New Leader, More Office Space for Symetra’s Individual Life Insurance Unit
{November 3rd, 2015} by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com
BELLEVUE, Wash. – Symetra Life Insurance Co. has named a new leader for its individual life insurance division and has expanded the unit’s work location with an eye toward further growth in life sales, the company said in a statement. Paul Mistretta, most recently president of Prosperity Life Insurance Group in Roanoke, Virginia, becomes Symetra’s […]
AIG Posts Third-Quarter Loss on Investments, Restructuring
{November 3rd, 2015} by David Pilla, international editor, BestWeek: David.Pilla@ambest.com
NEW YORK – American International Group Inc. reported a net loss of $231 million for the third quarter, compared with net income of $2.2 billion for the prior-year quarter. The group said the net loss was due mainly to lower income on hedge fund investments and assets marked to fair value through earnings, lower realized […]
Annuity industry experience preferred.
{November 3rd, 2015} by Director of Sales and Marketing Support
Sammons Financial Group has an exciting career opportunity for a Internal Sales Support Consultant in West Des Moines, Iowa! Ideal candidates will have the ability to answer 65+ calls per day with a proactive sales focus. Annuity industry experience preferred. Candidates with the desire to participate in an energetic, goal focused environment are encouraged to […]
Rapidly-growing independent distribution company is now hiring!
{November 3rd, 2015} by The GCL Group
Futurity First Financial Corporation (FFFC), is an independent distribution company focusing on the sale of annuities, life insurance and other financial products. Check out their job openings: SVP-BusDev, VPAnnuitySales, SVP-NSD CONTACT: Kevin Dougherty President & Founder, The GCL Group, LLC Phone: 317.253.7394 www.thegclgroup.com kdougherty@thegclgroup.com
Goldman Sachs faces investigation over auction of securities
{November 3rd, 2015} by Michael J. Moore
(Bloomberg) — Goldman Sachs Group Inc. added the offering and auction of securities, as well as “when-issued trading,” to a list of activities that regulators and other government bodies are investigating. The bank made the disclosure Tuesday in a quarterly regulatory filing, without specifying which agencies or regulators are probing the items on the list. […]
Towers Watson CEO: Willis Merger on Track as Profit Rise
{November 2nd, 2015} by David Pilla, international editor, BestWeek: David.Pilla@ambest.com
ARLINGTON, Va. – Professional services consultancy Towers Watson’s chief executive officer said the firm is on target to complete its merger with broker Willis Group Holdings by the end of this year as Towers Watson itself reported a double-digit rise in fiscal first-quarter net income. Chairman and CEO John Haley said in a conference call […]
Wink supports local Fitness for Food Fundraiser
{November 2nd, 2015} by Jamie Johnson
The 2015 FITNESS FOR FOOD FUNDRAISER will be held on November 10th, 6 P.M., at Willowbrook Elementary School in Altoona, IA. 100% of all donations to the Fitness for Food Fundraiser are used to purchase turkey dinner meals that feed a family of four through Hy-Vee in Altoona. In return, the dinners are then donated to Caring […]
On the rise: impact of a premature death, lack of life insurance
{November 2nd, 2015} by Warren S. Hersch
Much has been written about America’s life insurance coverage gap. A report released last July pegged the shortfall — an aggregate amount combining underinsured and uninsured Americans — at $20.3 trillion. That equates to 60 percent of current in-force life insurance. Less research, however, has been done exploring how those lacking coverage are coping — or […]
Here’s Why So Many Retirees Are Still Working
{November 2nd, 2015} by Beth Braverman
There’s been plenty of criticism lobbed at the current crop of presidential candidates, but one thing that’s barely been mentioned is their age. It’s essentially a non-story that Donald Trump, at age 70 in January 2017, would become the oldest first-term president ever sworn in. At age 69 at the time of her potential […]
Offering life insurance an important part of enrollment season
{November 2nd, 2015} by Dan Cook
Selling life insurance during open enrollment time — that’s a double challenge. MetLife is up to the challenge, though, and has turned to gum, movies and coffee to help folks understand what a great deal life insurance is. The insurer recently updated a 2009 study that looked at the financial security of surviving spouses one […]
Income Riders Spell Risk For FIA Carriers
{November 2nd, 2015} by Linda Koco
As fixed index annuity (FIA) sales continue their meteoric rise, their risk profile has been increasing as well, according to an FIA market report from Fitch Ratings. The guaranteed income rider is a key factor in this trend. Ever since these riders debuted in 2006, they have been contributing to FIAs’ sales growth as well […]
Planning Today: Getting There and Getting Through
{November 2nd, 2015} by David Laster
How retirement income-adequacy is being redefined Of the myriad financial risks related to retirement, top of mind for many clients is the risk of outliving their wealth. A recent Society of Actuaries survey found that nearly two in three pre-retirees expressed concern over the prospect of depleting their savings in retirement. This apprehension reflects […]
The most terrifying acts of life insurance fraud
{November 2nd, 2015} by Warren S. Hersch
An individual dies of slow poisoning from a toxic substance inserted daily into his evening drink. A premeditated killing is staged to look like an ambushing of the deceased victim by a burglar. And a scuba diver fakes her disappearance off the coast of the Bahamas, leaving behind only a few documents to identify her. Click HERE to read article
Why Advisors Will Likely Clamor For Cheaper Annuities Soon
{November 2nd, 2015} by John F. Wasik
If the Department of Labor’s Fiduciary proposal goes into effect, advisors may find themselves taking a closer look at low-cost annuities. The push by regulators for greater advisor accountability and more prudent investment recommendations will be a boon for products that offer client-friendly features and lower costs. This may encourage more annuity providers to compete […]
Net Income Falls At Lincoln, CNO Financial Group
{November 2nd, 2015} by Cyril Tuohy
Lincoln Financial Group reported third-quarter net income dropped 48 percent to $227 million from the year-ago period on revenue of $3.7 billion. Operating income dropped 30 percent to $289 million compared with the year-ago quarter, the company also reported in a news release after the market close Wednesday. Operating income per share diluted was $1.11, […]
Iowa Economic Development Authority Manager: State Attracting Insurance Redomestications
{November 2nd, 2015} by John Weber: John.Weber@ambest.com
HOLLYWOOD, Fla. – Michael Gould, manager of insurance development at the Iowa Economic Development Authority, said Fidelity & Guarantee and Symetra have set up offices in Iowa in the past two years. Gould spoke with A.M. BestTV at the annual conference of the Property Casualty Insurers Association of America. View the video version of this […]
DOL May Classify Indexed Annuities Same As Variable in New Rule
{November 2nd, 2015} by Linda Koco
The Department of Labor (DOL) staff appears to be thinking that fixed index annuities should be treated more like variable annuities than fixed annuities under its new “conflict of interest” fiduciary rule, according to an insurance executive who met with top-level staffers. John E. Dunn of Northwestern Mutual told a packed breakout session at LIMRA’s […]
DoL Proposal Could End Commissions, Morningstar Says
{November 2nd, 2015} by Ann Marsh
Without explicitly saying so, the federal government may be in the process of effectively banning commission sales of financial products. That’s the upshot of a detailed new Morningstar report that forecasts likely impacts of the Labor Department’s proposed fiduciary rule, which could be implemented by the spring. Such a rule would “reshape the financial sector” […]
Referring To Other Advisors Could Be Risky Under DOL Rule
{November 2nd, 2015} by Linda Koco
BOSTON – Do you make recommendations as part of your job as an investment advisor? Then watch out. Under the proposed fiduciary rules from the Department of Labor (DOL), an advisor who recommends someone else to be an advisor could be considered a fiduciary, according to Washington attorney James F. Jorden. Click HERE to view […]
Sen. Warren Says Life Insurers Admit To Offering ‘Kickbacks’
{November 2nd, 2015} by Registered Rep
U.S. Senator Elizabeth Warren said 13 major U.S. life insurers had admitted to using incentives such as expensive vacations and gifts, which could encourage agents “to put their own interests ahead of their clients.” The senator had launched an investigation into 15 major annuity providers in April amid concerns about the “kickbacks” they offered to […]
Warren chides insurers on resort perks in push for broker rule
{November 2nd, 2015} by CHEYENNE HOPKINS AND SILLA BRUSH
(Bloomberg) — U.S. Senator Elizabeth Warren wants to restrict brokers from winning vacations, luxury cars and golf outings at the expense of retirees. Warren, a Massachusetts Democrat and prominent Wall Street critic, released a report Tuesday criticizing the largest annuity providers for “kickbacks” or perks they provide for encouraging brokers to sell investments that may […]
Sen. Warren slams annuity providers, sellers for ‘conflicts of interest’
{November 2nd, 2015} by James J. Green
On April 28, Sen. Elizabeth Warren, D-Mass., sent a letter to 15 of the country’s largest annuity providers asking for data on their sales practices. In a report issued Tuesday, Warren said the responses from the firms “reveal a widespread practice of offering agents kickbacks in exchange for promoting certain annuities” and other products, and that “such […]
House Passes Bill to Fatally Delay DOL Rule
{November 2nd, 2015} by John Hilton
The House of Representatives passed the Retail Investor Protection Act Tuesday night, widely seen as an alternative to the fiduciary-only rule being pushed by the Obama administration. A bill proposed by Rep. Ann Wagner, R-Mo., passed 245-186 and would prohibit the Labor Department from instituting new rules governing financial services before the Securities and Exchange Commission […]
Fidelity & Guaranty Life Wins Novarica Impact Award with iPipeline’s AFFIRM
{November 1st, 2015} by NAFA Staff
F&GL Exceeds $300 Million in Annuities Sold in Under 3 Weeks—90% via the Web iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry – today announced Fidelity & Guaranty Life has received Novarica’s Research Council Impact award for deploying AFFIRM for Annuities in under 4 months, exceeding its target premium […]
