica’s commitment to a broad and resilient product suite for life insurance and annuities, driving growth in a risk-managed and capital efficient […]
The ‘Retirement Income Consortium’ is Born
{May 9th, 2022} by Kerry Pechter
A group of life insurers and asset managers has created a new industry group: the Retirement Income Consortium (RIC). The founding members are AllianceBernstein, Allianz, BlackRock, Income America, Nationwide, Principal Financial Group, Prudential Financial and TIAA-Nuveen. Click HERE to read the full story via RIJ
New York’s ‘shot-across-the-bow’ to PE firms
{May 9th, 2022} by Kerry Pechter
In a message that may have been inspired by Blackstone’s 2021 purchase of a 9.9% equity stake in AIG Life & Retirement, the New York Department of Financial Services issued Insurance Circular Letter No. 5 (2022) on April 19. Click HERE to read the full story via RIJ
Private Equity in the Life/Annuity Biz
{May 9th, 2022} by Kerry Pechter
Private equity (PE) firms or “alt-asset managers,” in the opinions of many, have bestowed heavenly manna on the life/annuity industry during the past decade’s yield-famine. Click HERE to read the full story via RIJ
USAA inked a pair of reinsurance deals in 2021
{May 9th, 2022} by Editorial Staff
USAA Life Insurance Company into two reinsurance arrangements in 2021, with a combined value of about $6 billion, according the Texas-domiciled mutual insurer’s 2021 Annual Statement, filed with the Texas Department of Insurance on February 10, 2022. Click HERE to read the full story via RIJ
Recommending FIAs: Start With The Client’s Objective
{May 9th, 2022} by Rick Wilson
Fixed indexed annuities have become popular financial solutions for advisors to address client goals of safe investment returns and lifetime income. FIAs offer owners the ability to earn higher yields than fixed annuities if the markets perform well, while typically providing some protection against market declines. With the increased popularity of FIAs, insurers have become […]
Growing financial services firm Kuvare opens Des Moines office in East Village, continuing expansion in Iowa
{May 9th, 2022} by Kuvare
DES MOINES, IA — May 3, 2022 — Kuvare today announced the opening of its newest location in the East Village area of Des Moines, Iowa. This office will utilize the region’s exceptional talent to support the continued growth of Kuvare’s life insurance and annuity businesses: Guaranty Income Life Insurance Company (GILICO), United Life Insurance […]
North American adds exclusive Morgan Stanley index to its top fixed annuity products
{May 3rd, 2022} by North American Company for Life and Health Insurance
WEST DES MOINES, Iowa, April 26, 2022 /PRNewswire/ — Annuity customers looking for consistent, positive performance potential can consider a new index offered through North American Company for Life and Health Insurance®, a member company of Sammons Financial Group®. The new financial index is designed by Morgan Stanley and can help today’s annuity customer manage the often shifting economic and market environment facing […]
Chicago-based life and annuity company Kuvare establishes Des Moines office
{May 3rd, 2022} by Joe Gardyasz
Kuvare US Holdings, a Chicago-based annuity and life insurance company with operations in Cedar Rapids, last week opened a Des Moines office and plans to staff the new location with about 50 insurance professionals within the next three years. Kuvare, (rhymes with “O’Hare) was founded in 2015 by Dhiren Jhaveri, a former Sammons Financial Group executive who saw […]
What the Broker-Dealer Industry Looks Like Now, in 5 Charts
{May 3rd, 2022} by Melanie Waddell
The Financial Industry Regulatory Authority released Monday its 2022 Industry Snapshot, the annual statistical report on the brokerage firms, registered representatives and market activity that FINRA oversees. “The securities industry is highly dynamic, and as it evolves, we continue to add new data sets to the FINRA Industry Snapshot to provide visibility into those changes,” said FINRA […]
Ameriprise Celebrates Fed Interest Rate Increases
{May 3rd, 2022} by Allison Bell
Executives at Ameriprise Financial are trying to tell investors how bright the future looks for life and annuity issuers right now while being compassionate about the problems facing the world as a whole. Jim Cracchiolo, the Minneapolis-based company’s CEO, worked to find a balance between concern and optimism Tuesday, when he briefed securities analysts on the company’s first-quarter […]
AM Best Removes From Under Review With Negative Implications and Downgrades Credit Ratings of Prudential Annuities Life Assurance Corporation
{May 3rd, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with negative implications and downgraded the Financial Strength Rating to A (Excellent) from A+ (Superior) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “aa-” (Superior) of Prudential Annuities Life Assurance Corporation (PALAC) (Scottsdale, Arizona). The outlook assigned to these Credit Ratings (ratings) is stable. The […]
Protective Closes on AUL Acquisition, Adds Complementary Product Portfolio to Its Asset Protection Division
{May 3rd, 2022} by Protective
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), is proud to announce that its principal subsidiary, Protective Life Insurance Company, completed the acquisition of leading automotive finance and insurance provider AUL Corp. (“AUL”). The transaction, which was announced on March 21, 2022, allows Protective to offer additional solutions, protect more customers […]
Mutual of America Financial Group Announces Agreement to Acquire Landmark Life Insurance Company
{May 3rd, 2022} by Jamie Johnson
NEW YORK, April 26, 2022 /PRNewswire/ — Mutual of America Financial Group announced today that it has entered into a Stock Purchase Agreement to acquire Landmark Life Insurance Company, a widely licensed Texas life and annuity insurance company (“Landmark Life”). The transaction is expected to close during the third quarter of 2022, subject to customary closing conditions, including regulatory approval. “The […]
The Positives And Negatives Of Fixed Annuities
{May 3rd, 2022} by Harry Stout
As we move through 2022, and given the economic uncertainty they face, aging consumers are becoming more familiar with the great intrinsic value of fixed annuity products (e.g., tax deferral, principal protection, guaranteed income options, unlimited purchase ability, and probate avoidance among others). Consumers are asking more questions about fixed annuities in order to improve […]
A Simple Strategy To Use Life Insurance For Income Protection
{May 3rd, 2022} by Jim Karthaus
As a Marine helicopter pilot, I was the unfortunate witness of too many young families losing a loved one. The pain of sudden death is overwhelming. Our hearts and minds seem to lack the ability to comprehend the magnitude of such loss. Time may heal all wounds, but it is excruciatingly slow at healing the […]
Fidelity National Prepares to Spin Off Part of Annuity Unit
{May 3rd, 2022} by Allison Bell
Fidelity National Financial is preparing to give a 15% stake in its F&G Annuities & Life subsidiary — the unit that holds Fidelity & Guaranty Life Insurance Co. — to its shareholders. Fidelity National is the Jacksonville, Florida-based title insurer that acquired F&G in June 2020. F&G is a Des Moines, Iowa-based life and annuity […]
DOL Plans On Fiduciary Definition Captivate LIMRA Audiences
{May 3rd, 2022} by John Hilton
TAMPA–Opinions are mixed here on whether the Department of Labor will pursue a strict fiduciary standard that would rope in retirement plan sales of insurance products. Officially, it is expected that the DOL will deliver a new fiduciary rule definition any day. Those plans were laid out in a previous department regulatory agenda. “Our expectation […]
‘Fear Of Technology’ Is Gone; Life Insurers Need To Step Up
{May 3rd, 2022} by Doug Bailey
TAMPA, Fla. — When it comes to the acceptance of digital and online technology, the retail banking and P&C industries are as much as three years ahead of life insurers, which have been slow to innovate with new emerging systems and is sorely in need of a reset. That’s the conversation starter that Kartik Sakthivel, […]
Why Advisors Shouldn’t Dismiss Index-Linked Annuities
{May 3rd, 2022} by Michael Finke
Sales of protection-focused annuity products were higher in the fourth quarter of 2021 than the combined total of accumulation and income-focused annuities, according to data from the Secure Retirement Institute. In fact, the sales of [structured annuities*] have led the protection annuity charge with sales more than doubling from $4.3 billion in the second quarter […]
Florida’s financial literacy push is a teaching moment for advisers
{May 3rd, 2022} by Mark Schoeff Jr.
Charlie Fitzgerald and other members of the Florida Financial Planning Association had been trying for years to advance financial literacy in the state. Click HERE to read the full story via InvestmentNews
States where financial literacy is highest in 2022
{May 3rd, 2022} by InvestmentNews
Amid April’s celebration of National Financial Literacy Month, WalletHub has ranked the 50 states and the District of Columbia on their residents’ financial literacy. Click HERE to view the full story via InvestmentNews
Why Advisors Shouldn’t Dismiss Index-Linked Annuities
{May 3rd, 2022} by Michael Finke
Sales of protection-focused annuity products were higher in the fourth quarter of 2021 than the combined total of accumulation and income-focused annuities, according to data from the Secure Retirement Institute. In fact, the sales of registered index-linked annuities (RILAs) have led the protection annuity charge with sales more than doubling from $4.3 billion in the second […]
Reliance Standard
{May 3rd, 2022} by Broker World
Reliance Standard Life Insurance Company has introduced a new annuity product for use by individuals seeking to preserve capital and generate steady returns. The Reliance Accumulator™ is a fixed index annuity product that builds on the success of Reliance Standard’s legacy Keystone Index annuity, which will continue to remain available. The Reliance Accumulator offers five, […]
Long Term Care Annuities: A “Low Friction” LTC Product
{May 3rd, 2022} by Charlie Gipple
As I discuss this particular product type as being a “low friction” long term care sale, I do not want the reader to gather that the main reason to sell it is because it’s a “layup” sale whereas the client will give up value versus a better/higher friction product. After all, I will always work […]
Giving Guaranteed Income A Raise
{May 3rd, 2022} by Michael Yavorsky
The development and use of income riders on fixed index and variable deferred annuity contracts over the last number of years has been widespread. Many consumers are now reaching the age to “turn on the income faucet.” But are these the only income options available for clients with deferred annuities? They are not. A single […]
Kansas City Life Announces First Quarter 2022 Results
{May 3rd, 2022} by Kansas City Life Insurance Company
KANSAS CITY, Mo., April 29, 2022 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $7.7 million or $0.79 per share in the first quarter of 2022 compared to a net loss of $0.7 million or $0.07 per share in the first quarter of 2021. The largest factor in the decline in net income in the first quarter of 2022 compared to […]
Fidelity National Financial Announces First Quarter 2022 Earnings Release and Conference Call
{May 3rd, 2022} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., April 26, 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 first quarter 2022 earnings […]
Simplicity Continues Its Growth Trajectory with the Acquisition of Financial Security Associates and Welcomes Paige Blair as a Partner
{May 3rd, 2022} by Simplicity Group
SUMMIT, N.J., May 2, 2022 /PRNewswire/ — The Simplicity Group (“Simplicity”), one of the nation’s leading financial products distribution businesses, today announced the acquisition of Financial Security Associates (“FSA”), a Raleigh, NC-based firm specializing in life insurance, annuity, and disability income. Founded in 1993 by industry veteran Dwight Carter, FSA has grown from a small regional organization to a […]
New York Life Launches Love Takes Action Podcast Series
{May 3rd, 2022} by New York Life
New York Life Launches Love Takes Action Podcast Series The eight-part pilot delivers rich and compelling audio narratives beginning April 26 April 26, 2022 09:30 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–Today New York Life, America’s largest1 mutual life insurer, launches its inaugural podcast series, Love Takes Action, hosted by actor and writer Ellen Adair. The bi-weekly […]
Market Risks and World Tensions Are Making Americans Pessimistic About the Economy
{May 3rd, 2022} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–As world tensions increase and the stock market continues to be volatile, Americans say they are increasingly pessimistic about the economy and stock market performance. In fact, less than half (47%) say they think the economy will improve in the next year, according to the 2022 Q1 Quarterly Market Perceptions Study* from Allianz Life Insurance […]
Equitable Reinforces Commitment to America’s Teachers During Teacher Appreciation Week
{May 3rd, 2022} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced its 3-year partnership with The Council of Chief State School Officers’ (CCSSO) National Teacher of the Year Program. The program’s 2022 cohort of State Teachers of the Year is comprised of 56 educators from across the country and U.S. territories who teach […]
MassMutual Business Owner Perspectives Study: Lagging Long-Term Planning Impacts for Small Businesses
{May 3rd, 2022} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Still recovering from pandemic-induced challenges, U.S. small businesses are failing to plan for the long term, according to new research from Massachusetts Mutual Life Insurance Company’s (MassMutual) Business Owner Perspectives Study. Of the small businesses that survived the pandemic, most aren’t prepared for another financial shock: Only 36% are experiencing growth and almost […]
Monument Re Has Entered Into a Reinsurance Agreement With Countrywide
{May 3rd, 2022} by Monument Re Limited
HAMILTON, Bermuda–(BUSINESS WIRE)–Monument Re announced that it has entered into a Reinsurance Agreement with Countrywide Assured PLC (“Countrywide”), a subsidiary of Chesnara plc. Manfred Maske, Group CEO of Monument Re, stated that, “It has been a pleasure to work with Chesnara and Countrywide and conclude this annuity reinsurance with Countrywide.” About Monument Re Monument Re […]
Principal Financial Group® Announces First Quarter 2022 Results
{May 3rd, 2022} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for first quarter 2022. Net income attributable to PFG for first quarter 2022 of $376.2 million, compared to $517.1 million for first quarter 2021. Net income per diluted share of $1.43 for first quarter 2022 compared to $1.87 in the prior year quarter. Non-GAAP operating earnings for […]
Lincoln Financial appoints Matthew Grove as Head of Individual Life & Annuities and Lincoln Financial Network
{May 3rd, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) is pleased to announce that Matthew Grove will join the company in July as Executive Vice President, Head of Individual Life & Annuities and Lincoln Financial Network. Grove will be a member of Lincoln’s Senior Management Committee and will report to Ellen Cooper, Lincoln’s CEO-Elect, who will step into […]
AM Best Affirms Credit Ratings of Lincoln National Corporation and Its Subsidiaries
{May 3rd, 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 The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). These companies are the key/life health insurance subsidiaries of […]
AM Best Upgrades Issuer Credit Rating of EquiTrust Life Insurance Company
{May 3rd, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of EquiTrust Life Insurance Company (EquiTrust) (Chicgao, IL). The outlook of the Long-Term ICR has been revised to stable from positive while the outlook of the FSR […]
AM Best Upgrades Issuer Credit Rating of Investors Heritage Life Insurance Company
{May 3rd, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “bbb” (Good) and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Investors Heritage Life Insurance Company (IHLIC) (Frankfort, KY), which is a subsidiary of Aquarian Insurance Holdings LLC (Aquarian). The outlook of these Credit Ratings (ratings) is […]
Janet Yellen Says More Shocks Likely To ‘Challenge The Economy’
{May 3rd, 2022} by Associated Press
WASHINGTON (AP) — Treasury Secretary Janet Yellen said Thursday the global pandemic and Russia’s invasion of Ukraine highlight the possibility of big economic shocks in the future, adding that downturns are “likely to continue to challenge the economy.” Her address at the Brookings Institution looked at lessons learned from economic downturns of the past and […]
RetireOne Partners With Dr. Michael Finke on New Research that Explores the Value of Portfolio Income Insurance
{May 3rd, 2022} by RetireOne
RetireOne Partners With Dr. Michael Finke on New Research that Explores the Value of Portfolio Income Insurance Study explores the benefits of portfolio income insurance and how CDAs may offer better upside potential than a portfolio of bonds or traditional income annuities April 26, 2022 12:08 PM Eastern Daylight Time SAN FRANCISCO–(BUSINESS WIRE)–RetireOne® today released […]
Broker Words—May 2022
{May 3rd, 2022} by Stephen Howard
I think I’ve digressed before about my love for the Farm Bureau robot advisor ads.You know, the ones with a white robot with glasses that looks like a cross between John Lithgow and a George Lucas stormtrooper. My favorite line is where the husband winks and the robot says, “Your ocular cavity is experiencing a […]
Alternative Asset Based Funding For Long Term Care: Long Term Care Life Settlements
{May 3rd, 2022} by Chris Orestis, CSA
Long term care life settlements first emerged in the insurance secondary market 15 years ago as an offshoot of traditional life settlements. An overlooked asset owned by millions of seniors came into focus by care providers, political bodies, Medicaid departments, advisors, and policy owners as the realization that life insurance policies are personal property of […]
Psst… The Secret to Financial Security is Owning Life Insurance
{May 3rd, 2022} by LIMRA and Life Happens
Arlington, Va. and Windsor, Conn., April 25, 2022―According to new findings from the 2022 Insurance Barometer Study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, 2 in 5 parents say they are barely or not at all financially secure. This is increasingly critical, as most households haven’t prepared for the loss of […]
Governor Abbott Announces Teachers Insurance And Annuity Association Corporate Center In Frisco
{May 3rd, 2022} by Governor Greg Abbott
Governor Greg Abbott today announced that the Teachers Insurance and Annuity Association (TIAA) will establish a new corporate center in Frisco, Texas. TIAA is a leading provider of secure retirements and outcome-focused investment solutions. The project will create 2,000 new jobs and nearly $58 million in capital investment. A Texas Enterprise Fund (TEF) grant of […]
Integrity Expands Life Insurance Distribution in Addition of New-Age Relentless Insurance Agency
{May 3rd, 2022} by Integrity Marketing Group
Fast-growing IMO with impeccable reputation for service and support will leverage Integrity’s technology and resources to help agents protect more American families DALLAS, April 26, 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 […]
Liberty Bankers Insurance Group Welcomes New Executive Leader
{May 3rd, 2022} by Liberty Bankers Insurance Group
DALLAS, April 26, 2022 /PRNewswire/ — Liberty Bankers Insurance Group (LBIG), a nationally recognized provider of life, health, and financial products, today announced the addition of Brian Clark as the new executive vice president, chief marketing officer. “Brian comes to us with more than 23 years of experience in the health insurance arena,” said Edward (Marty) Martin, president of LBIG. “At LBIG, […]
I’m Dead. Now What?
{May 3rd, 2022} by Jay Scheiner, JD, CLU
What If? My father passed away seven years ago. He was 93 when he died, but his mind started deteriorating six years before that. Alzheimer’s stealthily stole the essence of who he was, and watching him lose a step here and there was painful for our entire family. We were very close and I miss […]
The Income Annuity is the Constrained Investor’s Life Jacket
{May 3rd, 2022} by David Macchia
Imagine that you have joined some friends for a day of fishing. About two miles offshore, you sense that something is wrong. The small, single engine boat’s handling has changed. There seems to be more drag. The water level is higher than normal. It’s becoming obvious that a serious problem is unfolding. One of your […]
Sunset Life Insurance Company of America Renamed Ibexis Life & Annuity Insurance Company Ahead of New Product Launch
{April 26th, 2022} by Ibexis Life & Annuity Insurance Company
Received A- (Excellent) Rating from AM Best in Advance of Launch NEW YORK, April 25, 2022 /PRNewswire/ — Sunset Life Insurance Company of America (“Sunset Life”) announced today it will be renamed Ibexis Life & Annuity Insurance Company (“Ibexis”) as it relaunches the brand under new leadership and direction. Following the appointment of CEO Nate Gemmiti and a significant capital investment […]
Ibexis Life Hopes to Launch Its First Product by June 30
{April 26th, 2022} by Allison Bell
An insurer backed by Investcorp is moving ahead with efforts to enter the U.S. fixed annuity market. The new annuity market player, Ibexis Life & Annuity Insurance Co., said Monday that it intends to introduce a contract by June 30. Click HERE to read the full story via ThinkAdvisor
We lost a great one, friends.
{April 26th, 2022} by Sheryl J. Moore
Sitting here, mourning the loss of my friend Van Lumbard from TruChoice Financial. My thanks to Brian Peterson for the heads up. We lost a great one, friends. My favorite memory of Van was the very first time I met him. When I introduced myself (at the age of 25) as the nation’s top expert on indexed annuities, he gave […]
TruChoice Mourns Loss of Longtime Ann Arbor Annuity Exchange President, Van A. Lumbard
{April 26th, 2022} by Newswire
Lumbard, 75, was a highly respected 48-year veteran of the insurance industry MINNEAPOLIS – April 19, 2022 – (Newswire.com) TruChoice Financial Group, LLC, announced today that longtime insurance industry leader, Van A. Lumbard, passed away on April 13, 2022, surrounded by family and friends. Lumbard, 75, spent the final 25 years of his distinguished career as the president of […]
AM Best Affirms Credit Ratings of Athene Holding Ltd. and Its Subsidiaries; Assigns Credit Ratings to Athene Annuity Re Ltd.
{April 26th, 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 ICRs) of “a+” (Excellent) of the members of Athene Group (Athene). Athene, which is focused on the pension group annuity, funding agreement, fixed indexed and fixed annuity market segments, is the consolidation of the organization’s […]
AM Best Affirms Credit Ratings of Ameritas Life Insurance Corp. and Its Subsidiary
{April 26th, 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 Ameritas Life Insurance Corp. (Lincoln, NE) and Ameritas Life Insurance Corp. of New York (New York, NY). These insurance entities comprise the life/health operations of Ameritas Mutual Holding Company (all companies are collectively […]
Blackstone Doubles Insurer Assets, Faces Questions About Role
{April 26th, 2022} by Allison Bell
Blackstone loves managing assets for insurers, but it has no interest in assuming a large amount of investment risk itself. Blackstone Executives talked about the skin-in-the-game idea Thursday, during a conference call the company held to go over first-quarter earnings with securities analysts. Click HERE to read the full story via ThinkAdvisor
Insurance Is a People Business: MassMutual’s John Vaccaro
{April 26th, 2022} by Allison Bell
For many Americans who will have the resources to enjoy a comfortable retirement, John Vaccaro’s name could go somewhere in the credits. Vaccaro is head of MassMutual Financial Advisors and CEO of MML Investors Services. The units have built a network that includes about 7,500 career agents and registered representatives. The agents and reps sell […]
Fidelity Launches ‘Gamified’ Educational Metaverse Experience
{April 26th, 2022} by Jeff Berman
Fidelity has launched a new financial educational tool called The Fidelity Stack that it said Thursday uses gamification to teach investors the basics of investing in exchange-traded funds including its new metaverse-themed fund. The Fidelity Metaverse ETF (FMET), announced April 12, is being listed by the firm this week on the Nasdaq Global Market. The […]
AIG Will Do It. So Will Pru, Equitable and Lincoln…
{April 26th, 2022} by Allison Bell
Life and annuity issuers will begin reporting their earnings for the first quarter of this year on Wednesday, when Globe Life posts its results, sometime after 4 p.m. Eastern Daylight Time. Two large, publicly traded health insurers — UnitedHealth Group and Anthem — have already released their earnings. UnitedHealth reported higher net income on higher […]
Life Insurers Are Testing Low-Code and No-Code Programming Systems
{April 26th, 2022} by Allison Bell
Life, health and annuity issuers are hungry for high-tech systems that can reduce their dependence on live-human software developers. Five of the 28 issuers that participated in an Aite-Novarica survey said they had low-code or no-code programming technology pilot projects under way, or were planning pilot projects for that technology, in the fourth quarter of 2021, according […]
Life Insurance Is the Cornerstone of a Sound Financial Plan
{April 26th, 2022} by Brian Swerdlow
For most of us — even those of us involved, in some fashion, with financial services — discussing life insurance ranks right up there with talking about bunion surgery or debating the merits of a high fiber diet. In other words, it’s not that interesting, and there are a ton of things we’d rather be […]
Onetime Summer Intern Takes Over as New York Life CEO
{April 26th, 2022} by Allison Bell
Craig DeSanto has taken over as the CEO of New York Life Insurance — a 177-year-old company that is one of the top issuers of individual life insurance and annuities. DeSanto succeeds Ted Mathas, who will continue to serve as board chairman but give up oversight over company operations. Mathas had been New York Life’s […]
Bond Market Shift Gives Life and Annuity Issuers a Pay Raise
{April 26th, 2022} by Allison Bell
Global market gyrations and the Ukraine conflict are helping increase what U.S. life and annuity issuers earn on their bonds. Life insurers depend heavily on “corporate bond spreads” — the gap between what they pay customers for money, and what they can earn by “lending,” or renting, money to corporations and home buyers. Click HERE […]
Pacific Life’s Whirlwind Month: New Hires, Dropped Products, Layoffs
{April 26th, 2022} by Cyril Tuohy
As one of their first actions, the company’s new leaders decided to kill Pacific PremierCare, a life insurance policy that also pays long-term care benefits. The decision might seem somewhat surprising, as not many companies are exiting the business, according to Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “If anything, hybrid products are […]
Pacific Life to Change Long-Term Care Product Strategy
{April 26th, 2022} by Allison Bell
Pacific Life says it will focus on selling long-term care benefits riders on cash-value life insurance policies, rather than life insurance policies with built-in LTC benefits. The Newport Beach, California-based insurer is discontinuing the sale of Pacific PremierCare Choice whole life policies with LTC benefits. The company is also ending the sale of Pacific PremierCare […]
The Secret To Financial Security? Owning Life Insurance, Survey Says
{April 26th, 2022} by LIMRA
Arlington, Va. and Windsor, Conn., April 25, 2022―According to new findings from the 2022 Insurance Barometer Study, conducted jointly by nonprofit industry trade associations LIMRA and Life Happens, 2 in 5 parents say they are barely or not at all financially secure. This is increasingly critical, as most households haven’t prepared for the loss of a primary wage […]
Selecting The Right Annuity Requires Dialogue & Partnership
{April 26th, 2022} by Matthew Drinkwater
With millions of Americans entering retirement over the next decade, many will benefit from the unique features of annuities. Although the core and defining value of annuities is guaranteed lifetime income, deferred annuity products offer various combinations of downside protection and upside potential. Investors of varying levels of risk tolerance will have an abundance of […]
Kansas City Life Announces Election of Walter E. Bixby as President and Chief Executive Officer
{April 26th, 2022} by Kansas City Life Insurance Company
KANSAS CITY, Mo., April 25, 2022 /PRNewswire/ — Kansas City Life Insurance Company (the “Company”) announced today that the Board of Directors has elected Walter E. “Web” Bixby, LLIF, as President and Chief Executive Officer of Kansas City Life Insurance Company. He is currently also Vice Chairman of the Board of Kansas City Life, President of Old […]
Here’s How the IRS Can Monitor Clients’ Offshore Life, Annuity Arrangements
{April 26th, 2022} by Allison Bell
Investigators at the U.S. Government Accountability Office have come up with a list of federal tax forms and other data sources that could help government agencies track the use of offshore life insurance arrangements. The GAO developed the list in connection with a report on IRS oversight of micro-captive insurers. The report was prepared for […]
Use an Annuity to Solve the Stretch IRA Problem: Idea File
{April 26th, 2022} by Allison Bell
Gary Mettler believes he has discovered a solution to a painful new estate planning problem: the death of the stretch IRA. Mettler — who bills himself as the “Annuity Maestro” — says the new IRS proposed required minimum distribution regulations show that taxpayers can get around the effects of the change by making single-premium immediate […]
Ameriprise Financial Reports First Quarter 2022 Results
{April 26th, 2022} by Ameriprise Financial Inc
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q1 2022 Q1 2022 GAAP $6.55 GAAP 55.9% Adjusted Operating $5.98 Adjusted Operating 49.9% Ameriprise increased its quarterly dividend 11 percent to $1.25 per share First quarter adjusted operating earnings per diluted share was […]
Older Investors Blame Inflation, Low Interest Rates as They Worry About Retirement Income
{April 26th, 2022} by Michael S. Fischer
Sixty-one percent of retirement-age investors in a recent survey believe that low interest rates and rising inflation will make it harder to create a retirement income stream that will last their lifetime, Global Atlantic Financial Group reported this week. A quarter of participants said they are extremely or very concerned about the effect inflation will […]
Integrity Adds Limitless Insurance Services to Offer Compelling New Opportunities for Agents and Agencies
{April 26th, 2022} by Integrity Marketing Group
Arizona-based IMO with strong social media recruiting expertise will use Integrity’s end-to-end platform to provide best-in-class technology, products and resources to agents DALLAS, April 21, 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 […]
Protecting Life Insurance Policies From Going Up In Smoke
{April 26th, 2022} by Forbes Advisor
The majority of Americans would lie about using marijuana, to obtain better life insurance quotes. Those living in the Northeast were found to be most likely to lie when applying for life insurance. Over two thirds (64%) of those living in Northeastern states would hide their marijuana usage, in order to get cheaper life insurance […]
US life/annuity insurers’ revenue up by $35 billion: AM Best
{April 26th, 2022} by Jack Willard
According to a new AM Best report, publicly traded U.S life/annuity insurance companies saw a strong recovery in 2021, with a $35 billion increase in revenue to $297.5 billion. This recovery took place coming on the back of a modest increase in premiums as well as increases in net investment income and realised gains. Click […]
Wink’s demo on What’s New!
{April 25th, 2022} by Wink's Intel Pros
Springtime is synonymous with new life. Keep tabs on newly launched products in the annuity and life insurance industry with the “What’s New” section of our analysis tools, AnnuitySpecs and LifeSpecs. View a brief overview of What’s New: AnnuitySpecs Whats New LifeSpecs Whats New Join us in May for our live quarterly webinar, […]
NAILBA’s Perspectives: Things for clients to consider
{April 19th, 2022} by Sheryl J. Moore
I loved this issue of NAILBA’s “Perspectives” magazine, just because it showed all of the support for the NAILBA CHARITABLE FOUNDATION, and all of the great organizations that we raised money for! However, there is more good stuff in this issue, thanks to Pam Sheehan! I LOVED Tiffany Markarian‘s advice on digital marketing mistakes. Cynthia A. Tidwell‘s message on […]
Remember when there were only 12?
{April 19th, 2022} by Sheryl J. Moore
As a part of my job, I try to take complex indexing methods on indexed insurance products, and describe them in easy-to-understand terms. (Yes, I read sample contracts and try to communicate them in plain language!) I just want to say that I cannot stand low interest rate environments because they result in more complex […]
AIG Life & Retirement Introduces 5-Year Index Annuity for New York
{April 19th, 2022} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a leading provider of annuities, today announced the launch of Power Index 5 NYSM, a 5-year index annuity developed exclusively for New York and the latest addition to The Power Series of Index Annuities®. Power Index 5 NY is issued by The United States Life Insurance Company in the […]
Pacific Life to Discontinue New Sales of Pacific PremierCare Choice and Pacific PremierCare Advantage Life Insurance Products
{April 19th, 2022} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Effective May 2, 2022, Pacific Life’s Pacific PremierCare suite of products will no longer be available for new sales. This includes Pacific PremierCare® Choice one-year, five-year, 10-year, and lifetime premium whole life insurance products with long-term care (LTC) benefits1 and Pacific PremierCare Advantage Universal Life Insurance with Long-Term Care Benefits2 in California. “Pacific Life remains […]
Munich Re Life US Enters Into a Definitive Agreement to Acquire Clareto, a Health Information Exchange That Provides Record Retrieval Services to the Life Insurance Industry
{April 19th, 2022} by Munich Re
NEW YORK–(BUSINESS WIRE)–Munich Re Life US (Munich Re) today announced that it has entered into a definitive agreement to acquire MedVirginia, Inc. d/b/a Clareto, one of the leading medical record retrieval companies for the life insurance industry. Through its partnership with more than 25 health information exchanges (HIEs) and electronic health record (EHR) software vendors, […]
Symetra Introduces Accumulator Ascent IUL
{April 19th, 2022} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra today announced the introduction of a new version of its Accumulator indexed universal life insurance (IUL) product — Symetra Accumulator Ascent IUL. The flexible-premium adjustable life insurance policy with index-linked interest options provides death benefit protection plus policy cash value growth potential that can help with future income needs. “Symetra is committed to […]
Eagle Life Insurance Company® Announces New Indices and Growth Potential Options for FIA Products
{April 19th, 2022} by Eagle Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Eagle Life Insurance Company®, a provider of fixed and fixed index annuities, has announced several enhancements designed to broaden diversification options and boost growth opportunities on its fixed index annuity portfolio. New indices and rider enhance growth, diversification options Eagle Life is adding two new index options and a Performance Rate […]
AIG Names Investment Chief for Corebridge Spinoff
{April 19th, 2022} by Allison Bell
American International Group has picked Sabra Purtill to oversee investments for Corebridge Financial — an AIG spinoff that could come to life with about $256 billion in invested assets. The New York-based insurer is preparing to use Corebridge as the vehicle for turning the AIG Life & Retirement business into a separate company. Click HERE to read […]
Paid-Out Commissions Rose in 2021. But There’s More to the Story.
{April 19th, 2022} by Warren S. Hersch
Wink CEO Sheryl Moore said in an email that the Department of Labor fiduciary rule could affect agent compensation, in particular on sales of tax-qualified annuities offered through employer-sponsored retirement plans. Click HERE to read the full story via LifeAnnuitySpecialist
Oceanview Re Names Stelian Dragan President and Chief Business Development Officer
{April 19th, 2022} by Oceanview Reinsurance Ltd
HAMILTON, Bermuda–(BUSINESS WIRE)–Oceanview Reinsurance Ltd. (“Oceanview Re”), a Bermuda Class E insurance company, today announced that Stelian Dragan has been appointed President and Chief Business Development Officer, effective April 1, 2022. Mr. Dragan is based in Hamilton, Bermuda and will be responsible for directing the business development activities of Oceanview Re. “Stelian is an ideal […]
Protective Furthers its Sustainability Commitment by Establishing a $1.5 Billion Sustainability-Linked Revolving Credit Facility
{April 19th, 2022} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a wholly owned U.S. subsidiary of Dai‑ichi Life Holdings, Inc. (TSE:8750), and its principal subsidiary, Protective Life Insurance Company (together, “Protective”), today announced the recent closing of a five-year, $1.5 billion sustainability-linked revolving credit facility, which replaces its current $1.0 billion revolving credit facility. “At Protective, we are doing our part to […]
American Equity Schedules First Quarter 2022 Earnings Release, Conference Call and Webcast
{April 19th, 2022} by American Equity Life Investment Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that it will release first quarter 2022 earnings and other financial results after the close of market on Wednesday, May 4, 2022. The first quarter earnings release and financial supplement will be posted on the American Equity website at www.american-equity.com at that time. […]
Global Atlantic Investor Outlook Study: Three Out of Five Investors Worry About Retirement Income, Blame Inflation and Low Interest Rates
{April 19th, 2022} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–A study from Global Atlantic Financial Group (Global Atlantic) revealed that three out of five retirement-age investors (61%) believe that low interest rates, combined with rising inflation, will make it harder to create a retirement income stream that will last their lifetimes. In addition, a quarter of participants (24%) said they are extremely or very […]
Craig DeSanto Assumes New York Life Chief Executive Officer Position
{April 19th, 2022} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced that Craig DeSanto has assumed the company’s chief executive officer (CEO) position. Mr. DeSanto was named CEO-elect in November 2021 after serving as a member of New York Life’s Board of Directors since February 2021 and as New York Life’s president, a title he […]
CUNA Mutual Group Reports Record Financials and Exceptional Growth Through 2021
{April 19th, 2022} by CUNA Mutual
MADISON, Wis., April 14, 2022 /PRNewswire/ — CUNA Mutual Group reported record financial performance and exceptional growth in 2021, delivering on the company’s purpose to make brighter financial futures accessible to more consumers. Through outstanding product growth, strategic investments and the largest acquisition in company history, CUNA Mutual Group ended the year with its strongest business and […]
Wisconsin Governor Signs Annuity Suitability Update Bill
{April 19th, 2022} by Allison Bell
Wisconsin has become the 23rd state to adopt the new annuity sales standards created by the National Association of Insurance Commissioners. Gov. Tony Evers, a Democrat, signed S.B. 644 into law Friday. Click HERE to read the full story via ThinkAdvisor
Life Application Activity Cools
{April 19th, 2022} by Allison Bell
U.S. individual life insurance application activity was soft in March when compared with March 2021, according to the new the new MIB life application activity report. The overall level of activity was 7.7% lower last month than in the year-earlier month, MIB says. Click HERE to read the full story via ThinkAdvisor
I Love Annuities and You Should, Too!
{April 19th, 2022} by Sheryl J. Moore
If you have ever wondered why I am so passionate about educating people (specifically) about annuities, listen in. My thanks to Douglas Jones for the opportunity to share my story!
6 Roadblocks Holding Advisors, Clients Back From Annuities
{April 19th, 2022} by Ginger Szala
In 1975, there were just over 311,000 private retirement plans in the United States. Of those, 103,346 were defined benefit, or pension plans, while 207,748 were defined contribution plans, according to statistics from the Employee Benefits Security Administration of the U.S. Department of Labor. In 2019, the total number of private company plans was 733,678. Only […]
Sustainalytics Releases 2021 Annual Review of Pacific Life’s Sustainable Bond Framework
{April 19th, 2022} by Sustainanalytics
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Sustainalytics, which provides high-quality, analytical environmental, social and governance (ESG) research, ratings and data to institutional investors and companies, has released its first annual review of Pacific Life’s Sustainable Bond Framework and $800 million ESG bond issuance from April 2021. Findings from the report include: All proceeds of the $800M ESG bond […]
Aegon publishes agenda for 2022 Annual General Meeting
{April 19th, 2022} by Aegon
The Hague, April 19, 2022 – Today, Aegon N.V. has published the agenda for its Annual General Meeting of Shareholders (AGM) on Tuesday, May 31, 2022. The Executive Board will propose to the AGM that shareholders adopt the Annual Accounts 2021 and approve a final dividend for 2021 of EUR 0.09 per common share, which brings Aegon’s total dividend […]
Financial Independence Group will build $22.3 million campus in Cornelius
{April 19th, 2022} by Newsroom
April 5. Financial Independence Group will build a state-of-the art corporate campus on a five-acre site on Westmoreland Road. The new $22.3 million campus will be home to Financial Independence Group (FIG) and three of its affiliate companies: Alphastar Capital Management, Barnabas Capital, and Independent Property and Casualty Group. The project will result in the […]
Does Your Client Need an Annuity? Here’s a Formula to Help Decide
{April 18th, 2022} by Ginger Szala
As demand for guaranteed income is on the rise these days, advisors might need to be prepared when clients ask about annuities. These products allow clients to invest a lump sum to guarantee a future income stream, insuring against running out of money in retirement. Perhaps the first question from a client is, why bother? […]
Hiring hybrid LTC/life insurance wholesalers?
{April 18th, 2022} by Sheryl J. Moore
Just got wind that an insurance company getting out of the hybrid LTC/life insurance market; the wholesalers received their pink slips. If you are hiring wholesalers and work at an insurance company home office, please comment HERE to get the word out. Thanks!
Is the Attack on Annuities Still Fair?
{April 18th, 2022} by David Stone
Last year, Citywire RIA published an article by Andrew Foerch, “Attack of the Annuities: Should RIAs Reevaluate the Controversial Insurance Product?” The piece offers a balanced analysis of the insurance products by giving voice to both proponents and detractors. Ultimately, he concludes that while annuities are making progress, they’re too controversial for many advisors to […]
Anti-Annuity Advisors Shouldn’t Be in Business, ‘Stan the Annuity Man’ Says
{April 18th, 2022} by Jane Wollman Rusoff
The advisor who tells clients to never consider an annuity is “a fool” and “shouldn’t be in the financial business,” argues Stan Haithcock, otherwise known as Stan the Annuity Man, in an interview with ThinkAdvisor. Such financial advisors are ignoring the fact or not acknowledging that Social Security benefits and pensions are themselves annuities. Click […]
QC-based Royal Neighbors reports record social impact of $20.5 million
{April 18th, 2022} by Jonathan Turner
Royal Neighbors of America, a fraternal benefit society based in Rock Island, reported Tuesday that they delivered $20.5 million in social impact in 2021. A membership organization that offers life insurance and annuity products, Royal Neighbors is driven by its mission of supporting women and serving communities, making social impact the cornerstone of their work, […]
Integrity Partners with Honeycutt Insurance Marketing to Expand Life Insurance Distribution
{April 18th, 2022} by Integrity Marketing Group
DALLAS – APRIL 14, 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 it has entered into an agreement to acquire Honeycutt Insurance Marketing, an independent marketing organization (“IMO”) based in Victorville, California. As part of the acquisition, Tray Honeycutt, […]
Maryland Enhances Protections For Annuity Consumers
{April 18th, 2022} by TNStalk
WASHINGTON, April 12 (TNStalk) — The American Council of Life Insurers issued the following joint statement with two organizations: * * * American Council of Life Insurers (ACLI) President and CEO Susan Neely, National Association of Insurance and Financial Advisors’ (NAIFA) former president and NAIFA MD member Paul Dougherty, and The League of Life and Health Insurers of Maryland Executive Director Matthew Celentano issued the following joint […]
The Standard’s Latest Annuity, Enhanced Choice Index, Provides Performance Potential and Protection
{April 12th, 2022} by The Standard
PORTLAND, Ore.–(BUSINESS WIRE)–Recognizing an increased need for greater flexibility and adaptable options for clients, The Standard announces an expansion of its annuity offerings with the new Enhanced Choice Index (ECI). ECI is a single-premium deferred index annuity that offers features to optimize growth capabilities, including four distinct index interest crediting strategies. “This product series allows The Standard […]
AM Best Removes From Under Review With Developing Implications and Upgrades Credit Ratings of Sunset Life Insurance Company of America
{April 12th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and upgrades the Financial Strength Rating to A- (Excellent) from B++ (Good) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “a-” ((Excellent) from “bbb+” (Good) of Sunset Life Insurance Company of America (Sunset Life) (Kansas City, MO). The outlook assigned to the Credit […]
Maryland Adopts NAIC’s Annuity Sales Standards
{April 12th, 2022} by Allison Bell
Maryland has published the regulatory update in the Maryland Register. NAIFA has predicted that Wisconsin Gov. Tony Evers will sign that state’s bill soon. Hawaii also has a suitability update bill in the pipeline. The Maryland Insurance Administration has completed adoption of the annuity sales standards developed by the National Association of Insurance Commissioners. […]
Top 10 Asset Classes Goldman Sachs Sees on Insurers’ Shopping Lists
{April 12th, 2022} by Allison Bell
The world’s insurers hold about $39 trillion in assets — and now inflation has climbed to the top of their economic worry list. Low interest rates have harried insurer asset managers for years. This year, rates are rising, but so are prices. Goldman Sachs Asset Management looks at insurers’ fears, and the strategies they’re using to manage […]
NAIC Improves Insurance Regulators’ Tracking Tools
{April 12th, 2022} by Allison Bell
Regulators watched carefully to gauge the effects of the COVID-19 pandemic. They are using artificial intelligence tools to identify high-risk insurers. They have also added market conduct tracking tools. The National Association of Insurance Commissioners says it’s developing tools that will help member regulators do a better job of watching insurers. The Kansas City, Missouri-based regulator […]
U.S. Life Insurers Looked Great in 2021: Fitch
{April 12th, 2022} by Allison Bell
COVID-19 led to a big increase in mortality. Net investment income grew more than life insurance claims. This year, an increase in interest rates could help insurers’ investment returns. The COVID-19 pandemic led to a historic spike in U.S. life insurance claims in 2021, but the life insurers’ Fitch Ratings did well. The rating agency […]
The Psychology of Direct-to-Consumer Life Application: Accuracy
{April 12th, 2022} by Peter Hovard
Life insurers need complete, accurate information about an applicant to assess risk. The advisor-led application process may increase the odds of some kinds of application disclosure failures. The direct-to-consumer approach can lead to other types of disclosure failures. Behavioral science is helping life insurers with an important task: confirming that life insurance applicants have disclosed […]
IRI Sees Strong Sales of Plain-Vanilla Fixed Annuities
{April 12th, 2022} by Allison Bell
A new U.S. individual annuity market report shows that sales of plain-vanilla fixed products soared in the fourth quarter of 2021. Sales of book value fixed annuities increased 50% between the fourth quarter of 2020 and the latest quarter, to $6.6 billion, according to the Insured Retirement Institute. A book value annuity is a traditional […]
ETFs and Variable Annuities – A New Marketing Opportunity for ETFs
{April 12th, 2022} by W. Thomas Conner, Nathaniel Segal, Jeremy I. Senderowicz
On Tuesday, March 29, the U.S. House of Representatives passed the “Securing a Strong Retirement Act of 2022,” or, as it is already being called, “Secure 2.0.” Secure 2.0 builds on the important retirement security legislation that Congress passed in 2019 — the “Setting Every Community Up for Retirement Enhancement Act,” or the “Secure Act.” […]
401(k) Investors With Annuities Are Less Likely to Trade
{April 12th, 2022} by David Blanchett
Guaranteed lifetime income, and annuities in particular, commonly are viewed as a way to simplify decisions around generating income in retirement. There are a myriad of assumptions, and uncertainties, related to withdrawing money from a portfolio in retirement. Allocating to products that provide guaranteed lifetime income is one way retirees can ensure that no matter how […]
3 Insurance Stocks Worth Dipping Into During Tough Economic Times
{April 12th, 2022} by INNsider Pro
There were 5,929 insurance companies in the U.S. in 2020, according to the National Association of Insurance Commissioners, including 2,476 property casualty companies, 843 life/annuities companies, 995 health companies, 81 fraternal insurance companies, 62 title insurance companies, 245 risk retention groups and 1,227 others. Click HERE to read the for story via INNsider Pro
Pacific Life Names CFO, Makes Other Moves as Button Takes Helm
{April 12th, 2022} by Aaron Smith
Pacific Life is one of the largest issuers of traditional variable annuities, with $5.58 billion of sales last year, according to the Secure Retirement Institute. It was the biggest seller of indexed universal life insurance for four years in a row, until National Life nabbed the top spot last year, according to market research firm Wink. Click HERE to […]
More Young Adults Are Buying Life Insurance Thanks to the Pandemic—if They Can Get It
{April 12th, 2022} by Francesca Fontana
Before the pandemic, I didn’t think of life insurance as something I needed. Why would I? At the end of 2019, I was 25 years old and newly married. I had no children. The only time I thought about life insurance was when it came up as the killer’s hidden motive in true-crime documentaries. (I watch […]
Take A Second Look At Guarantees
{April 12th, 2022} by Grant Kvalheim
Nobody knows anything,” might have been the downfall of certainty in Hollywood when screenwriter William Goldman wrote it in 1983, but in the financial services industry uncertainty is expected. And we know the best way to manage for uncertainty is to plan for it. If you’re worried about market volatility, you certainly aren’t alone. Today’s […]
Mutual Of Omaha Ranks Highest For Digital User Experience Among Prospective Life Insurance Customers, UserZoom Study Finds
{April 12th, 2022} by UserZoom
First in Series of Benchmarking Reports for 2022 Finds Customer Frustration and Lack of Trust Lead to Missed Revenue, With Some Insurers Still Missing the Mark Key Findings: Trust a key consideration in digital experience design Self Serve functionality is no longer optional, expected Modern functionality (best of breed consumer sites) drives consumer expectations Location […]
Northwestern Mutual Boasts Record Number of Wealth Advisors in New Forbes “Best-In-State” Ranking
{April 12th, 2022} by Northwestern Mutual
MILWAUKEE, April 8, 2022 /PRNewswire/ — Northwestern Mutual announced today that over 100 of its financial advisors – more than ever before – have been listed among the best in their state according to a ranking by Forbes. “Northwestern Mutual’s dedicated and highly skilled financial advisors continue to set new standards and break records in wealth management,” said […]
Financial Independence Group Set to Build New Corporate Headquarters in Cornelius, NC
{April 12th, 2022} by FIG Marketing
CORNELIUS, N.C., April 6, 2022 /PRNewswire/ — Financial Independence Group, LLC (FIG), a leading financial services conglomerate and a staple of the Cornelius, North Carolina community since 1998, will build a modern and elegant building and corporate campus that will be an exciting new community landmark on Westmoreland Road in Cornelius. The company will be moving from its current Cornelius headquarters near […]
The Benefits of RILAs for Gen X Clients
{April 12th, 2022} by Chris Grady
Advisor Perspectives welcomes guest contributions. The views presented here do not necessarily represent those of Advisor Perspectives. According to LIMRA, registered index-linked annuities (RILAs) sales for the first half of 2021 were 105% higher than the same period in 2020. They have maintained a 38% compound annual growth rate since they were introduced over 10 years ago1. What’s […]
Jackson to Report First Quarter 2022 Financial Results
{April 11th, 2022} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc.1 (NYSE: JXN) (Jackson®) will announce financial results for the first quarter ended March 31, 2022 after market close Tuesday, May 10, 2022. Jackson’s press release and supplemental financial materials will be available at investors.jackson.com. Jackson will host a conference call and webcast Wednesday, May 11, 2022 at 10 a.m. ET to review […]
Best’s Special Report: U.S. Life/Annuity Insurers’ Revenues Rebounded in 2021
{April 11th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Publicly traded U.S. life/annuity insurance companies saw a strong recovery in 2021, with net income more than tripling to $32.5 billion in 2021 from the previous year, driven largely by a 13% boost in revenue, according to a new AM Best report. According to the report, the industry saw a $35 billion increase in revenue […]
Lincoln Financial Network Financial Professionals Recognized as Leaders in Diversity and Inclusion
{April 11th, 2022} by Lincoln Financial Group
PHILADELPHIA–(BUSINESS WIRE)–Lincoln Financial Network (LFN), the retail wealth management affiliate of Lincoln Financial Group (NYSE:LNC), announced today that Angela Ribuffo, CFP®, RICP®, ChFC®, CDFA®, CLTC® and Lawrence T. Smith, CFP®, CRPC®, CRPS® have been recognized by InvestmentNews for their tireless efforts to promote diversity and inclusion in the finance industry. The InvestmentNews ‘See It, Be It’ role model award recognizes individuals who […]
AIG Announces Results and Upsizing of Its Tender Offers for Certain Outstanding Notes
{April 11th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced the results of its previously announced 23 separate offers (the “Offers”) to purchase for cash the notes of the series listed in the table below (collectively, the “Notes”) and that it has amended the Offers by increasing the applicable Maximum Purchase Consideration from $6.0 billion […]
D2C term platform- Let me hear from you
{April 11th, 2022} by Sheryl J. Moore
Interesting bit of intel that I received today about a D2C term platform. Apparently, if you apply for a policy with a specific one of these services, they won’t deny you a policy, but will instead “counteroffer” with a lesser face amount/higher premium policy. This helps you so you don’t have to deal with that […]
Term Conversion Smoking Status
{April 11th, 2022} by Sheryl J. Moore
I had someone tell me yesterday that they did a term conversion and the new policy was issued with a smoking status, which was the standard operating procedure on term conversions for the life insurance company. This really turned the agent off because the insured is not a smoker. Is it just me, or is […]
Where to start if you want your kids to grow up financially savvy
{April 11th, 2022} by Nicolas Vega
If you want to raise financially savvy kids, consider leaving the lectures behind and starting with an allowance instead. One of the most important things you can teach your child is the importance of saving, says Rose Palazzo, former head of financial planning at Morgan Stanley and now head of MoneyGuide at advisory platform Envestnet. […]
Workers Want Guaranteed Lifetime Income: Allianz Life’s Matt Gray
{April 11th, 2022} by Allison Bell
He hopes to help close the gap between what people have and what they’ll need. Matt Gray runs a major effort to add guaranteed lifetime income features to 401(k) plans and other defined contribution retirement plans. He’s hoping the new lifetime income push will improve retirement security for hundreds of thousands of people. Gray is […]
Prudential Financial Completes Sale to Fortitude Re of $31B Block of Traditional Variable Annuities
{April 5th, 2022} by Prudential Financial, Inc.
NEWARK, N.J. & JERSEY CITY, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (“Prudential”) (NYSE: PRU) and Fortitude Group Holdings, LLC, the parent company of Bermuda’s largest multi-line reinsurer (“Fortitude Re”), today announced the completed sale to Fortitude Re of a portion of Prudential’s legacy traditional variable annuity block. Consistent with the agreement announced on Sept. 15, 2021, Fortitude Re […]
Prudential Financial completes sale to Empower of full-service retirement business
{April 5th, 2022} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) announced today the completion of the sale of its full-service retirement business to Empower, the second-largest retirement provider in the U.S. On July 21, 2021, Prudential announced it had entered into an agreement with Empower to sell its full-service retirement plan recordkeeping and administration business, inclusive of Prudential’s defined contribution, […]
Empower Closes Acquisition of Prudential Financial Retirement Business
{April 5th, 2022} by Empower
GREENWOOD VILLAGE, Colo.–(BUSINESS WIRE)–Empower today announced it has completed the previously announced acquisition of Prudential Financial, Inc.’s full-service retirement business. The $3.5 billion acquisition expands Empower’s reach to more than 17.1 million retirement plan participants with $1.4 trillion in assets under administration on behalf of approximately 71,000 clients.1 The transaction also includes more than 1,800 employees […]
AIG Announces Proposed Senior Notes Offering by Corebridge Financial, Inc.
{April 5th, 2022} by American International Group
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that its majority-owned subsidiary, Corebridge Financial, Inc., intends to offer senior unsecured notes (the “Notes”) in connection with the previously announced separation of AIG’s Life & Retirement business. The Notes will be offered in a private offering exempt from the registration requirements of the U.S. […]
AM Best Affirms Credit Ratings of Aspida Life Re Ltd., Assigns Credit Ratings to Aspida Life Insurance Company
{April 5th, 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 Aspida Life Re Ltd. (Aspida Life Re) (Bermuda). The outlook of these Credit Ratings (ratings) is stable. Concurrently, AM Best has assigned an FSR of A- (Excellent) and a Long-Term […]
Could FIAs Be A Cure For Dropping Bond Prices?
{April 5th, 2022} by Doug Wolf
Price hikes were widespread across sectors of the economy in 2021, according to the Federal Reserve’s Beige Book (December 2021). Rising interest rates sent bond prices lower, posting their first losses since 2013, and the prospect of continued rising interest rates could have a negative impact on bond markets in 2022. The Fed’s bond buying […]
Meet Corebridge, AIG’s ‘Bermuda Triangle’ Venture
{April 5th, 2022} by Kerry Pechter
With the collaboration of private equity firms and a Bermuda-based reinsurer, American International Group (AIG) will soon spin off its $410 billion Life & Retirement division into Corebridge Financial, a new entity to be financed in an initial public offering. AIG expects an IPO this quarter, pending approvals. Click HERE to read the full story […]
Wade Pfau: TIPS and Annuities Good Bets When Inflation Is High
{April 5th, 2022} by Ginger Szala
Higher inflation means advisors need to be more efficient in positioning client assets for retirement, says Wade Pfau, professor of retirement income at the American College of Financial Services and a prolific author, his most recent book being the “Retirement Planning Guidebook.” He also writes the Retirement Research blog with Bob French and Alex Murguia. In our […]
