The Industry Is Missing The Boat By Failing To Market To Women
{April 5th, 2022} by Doug Bailey
The financial services industry is leaving enormous sums of money on the table by ignoring or failing to attract women as potential customers. A recent study by global management consultant Oliver Wyman concluded that if insurers sold life insurance to women at the same proportion of their income as men, $500 billion in new written […]
BANK INSURANCE & SECURITIES ASSOCIATION ANNOUNCES 2022 LEADERSHIP
{April 5th, 2022} by BISA
MIAMI BEACH, FL – The Bank Insurance & Securities Association (BISA) announces the appointment of six new members to serve on the association’s Board of Directors in addition to the full slate of officers and directors for 2022. Joining the Board of Directors effective March 2022 are Scott Ford, President, U.S. Bank Wealth Management, […]
Deeper Dive Into The Latest Technologies Impacting Life Insurance Digital Sales
{April 5th, 2022} by Ken Leibow
I attend many webinars and now finally travel to industry conferences. Speakers love to use analogies when attempting to make comparisons to hammer home a point. Sometimes it connects and sometimes it is just too way out there for the audience to understand. Either way, in 2022 we have turned the corner in life insurtech […]
Horace Mann to announce first-quarter 2022 financial results on May 5
{April 5th, 2022} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) plans to release its first-quarter 2022 results on Thursday, May 5, after the market closes. At that time, the quarterly news release, investor supplement and investor presentation will be available on the company’s website at investors.horacemann.com. Management will host a conference call to discuss the financial results on […]
A Tale of Two Pandemics: Younger Americans Feeling Financially at Risk while Retirees Emerge Resilient
{April 5th, 2022} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–As the United States passes the two-year mark of the COVID-19 pandemic, it’s becoming increasingly clear that there is a significant gap in the financial experience of younger Americans and their retired counterparts. Nearly two-thirds (63%) of non-retirees said they fear running out of money more than death, versus less than half (46%) of […]
Symetra Affirms Commitment to Social Impact Across Community, Environment and Governance Practices with First Corporate Social Responsibility Program
{April 5th, 2022} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra, a national provider of employee benefits, annuities and life insurance, today announced the launch of its first corporate social responsibility (CSR) initiative—Symetra Social Impact—establishing a strategic CSR roadmap and outlining program goals through 2025. Unified under an equity and inclusion framework that emphasizes social impact, the new program integrates community, environmental sustainability, […]
Fortitude Re Announces $4 Billion Annuity Reinsurance Transaction with Taiyo Life Insurance Company, Its Inaugural Asia Reinsurance Transaction
{April 5th, 2022} by Fortitude Re
HAMILTON, Bermuda–(BUSINESS WIRE)–FGH Parent, L.P., (together with its subsidiaries, “Fortitude Re”), today announced the signing and closing of a $4 billion reinsurance transaction between its subsidiary Fortitude Reinsurance Company Ltd., Bermuda’s largest multiline reinsurer, and Taiyo Life Insurance Company (“Taiyo Life”), a wholly owned subsidiary of T&D Holdings, Inc (“T&D”). This transaction marks Fortitude Re’s […]
AM Best Affirms Credit Ratings of RBC 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 RBC Life Insurance Company (RBC Life) (Mississauga, Ontario). The outlook of these Credit Ratings (ratings) is stable. The ratings reflect RBC Life’s balance sheet strength, which AM Best assesses as […]
AM Best Removes From Under Review With Positive Implications, Upgrades Issuer Credit Rating of Prudential Retirement Insurance and Annuity Company
{April 5th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with positive implications and upgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “aa” (Superior) from “aa-” (Superior) and affirmed the Financial Strength Rating of A+ (Superior) of Prudential Retirement Insurance and Annuity Company (PRIAC), headquartered in Newark, NJ. The outlook assigned to the Credit Ratings (ratings) […]
MASSMUTUAL CHALLENGES MEDIA BIAS ABOUT WOMEN’S FINANCIAL ACUMEN
{April 5th, 2022} by Grey
Multi-Channel Marketing Campaign Highlights Commitment to Serving and Hiring Women NEW YORK, March 31, 2022 /PRNewswire/ — Massachusetts Mutual Life Insurance Company (MassMutual) this week launches a multi-channel marketing effort to raise awareness of and fight media myths that women are “bad with money.” The centerpiece of the integrated effort is a print campaign from Grey New […]
Integrity Expands on Life and Retirement Protection for Middle Market by Acquiring The Valdez Group
{April 5th, 2022} by Integrity Marketing Group, LLC
Fast-growing Ohio-based brokerage will capitalize on the technology and data science driving the Integrity platform to provide security and peace of mind to more Americans DALLAS, March 31, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement solutions, today announced it has entered into an agreement […]
Group 1001 Becomes Majority Stakeholder in Women’s Sports-Focused Enterprise Parity
{April 5th, 2022} by Group 1001
NEW YORK, March 29, 2022 /PRNewswire/ — In a bold step to create lasting and meaningful change in women’s sports, Group 1001 will become a majority stakeholder in Parity, a startup created for both elite women athletes and their fans to combat gender pay inequities in professional sports. As part of the acquisition, Parity will have substantially increased funding […]
TIAA Applauds House Passage of SECURE Act 2.0
{April 5th, 2022} by TIAA
NEW YORK, March 29, 2022 /PRNewswire/ — TIAA issued the following statement from Thasunda Brown Duckett, president and CEO, upon U.S. House passage of the Securing a Strong Retirement Act of 2022 (“SSRA”): “As a leading provider of retirement plans in the not-for-profit community, TIAA commends Congress’ efforts to further improve and modernize the private retirement system. […]
Integrity Reinforces Commitment to Innovation by Acquiring Yellowstone Life Insurance Agency
{April 5th, 2022} by Integrity Marketing Group, LLC
Addition of financial services brokerage with virtual platform will further enhance Integrity’s mission to meet consumers where they are and put client needs first DALLAS, March 29, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement solutions, today announced it has entered into an agreement […]
Annexus Retirement Solutions Announces Solution with State Street Global Advisors Aimed to Help Solve America’s Retirement Income Crisis
{April 5th, 2022} by Annexus
Financial firms set to launch target date fund designed to deliver better participant outcomes and greater lifetime income with a multi-carrier model featuring major insurance providers SCOTTSDALE, Ariz., March 31, 2022 /PRNewswire/ — Retirement income solution innovator Annexus Retirement Solutions announced today that it has joined forces with State Street Global Advisors, the world’s 4th largest asset manager1, to […]
From Single Mom To ‘Legendary’ Advisor — With Robelynn Abadie
{April 5th, 2022} by John Hilton
Robelynn Abadie walked away from an abusive first husband with nothing. No home, no car, no money and no job. She did have two toddlers — daughter Melissa and son Jason. To say the future looked bleak would be underselling bleakness. “I was a train wreck,” Abadie recalled. Click HERE to read the full story […]
Regulators Scrutinize Private Equity’s Impact On Insurance
{April 5th, 2022} by Doug Bailey
While the massive growth in private equity investment in insurtechs continues unabated, private equity is generating new levels of scrutiny from regulators and insurance commissioners concerned about the impact the trend will have on the insurance industry as a whole. The worry is not so much financial calamity but that the budding insurtech startups attract […]
Why AI In Insurance Is The Key To Survival
{April 5th, 2022} by Ira Scharf
It took less than a decade for artificial intelligence to enter every sphere of public life. Its impact is felt in everyday tasks as well as the business-critical applications that underpin our economy. Insurance is one of these areas, with providers increasingly leveraging AI to understand risk and reduce costs. Examples within the consumer field […]
SEC Warns Advisors on Rollovers Under Reg BI
{April 5th, 2022} by Melanie Waddell
The Securities and Exchange Commission is warning broker-dealers and advisors to use caution when recommending rollovers out of a retirement plan to retail clients so as not to run afoul of their obligations under Regulation Best Interest and the Advisers Act fiduciary standard. In a just-released guidance bulletin in Q&A form, the SEC reiterates the […]
Kitces: The Big Mistake That Led to Massachusetts Fiduciary Rule’s Demise
{April 5th, 2022} by Melanie Waddell
While the torpedoing of the Massachusetts fiduciary rule by a superior court judge on Wednesday is “tough fiduciary news,” Massachusetts likely “took the wrong approach to begin with” in enforcing its fiduciary rule against trading app Robinhood, popular blogger and advisor Michael Kitces stated Thursday on Twitter. “Is the way Robinhood promotes stock trading concerning?” […]
Prudential Completes Retirement and $31B Annuity Deals
{April 5th, 2022} by Allison Bell
Prudential Financial says it’s now stronger, leaner and eager to sell annuities. The Newark, New Jersey-based life and annuity issuer has announced the completion of two major, previously announced deals. The company has closed on an agreement to sell a subsidiary, Prudential Annuities Life Assurance Corp., to Fortitude Re, a Bermuda-based reinsurer controlled by The Carlyle […]
Brokers International’s Mark Williams on the Annuity Market Force to Watch
{April 5th, 2022} by Allison Bell
Mark Williams says anyone involved in helping clients with annuities right now had better be paying close attention to Washington. Williams is CEO of Brokers International — a 67-year-old Urbandale, Iowa-based annuity and life field marketing organization that is now part of Integrity Marketing. Brokers International can offer insurance agencies and financial advisory firms a […]
New FATCA Reporting Rules May Hit Visitors’ U.S. Annuities
{April 5th, 2022} by Allison Bell
A proposed asset-tracking rule could affect international visitors in the United States who own U.S. life insurance policies or U.S. annuities. The Biden administration wants to require U.S. financial institutions to send the IRS account balance information for any accounts maintained by “foreign persons.” The account balance total would have to include the cash value […]
Bill That Could Boost Lifetime Annuity Use Sails Through House
{April 5th, 2022} by Allison Bell
H.R. 2954 — a bill that includes major lifetime income annuity rule changes — raced through the House of Representatives on Tuesday. House members approved the Securing a Strong Retirement Act, also known as the Secure Act 2.0, by a 414-5 vote. Supporters have described the bill as a sequel to the Setting Every Community […]
House Panel to Consider Bill That Might Make Hot Annuities Hotter
{April 5th, 2022} by Allison Bell
Insurers like offering RILAs, because administering RILA programs is relatively affordable, and the fact that they are registered as securities helps an insurer decide just how much investment risk to assume. Issuer support for the products has pushed sales higher.\ Wink, an annuity sales data vendor, says RILA sales increased 20% between the fourth quarter […]
5 Ways Inflation Could Reshape Annuities
{April 5th, 2022} by Allison Bell
n the 1970s, U.S. consumer prices headed up like an Apollo rocket. Ordinary people bought mood rings that changed color when they were happy, earth shoes that put their toes higher than their heels, and commodities futures. Butchers, bankers, tailors and candlestick makers experimented with gold futures, wheat futures and even the much-ridiculed pork belly […]
‘SECURE 2.0’ Passes House, Moves to Senate
{April 5th, 2022} by Editorial Staff
By a 414 to 5 vote this week, the House of Representatives approved the Securing a Strong Retirement Act of 2022 and sent it on to the Senate. Sponsored by Richard Neal (D-MA), the lengthy bill grants several long-sought items on the retirement industry’s wish-list. Click HERE to read the full story via RIJ
Annexus and State Street to Create In-Plan Annuitization Program
{April 5th, 2022} by Allison Bell
State Street Global Advisors will be using a feature developed by Annexus to persuade employers to add lifetime income options to 401(k) plans. State Street is putting the Annexus Lifetime Income Builder annuitization program in a new target date fund aimed at 401(k) plan sponsors. State Street is an asset manager with $4.1 trillion in […]
Wink Sees 40% Growth in Structured Annuities After Record Year
{April 5th, 2022} by Cyril Tuohy
Also, at least four new companies will enter the fast-growing market for the first time in 2022, according to Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. In 2021, there were 15 companies offering a total of 55 structured annuity products, she said. Click HERE to read the full story via Life Annuity Specialist
Ohio National
{April 5th, 2022} by Broker World
The Ohio National Foundation continued its tradition of community involvement in 2021 with $1.6 million in donations to more than 75 local nonprofits. Last year’s contributions bring the Foundation’s total giving to more than $29 million since its inception in 1987. Major recipients included United Way of Greater Cincinnati, ArtsWave, American Heart Association and Habitat […]
Broker Words—April 2022
{April 5th, 2022} by Stephen Howard
In a recent news release from our industry’s most admired information-gathering institution, the great folks at LIMRA offered some insight and optimism (perhaps a somewhat tarnished silver lining) about life insurance purchasing gains during year two of the COVID-19 pandemic (https://www.limra.com/en/newsroom/news-releases/2022/limra-2021-annual-u.s.-life-insurance-sales-growth-highest-since-1983/). Released on March 16, almost two years to the day from the date that […]
Global Atlantic Investor Outlook Study: Next Generation of Retirees Apprehensive of Market Conditions; Inflation-Induced “Sticker Shock” is Widespread
{April 5th, 2022} by Global Atlantic
NEW YORK–(BUSINESS WIRE)–A new study from Global Atlantic Financial Group (Global Atlantic) reveals that the next generation of retirees, defined as those without a traditional pension, is divided on their outlook for the economy in 2022, and nearly nine in ten (87%) have recently experienced “sticker shock” when purchasing groceries, dining out, or traveling. The survey of […]
More Women Should Be Advisors, Says Top Female UBS FA
{April 5th, 2022} by James Rogers
More women should consider becoming financial advisors, according to Paula Mogan, an FA and senior vice president at UBS Wealth Management. “There’s a lot of flexibility that comes with being a financial advisor, because it’s your business and you make your own hours,” Rockland, Massachusetts-based Mogan said, noting the career can be a good fit, in particular, […]
Selecting The Right Annuity Requires Dialogue & Partnership
{April 5th, 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 […]
AmeriLife Announces Key Leadership Additions to its Distribution & Marketing Organizations
{April 5th, 2022} by AmeriLife
CLEARWATER, Fla. | March 21, 2022 10:00 AM Eastern Daylight Time AmeriLife Group, LLC (“AmeriLife”), a national leader in developing, marketing, and distributing life and health insurance, annuities and retirement planning solutions, today announced two key leadership changes to its Distribution and Marketing organizations aimed at accelerating and fortifying its business against the backdrop of record-breaking organic and […]
AIG Announces Plan to Rebrand its Life & Retirement Business as Corebridge Financial
{March 29th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that it plans to rebrand SAFG Retirement Services, Inc., the parent company of its Life & Retirement business, as Corebridge Financial, Inc. when it becomes a public company. “Today’s announcement represents continued progress as we prepare our Life & Retirement business to be a standalone […]
AIG Announces Board of Directors for Corebridge Financial as it Prepares its Life & Retirement Business to be a Standalone Company
{March 29th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced Directors for the Board of Directors (Board) of Corebridge Financial, Inc. as it continues to prepare its Life & Retirement business to be a standalone company. “Demonstrating another important milestone toward the separation of Life & Retirement from AIG, I am pleased to announce a […]
Guardian Life Insurance Company Unveils News FIA
{March 29th, 2022} by The Guardian Life Insurance Company of America
The Guardian Life Insurance Company of America unveiled the Guardian Secure Index Annuity, with an optional guaranteed living benefit rider – the Guardian Income Magnifier Rider, which is issued by its wholly owned subsidiary, The Guardian Insurance & Annuity Company, Inc. (GIAC). With the introduction of the Guardian Secure Index Annuity, the company has expanded […]
Midwest Holding Inc. Reports Fourth Quarter 2021 and Full-Year 2021 Results
{March 29th, 2022} by Midwest Holding Inc
LINCOLN, Neb., March 24, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the fourth quarter and full year ended December 31, 2021. Fourth Quarter 2021 Highlights: GAAP net loss was $7.0 million compared with the $11.9 million net loss recorded in the fourth quarter of 2020. GAAP revenue was $16.0 million compared with negative revenue of ($0.8 million) in […]
Pacific Life Joins Halo Investing’s Annuities Platform
{March 29th, 2022} by Halo Investing
CHICAGO, March 22, 2022 /PRNewswire/ — Halo Investing (“Halo”), an award-winning platform for protective investments, today announced that Pacific Life has joined its growing digital annuities platform. Halo streamlines execution and management across the annuity lifecycle for advisors and offers different annuity options and strategies from the world’s leading carriers. With Halo, financial advisors can explore, transact, and manage […]
TIAA Wins CIO 100 Award for Innovation in Information Technology
{March 29th, 2022} by TIAA
NEW YORK, March 22, 2022 /PRNewswire/ — Foundry’s CIO has named TIAA a 2022 CIO 100 Awards winner. For more than 30 years, the CIO 100 Awards have recognized innovative organizations worldwide that exemplify the highest level of strategic and operational excellence in IT. “We’re proud of our commitment to delivering innovative solutions for our clients,” said Sastry […]
Ameritas announces newly elected officers
{March 29th, 2022} by Ameritas
LINCOLN, Neb., March 25, 2022 /PRNewswire/ — Ameritas President and Chief Executive Officer Bill Lester announces the following officer elections. Kelly Allsup was elected second vice president, financial reporting and accounting, effective Dec. 28, 2021. Previously at Transamerica Corporation, Allsup holds a Bachelor of Science in business administration from the University of Northern Iowa, and a Master of Accountancy from the University of Iowa. […]
AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries
{March 29th, 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 ICRs) of “aa-” (Superior) of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE), Vantis Life Insurance Company (Windsor, CT) […]
AIG Life & Retirement Receives Industry Recognition for Annuity Service Excellence
{March 29th, 2022} by AIG
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement today announced that it has received the Customer Experience Excellence Award from DALBAR, a leading independent expert for evaluating, auditing and rating business practices, customer performance, product quality and service. DALBAR’s Customer Experience Excellence Award is a recognition of a company’s ability to deliver exceptional customer service across multiple […]
Jackson Announces New Distribution Relationship With One Insurance Solution for RIAs, Powered by Producers Choice Network
{March 29th, 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 is teaming up with Producers Choice Network® (PCN) to offer its advisory annuity products to the more than 6,500 investment advisor representatives (IARs) served through PCN’s outsourced insurance desk (OID). “We’re thrilled to expand our distribution footprint with registered […]
SE2 Acquires Breathe Life to Scale SaaS Product and Data Capabilities for Carriers Across the Insurance Lifecycle
{March 29th, 2022} by SE2
TOPEKA, Kan. & MONTREAL–(BUSINESS WIRE)–SE2, an Eldridge business and leading life and annuity insurance technology and services company, today announced the strategic acquisition of Breathe Life, a new business hybrid distribution and digital engagement platform provider for the life insurance industry. The transaction expands SE2’s end-to-end SaaS solutions to help carriers offer a digital buying experience […]
Equitable to buy CarVal, a $14.3bn alt-assets manager
{March 29th, 2022} by Editorial Staff
Equitable Holdings, Inc., (NYSE: EQH) announced that its AllianceBernstein (NYSE: AB) subsidiary has agreed to acquire CarVal Investors L.P., an established global private alternatives investment manager with $14.3 billion in assets under management (AUM). Click HERE to read the full story via RIJ
NY DFS to Impose New Limits on Variable Products
{March 29th, 2022} by Daniel Rabinowitz
Insurers writing variable annuities in New York will want to focus on newly proposed requirements from the New York Department of Financial Services (DFS) on separate account contracts. In guidance published on March 16 (Fourth Amendment to Regulation 47, 11 NYCRR 50, available here), DFS has proposed new rules for such products issued on or after […]
InsuranceNewsNet Launches New Network
{March 29th, 2022} by InsuranceNewsNet
Camp Hill, Pa. – (March 28, 2022) – In these times when expertise is elusive, InsuranceNewsNet, a pioneer in insurance news and marketing, is refining its two decades of innovation into a new platform of services designed to convert deep institutional knowledge into client success – the Insurance & Financial Media Network (IFMN). IFMN combines InsuranceNewsNet, […]
Morgan Stanley Assumes 155,000 Q1 U.S. COVID-19 Deaths in Earnings Forecast
{March 29th, 2022} by Allison Bell
Morgan Stanley securities analysts are assuming that the current quarter has been another terrible period for COVID-19 mortality in the United States. If that prediction is correct, the U.S. pandemic death total will be down from about 192,000 in the first quarter of 2021, but up from 129,000 in the fourth quarter of 2021, and […]
Amid Women’s History Month Confidence Boost Found In Investing Decisions Among Females
{March 29th, 2022} by E Trade
ARLINGTON, Va.–(BUSINESS WIRE)–E*TRADE from Morgan Stanley today announced results from the most recent wave of StreetWise, the E*TRADE quarterly tracking study of experienced investors and traders. In recognition of Women’s History Month, the study looked at female trading trends: Confidence climbs. Over half of female investors (51%) said they feel confident that they are making […]
LINE OF BUSINESS SALES % CHNG QTR / % CHNG YR
{March 29th, 2022} by Sheryl J. Moore
Wink released 4Q2021 deferred annuity sales, peeps! LINE OF BUSINESS SALES % CHNG QTR / % CHNG YR All deferred annuities $60.92 B 1.73% / 8.19% Non-variable deferred $28.64 B -1.96% / -0.46% Indexed annuities $16.94 B -2.31% / 12.30% Fixed annuities $486.90 M 34.97% / 2.69% MYG annuities $11.21 B -2.58% / -15.14% […]
Chairman Bill Foley said F&G’s performance has exceeded expectations since the acquisition.
{March 29th, 2022} by Mark Basch
Fidelity National Financial Inc. is back in the spinoff business. The Jacksonville-based title insurance company, which has a history of buying and spinning off other businesses, announced a plan March 16 for its F&G Annuities & Life subsidiary to become a publicly traded company. Fidelity, which acquired F&G’s parent company for $2.7 billion in June […]
VUL: Have you heard of the following features in a no-load product before?
{March 29th, 2022} by Sheryl Moore
I just sat on a call the other day, learning about a new fee-based life insurance product that Nationwide has rolled out. Given that I am a relatively new learner when it comes to the fee-based market, I wanted to ask all of you if you have heard of the following features in a no-load […]
SEC Prevails in LPL Rep Annuity Fraud Case
{March 29th, 2022} by Melanie Waddell
After a nine-day trial, a jury on Monday in the Northern District of Georgia ruled in favor of the Securities and Exchange Commission against a former registered representative of LPL Financial LLC and Keystone Capital Partners, a firm he co-founded. Gurbir Grewal, director of the SEC Division of Enforcement, said in a statement that the […]
AIG Makes $150B BlackRock Deal on Way to Life & Retirement Separation
{March 29th, 2022} by Allison Bell
American International Group on Monday announced a money management deal with BlackRock, for up to $150 billion in assets, on its way to a separation from the AIG Life & Retirement business. AIG said that it has formed “significant partnerships” with BlackRock in connection with the deal. Click HERE to read the full story via […]
How AI Will Redefine The Role Of IMOs
{March 29th, 2022} by Dave Kriz
Automation and machine learning have digitized core processes and enabled independent marketing organizations to reevaluate their role. Traditional insurance processes such as underwriting are overhauled by algorithms, and practice and management planning tools are becoming platform based. As a result, IMOs with the appetite and ability to analyze big data and accurately forecast customer product […]
AIG Files Preliminary Prospectus for ‘Corebridge’ Life & Retirement IPO
{March 29th, 2022} by Allison Bell
American International Group has given its Life & Retirement business a new name — Corebridge Financial — and filed a preliminary registration for a planned Corebridge stock offering with the SEC. AIG says it expects to sell a large minority stake in Corebridge, through an initial public offering. The shares sold would trade on the […]
Dear Director Seitz and President Cameron
{March 29th, 2022} by Sheryl Moore
I am very intrigued that someone must have tipped-off Ohio democratic Senator, Sherrod Brown on what Kerry Pechter with Retirement Income Journal calls “The Bermuda Triangle.” He wrote a letter to the US Treasury’s Federal Insurance Office and the National Association of Insurance Commissioners (NAIC), voicing his concerns, and asking some thoughtful questions. – sjm Dear Director Seitz and President […]
Creating Order From Chaos: Data Integration For The Insurance Industry
{March 29th, 2022} by Jamie Peers
In the digital age, insurance industry executives recognize that data is not just a static by-product of business operations; data must be used to optimize every aspect of the insurance business. Insurance companies collect and aggregate customer data through billions of interactions. That data can then be used to understand the customer journey and create […]
Millennials Want Annuities
{March 29th, 2022} by dkorth@finsum.com (FINSUM)
Most think of millennials and they compartmentalize them into 3 categories: fee minimizers, crypto /alternative investors, or meme traders. However, a recent poll shows they have a strong desire for traditional income products. Over 82% of more affluent millennials are concerned with finding income products for retirement, which is almost 30 percentage points higher than […]
Ohio National CEO Barbara Turner Had To ‘Work Even Harder’ To Prove Worth
{March 29th, 2022} by Ayo Mseka
Ohio National President and CEO Barbara Turner has enjoyed a long and successful career in the financial-services industry. As Women’s History Month comes to a close, Turner spoke with InsuranceNewsNet and shared some of the steps she took on her way to the top, the challenges she encountered along the way, and her advice to […]
Best Life Insurance for Seniors in 2022
{March 29th, 2022} by Newswire
CHICAGO – March 24, 2022 – (Newswire.com) iQuanti: Life insurance can be a critical component of a senior’s finances. It offers a death benefit, which can ensure your loved ones are financially stable when you die. But keep in mind that there are several kinds of policies, each with unique advantages and drawbacks that can […]
Best universal life insurance companies: Bankrate
{March 29th, 2022} by Cate Deventer
Life insurance can be an important purchase. Basic policies are designed to help provide a financial cushion for your loved ones in the event of your passing, but that’s not all life insurance can do. Universal life insurance, also called UL coverage, can be a great choice if you’re looking for a flexible policy with […]
Job Satisfaction Hits 20-Year Low Across U.S. Workforce, Lowest Among ‘Zillennials’
{March 29th, 2022} by MetLife
NEW YORK–(BUSINESS WIRE)–MetLife’s 20th annual U.S. Employee Benefit Trends Study (EBTS) released today finds ‘Zillennials’ have assumed a new level of influence in the workplace when it comes to the whole employee experience. Zillennials, a micro-generation born between 1993-1998 that has increased in size by more than 5 million workers over the last 5 years,1 are demanding a work […]
Karl Hersch Named Leader of Deloitte’s US Insurance Sector
{March 29th, 2022} by Deloitte
NEW YORK, March 28, 2022 /PRNewswire/ — Deloitte announced today that Karl Hersch has been named the leader of its U.S. insurance sector, a strategic focus area within the organization’s financial services industry practice. In this role, Hersch will oversee more than 3,200 practitioners providing a broad range of services to organizations across the insurance industry. Hersch, a principal […]
Life Insurers See Highest Period Of Growth In 5 Years
{March 29th, 2022} by Fitch Ratings
Fitch Ratings-Chicago/New York-25 February 2022: U.S. life insurers saw their highest single period of growth over the past five years in 2021, according to Fitch Ratings’ new GAAP Results dashboard. Pre-tax operating income rose approximately 45% on an aggregate basis from 2020, and the average operating ROE in Fitch’s universe increased to 13.4% at year-end […]
Wink, Inc. Releases 4th Quarter, 2021 Deferred Annuity Sales Results
{March 22nd, 2022} by Wink's Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE STRUCTURED ANNUITIES SLAY PREVIOUS RECORDS! Wink, Inc. Releases 4th Quarter, 2021 Deferred Annuity Sales Results Des Moines, Iowa. March 16, 2022– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-three indexed annuity providers, 46 fixed annuity […]
FOURTH QUARTER 2021 ANNUITY SALES
{March 22nd, 2022} by Sheryl J. Moore
Deferred Annuity Sales Total 4Q2021 deferred annuity sales are $60,924 million, compared with sales of $56,314 million for the fourth quarter of 2020. Fourth quarter deferred annuity sales were up nearly 2% when compared to the previous quarter and up more than 8% when compared to the same period last year. Deferred annuities include […]
Advocates Demand No-Loophole Fiduciary Rule In DOL Letter
{March 22nd, 2022} by Steven A. Morelli
This spring bears consumer advocates’ eternal hope that elements of the Obama-era fiduciary rule can be resurrected, squelching the loopholes that they say expose retirement funds to commission-seeking sellers. More than three dozen organizations sent the Department of Labor a letter last week demanding an investment rule that would eliminate the exemptions that have allowed […]
Wisconsin Could OK Annuity Suitability Update Soon
{March 22nd, 2022} by Allison Bell
Wisconsin may soon become the 22nd state to adopt an annuity sales standards update developed by the National Association of Insurance Commissioners. The Wisconsin State Senate and Assembly have approved SB 644, an annuity sales standards update bill, and sent it to Gov. Tony Evers. Click HERE to read the full story via ThinkAdvisor
Milevsky: The Most Important Financial Goal in Retirement Isn’t What You Think
{March 22nd, 2022} by Jane Wollman Rusoff
Even more important than not running out of money in retirement is another goal: not having to make crucial financial decisions as you age. “You want those to be on automatic pilot,” argues Moshe Milevsky, finance professor at York University in Toronto, and a member of the graduate faculty of mathematics and statistics, in an […]
Doug Wolff to Succeed Mike Kiley as Security Benefit CEO
{March 22nd, 2022} by Allison Bell
Security Benefit Corp. is making a change at the top. The Topeka, Kansas-based annuity issuer says Mike Kiley, the chairman and CEO, will pass the CEO title to Doug Wolff in June. Kiley is planning to continue to serve as the company’s chairman. Wolff has been the president of the company’s Security Benefit Life arm […]
2021 Annuity Sales Shake Pandemic With 16.5% Increase, Wink Finds
{March 22nd, 2022} by Staff Reports
Total 2021 deferred annuity sales of $243.6 billion represented a major bounceback year for the industry and a 16.5% increase over 2020 sales, according to new Wink’s Sales & Market Report data. Total 2020 deferred annuity sales fell to $209.1 billion amid the COVID-19 pandemic, Wink reported. Total fourth-quarter sales for all deferred annuities were […]
Behind National Life’s Rise to No. 1 Seller of Indexed Universal Life
{March 22nd, 2022} by Cyril Tuohy
National Life last year dethroned Pacific Life after the Newport Beach, Calif., insurer held the top spot for indexed life sales for four straight years, according to Wink’s Sales & Market Report. National Life had a 14.2% share of the market in 2021, compared with 10.4% for No. 2 Pacific Life. In 2020, Pacific Life held a 14.3% […]
J.P. Morgan Targets Retirement Income with New Spending Capabilities Across SmartRetirement Target Date Funds
{March 22nd, 2022} by JP Morgan Asset Management
Retirement spending tools integrated into SmartRetirement target date series, participants to be provided with annual sample spend down amount and interactive spending calculator New solution leverages JPMorgan Chase real-world spending data and participant research NEW YORK, March 21, 2022 /PRNewswire/ — J.P. Morgan Asset Management today announced the launch of enhancements to its suite of SmartRetirement target date funds, […]
Midwest Holding Schedules Conference Call to Discuss Fourth Quarter 2021 and Full Year 2021 Results
{March 22nd, 2022} by Midwest Holding, Inc.
LINCOLN, Neb., March 16, 2022 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced plans to host a conference call to discuss financial and operating results for the fourth quarter and full year 2021 on March 25, 2022, at 12:00 p.m. Eastern Time. The Company also plans to post those results on the investor relations section of its website […]
Variable annuity study reveals 11% mortality increase due to COVID
{March 22nd, 2022} by Milliman
SEATTLE, March 16, 2022 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced that, with the acquisition of Ruark consulting, the industry’s leading variable annuity mortality studies will be rebranded as the Milliman Variable Annuity Mortality Study. Milliman has just released the results of the 2021 study, which includes findings on the impact of […]
FIDELITY NATIONAL FINANCIAL ANNOUNCES A PLANNED TRANSACTION TO DISTRIBUTE 15% OWNERSHIP OF F&G TO FNF SHAREHOLDERS
{March 22nd, 2022} by Fidelity National Financial, Inc.
~ F&G Shares to be Publicly Listed Through a Partial Spin-off ~ ~ FNF to Retain 85% Control of F&G ~ JACKSONVILLE, Fla., March 16, 2022 /PRNewswire/ — Fidelity National Financial, Inc.® (NYSE: FNF) (“FNF” or the ‘Company’), a leading provider of title insurance and transaction services to the real estate and mortgage industries, today announced its intention […]
TIAA Named Among Ethisphere’s World’s Most Ethical Companies
{March 22nd, 2022} by TIAA
NEW YORK, March 15, 2022 /PRNewswire/ — TIAA, a leading provider of financial services in the academic, research, medical, cultural and government field, has been recognized as one of 2022 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. “At TIAA, transparency, accountability and integrity are values […]
Bankers Life Recognizes Top Women Financial Advisors
{March 22nd, 2022} by CNO Financial Group, Inc.
CHICAGO, March 15, 2022 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today its Top Women Financial Advisors for 2022. The recognition campaign showcases “The Best of the Best” women financial advisors representing Bankers Life Securities, Inc. and Bankers […]
Northwestern Mutual’s Financial Planning Platform Wins FinTech Breakthrough Award for Innovation
{March 22nd, 2022} by Northwestern Mutual
MILWAUKEE, March 17, 2022 /PRNewswire/ — Northwestern Mutual‘s efforts to create the financial industry’s most exceptional client experience are winning attention and industry accolades. Today, the FORTUNE 90 financial services company is announcing that its proprietary financial planning platform won the “Best InsurTech Solution” as part of the 2022 FinTech Breakthrough Awards. “This award proves what we’ve believed […]
Kansas City Life Announces Retirement of R. Philip Bixby
{March 22nd, 2022} by Kansas City Life Insurance Company
KANSAS CITY, Mo., March 15, 2022 /PRNewswire/ — R. Philip Bixby, President, Chief Executive Officer, and Chairman of the Board of Kansas City Life Insurance Company (the “Company”) announced today that he will retire as President and Chief Executive Officer effective during the April 25, 2022, meeting of the Board of Directors, at which time his successor will be […]
Pandemic Deepened Gender Divide in Retirement Readiness, TIAA Survey Shows
{March 22nd, 2022} by TIAA
Only 19% of Women Say They’re on Track to Retire Without Running Out of Money, Barely Half the Percentage of Men NEW YORK, March 21, 2022 /PRNewswire/ — Women have long lagged behind men in how much they’re able to save for retirement, but a new TIAA survey reveals how the pandemic further widened the gap. The 2022 […]
AM Best Comments on Credit Ratings of Members of Fidelity & Guaranty Life Group Following Partial Spinoff From Fidelity National Financial, Inc.
{March 22nd, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York (New York, NY) (collectively referred to as Fidelity & Guaranty Life Group) remain unchanged following the recent announcement that Fidelity National Financial, Inc. (FNF) plans […]
Best’s Special Report: U.S. Life/Annuity Industry Posts 61% Net Income Spike in 2021
{March 22nd, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity (L/A) industry saw a 61% increase in net income to $36.2 billion in 2021 despite higher expenses and benefit payouts. These preliminary results are detailed in a new Best’s Special Report, titled, “First Look: 2021 Life/Annuity Financial Results,” and the data is derived from companies’ annual statutory statements received as of […]
New York Life Announces Exceptional 2021 Financial Results Underscored by Multiple Company Records
{March 22nd, 2022} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced exceptional financial results for 2021 that highlight the company’s enduring stability and financial strength despite the ongoing challenges posed by the global pandemic. New company record results, including $30.7 billion in surplus, $1.4 billion in insurance sales, and $760 billion in assets under management, […]
Pacific Life Named One of the 2022 World’s Most Ethical Companies
{March 22nd, 2022} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has been named one of the 2022 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on five categories, including its ethics and compliance program; culture of ethics; environmental and societal impact; corporate governance; and leadership […]
Security Benefit Announces CEO Mike Kiley’s Retirement after 12 years
{March 22nd, 2022} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit today announced that Mike Kiley, Chief Executive Officer, will retire effective June 30th, 2022. Kiley will continue to serve as Chairman of Security Benefit Life Insurance Company’s (SBL) board of directors. Doug Wolff, currently president of SBL, will assume the role of chief executive officer also as of June 30th, 2022. […]
Protective Life to Acquire Leading Automotive Finance & Insurance Provider AUL, Adding Complementary Portfolio to Asset Protection Division
{March 22nd, 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), announced today that its principal subsidiary, Protective Life Insurance Company (“Protective Life”), has entered into an agreement to acquire leading automotive finance and insurance provider AUL Corp. “With a national footprint of agents and dealers, an experienced team in the vehicle […]
First American Partners with Integrity to Enhance Experiences for High-Net-Worth Clients
{March 22nd, 2022} by Integrity Marketing Group
National wealth management firm with 50-year history integrates its advisory expertise with Integrity’s insurtech platform to help advisors protect clients’ legacies DALLAS, March 15, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), an omnichannel insurtech leader in life, health and wealth solutions, today announced it has acquired First American Insurance Underwriters (“First American”), an insurance services and wealth management advisory firm […]
Get Ready for New DOL Rollover Rules on July 1
{March 22nd, 2022} by Melanie Waddell
Advisors take note: Starting on July 1, advisors and firms under the Labor Department’s new fiduciary prohibited transaction exemption “will need to provide to the participant, in writing, the specific reasons why a rollover is in [their] best interest,” according to ERISA attorney Fred Reish, partner at Faegre Drinker. “As a result, the analysis and […]
16 Retirement Planning Books to Read or Recommend
{March 22nd, 2022} by Bryce Sanders
Good advisors are constantly learning. We remember Abe Lincoln said: “Give me six hours to chop down a tree and I will spend the first four sharpening the ax.” Advisors also recommend books to clients. In the gallery above are a few examples of books on retirement planning from agents, advisors, accountants and retirement planners in […]
10 Fast Facts About Interest Rates and Annuities
{March 22nd, 2022} by Allison Bell
The Federal Reserve Board announced Wednesday that it will be phasing in a big increase in a closely watched interest rate — the federal funds rate. That’s the rate big banks use when lending to each other. The Fed hopes to move the rate up, in steps, to 1.9% by the end of the year, […]
Shoppers Seek Bigger Paycheck Protection Annuities
{March 22nd, 2022} by Allison Bell
Market volatility increased retirement savers’ and planners’ interest in income annuities in 2021. Breeze has been trying to get attention for a product that provides what amounts to a fixed paycheck protection annuity, for times when an illness or injury forces the insured to stop working years or decades before the normal retirement date. Click […]
Study Finds Tomorrow’s Retirees Feel Less Financially Secure Than Today’s
{March 22nd, 2022} by Brian Anderson
A survey of retirees and near-retirees released today demonstrates the comparative financial security today’s retirees enjoy, in contrast to the expectations of workers who will be retiring in the years and decades to come. The study was conducted by the Insured Retirement Institute (IRI) in partnership with American Equity Investment Life Insurance Co. and Eagle […]
Finseca and Forum 400 have Officially Merged
{March 22nd, 2022} by Finseca
WASHINGTON, D.C. (March 1, 2022) – Finseca and Forum 400 have officially merged and created Forum 400, a Finseca Community. On July 15, 2021, Finseca and Forum 400 announced an intent to explore a merger, and today, after an extensive due diligence process conducted by a task force of the Forum 400 current and past presidents in […]
Commissioner Lara and legislative leaders urge insurance companies to withdraw all financial support for Russian regime
{March 22nd, 2022} by California Insurance Commissioner Ricardo Lara
LOS ANGELES — California Insurance Commissioner Ricardo Lara issued a Notice to all insurance companies doing business in California to review their financial holdings and take immediate steps to identify and divest from any direct investments in Russian assets or property that could support the Russian regime in the wake of its unjustified military invasion of Ukraine. “California […]
Life Direct Marketer Group Elects President
{March 22nd, 2022} by Allison Bell
Nicole Buckenmeyer is the new president of the Life Insurance Direct Marketing Association. LIDMA represents companies and individuals that sell life insurance through direct mail programs, call centers, websites and other direct marketing channels. Click HERE to read the full story via ThinkAdvisor
Women Leaders of the Industry, Part 2: Jacinda Norvell
{March 22nd, 2022} by Jacinda Norvell
In the second installment of the Women Leaders of the Industry interview series, Jacinda Norvell, senior managing director at Truist Wealth, provides her thoughts and experiences on the financial industry, as well as advice on how to lead a good work-life balance. Click HERE to read the full story via BISA
Deferred annuity sales reach $243 billion in 2021: Wink
{March 21st, 2022} by Editorial Staff
“This was both a record-setting quarter and a record-setting year for structured annuity sales,” said Moore. “The 2021 sales topped the prior year’s record by nearly 59%! And soon, more companies will enter this growing market.” Click HERE to read the full story via RIJ
Individual Annuity Sales Continue to Grow: Wink
{March 21st, 2022} by Allison Bell
What You Need to Know [Structured] annuities were the growth leaders. MYGA sales fell. Traditional fixed annuity sales increased a little. Annuity issuers and buyers favored products with the most flexible crediting rates in the fourth quarter of 2021. Overall sales increased 8.1% between the fourth quarter of 2020 and the fourth quarter of 2021, […]
‘Private equity’s insurance innovation needs a risk check’: Risk. net
{March 21st, 2022} by Kris Devasabai
All innovations have their downsides. From the bicycle to social media, inventions that provide great benefits to their users can leave others behind. Private equity’s new brainwave for the insurance industry – reinsure everything in Bermuda, boost allocations to structured credit and discount liabilities – is no different. [This article appeared today at Risk.net.] Click […]
Annexus to Market New American General Life Annuity
{March 15th, 2022} by Allison Bell
Annexus is offering annuity specialists a product that could have strong appeal for nervous clients: a contract that can protect the holders against loss of principal. The Scottsdale, Arizona-based company has started marketing the new X5 Accelerator Annuity contract from American General Life Insurance Company — an arm of AIG Life & Retirement. Click HERE […]
MassMutual Introduces New Variable Annuity with Guaranteed Lifetime Withdrawal Benefit
{March 15th, 2022} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) announced today the introduction of a new variable annuity with an optional guaranteed lifetime withdrawal benefit into its suite of retirement income offerings. MassMutual EnvisionSM Variable Annuity can help individuals accumulate assets for retirement, with a wide variety of investment choices, including asset allocation funds, bond funds, traditional […]
Meet MassMutual’s Bermuda Reinsurer
{March 15th, 2022} by Kerry Pechter
“If you’re going to be in the annuity space, you will need a reinsurance strategy in order to be competitive,” Dennis Ho told RIJ recently. Ho is the CEO of Martello Re, a new Bermuda-based reinsurer that just reinsured $14 billion worth of fixed-rate and fixed indexed annuities (FIAs) for Massachusetts Mutual Life Insurance Company. Click HERE […]
‘Robust’ Life Insurance Industry Despite COVID, AM Best Reports
{March 15th, 2022} by Steven A. Morelli
But fixed products had a good year with a boffo fourth quarter, according to Wink’s Sales & Market Report. Universal life sales were $861.5 million, up 20% compared to the third quarter and 16.25% over 4Q 2021. Indexed universal and whole life sales led the way in the Wink report with their highest-ever quarter with […]
Life Insurance Activity Back To 2019-20 Levels, MIB Index Reports
{March 15th, 2022} by MIB Life Index
U.S. life insurance application activity declined in February 2022 compared to February 2021, with year-over-year (YOY) activity down -3.8%, representing the third consecutive month with YOY declines, the MIB Life Index reported. On a year-to-date (YTD) basis, activity is down -4.3%. However, when taking a historical lookback, comparing February 2022 activity to the same month […]
10 State Retirement and Annuity Bills to Watch
{March 15th, 2022} by Allison Bell
State legislatures are still holding hearings and passing ordinary bills in the ordinary way, in spite of the gridlock slowing action in Washington. Lawmakers are wrestling with issues such as the effects of low interest rates on consumer protection rules, taxation of annuity income, and efforts to update the sales standards for annuities and other […]
Top 10 Annuity Tax Bills in Play in Congress Now
{March 15th, 2022} by Allison Bell
Republicans and Democrats aren’t working well together in Washington — except that sometimes they are, and especially on legislative involving matters such as health and retirement security. Everyone gets sick, and everyone gets old. That reality gives life to the embers of partisanship that continue to glow inside the U.S. Capitol. Click HERE to read […]
Your Client’s Life Insurance Policy May Be on the Chopping Block
{March 15th, 2022} by Jeff Hallman and Scott Thomas
As rising inflation continues to erode purchasing power, many retired seniors are looking for ways to slash unnecessary expenses. Life insurance policies, especially those that are no longer relevant for income protection, may be on the chopping block. Retirees who are struggling to make expensive premium payments for a policy they now consider to be […]
Congress to DOL: Design Retirement Plans for Gig Workers!
{March 15th, 2022} by Allison Bell
Lawmakers want the U.S. Department of Labor to develop new benefit program ideas aimed at gig workers. House negotiators made that clear Wednesday, by putting a section about “worker access to retirement plans and other benefits” in the explanatory notes for the $1.5 trillion Consolidated Appropriations Act, 2022 spending package. The current federal spending law […]
Older Consumers Keep Shopping for Life Insurance
{March 15th, 2022} by Allison Bell
Older U.S. consumers were out shopping for life insurance policies in February. Application activity for shoppers ages 71 and older was 4.2% higher last month than in February 2021, as the overall level of individual application activity dropped 3.8%, according to MIB. MIB is a Braintree, Massachusetts-based group that helps life insurers share some of […]
9 Most Overpaid CEOs in Financial Services
{March 15th, 2022} by Michael S. Fischer
Shareholders dug in their heels last year, according to a new report from As You Sow, a shareholder advocacy nonprofit organization. A record 16 companies had CEO pay packages rejected by more than half of the shareholders, up from 10 in 2020 and just seven in 2019. The report noted that by using a calculation […]
10 Top Highlights From Fidelity’s 2021 Results
{March 15th, 2022} by Jeff Berman
Fidelity Investments on Wednesday reported strong year-over-year growth for 2021 in revenue, assets under management, trading and call volumes behind the stock market rally and “high levels of customer engagement.” “Throughout the year, Fidelity continued to deliver innovative products and solutions to help strengthen and secure our customers’ financial well-being, support employers and their employees, […]
TIAA Adds $2.3B to 2022 Fixed Annuity Interest Payments
{March 15th, 2022} by Allison Bell
TIAA said today that it will add $2.3 billion to the total amount of interest payments flowing to holders of the TIAA Traditional fixed annuity this year. The New York-based life insurer had already promised to pay holders of the annuity $5 billion in interest. Click HERE to read the full story via TIAA
AM Best Affirms Credit Ratings of Subsidiaries of CUNA Mutual Holding Company
{March 15th, 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 CMFG Life Insurance Company (CMFG Life) and MEMBERS Life Insurance Company (MEMBERS Life). Both companies are life/health subsidiaries of CUNA Mutual Holding Company (CUNA Mutual) and collectively referred to as […]
Genworth Financial Receives Ratings Upgrade From S&P
{March 15th, 2022} by Genworth Financial, Inc
RICHMOND, Va.–(BUSINESS WIRE)–Genworth Financial, Inc. (NYSE: GNW) today announced that S&P Global Ratings (S&P) has upgraded the issuer credit ratings of Genworth Financial, Inc. and Genworth Holdings, Inc. to B+ from B. The outlook for the ratings remains positive. “This upgrade from S&P reflects the substantial improvements we’ve made in our leverage and liquidity profile, […]
Protective Recognized by EPA for Leading Green Power Use at Birmingham Headquarters
{March 15th, 2022} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), announced today they were recently recognized by the U.S. Environmental Protection Agency as a Green Power Partner for their Birmingham headquarters. Last summer, Protective announced its collaboration with Alabama Power to operate its Birmingham headquarters with 100% renewable energy. The renewable energy credits retired for Protective’s headquarters […]
U.S. Bank Survey Reveals: A New Generation of Female Investors is Redefining Wealth and Influence
{March 15th, 2022} by US Bank
MINNEAPOLIS–(BUSINESS WIRE)–The world has changed dramatically since the pandemic began, and according to new U.S. Bank research, so has the way women manage their money. U.S. Bank first released its Women and Wealth Insights Study in March 2020, just as the COVID-19 pandemic began, causing lockdowns, closing schools, and rearranging work/life balance for so many, but […]
Best’s Market Segment Report: U.S. Life/Annuity Industry Sees Record Capitalization, Improved Earnings While Navigating Pandemic in 2021
{March 15th, 2022} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–U.S. life insurance and annuity writers achieved record levels of capitalization, maintained strong liquidity and posted improved earnings in 2021 despite historically low interest rates, inflationary headwinds and continued pandemic uncertainty, according to a new AM Best report. The annual Review & Preview Best’s Market Segment Report, “U.S. Life/Annuity: Record Capitalization, Strong Liquidity, and Improved Earnings […]
MassMutual Consumer Spending & Saving Index: Ukraine conflict threatens Americans’ confidence in economic recovery, adds to inflationary concerns
{March 15th, 2022} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–The ongoing conflict in Ukraine is causing Americans to readjust their financial habits and mute their optimism about their financial future, according to new research from Massachusetts Mutual Life Insurance Company (MassMutual). This, combined with inflationary pressure, has the potential to dent the resurgence of the U.S. economy. Almost half (45%) of Americans […]
Integrity Expands Retail Insurance Presence by Partnering with The Health Insurance Place
{March 15th, 2022} by Integrity Marketing Group LLC
DALLAS, March 10, 2022 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), an omnichannel insurtech leader in life, health and wealth solutions, today announced it has acquired The Health Insurance Place, an independent marketing organization (“IMO”) based in Johnstown, Pennsylvania. As part of the acquisition, Joe Fortunato, President of The Health Insurance Place, will become a Managing Partner in Integrity. Financial terms […]
10 Northwestern Mutual Advisors Named Among Nation’s Best in Latest Barron’s Ranking
{March 15th, 2022} by Northwestern Mutual
MILWAUKEE, March 14, 2022 /PRNewswire/ — Northwestern Mutual announced today that 10 financial advisors affiliated with its wealth management company are among the industry’s finest, according to Barron’s annual ranking of the nation’s top wealth professionals. “These elite advisors and their teams are the best of the best when it comes to wealth management and guiding clients throughout their […]
Simplicity Acquires Optima Financial & Insurance Services and Welcomes Jon Salomon and Greg Olson as Partners
{March 15th, 2022} by Simplicity Group
SUMMIT, N.J., March 8, 2022 /PRNewswire/ — The Simplicity Group (“Simplicity”), one of the nation’s leading financial products distribution businesses, today announced the acquisition of San Rafael, CA-based Optima Financial & Insurance Services. The financial services firm, with a focus on Life and Annuity products, is the 33rd company to join Simplicity. With the successful closing of this transaction, Simplicity welcomes […]
TIAA Traditional Interest Rates Increase 21%, Boosting Guaranteed Lifetime Income for Millions of Retirement Savers
{March 15th, 2022} by TIAA
NEW YORK, March 9, 2022 /PRNewswire/ — TIAA is increasing interest rates on its TIAA Traditional offering by an average of 21%, boosting the retirement security of more than 2 million savers who are accumulating in the company’s flagship fixed annuity. Through this latest increase, TIAA will share $2.3 billion of interest on top of the $5 billion of interest it […]
Producers Choice Network® (PCN) Launches All-In-One Insurance Solution for RIAs
{March 15th, 2022} by Fiduciary Exchange LLC (FIDx)
BERWYN, Pa., March 9, 2022 /PRNewswire/ — Producers Choice Network® (PCN) has launched One Insurance Solution for RIAsSM (OIS), its exclusive concierge outsourced insurance desk for Registered Investment Advisers (RIAs) across the nation. OIS simplifies the inclusion of commission-free insurance solutions to help meet clients’ protected income, growth, and legacy planning goals. PCN partnered with Fiduciary Exchange LLC (FIDx), an […]
New study: Majority of Americans feel the Federal Reserve should be doing more to address inflation
{March 15th, 2022} by Nationwide
COLUMBUS, Ohio, March 10, 2022 /PRNewswire/ — Americans have a grim outlook on the U.S. economy, and nearly two-thirds (64%) feel the Federal Reserve should be taking a more aggressive approach to addressing inflation, according to a new survey by the Nationwide Retirement Institute®. While older consumers are most likely to support stronger actions from the Federal Reserve (baby boomers […]
Signal Advisors to Offer Annexus Product Suite
{March 15th, 2022} by Signal Advisors
The newest innovator in annuity distribution joins forces with the premier product designer DETROIT, March 11, 2022 /PRNewswire/ — Signal Advisors, the fastest-growing insurance marketing organization (IMO) in the nation, announced today its strategic partnership with Annexus, the leading independent product design and distribution company in America. Annexus designs products alongside leading insurance companies like Nationwide, Athene, AIG, and […]
What’s the Deal with (Annuity) Reinsurance?
{March 14th, 2022} by Kerry Pechter
What is annuity reinsurance, and how did it become one leg of the three-legged Bermuda Triangle strategy, as we call it? To put it another way, how did an esoteric tool for repairing the balance sheets of life insurance companies evolve, especially when big buyout firms apply it, into a nearly essential ingredient for sales […]
Are you a sports fan?
{March 14th, 2022} by Sheryl J. Moore
Are you a sports fan? Do you have a giving heart? NAILBA and the NAILBA CHARITABLE FOUNDATION are hosting a March Madness auction. Check it out HERE! Your money will go to help deserving nonprofit organizations. Help raise some money for a good cause, and go it to BID! -sjm
FOR THOSE OF YOU CONCERNED ABOUT THE DOL’S FIDUCIARY RULE #QuickInterview
{March 14th, 2022} by Sheryl J. Moore
FOR THOSE OF YOU CONCERNED ABOUT THE DOL’S FIDUCIARY RULE. I have been interviewing my friend Kevin Mechtley from Sammons Financial Group Companies, who is an expert on this topic. When I asked him to sum up the rule, here is what he had to say: Sure, nothing easier than summing up thousands of pages of ERISA rulemaking […]
2021 USA Annuity (Re)insurer Landscape: Cost of Hedging Variable Annuities Increased Due to Market Volatility
{March 14th, 2022} by Research and Markets
DUBLIN, March 10, 2022 /PRNewswire/ — The “2021 Focus Series: The New United States Annuity (Re)insurer Landscape” report from Conning, Inc has been added to ResearchAndMarkets.com’s offering. Since the economic crisis, primary annuity insurers have faced diminishing spreads on their investment portfolios. Those lower spreads reduce the profitability on blocks of fixed annuities and indexed annuities. In addition to lower spreads, […]
BGA Insurance Group Joins AmeriLife To Deliver Financial Products
{March 14th, 2022} by News Direct
AmeriLife Group, a national leader in developing, marketing, and distributing life and health insurance, annuities and retirement planning solutions, announced today that it has partnered with Bachmeier, Gudis and Associates, a highly rated, national insurance marketing organization that distributes a deep, competitive portfolio of Medicare, life and retirement planning solutions. Per the agreement, terms of […]
Cetera B-D on hook for $2.66 million arbitration claim stemming from REITs, annuities
{March 14th, 2022} by Bruce Kelly
First Allied Securities Inc. lost a Finra arbitration claim Friday to two investors who received $2.66 million in damages stemming largely from the sale of nontraded real estate investment trusts and annuities. Click HERE to read the full story via InvestmentNews
Indexed Annuity Sales Continue to Soar
{March 14th, 2022} by Allison Bell
Sales of indexed individual annuities continued to climb in the fourth quarter of 2021, according to the Secure Retirement Institute. Insurers increased sales of non-variable indexed annuities 18% between the fourth quarter of 2020 and the latest quarter, to $17 billion. Click HERE to read more via Think Advisor. […]
Wink, Inc. Releases Fourth Quarter, 2021 Life Sales Results
{March 8th, 2022} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED LIFE SALES BRING ANOTHER RECORD-SETTING YEAR! Wink, Inc. Releases Fourth Quarter, 2021 Life Sales Results Des Moines, Iowa. March 3rd, 2022– Wink, Inc. released the fourth quarter, 2021 life sales results in its 98th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report […]
FOURTH QUARTER 2021 LIFE INSURANCE SALES
{March 8th, 2022} by Sheryl J. Moore
Non-Variable UL Sales for the fourth quarter of 2021 were $861 million, compared with sales of $740 million for the fourth quarter of 2020. Fourth quarter non-variable life sales were up 20% when compared to the previous quarter and up more than 16% as compared to the same period last year. Non-variable universal life (UL) […]
Private Equity Comes With Dollars But Also Some Questions
{March 8th, 2022} by Steven A. Morelli
If you’re thinking that there seems to be a lot of private equity behind the annuity business these days, you are not wrong. For example, in the fourth quarter of 2019, just before the pandemic struck, private equity-owned companies accounted for 26.7% of fixed index annuity sales, according to data from Moore Market Intelligence. By […]
Indexed Life Sales Smash More Records During 4Q 2021, Wink Reports
{March 8th, 2022} by Staff Reports
Non-variable universal life sales for the fourth quarter were $861.5 million, up 20% compared to the third quarter and 16.25% over 4Q 2021, according to Wink’s Sales & Market Report. Total 2021 non-variable universal life sales were $2.9 billion. Non-variable universal life sales include both indexed UL and fixed UL product sales. Click HERE to […]
Regulators Hop One Step Forward, Two Steps Back on IUL Illustrations
{March 8th, 2022} by Ann Young Black, Carlton Fields
On February 24, 2022, the NAIC Life Actuarial (A) Task Force discussed the comments to its December 9, 2021, exposure draft on whether to address indexed universal life (IUL) illustrations of volatility-controlled index accounts and guaranteed fixed bonuses, and if so, how? The discussion included feedback regarding the 11 comment letters from the various players, […]
AIG Life & Retirement and Annexus Launch X5 Accelerator Annuity, Powerful New Opportunity to Increase Income in Retirement
{March 8th, 2022} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a leading provider of annuities, today announced the launch of the X5 Accelerator AnnuitySM in partnership with Annexus, an innovator in delivering retirement solutions to the marketplace. X5 Accelerator is issued by American General Life Insurance Company, a member company of American International Group, Inc. (NYSE: AIG), and marketed through […]
As Americans’ Interest in Annuities Rises, Lincoln Financial Group Enhances Top-Selling Indexed Variable Annuity
{March 8th, 2022} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–As investors continue to seek protected growth – total annuity sales jumped 16% in 2021, marking the highest sales since 20081, according to the Secure Retirement Institute’s U.S. Individual Annuity Sales Study – Lincoln Financial Group (NYSE: LNC) is expanding investment options for its best-selling indexed variable annuity, Lincoln Level Advantage® with a new blended […]
Forbes recognizes American National as one of ‘America’s Best Insurance Companies’
{March 8th, 2022} by American National Insurance Company
GALVESTON, Texas, March 04, 2022 (GLOBE NEWSWIRE) — American National Insurance Company has been listed by Forbes as one of “America’s Best Insurance Companies” for 2022. The Galveston-based insurer was one of only 90 insurance companies across the nation to be recognized by the publication on its list of top insurers. To determine which companies […]
Debate: Should Annuities Be Permitted as a Default 401(k) Option?
{March 8th, 2022} by Robert Bloink by William H. Byrnes
A bill has recently been reintroduced in Congress that would allow retirement plan sponsors to use annuities as a default investment option for plan participants who haven’t made an investment election. Under current law, annuities are not an option that can be offered as a qualified default investment alternative (QDIA), which are a type of […]
Insurers Hope to Change Annuity Regulation Draft
{March 8th, 2022} by Allison Bell
Annuity issuers are asking state insurance regulators to rewrite draft rules for a hot category of variable annuity contracts. The insurers told the Index-Linked Variable Annuity Subgroup — an arm of the National Association of Insurance Commissioners — that a fee disclosure provision in the draft could eliminate some popular products. Click HERE to read […]
Martello Re Completes $14B MassMutual Reinsurance Deal
{March 8th, 2022} by Allison Bell
Martello Re has completed a previously announced deal to reinsure $14 billion in fixed annuities and non-variable indexed annuities for a Massachusetts Mutual Life Insurance Company subsidiary. The MassMutual subsidiary will continue to service the annuity contracts. Click HERE to read the full story via ThinkAdvisor
3 Things Jackson Is Saying About the Annuity Market Now
{March 8th, 2022} by Allison Bell
Jackson Financial — the U.S. individual annuity giant — has just released earnings for its first full quarter as an independent company. The Lansing, Michigan-based insurer previously was a child of Prudential PLC of London. Prudential executives took the lead in talking to investors and securities analysts. Click HERE to read the full story via […]
The Top 2021 Annuity Issuer Preview
{March 8th, 2022} by Allison Bell
Early, incomplete figures from the National Association of Insurance Commissioners suggest that Jackson Financial was probably the U.S. annuity considerations leader in 2021. The Kansas City, Missouri-based group for state insurance regulators has posted a preliminary version of its latest Life/Fraternal Market Share report. Click HERE to read the full story via ThinkAdvisor
Whole Life Sales Soar
{March 8th, 2022} by Allison Bell
U.S. life insurers are reporting big increases in sales of non-variable individual life insurance products for the fourth quarter of 2021. Combined sales of non-variable indexed universal life and non-variable indexed whole life policies increased 16% between the fourth quarter of 2020 and the fourth quarter of 2021, to $718 million, according to new life […]
