In a $1 Million Retirement Income Portfolio, Investors Choose Annuities and Protection Over Traditional 60/40 Allocation
{December 7th, 2021} by Alliance for Lifetime Income
WASHINGTON, Dec. 6, 2021 /PRNewswire/ — According to the newly released Alliance for Lifetime Income and CANNEX Protected Retirement Income and Planning Study, investors who were asked to build their own hypothetical $1 million retirement portfolio, said annuities and other income-producing assets were the most favored. The study is a joint research effort designed to better understand and forecast retirement income […]
OneAmerica® Individual Life and Financial Services Bolsters Leadership
{December 7th, 2021} by OneAmerica
INDIANAPOLIS, Dec. 6, 2021 /PRNewswire/ — OneAmerica® today announces strategic leadership changes in its Individual Life and Financial Services (ILFS) line of business aimed at strengthening distribution, recruiting and business development operations. New ILFS appointments include Chris Coudret, vice president, Career and Independent Brokerage; Kristin Dorm, vice president, Agency Growth and Development; David Junker, vice president, Business Development; and Jeff Levin, […]
MetLife a Top Company for Executive Women
{December 7th, 2021} by MetLife
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced that it has earned a place on Seramount’s 2021 Top Companies for Executive Women list. The survey evaluated MetLife on aspects of women’s advancement, including succession planning, profit-and-loss roles, gender pay parity, support programs, and work-life balance. This is the 14th time MetLife has been recognized as […]
AM Best Comments on Credit Ratings of American Life & Security Corp. Following Leadership Change Announcement
{December 7th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of American Life & Security Corp. (American Life) (headquartered in Lincoln, NE) remain unchanged following the Nov. 22, 2021, announcement that A. Michael Salem, one of the company’s co-CEOs, has resigned as an officer and director and will leave the company, effective immediately. American Life […]
Domain Capital Advisors Serves as Lead Lender to Blackstone Purchase of Allstate Life Insurance Company and Subsidiaries
{December 7th, 2021} by Domain Capital Group, LLC
ATLANTA–(BUSINESS WIRE)–Domain Capital Group, LLC, a comprehensive private investment management services firm, today announced its subsidiary, Domain Capital Advisors, served as the lead lender to Blackstone managed entities in its recent $2.8 billion purchase of Allstate Life Insurance Company (ALIC) and certain subsidiaries, collectively renamed Everlake Life Insurance Company. “We believe completing this deal is […]
AM Best Affirms Credit Ratings of American Financial Group, Inc. and Its Key Operating Subsidiaries
{December 7th, 2021} by AM Best
December 03, 2021 04:31 PM Eastern Standard Time 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 Great American Insurance Company and its pooling affiliates, collectively referred to as Great American Insurance Companies (Great American). Concurrently, AM Best has […]
Equitable Combines Lifetime Income and Partial Downside Protection in New Registered Index-Linked Annuity
{December 7th, 2021} by Equitable
November 30, 2021 09:00 AM Eastern Standard Time NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced an innovative registered index-linked annuity that combines lifetime income options with some protection from equity market volatility. Structured Capital Strategies Income (SCS Income) allows investors nearing and beginning retirement to […]
AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries
{December 7th, 2021} by AM Best
December 02, 2021 11:38 AM Eastern Standard Time 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 life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], referred to as Prudential. Concurrently, AM Best has affirmed […]
RetireOne Partners with Wade Pfau on Whitepaper, “Unbundling Investments from Insurance to Solve for Lifetime Sequence-of-Return Risk”
{December 7th, 2021} by RetireOne
SAN FRANCISCO–(BUSINESS WIRE)–RetireOne® today announces the release of a new whitepaper penned by Wade Pfau, PhD, American College of Financial Services Professor of Retirement Income, entitled, “Unbundling Investments from Insurance to Solve for Lifetime Sequence-of-Return Risk.” Pfau explains his research on the unique problem presented by sequence-of-returns risk on a retiree’s “fragile decade” – the […]
AM Best Affirms Credit Ratings of Fidelity & Guaranty Life Holdings, Inc. and Its Life/Health Subsidiaries
{December 7th, 2021} by AM Best
December 03, 2021 09:50 AM Eastern Standard Time OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” (Excellent) of Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York, (New York, NY). These […]
AM Best Comments on Credit Ratings of Talcott Resolution Group Following Announcement of Reinsurance Agreement With Allianz Life Insurance Company of North America
{December 7th, 2021} by AM Best
December 03, 2021 04:28 PM Eastern Standard Time OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of the members of Talcott Resolution Group (Talcott Resolution) remain unchanged following the Dec. 3, 2021 announcement that Allianz Life Insurance Company of North America (Allianz Life) has entered into an agreement to reinsure a $35 […]
AM Best Comments on Credit Ratings of Allianz Life Insurance Company of North America and Its Subsidiary Following Reinsurance Announcement
{December 7th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Allianz Life Insurance Company of North America (Allianz Life) (Minneapolis, MN) and its wholly owned subsidiary, Allianz Life Insurance Company of New York (Allianz New York), remain unchanged following the Dec. 3, 2021, announcement that it has entered into an agreement to reinsure […]
The Power Of Life And Annuity Inforce Innovation For 2022
{December 7th, 2021} by Ken Leibow
Let’s draw the roadmap of where life and annuity inforce automation is going as we end this year and move into 2022. Policyholder self service will continue to grow and dominate whether it is account management in a carrier’s portal or an App that can be used to perform inforce transactions on your mobile device. […]
My, How Annuities Have Changed!
{December 7th, 2021} by Sheryl J. Moore
By the time that you read this, variable annuities will be older than my mother, indexed annuities will be the same age that I was when I had my third child, and fixed annuities will be older than anyone in my lineage, per Ancestry.com. It is hard to believe that these innovative retirement income products […]
Broker Words—December 2021
{December 7th, 2021} by Stephen Howard
t is my distinct pleasure to congratulate dear friend Raymond J. Phillips, Jr., CLU, LTCP, president of The Brokers Source, Ltd, Pittsburgh, PA, the 2021 recipient of the Billy Vogel Award. One of the industry’s premier marketing organizations, The Marketing Alliance (TMA), presents the award annually to honor an individual who embodies business acumen, a […]
Distributors Hope a Simple Annuity Will Tempt Fee-Based Advisors
{December 7th, 2021} by Cyril Tuohy
The products, also called multi-year guaranteed annuities, are filling out the lineup of choices that a fee-based advisor can make. Sales are still minuscule, or roughly $10 million for the third quarter, according to Wink’s Sales & Market Report, but Lau sees growth potential. Click HERE to read the full story via LifeAnnuitySpecialist
WINK, INC. NAMES NEW PRESIDENT
{December 2nd, 2021} by Sheryl J. Moore
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE WINK, INC. NAMES NEW PRESIDENT Victoria Grossman takes the helm at Wink, Inc. Des Moines, Iowa. December 2, 2021– Wink, Inc., the competitive intelligence firm specialized in providing life insurance and annuity product data to the industry, today announced Victoria L. Grossman has been named the […]
Wink, Inc. Releases 3rd Quarter, 2021 Deferred Annuity Sales Results
{November 30th, 2021} by Press Release
INDEXED ANNUITY SALES RISE WHERE ALL OTHER ANNUITY SALES DROP Wink, Inc. Releases 3rd Quarter, 2021 Deferred Annuity Sales Results Des Moines, Iowa. November 30, 2021– 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 providers, 69 multi-year guaranteed […]
THIRD QUARTER 2021 ANNUITY SALES
{November 30th, 2021} by Sheryl J. Moore
Deferred Annuity Sales Total 3Q2021 deferred annuity sales are $59,889 million, compared with sales of $54,217 million for the third quarter of 2020. Third quarter deferred annuity sales were down more than 7% when compared to the previous quarter and up more than 10% when compared to the same period last year. Deferred annuities include […]
Leveraging Social Media in Regulated Spaces
{November 30th, 2021} by Sheryl J. Moore
I did a podcast with the folks at ePresence – social media solved, after attending a breakout with them at NAFA (National Association for Fixed Annuities). They are professionals on social media. So, I thought I would sit-in, and learn something. As it turns out, they actually taught me ALOT! Here’s a tidbit on what they thought […]
Barbara Crowley Recognized with the 2021 Douglas Mooers Award for Excellence
{November 30th, 2021} by NAILBA
Barbara Crowley Recognized with the 2021 Douglas Mooers Award for Excellence The annual award, sponsored by MassMutual Strategic Distributors, is NAILBA’s most coveted and prestigious accolade honoring distinction in brokerage. The annual award, NAILBA’s most coveted and prestigious accolade, honors distinction in brokerage and is presented to the individual most committed to furthering independent life […]
Want the deets? Hit up WinkIntel’s AnnuitySpecs tool
{November 30th, 2021} by Sheryl J. Moore
I am seeing more indexed annuities offering structured-annuity-like indexing in them lately. For example, one of the new indexed annuities that launched this month has a story that it gives buyers the opportunity to take some negatives into account in an interim indexing period, in exchange for the opportunity to earn even greater interest than […]
Iowa takes top insurance spot
{November 30th, 2021} by O. Kay Henderson
More than 180 insurance companies are now headquartered in Iowa — and Iowa Economic Development Authority director Debi Durham says no other state gets a higher percentage of its Gross Domestic Product from the insurance and finance industry. “I have to say this is bragging rights for the state of Iowa. We took over the […]
2021 Independent Distribution (ID) 20 Award Recipients
{November 30th, 2021} by NAILBA
Learn more about 20 of the industry’s innovators and trailblazers: Click HERE
T. Rowe Price’s Inaugural U.S. Retirement Market Outlook Examines the 2022 Retirement Landscape
{November 30th, 2021} by T. Rowe Price Group, Inc.
BALTIMORE, Nov. 17, 2021 /PRNewswire/ — T. Rowe Price held its inaugural U.S. Retirement Market Outlook press briefing yesterday, offering research-based insights on major themes expected to shape the retirement landscape in 2022. Amid recent significant global events like the pandemic and its impact on the market, a select group of the firm’s experts shared their perspectives on key topics, […]
The Alt-Asset Teams that Reinvent Annuity Companies
{November 30th, 2021} by Kerry Pechter
The global private-asset titans who’ve disrupted the US life insurance business in recent years—and whose annuity-issuing subsidiaries now account for almost half of domestic fixed indexed annuity sales—have also formed tactical “Insurance Solutions” groups. Click HERE to read the full story via RIJ
Fidelity to help participants buy income annuities
{November 30th, 2021} by Editorial Staff
Guaranteed Income Direct,” a new service from retirement plan giant Fidelity Investments, allows Fidelity plan participants to convert a portion of their 401(k) or 403(b) savings into an immediate income annuity to provide pension-like payments throughout retirement, a Fidelity release said. Click HERE to read the full story via Retirement Income Journal.
4 Big FINRA Rule Changes in 2021
{November 30th, 2021} by Melanie Waddell
Robert Cook, president and CEO of the Financial Industry Regulatory Authority, said recently that the broker-dealer self-regulator is “focused on updating our rule book to reflect what we’ve learned during COVID” and is mulling an update to its complex product rules. In 2021, the broker-dealer regulator has adopted new rules intended to crack down on […]
Annuity Issuer Names New CEO
{November 30th, 2021} by Allison Bell
Georgette Nicholas has taken over as the CEO of Midwest Holding, a small life insurer with big ambitions for growth in the U.S. annuity market. Nicholas, who has been Midwest Holding’s president and chief financial officer, succeeded A. Michael Salem. Click HERE to read the full story via ThinkAdvisor
Penn Mutual’s Tom Harris: Clients Want Your Advice
{November 30th, 2021} by Allison Bell
Tom Harris knows the painful, lonely path of financial professionals who try to persuade clients to protect themselves against mortality and longevity risk. Harris is executive vice president and chief distribution officer at The Penn Mutual Life Insurance Co. Click HERE to read the full story via ThinkAdvisor
Federal Reserve Board announces members of its Insurance Policy Advisory Committee
{November 30th, 2021} by Federal Reserve Board
The Federal Reserve Board on Wednesday announced seven members, including six new members, of its Insurance Policy Advisory Committee, or IPAC. The members will serve three-year terms beginning in 2022. The IPAC, which was established by the Economic Growth, Regulatory Relief, and Consumer Protection Act, provides information, advice, and recommendations to the Board on domestic […]
2 More States Adopt Commission-Friendly Annuity Sales Rules
{November 29th, 2021} by Allison Bell
Kentucky and Mississippi have moved ahead with efforts to update their annuity sales rules without banning annuity sales commissions. The states have adopted the National Association of Insurance Commissioners’ annuity sales standards model update. Click HERE to read the full story via ThinkAdvisor.
F&G’s Chris Blunt: Are You Up on Inflation-Friendly Strategies?
{November 29th, 2021} by Allison Bell
As president and CEO of F&G Annuities & Life, Chris Blunt runs an insurer that’s on track to generate more than $9 billion in revenue this year. He previously was the CEO of Blackstone Insurance Solutions, an investment organization that helps manage assets for insurers. He has been in the middle of the fight to […]
Mutual Life Insurers Begin to Set 2022 Dividends
{November 29th, 2021} by Allison Bell
The boards of mutual life insurers are starting to release 2022 dividend payout estimates. A mutual life insurer is a life insurance company that’s owned by its policyholders. Whole life policies are the products most likely to pay dividends. The dividend payouts affect the value of the policies for the insured, and they also are […]
The U.S. Life Insurance Gap
{November 29th, 2021} by Andreja Stevanovic
So far, 2021 has had the highest growth in life insurance policy sales in decades. Following many unprecedented circumstances — a global pandemic, months riddled with climate-induced extreme weather, and much more — thousands of Americans decided that life insurance may not be a luxury, but a requirement. Just as COVID-19 and natural disasters have disproportionately […]
California Assemblyman to Lead Insurance Legislator Group
{November 29th, 2021} by Allison Bell
Members of the National Council of Insurance Legislators have picked Democrats to hold the group’s two top officer slots in the coming year. California Assemblyman Ken Cooley, D-Rancho Cordova, succeeded Indiana Rep. Matt Lehman, R-Berne, as NCOIL’s 2021-2022 president last week, at the group’s annual meeting in Scottsdale, Arizona. Click HERE to read the full […]
COVID-19 Omicron Variant Hits Life Insurers’ Stock Prices
{November 29th, 2021} by Allison Bell
The COVID-19 pandemic wrecked life and health executives’ hopes for a calm Thanksgiving weekend by producing an aggressive new variant. A World Health Organization advisory group dubbed variant B.1.1.529 the “omicron” variant. WHO put that variant in its top “variant of concern” category, along with the alpha variant, the beta variant, the gamma variant and […]
Clients’ Misunderstanding About Indexed Policies
{November 28th, 2021} by Bill Boersma
Some things in life seem straightforward enough that they don’t need explanation, but experience often proves this assumption wrong. Click HERE to read the full story via Wealth Management. Wink’s Note: Who would think that no matter what, you cannot lose money in an indexed universal life product?!? LIFE INSURANCE COSTS MONEY! I am […]
Thank goodness SOMEONE listens to me
{November 23rd, 2021} by Sheryl J. Moore
Seems everybody and their dog wants to confuse folks with the terminology “Registered Indexed Linked Annuity.” Not me. Uh uh. No way. There IS such a thing as a registered indexed annuity. Let’s not confuse this with that. I call them “Structured Annuities,” but at least the National Association of Insurance Commissioners (NAIC) has made a […]
If we can get dozens of more folks to do events like this…imagine the possibilities!
{November 23rd, 2021} by Sheryl J. Moore
It sounds like we are really going to have the opportunity to get the concept of annuities in front of so many more people! The first agent-sponsored event for the movie that I was in, “The Baby Boomer Dilemma” by Doug Orchard, was a smash success. If we can get dozens of more folks to do […]
Annuities struggle to gain foothold in 401(k) plans
{November 23rd, 2021} by Margarida Correia
Sponsors of 403(b) plans are light-years ahead of their 401(k) peers when it comes to offering annuities within their plans. More than half of 403(b) plan sponsors (53.5%) offer annuities as a retirement distribution option, whereas only 17.2% of 401(k) plan sponsors provide them, according to the Plan Sponsor Council of America’s recent survey of […]
Retirement Plans Should Be Integrated
{November 23rd, 2021} by Jack Guttentag
Suppose that automobiles were marketed like retirement plans. Then the chassis, engine and tires would be marketed by different firms, and the buyer would have to put them together. Yes, this would be absurdly inefficient, yet that is exactly the case with retirement plans. The three major components – financial asset management, annuities and HECM […]
Kentucky, Mississippi Adopt Best Interest Annuity Rules
{November 23rd, 2021} by Patrick Donachie
Kentucky and Mississippi are the latest states to pass rules governing the recommendation of annuities, becoming the 17th and 18th states, respectively, to adopt rules based on the National Association of Insurance Commissioners’ (NAIC) model rule meant to align states’ annuity regulations with the Securities and Exchange Commission’s Regulation Best Interest. Kentucky recently passed its […]
LPL, Ameriprise, Cetera, plus record SEC actions, record annuity sales and “How Not to Suck at Money”
{November 23rd, 2021} by Editorial Staff
Invesco QQQ and the NCAA are teaming up to launch a simulation to improve financial literacy for college students with several former collegiate and pro athletes serving on the venture’s strategic board. The CFP Board has four new board members. The SEC released its annual report on enforcement actions, and there were record annuity sales […]
The Annuity Paradox
{November 23rd, 2021} by Lynnley Browning
Suddenly, annuities seem to be everywhere. Sales of a variety linked to the decade-long bull market on Wall Street are booming. Companies can now offer the guaranteed-income insurance in retirement plans for employees. Insurers are designing fee-based contracts aimed at countering the industry’s reputation as an ATM for commission-greedy brokers. ”The missing piece of your […]
The power of relationship building in insurance
{November 23rd, 2021} by Surina Nath
Responding to demands in the marketplace during the pandemic has been challenging to say the least, but companies that have invested in relationship building – both internally and externally – have been able to promote growth in all the right ways. AXIS, a leader in specialty insurance and global reinsurance, is a company that prides […]
Look For A New Fiduciary Rule In The Spring, Analysts Say
{November 23rd, 2021} by John Hilton
The Department of Labor is realistically likely to deliver a new fiduciary rule in the spring, a pair of industry analysts said last week. Officially, the Employee Benefits Security Administration plans to issue the new fiduciary rule by next month, according to DOL’s regulatory agenda. But nobody expects that to happen, said Bradford P. Campbell, […]
Legendary Insurance Icon Brokers Clearing House Partners with Integrity to Create Innovative Solutions for Advisors
{November 23rd, 2021} by Integrity Marketing Group, LLC
DALLAS, Nov. 16, 2021 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), one of the leading independent distributors of life, health and wealth products, today announced it has acquired Brokers Clearing House, a leading brokerage general agency (BGA) based in Des Moines, Iowa. As part of the acquisition, Debbie Hannam, President and Partner at Brokers Clearing House, and Dan Allison, Managing Partner at […]
Transamerica and FuturePlan Expand Retirement Plan Access with Innovative New Pooled Plan Solution
{November 23rd, 2021} by Transamerica
BALTIMORE, Nov. 16, 2021 /PRNewswire/ — Transamerica and FuturePlan by Ascensus today introduced an innovative new pooled plan retirement solution called FuturePlan GPS (Group Plan Solution). FuturePlan GPS makes retirement plan sponsorship easier for employers by reducing time-consuming administrative burdens and mitigating fiduciary risk. With a fully integrated 100-point payroll data integrity check, it also helps prevent […]
Inflation and Market Volatility are Among Top Concerns of American Investors, According to New F&G Survey
{November 23rd, 2021} by Fidelity & Guaranty Life
DES MOINES, Iowa, Nov. 17, 2021 /PRNewswire/ — Nearly three quarters of American investors (73%) are very or somewhat worried about inflation impacting their retirement, according to a new survey from F&G, part of the FNF family of companies and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients. The company’s second […]
The Penn Mutual Life Insurance Company Introduces New Guaranteed Minimum Accumulation Benefit Rider II
{November 23rd, 2021} by The Penn Mutual LIfe Insurance Company
HORSHAM, Pa., Nov. 17, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, recently introduced the Guaranteed Minimum Accumulation Benefit Rider II (GMAB II) as an optional benefit to its Smart Foundation Variable Annuity products. This new rider offers downside protection in a variable product and guarantees at shorter durations. GMAB II […]
MassMutual Consumer Spending & Saving Index: Americans Plan to Spend $1,243 on Average on Holiday-Related Purchases This Season
{November 23rd, 2021} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–As the holidays quickly approach, Americans are more optimistic about their financial outlook and are planning to increase their holiday spending compared to last year, according to new research from Massachusetts Mutual Life Insurance Company (MassMutual). Nearly three-quarters (73%) are optimistic about their finances and over one-third are “very optimistic” (35%), up from the percentage […]
Fidelity Investments Launches Guaranteed Income Direct to Help Workers Convert 401(k) and 403(b) Savings Into Annuities at Retirement
{November 23rd, 2021} by Fidelity Investments
BOSTON–(BUSINESS WIRE)–Fidelity Investments today announced Guaranteed Income Direct, a retirement income product that allows individuals to convert a portion of their 401(k) or 403(b) savings into an annuity to provide consistent, pension-like payments1 throughout retirement. With nearly eight million workers2 on Fidelity’s workplace savings platform nearing retirement, Fidelity’s Guaranteed Income Direct addresses the growing interest3 among employers and […]
AIG Announces Results and Upsizing of Its Tender Offers for Certain Outstanding Notes
{November 23rd, 2021} by AIG
NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced the results of its previously announced 15 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 $1.0 billion […]
Putting Aging Risks Into Perspective: Retirees Are Less Worried About Financial Fraud and Costs Associated With Aging
{November 23rd, 2021} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Despite being at the highest risk of experiencing elder financial abuse, retirees reported having the least concern that they will become a victim of financial fraud and scams. Less than a quarter (24%) of retirees worry they may become a victim of financial fraud, compared with 42% of pre-retirees and 46% of near-retirees, according […]
Craig DeSanto named CEO-elect of New York Life
{November 23rd, 2021} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 and most admired2 mutual life insurer, today announced that the company’s Board of Directors has named Craig DeSanto CEO-elect of New York Life. Mr. DeSanto, who is currently the company’s president, will succeed Ted Mathas, who has served as CEO for nearly fourteen years. Mr. DeSanto will assume the chief […]
AM Best Comments on Credit Ratings of Manulife Financial Corporation and Its Subsidiaries Following Reinsurance Agreement Announcement With Venerable Holdings Inc.
{November 23rd, 2021} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Credit Ratings (ratings) of Manulife Financial Corporation (MFC) (Toronto, Canada) [NYSE: MFC] and its subsidiaries remain unchanged following the Nov. 15, 2021, announcement that the company has entered into an agreement to reinsure a significant portion—more than 75%—of its legacy U.S. variable annuity (VA) block to Venerable Holdings […]
Pacific Life Collaborates With Ensight™ and Insurance Technologies on New Dynamic Client Illustration Tool for Annuities
{November 23rd, 2021} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Today, Pacific Life, in collaboration with Ensight and Insurance Technologies, introduced an innovative new sales tool that links to its current illustration software to provide financial professionals with an interactive, personalized presentation or e-brochure they can share with clients. The new presentation tool allows financial professionals to show their clients a comparison […]
American Equity Advances Return of Capital to Shareholders
{November 23rd, 2021} by American Equity Investment Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading provider of financial dignity solutions through general account annuities, announced today that its Board of Directors has authorized repurchase of an additional $500 million of the Company’s common stock. The total available authorization for share repurchase is $736 million, […]
New York Life Declares Largest Dividend in Company History
{November 23rd, 2021} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 and most admired2 mutual life insurer, today announced that the company has declared a dividend of $1.9 billion to eligible participating policy owners in 2022, the largest in company history. Declaring a dividend for the 168th consecutive year underscores New York Life’s commitment to financial strength, mutuality, and delivering ongoing value […]
AM Best Revises Outlooks to Positive for Oceanview Life and Annuity Company and Oceanview Reinsurance Ltd.
{November 23rd, 2021} by Oceanview Life and Annuity Company
HAMILTON, Bermuda–(BUSINESS WIRE)–Oceanview Life and Annuity Company (“Oceanview Life”), an insurance company, and Oceanview Reinsurance Ltd. (“Oceanview Re”), a Bermuda Class E insurance company, today announced that global credit rating agency AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Ratings […]
NAILBA Holds In-Person Annual Meeting
{November 23rd, 2021} by Allison Bell
The National Association of Independent Life Brokerage Agencies has attracted about 700 people to its in-person annual meeting this week in Orlando, Florida. NAILBA is offering online meeting programming as well as in-person program. Dan LaBert, the Fairfax, Virginia-based group’s CEO, assured members in an event message that the meeting organizers have carefully reviewed the COVID-19 safety […]
FINRA Makes Big Adjustments to CE Rules
{November 23rd, 2021} by Melanie Waddell
The Financial Industry Regulatory Authority on Wednesday adopted changes to its continuing education (CE) and registration rules, which include, among other measures, requiring those registered with FINRA to complete continuing education requirements yearly instead of every three years. As FINRA states in Regulatory Notice 21-41, the amendments to Rules 1210 and 1240: (1) provide eligible […]
Envestnet Adds Structured Products, Teaming With Goldman Spinoff: Tech Roundup
{November 23rd, 2021} by Jeff Berman
Envestnet is partnering with Goldman Sachs fintech spinoff Simon Markets to enable advisors to offer structured investments as fee-based solutions, the companies said in a joint announcement Tuesday. Envestnet’s integration plan will make it possible for advisors using Envestnet’s financial wellness ecosystem and unified managed account platform to offer structured investments as fee-based solutions and […]
Integrity Marketing Buys 4 Distribution Firms: Deals
{November 23rd, 2021} by Allison Bell
Integrity Marketing has announced a flurry of four independent marketing organizations (IMOs) in recent weeks. Marketing is a Dallas-based life insurance, annuity and health insurance distribution that has been growing rapidly through acquisitions. Click HERE to read the full story via ThinkAdvisor
David Blanchett: More Retirees Are Shunning Rollovers
{November 23rd, 2021} by Ginger Szala
With his recent move from Morningstar to PGIM/Prudential, David Blanchett has continued to hone his expertise in the retirement arena. His new position as managing director and head of retirement research at PGIM DC Solutions offers Blanchett a closer look at the defined contribution universe, especially as PGIM is the $1.5 trillion global investment management […]
Top 20 RIA Wealth Management Firms of 2021
{November 23rd, 2021} by Michael S. Fischer
RIA Database has announced its ranking of the top 100 wealth managers in the U.S. Researchers ranked firms based on total assets under management as reported on their form ADV part I as of Sept. 30. They used several criteria to qualify RIAs as wealth management firms. These included firms that predominantly serve high-net-worth family offices […]
Fidelity to Offer Annuity Access to 401(k) Participants
{November 23rd, 2021} by Ginger Szala
Fidelity Investments, which has $11.1 trillion in assets under administration, announced Thursday that it was launching Guaranteed Income Direct in 2022, giving 401(k) and 403(b) plan participants the ability to annuitize their retirement savings. The company says it has 8 million workers age 50 to 64 on its savings platform, noting that the growing interest […]
Harry Dent: Stock Market Crash Coming in Early 2022; ‘Economy Is Dead’
{November 23rd, 2021} by Jane Wollman Rusoff
First, the terrible news: “The biggest stock market crash of our lifetime will hit in 2022,” Harry Dent Jr., aka “The Contrarian’s Contrarian,” tells ThinkAdvisor in an interview. Further, “crypto is going to drop even more than stocks,” he predicts. Now, the good news: “You’ll see the biggest [stock] crash work to your advantage in […]
NAIC Panel Member Seeks to Clear Regulatory Pipes
{November 23rd, 2021} by Allison Bell
Birny Birnbaum is trying to pull a Life Illustration Issues Working Group report through the pipes at the National Association of Insurance Commissioners. Birnbaum is asking the working group’s parent, the NAIC’s Life Insurance and Annuities Committee, to release the report, which is about new standards for materials that show how specific life insurance policies […]
Wyoming Department Warns Against Scams Against Agents
{November 23rd, 2021} by Allison Bell
Officials at the Wyoming Department of Insurance have an urgent message for insurance agents: Real department representatives are not calling agents and asking for money to resolve licensing problems. Scam artists in other states are calling agents, brokers and other licensees and pretending to be representative from state insurance departments, Wyoming department officials say in […]
Life Settlements and the Life Insurance Payout Toolbox
{November 23rd, 2021} by Ashley Fabia
There are many options available to life insurance policy beneficiaries in regard to how they can receive the proceeds of the policy. But one often-overlooked payout method can prove beneficial in some circumstances. Life settlements are, in effect, a useful addition to the list of life insurance payout methods. Typically, payouts are mailed within a […]
How To Help Seniors Track Down An Unclaimed Life Insurance Policy
{November 23rd, 2021} by Press of Atlantic City
Dear Savvy Senior: When my dad died, we thought he had a life insurance policy, but we have no idea how to track it down. Any suggestions? – Searching Son Click HERE to read the full story via INN
Prudential Discusses How COVID-19 Affected New Life Insurance Policies
{November 23rd, 2021} by Newswire.com
In a time where tragedies have become more and more common, life insurance companies have adjusted to these new changes. Policies have generally remained the same, but there are some key differences worth discussing. Did COVID-19 affect life insurance premiums? Click HERE to read more via INN
Well-Balanced Planning is the Key to Successful Retirement
{November 23rd, 2021} by Chris Orestis, CSA
Well-Balanced Planning is the Key to Successful Retirement They say the two things no one can avoid is death and taxes— but the third unavoidable reality is aging. For people who make sound investments in themselves, the negative impacts of aging can be held at bay and their retirement years can be some of the […]
Firm winners named for InvestmentNews annual Innovation Awards
{November 23rd, 2021} by Brittney Grimes
InvestmentNews selected five firm winners for its fifth annual Icons & Innovators Awards. The winners were selected based on their ability to shape and transform the financial advice profession, along with their implementation of new advances and initiatives. Click HERE to read the full story via InvestmentNews
Vulnerable women represent opportunity for women advisers
{November 23rd, 2021} by Mark Schoeff Jr.
Women going through difficult life events — such as a divorce or the death of their spouse — are vulnerable and need an investment adviser more than ever. It’s an opportunity for women advisers to be their hero, said an adviser who specializes in helping women in those situations. Click HERE to read the full story via InvestmentNews
Big questions out there for Advisor Group
{November 23rd, 2021} by Bruce Kelly
Advisor Group lost one of its biggest and most important financial advisers last week, Kevin Myeroff of Royal Alliance Associates Inc. — a regular on Barron’s ranking of top independent advisers whose firm, NCA Financial Planners, has about $1.7 billion in client assets. Click HERE to read the full story via InvestmentNews
Pacific Life Collaborates With Ensight™ and Insurance Technologies on New Dynamic Client Illustration Tool for Annuities
{November 23rd, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Today, Pacific Life, in collaboration with Ensight and Insurance Technologies, introduced an innovative new sales tool that links to its current illustration software to provide financial professionals with an interactive, personalized presentation or e-brochure they can share with clients. The new presentation tool allows financial professionals to show their clients a comparison […]
Envestnet & SIMON Partner to Enable Advisors to Offer Structured Investments as Fee-Based Solutions
{November 23rd, 2021} by Envestnet |SIMON Markets LLC
CHICAGO and NEW YORK, Nov. 16, 2021 /PRNewswire/ — Envestnet, Inc. announces that it is partnering with SIMON Markets LLC (SIMON) to offer access to, and the management of structured investments that can provide income and protection strategies for client portfolios. Envestnet’s integration plan will make it possible for financial advisors utilizing Envestnet’s financial wellness ecosystem and unified managed […]
The Penn Mutual Life Insurance Company Introduces New Guaranteed Minimum Accumulation Benefit Rider II
{November 22nd, 2021} by The Penn Mutual LIfe Insurance Company
HORSHAM, Pa., Nov. 17, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, recently introduced the Guaranteed Minimum Accumulation Benefit Rider II (GMAB II) as an optional benefit to its Smart Foundation Variable Annuity products. This new rider offers downside protection in a variable product and guarantees at shorter durations. GMAB II […]
Midwest Holding Announces CEO and Board Chair Changes
{November 22nd, 2021} by Midwest Holding Inc
LINCOLN, Neb., Nov. 22, 2021 /PRNewswire/ — Midwest Holding Inc (“Midwest”) (NASDAQ: MDWT) today announced that A. Michael Salem, one of the company’s Co-Chief Executive Officers, has resigned as an officer and director and will leave the company, effective immediately. Georgette C. Nicholas was appointed as Chief Executive Officer and a member of Midwest’s board of directors (the “Board”). Ms. Nicholas was previously […]
Total Annuity Sales Rose 12% In The Third Quarter, LIMRA Reports
{November 22nd, 2021} by Staff Reports
Total U.S. annuity sales were $62.3 billion in the third quarter, up 12% from third quarter 2020. Year-to-date, annuity sales increased 19% to $191.4 billion, according to results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey. Click here to read the full story via INN
The Annuity Option for a Secure Retirement
{November 22nd, 2021} by James H. Szostek
“Weekend Investor: The 4% Nest Egg Rule Is Cracking” (Exchange, Nov. 13) raises the question: Where’s the annuity? Easy-to-find online annuity calculators show payout annuities today providing more in annual income from $1 million than either a 4% withdrawal strategy or a 3.3% withdrawal plan in early retirement years. That’s the case whether the annuitant […]
4 Reasons Why Millennials Need Life Insurance
{November 22nd, 2021} by INNsider Pro
If you’ re a millennial, the chances you’ ve already invested in a private life insurance policy are probably pretty low. The share of Americans covered by life insurance slid from 63% in 2011 to 52% in 2021— and the most pronounced decrease has come from younger generations. Click HERE to read the full […]
Aggressive Annuity Illustrations Should Be Reined In, Critics Says
{November 22nd, 2021} by Warren S. Hersch
Wink CEO Sheryl Moore observes that the average fixed annuity rate is a mere 1.71%, while variable annuities are illustrating at less than 8% net. She said in an email that to illustrate a fixed product that has a floor at a rate higher than a variable annuity is “inconceivable.” Click HERE to read the full story […]
New American Equity Fixed Index Annuity Offers a Next Generation Crediting Strategy to Drive Growth Opportunities
{November 16th, 2021} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–For the millions of Americans looking for more flexible accumulation options as they grow their nest egg, American Equity Investment Life Insurance Company launches a new fixed index annuity – FlexShield 10. This 10-year retirement product brings a fresh approach to index-linked crediting by using an innovative new strategy, that gives […]
American Equity Ready To Reclaim FIA Dominance
{November 16th, 2021} by John Hilton
A recent $10 billion reinsurance deal will help American Equity grow its fixed index annuity income product line, CEO Anant Bhalla said. Under an agreement that closed in October, Brookfield Reinsurance has reinsured a block of approximately $4 billion of in-force policies, and will reinsure up to an additional approximately $6 billion of American Equity’s […]
BGAs And IMOs Are Growing Producer Ranks, Selling More, Survey Finds
{November 16th, 2021} by John Hilton
Seventy-two percent of respondents said they expect an increase in 2021 sales over 2020, according to a joint study by two industry trade associations. The survey of brokerage-general agencies and independent marketing organizations found that 63% of the respondents that expect to increase sales say they expect to see at least a 10% rise in […]
AM Best to Host Briefing on 2022 Outlooks for U.S. Insurance, Global Reinsurance Markets
{November 16th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best leading analysts will review the state of U.S. insurance industry’s major segments and the global reinsurance industry, as well as what the rating agency foresees in 2022, in an online briefing scheduled for Thursday, Dec. 9, 2021 at 2:00 p.m.(EST). The one-hour event follows the publication of AM Best’s annual market segment […]
Faced With Rising Taxes and Ongoing Market Uncertainty, Pre-retirees Lean on New Investment Options to Maximize Savings Potential
{November 16th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced the upcoming launch of a new crediting strategy within its highly recognized indexed variable annuity, Lincoln Level Advantage®. Beginning Nov. 22, 2021, new contracts with Lincoln Level Advantage will offer a spread crediting strategy, in addition to several existing investing options, providing investors with a new option for portfolio growth opportunities, balanced […]
AM Best Affirms Credit Ratings of Great-West Lifeco Inc. and Its Subsidiaries
{November 16th, 2021} 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 Canada Life Assurance Company (Winnipeg, Manitoba) and its affiliates. Concurrently, AM Best has affirmed the Long-Term ICR of “a” (Excellent) and the Long-Term Issue Credit Ratings (Long-Term IR) of […]
Equitable Expands Availability of its Flagship Annuity Offering to Meet Financial Professionals’ Needs
{November 16th, 2021} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced the continued expansion of its variable and index-linked annuity product distribution in order to meet financial professionals where and how they prefer to do business. Equitable has expanded distribution of fee-based versions of its variable and index-linked annuity products […]
Brighthouse Financial Announces Upsize of Previously Announced Cash Tender Offer
{November 16th, 2021} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (the “Company”) (Nasdaq: BHF) announced today, in connection with its previously announced cash tender offer (the “Offer”), that the Company has increased the aggregate purchase price of Notes that the Company intends to purchase in the Offer from the previously announced amount to an aggregate purchase price of up to […]
Security Benefit’s ClearLine Annuity Provides “Tax Alpha” New Research Shows
{November 16th, 2021} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit today applauded the findings of new research published by David Blanchett, Managing Director, Head of Retirement Research, PGIM DC Solutions. The paper highlights the potentially significant income benefits derived from using a tax exclusion ratio, in non-qualified products, available as part of its ClearLine Annuity Rising Income Rider. “Blanchett’s work helps […]
Jackson Announces Third Quarter 2021 Results
{November 16th, 2021} by Jackson
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) today announced financial results for the three months ended September 30, 2021. Key Highlights Net income of $206 million, or $2.18 per diluted share, included the impact of non-economic hedging losses under U.S. GAAP accounting Adjusted operating earnings1 of $487 million, or $5.16 per diluted share, down from the […]
Protective Life Corporation Unveils Inaugural Sustainability Report, “Because We’re All Protectors”
{November 16th, 2021} by Protective
November 09, 2021 08:32 AM Eastern Standard Time BIRMINGHAM, Ala.–(BUSINESS WIRE)–Following the recent launch of a new brand identity, Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced the publication of the Company’s 2020 Sustainability Report, “Because we’re all protectors.” The inaugural report details the actions, progress and achievements resulting from […]
Haven Life Finds Americans Want to Talk about Anything Besides Politics and COVID-19 this Holiday Season, Even Willing to Discuss Money and Financial Planning Instead
{November 16th, 2021} by Haven Life
NEW YORK, Nov. 11, 2021 /PRNewswire/ — A new survey of more than 1,000 individuals from Haven Life, the digital life insurance agency backed and wholly owned by Massachusetts Mutual Life Insurance Company (MassMutual), finds that while many are excited to gather in-person with friends and family this holiday season, some conversations will be off the table. […]
Northwestern Mutual Internship Program Ranks Among Nation’s Best
{November 16th, 2021} by Northwestern Mutual
MILWAUKEE, Nov. 10, 2021 /PRNewswire/ — For the 26th consecutive year, Northwestern Mutual’s College Financial Representative internship program has been ranked by Vault as one of the 100 best in the country. The program is in the top five among financial services firms and is a top five internship for strategy and business development. “Our internship program is a […]
Trendspotter: Life Insurer Ownership Is Changing — a Lot
{November 16th, 2021} by Allison Bell
A relatively small number of companies seem to be gobbling up the life insurers. Many multiline insurers have been splitting off their life and annuity arms. Some life and annuity issuers that started out when stagecoaches were hot are now trying to find buyers, focus on selling certain types of life and annuity products, or […]
Fed Wonders About Life Insurers’ Liquidity
{November 16th, 2021} by Allison Bell
Federal Reserve Board officials think life insurers look a little financially pale. Officials talk about their concerns in a new financial stability report. The report is different from, and a complement to, the Financial Stability Oversight Council’s financial system tracking reports. Life insurers earn much of the cash they use to support benefits by using […]
MassMutual Opens 17-Story Building in Boston
{November 16th, 2021} by Allison Bell
Leaders from Massachusetts Mutual Life Insurance and other organizations cut the ribbon earlier this week on a big new MassMutual office tower in Boston. The 170-year-old, Springfield, Massachusetts-based life insurer says the 17-story, 310,000-square-foot building has room for about 1,000 workers. Click HERE to read the full story via ThinkAdvisor
Jackson Executives Talk About the Annuity Gameboard: Earnings
{November 16th, 2021} by Allison Bell
Jackson Financial is now a separate company from Prudential PLC, and it’s now releasing its own quarterly earnings reports and holding its own quarterly conference calls with securities analysts. Executives at the Lansing, Michigan-based annuity giant, which is the parent of Jackson National Life Insurance, say it’s using the same strategy many competitors are using: […]
Evergreen Annuity & Life Aims to Serve Cannabis Growers
{November 16th, 2021} by Allison Bell
Evergreen Annuity & Life hopes to begin selling annuities and life insurance to cannabis company owners sometime next year. The Ann Arbor, Michigan-based company is preparing to apply for permission from Michigan regulators to operate as a life insurer there. Evergreen believes other states’ reciprocity agreements with Michigan will help it extend its footprint to […]
Life Health > Annuities 10 Life, Health and Annuity M&A Possibilities for Year-End
{November 16th, 2021} by Allison Bell
Big, publicly traded insurers can make big deals at any time of the year, but the fourth quarter is often an especially popular time for announcements about mergers and acquisitions. Insurers may negotiate M&A deals to meet growth goals, invest excess cash, manage tax obligations, please insurance regulators, acquire talent or technology, or make good […]
Team Drafts Regs for Annuity All Stars
{November 16th, 2021} by Allison Bell
State insurance regulators are trying to figure out what longtime holders of variable indexed annuities should get when they give up their contracts. For financial professionals who work with annuities, the real, lasting impact may be that the insurance industry will be more likely to settle on calling those many-named products “index-linked variable annuities,” or […]
New S&P Global Market Intelligence insurance industry outlook projects the status quo won’t suffice in post-pandemic landscape
{November 16th, 2021} by S&P Global Market Intelligence
NEW YORK, Nov. 9, 2021 /PRNewswire/ — Insurance companies will need to accelerate the evolution of everything from distribution and pricing to customer and investor relations, according to the newly released 2022 Insurance Industry Outlook Report from S&P Global Market Intelligence. Cross-border M&A accounted for more than half of global insurance underwriter deal value in 7 of the […]
Conning: Life Insurance Industry Investments Show Results of Rough Year
{November 16th, 2021} by Conning
HARTFORD, Conn., Nov. 10, 2021 /PRNewswire/ — The Covid-19 pandemic hit life-annuity insurers on both sides of their operations in 2020. Not only did insurers have increased death benefits and expenses to contend with, but also the asset side saw a year of interest rates dropping from already historically low levels to rock-bottom levels. Several key sectors […]
Midwest Holding Inc. Reports Third Quarter 2021 Results
{November 16th, 2021} by Midwest Holding Inc
LINCOLN, Neb., Nov. 11, 2021 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for its third quarter ended September 30, 2021. Third Quarter 2021 Highlights GAAP net loss was $3.1 million in the third quarter of 2021, down compared to a net loss of $5.5 million in the third quarter of 2020 GAAP revenue was $5.8 million in the third quarter […]
Manulife enters agreement to reinsure over 75% of U.S. Variable Annuity block to Venerable Holdings Inc.
{November 16th, 2021} by Manulife Financial Corporation
Transaction releases capital, reduces risk, and unlocks value from legacy business. Manulife intends to increase the size of its previously announced proposed Normal Course Issuer Bid and buy back common shares to neutralize the impact of this transaction on Core EPS2. C$ unless otherwise stated TSX/NYSE/PSE: MFC SEHK: 945 TORONTO, Nov. 15, 2021 /PRNewswire/ – Manulife today announced […]
Venerable Enters into Reinsurance Agreement with Manulife Financial Corporation
{November 16th, 2021} by Venerable
WEST CHESTER, Pa., Nov. 15, 2021 /PRNewswire/ — Venerable Holdings, Inc. (“Venerable”), the leader in providing innovative risk transfer solutions to variable annuity issuers, today announced a transaction with Manulife Financial Corporation (NYSE: MFC) (“Manulife”) to reinsure approximately US$22 billion of variable annuity business from its U.S. subsidiary John Hancock. The reinsured business primarily comprises contracts with guaranteed minimum withdrawal benefits (GMWB), […]
SEC Official Gives Life Insurers a Best Interest Warning
{November 16th, 2021} by Allison Bell
An SEC commissioner appointed by former President Donald Trump has warned life insurers against assuming that they will be able to pay sales commissions to sellers of variable annuities. Allison Herren Lee told life insurance company lawyers recently that variable annuity issuers will have to comply with the SEC’s Regulation Best Interest, not just state annuity […]
BlackRock launches new research effort on retirement risks
{November 16th, 2021} by James Comtois
BlackRock Inc. is launching a new firmwide retirement research initiative and bringing back a former star to lead it. In a memo sent to all BlackRock employees Nov. 4, Chairman and CEO Laurence D. Fink announced that Peter R. Fisher would be rejoining the firm in January to oversee the project. Though details on this new […]
How RIAs should overhaul billing after another SEC warning about fees
{November 16th, 2021} by Tobias Salinger
If RIAs didn’t pay attention last time the SEC came through looking for information about their fees, the regulator’s latest warning should make them take notice, compliance experts said. A new sweep by the regulator’s Division of Examinations revealed widespread problems with how much RIAs charge clients and the manner that they disclose the expenses, […]
Advisors: Annuities A Great Fit For Middle- And Mass-Affluent, Survey Finds
{November 16th, 2021} by Annuity News
More than a third of pre-retirees are very worried about running out of money in retirement, according to Secure Retirement Institute research. Annuities can protect principal and provide guaranteed lifetime income, alleviating pre-retirees’ and retirees’ concerns about their longevity risk. However, while annuities have features uniquely suited to retirement, they are not necessarily appropriate for […]
Insurers Seeing Private Equity Enter Investment Portfolios And The Boardroom
{November 16th, 2021} by INN Insider Pro
By all accounts, the deal announced in July between Blackstone and American International Group Inc. was notable in size and scope. The private equity firm will spend $2.2 billion to buy a 9.9% stake in AIG’s Life& Retirement group in an all-cash transaction. Click HERE to read the full story via INN
Courts Left To Clean Up IUL Sales Fraud
{November 16th, 2021} by John Hilton
With the insurance industry facing aggressive regulatory activity on several fronts, it isn’t a good time for an explosive, wide-ranging fraud involving hundreds of insurance product sales. Yet that is exactly what is happening. What began as a pension fraud scheme spread to the sales of hundreds of indexed universal life policies before being shut […]
Congratulations Sheryl J. Moore!
{November 11th, 2021} by Wink Intel Pros
Congrats to Wink’s CEO, Sheryl J. Moore and the #TALUMINARIES Class of 2021, 👏👏👏👏 inaugural LUMINARIES program! Created with promo.com The World’s #1 Marketing Video Maker View on Promo.com
New impact index tracks which 79 firms are embracing neurodiversity
{November 9th, 2021} by Tobias Salinger
As more financial advisors adapt impact investing tools into their practices, one planner launched an index tracking which firms are embracing neurodiversity. The term refers to the principle that autistic people, as well as those affected by dyslexia, attention deficit hyperactivity disorder, social anxiety disorders or other conditions, should have comprehensive workplace accommodations enabling them […]
New York Life’s Pitch to Entrepreneurs: Sell Life Insurance
{November 9th, 2021} by Leslie Scism
A career in sales is a hard sell right now, and building a diverse sales force is even tougher, recruiters say. The 176-year-old New York Life Insurance Co. has one of the nation’s biggest fleets of life-insurance agents, totaling about 13,000, and the company has long been committed to keeping its sales force diverse. Click […]
Why Bermuda Is Life Insurance Heaven
{November 9th, 2021} by Allison Bell
Members of the American Academy of Actuaries met online last week and revealed answers to some of the most pressing questions in the life, health and annuity sectors — including, for example, why U.S. life insurers all seem to be rushing to do business in Bermuda. One speaker answered that question with a table in […]
Help People See the Value of Income Insurance
{November 9th, 2021} by Kip Mendenhall
If you are an agent or advisor, then you know that retirees typically don’t go looking for an insurance product for the spend-down phase of their lives. Many retirees might tend to avoid annuities because they have heard so much misleading or false information about the product or have been subjected to highly aggressive marketing […]
AIG’s Life Unit Makes $877M: Earnings
{November 9th, 2021} by Allison Bell
The Life and Retirement business at American International Group could be a representative for the entire publicly traded U.S. life and annuity insurer class this quarter: It earned close to $900 million, in spite of low interest rates and the COVID-19 pandemic — and AIG executives are still talking about efforts to spin it off. […]
Senate Bill Could Change Index-Linked Annuity SEC Filings
{November 9th, 2021} by Allison Bell
ADemocrat and a Republican have introduced a Senate bill that could help life insurers save money. The bill, S. 3198, would require the Securities and Exchange Commission to develop a registration form specifically for registered index-linked annuity (RILA) contracts. The RILA Paperwork Background Offering a RILA contract is a way for a life insurer to […]
Private equity/life insurer partnerships proceed
{November 9th, 2021} by Editorial Staff
American Equity Investment Life Insurance Company said it will provide “financing and capital support” to help Pretium, a specialized investment management firm, buy Anchor Loans, a large provider of financing to residential real estate investors and entrepreneurs. Click HERE to read the full story via RIJ
NAIC Eyes ‘Bermuda Triangle’ Strategy
{November 9th, 2021} by Kerry Pechter
The growing control of small and mid-sized publicly traded US life/annuity companies by giant global private equity (PE) companies has created “novel regulatory risks,” according to a document posted on the National Association of Insurance Commissioners’ website last month. Click HERE to read the full story via RIJ
KoverNow Survey of Millennials Shows Inclination To Purchase Insurance Via a Mobile App or App-based Products and Services
{November 9th, 2021} by KoverNow
SINGAPORE, Nov. 4, 2021 /PRNewswire/ — KoverNow, an insurtech start-up company based in Singapore, offering mobile consumer insurance services via its app, has released new research into millennial purchasing and risk attitudes to insurance. The survey, of over 500 millennials of the estimated 1.5 million living in Singapore, shows that their attitudes to risk and purchasing insurance services are influenced […]
Equitable Holdings Reports Third Quarter 2021 Results
{November 9th, 2021} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the third quarter ended September 30, 2021. “Driven by solid performance across our retirement and asset management businesses, we reported strong third quarter results, with non-GAAP operating earnings of $1.94 per share, a 56% year-over-year increase and […]
Lincoln Financial Group Reports Third Quarter 2021 Results and Announces Increase to Dividend
{November 9th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income for the third quarter of 2021 of $318 million, or $1.68 per diluted share available to common stockholders, compared to net income in the third quarter of 2020 of $398 million, or $2.01 per diluted share available to common stockholders. Third quarter adjusted income […]
MetLife Announces Third Quarter 2021 Results
{November 9th, 2021} by Metlife
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced its third quarter 2021 results. Third Quarter Results Summary Net income of $1.5 billion, or $1.77 per share, compared to net income of $633 million, or $0.69 per share, in the third quarter of 2020. Adjusted earnings of $2.1 billion, or $2.39 per share, compared to adjusted […]
American Equity Reports Third Quarter 2021 Results
{November 9th, 2021} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported on its third quarter 2021 results. These results include substantial progress on the key goals of AEL 2.0 by closing a major reinsurance transaction with Brookfield that generates on-going fee revenues for American […]
AllianceBernstein Adds Jackson to its Lifetime Income Strategy Multi-Insurer Platform
{November 9th, 2021} by AllianceBerstein
NASHVILLE, Tenn., Nov. 8, 2021 /PRNewswire/ — AllianceBernstein L.P. (“AB”) (NYSE: AB) announced it has added Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc. (NYSE: JXN), to its platform of insurers that provides guaranteed income in its Lifetime Income Strategy (LIS) retirement solution for Defined Contribution (DC) plans. As more plans are adopting LIS and assets […]
New study: for many older employees, there isn’t a Great Resignation, it’s the Great Delay
{November 9th, 2021} by Nationwide
COLUMBUS, Ohio, Nov. 8, 2021 /PRNewswire/ — Today many companies are grappling with the Great Resignation, primarily with employees ages 30 to 45 years. However, a new Nationwide Retirement Institute® survey of retirement plan sponsors and participants uncovered the Great Resignation doesn’t necessarily apply to older employees, with one in four employer-sponsored retirement plan participants ages 45 and older reporting that the […]
National Western Life Group, Inc. Announces 2021 Third Quarter Earnings
{November 9th, 2021} by National Western Life Group, Inc.
AUSTIN, Texas, Nov. 8, 2021 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today third quarter 2021 consolidated net earnings of $39.8 million, or $11.27 per diluted Class A common share, compared with consolidated net earnings of $10.8 million, or $3.06 per diluted Class A common share, for the third […]
Midwest Holding Subsidiary American Life Introduces Multi-Year Guaranteed Annuity (MYGA) Product for Registered Investment Advisors (RIAs)
{November 9th, 2021} by Midwest Holding INc
LINCOLN, Neb., Nov. 3, 2021 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-enabled, services-oriented life and annuity platform, announced today that its subsidiary American Life & Security Corp. (ALSC) has launched its first Multi-Year Guaranteed Annuity (MYGA) product for the registered investment advisor (RIA) market. “This is an important new initiative for American Life as we seek to […]
Retirement Product Innovation Bill Introduced In Senate
{November 9th, 2021} by Targeted News Service
A bill to lower barriers to innovative retirement income products by requiring the U.S. Securities and Exchange Commission (SEC) to revise its rules regarding the development and offering of certain annuity products was introduced in the Senate this week. The measure is similar to a House bill introduced in July. The Registration for Index-Linked Annuities […]
Changing the Buying Process for Life Insurance
{November 9th, 2021} by Adam Erlebacher
Ten minutes instead of 10 weeks? That was when I realized we needed life insurance platforms built for the 21st-century family. When I became a dad, I tried to buy life insurance online. I filled out the form on an insurance company’s website, and instead of simply paying for it in a couple of minutes, […]
Athene Launch Alum to Create Another Annuity Business
{November 9th, 2021} by Allison Bell
Investcorp is jumping into the fixed annuity asset management market with help from an executive who was part of the effort to launch Athene Life Re. Cordillera Holdings — a new partnership controlled by Investcorp affiliates — announced Tuesday that a subsidiary, Bona Holdings, has acquired Sunset Life Insurance Co. of America from Kansas Life […]
Is “Generational Theory” Useful In Financial Services Marketing?
{November 9th, 2021} by Teresa Kuhn
While they introduced the term “millennial” to the world, William Strauss and Neil Howe were not the first researchers to promote the concept that generations can help explain changing societal attitudes. Social scientists have long tracked generations, writing about phenomena such as the post-World War II economic boom that seemed to coincide with a surge […]
Broker World: Allianz Life
{November 9th, 2021} by Broker World
Allianz Life Insurance Company of North America (Allianz Life) recently announced that it has renewed $300,000 in grants to Twin Cities nonprofits focused on improving economic inclusion and security among underserved communities. The funds support financial literacy programs that teach money management, provide asset-building initiatives, and offer financial resources for people of all ages and […]
New Annuity to Tempt Fee-Based Advisors With Fatter Fixed Rate
{November 9th, 2021} by Cyril Tuohy
Registered investment advisors only account for 2% of variable annuity sales, based on data from research firm Wink. The number dips to less than 1% for three other categories of annuities: fixed-indexed, index-linked variable and multi-year guaranteed. Click HERE to read the full story via Life Annuity Specialist
NAIBLA ID Trends
{November 9th, 2021} by NAILBA
Wink, Inc shares the latest Q2 sales for all deferred annuity, indexed annuity and fixed annuity by quarter and distribution channel. Visit NAILBA.org/ID Trends for: Trends in life apps What’s impacting DI market Plus deep dive into annuities, top technology, and much more… Shifting into high gear for business success!
Prudential Financial, Inc. Announces Third Quarter 2021 Results
{November 9th, 2021} by Prudential
November 02, 2021 04:18 PM Eastern Daylight Time NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported third quarter results. Net income attributable to Prudential Financial, Inc. was $1.530 billion ($3.90 per Common share) for the third quarter of 2021, compared to net income of $1.487 billion ($3.70 per Common share) for the third […]
American Financial Group, Inc. Announces Third Quarter Results and Declares Special Dividend
{November 9th, 2021} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2021 third quarter net earnings attributable to shareholders of $219 million ($2.56 per share) compared to $164 million ($1.86 per share) for the 2020 third quarter. Net earnings for the 2021 third quarter included after-tax non-core realized losses on securities of $12 million ($0.15 per share […]
Simplicity Acquires Sinclair Financial Solutions and Erin Sinclair and Donald Schneider Become Partners
{November 9th, 2021} by Simplicity Group
SUMMIT, N.J., Nov. 3, 2021 /PRNewswire/ — The Simplicity Group (“Simplicity”), one of the nation’s leading financial products distribution businesses, today announced the acquisition of the combined businesses of Erin Sinclair and Donald Schneider (“S&S”). The St Louis-based company, a financial services firm with a focus on holistic financial planning, is the 32nd company to join the Simplicity group of companies. With the successful closing of […]
Manulife reports 3Q21 net income of $1.6 billion and core earnings of $1.5 billion, double-digit new business value growth and strong net flows in Global Wealth and Asset Management with contributions across all business lines and geographies
{November 9th, 2021} by Manulife
TORONTO, Nov. 3, 2021 /PRNewswire/ – Today, Manulife announced its third quarter of 2021 (“3Q21”) results. Key highlights include: Net income attributed to shareholders of $1.6 billion in 3Q21, down $476 million from the third quarter of 2020 (“3Q20”). 3Q21 results included strong investment gains that offset a $532 million charge from the previously announced Ultimate Reinvestment Rate (“URR”) reduction. Core earnings1 of $1.5 billion in […]
Protective Life Insurance Company Diversifies Investment Banking Partners with Minority-Owned Investment Firms
{November 9th, 2021} by Protective Life Insurance Coporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Insurance Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced a recent transaction that included four minority-owned investment banking firms for its funding agreement-backed notes (FABN) program. Protective selected CastleOak Securities, LP., Loop Capital Markets LLC, Siebert Williams Shank and Stern as active co-managers for the FABN transaction, which totaled $375 million. […]
An Interview With a Veteran
{November 9th, 2021} by Wink RockStars
The Wink officers are closed on Thursday, November 11th to honor Veterans Day. We want to say THANK YOU, we are proud of the military and war veterans who have served! We would like to take a moment to re-feature a very special veteran in our extended Wink family, Sheryl Moore’s father, Kurt S. Sundberg, […]
Brokerage in Motion
{November 9th, 2021} by Sheryl J. Moore
This month’s “Brokerage in Motion” features a super sweet annuity nerd at 12-minute mark. -sjm
2022 Will Be a Year of Revolution in Insurance Product Creation
{November 9th, 2021} by Greg Murphy
As 2021, already a year of turbulence and change, draws to a close, forward-thinking insurers must avoid treading water if they want to succeed in today’s sink-or-swim market. Editor’s note: This article is part one of a four-part series explores the changes coming to the product manufacturing process. New and severe risks are evolving every day; the COVID-19 pandemic alone […]
