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 […]
DOL To Delay Dec. 20 Enforcement Of Investment Advice Rule
{November 2nd, 2021} by John Hilton
The Department of Labor will delay full enforcement of its investment advice rule for about six weeks until Jan. 31, 2022, according to a bulletin released Monday afternoon. The investment advice rule has two main parts: a new prohibited transaction exemption allowing advisors to provide conflicted advice for commissions; and a reinstatement of the “five-part […]
Northwestern Mutual’s 2022 Dividend Payout to Policyowners To Be Largest Ever – $6.5 Billion
{November 2nd, 2021} by Northwestern Mutual
MILWAUKEE, Oct. 27, 2021 /PRNewswire/ — During a time of continued economic uncertainty, Northwestern Mutual has maintained its unquestionable long-term financial strength and stability, and today announced that its policyowners will receive an estimated $6.5 billion in dividends next year. The 2022 payout will mark both a new record for Northwestern Mutual and 150 consecutive years of the company awarding […]
MassMutual approves estimated 2022 policyowner dividend payout of nearly $1.85 billion
{November 2nd, 2021} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its Board of Directors has approved an estimated 2022 dividend payout of nearly $1.85 billion – the highest payout in the company’s 170-year history. “In a rapidly changing world that continues to be filled with doubt and uncertainty, there are few things that people […]
Have you heard?
{November 2nd, 2021} by Sheryl J. Moore
The NAILBA CHARITABLE FOUNDATION‘s Live Auction & Reception will take place on Tuesday, Nov. 16 at the NAILBA 40 Annual Meeting in Orlando! The inimitable Steven Katz, CLU, ChFC will be our auctioneer, and up for bid will be incredible trips, tickets, and other “bucket list” experiences contributed by companies like AIG, Breeze, Brokers International, OneAmerica, Premier Brokerage Services, Protective Life, Prudential Financial, and more! […]
Private Equity Firms May Squeeze Insurers in New Ways: Regulation Analyst
{November 2nd, 2021} by Allison Bell
An insurance regulation expert says he and his colleagues may have to focus on new concerns when they look at insurers owned by private equity companies. Eric Kolchinsky, the director for structured securities and capital markets, talked about private equity firm ownership of insurers at a recent online meeting of the National Association of Insurance […]
Top articles for retirement advisors
{November 2nd, 2021} by Chana Schoenberger
Advisors trying to plan for their clients’ retirements faced a particularly tough last few months as the Biden Administration’s tax plans struggled to take shape and the market hit record highs coupled with increasing fears about inflation and supply-chain woes. With so much uncertainty about what clients’ tax rates are likely to be and which […]
North American® and Annexus Launch North American Secure Horizon Fixed Index Annuity (FIA) Suite
{November 2nd, 2021} by North American Company for Life and Health Insurance
SCOTTSDALE, Ariz., Oct. 26, 2021 /PRNewswire/ — North American Company for Life and Health Insurance® (North American), a member company of Sammons Financial Group and one of the largest issuers of fixed index annuities (FIAs) in the U.S., has joined forces with Annexus, a premier independent designer of FIAs, to launch two new innovative solutions. North American […]
FAs Increasingly Moving to Non-Traditional Fees
{November 2nd, 2021} by Alex Padalka
Investor demand, combined with growing awareness about fees, is pushing financial advisors to consider non-traditional fees, according to a new report. In 2011, only 35% of investors were aware of how they were paying for financial advice, but by the second quarter of 2020, that jumped to 55%, Cerulli says in a new report. Click HERE to […]
Penn Mutual strengthens life insurance portfolio
{November 2nd, 2021} by The Penn Mutual Life Insurance Company
HORSHAM, Pa., Nov. 1, 2021 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, announces the introduction of two whole life insurance products that bolster its industry-leading portfolio. Guaranteed Whole Life II and Survivorship Whole Life provide guaranteed benefits and flexibility backed by more than 170 years of financial strength and consistent […]
Kansas City Life Announces Third Quarter 2021 Results
{November 2nd, 2021} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 29, 2021 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $6.0 million or $0.62 per share in the third quarter of 2021 compared to a net loss of $1.2 million or $0.13 per share in the third quarter of 2020. Net loss totaled $2.4 million or $0.25 per share in the first nine months of 2021 compared to net income of $15.9 […]
Northwestern Mutual to Host Second Annual Women in Tech Conference to Educate, Connect & Inspire Technologists
{November 2nd, 2021} by Northwestern Mutual
MILWAUKEE, Oct. 28, 2021 /PRNewswire/ — Northwestern Mutual today announced the company will host its second annual Women in Tech Conference on December 2. This free, virtual conference will gather top companies nationwide, women technologists, and their allies for a full-day event focused on professional development, empowerment, and collaboration with the goal of fostering a more diverse and inclusive tech community. […]
Transamerica’s Research Finds Retirement Plan Participants Embrace Virtual Education
{November 2nd, 2021} by Transamerica
BALTIMORE, Oct. 26, 2021 /PRNewswire/ — Transamerica today announced key findings from research centered on how retirement plan sponsors and participants have fared during the COVID-19 pandemic, and how the requirement to move from in-person to virtual education has impacted engagement. Transamerica found that remote and virtual meetings actually resulted in reaching more employees because of greater […]
iPipeline Selected for 2021 Global InsurTech100 Award
{November 2nd, 2021} by iPipeline
EXTON, Pa., Oct. 26, 2021 /PRNewswire/ — iPipeline®, a leading provider of no code / low code content-based digital solutions for the life insurance and financial services industry, today announced it has been selected as a winner of the 2021 Global InsurTech100 Award. A panel of industry analysts and experts, who reviewed companies’ applications and research […]
Midwest Holding Schedules Conference Call to Discuss Third Quarter 2021 Results
{November 2nd, 2021} by Midwest Holding Inc
LINCOLN, Neb., Oct. 28, 2021 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT) today announced plans to host a conference call to discuss financial and operating results for the third quarter 2021 on Friday, November 12, 2021, at 12:00 p.m. Eastern Time. The Company also plans to release its third quarter fiscal year 2021 results on the investor relations section […]
Sammons Financial Group Among Top Companies in U.S. for Work-Life Balance
{November 2nd, 2021} by Sammons Financial Group, Inc.
WEST DES MOINES, Iowa, Oct. 28, 2021 /PRNewswire/ — Sammons® Financial Group has been named a top company for work-life balance, according to a recent Glassdoor report. Glassdoor is a worldwide leader on insights about jobs and companies and has previously named Sammons Financial Group to its Best Places to Work list the past three years in a row. In its most recent survey […]
CNO Financial Group Reports Third Quarter 2021 Results
{November 2nd, 2021} by CNO Financial Group, Inc.
CARMEL, Ind., Oct. 27, 2021 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending September 30, 2021, net income was $99.8 million, or $0.77 per diluted share, compared to a net income of $129.2 million, or $0.91 per diluted share, in 3Q20. Net operating income (1) in 3Q21 was $92.8 million, or $0.72 per diluted share, compared to $112.6 million, or $0.79 per diluted share, in […]
Americans Split on Biggest Concern in Retirement: Running out of Time vs. Running out Money
{November 2nd, 2021} by TIAA
NEW YORK, Oct. 27, 2021 /PRNewswire/ — Nearly half of working Americans worry about running out of money in retirement (45%), while the rest (55%) say running out of time to do what they want in retirement is a bigger concern, according to TIAA’s 2021 Lifetime Income Survey. “Retirement can evoke many conflicting emotions,” said Doug Chittenden, head of Client […]
Best’s Special Report: New NAIC Risk-Based Capital Factors Heighten Investment Risk for Life/Health Insurers
{November 2nd, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–A new set of risk-based capital (RBC) factors taking effect in 2021 could temper allocations to lower-rated bonds by insurers looking to capture higher yields according to an AM Best report. The National Association of Insurance Commissioners’ (NAIC) RBC factors will be changing for 2021 filings, and with the change to 20 designations from six, […]
AM Best Affirms Credit Ratings of Aegon N.V.’s U.S. Subsidiaries
{November 2nd, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of the U.S. life/health subsidiaries of Aegon N.V. (Aegon) (Netherlands) [NYSE: AEG]. Aegon’s U.S. life/health companies are referred to collectively as Aegon USA Group (Aegon USA). The outlook of these Credit […]
DPL Financial Partners Rolls out New Allianz Life RILA for Advisors
{November 2nd, 2021} by DPL Financial Partners
LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners (“DPL”), the leading turnkey insurance platform for registered investment advisors (“RIAs”), today announced the launch of a unique, commission-free registered index linked annuity (RILA) that combines various levels of protection against market risk during accumulation with guaranteed income options for investors. Currently, Allianz Index Advantage Income ADV℠ Variable Annuity is […]
Ameriprise Financial Reports Third Quarter 2021 Results
{November 2nd, 2021} by Ameriprise
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q3 2021 Q3 2021 GAAP $8.65 GAAP 41.7% Adjusted Operating $5.86 Adjusted Operating 47.8% Adjusted Operating Ex. Unlocking(2) $5.91 Adjusted Operating Ex. Unlocking(2) 47.9% Third quarter adjusted operating earnings per diluted share excluding […]
Annuity Providers Become Key Drivers of Satisfaction as Customers Adopt Digital Channels, J.D. Power Finds
{November 2nd, 2021} by J.D. Power
TROY, Mich.–(BUSINESS WIRE)–Despite the fact that more than three-fourths of individual annuity accounts are sold by financial advisors or insurance agents, customer satisfaction is increasingly being driven by direct engagement with providers. According to the J.D. Power 2021 U.S. Individual Annuity Study,SM released today, customer engagement with provider websites and direct communications from their provider have […]
Ares Management Corporation Highlights Third Quarter and Last Twelve Months U.S. Direct Lending Commitments
{November 2nd, 2021} by Ares Management Corporation
LOS ANGELES–(BUSINESS WIRE)–Ares Management Corporation (NYSE: ARES) is providing details on certain new financing commitments made across its U.S. direct lending strategies. Funds managed by Ares Management Corporation’s Credit Group (collectively “Ares”) closed approximately $7.2 billion in commitments across 54 transactions during the third quarter of 2021 and approximately $27.0 billion in commitments across 244 […]
AM Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{November 2nd, 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 RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). These companies represent the key life/health (L/H) insurance subsidiaries of […]
37 Ameriprise Financial Advisors Named to Working Mother Magazine’s Top Wealth Advisor List
{November 2nd, 2021} by Ameriprise
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial today announced that 37 financial advisors were named to Working Mother Magazine’s 2021 list of the “Top Wealth Advisor Moms” in the country. The list recognizes successful mothers who work in the wealth management industry and care for children who are 21 years or younger. The advisors are ranked based on assets under management, […]
New Diverse Business Program From MassMutual to Impact 175 Businesses Over Next Five Years
{November 2nd, 2021} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–On the heels of announcing a $150 million commitment to utilizing underrepresented diverse businesses in its procurement process, Massachusetts Mutual Life Insurance Company (MassMutual) today announced a new diverse business program in partnership with Dartmouth College and Stanford University aimed to help diverse businesses thrive and grow. The program will impact 175 businesses over the […]
New York Life Wealth Watch Survey Finds Nearly One in Three Millennials Have Saved an Average of over $4,200.00 Since the Onset of the COVID-19 Crisis
{November 2nd, 2021} by New York Life
NEW YORK–(BUSINESS WIRE)–The latest New York Life Wealth Watch survey found that nearly one-in-three Millennials (29%) reported having built a nest egg, saving an average of $4,241.21 due to paused costs such as deferred student loans, fewer daily expenses, and forgoing leases to move home with parents. Further, a higher number in this cohort now […]
AIG names new CFO with life and retirement unit split under way
{November 2nd, 2021} by Reuters
Oct 25 (Reuters) – American International Group (AIG.N) said on Monday it has appointed insider Shane Fitzsimons as its chief financial officer, replacing Mark Lyons, as the insurer prepares for the separation of its life and retirement business. Fitzsimons joined AIG in July 2019 and was most recently serving as the insurer’s chief administrative officer. Click HERE […]
Prudential Financial commits to net zero emissions by 2050
{November 2nd, 2021} by Prudential Financial
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today announced its commitment to achieve net zero emissions across its primary domestic and international home office operations by 2050. To accelerate the company’s longstanding commitments to mitigate the impacts of climate change, Prudential also is setting an interim goal to become carbon neutral by 2040. These actions […]
Allstate Completes Sale of Life and Annuity Businesses
{November 2nd, 2021} by The Allstate Corporation
NORTHBROOK, Ill.–(BUSINESS WIRE)–The Allstate Corporation (NYSE: ALL) today announced that it has closed the sale of Allstate Life Insurance Company (ALIC) and certain subsidiaries to entities managed by Blackstone for total proceeds of $4 billion, which is inclusive of Blackstone’s approximately $2.8 billion purchase price, as well as increases in statutory surplus since March 31, 2020. […]
Impaired Risk Life Underwriting: Past, Present and Future
{November 2nd, 2021} by Robert Goldstone
In 1987, Ronald Reagan was finishing what might be later referred to as an “impaired” presidency, the Minnesota Twins won their first World Series, and we were entering what would become the Renaissance of Impaired Risk Underwriting as a force to be reckoned with. I was practicing Internal Medicine and Endocrinology, and was looking to […]
An “Opportunity For Improvement” In Independent Distribution
{November 2nd, 2021} by Charlie Gipple
I have written before about my son, Matthew, who is the most creative kid I have ever seen. So, I will start this column with a quick story about Matthew. A couple of years ago he and his older brother were sent home from school to do a fundraising project where they would have to […]
Life Carriers, Distributors And Vendors Collaborating On Key Technology Initiatives
{November 2nd, 2021} by Ken Leibow
The life insurance industry is coming together to work on some key initiatives in 2021. The governance of these projects are spearheaded by industry associations like the Life Distribution Technology Committee (LDTC) and ACORD. This is not new as many of our associations have developed projects in the past such as LIDMA’s Process Improvement Team […]
The Technological Shift In Life Insurance Underwriting
{November 2nd, 2021} by Greg Horak
When I started working in the life insurance industry twenty-five some odd years ago the technological revolution that started in the late 90’s and took off like a rocket at the turn of the century hadn’t yet started. Email existed and some of the employees at life insurance companies had email accounts…but most didn’t. The […]
DOL Likely To Revisit A True Fiduciary Standard, Experts Say
{November 2nd, 2021} by John Hilton
The Department of Labor is certain to take another crack at establishing a true fiduciary standard, a pair of experts agreed Wednesday. Speaking during the LIMRA virtual annual conference, Fred Reish, partner at Faegre Drinker Biddle & Reath, and Phyllis Borzi, former assistant secretary for Employee Benefits Security at the DOL, said the writing is […]
Member Voices: The Impact of Diversity, Part 2 – Q&A With Jim Nickens (InSource, Inc.)
{November 2nd, 2021} by BISA Staff
While October comes to a close, the importance of Global Diversity Awareness continues on by emphasizing diversity and inclusion (D&I) in the workplace and the importance of creating safe spaces for the wellbeing and productivity of all employees. We are fortunate to speak with Jim Nickens, chair-elect of the Diversity & Inclusion Committee and member […]
Monthly SPIA Rate Survey
{November 2nd, 2021} by Wink's Intel Pros
Did you know that Wink distributes and compiles a monthly SPIA rate survey for insurers? Participates will receive the SPIA rates for each company, benchmarked by monthly payouts. The survey is FREE for all participants and is not distributed in any other manner. The survey is not for use in sales situations, or by sales […]
Millennials With Stockpiles of Cash Are Looking for Advice: New York Life
{November 2nd, 2021} by Michael S. Fischer
Thanks to deferred student loans during the pandemic, fewer daily expenses and forgoing leases to move in with their parents, 29% of millennials in a poll released Tuesday by New York Life report that they have built a nest egg, saving an average of $4,241.21. Moreover, more millennials now say they are open to guidance from a […]
Where Clients Go Wrong in Predicting Life Expectancy
{November 2nd, 2021} by David Blanchett
The length of retirement is one of the most important assumptions in a financial plan. Despite its uncertainty, care must be taken to ensure mortality assumptions are reasonable because errors in estimates can significantly impact the plan. Recently, I explored the efficacy of subjective mortality estimates, or in less fancy terms, how accurate people are […]
JoAnn Martin, Former Ameritas CEO and ACLI Chair, Dies
{November 2nd, 2021} by Allison Bell
JoAnn Martin, 67 — the vice-chair of Ameritas, a former Ameritas CEO and the 2018-2019 American Council of Life Insurers’ chair — died Oct. 20, from what her obituary described as a rare degenerative neurological disease. In addition to serving as the CEO of Ameritas from 2009 through 2020, Martin was a member of the […]
New Fee-Based RILA Has a Living Benefit Rider: Annuity Moves
{November 2nd, 2021} by Allison Bell
DPL Financial Partners and Allianz Life Insurance Company of North America have introduced what they believe to be a unique annuity. The new Allianz Index Advantage Income ADV Variable Annuity contract appears to be the only fee-based registered index-linked annuity with a guaranteed lifetime withdrawal benefit, according to DPL. Click HERE to read the full […]
Society of Insurance Research Names Vice Presidents
{November 2nd, 2021} by Allison Bell
Members of the Society of Insurance Research named four new vice presidents at the group’s recent annual meeting. The society was going to hold the meeting partly in person, in Cincinnati, but the COVID-19 delta variant surge forced the society to shift to holding an online event. Click HERE to read the full story via […]
Immediate Annuity Buyers Changed: Cannex
{November 2nd, 2021} by Allison Bell
Cannex Financial Exchanges Ltd. says the clients shopping for immediate annuities in the third quarter spent more and wanted more income than the clients shopping for immediate annuities a year earlier. Consumers use immediate annuities to generate streams of income that start within a year after the contracts were purchased. Click HERE to read […]
Pandemic side effect: Rampant burnout
{November 2nd, 2021} by Emile Hallez
If you find yourself mentally checked out at 2 p.m. on a weekday, you’re not alone. Click HERE to read the full story via InvestmentNews
The 4 Best Annuity Providers, According to Consumers
{November 2nd, 2021} by Chris Kissell
Millions of retirees looking for a safe and certain income stream turn to annuities. According to these consumers, four annuity plans stand at the front of the pack, a new J.D. Power survey says. Consumers say New York Life does the best job with annuities, followed closely by Nationwide. Fidelity & Guaranty Life and Equitable […]
The Best & Worst Annuity Providers for Customer Satisfaction: J.D. Power
{November 2nd, 2021} by Michael S. Fischer
Even though financial advisors or insurance agents currently sell more than three-fourths of individual annuity accounts, customer satisfaction is increasingly being driven by direct engagement with providers, according to the J.D. Power 2021 U.S. Individual Annuity Study. The study measures the experiences of customers of the largest annuity companies in the U.S. Overall customer satisfaction is […]
Life insurance for skydivers
{November 2nd, 2021} by Grace Kim
Despite the risks involved, skydiving is a popular sport. According to the United States Parachuting Association (USPA), nearly 3 million jumps were completed in 2020, down from 3.3 million in 2019. Due to skydiving’s popularity and risks, life insurance coverage for skydivers can be hard to find. But does life insurance cover skydiving? Just like auto insurance and […]
Life insurance for special needs children
{November 2nd, 2021} by Cynthia Widmayer
Parents of special needs children are not only vulnerable to emotional hardships but also financial challenges. The functional needs of these children can warrant lifelong support and assistance, making sufficient funds a necessity. While no one wants to think about losing a child, having a life insurance policy on your special needs child could be […]
Allstate to sell Northbrook headquarters after 54 years
{November 2nd, 2021} by Evanston Review (IL)
With 95% of its employees working remotely during the pandemic, insurance giant Allstate is selling its longtime Northbrook headquarters. Allstate told employees Friday that it is putting the sprawling north suburban campus on the market after 54 years. The company did not disclose plans for a future headquarters, or a potential asking price for its current one. […]
U.S. Q3 Individual Annuity Sales Rise 12%
{November 2nd, 2021} by Allison Bell
Sales of U.S. individual annuities continued to increase in the third quarter, in spite of the effects of a major surge in COVID-19 cases. Total sales rose 12% between the third quarter of 2020 and the latest quarter, to $62 billion, according to the Secure Retirement Institute’s latest issuer survey data. Click HERE to read […]
2021 Women in Asset Management Awards
{November 2nd, 2021} by InvestmentNews
Bonhill Group’s third annual Women in Asset Management Awards in the U.S. recognized 13 winners in categories such as Advocate of the Year, Outstanding Leader of the Year and ESG Investment Manager of the Year. Click HERE to read the full story via InvestmentNews
Congratulations to the Pierce family!
{October 26th, 2021} by Wink's Intel Pros
It’s a girl! We are so excited for the Pierce family on welcoming their beautiful daughter, Violetta, born this week! She was 5lbs 4oz. Mama and baby are doing great! Jason, our Connoisseur of Code, VP of Engineering is the proud father and we couldn’t be any prouder for him! […]
“The Baby Boomer Dilemma” from Doug Orchard, featuring Sheryl J. Moore, Tom Hegna, Moshe Arye Milevsky, and more is available.
{October 26th, 2021} by Sheryl J. Moore
The Power of Zero documentary by Doug Orchard Films.
Retirement confidence plunges on fears of market correction, inflation
{October 26th, 2021} by Kenneth Corbin
A nervous mix of concerns about market valuations, tax changes and inflation weighed on clients’ confidence about their retirement situation in September, according to the latest Retirement Advisor Confidence Index, Financial Planning’s monthly barometer of business conditions for wealth managers. “People are getting a little more nervous and somewhat more conservative,” one retirement advisor said. Click HERE […]
Seven questions that reveal financial biases
{October 26th, 2021} by Editorial Staff
US investors held nearly $55 trillion in financial assets as of year-end 2020, up from $46 trillion in 2019, according to Cerulli Associates. In its latest report, the Boston-based consulting firm suggests that advisers use behavioral finance techniques to help retain investor trust—and assets. Click HERE to read the full story via RIJ
Another Annuity Issuer Enters the ‘Bermuda Triangle’
{October 26th, 2021} by Kerry Pechter
The completion of a $10 billion partnership between American Equity Investment Life Insurance company (AEL) and Brookfield Asset Management Reinsurance (BAM Re), which was announced last week, is significant in many ways—for AEL, Brookfield, and the US annuity industry. Click HERE to read the full story via RIJ
Milliman analysis: Increased pension risk transfer activity leads to rise in pricing rate, to 102.7% in September
{October 26th, 2021} by Milliman
SEATTLE, Oct. 22, 2021 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI). As the Pension Risk Transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to […]
What Happens To My Annuity If The Insurer Goes Bankrupt? The Le Mans Case
{October 26th, 2021} by INNsider Pro
Several alerts have been raised by the authorities about the new advance on life annuities that is being processed by Congress within the framework of the fourth withdrawal of the AFPs. So different, that in the worst case scenario, the companies would lose close to 60% of their assets because they would have to pay […]
DOL Extends Fiduciary Rule Compliance Date, Including Rollover Advice
{October 26th, 2021} by Melanie Waddell
Bowing to industry pressure, the Labor Department on Monday extended the non-enforcement policy on its fiduciary rule to Jan. 31. Also, Labor “further extended the requirement for providing the ‘specific reasons’ that justify a rollover recommendation” until June 30, explained Fred Reish, partner at Faegre Drinker’s Los Angeles office, in a Monday email to ThinkAdvisor. […]
States May Change Life Insurer Infrastructure Investment Standards
{October 26th, 2021} by Allison Bell
State insurance regulators are at the beginning of a process that could eventually make investing in infrastructure projects more attractive to life and annuity issues. Teams at the National Association of Insurance Commissioners have started the gears turning by preparing a look at U.S. insurers’ infrastructure investments, and on the possibility that U.S. insurers could […]
RILAs: The New Annuities In Town
{October 26th, 2021} by David Blanchett
There’s a new annuity in town that is receiving significant attention and garnering an increasing amount of annuity assets: the Registered Index-Linked Annuity (RILA). Given the hype, it’s important for advisors to consider these new products for clients—or at least be aware of how they work and where they could potentially fit within a retirement […]
Integrity Grows Medicare Presence in South by Acquiring Community Connections
{October 26th, 2021} by Integrity Marketing Group
DALLAS, Oct. 21, 2021 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), one of the leading independent distributors of life, health and wealth products, today announced it has acquired Community Connections, an insurance marketing organization (“IMO”) based in Manchester, Kentucky. As part of the acquisition, Jennifer Jackson, CEO of Community Connections, will become a Managing Partner […]
The American College and Ameritas to Host Webinar on Diversity and Financial Empowerment
{October 26th, 2021} by The American College of Financial Services
LINCOLN, Neb., Oct. 25, 2021 /PRNewswire/ — The American College of Financial Services and Ameritas Life Insurance Corp. announce a public webinar discussing an area of great interest to the entire financial services industry. College President and CEO George Nichols III and Ameritas Executive Vice President, Individual, Ryan C. Beasley will explore the topic, Creating a More Fulfilling Life for All: Financially Empowering […]
Nationwide, Capital Group and Annexus Retirement Solutions Set to Launch Next Evolution in Target Date Series
{October 26th, 2021} by Annexus
COLUMBUS, Ohio, Oct. 19, 2021 /PRNewswire/ — Leading insurance and financial services provider Nationwide, in partnership with Capital Group, home of American Funds, today announced the NCIT American Funds Lifetime Income Builder Target Date Series (The TDF Series). Packaged as a new generation target date fund, it incorporates Lifetime Income Builder, a fixed indexed annuity with a guaranteed lifetime […]
Keystone Benefit Group Joins Simplicity, as David Falkenstein, Jeff Milstead and Michael Falkenstein Become Partners
{October 26th, 2021} by Simplicity Group
SUMMIT, N.J., Oct. 21, 2021 /PRNewswire/ — The Simplicity Group (“Simplicity”), one of the nation’s leading financial products distribution businesses, today announced the acquisition of Atlanta-based Keystone Benefit Group (“Keystone”), one of the preeminent executive benefit consulting firms in the country, with a focus on serving tax-exempt entities and healthcare organizations. Keystone is the 31st company to join the Simplicity […]
Seventh Annual Advisor Authority Reveals Insights on Confronting the Impact of Compounding Financial Crises
{October 26th, 2021} by Nationwide
COLUMBUS, Ohio, Oct. 25, 2021 /PRNewswire/ — “Once-in-a-lifetime” financial crises have been accelerating. It took roughly 40 years from the Crash of 1929 to the Bear Market of 1968, but now “outlier” events happen nearly every decade. New findings from Nationwide’s seventh annual Advisor Authority study, powered by the Nationwide Retirement Institute® and conducted online by The Harris Poll, of […]
Brighthouse Financial Announces Voluntary Sale Program
{October 26th, 2021} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that it will offer a voluntary program through which stockholders owning fewer than 100 shares of Brighthouse Financial’s common stock, as of October 7, 2021, may sell all of their shares. This program allows eligible stockholders to sell their shares in […]
Interest in Socially Responsible Practices and Investing Soars to New High
{October 26th, 2021} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Socially responsible investing (SRI) has taken its place at the head of the sustainability table according to a new study* released today by Allianz Life Insurance Company of North America (Allianz Life). Ninety-seven percent of Americans revealed that the social responsibility practices of companies, including taking a stance on important issues, making substantial investments […]
Steven N. Austad, Ph.D., appointed as inaugural Protective Life Endowed Chair in Healthy Aging Research at UAB
{October 26th, 2021} by Protective
BIRMINGHAM, Ala.–(BUSINESS WIRE)–A partnership between the University of Alabama at Birmingham and Protective Life Corporation focuses on advancing the science of healthy aging, including a $1.5 million investment, announced in May, to create the Protective Life Endowed Chair in Healthy Aging Research. The University of Alabama System Board of Trustees recently approved the appointment of Steven N. Austad, Ph.D., one of the […]
Aquarian Holdings Launches Aquarian Credit Partners
{October 26th, 2021} by Aquarian Holdings
NEW YORK–(BUSINESS WIRE)–OCTOBER 21, 2021, NEW YORK – Aquarian Holdings (“Aquarian”) announced today the launch of Aquarian Credit Partners (“ACP”), a syndicated high-yield credit investment management platform. Aquarian has partnered with Justin Driscoll, Bo Williams, and the entire team from Gallatin Loan Management (“Gallatin”) to form ACP, which has assumed management of Gallatin’s existing collateralized […]
Lawyers Defend Insurers Against The Second Advance On Annuities
{October 26th, 2021} by INNsider Pro
As occurred with the first “rescue” of the pension product, several insurers have gone to civil courts, the Court of Appeals, the Supreme Court and even the Constitutional Court and, in a different route, the Foreign Ministry in the case of those with foreign parent companies. Click HERE to read the full story via INN
‘I’ll Take Guaranteed Life Income Over an Annuity’
{October 26th, 2021} by Yan Barcelo
“People are more willing to purchase a guaranteed stream of income for life than an annuity; the product may be the same, but the title matters.” states a Morningstar study authored by Stan Treger. With an annuity, a client signs a contract with an insurance company by which he gives an amount of capital to the […]
ESG Gains Could Buy Better Terms in Insurance Program
{October 26th, 2021} by Alice Uribe and Leslie Scism
U.S. companies deemed to have superior environmental, social and governance practices will be eligible for improved terms on directors-and-officers liability insurance policies under an initiative by a leading broker. Marsh McLennan ’s brokerage unit has teamed with international law firms and four major insurance carriers to recognize corporate clients for strong efforts in the […]
The Pandemic Was A Final Exam For Financial Advisors’ Emotional Intelligence. Did Yours Pass?
{October 26th, 2021} by Jamie Price
I recently had the opportunity to revisit our family’s estate plans to make some necessary updates. Among other considerations, my wife and I also have a special-needs child, and we wanted to make sure our plans reflected that. I went into the process expecting to dig into the details of various state-level estate planning laws, […]
LIMRA: COVID-19 Drives Shift in Priorities – Technology Cited as Top Challenge Facing the Global Life Insurance Industry
{October 26th, 2021} by LIMRA
WINDSOR, Connecticut, Oct. 22 (TNSRep) — LIMRA issued the following news release on Oct. 21, 2021: As COVID-19 prompted life insurance companies to accelerate their digital adoption to ensure continuity of business and serve their customers, it exposed the challenges of life insurers’ legacy systems, siloed operations and the continued need to modernize. As a result, life insurance […]
Historical Returns Distort the Analysis of Annuities
{October 26th, 2021} by David Blanchett
If you use historical interest rates to analyze options-based annuities, you will mislead clients as to the benefits of those products. Low interest rates present a challenge to all investors, retail and institutional alike. Certain financial products, such as fixed indexed annuities (FIAs) and registered index-linked annuities (RILAs), have lower caps because of lower interest […]
Lacrecia Cade to Lead Atlanta Life
{October 25th, 2021} by Allison Bell
The board of Atlanta Life Insurance has named Lacrecia Cade the company’s new president and CEO. Cade succeeds Skip Spriggs. Roosevelt Giles continues to be chairman of the board. Alonzo Franklin Herndon — an entrepreneur, philanthropist and former slave — founded Atlanta Life in 1905. The company now writes term life insurance, property and casualty […]
Surviving COVID-19 May Affect Insurance Purchases: Aflac
{October 25th, 2021} by Allison Bell
Workers who have survived COVID-19 were much more likely than other workers who took a recent Aflac survey to say they had added a health-related benefit since the pandemic started. The COVID-19 survivors in the sample were two or three times as likely to report buying four types of benefits products. Click HERE to read […]
Should Annuity Buyers Time the Market?
{October 25th, 2021} by Ben Mattlin
From an economic perspective, the year ahead is full of promise — and potential peril. Will the pandemic ease? Inflation lessen? Interest rates rise? As bond yields remain low, the demand for annuities and other sources of predictable retirement income is surging. Advisory clients interested in annuities may wonder if they need to consider factors […]
States May Change Life Insurer Infrastructure Investment Standards
{October 25th, 2021} by Allison Bell
State insurance regulators are at the beginning of a process that could eventually make investing in infrastructure projects more attractive to life and annuity issues. Teams at the National Association of Insurance Commissioners have started the gears turning by preparing a look at U.S. insurers’ infrastructure investments, and on the possibility that U.S. insurers could […]
Life Settlements Offered by Insurance Companies?
{October 25th, 2021} by Robin S. Weinberger and Peter N. Katz
Who would have thought the day would come that insurance companies are marketing policy surrenders instead of policy acquisitions, especially after years of disparaging life settlements! For more than two decades, many life insurance carriers and their industry organizations have fought tooth and nail to impede the growth of life settlements. Certain companies have even […]
Iowa Business Owners: If you feel like you need some practical, real-world business management assistance, this is the opportunity for you.
{October 25th, 2021} by Sheryl J. Moore
Many of you have heard me talk about how the Goldman Sachs 10,000 Small Businesses Iowa course changed my life. This is a course that is the equivalent of an MBA in 12 weeks. It is not for the faint-hearted, but it is illuminating. I cannot explain how my business has changed because of my experience! Was […]
How an IMO Collapsed, Stung by Premium Financing Gone Wrong
{October 19th, 2021} by Cyril Tuohy
New court documents shed light on what happened to Shurwest, a company that found an engine of growth in sales of indexed universal life insurance. U.S. sales of the products in the second quarter jumped 23% to $628 million from a year earlier, Wink’s Sales & Market Report said earlier this month. Click HERE to read the […]
14 Annuity Tax Facts to Know
{October 19th, 2021} by Emily Holbrook
Annuities have long been a tool in the arsenal of retirement planners. They may be a great fit for some clients, especially those who continually max out their annual 401(k) contributions or for those approaching retirement and seeking another source of steady, guaranteed income. However, the many types of annuities, the benefits they provide your […]
The Baby Boomer Dilemma – Official Trailer
{October 19th, 2021} by Sheryl J. Moore
We did this thing, along with my friends Tom Hegna and Moshe Arye Milevsky. It is a documentary about retirement and annuities. The Baby Boomer Dilemma – Official Trailer from Doug Orchard on Vimeo.
Ex-Employees: Shurwest Execs Knew About Dubious IUL Sales
{October 19th, 2021} by John Hilton
An Arizona independent marketing organization faces additional scrutiny over how much it knew about a fraudulent scheme to pump up indexed universal life sales. Shurwest filed for Chapter 11 bankruptcy Aug. 31 in a bid to settle scores of lawsuits, all while steadfastly maintaining that company executives knew nothing about a pension fraud scheme adapted […]
Surviving COVID-19 Could Make Obtaining Life Insurance Complicated
{October 19th, 2021} by Hayley Crandall
With the number of COVID-19 deaths in the U.S. passing 700,000 and continuing to rise, many Americans are thinking about life insurance. In the first half of this year, the total number of life insurance policies sold increased by 8%, compared with the first half of 2020. This is the highest policy sales growth recorded […]
Allianz Life Offers Fee-Based Version Of VA
{October 19th, 2021} by Press Release
MINNEAPOLIS – Oct. 18, 2021 – To help registered investment advisers (RIAs) manage transition and longevity risks in client portfolios, Allianz Life announced today it has launched an advisory version of its Allianz Index Advantage Income® Variable Annuity. The Allianz Index Advantage Income ADVSM Variable Annuity offers an advisor-centric product design with seamless integration, low fees1, greater control and enhanced fee billing. […]
The Troubling Trend Of “Gray Sheeting” Life Insurance Policies
{October 19th, 2021} by Wm. Scott Page
Agents and advisors are unwittingly handing over life insurance policies for sale in a marketplace that chronically undervalues them. “Gray sheeting” is a troubling trend in the world of life insurance settlements. When the time comes for most people to sell a major asset, they usually begin the process by gaining an understanding of what […]
Data, Data, Data Driving Life Underwriting
{October 19th, 2021} by Ken Leibow
Digital point of sales solutions for life insurance continue to become more innovative. I am trying to keep up. The auto-fulfillment process for applying for life insurance is all about data and getting an instant underwriting decision. While we all want instant underwriting decisions, the impaired risk business is not going away. There are new […]
Broker Words—October 2021
{October 19th, 2021} by Stephen Howard
Damn it this one really hurts. Our industry has lost a great innovator, mentor and icon, and I must say goodbye to one of my dearest friends and a man who quite possibly may have saved my life. Bill Zimmerman, LifePro Financial Services, Inc., San Diego, passed away recently from the complications of ALS. Z, […]
Deferred annuity sales up 10% in 2Q2021: WINK
{October 19th, 2021} by Editorial Staff
Jackson National, Equitable, Allianz Life, AIG and New York Life were the market share leaders in major annuity product categories in the second quarter of 2021, according to Sheryl Moore’s Wink, Inc. Total second quarter sales for all deferred annuities were $64.4 billion; an increase of more than 10.0% when compared to the previous quarter […]
Jackson issues its first structured annuity (RILA)
{October 19th, 2021} by Editorial Staff
Jackson National Life Insurance Company has entered the structured variable annuity market with two versions of a new registered index-linked annuity (RILA), one for securities-licensed advisers who earn sales commissions and one for those who charge asset-based fees. The two contracts, Jackson Market Link Pro (JMLP) and Jackson Market Link Pro Advisory (JMLPA), represent Jackson’s first […]
The New Table Stakes: ‘Unified Managed Income’
{October 19th, 2021} by Kerry Pechter
Smart people have been writing retirement income planning software for over a decade, much of it very useful. But most of it falls short of what the market demands today: easy-to-use web-based software that checks all the boxes and makes the complex simple. Click HERE to read the full story via RIJ
Pandemic and Tax Code Change Spur Interest in Life Insurance, J.D. Power Finds
{October 19th, 2021} by JD Power
TROY, Mich.–(BUSINESS WIRE)–The adage that “life insurance is sold, not bought” may have met its match in the one-two punch of the COVID-19 pandemic and a federal tax code change that makes it possible for policyholders to build more cash value in their plans. According to the J.D. Power 2021 U.S. Individual Life Insurance Study,SM […]
Equitable Excellence℠ Scholarship Empowers High School Graduates to be a Force for Good
{October 19th, 2021} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced a call for applications for its 2022 Equitable ExcellenceSM Scholarship, designed to inspire and empower graduating high school seniors to be a force for good in their communities while investing in their future. Now in its 19th year, the program […]
AM Best Affirms Credit Ratings of New York Life Insurance Company and Certain Subsidiaries; Upgrades Issuer Credit Ratings of Life Insurance Company of North America and New York Life Group Insurance Company of NY
{October 19th, 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 ICRs) of “aaa” (Exceptional) of New York Life Insurance Company and New York Life Insurance and Annuity Corporation. Additionally, AM Best has upgraded the Long-Term ICRs to “aaa” (Exceptional) from “aa+” (Superior) and affirmed the […]
Protective Life Corporation Launches Collaboration with FLY V, Bringing Local Apparel to Protective Stadium and Supporting Birmingham’s Northside Neighborhoods
{October 19th, 2021} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–As part of its commitment to being a good corporate citizen and protecting its communities, Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), has launched a collaboration with apparel brand, FLY V, a project that brings local apparel to Protective Stadium, supports a Birmingham Northside small business, and will […]
Global Atlantic Retirement Risk Reset Study: Retirement Age Investors Attuned to Low Interest Rates, Inflation
{October 19th, 2021} by Global Atlantic
NEW YORK–(BUSINESS WIRE)–New research from Global Atlantic Financial Group (Global Atlantic) reveals that retirement age investors are attuned to low interest rates and inflation, and open to professional financial help to navigate these economic conditions. The survey of retirement age investors ages 59 to 75 with more than $250,000 in investable assets found more than seven out […]
Pacific Life Introduces New Investment Options—With a Twist
{October 19th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Recognizing that investors are looking for both growth and protection, Pacific Life recently launched the Invesco® V.I. Defined Outcome Funds, available with certain Pacific Life variable annuities. These innovative new funds are designed to give investors the benefits of a registered index-linked annuity (RILA) but with more flexibility, control, and transparency. The Invesco® V.I. […]
Across Generations, Middle Class U.S. Households Have Few Financial Assets, According to New Analysis from the National Institute on Retirement Security
{October 19th, 2021} by National Institute on Retirement Study
WASHINGTON, Oct. 14, 2021 /PRNewswire/ — A new analysis finds that across generations, middle class households in the U.S. own few financial assets and the median amounts held fall far short of the assets needed to fund a secure retirement. In 2019, middle class Millennials owned only 14 percent of their generation’s financial assets. The numbers are […]
High-Performing Northwestern Mutual Advisors Recognized Among Industry’s Elite
{October 19th, 2021} by Northwestern Mutual
MILWAUKEE, Oct. 14, 2021 /PRNewswire/ — Northwestern Mutual announced today that several high-performing financial advisors affiliated with the company’s wealth management business have been recognized among the industry’s best in two overviews of the field’s top talent. Forbes along with Working Mother and SHOOK Research featured nearly 10 Northwestern Mutual financial professionals on their 2021 listings, which highlight the nation’s leading […]
Foresters Financial boldly redefines life insurance through innovation, wellness, and purpose
{October 19th, 2021} by Foresters Financial
37% year-over-year growth in U.S. life insurance sales Life insurer focuses on turnkey-decisioned solutions, complimentary member benefits, and technology transformation to drive a better, new normal for everyday American families and independent agents TORONTO, Oct. 18, 2021 /PRNewswire/ – Foresters Financial, the fraternal life insurer recognized by its commitment to enrich family and community well-being, reported 37% year-over-year […]
Simplicity Group Welcomes Independent Planners Group as 30th Acquisition and Mike Kelley and Brian Kelley as Newest Partners
{October 19th, 2021} by Simplicity Group
SUMMIT, N.J., Oct. 14, 2021 /PRNewswire/ — The Simplicity Group (“Simplicity”) today announced the acquisition of Independent Planners Group (“IPG”), a Scottsdale, AZ-based independent insurance wholesaler. As part of the transaction, Simplicity welcomes Mike Kelley and Brian Kelley as partners in the organization. IPG, founded in 1991 by Mike Kelley, offers an array of life insurance, annuities, and long-term care solutions including linked […]
Sammons Financial Group Names Jerry Blair to Lead Life Division
{October 19th, 2021} by Sammons Financial Group, Inc.
DES MOINES, Iowa, Oct. 14, 2021 /PRNewswire/ — Sammons Financial Group today announced it is naming Jerry Blair as the next president of Sammons Life Insurance Group. Blair will replace Steve Palmitier, current president and chief operating officer of Sammons Financial Group’s life business, who announced his plans to retire last June. Blair will lead the life business lines of member […]
New Transamerica Initiative Supports Small Business Efforts to Recruit and Retain Employees
{October 19th, 2021} by Transamerica
BALTIMORE, Oct. 15, 2021 /PRNewswire/ — Transamerica is helping small businesses gain advantages in hiring and retaining employees in today’s demanding job market with a retirement plan program available through year-end. Enhancing employer-sponsored benefits, such as the company’s retirement plan, can help attract and reward both future and current employees. For small businesses that choose Transamerica for their […]
John Hancock Retirement celebrates third-party administrators with National TPA day
{October 19th, 2021} by John Hancock Retirement
TSX/NYSE/PSE: MFC SEHK: 945 BOSTON, Oct. 18, 2021 /PRNewswire/ – John Hancock Retirement, a company of Manulife Investment Management, today celebrates the expertise and partnership of third-party administrators (TPAs) who help to make retirement plans work. Every year since 2014, John Hancock has designated the first business day after the October 15 Form 5500 filing deadline as a time to […]
Consumers Keep Life Insurance Underwriters Busy
{October 19th, 2021} by Allison Bell
U.S. consumers submitted 3.7% more individual life insurance applications this past September than they did in September 2020, according to new activity numbers from MIB Group. For life insurance agents and advisors, the new numbers mean that the market is still comfortably warm, in spite of the chill from the delta variant of COVID-19, confusion […]
Part Of Build Back Better Could Be Disaster For Trust Owned Life Insurance
{October 19th, 2021} by Peter J. Reilly
A provision of the Build Back Better Act threatens to louse up a lot of life insurance plans. The problem is in the provision titled “Special Rule for For Grantor Trusts”. In many ways it is a sensible provision doing away with shenanigans that clever planners have concocted over many years largely to benefit the 1%, The rule […]
F&G Acquires Big Stake in Indexed Universal Life Distributor: Deals
{October 19th, 2021} by Allison Bell
Fidelity & Guaranty Life Insurance Co. has acquired a 30% stake in Freedom Equity Group — an independent marketing organization that focuses on the sale of index universal life (IUL) insurance and index annuities. F&G says it’s acquiring the Arroyo Grande, California-based IMO in an effort to diversify by expanding sales of IUL policies to […]
Meet the Life Insurance Case Manager
{October 19th, 2021} by Tiffany Markarian and Kelly Maheu
When asked about the experience they want to provide their clients, most financial advisors will tell you they want to serve their clients’ needs through comprehensive planning, personal relationships, and honoring their role as a fiduciary. Protecting a client’s lifestyle, assets, and legacy is an important part of that process. In serving the risk management […]
Transamerica to Offer Stand-Alone Stable Value Option: Retirement Moves
{October 19th, 2021} by Allison Bell
What You Need to Know: Employers can bolt the Transamerica Guaranteed Investment Option product onto plans from other providers. MetLife has assumed post-retirement life obligations for about 8,000 retirees. Securian is working with SageView to add personalized managed account programs for workplace retirement plans. Transamerica is helping employers offer stability of returns. The life insurer […]
Life and Health Insurers Might See Inflation: Q3 Earnings Calendar
{October 19th, 2021} by Allison Bell
U.S. prices might, or might not, be at the start of a long climb up, and that could give top executives at life, health and annuity issuers something new to talk about as they hold their new round of earnings calls. If the Federal Reserve Board raises interest rates in an effort to fight inflation, inflation […]
TIAA faces class action over rollovers
{October 19th, 2021} by Emile Hallez
ERISA litigator Schlichter Bogard & Denton is pursing a proposed class-action case against TIAA over that company’s sales tactics for its Portfolio Advisor managed-account service. Click HERE to read the full story via InvestmentNews
This Darkly Humorous Life Insurance Ad Has the Best Legal Disclaimer in Ad History
{October 19th, 2021} by David Griner
Over the decades, legal teams have gotten increasingly insistent about adding warnings to ads. Usually it’s in the vein of “Closed course with professional drivers” or the tried-and-true “Don’t try this at home.” Occasionally it’s downright laughable to imagine someone But Ladder’s new ad for its life insurance not only follows an unexpected storyline for […]
Millennial Women Lead the Way in Non-Retirement Investing
{October 19th, 2021} by Michael Katz
Two-thirds (67%) of women are now investing outside of their defined contribution (DC) retirement accounts, up from 44% in 2018, according to a recent study from Fidelity Investments. Plus, the firm says, women are contributing a record-high average 9.2% to DC plans. The number of women investing non-retirement funds has increased by 50% in just […]
Synthetic Data Can Be Key To Insurers’ Profitability
{October 19th, 2021} by Tobi Hann
Data is the lifeblood of the insurance industry. For decades, teams of actuaries took months to analyze the information at their disposal and to complete the computations required to assess the financial risks associated with people, property and potential events. Later, the availability of computers accelerated the process. Today, advanced data science, machine learning applications […]
Alex Murdaugh Charged With Taking Insurance Money In Maid’s Death
{October 19th, 2021} by CBS - 5 WKRG (Mobile, AL)
COLUMBIA, S.C. — Prominent South Carolina attorney Alex Murdaugh was arrested Thursday for his connection with missing settlement funds in the wrongful death lawsuit involving his former housekeeper. Agents with the South Carolina Law Enforcement Division (SLED) and the Florida Department of Law Enforcement took Murdaugh into custody on two felony counts of obtaining property […]
Opinion: Life Insurance And Retirement Planning
{October 19th, 2021} by Elliot Raphaelson
There are many reasons why families entering retirement should re-evaluate their life insurance needs. First and foremost, retirees are generally living longer, especially women, so it is important that retirement plans consider the fact that one or both spouses may live into their 90s. Inflation has not been a major retirement-planning factor for some time […]
‘Annuity King’ Alleges IRS Misconduct In New Florida Lawsuit
{October 19th, 2021} by John Hilton
Editor’s note: This story has been updated to reflect comment from the IRS The self-described “Annuity King” escalated his battle with federal authorities with a lawsuit alleging “rogue, out-of-control, above-the-law” conduct by agents who investigated him. Phillip Wasserman, 64, faces up to 20 years in prison on mail fraud, wire fraud and tax evasion charges […]
Wink, Inc. Releases Second Quarter, 2021 Life Sales Results
{October 13th, 2021} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE WHOLE LIFE SALES DOMINATE SECOND QUARTER Wink, Inc. Releases Second Quarter, 2021 Life Sales Results Des Moines, Iowa. October 5, 2021– Wink, Inc. released the second quarter, 2021 life sales results in its 96th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the […]
Jackson Enters the Registered Index-Linked Annuity Market
{October 13th, 2021} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc. (NYSE: JXN), today announced the launch of Jackson Market Link ProSM (JMLP) and Jackson Market Link Pro AdvisorySM (JMLPA), two new registered index-linked annuities (RILAs). JMLP (commission-based) and JMLPA (fee-based) offer consumers the opportunity to grow assets before and during retirement while offering […]
Life Insurance Sales Strong Across Product Lines In 2Q, Wink Reports
{October 13th, 2021} by Staff Reports
Non-variable universal life sales for the second quarter were $779.2 million, up 19.9% when compared to the previous quarter and up 18.1% as compared to the same period last year, according to Wink’s Sales & Market Report. Non-variable universal life sales include both indexed UL and fixed UL product sales. Noteworthy highlights for total non-variable […]
F&G Purchases 30% Ownership Stake in Freedom Equity Group
{October 13th, 2021} by Fidelity & Guaranty Life; Fidelity National Financial, Inc.
DES MOINES, Iowa, Oct. 8, 2021 /PRNewswire/ — F&G, part of the FNF family of companies and a leading provider of annuities and life insurance, announced a 30% ownership stake in Freedom Equity Group (FEG), a top Life IMO and longtime F&G partner. The opportunity brings new distribution capacity for F&G to fuel growth in middle market […]
POP QUIZ
{October 13th, 2021} by Sheryl J. Moore
Which minimum guaranteed surrender value on an indexed annuity is greater? 87.5% at 1.00% OR 100% at 1.00%, less a 12.50% surrender charge? Join the conversation HERE!
BlackRock Adding Annuities to 401(k) Plans
{October 13th, 2021} by Bernice Napach
BlackRock, the world’s biggest asset manager with more than $9 trillion in assets, is moving into annuities. The firm has a new target date retirement product for 401(k) plans that will provide workers a stream of payments through their lives. Called the LifePath Paycheck solution, it embeds annuity contracts issued by Equitable and Brighthouse Financial, […]
Arizona IMO Seeks Bankruptcy Protection From IUL Fraud Fight
{October 13th, 2021} by John Hilton
A prolific pension fraud scheme that spread to the insurance industry before being shut down by federal investigators continues to produce fresh lawsuits. And it also continues to claim new victims — the latest being Shurwest, a successful Scottsdale, Ariz., independent marketing organization. Shurwest filed for Chapter 11 bankruptcy Aug. 31 after executives realized “there’s […]
Pandemic Spurred Eight out of 10 People to Reevaluate Life and Finances
{October 13th, 2021} by Lincole Financial Group's 2021 Retirement Power study
RADNOR, Pa.–(BUSINESS WIRE)–The last 18 months have had a significant impact on businesses, the economy and society — and nearly eight in ten U.S. workers are reevaluating what is important in life, including finances, their career and retirement, according to Lincoln Financial Group’s (NYSE: LNC) 2021 Retirement Power® study. People participating in an employer-sponsored retirement plan are especially […]
AM Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates; Assigns Issuer Credit Rating to Jackson Financial Inc.
{October 13th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brook Life Insurance Company. These companies together are referred […]
AM Best Affirms Credit Ratings of American International Group, Inc. and Its Subsidiaries
{October 13th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” (Good) of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG]. AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” (Excellent) of AIG’s property/casualty (P/C) insurance subsidiaries (collectively […]
American Equity Executes Industry Re-defining Reinsurance Partnership with Brookfield Reinsurance
{October 13th, 2021} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), announced today that it has closed its previously announced reinsurance transaction with North End Re (Cayman) SPC, a wholly owned subsidiary of Brookfield Asset Management Reinsurance Partners Ltd. (“Brookfield Reinsurance”) (NYSE, TSX: BAMR). Under the terms of the agreement, effective July […]
Retirement Parachutes, in Different Colors
{October 13th, 2021} by Kerry Pecther
The 401(k) annuity and the “contingent deferred annuity,” or CDA—two concepts related to the provision of retirement income, but with different audiences in different distribution channels—were in the news this past week. Click HERE to read the full story via RIJ
Jackson Rumbles Onto the Index-Linked Annuity Field
{October 13th, 2021} by Allison Bell
An individual variable annuity giant says it would like a big slice of the registered index-linked annuity (RILA) market pie. Jackson Financial today announced the official launch of its new Jackson Market Link Pro and Jackson Market Link Pro Advisory RILA contracts — and raised the possibility that the $24 billion RILA market rankings could […]
