A piece of my mind
{August 14th, 2024} by Sheryl J. Moore
“THERE IS NO SUCH THING AS AN ANNUITY THAT PAYS A 15% COMMISSION TODAY!” There haven’t been products like that since before the suitability model reg was introduced in 2003. Maybe if you used Wink, Inc.‘s AnnuitySpecs tool, you would know that. “It benefits NO ONE when one badmouths the lion’s share of annuities, in […]
In this episode of That Annuity Show
{August 14th, 2024} by That Annuity Show
In this episode of That Annuity Show, hosts Paul Tyler, Ramsey Smith, and Bruno Caron interview Sheryl J. Moore, Chief Storyteller of Wink, Inc. and author of a new book on indexed annuities. The discussion covers various aspects of the annuity industry, including product complexity, consumer education, and common misconceptions about annuities. Sheryl shares her […]
Aspida and Market Synergy Group Add Two Index Options to Annuity Product
{August 14th, 2024} by Aspida Life Insurance Company
The addition of these new indices to the fixed index annuity expands consumers’ options for growing and protecting their retirement savings DURHAM, N.C., Aug. 9, 2024 /PRNewswire-PRWeb/ — Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, in conjunction with Market Synergy Group (MSG), today announced the expansion of its Synergy Choice™ Fixed Index Annuity […]
Food for thought
{August 14th, 2024} by Sheryl J. Moore
Did you know that there are 134 different indices, upon which you can earn indexed interest on an indexed annuity? And yet, 66.58% of all indexed annuity premiums are allocated to the S&P 500 or a fixed bucket. Food for thought.. -sjm
The need gap: How does the industry reach underserved communities?
{August 14th, 2024} by Susan Rupe
The life insurance industry has documented the need gap that exists in underserved communities. But why does that gap exist? And how does the industry bridge the gap? Click HERE to read the full story via INN
Equitable Survey Reveals Half of Americans Believe Retiring at Age 65 Is Unrealistic
{August 14th, 2024} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced new findings from a survey of more than 1,000 consumers to help uncover the latest financial trends that are top of mind for Americans. Equitable’s survey revealed that nearly half of consumers (47%) believe it is unrealistic for them […]
5 Reasons Annuity Surrenders Can Be a Good Thing
{August 14th, 2024} by Allison Bell
F&G Annuities & Life works hard to bring in new life and annuity business — and it’s fine with some of the policies and contracts going away. Chris Blunt, the company’s chief executive officer, and Wendy Young, the chief financial officer, gave securities analysts a tutorial on annuity surrenders Tuesday during a conference call. Click HERE […]
Jackson Financial reports strong Q2 earnings, despite hedging hits
{August 14th, 2024} by Doug Bailey
Main Takeaway: Jackson Financial delivered strong second-quarter 2024 earnings driven by robust asset growth and capital generation, despite a significant drop in net income due to unfavorable hedging results. The benefits of a favorable equity market and strong annuity sales contributed to growth compared to the second quarter of 2023 and the first quarter of this year. Jackson […]
More Life and Annuity Products Offer Commodity Indexes
{August 14th, 2024} by Allison Bell
The focus on climate and the return of inflation have increased some clients’ interest in gold, oil, grain and other commodities. That enthusiasm is starting to affect the indexes embedded in fixed indexed annuities and registered index-linked annuities, according to Laurence Black, founder of The Index Standard investment index tracking service. Click HERE to read the full story […]
Life and Annuity Illustrations Confuse Clients, Advisor Tells Regulators
{August 14th, 2024} by Think Advisro
State insurance regulators should put bad years into the performance illustration charts that show how life insurance policies and annuities might work. Richard Weber, the principal at The Ethical Edge, a life insurance advisory firm in Pleasant Hill, California, is making that case to the National Association of Insurance Commissioners this week. Weber is giving […]
AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries
{August 14th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed […]
Allianz Achieves Record Profits in First Half 2024
{August 14th, 2024} by Allianz
MUNICH–(BUSINESS WIRE)–August 8, 2024 2Q 2024: Total business volume advances 7.6 percent to 42.6 billion euros Operating profit reaches 3.9 billion euros driven by good results in all segments Shareholders’ core net income stable at 2.5 billion euros 6M 2024: Total business volume rises by 6.4 percent to 91.0 billion euros Operating profit increases by […]
Horace Mann reports second-quarter 2024 results
{August 14th, 2024} by Horace Mann
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN), the largest multiline financial services company focused on helping America’s educators and a core small-cap value equity in the Financials sector, today reported financial results for the three and six months ended June 30, 2024: Diversified business delivered second-quarter net income of $4 million, or $0.09 per share, […]
John Hancock and Ethos Collaborate to Offer Simple Term with Vitality and a Return of Premium Rider
{August 14th, 2024} by Ethos
BOSTON–(BUSINESS WIRE)–John Hancock and Ethos have joined forces to offer John Hancock Simple Term with Vitality through Ethos. This simplified term life insurance product provides customers with generous Return of Premium (ROP) benefits and the ability to earn John Hancock Vitality rewards and discounts, all with a 100 percent instant underwriting decision. Ethos has built one of the […]
Brighthouse Financial Announces Second Quarter 2024 Results
{August 14th, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the second quarter ended June 30, 2024. Second Quarter 2024 Results The company reported net income available to shareholders of $9 million in the second quarter of 2024, or $0.12 per diluted share, compared with a net […]
Jackson Announces Second Quarter 2024 Results
{August 14th, 2024} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced its financial results for the second quarter ended June 30, 2024. Key Highlights Strong earnings driven by a 9% increase in total annuity assets under management, from $227 billion as of June 30, 2023 to $247 billion as of June 30, 2024, largely due to higher […]
Flourish expands annuities marketplace though new partnership
{August 14th, 2024} by Steve Randall
Registered investment advisors using the Flourish Annuities platform will benefit from an expansion of the marketplace announced this week. Click HERE to read the full story via InvestmentNews
Finseca: Saving Tips Your Financial Advisor Wants You to Know
{August 14th, 2024} by Finseca
WASHINGTON, Aug. 8, 2024 /PRNewswire/ — A recent survey found that three-quarters of Americans regret not saving for retirement earlier. The average age for Americans to begin saving is 28. However, 64% of those surveyed wish they had started building their savings plan before age 25. To avoid regrets related to financial planning, set a plan in place today. […]
Liberty Bankers Insurance Group’s AM Best Excellent Financial Strength Rating Reaffirmed
{August 14th, 2024} by Liberty Bankers Insurance Group
DALLAS, Aug. 8, 2024 /PRNewswire/ — Liberty Bankers Insurance Group (LBIG), a nationally recognized provider of life, health, and wealth products, reaffirmed its financial strength rating (FSR) of A- (Excellent) and its issuer credit rating (ICR) of a- (Excellent) from AM Best for the third year in a row. The ratings reflect LBIG’s balance sheet strength, which AM Best […]
A look behind annuity numbers as sales explode
{August 14th, 2024} by Doug Bailey
Sales of annuities, the once largely disparaged investment instrument, have been off the charts for the last several years. Consumers, mostly retirees or those close to retiring, have turned to annuities in record numbers, fueled by the seemingly reassuring financial features but also by the insurance companies that heavily market them and are eager for […]
Escape From the QLAC: IRS Clarifies Rules on Longevity Annuity Exchanges
{August 14th, 2024} by Allison Bell
Policymakers in Washington are trying to get deferred income annuities off economists’ list of nice ideas and onto the list of products retirement savers really use. The Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act of 2022 updated some rules on qualified longevity annuity contracts, or QLACs. The Internal Revenue Service is starting to add […]
‘Silver Wave’ Isn’t the Only Factor Boosting Annuities
{August 14th, 2024} by John Manganaro
The record “silver wave” of people turning 65 this year has created a significant tailwind for annuities, according to Principal’s Sri Reddy, but that’s not the only factor driving annuity sales figures higher. Individual investors have shown record interest in annuities since the start of 2022, according to Reddy, who serves as a senior vice president for retirement and income […]
The Insurance Industry Is Winning a Fight to Kill New Protections for Retirement Savers
{August 14th, 2024} by Jean Eaglesham
The insurance industry is waging a legal war against new protections for retirement savers. The courtroom offensive appears likely to kill a yearslong effort to curb advice steering people toward products packed with hidden fees. The high-stakes battle centers on a new standard for financial advice affecting the nearly $1 trillion a year rolled over from employer-sponsored […]
Buy the Dip: 7 Ways to Take Advantage of Market Drops
{August 14th, 2024} by Roger Wohlner
August started off with some steep declines in major market averages. On Aug. 5, the Dow Jones Industrial Average, S&P 500 and Nasdaq all dropped at least 2.5%, following declines in each of the two prior trading sessions. While the averages have recovered a bit in the days since, investors and advisors have to be […]
Is continuing illiquidity in the life/annuity portfolio a cause for concern?
{August 14th, 2024} by Mary Pat Campbell
With results from 2023 investments for both life/annuity and property/casualty insurers in, we see life/annuity insurers continue to reach for yield through illiquid assets, such as mortgages and private placements. Click HERE to read the full story via INN
LIMRA/SOA study: Fixed-rate deferred annuitants are not surrendering early
{August 14th, 2024} by John Hilton
Insurance companies generally prefer that annuity contract holders do not surrender their contracts. While a surrender charge penalty would apply, and some of those who surrender an annuity are doing so to buy another annuity, insurers prefer the stability of a long-term contract holder. A new study by the Society of Actuaries and LIMRA found that […]
Annexus and John Hancock: A Groundbreaking Collaboration
{August 14th, 2024} by Annexus
The financial services industry continues to buzz with excitement after Annexus and John Hancock announced their first-ever collaboration in June: John Hancock’s Protection indexed universal life insurance (PIUL) with access to Annexus’ cutting-edge indices. This strategic partnership combines the innovative experience of Annexus with the enduring financial strength and legacy of John Hancock. Click HERE […]
This report identifies sales at an index level: Incomparable resource!
{August 7th, 2024} by Wink's Intel Pros
Hybrid indices have been the primary source of indexed insurance companies’ product management efforts over the past few years. Wink’s Index Intelligence Report identifies indexed annuity and indexed life insurance sales at an index level. It is an annual, complete overview of sales per index (includes all applicable, 10-year historical sales) and identification of the […]
Coach Pete & Sheryl J. Moore talking about Indexed Annuities
{August 7th, 2024} by Sheryl J. Moore
I was blessed to be interviewed by Peter -Coach Pete- D’Arruda, RICP®, MRFC® about my new book. -sjm Click HERE to view Coach Pete & Sheryl J. Moore talking about Indexed Annuities
A typical day in the life of Sheryl J. Moore
{August 7th, 2024} by Sheryl J. Moore
– Get ready and throw a load of laundry in; – Get to the office, and grab a Dr. Pepper Cream Soda; – Feed the fish; – Read the morning news; – Check email; – Send out book orders; – Read the policy filing for a new indexed annuity; – Do a podcast with one […]
Too good not to share…
{August 7th, 2024} by Sheryl J. Moore
Thanks for the testimony, Branislav Nikolic! -sjm
Why Offer Fixed Annuities? Corebridge CEO Explains
{August 7th, 2024} by Allison Bell
Corebridge Financial posted strong sales of individual annuities for the second quarter — just as market turmoil was about to hit. Kevin Hogan, the chief executive officer, talked to securities analysts during a conference call about why Corebridge is comfortable offering income guarantees and what access to guarantees means for retirement savers. Click HERE to read the full […]
Performance Lock Features Proliferate as Consumers Seek to Protect Gains
{August 7th, 2024} by Cyril Tuohy
Sheryl Moore, CEO of Wink, publisher of Wink‘s Sales & Market Report, which tracks the life and annuity market, said features that give consumers the option to lock in gains at a high point in the index are becoming more popular because of the steadily rising market — which brings with it the threat of a looming […]
Principal’s Retirement Market Strategy Takes Shape Amid Growing RILA Sales
{August 7th, 2024} by Warren S. Hersch
Industry watchers note that Principal’s product designs differentiate the carrier’s offerings and open new opportunities in the crowded market. “With the introduction of their new Secure Income Rider, Principal is giving themselves the opportunity to compete for clients in both the investment only and retirement income rider space,” said Peter Lamond, VA product director for Wink Inc. […]
5 Trends in Today’s Annuity Market: Equitable
{August 7th, 2024} by Allison Bell
Equitable is one of the life insurers shaping the individual annuity market. It created the modern registered index-linked annuity product category. The insurer is now working with BlackRock and its own corporate sibling, AllianceBernstein, to create retirement plan options that combine a target-date fund with an in-plan annuity. It hopes that kind of package will become the […]
Lincoln Financial Posts Surprising Annuity Sales Figures
{August 7th, 2024} by Allison Bell
Lincoln Financial sold so many individual annuities in the second quarter that Suneet Kamath, a securities analyst with Jefferies, wondered whether the annuity market is all right. The life and annuity issuer increased individual annuity sales to $3.8 billion in the second quarter, up 48% from the total for the second quarter of 2022. Click HERE […]
Pru’s U.S. Chief Enters August Storms With Sunny Annuity Numbers
{August 7th, 2024} by Allison Bell
Prudential Financial’s U.S. life and annuity business posted great numbers, right before world investment markets went haywire and stole focus. Caroline Feeney, the head of Prudential’s U.S. businesses, told securities analysts Friday that Prudential generated strong sales of relatively low-risk products, and that market demand continues to move in Prudential’s direction. Click HERE to read […]
Only a Quarter of Americans Expect to Leave an Inheritance
{August 7th, 2024} by Michael S. Fischer
The much-ballyhooed great wealth transfer may neither be that great nor transfer that much money to many Americans expecting an inheritance, according to the latest findings from Northwestern Mutual’s 2024 Planning & Progress Study. Only 26% of study participants said they expect to leave behind an inheritance. This will disappoint many millennials and members of Generation […]
TIAA, Morningstar Accused of Funneling Assets to Proprietary Products
{August 7th, 2024} by John Manganaro
A lawsuit filed Monday in a federal court accuses TIAA and Morningstar of developing an investment advice tool that has improperly steered clients toward profitable proprietary investment vehicles, including the TIAA Traditional Annuity and the TIAA Real Estate Account. Known as the Retirement Advisor Field View, the tool was allegedly developed in response to a […]
Equitable capitalizes on strong RILA sales environment during Q2
{August 7th, 2024} by John Hilton
Main takeaway: Registered indexed-linked annuities remain one of the hottest annuity product lines and Equitable Holdings is leading the way. There is even more room for RILAs to run in the market, Equitable executives told Wall Street analysts during a Wednesday morning call. In the first quarter, Equitable led all insurers with $3.4 billion worth […]
Feds seek $1.5M forfeiture from Greg Lindberg after bribery conviction
{August 7th, 2024} by John Hilton
Federal government attorneys are asking a court to order forfeiture of nearly $1.5 million in funds previously seized from disgraced financier Greg Lindberg after his recent bribery conviction. Lindberg, along with associate John Gray, was convicted in May of bribing North Carolina Insurance Commissioner Mike Causey for a second time. As part of the 2018 FBI investigation, […]
Regulators push for draft reinsurance guideline by summer meetin
{August 7th, 2024} by John Hilton
A state insurance panel plans to preview a draft actuarial guideline aimed at tightening oversight of offshore reinsurance assets at its August summer meeting in Chicago. The Life Actuarial Task Force met Thursday to hear from those who submitted comments during a second public comment period. Regulators want to strengthen asset adequacy testing to better […]
Key trends shaping the life insurance industry in 2024
{August 7th, 2024} by Hari Srinivasan
Even though 2024 is nowhere near finished, the year has already seen major advances in the life insurance industry. Innovative companies are implementing AI-powered technology into the underwriting process, resulting in fast applications, instant offers, and personalized policies. As a result, the way people get life insurance has changed for good. Welcome to the era […]
Athene earnings come up short in Q2 despite monster annuity sales
{August 7th, 2024} by John Hilton
Main takeaway: Athene Life & Annuity came up short on earnings during the second quarter despite dominating the industry in annuity sales. Apollo Global Management CEO Marc Rowan pointed to conservative hedging for the reduced earnings. Apollo opted to be conservative in factoring in potential interest rate cuts, Rowan explained to Wall Street analysts during […]
Corebridge Financial stuns analysts with 68% bump in annuity premium
{August 7th, 2024} by John Hilton
Main takeaway: Corebridge Financial’s second-quarter annuity sales were so strong, Wall Street analysts had a hard time believing in the numbers. Premium and deposits grew 68% to nearly $6.8 billion during the quarter, mainly off strong fixed annuity sales. Those sales came during a quarter that saw LIMRA report some fixed annuity sales declines across the […]
SEC’s ‘best interest’ Reg BI rule fails to live up to initial promise, panel says
{August 7th, 2024} by Doug Bailey
Reg BI, the rule adopted by securities regulators five years ago that intended to require brokers to provide a higher standard of care for clients, has not nearly lived up to its promises, leaving regular investors more vulnerable than ever to fraud and abuse by financial advisors. That was the consensus finding of a recent […]
Prudential rides strong FlexGuard sales to second-quarter earnings win
{August 7th, 2024} by John Hilton
Main takeaway: Prudential turned a big corner in the second quarter with robust sales of its FlexGuard flagship annuity boosting revenues. The insurer continued an evolution that began several years ago to remake its product offerings and shift away from market sensitive products. During the first quarter, Prudential cut ties with its money-losing Assurance IQ direct-to-consumer […]
NAIC working group adopts long-awaited accelerated underwriting guidance
{August 7th, 2024} by John Hilton
It took years for a regulator group to finalize an accelerated underwriting guidance that was adopted in five minutes Tuesday with no comments. The Accelerated Underwriting Working Group met its goal to adopt the guidance in time for its parent Life Insurance and Annuities Committee to consider during the National Association of Insurance Commissioners’ summer […]
Americans Worry Extreme Weather Will Rain on Their Retirement
{August 7th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–The majority of American are anxious about the effect extreme weather could have on their financial future yet few are talking about it with a financial professional, according to the 2024 Annual Retirement Study* from Allianz Life Insurance Company of North America (Allianz Life). More than half (56%) of Americans say they have anxiety […]
Pacific Life and Franklin Templeton Announce Defined Contribution Lifetime Income Solution
{August 7th, 2024} by Franklin Distributors, LLC
NEWPORT BEACH, Calif. & SAN MATEO, Calif.–(BUSINESS WIRE)–A resounding majority (87 percent) of U.S. workers would welcome access to a guaranteed lifetime income stream as an employment benefit, according to the 2024 Voice of the American Workplace study conducted on behalf of Franklin Templeton by The Harris Poll. Today, Pacific Life and Franklin Templeton are announcing a […]
Equitable Holdings Reports Second Quarter 2024 Results
{August 7th, 2024} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2024. “Equitable’s second quarter results highlight the building growth momentum across the company. Non-GAAP operating earnings per share of $1.43 increased 23% from the prior year quarter and was up 20% […]
Best’s Special Report: Annuity Sales Supporting Growth of U.S. Fraternal Organizations
{August 7th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Premium levels increased for fraternal organizations on an aggregate basis in 2023, but still lag behind the overall growth rate for the U.S. life/annuity industry, according to a newly issued report by AM Best. A Best’s Special Report on the fraternal segment notes that on a direct premium basis, higher interest rates help drive a 16% […]
Corebridge Financial Announces Second Quarter 2024 Results
{August 7th, 2024} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today reported financial results for the second quarter ended June 30, 2024. Kevin Hogan, President and Chief Executive Officer of Corebridge, said, “This was another excellent quarter for Corebridge where our diversified business model, strong balance sheet and disciplined execution drove positive results. We continue […]
Lincoln Financial Group Reports 2024 Second Quarter Results
{August 7th, 2024} by Lincoln Financial Group
ADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the second quarter ended June 30, 2024. Net income available to common stockholders was $884 million, or $5.11 per diluted share. Adjusted operating income available to common stockholders was $319 million, or $1.84 per diluted share. The primary differences between net income and […]
AM Best Affirms Credit Ratings of Protective Life Corporation and Its Key Subsidiaries
{August 7th, 2024} 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 primary life insurance subsidiaries of Protective Life Corporation (headquartered in Birmingham, AL), collectively known as Protective Life. Additionally, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) and […]
Prudential Financial, Inc. Announces Second Quarter 2024 Results
{August 7th, 2024} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported second quarter results. Net income attributable to Prudential Financial, Inc. was $1.198 billion ($3.28 per Common share) for the second quarter of 2024, compared to $511 million ($1.38 per Common share) for the second quarter of 2023. After-tax adjusted operating income was $1.234 billion ($3.39 per […]
SBLI Introduces Market Crest™ Multi-Year Guarantee Indexed Annuity
{August 7th, 2024} by SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts)
WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) announces its launch of Market Crest™, a Multi-Year Guarantee Indexed Annuity (MYGIA). This product offers the reliable growth of a multi-year guaranteed rate annuity combined with the opportunity for an interest bonus tied to the positive performance of the S&P 500® Index*, all while avoiding […]
Lincoln Financial Group Expands Suite of In-Plan Guaranteed Lifetime Income Products to Offer More Flexibility, Choice and Customization in Retirement
{August 7th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) has expanded its Lincoln PathBuilder Income® powered by YourPath® product to add a lifetime income guarantee to an underlying asset allocation investment fund. This builds on the success of Lincoln Financial’s broad suite of in-plan guaranteed lifetime income products and offers more flexibility, choice and customization to plan sponsors and […]
FNF Reports Second Quarter 2024 Financial Results
{August 7th, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Aug. 5, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & […]
Guardian report: Only one-third of Americans say they’re doing well, with retirement planning and personal finances primary sources of stress
{August 7th, 2024} by Guardian
Guardian’s annual Mind, Body, and Wallet® report finds that while well-being edged up, more support and resources are needed to address Americans’ evolving needs. NEW YORK, July 30, 2024 /PRNewswire/ — In its annual Mind, Body, and Wallet® report, The Guardian Life Insurance Company of America® (Guardian) found that well-being among Americans remains low, highlighting the pressing need for additional […]
F&G Annuities & Life Reports Second Quarter 2024 Results
{August 7th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Aug. 5, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the second quarter ended June 30, 2024. Net earnings attributable to common shareholders (net earnings) for the second quarter of $198 million, or $1.55 per […]
The ‘Three-Legged Stool’ of Retirement Is Missing a Leg
{August 7th, 2024} by John Rekenthaler
Personal annuities can only get the system so far. Once, the tale goes, American workers relied upon a three-legged stool for their retirement income: 1) Social Security, 2) pensions, and 3) personal savings. Click HERE to read the full story via Morningstar. Wink’s Moore on the Market: Here we go with Morningstar hating on annuities again. […]
What the New Emergency Retirement-Distribution Draft Guidance Means for Annuities
{August 7th, 2024} by Allison Bell
The Internal Revenue Service recently began a regulatory project that could turn some annuity owners’ retirement accounts into rainy day funds. IRS officials posted draft guidelines for implementing sections 115 and 314 of the Setting Every Community Up for Retirement Enhancement (Secure) 2.0 Act, or Secure 2.0, which added two important exceptions to Internal Revenue Code section […]
Higher Stock Prices and Worried Investors Boost Q2 Annuity Sales
{August 7th, 2024} by Allison Bell
Rising stock prices, good rates and investors’ memories of past stock market woes helped insurers increase U.S. individual annuity sales 25%, year over year, to $109 billion in the second quarter of 2024. Sales of registered index-linked annuities, or annuities with returns tied to the performance of entire stock indexes, rather than mutual fund-like baskets […]
Getting to know our Product Specspert, Knower of Important Things
{August 6th, 2024} by Wink's Intel Pros
Talia, is our Product Specspert, Knower of Important Things. Her passion for one-liners is fueled by the likes of “The Big Lebowski,” “Anchorman,” “Fear and Loathing in Las Vegas,” “Labyrinth,” and “The Princess Bride.” This former Arizonian is steadfastly dedicated to volunteering for her children’s school. Already fascinated with this fantastic female? Click HERE to […]
Unique and Bold Revol One Financial™ Introduces New Enduris 10 Fixed Index Annuity™ with Enhanced Features
{July 29th, 2024} by Revol One Financial
URBANDALE, IA, 50322, July 22, 2024 /EINPresswire.com/ — Revol One Financial, a leading innovator in the fixed annuity industry, unleashes a new fixed index annuity (FIA) product: the Enduris 10 FIA™. This longer-duration product is designed for clients seeking strong accumulation potential and could be a strategic option to address future income gaps. Enduris 10 FIA™ stands […]
Dispelling some myths on indexed annuities…
{July 29th, 2024} by Jeremy Houser
The reputation of annuities has been knocked around in the past 🤕 On this week’s Advisor Mentorship Podcast, Sheryl J. Moore Founder and CEO of Moore Market Intelligence is changing the narrative. It’s all about presenting the right facts and advocating for the industry 📇 Check out this clip for a preview of the conversation, […]
Kansas City Life Announces Second Quarter 2024 Results
{July 29th, 2024} by Kansas City Life Insurance Company
KANSAS CITY, Mo., July 26, 2024 /PRNewswire/ — Kansas City Life Insurance Company recorded net income of $4.7 million or $0.49 per share in the second quarter of 2024 compared to net income of $4.5 million or $0.46 per share in the second quarter of 2023. Net income totaled $6.3 million or $0.65 per share in the first six months of 2024, up from $1.2 million or $0.13 per share in the first […]
CNO Financial Group Reports Second Quarter 2024 Results
{July 29th, 2024} by CNO Financial Group, Inc.
Earnings per share up 66%; Operating earnings per share up 94% CARMEL, Ind., July 29, 2024 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $116.3 million, or $1.06 per diluted share, in 2Q24 compared to $73.7 million, or $0.64 per diluted share, in 2Q23. Net operating income (1) was $114.6 million, or $1.05 per diluted share, in 2Q24 compared to $62.3 million, or $0.54 per diluted share, in […]
Midland National and The Index Standard Partner on New Annuity Models
{July 29th, 2024} by Midland National Life Insurance Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Midland National® Life Insurance Company, a member company of Sammons Financial Group, today announced a new partnership with The Index Standard, a leading provider of forward-looking data and analytics solutions for index-linked products. In this program, financial professionals will have access to an exclusive set of index-linked strategy model allocations for RetireVantage® 10 Fixed […]
Ibexis Life & Annuity Insurance Company® Announces New CFO and Promotions
{July 29th, 2024} by Ibexis Life & Annuity Insurance Company
WEST PALM BEACH, Fla.–(BUSINESS WIRE)–In response to continued growth, Ibexis Life & Annuity Insurance Company® (“Ibexis”) appointed Kevin Tapp as Chief Financial Officer (“CFO”) and promoted Alex Rupelli to Executive Vice President and Kyle Hales to Controller. Kevin Tapp Appointed Chief Financial Officer Kevin brings 25 years of insurance investment banking experience to Ibexis. As […]
AM Best Affirms Credit Ratings of Teachers Insurance and Annuity Association of America and Its Subsidiary
{July 29th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aaa” (Exceptional) of Teachers Insurance and Annuity Association of America (TIAA) and its wholly owned insurance subsidiary, TIAA-CREF Life Insurance Company (TIAA-CREF Life). TIAA and TIAA-CREF Life collectively are referred to as the TIAA […]
Lincoln Financial Group Teams Up With Star Quarterback Jalen Hurts on a Dynamic Brand and Community Engagement Partnership, With a Focus on Financial Wellness
{July 29th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today announced its partnership with Philadelphia Eagles star quarterback, Jalen Hurts, which will focus on promoting financial wellness through brand content and community engagement. The sponsorship is a natural extension of Lincoln’s more than 20-year partnership with the Philadelphia Eagles, with exclusive naming rights to Lincoln Financial Field. […]
Second court blocks all aspects of DOL’s fiduciary rule
{July 29th, 2024} by Emile Hallez
A group of insurance industry groups has succeeded in getting the DOL’s new fiduciary rule and prohibited transaction exemptions temporarily blocked. Click HERE to read the full story via InvestmentNews
Ameriprise Posts 45% Jump in Variable Annuity Sales
{July 29th, 2024} by Allison Bell
Strong sales of registered index-linked annuities helped Ameriprise Financial push total annuity sales to $1.5 billion in the second quarter. Volume was 45% higher than in the second quarter of 2023, the company reported last week. Life insurance sales increased 21% from last year to $93 million. The main driver was demand for the kind of variable universal […]
Annuity sales set another record in first half of 2024
{July 29th, 2024} by Press Release
Total [preliminary] annuity sales hit a whopping $215.2 billion in the first half of 2024, a 19% jump from prior year results, according to preliminary results from LIMRA’s U.S. Individual Annuity Sales Survey. That figure sets a new record and compares to $219 billion in total sales for all of 2020. Sales were up 21% in […]
AM Best Affirms Credit Ratings of Guardian Life Insurance Company of America and Its Subsidiaries
{July 29th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A++ (Superior) and the Long-Term Issuer Credit Ratings of “aa+” (Superior) of Guardian Life Insurance Company of America (Guardian Life) (New York, NY) and its core subsidiaries, Guardian Insurance & Annuity Company, Inc. (GIAC) (Wilmington, DE) and Berkshire Life Insurance Company of America (Pittsfield, MA) […]
Iowa insurance commissioner to control companies on behalf of defrauded investors
{July 29th, 2024} by Press Release
Iowa Insurance Commissioner Doug Ommen was appointed the receiver of Beckstone Partners, LLC (Beckstone), DesFined, LLC (DesFined), East King Management, LLC, and The Corporate Leasing Company, LLC to wind down the operation of the businesses and marshal the remaining assets for the benefit of defrauded investors in an order issued in Polk County District Court […]
Globe Life execs say internal audit cleared it of fraud, improper life sales
{July 29th, 2024} by John Hilton
Main takeaway: Globe Life executives sought to put myriad allegations of fraud and agent misconduct in the rearview by announcing that an audit found no wrongdoing. If co-CEOs Frank Svoboda and J. Matt Darden hoped that a statement read at the beginning of today’s second-quarter earnings call would put the issue to sleep, they were wrong. […]
DOL unrepentant after fiduciary rule plaintiffs prevail on injunction
{July 29th, 2024} by John Hilton
For the better part of a decade, the Department of Labor has tried to extend fiduciary status to insurance agents, among others. One day after a Texas judge granted a preliminary injunction freezing its current rule, a DOL spokesperson said regulators continue to believe in the strategy. “When investors get advice from a trusted financial professional about […]
Second stay granted to defendants suing the DOL over its fiduciary rule
{July 29th, 2024} by John Hilton
A second federal judge granted a stay of the effective date Friday halting the Department of Labor’s Retirement Security Rule until the full case can be heard. The decision from the Northern District of Texas was expected after an Eastern District court granted a similar stay Thursday. The rulings mean the DOL’s latest attempt to extend fiduciary […]
Are you empowering your clients’ decisions with proper knowledge on indexed annuities?
{July 29th, 2024} by Sheryl J. Moore
If you want lessons on how to be successful with podcasts, take notes on Jeremy Houser 🔉 from InsurMark. He is killing it! Check out the details in the comments to listen. -sjm
Brighthouse Asks Court for Help With Annuity Tied to Murder Case
{July 29th, 2024} by Allison Bell
Alife insurer owned by Brighthouse Financial wants a court to take charge of deciding what to do with an individual variable annuity that was owned by a 72-year-old Oklahoma woman who died as the result of a gunshot wound Sept. 10, 2023. The woman, Lynda Watts, named a daughter, Jaye Dee Watts, as the beneficiary […]
20 Tips For Establishing Multiple Revenue Streams In Retirement
{July 29th, 2024} by Expert Panel
In the absence of a steady full-time paycheck, creating multiple income streams during retirement can ensure financial security and stability. Whether you’re approaching retirement age or just looking ahead, it’s important to understand your options and plan accordingly. To help, 20 Forbes Finance Council members share practical tips to help retirees diversify their income sources. From investing […]
DOL Fiduciary Rule Halted by Texas Court
{July 29th, 2024} by Melanie Waddell
The U.S. District Court for the Eastern District of Texas Tyler Division has granted the request of the Federation of Americans for Consumer Choice and several independent insurance agents to delay the implementation of the Labor Department’s new fiduciary rule. FACC and the agents filed for a preliminary injunction in late May in the federal court, […]
Eleven years.
{July 29th, 2024} by Sheryl J. Moore
Eleven years. I didn’t think I could live without you for a day. My firstborn; my son. How I wish you didn’t take your life that day. It is a curse that I remember every moment of that day. It is a curse that it obsessively replays in my mind. It is a curse that […]
Nationwide announces plans to reduce workforce by 5% over the next year
{July 29th, 2024} by Kevin Baskins
Nationwide is planning to cut its workforce by 5% in the upcoming year. As of early Friday afternoon, Nationwide had not publicly announced any layoffs, only that it plans to reduce its workforce by 5% over the next year. The Columbus, Ohio, based insurance and financial services company with operations in the Des Moines area will […]
UPDATE: COURT GRANTS A STAY IN NAIFA’S LAWSUIT AGAINST THE DOL
{July 29th, 2024} by NAIFA
The U.S. District Court for the Northern District of Texas has granted a request by NAIFA, ACLI, several NAIFA chapters, and other advocacy partners to stay the Department of Labor’s fiduciary-only rule, stating that our case is “virtually certain to succeed on the merits.” The action follows a similar stay issued Thursday by a different federal court in […]
Half of Americans over 50 pushing back on retirement
{July 29th, 2024} by Press Release
DES MOINES, Iowa, — Just over half (51%) of pre-retirees over 50 and retired Americans are considering delaying or coming out of retirement, according to a new survey from F&G, a provider of insurance solutions serving retail annuity and life customers and institutional clients. F&G’s second annual Retirement Reconsidered survey explored how the current market […]
Episode 2 Annuities & More with Sheryl Moore
{July 29th, 2024} by CBS Brokerage
We’ve published our latest podcast episode, an in-depth look at annuities featuring Sheryl J. Moore, CEO of Wink, Inc. and Moore Market Intelligence. Our hosts Michael Kohrmann, CLTC and Eric Alvarado talk through the in’s and out’s of the annuities space, discussing common misconceptions and what advisors – and their clients – need to know. […]
We have books!
{July 29th, 2024} by Wink's Intel Pros
Indexed annuities offer a safe, steady way to watch your savings grow. These products use stock market gains to boost returns but protect against losses, so your principal is preserved. Sheryl Moore’s book details her first-hand experience using indexed annuities to save for retirement. She explains how they work, shares lessons from over two […]
SEC Adopts Significant Form and Rule Amendments for the Registration of RILAs and MVAs
{July 29th, 2024} by Vedder Price
On July 1, 2024, the SEC adopted tailored disclosure requirements and offering processes for non-variable annuity contracts—specifically, for registered index-linked annuities (RILAs) and annuity contracts that offer fixed investment options and apply market value adjustments (MVAs) to amounts withdrawn before the end of the fixed option’s term. The final rule will require issuers of RILAs and MVAs […]
Commissioner sees hope in insurance crisis
{July 29th, 2024} by INN Insider News
It’s been nearly five years since California’s home insurance crisis began, and even Insurance Commissioner Ricardo Lara isn’t sure when it will end, but he says there are signs of hope. Click HERE to read the full story via INN Insider News
Allianz Life Launches New Indexed Universal Life Insurance Product
{July 23rd, 2024} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life) today launched Allianz Life Accumulator™ Indexed Universal Life Insurance Policy, a new Indexed Universal Life (IUL) insurance product that now becomes Allianz Life’s flagship IUL product. Allianz Life Accumulator™ replaces Allianz Life Pro+® Advantage Fixed Index Universal Life Policy and is available to financial professionals […]
American National Introduces Proprietary Custom Annuity Index
{July 23rd, 2024} by American National Insurance Company
HOUSTON, July 16, 2024 (GLOBE NEWSWIRE) — American National Group (“American National”) today announced the launch of its first proprietary custom index, which will be paired with American National’s Strategy Index 10 annuity. Developed in collaboration with BNP Paribas, the Patriot Technology Index is designed to offer clients a unique blend of innovation, protection, and […]
Brighthouse Financial Introduces Enhancements to Brighthouse SmartCare®
{July 23rd, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that it has introduced new enhancements to Brighthouse SmartCare, its flagship life insurance product. Brighthouse SmartCare is a hybrid life insurance product that provides a guaranteed death benefit while helping to protect clients from the costs of long-term care (LTC) through […]
New Symetra IUL takes entire application and underwriting online
{July 23rd, 2024} by John Hilton
Symetra Life Insurance Co. is out with a new indexed universal life product that offers consumers a fully automated online digital purchase process. The Symetra SwiftProtector can offer coverage in as little as 25 minutes to qualified applicants, the insurer said in a news release. Designed for customers ages 20-60 with permanent coverage needs up to […]
Fifth Circuit overturns DOL’s ESG rule, cites recent SCOTUS ruling
{July 23rd, 2024} by John Hilton
The Court of Appeals for the Fifth Circuit tossed out the Biden administration’s ESG rule in a decision posted this morning. In doing so, the court cited the recent Supreme Court ruling striking down the so-called Chevron doctrine. Justices overruled their landmark 1984 decision in Chevron v. Natural Resources Defense Council, which gave federal agencies broad power […]
Insurers’ lawsuit over AM Best ratings delayed again amid settlement talks
{July 23rd, 2024} by John Hilton
A New Jersey judge granted another extension Friday to give AM Best and two life insurers more time to finalize an agreement to end a lawsuit over negative ratings. Atlantic Coast Life Insurance and Sentinel Security Life Insurance want to stop AM Best from downgrading their financial strength ratings, which would drop from B++ to […]
Despite expectations, insurance industry M&As continue to decline
{July 23rd, 2024} by Doug Bailey
An expected pickup in insurance industry mergers and acquisitions has not yet materialized as the landscape saw a continuing and significant decrease in the first half of this year. According to OPTIS Partners’ M&A database, there were 300 announced transactions, which is a 20% decline from 385 agreements registered during the same period in 2023. This is […]
I just couldn’t get past the grief long enough to see that they needed me.
{July 23rd, 2024} by Sheryl J. Moore
I’ve struggled with wanting to live. Not now, but twice I thought that living wasn’t for me. Both times were after my firstborn’s suicide. The grief was indescribable. The depression was unreal. I was hallucinating from the medications. And I tried to end my life. Then, I went inpatient. I learned that I needed to […]
There’s No Magic Retirement Number for Everyone: Wade Pfau
{July 23rd, 2024} by John Manganaro
The development of better variable spending strategies represents one of the most compelling approaches to improving retirement outcomes, according to Wade Pfau, the retirement researcher and co-founder of the Retirement Income Style Awareness platform. However, Pfau asserts in a recent interview with ThinkAdvisor, many in the general public remain tied to traditional rules of thumb when […]
DOL is overreaching its authority again, fiduciary rule critics tell Texas federal court
{July 23rd, 2024} by Leo Alamazora
A coalition representing life insurance and annuity issuers told a federal court in Texas that the US Department of Labor’s new fiduciary rule overreaches its authority and flouts previous court rulings. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: The coalition representing the interests of the insurance […]
The benefits of including annuities as an RIA
{July 23rd, 2024} by Josh Welsh
An important aspect of going RIA is understanding exactly what the different business models and fee structures are, so you can be ready to best serve the interests of your clients, as well as fully maximizing your revenue streams. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: […]
777 Partners’ London basketball team faces potential closure
{July 23rd, 2024} by Kenneth Araullo
A London basketball team owned by investment firm 777 Partners faces potential closure due to a legal action supported by multiple creditors. The London Lions, a basketball club purchased by 777 in 2020, is confronting a winding-up petition from one of its clothing suppliers, according to a court hearing on Wednesday. Click HERE to read […]
This is an excellent opportunity for a candidate who may be ready for this executive role
{July 23rd, 2024} by Sheryl J. Moore
I have a client that is a growing, dynamic annuity company. They are seeking a Chief Financial Officer. This is an excellent opportunity for a candidate who may be ready for this executive role, or who is currently in this role and desires entrepreneurial opportunities. The CEO/company is seeking a strategic business partner. They prefer […]
Senior Market Sales® White Paper: Solving Retirement Crisis Requires New Industry Thinking, Solutions
{July 23rd, 2024} by Senior Market Sales
Insurance Agents, Financial Advisors Serving as Educators and Guides Will Thrive OMAHA, Neb., July 15, 2024 /PRNewswire/ — To successfully navigate the mounting challenges in the retirement planning industry, insurance agents and financial advisors must rethink traditional planning paradigms, practices and even their own roles, a new white paper by Senior Market Sales® (SMS) asserts. “The Retirement Planning Mind […]
Retirement Reconsidered 2024: Second Annual F&G Survey Reveals Half of Americans Over 50 Continue to Delay or Consider Coming Out of Retirement
{July 23rd, 2024} by F&G Annuities & Life, Inc.
New Research Shows that Two Out of Three Pre-retirees Over 50 Are Considering Pushing Back Their Planned Retirement Date DES MOINES, Iowa, July 17, 2024 /PRNewswire/ — Just over half (51%) of pre-retirees over 50 and retired Americans¹ are considering delaying or coming out of retirement, according to a new survey from F&G Annuities & Life, Inc. (NYSE: FG) […]
Fidelity National Financial Announces Second Quarter 2024 Earnings Release and Conference Call
{July 23rd, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., July 22, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned, publicly traded subsidiary F&G Annuities & Life, Inc. […]
New DOL Fiduciary Rule Defies Court Ruling, Insurance Groups Argue
{July 23rd, 2024} by Melanie Waddell
A coalition of trade groups for life insurance and annuity issuers told a federal court in Texas on Friday that the Labor Department’s new fiduciary rule should be halted because DOL exibited “outright defiance” of the court’s decision to vacate the 2016 rule in crafting the new one. “DOL’s lead argument — that ERISA’s text […]
F&G Annuities & Life Announces Second Quarter 2024 Earnings Release and Conference Call
{July 23rd, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, July 22, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release second quarter 2024 earnings after the close of regular market trading on Monday, August 5, 2024. A webcast and conference call to discuss the results will follow […]
Pan-American Life Insurance Group launches with Sapiens
{July 23rd, 2024} by Patrick Brusnahan
Insurance software provider Sapiens has announced that Pan-American Life Insurance Group (PALIG) has gone live with Sapiens IllustrationPro, an SaaS solution hosted on the Microsoft Azure cloud. PALIG chose Sapiens to consolidate illustrations on a single platform and provide insurers with faster time to market within the North America. Click HERE to read the full […]
Parent Trap: Nearly Half of Adult Gen Zers Getting Financial Help from Mom & Dad, According to BofA Study
{July 23rd, 2024} by Bank of America
CHARLOTTE, N.C., July 10, 2024 /PRNewswire/ — Today, 46% of Gen Zers (ages 18-27) rely on financial assistance from parents and family, according to new research from Bank of America America’s Better Money Habits® financial education team. In addition, 52% of those surveyed said they don’t make enough money to live the life they want […]
American National Adds Annuity Investment Option for a Tough World
{July 23rd, 2024} by Allison Bell
American National has come up with a financial product that could appeal to clients who have a bleak global view, or who want a more direct way to hedge against geopolitical risk. The Houston-based insurer has joined with BNP Paribas to introduce the Patriot Technology Index. Managers of the index will tie its performance to […]
Protective Launches New Term Policy Rider Option to Support Chronic Illness Coverage
{July 23rd, 2024} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation, a subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750) today announced the launch of a new rider for its flagship Protective® Classic Choice term policy, which is issued by its principal subsidiary Protective Life Insurance Company (“Protective”). The new rider, Conversion Choice℠ rider with ExtendCare℠ provides customers with enhanced options for long-term protection and future chronic […]
Best’s Special Report: Commercial Mortgages Gained Larger Role in U.S. Life Annuity Insurers’ Investment Portfolios During 2023
{July 23rd, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–U.S. life/annuity (L/A) insurers continued to increase allocations to commercial mortgage loan portfolios in 2023, but problem loans, including those 90 days delinquent, again rose sharply, according to a new AM Best report. The Best’s Special Report, “Mortgages 90 Days Overdue Double,” states that L/A insurers expanded their allocations to mortgage loans last year by more […]
Prosecutors urge judge to reject Greg Lindberg petition for a new trial
{July 23rd, 2024} by John Hilton
Federal prosecutors say the second prosecution of Greg Lindberg on bribery charges was free of errors and the court should reject the defendant’s request for a new trial. Lindberg is trying to best the government a second time in challenging his May conviction. Convicted in 2020 on bribery and fraud charges, along with associate John […]
Most Pre-Retirees Pushing Back Retirement Timeline
{July 23rd, 2024} by Brian Anderson
Retirement can—or must—wait, say a startling nearly 7 in 10 over-50 pre-retirees in a new survey released today from F&G Annuities & Life, Inc. Des Moines, Iowa-based F&G’s second annual Retirement Reconsidered survey explored how the current market environment is impacting decisions leading up to and into retirement. It found just over half (51%) of Americans over age 50 are […]
The New Fiduciary Rule (39): Qualified Annuity Exchanges
{July 23rd, 2024} by Faegre Drinker Biddle & Reath LLP
The Department of Labor has issued the: final regulation defining fiduciary status for investment advice to retirement investors and related exemptions for prohibited conflicts—PTEs 2020-02 and 84-24. The exemptions provide relief from prohibited compensation resulting from fiduciary recommendations to “retirement investors”—private sector retirement plans, participants in those plans (including rollover recommendations), and IRAs—individual retirement accounts […]
Pan-American Life Insurance Group Goes Live with Sapiens IllustrationPro SaaS Solution for Rollout on Microsoft Azure Cloud
{July 23rd, 2024} by Sapiens International Corporation
ROCHELLE PARK, N.J., July 18, 2024 /PRNewswire/ — Sapiens International Corporation, (NASDAQ: SPNS) (TASE: SPNS), a leading global provider of software solutions for the insurance industry, announced today that Pan-American Life Insurance Group (PALIG) has gone live with Sapiens IllustrationPro, a comprehensive SaaS solution hosted on the Microsoft Azure cloud. After extensive competitor analysis, PALIG selected Sapiens to consolidate illustrations on a […]
IRI Seeks Input on Annuity Data Standardization
{July 23rd, 2024} by Paul Mulholland
The Insured Retirement Institute has issued a request for information that seeks suggestions on how to best “develop a new infrastructure for data standards as well as a single source of consistent product data.” “Consistent, standardized data delivered in real-time will enable the industry to enhance, develop, and link user experiences,” IRI stated. Click HERE […]
Craig Hawley to Run Nationwide’s Annuity Business
{July 23rd, 2024} by Allison Bell
Nationwide and John Hancock have named new leaders for major business units. Nationwide has picked Craig Hawley to succeed Eric Henderson as the leader of Nationwide Annuity. Hawley will succeed Eric Henderson, who is retiring. John Hancock brought in Hector Martinez to be head of insurance. Brooks Tingle, the former head, moved up to become John Hancock’s CEO. Click […]
5 Things Biden’s Election Exit Means for Life and Annuities
{July 23rd, 2024} by Allison Bell
For life insurance and annuity professionals, one obvious impact of the announcement will be the addition of a story they can use to illustrate the importance and complexity of business succession planning. See the accompanying gallery for five more ideas about how Biden’s exit from the campaign could affect the life and annuity sector. Click […]
Why Life Insurance Should Be More Accessible To More People
{July 23rd, 2024} by Chris Copeland
“Thank you so much, for everything. What you just said lifted my spirit. I can do this. I can keep going.” These are more than just words from a customer, Akouwa, who lost her husband to cancer and called TruStageTM to file a claim on his life insurance policy. This powerful sentiment is a reminder of […]
Ameritas lawsuit: $5M New Jersey policy hid a STOLI connection
{July 23rd, 2024} by John Hilton
Ameritas Life Insurance Co. is challenging another life insurance policy under New Jersey’s ban on stranger-originated life insurance (STOLI). The insurer filed a lawsuit in federal court in March, claiming that a $5 million life policy from 2008 looks similar to an illegal STOLI attempt. Stranger-originated life insurance is a policy someone, usually an investor, […]
Limited-pay options for lifetime coverage
{July 23rd, 2024} by Kathleen Johnson
Limited-pay life insurance is an appealing proposition to many clients. With today’s flexible products, there are multiple ways to achieve a limited-pay solution. Limited-pay life insurance, often called 10-pay or 20-pay, is a traditional whole life carrier product design less frequently offered today. Although the concept works well in certain client situations, many plans lacked […]
Principal® Adds New Annuity With Guaranteed Lifetime Income Option
{July 16th, 2024} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–With the number of people in the United States aged 65 years and older on the rise, Principal Financial Group® has launched its second Registered Index-Linked Annuity (RILA), Principal® Strategic Income, that helps individuals nearing or in retirement create guaranteed lifetime income while still building and protecting their retirement savings. “A convergence of factors has accelerated […]
Lawmakers Advance Two Measures to Kill DOL Fiduciary Rule
{July 16th, 2024} by Melanie Waddell
The House Education and Workforce Committee passed by a 23-18 vote Wednesday a Congressional Review Act resolution to disapprove the Labor Department’s new fiduciary rule. Labor’s rule “represents a reckless overreach by the Biden administration,” Rep. Virginia Foxx, R-N.C., chairwoman of the committee, said Wednesday during the markup. Click HERE to read the full story via Think Advisor
Annuities & More with Sheryl Moore
{July 16th, 2024} by MICHAEL KOHRMANN AND ERIC ALVARADO
Join CBS Spotlight as we discuss the truth and misconceptions of annuities with The founder, creator, & CEO of Wink Inc. & Moore Market Intelligence – Sheryl Moore! Gives us a listen, you might be surprised what Sheryl Moore has to say. Wink’s Moore on the Market: Likely the most unique podcast I’ve ever […]
Components of Hybrid Indices
{July 16th, 2024} by Sheryl J. Moore
What if I told you that most hybrid indices change the components that make up the index at least annually? How would you feel about that? -sjm Join in the LinkedIn discussion HERE
DOL Fiduciary Rule Mania: What’s Happening and Where It’s Headed
{July 16th, 2024} by Melanie Waddell
If your eyes have been glazing over trying to keep up with the torrid pace of recent efforts to torpedo the Labor Department’s new fiduciary rule, known officially as the retirement security rule, you’re not alone. Here’s a rundown of where things stand now, what might happen next. The biggest takeaway for advisors: Be prepared […]
A Couple Won the Powerball. Investing It Turned Into Tragedy.
{July 16th, 2024} by Jason Zweig
In spring 2008, Paul Rosenau, a construction supervisor and heavy-equipment operator in Waseca, Minn., bought a Powerball ticket—and hit a $59.6 million after-tax jackpot. Rosenau, a devout Lutheran and the son of a pastor, recalls with a tremor in his voice how he and his wife, Sue Rosenau, felt when they woke up the next […]
AM Best Places Credit Ratings of American National Insurance Company and Its Affiliates Under Review With Developing Implications
{July 16th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with developing implications the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of American National Insurance Company (ANICO) and its affiliates, American National Life Insurance Company of Texas and American National Life Insurance Company of New York (Glenmont, […]
U.S. Life insurance market expected to reach $1.48T by 2032, research firm says
{July 16th, 2024} by EIN Presswire
According to a recent report published by Allied Market Research, titled, “U.S. Life Insurance Market by Type and Distribution Channel: Global Opportunity Analysis and Industry Forecast, 2023–2032,” the U.S. life insurance market was valued at $ 765.38 billion in 2023 and is projected to reach $ 1,476.31 billion by 2032, growing at a CAGR of 7.1% […]
Bill to kill fiduciary rule heads for full congressional vote
{July 16th, 2024} by Doug Bailey
A bill to kill the Biden Administration’s new fiduciary rule is headed for a full vote in Congress after two committees this week resoundingly approved it. But the rule, intended to clarify when financial professionals must act in the best interest of their clients, may die regardless of what legislators decide, thanks to the Supreme Court. In […]
DOL may review ‘derisking’ pension risk transfers, says congressional report
{July 16th, 2024} by Doug Bailey
A recent Department of Labor report to Congress reaffirming current fiduciary standards for selecting annuity providers in defined benefit pension plans also includes notice that it may review the increasingly common, and controversial, practice of companies transferring pension risks to life insurers, commonly known as “derisking.” The report by the DOL’s Employee Benefits Security Administration (EBSA), which […]
Critics worry about personal data in NAIC accelerated underwriting effort
{July 16th, 2024} by John Hilton
Regulators rushing to finish a new accelerated underwriting guidance need to be wary of privacy concerns and the potential for discrimination, advocates said Thursday. The Accelerated Underwriting Working Group picked up work on the guidance effort in recent months and is working swiftly to get a completed product before the National Association of Insurance Commissioners’ […]
Annuity Issuers Should Improve Their Best-Interest Reviews: Regulator
{July 16th, 2024} by Allison Bell
State insurance regulators want some fixed annuity issuers to work harder at monitoring their sales and distribution networks. The regulators have offered the issuers an alternative to U.S. Labor Department oversight, by creating an annuity suitability regulation update based on the U.S. Securities and Exchange Commission’s Regulation Best Interest rather than the Labor Department’s fiduciary rule requirements. Click HERE to […]
SEC ruling could amp up RILA accessibility, encourage competition
{July 16th, 2024} by Rayne Morgan
After months of deliberation, the U.S. Securities and Exchange Commission has adopted tailored disclosure requirements and offering processes for registered index-linked annuities (RILA) and registered market value adjustment annuities. RILAs must now use the same Form N-4 that variable annuities use, intending to make the registration process more transparent, accessible and efficient. The annuity market […]
Life Application Activity Cools
{July 16th, 2024} by Allison Bell
U.S. individual life insurance application activity was 6.4% lower in June than in June 2023, according to MIB Group. The life insurance group says activity for people ages 71 and older increased 3.4% and that the number of whole life applications they submitted increased more than 10%. Click HERE to read the full story via […]
Immediate Annuity Income Target Rises 6%
{July 16th, 2024} by Allison Bell
U.S. income annuity shoppers are willing to pay more, and they seem to expect income needs to increase more than the Social Security cost-of-living adjustment rate, according to new annuity search data from Cannex Financial Exchanges. Shoppers who looked for single-premium immediate annuities in the second quarter asked for prices with an average premium of $362,802, […]
New York Moves to Take Control of Columbian Mutual Life
{July 16th, 2024} by Allison Bell
New York State Financial Services Superintendent Adrienne Harris is seeking state court approval to put Columbian Mutual Life Insurance Co. in rehabilitation. The Vestal, New York-based life insurer was founded in 1882, still has about 700,000 life insurance policies and annuity contracts in force, and, in December 2022, estimated that it had received life insurance […]
Putting Retirement Portfolios to Work to Produce Income
{July 16th, 2024} by Roger Wohlner
With over 10,000 people turning 65 each day in the United States, generating a dependable retirement income stream is a top priority for financial advisors and their clients. At the recent Morningstar Investment Conference, held for the first time at Chicago’s Navy Pier, one of the sessions was a panel discussion on retirement savings needs […]
UBS Fined $850K Over Rep’s Sale Of Unapproved Annuities Via Wire Transfers
{July 16th, 2024} by Tracey Longo
The Financial Industry Regulatory Authority has censured UBS and fined the bank $850,000 for failing to supervise a registered representative’s sale of unapproved annuities offered by his college friend and business acquaintance. Finra alleged in its disciplinary letter, released Monday, that UBS failed to create a “reasonably designed” supervisory system to monitor the transfer of customer funds to […]
Five Ways Annuities Can Help Secure Your Retirement
{July 16th, 2024} by Kevin Nuss
MEDFORD, OR / ACCESSWIRE / July 9, 2024 / Here are five ways annuities help people save for retirement and then enjoy a financially secure future once they are retired, according to retirement-income expert Ken Nuss, CEO of AnnuityAdvantage. 1. Your nonqualified savings grow faster with the help of tax deferral–hard to achieve except in an annuity. Nonqualified savings […]
Update: Annuities Versus The Four Percent Rule Of Thumb
{July 16th, 2024} by Charlie Gipple, CFP, CLU, ChFC
The following analysis on GLWBs versus the Four Percent Rule has been updated to today’s GLWB offerings. I recently saw somebody write about how we should not compare annuities to the four percent rule. Although I agree that there needs to be additional disclosures and education in the annuity part of the conversation, I disagree […]
Whole Life Flexibility And Case Design (Part 1 Of 3)
{July 16th, 2024} by Charlie Gipple, CFP, CLU, ChFC
I always get the question, “Which product do you like best, whole life insurance or indexed universal life insurance?” That’s a lot like asking me which of my two boys is my favorite. Each of them has their own strengths and each of them has their weaknesses. However, my 14-year-old is overly hormonal right now, so I […]
Osaic Revamps Retirement Income Planning Tools
{July 16th, 2024} by John Manganaro
Osaic, formerly Advisor Group, is partnering with IncomeConductor to launch two enhanced versions of its retirement income planning system, dubbed NextPhase Pro and NextPhase Plus. Some 600 advisors currently use the original NextPhase solution with their clients, according to the firm. Click HERE to read the full story via Think Advisor
AM Best Revises Outlooks to Positive for GBU Financial Life
{July 16th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–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 Rating of “a-” (Excellent) of GBU Financial Life (GBU) (Pittsburgh, PA). The Credit Ratings (ratings) reflect GBU’s balance sheet strength, which AM Best assesses as strong, as well as its […]
Security Benefit’s “RIA Economic Outlook Index” finds that advisor optimism around inflation is slipping
{July 16th, 2024} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–While Registered Investment Advisors (RIAs) report a similar level of economic confidence compared to the first quarter of the year, nearly half now believe that stock market volatility will be higher over the next 12 months than it was in 2023, according to the Second Quarter Economic Outlook Index released today by Security […]
