3 Ways New Regulations Are Choking BDs
{June 1st, 2021} by Jon Henschen
The next few years will be all about regulation as broker-dealers figure out the proper balance of Regulation Best Interest’s disclosure, tracking and recordkeeping. Advisors at some broker-dealers tell us the new disclosures required to satisfy regulators have become suffocatingly unacceptable, though not much has changed at other firms. The future balancing act for most […]
Attorneys Expect N.Y. To Appeal Court Rejection Of Annuity Best-Interest Rule
{June 1st, 2021} by Tracey Longo
The insurance and annuities industries may have breathed a collective sigh of relief when the New York Supreme Court Appellate Division on April 29 struck down New York’s amendment to create a best-interest standard for annuities and life insurance sales. But any relief may be short-lived. That’s because the New York Department of Financial Services […]
Variable Annuity Investors Outperform Their Mutual Fund Counterparts, DALBAR Finds
{June 1st, 2021} by Tracey Longo
Retirement investors with variable annuities beat the market and average mutual fund investors over a 20-year period by holding their investments longer, according to new findings from Dalbar, a prominent investor behavior research firm. The average equity VA subaccount investor outperformed the average equity mutual fund investor by 148 bps in 2020, with the average […]
NAIC Group Defines ‘Accelerated Underwriting’ Over Industry Protests
{June 1st, 2021} by John Hilton
A state regulator group reversed course today and approved a definition of accelerated underwriting, and related data elements, after a torrent of criticism. The definition and data elements move on for consideration Thursday by the Market Conduct Annual Statement Blanks working group. If the criteria passes a further vote by the MCAS parent committee later […]
The traits required to lead through times of crisis
{June 1st, 2021} by Mia Wallace
What does it take to lead a business during a time of global upheaval? For many leaders across the insurance profession, it is a question that, until the COVID crisis hit, could comfortably remain unanswered. COVID-19 has impacted countries, industries and individuals across the world and, in doing so, shone a spotlight on the qualities […]
Covid-19 Expands Life Insurance Purchases Beyond Wealthy
{June 1st, 2021} by Leslie Scism
U.S. households from a range of incomes are buying more life-insurance policies than in years past. The number of life-insurance policies sold jumped 11% in the first quarter from a year earlier, the biggest gain since 1983, according to the industry research firm Limra. The boost extends the sales increases that began last year as […]
Announcing InsurTech Express Launches a New Innovative Website, InsurTechExpress.com, ‘A One Stop Life Insurance Resource’
{June 1st, 2021} by InsureTech Express
RALEIGH, N.C., May 24, 2021 /PRNewswire/ — InsurTech Express, LLC – a leading provider of insurance technology content and resources for the Life Insurance and Annuity industry – today announced it has launched a new website, www.insurtechexpress.com replacing its previous website. InsurTech Express did extensive market research and then partnered with a team of experienced Software Developers and Web […]
Sammons Units Update Universal Life Policies After IRS Code Change
{June 1st, 2021} by Cyril Tuohy
Sales of indexed life fell 14.3% in the fourth quarter to $621.3 million, Wink’s Sales & Market Report said earlier this month. Total 2020 indexed life sales were $2.1 billion. Indexed life sales include both indexed UL and indexed whole life. Click HERE to read the full story via Life Annuity Specialist
Small, High-Flying Annuity Issuer Downgraded by A.M. Best
{June 1st, 2021} by Richard Bedard
In April last year, market research firm Wink announced that Upstream was offering the best rates on multi-year guaranteed annuities for terms of three, five, seven, 10 and 15 years. Wink CEO Sheryl Moore said at the time that it was remarkable that the company had the highest rate for every single duration. Click HERE to read the full story […]
How Secure Act 2.0, Delayed RMD Age Would Boost Annuities
{June 1st, 2021} by Ben Mattlin
In early May, the U.S. House of Representatives introduced the Securing a Strong Retirement Act of 2021. Known as Secure Act 2.0, since it builds on 2019′s Setting Every Community Up for Retirement Enhancement (Secure) Act, the bipartisan bill expands opportunities for retirement savers. What’s been largely overlooked, however, are the implications for annuities. Click […]
Valmark Financial Group Adds MassMutual To Its Line-Up Of Preferred Insurance Partners
{June 1st, 2021} by Valmark Financial Group
AKRON, Ohio, May 25, 2021 /PRNewswire/ — Valmark Financial Group today announced it would be adding Massachusetts Mutual Life Insurance Company (MassMutual) to its list of preferred insurance carrier partners. The new partnership will allow Valmark Member Firms access to MassMutual’s entire insurance product portfolio in all 50 states, including Whole Life, Guaranteed Universal Life, Term Life, Disability […]
With the Goal of Growing its VA Business & Providing Clients with New Income and Investment Protection Options Delaware Life Launches Innovative Variable Annuity with Riders
{June 1st, 2021} by Delaware LIfe
WALTHAM, Mass., May 25, 2021 /PRNewswire/ — Delaware Life Insurance Company (“Delaware Life”) has launched an innovative new variable annuity with riders that provide financial professionals and their clients with the choice to prioritize income or investment protection during the first 7 to 10 years of the contract, based on changing market conditions or personal circumstances. The […]
DALBAR Study Shows Annuities Improve Investor Behavior
{June 1st, 2021} by Dalbar
MARLBOROUGH, Mass., May 25, 2021 /PRNewswire/ — DALBAR, Inc., the nation’s leading researcher on investor behavior, recently found that variable annuity subaccount investors exhibit less destructive behavioral tendencies and have consistently earned more money than the average investor. The study examined the cash flows and balances of over $1.5 trillion in variable annuity assets over a 20-year span to […]
AIG Retirement Services Launches Self-Directed Retirement Planning Tool to Help Plan Participants Discover Their Path to a Brighter Future
{June 1st, 2021} by AIG Retirement Services
HOUSTON–(BUSINESS WIRE)–AIG Retirement Services, a leading retirement plan provider for tax-exempt and public sector employers, today announced the launch of its self-directed version of Retirement Pathfinder, an interactive retirement planning tool now available to plan participants. Retirement Pathfinder delivers a powerful digital experience that helps participants define their retirement lifestyle and financial goals and then […]
Variable Universal Life Sales Soar: LIMRA
{June 1st, 2021} by Allison Bell
U.S. life insurers were busy writing new individual coverage in the first quarter, according to new insurer survey results from LIMRA. The total number of policies sold increased 11% between the first quarter of 2020 and the latest quarter, and the total amount of annualized premiums associated with the policies rose 15%. Click HERE to read […]
MassMutual Completes Acquisition of Great American Life Insurance Company
{June 1st, 2021} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (“MassMutual”) announced today the completion of the previously announced acquisition of American Financial Group, Inc.’s (NYSE:AFG) wholly owned subsidiary, Great American Life Insurance Company (“Great American Life”), and other subsidiaries and affiliated entities, for a purchase price of approximately $3.5 billion. “We are excited to welcome Great American Life to […]
American Financial Group, Inc. Announces Closing of the Sale of its Annuity Businesses and Declares Special Dividend
{June 1st, 2021} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) announced today the closing of the sale of its Annuity businesses, consisting of Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, as well as a broker-dealer affiliate, Great American Advisors, Inc., and insurance distributor, […]
Transamerica Signs Lease for 35,000 Square Feet at Wills Wharf in Baltimore’s Harbor Point
{June 1st, 2021} by Armada Hoffler
VIRGINIA BEACH, Va., May 25, 2021 (GLOBE NEWSWIRE) — Armada Hoffler Properties, Inc. (NYSE: AHH) today announced that Transamerica has agreed to lease the 35,000 square foot 8th floor of the Wills Wharf office building at Harbor Point. With Transamerica, EY, Jellyfish, Bright Horizons, and Canopy by Hilton, Wills Wharf is now 58% leased. Positioned at […]
Northwestern Mutual Advisors Announce Partnership to form Bera Wealth Advisors
{June 1st, 2021} by Northwestern Mutual
Charleston, SC, May 25, 2021 (GLOBE NEWSWIRE) — Wealth Management Advisors Heath M. Johnson and F. Chrys Kanos have partnered to form Bera Wealth Advisors, combining the strength of Northwestern Mutual with the specialized expertise of a boutique firm. Bera Wealth Advisors tailors each client’s financial plan to effectively organize and manage wealth and educate […]
Wink, Inc. Releases Fourth Quarter, 2020 Life Sales Results
{May 25th, 2021} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE INDEXED LIFE SALES BACK ON THE UPTICK, AS DEATH KNELL SOUNDS FOR TRADITIONAL UL Wink, Inc. Releases Fourth Quarter, 2020 Life Sales Results Des Moines, Iowa. May 20, 2021– Wink, Inc. released the fourth quarter, 2020 life sales results in its 94th edition of Wink’s Sales […]
FOURTH QUARTER 2020 LIFE INSURANCE SALES
{May 25th, 2021} by Sheryl J. Moore
Non-Variable UL Sales for the fourth quarter of 2020 were $740 million, compared with sales of $1,076 million for the fourth quarter of 2019. Fourth quarter non-variable life sales were up more than 18% when compared to the previous quarter and down more than 31% as compared to the same period last year. Sales of […]
FBL Financial Group Shareholders Approve Transaction with Farm Bureau Property & Casualty Insurance Company
{May 25th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that, based on the preliminary voting results from a special meeting of shareholders held today, FBL Financial Group’s shareholders have approved the previously announced transaction under which Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) will acquire […]
Sales Contests Likely Losers Under DOL Rule
{May 25th, 2021} by Steven A. Morelli
Navigating sales incentives will be among the toughest parts of abiding by the Department of Labor’s investment advice rule. That is one of the tricky aspects identified by a panel discussing “Prohibited Transaction Exemption 2020-02: Registered Broker Dealer Compliance Considerations” presented by LIMRA, LOMA and SRI on Wednesday. Panelist Fred Reish, an ERISA expert with […]
AFG’s annuity business sale gets regulatory nod
{May 25th, 2021} by Charlie Wood
The Ohio Department of Insurance has approved American Financial Group’s previously announced sale of certain annuity businesses. The deal consists of Great American Life Insurance Company and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company. Click HERE to read the full story via Reinsurance News
Indexed Life Sales Back On The Uptick In 4Q
{May 25th, 2021} by News Release
Indexed life sales were back on the uptick in the fourth quarter 2020 while the death knell sounded for traditional universal life insurance. That was the word as Wink, Inc. released the fourth quarter, 2020 life sales results in its 94th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report. Non-variable universal life sales for […]
John Hancock Adds Variable Universal Life Product: Life Moves
{May 25th, 2021} by Allison Bell
John Hancock has a introduced a variable universal life insurance policy, Protection VUL. The policy can provide guaranteed death benefits up to age 100. A purchaser can combine the policy with long-term care and critical illness benefits riders. Click HERE to read the full story via ThinkAdvisor
Americans are Looking for Bitcoin Life Insurance
{May 25th, 2021} by Yaёl Bizouati-Kennedy
Almost half of current life insurance and annuity owners already hold digital assets, and they now looking for their insurance carrier to provide more direct and indirect cryptocurrency exposure through insurance products, according to the new survey released by NYDIG, a technology and financial services firm dedicated to Bitcoin. Click HERE to read the full […]
American Equity to Name New Chief Financial Officer
{May 25th, 2021} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that Chief Executive Officer Anant Bhalla is taking on additional responsibilities as interim Chief Financial Officer. Ted Johnson will no longer serve as Chief Financial Officer effective today and will work on an orderly transition until later in 2021, when he […]
Consumer Reps: Insurers Use ‘Bad Faith’ On Underwriting Definitions
{May 25th, 2021} by John Hilton
Several consumer groups are accusing life insurers of obstructing an effort by state insurance regulators to establish guidelines for accelerated underwriting. The National Association of Insurance Commissioners’ working groups are charged with establishing the “data elements” and “definitions” to be used in accelerated underwriting. Consumer representatives are most concerned about questionable data sources that fall […]
RIA Retirement Risk Review: 88% of Advisors Prioritize Effective Risk Management over Generating Highest Gains in Client Portfolios
{May 25th, 2021} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Effective risk management is more important to financial advisors than generating the highest returns in client portfolios, according to the inaugural RIA Retirement Risk Review Study* from Allianz Life Insurance Company of North America (Allianz Life). Nine out of ten financial advisors surveyed believe it is important to manage risk in client portfolios. Moreover, […]
Best’s Commentary: Ruling Against Regulation 187 Seen as Relief for Life Insurers
{May 25th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best believes life insurance companies’ regulatory burdens and costs could be eased by a recent court ruling overturning regulations geared toward increased consumer awareness in New York life insurance and annuity sales. The state’s Supreme Court Appellate Division recently struck down the rules known as Regulation 187 as being unconstitutionally vague. In a […]
AM Best Upgrades Credit Ratings of NLV Financial Corporation and Its Insurance Subsidiaries
{May 25th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to A+ (Superior) from A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “aa-” (Superior) from “a+” (Excellent) of National Life Insurance Company (NLIC) (Montpelier, VT) and its wholly owned subsidiary, Life Insurance Company of the Southwest (Addison, TX). Concurrently, AM Best has upgraded […]
Best’s Special Report: AM Best Benchmarking Analysis Shows Higher-Rated Life/Annuity Companies Better Able to Withstand Volatility
{May 25th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best analysis of the U.S. life/annuity (L/A) industry under the rating agency’s Best’s Credit Rating Methodology highlights how volatility has a significant impact on a L/A company’s balance sheet strength and operating performance, the first two building blocks in AM Best’s ratings process. The new Best’s Special Report, “Life/Annuity Benchmarking: Higher-Rated Companies Better Able to […]
North American Grows Index Universal Life Product Line
{May 25th, 2021} by North American Company for Life and Health Insurance
DES MOINES, Iowa, May 24, 2021 /PRNewswire/ — North American Company for Life and Health Insurance® (North American) now offers an indexed universal life (IUL) insurance product that provides the death benefit protection only life insurance can offer, while accumulating potential long-term cash value for other purposes including to help supplement retirement income. Builder Plus IUL 3 is a new […]
American Financial Group, Inc. Announces Regulatory Approval for the Sale of Its Annuity Business
{May 25th, 2021} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) announced today that the Ohio Department of Insurance has approved the sale of its Annuity businesses, consisting of Great American Life Insurance Company (GALIC) and its two insurance subsidiaries, Annuity Investors Life Insurance Company and Manhattan National Life Insurance Company, to Massachusetts Mutual Life Insurance Company (MassMutual). The […]
Announcing BISA’s 2021 Rising Stars
{May 25th, 2021} by BISA
BISA is pleased to introduce its 2021 Rising Star class. These young professionals demonstrate excellence in their contributions and dedication to their organizations and the financial services industry. To learn more about these individuals, click here. BISA 2021 Rising Stars Anika Hewitt, Knighthead Annuity and Life Assurance Company Anna Sciortino, MassMutual Bindiya Jadhwani, Simon […]
If the DOL Investigates You…
{May 24th, 2021} by Kerry Pechter
New Secretary of Labor Marty Walsh is known as a champion of the interests of working people, a group that retirement plan participants presumably belong to. His agency said in April that it might revisit the current “exemptions from prohibited transactions” for play advisers (Read FAQ 5, here). Click HERE to read the full story via […]
Fidelity Rolls Out No-Fee Investing Accounts for Teens
{May 24th, 2021} by Janet Levaux
Fidelity Investments is launching a no-fee trading and saving accounts for 13- to 17-year old teens. The firm, which says it is the first in the industry to do so, aims to “educate and support the next generation of investors” with its Fidelity Youth Account, which have no investment minimums. The accounts can be opened […]
Individual Permanent Life Sales Cooled in Q4: Wink
{May 24th, 2021} by Allison Bell
Wink Inc. says fixed universal life, indexed life and whole life sales sales fell to about $1.7 billion in the fourth quarter of 2020, down from about $2.5 billion in the fourth quarter of 2019. Low interest rates and the effects of the COVID-19 pandemic continued to weigh on sales of permanent life products, despite results from […]
Could Climate Change Wipe Out the U.S. Financial System?
{May 24th, 2021} by Allison Bell
The administration of President Joe Biden is launching an effort to assess how much climate change could affect the stability of the U.S. financial system. Part of the effort will involve scrutiny of insurance regulation and of regulation of pensions and retirement savings arrangements. Click HERE to read the full story via ThinkAdvisor
New Bill Includes RMD Increase, Income Annuity and Student Loan Provisions
{May 24th, 2021} by Allison Bell
Two senators have tossed another bill into the river of retirement legislation flowing into the Senate Finance Committee and the House Ways and Means Committee. Sens. Ben Cardin, D-Md., and Rob Portman, R-Ohio, last week introduced S. 1770, the “Retirement Security & Savings Act” bill. Key provisions in the bill would: Increase the required minimum distribution age, or […]
Evan Scarponi Helps Prudential, and America, Take on COVID-19
{May 24th, 2021} by Allison Bell
Prudential Financial Inc. was one of the life insurers that helped the United States keep going through the 1918 influenza pandemic. It struggled to keep its own employees healthy enough to pay life insurance customers’ death claims quickly. Now, the Newark, New Jersey-based company is working to get customers through the deadliest outbreak of infectious […]
Research Roundup
{May 24th, 2021} by Kerry Pechter
How should pre-retirees invest their savings? What’s the difference between the “money’s worth” of an annuity and its “insurance value”? Is economic inequality consistent with human nature? What is the link between economic inequality in the US in 2021 and the gradual decline in prevailing interest rates since 1982? Click HERE to read the full […]
Resolution Life Adds $1.6 Billion in Capital
{May 24th, 2021} by Allison Bell
A company that hauls away life insurers’ unwanted blocks of life insurance and annuity business now has more cash it can use to do that. Resolution Life Group Holdings LP says it has raised $1.6 billion in new capital for making life insurance portfolio deals. The Hamilton, Bermuda-based company has raised a total of $5 […]
Today’s Top 3 Retirement Decisions: Benz
{May 24th, 2021} by Ginger Szala
Retirement involves making many important long-term decisions, which advisors do after carefully considering each client’s needs and resources. Christine Benz, Morningstar’s director of personal finance, outlined three “tricky decisions” for retirement planning that need to be addressed by advisors and investors — and how to handle them — in a recent column. Click HERE to […]
Royal Neighbors Insurance & Annuities Awards $146,000 in Scholarships
{May 24th, 2021} by Royal Neighbors of America
Rock Island Ill., May 19, 2021 (GLOBE NEWSWIRE) — Rock Island, Ill. – Royal Neighbors of America has selected recipients for the 2021 scholarship program. Celebrating 60 years of supporting post-secondary education, more than $146,000 has been awarded to support the education of 31 of its members. “It’s amazing that we have been able to […]
Iowa Regulators Monitor Transamerica As Customer Complaints Mount
{May 24th, 2021} by Gazette (Cedar Rapids, IA)
Transamerica Corp. is under review by the Iowa Insurance Division for a rash of complaints related to the company’s taking over customer service for Vanguard Annuity in December. People who complained to the Insurance Division or the Iowa Attorney General said they couldn’t get through to Transamerica, an investment, retirement and life insurance company, to […]
Fee-Only Annuities: Will They Be a Game-Changer for Clients, Advisors, And An Industry?
{May 24th, 2021} by Matt Meyer
Financial advisors have long had a love-hate relationship with annuities. Some advisors love them and use them regularly with clients, while others hate them and cringe when they are suggested. The irony of these extremes is that one side fuels the other. Some advisors sell annuities to anyone. This approach paired with high commissions has […]
American National Press Release
{May 18th, 2021} by American National Insurance Company
GALVESTON, Texas, May 11, 2021 (GLOBE NEWSWIRE) — American National has recently been made aware that there have been media reports that speculated about the Company exploring strategic options, including a company sale. As a matter of company policy, American National does not comment on rumors or speculation. About American National American National is a […]
Record Breaking Application Activity Continues in April Reports the MIB Life Index
{May 18th, 2021} by MIB Life Index
May 11, 2021 U.S. life insurance application activity continues a pattern of record-breaking growth in April with Year-to-Date (YTD) activity up +10.2%, slightly exceeding last month’s YTD growth and setting a new high for any month on record. Year-over-Year (YOY) activity in April 2021 was up over April 2020 by an impressive 10.7% continuing strong […]
New “Buffered” VA and VLI Investment Options: Will Compete With Index-Linked Options
{May 18th, 2021} by Carlton Fields
At least two insurance companies are adding “buffered” investment portfolios to the lineup of underlying funds that are available to support their variable annuity and variable life insurance policies. These buffered funds are in many ways similar to the popular “buffered” index-linked annuity and universal life options that insurers have offered under Form S-1 or […]
Cautious Investors Do Surprisingly Well in Buffered Annuity Study
{May 18th, 2021} by Cyril Tuohy
Sales rose 71% to $8.4 billion in the fourth quarter from a year earlier, according to market researcher Wink. Allianz Life was the top seller of buffered annuities, with a market share of 21.6%, Wink said. Click HERE to read the full story via Life Annuity Specialist.
13 Finance Experts Share Major Money Mistakes Entrepreneurs Often Make
{May 18th, 2021} by Forbes Finance Council
4. Being Your Own Bookkeeper Do not make the mistake of being your own bookkeeper or accountant when starting your own business. With ever-changing tax laws, it is impossible to stay abreast of every section of the tax code. Outsource this responsibility to a good CPA and it will be the second-best investment you make […]
Insurer American National Group Exploring Options Including Possible Sale -Reuters
{May 18th, 2021} by David French
U.S. insurer American National Group Inc. is exploring options that could include a sale of the company, people familiar with the matter told Reuters on Tuesday. The news sent shares of American National spiking to their highest level in more than two years, closing 16.1% higher at $142.28 to give the insurer a market value […]
BISA Leadership Listen In: What’s Next for BISA
{May 18th, 2021} by BISA Staff
BISA President Frank Consalo and BISA Executive Director Jeff Hartney recently sat down to discuss the future of BISA. Below is a sneak peek at some of the highlights — and watch for the full conversation in an upcoming episode of the BISA Portfolio Podcast. Networking opportunities are plentiful Despite the recent cancellation of the 2021 BISA […]
IBDs scramble after DoL nixes independent contractor rule
{May 18th, 2021} by Kenneth Corbin
President Biden’s Department of Labor dealt the independent broker-dealer community a setback when it rescinded a Trump-era regulation regarding independent contractors, a favored business structure for registered reps. The original rule would have made it easier for businesses to deem workers as independent contractors. It was not sector-specific, instead relying on what the DoL calls […]
Iowa Insurance Division monitors Transamerica after rise in customer service complaints
{May 18th, 2021} by Gazette (Cedar Rapids, IA)
May 17—Transamerica Corp., one of Cedar Rapids’ largest employers, is under review by the Iowa Insurance Division for a rash of complaints related to the company’s taking over customer service for Vanguard Annuity in December. People who complained to the Insurance Division or the Iowa Attorney General said they couldn’t get through to Transamerica, an investment, retirement and life […]
Speculation Simmers On A DOL Fiduciary Rule Return
{May 18th, 2021} by John Hilton
The Department of Labor fiduciary rule is gone but clearly not forgotten. In fact, rumors are rampant that the Biden administration plans to rework exemptions within the Trump administration’s investment advice rule to closer resemble the Obama-era fiduciary rule. The Biden administration allowed the investment advice rule to take effect Feb. 16, which seemed to […]
Insurers Begin Lifting COVID-19 Underwriting Guidelines
{May 18th, 2021} by John Hilton
As many Americans return to post-pandemic normalcy, life insurers are as well, with many companies curtailing or eliminating underwriting restrictions that have been in place since March 2020. American International Group informed distributors last week that it would return fully to pre-COVID-19 underwriting guidelines. AIG ranks 10th in life insurance and annuity direct premiums written […]
Panel Sees Potential For Annuity Boom Aided By SECURE Act
{May 18th, 2021} by John Hilton
The SECURE Act created ample opportunities for annuity products to thrive inside retirement plans. Now it’s up to retirement plan sponsors, distributers and producers to get on the same page. A group of industry experts debated how to make that happen during the Wednesday LIMRA session, “New Frontiers In In-Plan Guaranteed Solutions,” at the Retirement […]
No Lack Of Demand In The Annuity Space As Sales Climb
{May 18th, 2021} by John Hilton
New first-quarter annuity sales figures released this week by the Secure Retirement Institute confirmed that the rebound is fully realized. Rising interest rates and roaring stock market gains pushed the U.S. annuity market to big growth. In the first quarter, total annuity sales were $60.9 billion, a 9% increase from first quarter 2020, according to […]
Female Financial Advisor Ranks On Multiple Lists By Forbes
{May 18th, 2021} by Judy VanArsdale
CHICAGO, May 17, 2021 /PRNewswire/ — Judy VanArsdale’s father told her if she worked hard and treated people fairly, she could do anything. She took that advice and applied it to her love for helping people set, achieve and maintain their goals. Her passion for this has been recognized by Forbes, ranking her as No. 84 in Illinois on their […]
Sammons Financial Group Co-Founds the Legacy Project
{May 18th, 2021} by Sammons Financial Group, Inc.
DES MOINES, Iowa, May 17, 2021 /PRNewswire/ — Sammons Financial Group and the Principal Charity Classic have partnered to launch a new program called the Legacy Project, which will donate to organizations with defined goals, strategies, and measurable outcomes to address the issues of diversity, equity, and inclusion. Sammons Financial Group seeded the project with a donation of $50,000 with this […]
Asian Americans Most Worried About Lost Income as a Result of COVID-19, Says New Lincoln Financial Study
{May 18th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–According to Lincoln Financial Group’s (NYSE: LNC) Monthly Consumer Sentiment Tracker, Asian Americans (37%) are most worried about lost income from layoffs and reduced employment hours as a result of COVID-19—a fear that is not unfounded in a population hit especially hard by the economic crisis. A McKinsey & Co. analysis reported the unemployment rate among […]
Eight out of 10 Adults Say Financial Security Is Key to Achieving Life’s Goals, and Lincoln Financial Group’s New Advertising Celebrates Those Moments
{May 18th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Americans recognize the value of financial security, but many are still on a journey to achieve it. In fact, while eight out of 10 adults say they cannot achieve their life’s goals without financial security, only two out of five U.S. adults say they currently feel financially secure — despite it being a […]
AM Best Affirms Credit Ratings of Protective Life Corporation and Its Key Life Subsidiaries
{May 18th, 2021} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of the 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 the existing Long-Term Issue […]
New Bankers Life Annuity Product Offers Income and Flexibility During Retirement
{May 18th, 2021} by Bankers Life
CHICAGO, May 13, 2021 /PRNewswire/ — Bankers Life, a national life and health insurance brand that focuses on the insurance needs of Americans who are near or in retirement, announced today its new Guaranteed Lifetime Income Annuity Plus with Enhanced Benefit (GLIA Plus). The new product is a single-premium fixed indexed annuity with an enhanced benefit that […]
Equitable Holdings Announces Regulatory Approval for Legacy Variable Annuity Reinsurance Transaction with Venerable
{May 17th, 2021} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (NYSE: EQH) today announced that it received all required regulatory approvals for its legacy variable annuity reinsurance transaction with Venerable Insurance and Annuity Company. The Company expects the transaction to close in the second quarter of 2021. About Equitable Holdings Equitable Holdings, Inc. (NYSE: EQH) is a financial services holding […]
MIB Names New General Counsel
{May 17th, 2021} by MIB Group, Inc
Braintree, Mass. (May 3, 2021) — MIB Group, Inc. is pleased to announce the addition of Christie Corado as General Counsel, Corporate Secretary, and Chief Privacy Officer. She will join MIB’s Executive Team effective today. Ms. Corado brings significant knowledge and experience in the insurance industry and will be responsible for overseeing MIB’s activities in […]
My ex-wife passed away. I’m the beneficiary on her life insurance. Her family wants me to pay her funeral expenses and won’t leave me alone
{May 17th, 2021} by Quentin Fottrell
Dear Quentin, I am 32, and just a month ago I found out that my ex-wife, whom I haven’t spoken to since we divorced, passed away tragically in a moped accident. My ex-wife had life insurance through her job. My ex-mother-in-law informed my father that my ex-wife had kept me as her beneficiary on her […]
Switzerland’s Largest Insurance Company and Three Subsidiaries Admit to Conspiring with U.S. Taxpayers to Hide Assets and Income in Offshore Accounts
{May 17th, 2021} by DOJ
Washington, DC – The Department of Justice Friday filed a criminal information charging Swiss Life Holding AG (Swiss Life Holding), Swiss Life (Liechtenstein) AG (Swiss Life Liechtenstein), Swiss Life (Singapore) Pte. Ltd. (Swiss Life Singapore), and Swiss Life (Luxembourg) S.A. (Swiss Life Luxembourg), collectively, the “Swiss Life Entities,” with conspiring with U.S. taxpayers and others […]
U.S. Individual Annuity Sales Rise 9%
{May 17th, 2021} by Allison Bell
U.S. sales of individual annuities increased to $61 billion in the first quarter, up 9% from the total for the first quarter of 2020, according to issuer survey data compiled by the Secure Retirement Institute, which is an arm of Windsor, Connecticut-based LL Global Inc. Click HERE to read the full story via ThinkAdvisor
Brighthouse Still Sees Fixed Annuities as Core Products: Earnings
{May 17th, 2021} by Allison Bell
Executives from Brighthouse Financial Inc. talked a little bit about their annuity priorities during a recent conference call with securities analysts. Myles Lambert, the Charlotte, North Carolina-based company’s chief distribution and marketing officer, said the company sees its Shield, Flex and SmartCare products as core. Click HERE to read the full story via ThinkAdvisor
U.K. Pru to Delay Split From Jackson
{May 17th, 2021} by Allison Bell
Prudential PLC said Thursday that it needs more time to separate from Jackson Holdings LLC — the leader in the U.S. individual deferred annuity market in 2020. The London-based company reported that it now expects to complete a Jackson “demerger” transaction sometime between July 1 and Dec. 31, rather than by June 30, as it had predicted […]
Wink, Inc. Releases 4th Quarter, 2020 Deferred Annuity Sales Results
{May 11th, 2021} by Wink's Intel Pros
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE STRUCTURED ANNUITY STEAL THE SHOW IN 2020! Wink, Inc. Releases 4th Quarter, 2020 Deferred Annuity Sales Results Des Moines, Iowa. May 4th, 2021– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-one indexed annuity providers, 45 […]
Fourth Quarter 2020 Annuity Sales
{May 11th, 2021} by Sheryl J. Moore
Deferred Annuity Sales Total 4Q2020 deferred annuity sales were $56,314,918,093. Fourth quarter deferred annuity sales were up nearly 4% when compared to the previous quarter and were up nearly 6% when compared to the same period last year. Sales for 2020 were down nearly 6% when compared to the prior year. Total 2020 deferred annuity […]
MassMutual Consumer Spending & Saving Index: Parents Continue to Face Financial and Work Challenges due to COVID-19
{May 11th, 2021} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–As the United States continues to emerge from the COVID-19 pandemic, parents, especially mothers, continue to feel exasperated by financial and workplace challenges. Sixty-one percent of parents say they find it difficult to manage their finances due to priorities during the pandemic according to the MassMutual Consumer Spending & Saving Index. At the […]
Forty Percent of Adult Children Question If Mom Is Financially Prepared for the Future, Says New Lincoln Financial Group Data
{May 11th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–As the country prepares to celebrate Mother’s Day, 40% of adult children question if their mother is financially prepared for the future. Yet, only 28% have had a conversation about her financial preparedness in the past year, according to a new Mother’s Day poll from Lincoln Financial Group (NYSE: LNC) and CivicScience. […]
American Financial Group, Inc. Announces First Quarter Results
{May 11th, 2021} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2021 first quarter net earnings attributable to shareholders of $419 million ($4.84 per share) compared to a net loss of $301 million ($3.34 per share loss) for the 2020 first quarter. Net earnings for the 2021 first quarter include after-tax non-core items totaling $213 million ($2.46 […]
Lincoln Financial Group Reports First Quarter 2021 Results
{May 11th, 2021} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net income for the first quarter of 2021 of $225 million, or $1.16 per diluted share available to common stockholders, compared to net income in the first quarter of 2020 of $52 million, or $0.15 per diluted share available to common stockholders. First quarter adjusted income […]
MetLife Announces First Quarter 2021 Results
{May 11th, 2021} by MetLife
NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced its first quarter 2021 results. First Quarter Results Summary Net income of $290 million, or $0.33 per share, compared to net income of $4.4 billion, or $4.75 per share, in the first quarter of 2020. Adjusted earnings of $2.0 billion, or $2.20 per share, compared to adjusted […]
Equitable Holdings Reports First Quarter 2021 Results
{May 11th, 2021} by Equitable Holdings
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2021. “Thanks to the resiliency of Equitable’s business model, we began 2021 with strong operating performance and delivered another quarter of solid results, with non-GAAP operating earnings of $1.35 per share, […]
American Equity Reports First Quarter 2021 Results
{May 11th, 2021} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported first quarter 2021 net income available to common stockholders of $271.8 million, or $2.82 per diluted common share, compared to net income available to common stockholders of $236.3 million, or $2.57 per diluted […]
Global Atlantic Appoints Edward Root to Oversee Pension Risk Transfer Business, Continues to Grow Reinsurance Strategy
{May 11th, 2021} by Global Atlantic Financial Group
HAMILTON, Bermuda–(BUSINESS WIRE)–Global Atlantic Financial Group, a leading annuity and life insurance company, today announced that it has appointed Edward Root as Managing Director leading the firm’s growing pension risk transfer (PRT) reinsurance business. Mr. Root will report to Manu Sareen, President of Institutional Markets, Global Atlantic, and Chief Executive Officer, Global Atlantic Re Limited. […]
J.P. Morgan and Nationwide Launch First Professionally Managed Annuity
{May 11th, 2021} by J.P. Morgan Wealth Management
NEW YORK–(BUSINESS WIRE)–J.P. Morgan has partnered with Nationwide to launch a new investment product that combines tailored-portfolio features with tax-efficient investment options. This innovative variable annuity issued by Nationwide leverages the professional investment advice provided by J.P. Morgan. J.P. Morgan Multi-Asset ChoiceSM allows clients working with a dedicated J.P. Morgan advisor to build a diversified portfolio […]
AIG Reports First Quarter 2021 Financial Results
{May 11th, 2021} by AIG
FIRST QUARTER NOTEWORTHY ITEMS General Insurance APTI of $845 million included better underwriting results and higher net investment income; the combined ratio was 98.8, a 2.7 point improvement from the prior year quarter, despite 7.3 points of catastrophe losses, net of reinsurance (CATs), or $422 million, primarily from winter storms. The General Insurance accident year […]
Brighthouse Financial Announces First Quarter 2021 Results
{May 11th, 2021} 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 first quarter ended March 31, 2021. First Quarter 2021 Results The company reported a net loss available to shareholders of $610 million in the first quarter of 2021, or $6.96 per diluted share, compared with net […]
Global Insurance Symposium Announces Event Headliners
{May 11th, 2021} by Global Insurance Symposium
DES MOINES, Iowa, May 10, 2021 /PRNewswire/ — International leaders in insurance, technology and government will headline the 2021 Global Insurance Symposium, to be held both in-person and virtually in Des Moines, Iowa, on June 28-30. Speakers and panelists will offer exclusive insights on new ideas and challenges facing insurance companies, insurtech companies, startups and regulators during this industry […]
Industry Veteran Mike Ebmeier Joins Simplicity Group as Executive Vice President to Grow Strategic Distribution
{May 11th, 2021} by Simplicity Group
SUMMIT, N.J., May 4, 2021 /PRNewswire/ — Simplicity Group Holdings (“Simplicity”) is pleased to announce that Mike Ebmeier has joined the company as Executive Vice President. Mr. Ebmeier will help drive strategic growth in various distribution channels, including annuities and various other insurance products, develop carrier partnerships, advance proprietary product designs, and enhance product marketing. Mr. Ebmeier brings 34 years […]
Simplicity Group Acquires Guardian Financial Group and Welcomes Jerry Whitley as its Newest Partner
{May 11th, 2021} by Simplicity Group
SUMMIT, N.J., May 6, 2021 /PRNewswire/ — Simplicity Group (“Simplicity”) is pleased to announce that it has added Guardian Financial Group to the Simplicity Group of companies and welcomes Jerry Whitley as its newest partner and shareholder through a transaction that closed effective May 3. Guardian Financial Group, which will rebrand to Simplicity, provides specialized financial planning advice tailored to […]
National Western Life Group, Inc. Announces 2021 First Quarter Earnings
{May 11th, 2021} by National Western Life Group, Inc.
AUSTIN, Texas, May 10, 2021 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today first quarter 2021 consolidated net earnings of $62.1 million, or $17.57 per diluted Class A common share, compared with a consolidated net loss of $2.1 million, or $0.58 per diluted Class A common share, for 2020. […]
Prudential Continues Strong ‘Product Pivot Strategy’ In Healthy 1Q
{May 11th, 2021} by John Hilton
Strong sales of its buffered annuity, FlexGuard, helped Prudential continue its first-quarter shift away from interest rate-sensitive products and underpinned its strong financial showing. Total first-quarter revenues of $14.2 billion were up 11% over 1Q 2020 due to higher premiums, policy charges and fee income, net investment income, asset management fees, commissions as well as […]
F&G Announces $1 Billion Sales Milestone in its Financial Institutions Channel
{May 11th, 2021} by Fidelity & Guaranty Life
DES MOINES, Iowa, May 10, 2021 /PRNewswire/ — F&G, part of the FNF family of companies and a leading provider of annuities and life insurance, announced that the company has surpassed $1 billion in sales in the financial institutions channel, less than one year after launching. Debuting in July 2020 with Raymond James, F&G has experienced significant growth in this space and remains […]
Ebony Ruffin Shows How Life Insurance Is Part Of A Luxury Lifestyle
{May 11th, 2021} by Susan Rupe
Ebony Ruffin was back home after graduating from Auburn University when she discovered a piece of mail that eventually led to her life’s passion. “I found an envelope addressed to me, and I thought, ‘OK, I can open this,’” she said. “And then I saw it was a life insurance statement. But I saw there […]
FBL Financial and Its Sister Win Over Deal Critic
{May 11th, 2021} by Allison Bell
Farm Bureau Property & Casualty Insurance Company may have moved a step closer to helping a sister company, FBL Financial Group Inc., go private. Farm Bureau P&C announced Monday that it has agreed to increase its offer for outside investors’ shares of FBL Financial stock to $61 each, from $56. The move increases the total […]
Prudential Is Working On Annuity Derisking Deals: Rob Falzon
{May 11th, 2021} by Allison Bell
Prudential Financial Inc. is continuing to shift toward sales of variable life and variable annuity products that limit the amount of risk it assumes, and it hopes to use reinsurance arrangements or other transactions to shed more annuity risk. The firm’s executives talked about the company’s pivot away from stock market and interest rate risk […]
Could Life Insurance Pricing Skyrocket As A Result Of COVID-19?
{May 11th, 2021} by Jay Scheiner, JD, CLU
Could life insurance rates skyrocket? As the COVID-19 pandemic continues to impact the health of people throughout our country and the world, producers are questioning how the virus will affect life insurance pricing for their clients going forward. I spoke with several industry experts and actuaries–here’s what I found: COVID has made it harder for […]
Consumer Direct Life eApp While Maintaining The Agent Ecosystem
{May 11th, 2021} by Ken Leibow
We are hearing new terms like eBGAs and eRetailers for the sale of insurance products. Putting the research, education, quoting, and electronic insurance application submission process in the hands of the consumer while maintaining the agent ecosystem is the new model for marketing and selling insurance. This insurance sales model is growing in popularity. The […]
Allianz Life
{May 11th, 2021} by Broker World
Allianz Life Insurance Company of North America (Allianz Life) recently announced that Jasmine Jirele has been named president and CEO of Allianz Life, succeeding President and CEO Walter White, who will retire December 31, 2021. Jirele’s leadership experience spans strategy, product innovation, marketing, operations, and digital and experience management. Click HERE to read the full story via […]
SBLI
{May 11th, 2021} by Broker World
Greg Melton, assistant vice president of Product Marketing at SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts), has been named to the Community Leadership Board of the New England chapter of the American Diabetes Association (ADA), bringing his expertise and support to help the ADA in its mission to improve the lives of […]
Ohio National
{May 11th, 2021} by Broker World
Ohio National Mutual Holdings, Inc. (“ONMH”) and its wholly owned subsidiary Ohio National Financial Services, Inc. (collectively, “Ohio National” or “the Company”), a leading provider of financial services, today announced that the ONMH’s Board of Directors has unanimously approved a strategic transaction with Constellation Insurance Holdings, Inc. (“Constellation”). This includes the conversion of ONMH to […]
American Financial Sheds Annuities, Enjoys Big Boost In P&C
{May 11th, 2021} by Steve Morelli
American Financial is expecting a better year as the company sells Great American to MassMutual and exits the annuity business. The American Financial Group plans to complete the sale of the Great American Life Insurance Co. in the second quarter. The deal allows American Financial to focus on its property/casualty business, which remains strong despite […]
Secure Act 2.0: A Gateway to ‘Rothification’ of Retirement?
{May 11th, 2021} by Janet Levaux
The Securing a Strong Retirement Act of 2021 passed the House Ways and Means Committee on Wednesday. While it has a long way to go in the legislative process, the bill, dubbed the Secure Act 2.0, has the attention of advisors like Jamie Cox. The 146-page package aims to raise the required minimum distribution age […]
House Panel Marks Up ‘Secure Act 2.0’ Bill on Annuities, RMDs
{May 11th, 2021} by Allison Bell
The House Ways and Means Committee is discussing and revising a retirement bill that includes three major annuity provisions. The committee will mark up H.R. 2954, the “Securing a Strong Retirement Act of 2021″ bill, or Secure Act 2.0, at a meeting that starts at 11 a.m. today. Live video of the markup, and a video recording, […]
WealthVest launches a new tool to help financial professionals with Regulation Best Interest.
{May 11th, 2021} by WealthVest
Today, WealthVest, a financial services firm specializing in retirement savings and income products, announced the launch of Best Interest Report Card, a new tool designed to assist financial professionals with the selection of annuity products for their clients. Launched in response to the new standards implemented by Regulation Best Interest in early 2020, the Best […]
Willis Towers Watson launches latest version of DataValidator
{May 11th, 2021} by Ryan Smith
Willis Towers Watson has announced the launch of an updated version of its DataValidator technology, which helps property-casualty and life insurers to use their data more efficiently by validating, cleansing and transforming data for use in financial modeling and reporting processes. “Timely access to good quality data continues to be one of the most difficult […]
Sales for 10 Smaller Annuity Issuers More Than Doubled Last Year
{May 11th, 2021} by Ming Li
Dallas-based Upstream Life’s individual annuity sales quadrupled to $188 million. Last April, market research firm Wink said the insurer was paying the best rates on five different multi-year guaranteed annuities that had terms from three to 15 years. Click HERE to read the full story via Life Annuity Specialist
Annuity Bonuses Start to Catch On Again After Years of Decline
{May 11th, 2021} by Cyril Tuohy
Last year, sinking interest rates may have helped revive interest, according to Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. “When rates are bad, the search for yield always intensifies,” she said. Click HERE to read the full story via Life Annuity Specialist
Structured Annuities on Pace to Beat Fixed-Indexed, Wink’s Moore Says
{May 11th, 2021} by Cyril Tuohy
Wink CEO Sheryl J. Moore is expecting structured annuities to do even better than a previous breakout product, fixed-indexed annuities. “I project that structured annuity sales will soon gain enough momentum to surpass where their indexed brethren were just over a decade after development,” she said. Click HERE to read the full story via Life Annuity Specialist
Wink Sees 5.6% Increase in Individual Deferred Annuity Sales
{May 11th, 2021} by Allison Bell
Low interest rate winds pushed U.S. individual deferred annuity sales way up or way down in the fourth quarter of 2020. Overall sales increased 5.6%, according to new issuer survey data from Wink Inc. Click HERE to read more. Click HERE to view Wink’s Press Release Click HERE to read more from Wink’s CEO
Ways and Means Brushes Past Talk of Secure 2.0 Annuity Provisions
{May 11th, 2021} by Allison Bell
House Ways and Means Committee members seem to be unanimous in their support for, or acceptance of, the annuity provisions in H.R. 2954. The committee marked up H.R. 2954, the Securing a Strong Retirement Act of 2021 (Secure 2.0) bill, Wednesday and approved it by a voice vote. Ways and Means Chairman Richard Neal, D-Mass., […]
Prudential Is Working On Annuity Derisking Deals: Rob Falzon
{May 11th, 2021} by Allison Bell
Prudential Financial Inc. is continuing to shift toward sales of variable life and variable annuity products that limit the amount of risk it assumes, and it hopes to use reinsurance arrangements or other transactions to shed more annuity risk. The firm’s executives talked about the company’s pivot away from stock market and interest rate risk […]
American Equity Had A Mighty MYGA Year
{May 11th, 2021} by Steve Morelli
American Equity struck gold with multi-year guaranteed annuities over the past year capped by a record-breaking first quarter, but the company’s CEO pledged that the carrier will return to its fixed indexed annuity base this year. The company recorded all-time record sales of $2.4 billion, up 32% from the fourth quarter of 2020 and 245% […]
Protective Launches Variable Annuities Product Enhancements
{May 11th, 2021} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced enhancements to available investment options, advancing the company’s presence in the variable annuities space. To help clients better capitalize on growth opportunities, Protective’s commission-based variable annuity solutions and their fee-based advisory solutions will now offer investment […]
Pacific Life Introduces New Funds Designed to Address Today’s Consumer Needs
{May 11th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced two new portfolios to diversify its variable annuity investment lineup designed to meet today’s consumer needs: PLFA ESG Diversified Portfolio and JPMorgan Hedged Equity Portfolio. Both are available to consumers who purchase certain variable annuities from Pacific Life and are eligible for investment with an optional living benefit. […]
Advisor Group Seeks at Least $900K From Venerable in Lawsuit
{May 11th, 2021} by Jeff Berman
Advisor Group is seeking at least $900,000 from Venerable Insurance and Annuity Co. and Directed Services, alleging the variable annuity firm and its affiliate breached the terms of a marketing and support agreement by abruptly terminating the deal and payments made to the broker-dealer under the pact. In a complaint filed against Venerable and Directed […]
Lincoln Financial Gives COVID-19 Impact Details: Earnings
{May 11th, 2021} by Allison Bell
The COVID-19 wave that hit in January caused some disability insurance claims and retirement plan contribution weakness at Lincoln Financial, along with a big surge in life insurance claims. Lincoln Financial executives talked about the impact of the pandemic last week during a conference call with securities analysts. The company turned in a big year-over-year increase in […]
Sladek Promoted at Mutual of Omaha
{May 11th, 2021} by Mutual of Omaha
OMAHA, Neb. (May 3, 2021) – Michael “Slades” Sladek has been promoted to Vice President of Brokerage Sales at Mutual of Omaha. He directs, oversees and coaches National Sales Directors in activities to increase sales and profits, reduce expenses, and retain business. Sladek is responsible for the success and performance of the external sales team to meet annual goals set in […]
Apollo Global Management, Inc. Reports First Quarter 2021 Result
{May 11th, 2021} by Apollo Global Management
New York, May 4, 2021 — Apollo Global Management, Inc. (NYSE: APO) (together with its consolidated subsidiaries, “Apollo”) today reported results for the first quarter ended March 31, 2021. “The first quarter was incredibly strong for Apollo, with record GAAP earnings of $2.81 per share and record fee-related earnings of $0.65 per share, up 26% […]
VUL Opportunities For Any Generation
{May 11th, 2021} by Charles Arnold
I was recently approached by an “insurtech” startup firm from California with a desire to offer variable universal life insurance on their direct-to-consumer app. I was intrigued and held the all-too-familiar Zoom call with them. They are further along than I would have imagined, with some real experience in the life insurance space, current production, […]
Lorelai: The Reason Insurance Exists
{May 11th, 2021} by Thomas R. Petersen
Over the years I have written periodically about disabilities that have unfortunately occurred in my family, to which having or not having various types of insurance made the difference between disaster and financial stability. In one disastrous case, a dive instructor and dive store owner was hit by a drunk driver, causing severe injuries, necessitating […]
Investor Advocates Urge DOL To ‘Fix’ Retirement Plan Advisor Rule
{May 11th, 2021} by Tracey Longo
A wide group of investor attorneys, investor advocacy groups and employee organizations told the Department of Labor yesterday in a letter that they “strongly oppose” the agency’s advice rule and believe it leaves retirement investors “dangerously exposed to conflicted advice.” The letter, titled “How to Fix the Advice Rule,” was sent to DOL Acting Assistant […]
JPMorgan Rolls Out Managed Annuity Product with Tax Deferral Features
{May 11th, 2021} by Alex Padalka
JPMorgan says it has partnered with the insurance firm Nationwide for what the bank calls the “first managed annuity product.” JPMorgan Multi-Asset Choice, as the product is known, is a variable customizable investment advisory annuity developed by JPMorgan Private Bank and JPMorgan Wealth Management and only available to the firm’s clients, JPMorgan says. Click HERE to read […]
DOL Withdraws Independent Contractor Rule; Creates ‘Uncertainty’ for Independent FAs
{May 11th, 2021} by Alex Padalka
The Department of Labor says it’s withdrawing a Trump-era rule on the distinction between employees and independent contractors. The rule, which was finalized during the last few weeks of the Trump administration and was due to go into effect on Friday, reaffirmed an “economic reality” test to assess whether someone is an independent contractor or an employee […]
U.S. Insurers Seek Partners for Digital Transformation as Pandemic, Regulations, Market Trends Shake Up Industry
{May 10th, 2021} by ISG
STAMFORD, Conn.–(BUSINESS WIRE)–U.S. insurance companies are accelerating their adoption of digital technologies as the COVID-19 pandemic disrupts their operations, in many cases turning to business process outsourcing for efficiency, agility and new capabilities, according to a new report published today by Information Services Group (ISG) (Nasdaq: III), a leading global technology research and advisory firm. The […]
Horace Mann Reports Record First-Quarter 2021 Net Income of $0.93 Per Share and Record Core Earnings* of $1.10 Per Share
{May 10th, 2021} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended March 31, 2021: Horace Mann Consolidated Financial Highlights Three Months Ended March 31, ($ in millions, except per share amounts) 2021 2020 % Change Total revenues $ 322.0 $ […]
Prudential Financial, Inc. Announces First Quarter 2021 Results
{May 10th, 2021} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported first quarter results. Net income attributable to Prudential Financial, Inc. was $2.828 billion ($6.98 per Common share) for the first quarter of 2021, compared to net loss of $271 million ($0.70 per Common share) for the first quarter of 2020. After-tax adjusted operating income was $1.665 […]
Annuities Help Clients Spend More Money In Retirement
{May 10th, 2021} by Susan Rupe
When advisors talk to their clients about annuities, the conversation usually centers on creating guaranteed lifetime income. But many clients might be more responsive to annuities if advisors turned the conversation around to discuss ways annuities can help clients spend more money in retirement. That was the word from Harry Stout, founder of the FinancialVerse […]
Kerry Pechter: How Annuities Fit Into the Retirement Income Puzzle
{May 10th, 2021} by The Long View
Our guest on the podcast today is Kerry Pechter. He is the editor and publisher of Retirement Income Journal, which he launched in 2009 to provide unconflicted news and analysis to the annuity and financial advice industries. RIJ recently celebrated its 500th issue. Kerry is also the author of Annuities for Dummies and two other nonfiction books. He has been […]
Expect RILAs to outsell FIAs by 2024: Wink
{May 7th, 2021} by Editorial Staff
At the current pace, sales of structured annuities (aka registered index-linked annuities or RILAs) will have climbed higher than those of indexed annuities at a comparable point in the product life cycle,’ said Wink president Sheryl Moore. Low interest rates and market volatility continued to hurt annuities in the fourth quarter of 2020. Only multi-year guaranteed […]
Breaking: NY Court Overturns Regulation 187
{May 4th, 2021} by John Hilton
The New York Supreme Court sided with plaintiffs today in overturning the toughest state annuity sales standard in the nation. The state Supreme Court Appellate Division reversed a 2019 ruling by Justice Henry Zwack that the New York State Department of Financial Services was within its authority when it issued Regulation 187. Regulation 187, often […]
Protective Launches Variable Annuities Product Enhancements
{May 4th, 2021} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750), today announced enhancements to available investment options, advancing the company’s presence in the variable annuities space. To help clients better capitalize on growth opportunities, Protective’s commission-based variable annuity solutions and their fee-based advisory solutions will now offer investment […]
Ameriprise Continues Tilt Toward Variable Products: Earnings
{May 4th, 2021} by Allison Bell
Ameriprise Financial Inc. (AMP)is staying on the same path in the life insurance and annuity markets. Executives at the Minneapolis-based financial services company said Tuesday that they are continuing to cope with low interest rates by focusing on the sale of variable products that are light on guarantees. Jim Cracchiolo, the CEO, talked about life […]
Commission-Free Annuities: No Longer an Oxymoron
{May 4th, 2021} by Jane Wollman Rusoff
When you’re a market disrupter, countless folks will be troubled by your moves; others will be pleased as punch. Enabling RIAs to sell annuities has provoked the latter response from these advisors. “I’ve been told several times over, ‘You’re doing God’s work!’” says David Lau, founder and CEO of DPL Financial Partners, first in marketing […]
Research Roundup
{May 4th, 2021} by Kerry Pechter
How should pre-retirees invest their savings? What’s the difference between the “money’s worth” of an annuity and its “insurance value”? Is economic inequality consistent with human nature? What is the link between economic inequality in the US in 2021 and the gradual decline in prevailing interest rates since 1982? Click HERE to read the full […]
New York Life Investments Launches Advisor Advancement Institute to Empower Financial Advisors with Resources to Help Clients Build a Better Financial Future
{May 4th, 2021} by New York Life Investments
NEW YORK, May 3, 2021 /PRNewswire/ — New York Life Investments today announced the launch of the Advisor Advancement Institute, a comprehensive, educational practice management platform to help financial advisors build better practices and develop deeper, more valuable client relationships. The launch of the Advisor Advancement Institute also coincides with New York Life Investments’ launch of a new professional development […]
Kansas City Life Announces First Quarter 2021 Results
{May 4th, 2021} by Kansas City Life Insurance Company
KANSAS CITY, Mo., April 30, 2021 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $0.7 million or $0.07 per share in the first quarter of 2021 compared to net income of $0.2 million or $0.02 per share in the first quarter of 2020. The largest contributors in the decline in net income in 2021 compared to 2020 were a decrease in […]
Commission-Free Annuities: No Longer an Oxymoron
{May 4th, 2021} by Jane Wollman Rusoff
When you’re a market disrupter, countless folks will be troubled by your moves; others will be pleased as punch. Enabling RIAs to sell annuities has provoked the latter response from these advisors. “I’ve been told several times over, ‘You’re doing God’s work!’” says David Lau, founder and CEO of DPL Financial Partners, first in marketing […]
Newsweek Names Pacific Life a 2021 Best Customer Service Company
{May 4th, 2021} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life’s Life Insurance Division has been named a 2021 Best Customer Service Company in Newsweek’s annual “Best of Customer Service” awards. Based on an independent survey, the award recognizes communication quality, professional competence, range of services, customer focus, and accessibility of customer service. “Policyowners are the heart of our business and […]
FBL Financial Group Reports First Quarter 2021 Results
{May 4th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the first quarter of 2021 of $27.7 million, or $1.13 per diluted common share, compared to a net loss of $2.5 million, or $0.10 per diluted common share, for the first quarter of 2020. Adjusted operating […]
Farm Bureau Property & Casualty and FBL Financial Group Amend Merger Agreement
{May 4th, 2021} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–Farm Bureau Property & Casualty Insurance Company (“FBPCIC”) and FBL Financial Group, Inc. (NYSE: FFG) (“FBL Financial Group” or “the Company”) today announced that they have agreed to amend their previously-announced definitive merger agreement, dated January 11, 2021. Pursuant to the amended definitive agreement (the “Merger Agreement”), FBPCIC increased the offer […]
New Data from New York Life Reveals Americans Have Boosted Confidence in Short-Term Financial Goals One Year Since the Start of the COVID-19 Pandemic
{May 4th, 2021} by New York Life
NEW YORK–(BUSINESS WIRE)–New data released today by New York Life found that over the course of the past year, Americans feel more confident in their short-term financial goals, including in the status of their savings and the ability to pay their bills month-to-month. Despite increased confidence in their ability to achieve short-term financial goals, the […]
Principal Financial Group Announces First Quarter 2021 Results
{May 4th, 2021} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for first quarter 2021. “Best Places to Work in Money Management13.” Tweet this Net income attributable to PFG for first quarter 2021 of $517.1 million, compared to $288.9 million for first quarter 2020. Net income per diluted share of $1.87 for first quarter 2021 compared to $1.04 […]
New York Life Launches $1 Billion Impact Investment Initiative to Address Racial Wealth Gap by Investing in Underserved and Undercapitalized Communities over Next Three Years
{May 4th, 2021} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 and most admired2 mutual life insurer, today announced a $1 billion impact investment initiative with the aim to address the racial wealth gap by investing in underserved and undercapitalized communities over the next three years with a focus on supporting small businesses, affordable housing, and community development. The company will […]
Pacific Life Introduces New Funds Designed to Address Today’s Consumer Needs
{May 4th, 2021} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced two new portfolios to diversify its variable annuity investment lineup designed to meet today’s consumer needs: PLFA ESG Diversified Portfolio and JPMorgan Hedged Equity Portfolio. Both are available to consumers who purchase certain variable annuities from Pacific Life and are eligible for investment with an optional living benefit. […]
CNO Financial Group Reports First Quarter 2021 Results
{May 4th, 2021} by CNO Financial Group, Inc.
CARMEL, Ind., April 28, 2021 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending March 31, 2021, net income was $147.4 million, or $1.08 per diluted share, compared to a net loss of $21.2 million, or $0.15 per diluted share, in 1Q20. Net operating income (1) in 1Q21 was $75.2 million, or $0.55 per diluted share, compared to $84.3 million, or $0.58 per diluted share, […]
Genworth Plans for Return to Long-Term Care Insurance Sales
{May 4th, 2021} by Allison Bell
Executives at Genworth Financial Inc. want to work with other companies to get back into the U.S. long-term care insurance (LTCI) market. The Richmond, Virginia-based insurer also wants to team up with China Oceanwide Holdings Group Co. Ltd. — a company that spent more than four years trying to acquire Genworth — to sell long-term […]
Nationwide to Back Tulsa Race Massacre Centennial Event
{May 4th, 2021} by Allison Bell
Nationwide is supporting the 1921 Tulsa Race Massacre Centennial Commission by contributing cash and speakers to the commission’s Economic Empowerment Day conference. The two-day massacre started May 31, 1921. During the massacre, White residents of Tulsa set fire to homes and businesses in the Greenwood District, a neighborhood that had been popular with Black residents […]
Ameriprise Financial Reports First Quarter 2021 Results
{May 4th, 2021} by Ameriprise Financial, Inc
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q1 2021 Q1 2021 GAAP $3.58 GAAP (1.1)% Adjusted Operating $5.43 Adjusted Operating 29.9% Ameriprise increased its quarterly dividend 9 percent to $1.13 per share First quarter adjusted operating earnings per diluted share was […]
Halo Investing Launches Annuities Platform, Helping Advisors Generate Reliable Retirement Income for Individual Investors
{May 4th, 2021} by Halo Investing
CHICAGO, April 27, 2021 /PRNewswire/ — Halo Investing (“Halo”), the world’s first and only independent, multi-issuer technology platform for structured notes, today announced the launch of its new annuities platform. Built on Halo’s core marketplace, the new centralized marketplace enables financial advisors to explore, transact, and manage annuities in a simplified way. The platform includes numerous annuity options and […]
