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Archive for May 2012


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  • Annuities fell in 1Q; indexed up

    {May 31st, 2012} by Darla Mercado

      Annuity sales took a dive during the first quarter, but sales of fixed indexed annuities jumped, thanks in large part to guaranteed-lifetime– withdrawal-benefit riders.   Click HERE to view the full story via InvestmentNews; registration required         Sales of fixed annuities, too, slipped amid low interest rates. Sales fell 10% from […]

    Time to promote BrokerCheck

    {May 31st, 2012} by N/A

    May 27, 2012 NOW THAT FINRA HAS TAKEN the wraps off a new and improved version of its BrokerCheck database, it is time for the regulator to get serious about making sure that investors are aware of this valuable resource and that the information found in the database is accurate and up-to-date. The Financial Industry […]

    Choli rollers: Aviva to settle charges in alleged church insurance scam

    {May 25th, 2012} by Darla Mercado

    Insurer originally sought $2.1 million in case involving 131 parishioners; only two defendants left By Darla Mercado May 25, 2012 Aviva Life & Annuity Co. is settling charges against a group of insurance agents who allegedly sold coverage to some 131 church members under false pretenses. The settlement notice, filed May 10 in the U.S. […]

    LIMRA: Life Combination Products Continue to Grow

    {May 24th, 2012} by Michael K. Stanley

    The popularity of life combination products has proven not to be just a trend. The amalgamated products grew 56 percent in 2011, representing a third consecutive year of double-digit growth. The findings published by LIMRA, Windsor Conn., in their 2011 Individual Life Combination Products Annual Review stated that total new premium for life combination products […]

    AnnuitySpecs.com Reports 13% Rise in Fixed Indexed Annuities Sales

    {May 24th, 2012} by Warren S. Hersch

    By Warren S. Hersch May 22, 2012 • Sales of fixed indexed annuities rose 13% in the first quarter of 2012, according to a new report. AnnuitySpecs.com, a unit of Moore Market Intelligence, published this finding in the site’s 59th edition of Indexed Sales & Market Report, which provides sales by product, company, crediting method, […]

    IRI’s Weatherford: Want More Clients? Go Holistic.

    {May 24th, 2012} by Cathy Weatherford

    By Cathy Weatherford May 22, 2012 • The Insured Retirement Institute (IRI) joined with other financial industry, education and advocacy organizations last month to lead National Retirement Planning Week, a national effort to increase awareness of the need for comprehensive retirement planning. Throughout the week, we were able to bring together thought leaders from the […]

    Morningstar Launches New Variable Annuity Review Tool

    {May 24th, 2012} by Maria Wood

    By Maria Wood May 21, 2012 • Morningstar, Inc. has launched a new web-based tool that allows financial professionals to easily research and evaluate variable annuity contracts. Live today, the Morningstar Annuity Intelligence describes features in a variable annuity in simplified terms, says Kevin Loffredi, vice president, annuity solutions, software division, of Chicago-based Morningstar. “The […]

    Why Indexed Annuities Keep Charging Ahead

    {May 24th, 2012} by Linda Koco

    By Linda Koco AnnuityNews In the first quarter, indexed annuities topped the charts in sales growth among all annuity lines as compared to first quarter 2011. The sales volume still did not surpass that of more traditional annuity products, such as variable annuities and fixed deferred annuities, but in terms of sales growth, the products […]

    Ratings upgrade a real benefit to Security Benefit, says insurer's boss

    {May 24th, 2012} by Darla Mercado

    Kiley says A rating will boost distribution of annuities; carrier’s premiums already on the rise By Darla Mercado May 23, 2012 Now that Security Benefit Life Insurance Co.’s ratings have been bumped into the A range, chief executive Michael Kiley hopes to get more banks and broker-dealers selling the insurer’s annuities. This month, Standard and […]

    Women Should Evaluate Life Insurance Needs

    {May 22nd, 2012} by Daniel R. Taylor

    By Taylor, Daniel R Proquest LLC When it comes to safeguarding a family’s financial future, there is a troubling gap between men and women. According to a survey commissioned by COUNTRY Financial, about four in 10 women say their family would not live comfortably if they died. Additionally, around 80 percent of all married couples […]

    LIMRA: Annuity Sales Fall 8% in 1Q, Despite IAs' Rise

    {May 22nd, 2012} by N/A

    WINDSOR, Conn. May 18, 2012—Total annuity sales declined eight percent in the first quarter compared to the first quarter of 2011, to reach $54.8 billion. Variable annuity sales, which largely sustained overall sales the past eight quarters, experienced a seven percent drop in the first quarter, totaling $36.8 billion. “As we noted last quarter, we […]

    ING’s Tope: ‘We’ve Always Had a Very Strong Indexed Annuity Business.’

    {May 22nd, 2012} by Maria Wood

    Q&A with ING’s Chad Tope By Maria Wood May 18, 2012 • Much has changed in the annuity world in recent months. Several carriers have exited the variable annuity business, while new channels of distribution have opened up for indexed annuities. Shadowing all these shifts is a tenacious low interest rate environment that has forced […]

    Acting Aviva PLC CEO Hints at Sale of Business Groups

    {May 22nd, 2012} by Maria Wood

    By Maria Wood May 18, 2012 • The sale of Aviva USA may be closer to reality after the acting head of the unit’s U.K.-based parent company stated that the company will consider the disposition of some of its business lines. In a statement released Thursday, John McFarlane, executive deputy chairman, outlined a set of […]

    Why You Should Care About Your Online Brand

    {May 22nd, 2012} by Todd Greider

    By Todd Greider May 15, 2012 • Did you know your brand starts with your online storefront and presence, also known as your website and anything else that the general public can find about you online? That’s right, your website, your Facebook account and everything else posted about you online are critically important to your […]

    AnnuitySpecs.com Releases First Quarter, 2012 Indexed Sales Results

    {May 22nd, 2012} by Sheryl J. Moore

    Forty-four indexed annuity carriers participated in the 59th edition of AnnuitySpecs.com’s Indexed Sales & Market Report, representing 99% of indexed annuity production. Total first quarter sales were $8.0 billion, down just under 3% from the previous quarter. As compared to the same period last year, sales were up more than 13%. “It is not surprising […]

    Consumers Eager For Life Insurance, Survey Says

    {May 22nd, 2012} by Liz Cheek

    PR Newswire Association LLC NEW YORK, May 17, 2012/PRNewswire/ — A prime reason many uninsured individuals don’t have insurance coverage is that no carrier has invited them to purchase their products, according to a Deloittesurvey of life insurance buyers. Even insured individuals who are open to buying additional coverage often say that they have not been […]

    First Quarter 2012 Indexed Insurance Sales

    {May 21st, 2012} by Sheryl J. Moore

    Indexed Annuity AnnuitySpecs.com’s Indexed Sales & Market Report, 1st Quarter 2012 shows first quarter 2012 indexed annuity sales were $8071 million, compared with sales of $7115 million for the first quarter of 2011. First quarter indexed annuity sales were down nearly 3.00% when compared with the previous quarter, and up nearly 14.00% when compared with […]

    Aviva to weigh selling some units

    {May 21st, 2012} by Adam Belz

    Insurer’s ex-CEO had said he’d consider offers for W.D.M.-based U.S. division 11:52 PM, May. 17, 2012  |   Written by ADAM BELZ The acting head of Aviva’s global company said Thursday that the company would take a hard look at all its businesses and decide which to keep. Analysts have speculated for months that Aviva’s U.S. division, […]

    Allstate Files $14 Million Fraud Case

    {May 21st, 2012} by N/A

    PR Newswire Association LLC HAUPPAUGE, N.Y., May 16, 2012/PRNewswire/ — Allstate Insurance Company is seeking to recover $14 millionagainst 111 New Yorkarea defendants in its 4th insurance fraud lawsuit of 2012. The complaint, filed under the Racketeer Influenced and Corrupt Organizations Act (“RICO”) and principles of common law, alleges that the defendants engaged in schemes in […]

    Aviva Survey Links Women’s Stress Level to Their Financial Situation and Health

    {May 21st, 2012} by Warren S. Hersch

    By Warren S. Hersch May 17, 2012 •   A strong relationship exists between women’s level of stress, how they feel about their financial situation and their health, according to new research. Aviva USA, West Des Moines Iowa, published this finding in a summary of results from a survey conducted in collaboration with Mayo Clinic, […]

    Broker-Dealer ordered to recover $1M+ in annuities sold to elderly widow

    {May 21st, 2012} by Thomas Grillo

    Boston Business Journal by Thomas Grillo, Real Estate Editor Date: Thursday, May 17, 2012, 1:39pm EDT Thomas Grillo Real Estate Editor- Boston Business Journal H. Beck, a Maryland-based broker-dealer, has been ordered by the Massachusetts Secretary of State to refund more than $1 million in annuities improperly sold to an elderly widow by one of […]

    Secretary of state: Investment adviser took advantage of elderly widow with possible Alzheimer’s

    {May 21st, 2012} by Alli Knothe

    By Alli Knothe, Globe Correspondent A Maryland-based investment firm has been ordered to return more than $1 million after an employee allegedly took advantage of an elderly widow likely suffering from dementia. Massachusetts Secretary of State William Galvin also levied a $90,000 fine, as well as several other financial sanctions, against H. Beck Inc. after […]

    Seniors on Their Finances and Health

    {May 21st, 2012} by Daniel Williams

    By Daniel Williams May 16, 2012 •   In our annual senior survey, we asked older consumers how they feel about their current financial and health situation. We also got them to talk about how well they have prepared for the present and their retirement. Read on to find out what they had to say.  […]

    How Young Insurance Agents Are Changing the Industry

    {May 21st, 2012} by Andrea Wells

      There’s a change happening — a big change. And some say young independent insurance agents are the catalyst for that change. They may even be leading a revolution, of sorts, says one young agent leader. Jason D. Cass, owner of the JDC Insurance Group based in Centralia, Ill., who also serves as chair of […]

    Natalie Choate Talks Estate Planning & Annuities

    {May 21st, 2012} by Joyce Hanson

    What’s coming next: higher taxes in 2013, a wave of boomer Roth conversions and more. By Joyce Hanson, AdvisorOne May 11, 2012 •   To judge by the hundreds of attentive advisors who packed the Chicago Hilton’s International Ballroom on Thursday, nothing can compare to getting estate planning advice from tax lawyer Natalie Choate. The […]

    Transamerica: More than Three-Quarters of Workers Fund an Employer-Sponsored Retirement Plan

    {May 21st, 2012} by Warren S. Hersch

    By Warren S. Hersch MAY 16, 2012 • More than three in four workers continue to fund an employer-sponsored retirement plan, according to a new report. Transamerica Center for Retirement Studies, Los Angeles, disclosed this finding in its 13th Annual Transamerica Retirement Survey. The online survey polled a nationally representative sample of 3,609 full- and […]

    Fla. Agent Arrested for Alleged $2 Million Investment Fraud

    {May 17th, 2012} by Fran Matso Lysiak

    Best’s News Service – May 16, 2012 04:05 PM TALLAHASSEE, Fla. – A former Florida insurance agent was arrested on grand theft charges for allegedly misrepresenting factual details of financial products, including variable annuities, to several elderly clients who lost more than $2 million from the unsuitable investments, state officials said.   Please click HERE […]

    Annuity Carrier Exits: Tsunamis or Small Waves?

    {May 16th, 2012} by Linda Koco

    Posted By: Editor On 5/16/2012 11:11:00 AM By Linda Koco AnnuityNews The news that Andrew Moss is resigning from as chief executive of Aviva, Britain’s largest insurer, set off another round of annuity industry jitters. Those jitters get stirred up every time a major annuity carrier makes a market exit or announces a surprise departure […]

    Annuities Are Always in Vogue

    {May 16th, 2012} by Eric Thomes

    By Eric Thomes May 15, 2012 • Clients need guarantees, not Wall Street promises. From a financial industry perspective, the first quarter of 2012 was a reason to celebrate. The stock market had its best first quarter in 14 years, with the Dow Jones Industrial Average up 8 percent and the S&P 500 up 12 […]

    Nonlife Profit Surges For Allianz, Life Results Fell

    {May 16th, 2012} by David Pilla

    David   Pilla Allianz SE said a strong earnings recovery in the first quarter added to management’s sense of optimism that its life and nonlife insurance businesses will do well following the impact of catastrophe losses of 2011 and a weak European economy. Chief Financial Officer Oliver Bate said in a conference call that Allianz […]

    Prudential Cracks Top 10 on "Top 50 Companies for Diversity" list

    {May 15th, 2012} by Michael K. Stanley

    By Michael K. Stanley May 9, 2012 • Prudential Financial has secured a top spot on DiversityInc magazine’s “Top 50 Companies for Diversity” list. A total of 587 companies entered into the competition, an 11% uptick from the previous year. Prudential came in this year at number nine after being ranked at 16 last year, […]

    Youth Will Be Served

    {May 15th, 2012} by Brian Anderson

    By Brian Anderson May 11, 2012 • Youth and the life insurance industry haven’t gotten along very well lately, with a widespread and (sadly) largely accurate perception that young people just aren’t interested in careers in life insurance. We’ve got a couple of stories scheduled for the June issue of Life Insurance Selling (which will […]

    What's a L.I.R.P.?

    {May 15th, 2012} by Sheryl J. Moore

    By David C. McKnight May 11, 2012 • Americans are watching with a growing sense of dread as our nation’s debt levels continue to spiral out of control. In just 15 short years, we’ve gone from budget surpluses to more than $15 trillion of debt. What’s worse, the federal government doesn’t show any signs of […]

    A.M. Best Special Report: Universal Life Secondary Guarantees Generate Increasing Risk Profile

    {May 15th, 2012} by N/A

    Best’s News Service – May 14, 2012 09:14 AM OLDWICK, N.J. – A.M. Best Co. views positively the National Association of Insurance Commissioners’ (NAIC) draft framework for regulatory guidelines to evaluate reserves for universal life products with secondary guarantees (ULSG). The NAIC took the first step toward resolving the AG 38 issue on February 21, […]

    Allstate Announces Plans To Grow Florida Agency Force

    {May 15th, 2012} by N/A

    PR   Newswire Association LLC ST. PETERSBURG, Fla., May 14, 2012/PRNewswire/ — Allstate’s Florida Regionannounced plans today to expand its footprint across the state of Florida, mostly concentrated in North and Central Florida. The company hopes to add dozens of new agencies and the total growth plan will also bring more than 70 support staff […]

    California resident victimized by a (Nea)sham?

    {May 14th, 2012} by Sheryl J. Moore

    By now, many of you have read my balanced perspective of the Glenn Neasham case on ProducersWEB. The aforementioned blog was drafted after having read only one article on this case, admittedly not having access to all the facts of the case. The purpose of the piece: to ask our industry to look at the […]

    Young workers on 401(k) offerings: We want sure things

    {May 14th, 2012} by Darla Mercado

    Gun-shy employees keen on investments that provide guaranteed income; little interest in diversification By Darla Mercado May 14, 2012 Employees in their 20s may have decades of investing ahead, but right now they’re craving access to guaranteed income through their 401(k) plans. Fully 95% of workers under 30 who don’t have access to a guaranteed […]

    Insurer Allianz Q1 profit surges to (EURO)1.4 billion

    {May 14th, 2012} by N/A

    May 09, 2012 Associated   Press FRANKFURT, Germany — Insurance company Allianz SE says net profits shot up more than 50 percent to (EURO)1.4 billion in the first quarter compared to a year ago as claims from natural disasters fell. Earnings a year ago were (EURO)915 million, when the company reported (EURO)737 million in payouts […]

    Lincoln National Life Insurance Assigned Patent

    {May 14th, 2012} by N/A

    Targeted   News Service By Targeted News Service ALEXANDRIA, Va., May 9 — Lincoln National Life Insurance, Fort Wayne, Ind., has been assigned a patent (8,175,940) developed by Anthony C. Laudato, Westfield, Mass., and Douglas K. Noble, Avon, Conn., for a “method and system for administering a variable universal life insurance product having a volatility […]

    Half of Americans Not Contributing to Retirement Plan

    {May 14th, 2012} by N/A

    WINDSOR, Conn., May 9, 2012 — According to a new LIMRA survey, 49 percent of Americans said they weren’t contributing to any retirement plan; Americans ages 18-34 were more likely (56%) to be among those not saving. “The findings from this survey were disturbing, given that people will increasingly need to rely on their personal […]

    Do Advisors Need to Videotape Annuity Sales?

    {May 14th, 2012} by Maria Wood

    By Maria Wood May 11, 2012 • Anyone who grew up in the New York City area as I did watched sportscaster Warner Wolf. His signature phrase was “Let’s go to the videotape!” whenever he introduced a highlight of an amazing layup or a baseball smacked into the stands. As incongruous as this might sound, […]

    A Report of the Glenn Neasham Case that You Cannot Miss

    {May 13th, 2012} by Sheryl J. Moore

    For more than a decade, I have benefitted from a subscription to a journal called, The Insurance Forum.  The editor of this trusted publication, Dr. Joseph Belth, is an unrivaled insurance researcher and reporter, as well as a renowned Professor Emeritus of Insurance in the Kelley School of Business at Indiana University. If you want […]

    ING U.S. Names Michael Smith Chief Risk Officer

    {May 12th, 2012} by Phil Margolis

    NEW YORK, May 11, 2012 /PRNewswire/ — ING U.S. announced today that Michael Smith has been named chief risk officer with responsibility for overseeing the enterprise-wide and business-level risk monitoring and management program for ING U.S. Smith joined ING in 2009 as chief financial officer and chief risk officer for the ING U.S. Annuity business, […]

    Should Annuities Provide Your Retirement Paycheck?

    {May 12th, 2012} by Tom Hegna

    by Tom Hegna Published May 11, 2012 | FOXBusiness advertisement With traditional safety nets such as company pensions and Social Security dwindling, many of the 78 million baby boomers are left trying to answer one question: “Who’s going to pay my retirement paycheck?” Annuities are one investment that more and more prospective retirees are considering. […]

    FINRA Rejects A New York State Of Mind When It Comes To New Jersey Annuity Signatures

    {May 11th, 2012} by Bill Singer

    5/09/2012 @ 8:20AM |1,058 views In response to the filing of a Complaint on January 12, 2012, by the Department of Enforcement of the Financial Industry Regulatory Authority (“FINRA”), Respondent Robert Joseph Kennedy III submitted an Offer of Settlement dated April 24, 2012, which the regulator accepted. Under the terms of the Offer of Settlement, […]

    A.M. Best Comments on the Departure of Aviva plc’s CEO

    {May 11th, 2012} by Sheryl J. Moore

    Best’s News Service – May 09, 2012 11:08 AM LONDON – A.M. Best Europe – Rating Services Limited has commented that the financial strength ratings, issuer credit ratings and debt ratings of Aviva plc (Aviva) (United Kingdom) and its subsidiaries are unaffected by the recent announcement that Aviva’s chief executive officer (CEO) is to leave […]

    Genworth to Lay Off About 70 Employees in US Life, Information Technology Operations

    {May 11th, 2012} by Fran Matso Lysiak

    Best’s News Service – May 09, 2012 01:57 PM RICHMOND, Va. – Mortgage and life insurer Genworth Financial Inc. is laying off about 70 employees in Virginia who work in its U.S. life insurance and information technology organizations. The organizational changes “are designed to drive cost efficiencies within U.S. life insurance, as well as move […]

    Allianz Life Hires Mike Fischer as New Legal Department Vice President

    {May 11th, 2012} by N/A

    press release May 10, 2012, 11:52 a.m. EDT Fischer to Lead Legal Oversight of Business Operations, Product Development and Product Distribution MINNEAPOLIS, May 10, 2012 (BUSINESS WIRE) — Allianz Life Insurance Company of North America (Allianz Life) named Mike Fischer as a new vice president within the Legal department. In this role, Fischer will be […]

    Information Pays as it Sways Income Annuity Buyers

    {May 10th, 2012} by Linda Koco

    Posted By: Editor On 5/2/2012 9:50:00 AM By Linda Koco AnnuityNews Tell them and they will buy, according to a study that showed that when advisors tell pre-retirees about income annuities, at least 30 percent said they were likely to purchase one. The study of more than 1,000 adults — half pre-retirees and the other […]

    See Annuity Sales Growth with Lens of Success

    {May 10th, 2012} by W. Andrew Unkefer

    Posted By: Editor On 5/9/2012 12:43:00 PM By W. Andrew Unkefer AnnuityNews Every single day, I see offers being made to agents that misdirect their energy, time and resources to serve someone else’s business plan. The offer nearly always plays on the agent’s own strong desire to achieve or fear of failure. This is why […]

    Hedging Guaranteed Income for Life vs. Wealth Accumulation

    {May 10th, 2012} by Daniel Williams

    By Daniel Williams May 4, 2012 • Too many people look at retirement the wrong way, according to Eric Henderson, left, senior vice president of individual products and solutions at Nationwide Financial Services. Instead of focusing on a guaranteed stream of income for life, they work their entire career with a dollar amount in their […]

    Shenandoah Life Is Resurrected With a Former Aviva Life CEO at the Helm

    {May 10th, 2012} by Fran Matso Lysiak

    Best’s News Service – May 08, 2012 04:48 PM ROANOKE, Va. – After a $60 million capital infusion, a Virginia life insurance company has come back to life—successfully exiting receivership, a rare occurrence in the industry and something its new chief executive officer calls a “remarkable achievement.” The transaction, finalized May 8 by order of […]

    Business Review to Come as Aviva CEO Steps Down

    {May 10th, 2012} by Meg Green

    Best’s News Service – May 08, 2012 02:37 PM LONDON – Aviva plc said Andrew Moss, chief executive officer, will be leaving the group immediately and his interim successor is promising a good hard look at the company’s businesses. Chairman-designate John McFarlane will become interim executive deputy chairman immediately, and executive chairman on July 1 […]

    AmeriLife Acquires Vertical Vision: Combining Resources Elevates Annuity Presence

    {May 10th, 2012} by Wayne Shelor

    AmeriLife Group, LLC, one of the nation’s largest life and health insurance marketing organizations, announced today the acquisition of Vertical Vision Financial Marketing, LLC, a Woodstock, Georgia insurance marketing organization specializing in annuity sales. Clearwater, FL – May 03, 2012 AmeriLife Group, LLC, one of the nation’s largest life and health insurance marketing organizations, announced […]

    Shenandoah Life Insurance Co. Successfully Exits Receivership

    {May 10th, 2012} by N/A

    PR Newswire Association LLC ROANOKE, Va., May 8, 2012/PRNewswire/ — Shenandoah Life Insurance Co. today announced that, following a $60 millioncapital infusion, it has successfully exited receivership – a rare occurrence in the industry. Shenandoah Life, which has been serving policyholders since its founding in 1914, will continue to be based in Roanoke as a subsidiary […]

    More than 40% of Adults in the Dark about Mothers' Life Insurance

    {May 10th, 2012} by N/A

    PR Newswire Association LLC SAN FRANCISCO, May 7, 2012/PRNewswire/ — More than 40 percent of U.S. adults whose mothers are living don’t know whether their moms have life insurance, according to a new survey released today by InsuranceQuotes.com, a Bankrate Insurance company. And even those who do know their mothers’ life insurance plans are often in […]

    Advise Accurately on Annuity Adjustments

    {May 10th, 2012} by Marc Silverman, CLU, ChFC

    By Marc Silverman, CLU, ChFC May 7, 2012 •   When clients start to panic at the thought of their retirement savings not lasting a lifetime, many of them jump to the solution of an immediate annuity. While annuities are still a popular choice for soon-to-be and current retirees, the protocol for them is changing […]

    On the Fence About Annuities?

    {May 10th, 2012} by Kelly Greene

    May 7, 2012, 7:30 AM By Kelly Greene Do Americans like the idea of buying annuities to guarantee their retirement income? It depends on how you frame it, according to research released last week by BlackRock, for which Boston Research Group polled 1,035 retirees. Asked if they would have chosen a steady income stream throughout […]

    Staying On Top of Product Offerings in a Changing Marketplace

    {May 10th, 2012} by Anthony Vossenberg

    By Anthony Vossenberg May 4, 2012 • Recent headlines tell it all — many major insurance carriers are re-pricing their product lines, and in some cases, withdrawing products from the market to focus on key strengths or areas of specialty. It is common knowledge that fewer carriers are maintaining a generalist strategy and attempting to be […]

    Aviva Chief Resigns Over Shareholder Pay Revolt

    {May 10th, 2012} by Julia Werdigier

    May 8, 2012, 4:26 am Revolving Door   By JULIA WERDIGIER 11:55 a.m. | Updated LONDON — A shareholder revolt against executive pay gained momentum on Tuesday with the unexpected resignation of Andrew Moss, the chief executive of Aviva, the British insurance company, after its pay practices lost investor support. Investors balked when Mr. Moss […]

    Aviva CEO Pressed to Step Down After Meeting Revolt

    {May 8th, 2012} by Kevin Crowley

    By  Kevin Crowley on May 07, 2012 Aviva Plc (AV/) Chief Executive Officer Andrew Moss is under mounting pressure to boost shareholder returns or step down from the U.K.’s second-biggest insurer by market value. Fifty-four percent of the insurer’s shareholders voted against its compensation plan last week following five years of underperforming its rivals and […]

    Insurance Agent Indicted, Arrested on Federal Fraud Charges

    {May 7th, 2012} by N/A

    Targeted   News Service RALEIGH, N.C., May 4– The North Carolina Department of Insuranceissued the following news release: Insurance Commissioner Wayne Goodwin today announced the arrest of John A. Womack, Jr., 66, of 1100 North Rotary Drive, High Point; he is charged with four counts of mail fraud, two counts of making false statements to […]

    Security Benefit Upgraded to A- Rating by Standard & Poor's Ratings Services

    {May 7th, 2012} by N/A

    press release May 3, 2012, 6:43 p.m. EDT TOPEKA, KS, May 03, 2012 (MARKETWIRE via COMTEX) — In a much anticipated announcement this morning, Standard & Poor’s Ratings Services said that it raised its long-term counterparty credit and financial strength ratings on Security Benefit Life Insurance Co. (SBLIC) and its affiliate, First Security Benefit Life […]

    Another Case for Annuities in 401(K) Plans? Cognitive Impairment

    {May 7th, 2012} by Diana Britton

    By Diana   Britton The battle to get annuities into 401(k) plans has been hard-fought, and it’s not over yet. Insurance companies see a need to get ‘lifetime income products’ into retirement plans, and have had some success making the case that most plan participants aren’t prepared to create an income plan on their own. […]

    Study Reveals Challenging Retirement Realities for Women

    {May 7th, 2012} by N/A

    WINDSOR, Conn., May 3, 2012/PRNewswire/ — ING U.S. today released key findings from a study1 commissioned by the INGRetirement Research Institute that sheds light on the distinct realities women encounter when saving and preparing for retirement. The study, Retirement Revealed, underscores that women on average are significantly less prepared for retirement than men. To view […]

    Allstate Financial CEO: Company Throwing Weight Behind Esurance

    {May 7th, 2012} by Michael Buck

    Michael   Buck Allstateis backing its newest unit, Esurance, strongly as the direct automobile writer goes head to head with competitors in the direct market. Allstate has only owned Esurance for one full quarter, but is pleased with the direction it is headed, said Don Civgin, president and chief executive officer of Allstate Financial and […]

    Are You as Dumb as Ben Bernanke?

    {May 7th, 2012} by Michael Ham

    By Michael Ham May 3, 2012 • “Stupid is as stupid does” is not often the description used for economics professors at Princeton; but listening to the majority of media rhetoric on where not to invest, it would appear that guilty is the verdict for Ben Bernanke. Despite being perhaps the single most influential human […]

    Hartford reports pick up in VA surrender rate

    {May 7th, 2012} by Darla Mercado

    In-force VA block lapse rate jumped by nearly 50% after Hartford announced it would leave annuity biz; many contracts in the money By Darla Mercado May 7, 2012 More variable annuity customers have been surrendering their variable annuities at The Hartford Financial Services Group Inc. since the company announced in late March that it is […]

    Hartford CEO: Business Units to Be Sold by End of Year

    {May 7th, 2012} by Meg Green

    Best’s News Service – May 03, 2012 12:41 PM HARTFORD, Conn – Hartford Financial Services Group is receiving strong interest from buyers interested in three of its businesses, and expects to sell the businesses later this year, Liam E. McGee, chairman, president and chief executive officer, said. “There’s great interest in each property,” McGee said […]

    Pru: Saving Money a Top Priority for Retiring Class of '12

    {May 7th, 2012} by Michael k. Stanley

    By Michael k. Stanley April 30, 2012 • People planning to retire this year are making saving money their top priority. Although dedicated saving immediately before retirement seems like an obvious and mundane finding, during the boom years at the beginning of the last decade many pre-retirees were beginning to spend their savings and a […]

    Advisors: Are You Listening to Your Senior Clients?

    {May 7th, 2012} by Daniel Williams

    By Daniel Williams May 2, 2012 • Are you listening to your clients? I mean, really listening to their biggest concerns? In a recent survey, we reached out to senior consumers to get an idea of how they feel their financial advisors are listening to them. Highlights of their responses are posted below. If you […]

    Prudential Chief: New Leaders to Make Needed Changes After Poor Result

    {May 7th, 2012} by Fran Matso Lysiak

    Best’s News Service – May 03, 2012 03:15 PM NEWARK, N.J. – Prudential Financial Inc.’s chief executive officer says the company’s first-quarter earnings reflected a “poor result” in group insurance but new leadership will be “comprehensively reviewing” all aspects of this business. The company’s U.S. group insurance business swung to a $38 million adjusted operating […]

    Allianz Life Promotes Denise Brinker to Assistant Vice President, Learning and Development

    {May 7th, 2012} by N/A

    Business   Wire, Inc. MINNEAPOLIS–(BUSINESS WIRE)– Allianz Life Insurance Company of North America(Allianz Life) named Denise Brinker as the new assistant vice president, Learning and Development. In this role, Brinker leads the learning and development center of excellence for more than 4,800 employees across Allianz of America, which includes Allianz Life and Fireman’s Fund Insurance […]

    Allstate Launches New Annuities to Address Retirement Worries

    {May 7th, 2012} by N/A

    PR   Newswire Association LLC NORTHBROOK, Ill., May 3, 2012/PRNewswire/ — After the “Great Recession” and economic uncertainty of recent years, people within five to 15 years of retirement are frankly worried. Baby Boomer Americans age 50 or older who have not yet retired expect to delay retirement, work in retirement, and have a less […]

    Is There Really a Perfect Life Insurance Contract?

    {May 7th, 2012} by Tim Fussell

    By Tim Fussell Published May 02, 2012 | Retirement Miracle Is there a life insurance policy that can solve everyone’s needs, whether it is low-cost death benefit protection, premium flexibility and/or solid cash value accumulation potential with very good contract guarantees? Is there one that fits everyone’s investment horizon and risk profile? Is there one […]

    Invest in Stocks? Yes. But Don’t Forget About Annuities

    {May 7th, 2012} by Lloyd Lofton, LUTCF, CSA

    By Lloyd Lofton, LUTCF, CSA May 1, 2012 • Warren Buffett, in his most recent shareholder letter, defined investing as “the transfer to others of purchasing power now with the reasoned expectation of receiving more purchasing power‑after taxes have been paid on nominal gains‑in the future.” As I read this article it occurred to me […]

    Genworth Acting CEO: Company Committed to Generating, Managing Capital

    {May 7th, 2012} by Fran Matso Lysiak

    Fran   Lysiak As Genworth Financial Inc.’sfirst-quarter profit declined 20% on $36 millionin losses on its mortgage insurance business in Australia, the company’s acting chief executive officer said Genworthremains committed to working on ways to generate and manage capital. On May 1, Michael D. Fraizer, who led Genworth Financial (NYSE: GNW) through its initial public […]

    Annuities: Growing Pains

    {May 7th, 2012} by Diana Britton

    By Diana Britton Penton Business Media Back before the Great Recession kicked off in 2008, Mark Cortazzo, senior partner with Parsippany, N.J.-based Macro Consulting Group, was pouring income-seeking clients into variable annuities, allocating 75 percent or more of such clients’ portfolios to them. After all, the deals were pretty rich. In those days, he could […]

    Pru Loses Nearly $1 Billion on Charges

    {May 7th, 2012} by N/A

    Associated Press NEWARK, N.J. — Prudential Financial Inc. swung to a loss of nearly $1 billion in the first quarter as it wrote down the value of derivatives, and operating results fell short of expectations. After rising 6 cents to close at $60.94 in regular trading, the shares dropped after the report. They fell $3.38, […]

    Getting Started with Fixed Annuities

    {May 2nd, 2012} by Sheryl J. Moore

    Posted By: Editor On 5/2/2012 10:51:00 AM By Sheryl Moore This article is part one in a series of articles, explaining the basic product features of several types of annuities. This first piece in the series focuses on traditional fixed deferred annuities. Recently, I had the opportunity to speak with a “life insurance guy.” He […]

    Information Pays as it Sways Income Annuity Buyers

    {May 2nd, 2012} by Linda Koco

    Posted By: Editor On 5/2/2012 9:50:00 AM By Linda Koco AnnuityNews Tell them and they will buy, according to a study that showed that when advisors tell pre-retirees about income annuities, at least 30 percent said they were likely to purchase one. The study of more than 1,000 adults — half pre-retirees and the other […]

    Principal Financial Group Drops On Weak 1Q Results

    {May 2nd, 2012} by AP Staff Writer

    By AP Staff Writer April 30, 2012 • Shares of Principal Financial Group closed sharply lower Friday in the first trading session after the investment and benefits company reported first-quarter results that fell well short of analysts’ expectations. The stock dropped $1.50, or 5.1 percent, to end the week at $27.69. Trading Friday was nearly […]

    Aviva CEO Waives Pay Hike Amid Shareholder Protest

    {May 2nd, 2012} by N/A

    April 30, 2012 • LONDON (AP)—British insurer Aviva said Monday that its chief executive has waived his latest pay raise following shareholder criticism. Andrew Moss was due for a 4.8 percent increase in basic salary on April 1, taking the total from £960,000 pounds to £1,006,000 pounds ($1.56 million to $1.64 million). Aviva announced the […]

    A Conversation with IRI's Cathy Weatherford

    {May 2nd, 2012} by Maria Wood and Warren S. Hersch

    By Maria Wood, Warren S. Hersch April 26, 2012 • Cathy Weatherford strode into the meeting room like a woman in a hurry and on a mission. That’s not surprising, considering her job is to spread the word about retirement options to an increasingly apprehensive public. Specifically, she wants to educate consumers, financial advisors and […]

    Northwestern Mutual Hires Genworth's Chief Investment Officer as Its CIO

    {May 2nd, 2012} by Fran Matso Lysiak

    Best’s News Service – May 01, 2012 01:56 PM MILWAUKEE – Northwestern Mutual Life Insurance Co. is hiring the chief investment officer at Genworth Financial Inc. as its next CIO while Genworth named a replacement for its departing CIO. Northwestern Mutual said Ron Joelson, CIO at Genworth (NYSE: GNW), will join the company on June […]

    The Atypical Annuity Purchaser

    {May 2nd, 2012} by Sheryl J. Moore

    By Sheryl J. Moore April 30, 2012 • If you had asked me 10 years ago to guess the average issue age for indexed annuities, I would have likely guessed age 35. In reality, AnnuitySpecs.com’s Indexed Sales & Market Report for fourth-quarter 2011 indicates that the average age of indexed annuity purchasers today is 65. […]

    Genworth CEO Resigns

    {May 2nd, 2012} by N/A

    PR   Newswire Association LLC RICHMOND, Va., May 1, 2012/PRNewswire/ — Genworth Financial, Inc.(NYSE:GNW) today announced that Michael D. Fraizer, the company’s chairman and chief executive officer, has resigned. The Board has named Martin P. Kleinacting chief executive officer and James S. Riepenon-executive chairman of the Board. Klein has been chief financial officer since May […]

    Former N.Y. Agents Sentenced to Jail for Swindling Elderly Clients

    {May 1st, 2012} by N/A

    New York regulators said two former insurance agents who pled guilty to swindling $400,000 from elderly clients by fraudulently changing beneficiary information on annuity contracts have been sentenced to jail time and restitution. Had investigators not stopped the scheme, the two agents had scams in place to steal at least $2.4 million from senior citizens. […]

    Nationwide Mutual Completes Harleysville Merger

    {May 1st, 2012} by Young Ha

    By Young Ha | May 1, 2012 Nationwide Mutual Insurance Co. said that the company completed its previously announced $834 million merger deal with Harleysville Mutual Insurance Co. The deal was first announced in September 2011. Nationwide Mutual policyholders voted to approve the merger on April 9, 2012. Harleysville Mutual policyholders and Harleysville Group stockholders […]

    Don’t Forget to Fuel Up!

    {May 1st, 2012} by Jill Pollard

    By Jill Pollard Published April 30, 2012 Retirement Miracle We all travel different roads in our lives.  Some of us prefer to travel a nice country road, while others stick to the interstate.  Our lives are all our own; individual, unique and like no other.  Our roads to retirement are just as unique as we […]

    The Hartford Sells VA Business to Forethought

    {May 1st, 2012} by Arthur D. Postal

    By Arthur D. Postal April 27, 2012 • The Hartford has sold its variable annuity marketing business as part of its effort to reduce its role in the life insurance business. The Hartford officials announced Thursday that it had signed an agreement to sell the VA marketing unit to Forethought, a privately held diversified financial […]