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Archive for February 2018


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  • National Western Life Group, Inc. Announces 2017 Full Year and Fourth Quarter Earnings

    {February 28th, 2018} by National Western Life Insurance Company

    AUSTIN, Texas, Feb. 28, 2018 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2017 consolidated net earnings of $110.4 million, or $31.23 per diluted Class A common share, compared with consolidated net earnings of $100.9 million, or $28.53 per diluted Class A common share, for 2016. The Company’s […]

    Athene Holding Ltd. Reports Fourth Quarter and Full-Year 2017 Results

    {February 27th, 2018} by Athene Holding Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, today announced financial results for the fourth quarter and full-year 2017. Net income for the fourth quarter 2017 was $464 million, or $2.35 per diluted Class A share (“diluted share”), compared to net income in the fourth quarter 2016 of $364 […]

    Securian Produces Strong Financial Results in 2017

    {February 27th, 2018} by Securian Financial Group

    ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Group generated strong financial results in 2017, with earnings increasing 28 percent while the company paid its more than 18 million customers a record $5.3 billion in statutory benefits. “Every year is unique, but 2017 stands out as a year in which we were able to produce strong financial results […]

    Protective Life Corporation Announces Organizational Changes

    {February 27th, 2018} 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, “Dai-ichi”), today announced key organizational changes that reinforce its strategic plans and position the Company for future growth. Effective March 1, 2018, the following organizational changes will be in place: Mike Temple has been promoted to Vice Chairman, Finance […]

    Prudential: Financial wellness during ‘America Saves Week’ and year-round benefits employers and employees

    {February 27th, 2018} by Prudential Financial

    NEWARK, N.J.–(BUSINESS WIRE)–In recognition of America Saves Week and Military Saves Week (Feb. 26 through March 3), Prudential Financial, Inc. ( NYSE:PRU ) is calling on employers to adopt a benefits program with financial wellness at its core to help improve financial security for American workers. An alarming 57 percent of employees report they are very or somewhat stressed about their […]

    Fed Chair Jerome Powell says economic outlook strong, signaling gradual rate hikes

    {February 27th, 2018} by Martin Crutsinger, Associated Press

    WASHINGTON — Federal Reserve Chairman Jerome Powell, making his first public comments as leader of the nation’s central bank, told Congress Tuesday that the outlook for the U.S. economy “remains strong” despite the recent stock market turbulence. He said that bright prospects for growth and employment will allow the Fed to continue raising its key […]

    Surprise! Baby Boomers Pushing Robo-Investment Growth

    {February 27th, 2018} by Brian O'Connell

    Conventional wisdom holds that millennials are driving the growth of robotics-based investment advice, but that’s not entirely true. For sure, younger investors are naturally drawn to robo-advisory services. The digital advice market is pegged to reach $500 billion in assets under management by 2020, and will rise further to $2.2 trillion by 2022, according to KPMG. Tech-savvy […]

    At Bankers Life, Veteran Agents Gain Favor

    {February 27th, 2018} by Cyril Tuohy

    Gary C. Bhojwani, CEO of CNO Financial, has been at the company for nearly two years. In those two years, agent numbers at subsidiary Bankers Life have dropped as the mix has tilted in favor of more experienced agents and advisors. That’s no accident. Bhojwani, a former president and CEO of Allianz Life, wants to […]

    Are LPL and Cetera Financial Group a potential match?

    {February 27th, 2018} by Bruce Kelly

    A securities analyst who covers LPL Financial Holdings Inc. wrote a note on Tuesday morning saying that it makes sense for LPL Financial to pursue an acquisition of Cetera Financial Group. Click HERE to read the full story via InvestmentNews; registration required.

    The Decline of Life Insurance Is a Mystery: Opinion

    {February 27th, 2018} by Peter R. Orszag

    The number of policies is dwindling most among lower earners. Maybe they were better salespeople. Photograph: Rykoff Collection/Corbis/Getty Images Life insurance is losing its appeal in the U.S. In 1965, Americans purchased 27 million policies, individually or through employers. In 2016, a population that was more than 50 percent larger still bought only 27 million policies. The share of […]

    2018 Life/Annuity Outlook Marked by Slow Growth

    {February 27th, 2018} by Cyril Tuohy

    Sales of individual fixed annuities are likely to be flat or slightly higher in 2018 as annuities compete with money market and short-term bond funds, according to a new survey. Fixed annuitiy sales fell by 8 percent to $108 billion in 2017 over 2016, noted the forecast by insurance ratings house A.M. Best Co. The Department […]

    Market Synergy Group and Colorado Bankers Life Insurance Company® Announce Distribution Agreement

    {February 27th, 2018} by Market Synergy Group and Colorado Bankers Life Insurance Company

    TOPEKA, KAN. (PRWEB) FEBRUARY 23, 2018 Market Synergy Group and Colorado Bankers Life Insurance Company (“CBLife”) announced a new partnership in which Market Synergy Group will serve as one of the exclusive distribution partners in the independent space for CBLife’s new multi-year guaranteed annuity (MYGA) series and flexible premium deferred annuity. These products are poised […]

    5 IRI Priorities That Could Affect Individual Annuity Sellers

    {February 27th, 2018} by Allison Bell

    The Insured Retirement Institute recently came out with its 2018 Retirement Security Blueprint document. The group will use the document as a framework for efforts to shape retirement security policy when it’s working with members of Congress, and with representatives from the Trump administration. Many provisions in the report relate mainly efforts to build annuitization […]

    Fixed Income Hasn’t Peaked: Schroders

    {February 27th, 2018} by Emily Zulz

    Is the bond market peaking? Probably not, according to several fixed income experts at Schroders, which recently hosted a roundtable discussion on fixed income for reporters in New York City. “I don’t think fixed income’s peaked,” said Andy Chorlton, head of U.S. multi-sector fixed income at Schroders. Click HERE to read the original story via […]

    Athene Targets More Acquisitions in 2018

    {February 27th, 2018} by Cyril Tuohy

    Rising interest rates will only spur Athene to look at more insurance deals this year, chairman and CEO James R. Belardi said. Athene announced it would reinsure $19 billion worth of fixed and fixed indexed annuity liabilities from Voya Financial in December, and earlier last year also entered into a flow reinsurance deal with Lincoln […]

    Prudential May Offer New FIA Through IMOs

    {February 27th, 2018} by Cyril Tuohy

    Prudential Financial built its first fixed indexed annuity for financial advisors but the company might also sell it through independent marketing organizations. Prudential distributes PruSecure alongside its variable annuities through its broker-dealer Prudential Advisors, independent broker-dealers, banks and wirehouses, but not IMOs. IMOs, which work mostly with insurance agents, hold a 60 percent distribution market […]

    Nationwide Expands Program to Help Members Navigate Life in Retirement

    {February 27th, 2018} by Nationwide

    COLUMBUS, Ohio, Feb. 20, 2018 /PRNewswire/ — Nationwide is expanding an exclusive and innovative program that enables financial advisors to help their clients navigate life challenges. The Nationwide Care Concierge Program — the only program of its kind offered by a financial services company outside of an employee assistance program1—provides benefits such as health advocacy, finding […]

    Anbang’s Rescue Is China’s Too-Big-to-Fail Moment

    {February 27th, 2018} by James T. Areddy

    SHANGHAI—A Chinese government takeover of Anbang Insurance Group Co. throws a lifeline to its policyholders—support denied to frustrated clients of some lesser-known financial firms when those companies hit turbulence before ultimately collapsing. The China Insurance Regulatory Commission said Friday that a team of financial regulators would manage Anbang for at least a year. It justified the action in […]

    The struggle to attract clients when you’re in your 20s

    {February 27th, 2018} by Matthew Boersen

    Starting out as a young financial planner isn’t easy. After all, you have no track record, no referral base and no real-world experience, yet. The sell-to-your-friends approach often doesn’t work, either. When I started out, I was 21 and determined to use a fee-based approach. My friends were unlikely to have the money to generate […]

    SEC Chairman Jay Clayton outlines goals for a new fiduciary standard

    {February 27th, 2018} by Mark Schoeff Jr.

    An SEC fiduciary rule should provide investors clarity about the role of their adviser, enhanced protection and offer regulatory coordination, Chairman Jay Clayton said Friday. Click HERE to read the full story via InvestmentNews; registration required.

    3 Little-Discussed Threats to Life Insurers

    {February 27th, 2018} by Allison Bell

    Colin Devine, a longtime life insurance consultant and analyst, has some ideas about possible threats to life insurers that may surprise plenty of other industry veterans. Devine talked about the demons in the wings today in New York, at the eighth annual Life Settlement Institutional Investor Conference. The Life Insurance Settlement Association (LISA) organizes the conferences to […]

    Allianz Life Bolsters FIUL Lineup with Allianz Life Pro+ Elite & Allianz Asset Pro+

    {February 27th, 2018} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of two new fixed index universal life (FIUL) insurance products, Allianz Life Pro+ EliteSM and Allianz Asset Pro+SM. Allianz Life Pro+ Elite, for traditional life insurance agents and financial professionals familiar with selling life insurance, is an enhanced version of the popular […]

    Top 20 LGBT-Friendly Cities for Retirement

    {February 27th, 2018} by Michael Fischer

    Retirement affords many seniors the opportunity to choose where they want to spend their post-work years, with factors such as weather, location, cost of living, health care options, senior living facilities, activities and culture influencing their decision. Older people who identify as lesbian, gay, bisexual and transgender have to be even more selective about choosing […]

    Brighthouse Updates FlexChoice Living Benefit Rider

    {February 27th, 2018} by Allison Bell

    Brighthouse Financial Inc. has updated its FlexChoice variable annuity living benefit rider to give financial advisors and their clients more investment flexibility. The new FlexChoice Access rider lets clients choose their own investment option asset allocations, rather than requiring the clients to allocate assets to risk-managed portfolios, Brighthouse says. Myles Lambert, the chief distribution and […]

    Cetera sale talk another distraction for advisers

    {February 27th, 2018} by Bruce Kelly

     A potential sale of Cetera Financial Group could be boon for its private equity owners, but turn out to be another distraction for its 8,000 advisers, who saw the company emerge from bankruptcy less than two years ago. On Friday, Bloomberg News reported that Cetera was exploring a sale that could fetch its private equity owners as much […]

    What Is Going on With Cetera?

    {February 27th, 2018} by Janet Levaux

    Speculation over the fate of Cetera Financial Group continues. Several news reports broke last week about what the network of independent broker-dealers may be up to. Cetera moved to clarify its plans late Monday. And while its announcements clear up some matters, they also leave room for plenty of possible outcomes — including everything from […]

    LPL Wraps Up NPH Deal, Adds Second Wave of Reps

    {February 27th, 2018} by Janet Levaux

    LPL Financial said Monday that it completed its acquisition of National Planning Holdings’ broker-dealer assets. It announced the deal in August. The independent broker-dealer also provided details on the second wave of advisors and teams joining it. The first wave came on board in December. There are nine groups moving from INVEST Financial and SII […]

    Retirees who own an annuity are more confident about maintaining lifestyle

    {February 26th, 2018} by Insurance Forums Staff

    Retiree annuity owners feel more confident that they are more likely to afford their preferred retirement lifestyles – even if they live to age 90 or older – than retirees who do not own an annuity. A new LIMRA Secure Retirement Institute study released Feb. 20 found three quarters (73%) of retirees who own an […]

    3 Top New Life Product Announcements

    {February 26th, 2018} by Allison Bell

    Life insurance company product development teams have seemed a little quiet so far this month. They may still be digesting the effects of low interest rates, new U.S. and non-U.S. accounting rules, and the fine print in the new Tax Cuts and Jobs Act. But New York Life Insurance Company, Lincoln Financial Group and AXA […]

    The ‘Clunky’ Details of Fee-based Annuities

    {February 26th, 2018} by Jamie Johnson

    Regulators have pushed insurers to develop fee-based annuities, but financial advisors and brokers who sell them say these types of annuities remain clunky and aren’t as “clean” as commission-based annuities when the time comes to close a sale. Despite the onslaught of new fee-based annuities in the market over the past 18 months, sales remain […]

    JPMorgan Plans New Manhattan Headquarters for 15,000 Workers

    {February 26th, 2018} by Oshrat Carmiel and Jennifer Surane

    JPMorgan Chase & Co. plans to build a headquarters in midtown Manhattan that would combine other offices into a new, taller building for 15,000 employees on Park Avenue. The 2.5 million-square-foot (232,000-square-meter) building would be the first major project under New York City’s Midtown East rezoning plan, which encourages new office construction in the area, the […]

    Axa CEO: Strategic Realignment Spurs Revenue Growth

    {February 26th, 2018} by David Pilla

    PARIS – A strategic refocusing on health, protection and commercial lines business is paying off for Axa SA as it looks to new business opportunities amid growing revenue, said the group’s chief executive officer. The group’s strategic revamp, which included a new focus on health and protection (unit-linked) businesses as well as commercial property/casualty operations, […]

    Athene CEO: New Deals, Multichannel Strategy Drive Growth for Company

    {February 26th, 2018} by David Pilla

    PEMBROKE, Bermuda – A strong multichannel strategy and significant new deals are driving growth for life reinsurer Athene Holding Ltd., said the company’s chief executive officer. CEO James Belardi said in a conference call 2017 “was a milestone year” for Athene as it “executed on all four of our distribution channels.” He added the institutional […]

    SEC commissioners cheer Clayton’s efforts on fiduciary rule collaboration

    {February 24th, 2018} by Mark Schoeff Jr.

    A new energy and spirit of cooperation that Securities and Exchange Commission Chairman Jay Clayton has brought to the agency may help it overcome past divisions that have stymied an investment advice regulation, members of the commission said Friday. Click HERE to read the full story via InvestmetnNews; registration required.

    The New Retirement Reality for Women

    {February 24th, 2018} by Stephanie Sammons

    By the year 2030, women will control as much as two-thirds of the nation’s wealth, experts estimate. Currently, women control $11.2 trillion (39%) of investable assets in the United States, according to the Center for Talent Innovation. Although this financial progress is compelling, as women, we continue to face uphill financial challenges. This is especially true […]

    MassMutual Accused At Class Action Trial Of Shorting 300 Policyholders On Dividends

    {February 24th, 2018} by David Siegel

    Los Angeles – A California state court jury heard closing arguments on Friday in a class action lawsuit brought on behalf of 300 MassMutual term life insurance policyholders who accuse the company of failing to pay contractually owed dividends as its profits soared. Attorneys for plaintiff Christina Chavez, who serves as the class representative, argued […]

    Switching annuities may raise red flags with regulators

    {February 24th, 2018} by Alan J. Foxman

    Q: Recently my manager gave me a warning about switching a client from one variable annuity to another. The client did incur a surrender charge, but the annuity I moved him into has higher returns with lower premiums. Even with the additional commission the client paid, he’ll still come out ahead in the long run. […]

    Cetera reportedly exploring $1.5 billion sale

    {February 24th, 2018} by Greg Iacurci

    Cetera Financial Group, a network of six broker-dealers, is exploring a sale that could be worth about $1.5 billion, according to a Bloomberg report. The company, which houses around 8,000 brokers and advisers, began interviewing potential advisers to run the sale earlier this month, according to the report, which cited anonymous sources familiar with the […]

    Annuity sales to IRAs getting hammered under fiduciary rule

    {February 23rd, 2018} by Nick Thornton

    The implementation of the DOL fiduciary rule’s impartial conduct standards last June is clearly weighing on the annuity market, according to the LIMRA Secure Retirement Institute. Total sales of variable annuities in 2017 dropped below the $100 billion mark for the first time in 20 years, according to LIMRA. Variable annuity sales were $95.6 billion […]

    SEC chief promises ‘big effort’ on uniform fiduciary standard

    {February 23rd, 2018} by Kenneth Corbin

    WASHINGTON — Asked about his most pressing priorities, SEC Chairman Jay Clayton didn’t hesitate: he wants to level the playing field for investment advisors and broker-dealers. Clayton fielded questions from former SEC Chairman Harvey Pitt at the annual SEC Speaks conference in Washington, where he made it clear that he wants to put forward a […]

    Why insurers are being blamed for equity market instability

    {February 23rd, 2018} by Alistair Gray and Robin Wigglesworth

    Computer-powered hedge funds shouldered much of the blame for exacerbating turmoil in markets this month but some are pointing the finger at a pillar of the financial system: the insurance sector. Market strategists and industry analysts say a post-crisis change to the way US life insurers manage billions of customer dollars invested in variable annuities […]

    Phoenix Is Said in Talks to Buy Standard Life Insurance Unit

    {February 23rd, 2018} by Ruth David, Aaron Kirchfeld, Manuel Baigorri, and Dinesh Nair

    Phoenix Group Holdings is in advanced talks to buy Standard Life Aberdeen PLC’s insurance unit, people with knowledge of the matter said, as the company seeks to bolster growth through acquisitions. Phoenix plans to raise about 1 billion pounds ($1.4 billion) of capital to help pay for the deal, which could be announced as early as this week, […]

    Maryland jumps into fiduciary fray with legislation requiring brokers to act in best interests of clients

    {February 22nd, 2018} by Mar

    Brokers in Maryland would have to act in the best interests of their clients under a Senate bill making its way through the state legislature. Maryland investment advisers currently must meet such a fiduciary requirement. The provision that extends fiduciary duty to brokers is part of a larger bill, the Financial Consumer Protection Act of 2018, […]

    Identity Thieves Are Trying to Tap Colorado Annuities: Officials

    {February 22nd, 2018} by Allison Bell

    Identity thieves are trying to loot annuities in Colorado, according to officials at the Colorado Division of Insurance. Division officials want consumers to talk to insurers about account safeguards. “Individuals with annuities, or even life insurance, can contact their companies and ask what is being done to prevent large-scale breaches like those we see in the news,” […]

    Former insurance commission chairman apologizes after sexual misconduct accusations

    {February 22nd, 2018} by The Associated Press

    A California state senator accused of sexual misconduct apologized Wednesday to anyone who felt uncomfortable because of his behavior but flatly denied two of the more serious allegations, one involving a 19-year-old female intern, a day before his fellow senators could decide his punishment. Sen. Tony Mendoza offered his first words of conciliation but otherwise […]

    Pacific Life Introduces New Indexed Universal Life Insurance Product

    {February 22nd, 2018} by Pacific Life

    ALISO VIEJO, Calif.–(BUSINESS WIRE)–Pacific Life announced the launch of Pacific Discovery Protector IUL,1 Indexed Universal Life (IUL) insurance designed for long-term life insurance protection, competitively priced premiums, and the simplicity of no-lapse guarantees.2 “The marketplace responded with unprecedented enthusiasm to the innovative design of Pacific Discovery Xelerator IUL,3 our accumulation-based IUL, in 2017,” said Stephan Mitchell, assistant […]

    Fiduciary Rule concerns spur 8% drop in total 2017 annuity sales

    {February 21st, 2018} by Insurance Forums Staff

    In 2017, total annuity sales decreased 8% to $203.5 billion compared with 2016, according to LIMRA Secure Retirement Institute’s Fourth Quarter 2017 U.S. Individual Annuity Sales Survey, released Feb. 21. After six consecutive quarters of decline, the fourth quarter results for total annuity sales were flat, compared to this quarter last year, at $50.8 billion. […]

    DOL fiduciary rule continues to take toll on annuity sales

    {February 21st, 2018} by Greg Iacurci

    The Department of Labor fiduciary rule and the interest-rate environment delivered a one-two punch to annuity sales last year, pushing them down for the third consecutive year. Click HERE to read the full story via InvestmentNews; registration required. 

    4Q Annuity Sales Show Market Moving on From Fiduciary Rule

    {February 21st, 2018} by Cyril Tuohy

    Overall fixed and variable fourth-quarter annuity sales of $50.8 billion were flat compared to the year-ago period, a sign that the market is adjusting to the Department of Labor fiduciary rule, a market expert said Wednesday. Fourth-quarter sales of fixed annuities fell 2 percent to $26.1 billion compared to the year-ago period, while sales of […]

    4Q Annuity Sales Show Market Moving on From Fiduciary Rule

    {February 21st, 2018} by Cyril Tuohy

    Overall fixed and variable fourth-quarter annuity sales of $50.8 billion were flat compared to the year-ago period, a sign that the market is adjusting to the Department of Labor fiduciary rule, a market expert said Wednesday. Fourth-quarter sales of fixed annuities fell 2 percent to $26.1 billion compared to the year-ago period, while sales of […]

    3 Ways Training Can Prevent Elder Financial Abuse

    {February 21st, 2018} by Kathryn Reid

    Over the past several years, our society has begun to recognize a scourge growing amongst us: the financial abuse and exploitation of seniors and vulnerable adults. Sadly, the number of victims is likely to grow simply because there will be exponentially more seniors living in the U.S. LIMRA Secure Retirement Institute estimates that there are over 50 […]

    Prudential Says Number of Annuity Clients It Can’t Find Is Small

    {February 21st, 2018} by Katherine Chiglinsky

    Prudential Financial Inc. said the amount of annuity clients that it’s had trouble locating is small after rival MetLife Inc. said it would take a charge tied to losing track of some customers. “Given the size and the age of our block of business, there are inevitably some customers we can’t locate for a number of reasons, but […]

    MetLife’s Lost-Client Issue Goes Back 25 Years, Still Stings

    {February 21st, 2018} by Katherine Chiglinsky

    MetLife Inc. said its search for lost annuity customers is part of a problem going back 25 years, and the insurer is still paying for it. There was a “lack of timely escalation” of the failure to track down some clients, the company said Tuesday in a presentation. The need to set aside more money to back […]

    Great-West Financial Launches Index-Linked VA with Buffer and Multiple Floors

    {February 20th, 2018} by Cyril Tuohy

    Capital Choice, Great-West Financial’s new index-linked variable annuity, offers advisors potentially higher yields than what is available through banks, a company executive said Monday. The product also allows for market participation with limited downside. The new single-premium deferred index-linked variable annuity is being offered on a commission and fee basis, which will appeal to both […]

    Indexed annuities’ performance may not be what you expect

    {February 20th, 2018} by Greg Iacurci

    At first glance, indexed annuities may sound quite similar to index mutual funds. Their names suggest as much. Click HERE to read the full story via InvestmentNews; registration required.        Sheryl Moore, president and CEO of market research firm Moore Market Intelligence, has a rule of thumb for judging how much juice advisers […]

    Prudential to Launch Direct-Sale Annuity

    {February 20th, 2018} by Allison Bell

    Prudential Financial Inc. is getting closer to the launch date for a new annuity contract that will be sold directly to consumers, and not through financial professionals. The Newark, New Jersey-based insurer mentioned the new Guaranteed Income for Tomorrow contract, or GIFT contract, in a financial report filed with securities regulators. A copy of the report is available here. […]

    State securities regulator says states can enforce DOL fiduciary rule

    {February 20th, 2018} by Mark Schoeff Jr.

     A prominent state securities regulator backed Massachusetts’ effort to enforce the Labor Department’s fiduciary rule and said he would do the same thing under the right circumstances. Industry participants, investor advocates and others were jolted Thursday when Massachusetts Secretary of the Commonwealth William Galvin charged Scottrade Inc. with violating state law and internal policies by […]

    Don’t Assume Clients Are Informed About Annuities, Advisor Says

    {February 20th, 2018} by Karen Demasters

    Financial advisors should step into the void created by their clients’ lack of knowledge about annuities, according to Dan Keady, chief financial planning strategist for TIAA, a financial services and retirement planning firm based in New York City. Despite the increasing level of sophistication about financial products among consumers, myths still surround annuities, said Keady, […]

    Annuities Can Help Conserve Social Security Benefit

    {February 20th, 2018} by Cyril Tuohy

    Financial advisors love to talk about the “safe” withdrawal rule in retirement, but retirement income researcher Steve Vernon prefers to talk about the simple withdrawal rule. Vernon is no household name and few advisors are likely to have even heard of him, but as a consulting actuary, he helped convert defined benefit plans into defined […]

    Voya Not Sure About Keeping Its Life Business

    {February 20th, 2018} by Cyril Tuohy

    Voya Financial will decide the fate of its individual life business once it sheds its annuities, company executives said Wednesday. Wall Street analysts had sought guidance and clues from the New York-based asset management and retirement company about the future of its life insurance business. Voya Financial disclosed in December that it would sell its […]

    Brighthouse Financial Brings Even More Choice to FlexChoice

    {February 20th, 2018} by Brighthouse Financial

    New FlexChoice Access VA rider provides access to more than 50 investment options, giving financial advisors greater control to help build their clients’ lifetime income February 20, 2018 08:00 AM Eastern Standard Time CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial (Nasdaq: BHF), a major provider of annuity and life insurance solutions in the United States, announced today a new […]

    Industry Briefs: A quick look at recent life and annuity news of note

    {February 20th, 2018} by Brian Anderson

    Here’s a roundup of some of the news and events from a wide range of topics coming across the wires from life and health industry organizations and companies lately. Organizations represented in the following blurbs include MIB Group, Gerber Life, Jackson National Life, AALTCI, the Insured Retirement Institute, Allianz Life and Northwestern Mutual. Click HERE […]

    Annuity Owners Are Different: LIMRA

    {February 20th, 2018} by Allison Bell

    Retirees who own annuities may be better off in many ways than retirees with no annuities. Analysts at LIMRA, an insurance industry market research consortium, have published data supporting that possibility in a new look at results from a survey conducted in late 2016. All of the survey results included were from 2,025 U.S. retirees […]

    NAIC May Add $12 Million to 2018-2020 Tech Budget

    {February 19th, 2018} by Allison Bell

    Managers of the National Association of Insurance Commissioners could spend about $12 million over the next three years to improve the organization’s information systems and data security efforts. Officials at the Kansas City, Missouri-based regulator group say they hope to use about $8.5 million to modernize the NAIC’s insurance industry data collection systems, and change […]

    Arizona Names Insurtech Veteran Interim Director

    {February 19th, 2018} by Allison Bell

    For at least a short period of time, Arizona will have a top insurance regulator who has developed an insurance product comparison tool, a private exchange system, and other tools for life and health insurance agents. Gov. Doug Ducey recently named Keith Schraad to be the interim director of the Arizona Department of Insurance. Schraad […]

    While DOL Delays, State Fiduciary Cops Find First Prey

    {February 19th, 2018} by Scott Martin

    Massachusetts versus Scottrade pushes the long battle over fiduciary duty to the states, where it looks like the regulators have sharpened their teeth. Expect turbulence. If your firm invested substantial time and money trying to get ahead of the abortive Labor Department “fiduciary rule,” those resources may not have been completely wasted after all. Under […]

    Association Raises Awareness About 1035 Exchanges

    {February 19th, 2018} by Jadah Riley

    The American Association for Long-Term Care Insurance has begun a national campaign to increase awareness of how to effectively use 1035 exchanges for tax advantaged long-term care planning. The 1035 exchange allows annuity contracts and life insurance policies to be converted into policies that offer long-term care benefits. A new guide from the association highlights […]

    Transamerica jobs shifting to third-party company

    {February 19th, 2018} by Donna Rovins

    There is a change coming for 192 Chester County employees of Transamerica’s insurance and annuity business lines. On Jan. 11, Transamerica announced that it planned to move the administration and servicing of its life, annuity, supplemental health and workplace voluntary benefits business lines to a third party administrator, Tata Consultancy Services (TCS). The transaction is […]

    Insurance agent gets life sentence

    {February 18th, 2018} by Lyle Adriano

    A former insurance agent based in Lubbock, TX, has been served a life sentence for duping his senior clients and pocketing their money. The Texas Department of Insurance (TDI) said that the agent, Joseph Allen Gaines, was ordered to pay $810,000 as restitution to his victims. “Gaines persuaded senior citizens in West Texas to purchase […]

    Millennials Hesitant to Go All-in on Digital Advice

    {February 17th, 2018} by Michael S. Fischer

    A new report by MyPrivateBanking finds that wealthy millennials are showing some striking contradictions in their digital attitudes toward financial matters that wealth managers have to consider when aiming to win younger clients. On the one hand, millennials are all about using mobile first, loving text and chat, and being intrigued by robo-advisors. On the other, they […]

    These Are the No. 1 Advisors in Each State: Forbes

    {February 17th, 2018} by Emily Zulz

    Forbes has released its ranking of Best-In-State Wealth Advisors. This year’s Best-In-State Wealth Advisors list spotlights over 2,000 top-performing advisors across the country who were nominated by their firms — and then researched, interviewed and assigned a ranking within their respective states. The advisors that are considered have a minimum of seven years of experience. […]

    Willis Towers Watson appoints Dominique Lebel to lead its Life Insurance business for the Americas

    {February 16th, 2018} by Willis Towers Watson

    ARLINGTON, VA, February 13, 2018 — Willis Towers Watson (NASDAQ: WLTW), a leading global advisory, broking and solutions company, today announced the appointment of Dominique Lebel to lead its Insurance Consulting and Technology (ICT) Life business for the Americas, effective March 1. In his new role, Lebel’s responsibilities will include the market strategy and development of […]

    Yes, Consumers Will Buy Fee-Based Indexed Annuities

    {February 16th, 2018} by Joe Maringer

    In 2017, insurers prepared for the U.S. Department of Labor’s fiduciary rule by rolling out many fee-based products. LIMRA reported in November, however, that fee-based products accounted for only about 0.1% of U.S. individual annuity sales in the third quarter. Will anyone buy, or sell, the new fee-based annuity contracts in 2018? Click HERE to […]

    MetLife CEO on Missing Annuitants: ‘I Can’t Believe We’re the Only One’

    {February 16th, 2018} by Marie Suszynski

    NEW YORK – MetLife Inc.’s review of its retirement business that led to a $510 million pretax charge for reserve strengthening stems from an issue of finding missing annuitants, which could potentially be industrywide, the insurer’s chief executive officer said. “It’s hard for me to know, really, what happens in the other companies in our […]

    FINRA Impersonators Are Scamming Investors, Regulator Warns

    {February 16th, 2018} by Melanie Waddell

    The Financial Industry Regulatory Authority is warning investors that con artists are posing as regulators to conduct investment scams. FINRA released an Investor Alert Friday stating that fraudsters used FINRA’s name and logo in correspondence — including a fake signature from FINRA President and Chief Executive Officer Robert W. Cook — to create the false impression that FINRA provided […]

    Finally We Are on the Right Path to Addressing Potential Systemic Risk in Insurance

    {February 16th, 2018} by Thomas Leonardi

    Policymakers in the U.S. and around the world are re-thinking the approach to assessing and addressing potential systemic risk in the insurance sector. It’s an important evolution and offers insight into both how we got here and where we’re now headed. Ultimately, I think we’re finally on a more constructive path. Following the financial crisis, […]

    Profit Flat, Premium Falls at Allianz Life

    {February 16th, 2018} by Cyril Tuohy

    Allianz Life Insurance Co. of North America, one of the biggest life and annuity sellers in the U.S., ended 2017 with an operating profit of $1.18 billion compared to $1.06 billion in 2016, the company reported Friday. Total premium, hit hard by regulatory changes and low interest rates, fell 16 percent to $11 billion last […]

    3 Ways Life Insurers May Be Doing Fee-Based Products All Wrong

    {February 16th, 2018} by Allison Bell

    Insurers have kept the press release wires burning in recent years with announcement after announcement about the launch of new, fee-based life insurance and annuity products. LIMRA reported in November that, in the third quarter of 2017, actual sales of fee-based indexed annuities accounted for just $48 million of the $14 billion in indexed annuity sales recorded that […]

    A.M. Best Comments on Credit Ratings of Gerber Life Insurance Company Following Strategic Announcement

    {February 15th, 2018} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has commented that the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” of Gerber Life Insurance Company (Gerber Life) (White Plains, NY) remain unchanged following an announcement regarding its potential sale made during the Nestlé, S.A. (Nestlé) (Switzerland) [Swiss: NESN] earnings call on Feb. 15, […]

    Scottrade Charged Under DOL Fiduciary Rule in Massachusetts

    {February 15th, 2018} by Melanie Waddell

    The Massachusetts Securities Division charged Scottrade on Thursday with violating the impartial conduct standards laid out in the Labor Department’s fiduciary rule, which took effect on June 9, 2017. Commonwealth Secretary William Galvin, the state’s top securities regulator, charged the broker-dealer with “dishonest and unethical activity and failure to supervise” for conducting sales contests that […]

    Despite DoL Delay, The Push For Higher Fiduciary Standard Gains Steam

    {February 15th, 2018} by Rich Blake

    Over the next year, a fierce debate will play out across the country. It will involve state and federal regulators, financial institutions and their lobbyists, as well as consumers and advocacy groups, all weighing in on a crucial question: What level of responsibility needs to be borne by dispensers of financial advice and services? At […]

    Lau Launches Network To Bring RIAs Commission-Free Insurance Products

    {February 15th, 2018} by Christopher Robbins

    The co-creator of an RIA-friendly variable annuity is planning to launch an entire series of commission-free insurance products for fiduciary advisors. David Lau, a former Jefferson National executive, founded DPL Financial Partners as an RIA insurance network to connect the nation’s top insurance carriers with fiduciary advisors. “Insurance is an important piece to a financial […]

    Angelia Holthaus, Pearse McCormack Promoted at W&S Financial

    {February 15th, 2018} by W&S Financial Group

    CINCINNATI – Feb. 15, 2018 – W&S Financial Group Distributors, Inc., wholesale distributor of annuities and life insurance from Western & Southern Financial Group (Western & Southern) member companies, has made two key management appointments. Angelia (Angie) Holthaus, CRPC®, has been promoted to vice president of relationship management for financial institutions and broker-dealers. She replaces […]

    The Hartford Reports Fourth Quarter And Full Year 2017 Financial Results And Announces 2018 Outlook For Selected Business Metrics

    {February 15th, 2018} by The Hartford

    HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford (NYSE: HIG) reported a fourth quarter 2017 net loss of $3.7 billion compared with a net loss of $81 million in fourth quarter 2016. The fourth quarter 2017 net loss resulted from a $3.1 billion loss on discontinued operations related to the previously-announced agreement to sell Talcott Resolution, the company’s life […]

    FBL Financial Group Reports Fourth Quarter and Full Year 2017 Results

    {February 15th, 2018} by FBL Financial Group

    FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the fourth quarter of 2017 of $108.5 million, or $4.33 per diluted common share, compared to $26.9 million, or $1.07 per diluted common share, for the fourth quarter of 2016. Non-GAAP operating income(1) totaled $24.8 million, or $0.99 per common share, […]

    AIG Reports Fourth Quarter 2017 Results

    {February 15th, 2018} by American International Group, Inc.

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE:AIG) today reported a net loss of $6.7 billion, or $7.33 per share, for the fourth quarter of 2017, compared to a net loss of $3.0 billion, or $2.96 per share, in the prior-year quarter. The fourth quarter of 2017 net loss included a charge of $6.7 billion related […]

    Pacific Life Named One of the 2018 World’s Most Ethical Companies

    {February 15th, 2018} by Pacific Life

    NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today it has been named one of the 2018 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. As one of only three honorees in the life insurance industry, the acknowledgement underscores the company’s continued commitment to […]

    Principal Once Again Named One of the World’s Most Ethical Companies

    {February 15th, 2018} by Principal Financial Group

    DES MOINES, Iowa–(BUSINESS WIRE)–For the eighth time, Principal Financial Group® is one of the World’s Most Ethical Companies. Principal® is one of only 135 companies globally chosen by Ethisphere Institute for this recognition and one of five in the financial services category. The 2018 class of honorees had record levels of involvement with their stakeholders and their communities […]

    Prudential Financial named one of the World’s Most Ethical Companies by the Ethisphere Institute for fourth consecutive year

    {February 15th, 2018} by Prudential Financial, Inc.

    NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE:PRU) has been named a 2018 World’s Most Ethical Company®by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. This is the fourth consecutive year that Prudential has received this recognition, which is bestowed on organizations that demonstrate a culture of ethics and […]

    Athene Holding Ltd. to Announce Fourth Quarter and Full-Year 2017 Financial Results on February 21

    {February 15th, 2018} by Athene Holding Ltd.

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, today announced it will release financial results for the fourth quarter and full-year 2017 after the market closes on Wednesday, February 21, 2018. The news release and fourth quarter Financial Supplement will be available on the ir.athene.comwebsite. A conference call and […]

    MetLife CFO John Hele Provides Fourth Quarter and Full Year 2017 Financial Update Video

    {February 15th, 2018} by MetLife

    NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE:MET) today announced that Executive Vice President and Chief Financial Officer John Hele has provided a fourth quarter and full year 2017 financial update video. The video can be viewed on the Company’s website, https://www.metlife.com/about-us/newsroom/#video. About MetLife MetLife, Inc. (NYSE: MET), through its subsidiaries and affiliates (“MetLife”), is one of the world’s […]

    A.M. Best Affirms Credit Ratings of Principal Financial Group, Inc. and Its Subsidiaries

    {February 15th, 2018} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Principal Life Insurance Company and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [Nasdaq: PFG].These companies are collectively referred to as Principal and are headquartered in Des […]

    Best’s Special Report: U.S. Life/Health Sector Credit Rating Upgrades Outpace Downgrades in 2017

    {February 15th, 2018} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The number of Long-Term Issuer Credit Rating (Long-Term ICR) upgrades for the U.S. life/health industry outpaced downgrades in 2017, a turnaround from the previous two years when downgrades eclipsed upgrades, according to a new A.M. Best report. The Best’s Special Report, titled, “Life/Health Sector Rating Upgrades Outpace Downgrades in 2017,” states that the change in direction […]

    A.M. Best Affirms Credit Ratings of Lincoln National Corporation and Its Key Subsidiaries

    {February 15th, 2018} by Lincoln National Life Insurance Company

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY), which are the key life/health insurance subsidiaries of Lincoln National Corporation (LNC) (headquartered in Radnor, PA) […]

    Allianz Life Named to Fortune 100 Best Companies to Work For List

    {February 15th, 2018} by Allianz Life

    MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) today announced that it has been named to the 2018 Fortune 100 Best Companies to Work For list for the seventh consecutive year, earning its best ranking since joining the list. Allianz Life is number 40 on the list, moving up 60 spots from 2017. In the […]

    Great American Life Partners with Industry Leader Quovo to Provide Enhanced Data for #1 Selling Fee-Based Fixed-Indexed Annuity

    {February 15th, 2018} by Great American Insurance Group

    CINCINNATI–(BUSINESS WIRE)–Great American Life® announced a partnership with Quovo to integrate data for its fee-based annuity with the industry-leading account aggregation service. Hundreds of investment advisory firms and thousands of advisors use Quovo to connect account data from over 14,000 financial institutions to gain a holistic view of their clients’ financial portfolios. This partnership enables advisors […]

    Brighthouse Boosts 4Q Reserves by $38M for MetLife-Related Group Annuities

    {February 15th, 2018} by Cyril Tuohy

    Brighthouse Financial, which MetLife spun off in August, hiked reserves by $38 million in the fourth quarter to cover 14,000 group annuitants administered by its former parent company, Brighhouse executives said Tuesday. Despite the reserve increase, the Brighthouse retail annuity business that is administered by MetLife won’t be affected, said Brighthouse president and CEO Eric […]

    A.M. Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates

    {February 15th, 2018} by Jackson National Life

    OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has affirmed Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company (collectively referred to as the Jackson […]

    John Hancock responds to questions about West Warwick’s 50-year-old annuity

    {February 15th, 2018} by Walt Buteau

    WEST WARWICK, R.I. (WPRI) — The investment company for a mysterious 50-year-old retirement fund in West Warwick has reached out to the town to discuss the issue, which has angered several retired police officers, firefighters and widows who believe they have a stake in the fund. The dispute started when retired police officer Kevin O’Connell […]

    Bankers Life Suffers Faces Sophomore Agent Slump

    {February 14th, 2018} by Allison Bell

    Problems with hanging on to new agents may be hurting sales at Bankers Life, a major unit of CNO Financial Group Inc. Bankers Life managed to keep most agents with three or more years of experience in the fourth quarter of 2017. The unit had 1,863 three-year agents in that quarter, down just 0.6% from […]

    Protective Life bonuses garners attention from Sanders, Shelby, Ivey

    {February 14th, 2018} by William Thornton

    Protective Life’s announcement that it is giving bonuses and increasing the company’s minimum wage is getting national attention. On Tuesday, the Birmingham-based company announced it is giving a special $1000 bonus to about 75 percent of its employees. Protective Life is also establishing a minimum wage across its employee base of $15 per hour. The company said […]

    Leverage Life Insurance When Planning for Longevity

    {February 14th, 2018} by Rod Rishel

    Football’s Big Game played this month to an estimated audience of 111.3 million.1 Nearly twice as many people – 88 percent of the adult American population – watched the Great American Solar Eclipse on Aug. 21, 2017 in some fashion.2Yet, only about 20 percent of American workers have tried to figure out how much they’ll need […]

    Cetera Announces Reorg, Taps New Leaders

    {February 14th, 2018} by Janet Levaux

    Cetera Financial Group says it is reorganizing its businesses into two channels and has both promoted and hired new leadership to support this strategy. Catherine Bonneau, formerly CEO of Cetera Financial Institutions, is now COO of the Cetera Financial Group. Mimi Bock, the former head of national sales and consulting at LPL Financial, is president of Cetera […]

    Clients Rate Top Financial Services Firms in 13 Categories

    {February 14th, 2018} by Emily Zulz

    Customers of top financial services performers reveal who they love in Hearts & Wallets’ annual national customer satisfaction rating report. More than 5,000 U.S. households rate their top two financial providers on service and pricing performance in the report, “Wants & Pricing: Helping Customers Purchase What They Want in Saving and Investing.” The report focuses on […]

    NAIC Finding Little Support for Best-Interest Annuity Model

    {February 14th, 2018} by John Hilton

    The National Association of Insurance Commissioners’ draft best-interest model law for annuity transactions is at the center of a fierce debate in the insurance world. The NAIC Annuity Suitability Working Group accomplished a significant goal in 2017 by completing its Annuity Transactions Model Regulation. The regulation is seen as a bid to transition annuity sales […]

    Life insurance ‘advice’ in an era of fake news: Blog

    {February 14th, 2018} by Barry Flagg

    Fake news is an opinion presented as if it were fact. It’s driven by both the high demand for content to fill the 24-hour news cycle on hundreds of cable channels and the supply of content from anyone with an opinion they can present in a blog or video on social media without regard for […]

    Why Life Insurance Has to Be Part of Your Wealth-Building Plan: Opinion

    {February 14th, 2018} by Mark J. kohler

    Opinions expressed by Entrepreneur contributors are their own. The following excerpt is from Mark J. Kohler and Randall A. Luebke’s book The Business Owner’s Guide to Financial Freedom.  Every day, life insurance companies pay death benefits to the beneficiaries of their policies, providing them with needed and certainly welcome funds. In essence, life insurance provides leverage: You pay a relatively […]

    Big I Criticizes NAIC Draft on Best Interest Conduct Standard for Annuities Transactions

    {February 14th, 2018} by Best's News Service

    The Independent Insurance Agents and Brokers of America opposes proposed changes made by a National Association of Insurance Commissioners’ draft to the group’s annuity suitability model, which would include a best interest standard of conduct for annuities transactions, arguing it would cause market uncertainty and increased costs. Click HERE to read the full story via […]

    Exclusive: Manulife mulls U.S. asset sales, rejects John Hancock IPO

    {February 14th, 2018} by John Tilak, David French

    TORONTO/NEW YORK (Reuters) – Manulife Financial Corp (MFC.TO) is weighing the sale of a number of U.S. insurance assets after conducting a strategic review of its U.S. operations including John Hancock, people familiar with the plans told Reuters this week. Canada’s biggest insurer has decided not to pursue an initial public offering or an outright […]

    Wall St blames turmoil on insurers’ volatility strategy

    {February 14th, 2018} by Alistair Gray and Robin Wigglesworth

    Wall Street is pointing the finger at insurance companies as an unlikely but pivotal source of the turbulence that wiped trillions of dollars off stock market values in recent days. While complex volatility-linked funds and algorithmic traders have been widely blamed for the wild price swings, strategists and investors said a significant portion of the […]

    7 Objections to the States’ Annuity Sales Standard Proposal

    {February 13th, 2018} by Allison Bell

    The groups that represent annuity makers, distributors and buyers spent years roasting U.S. Department of Labor officials over the DOL’s fiduciary rule. Now that the DOL has put enforcing the rule’s implementation guidelines on hold for at least 18 months, a team at the National Association of Insurance Commissioners is getting the angry comment letters. Click HERE to […]

    Jackson Life is closing its 450-worker Denver Tech Center office after 20 years

    {February 13th, 2018} by Monica Mendoza

    By Monica Mendoza  –  Reporter, Denver Business Journal Feb 12, 2018, 5:53pm MST Updated 2 hours ago   Jackson National Life Insurance Co. is closing its Denver office by the end of 2018, a spokeswoman for the company confirmed Monday night. The Lansing, Michigan-based company has a Denver Tech Center office at 7601 Technology Way in south Denver, where it […]

    Jackson National Life will shut down its Denver office by the end of year, move local jobs

    {February 13th, 2018} by Joe Rubino

    Jackson National Life Insurance Co. will shut down its Denver operations by the end of this year, company representatives said, taking what is likely to add up to hundreds of jobs with it as it leaves the state. “Reduced staffing needs” locally are driving the impending closure, Jackson spokeswoman Melissa Hernandez told The Denver Post in […]

    Voya Financial Announces Fourth-Quarter and Full-Year 2017 Results

    {February 13th, 2018} by Voya

    Board of Directors Authorizes an Additional $500 Million of Share Repurchases NEW YORK–(BUSINESS WIRE)– Voya Financial, Inc. (NYSE: VOYA) today announced financial results for the fourth-quarter and full-year 2017. On Dec. 21, 2017, Voya Financial announced that it had entered into an agreement whereby it will divest substantially all of its Closed Block Variable Annuity (CBVA) segment and its Annuities business. As a […]

    Brighthouse Financial Announces Fourth Quarter 2017 Results

    {February 13th, 2018} by Brighthouse Financial

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial”) (Nasdaq: BHF) announced today its financial results for the fourth quarter ended December 31, 2017. Fourth Quarter 2017 Results The company reported net income of $668 million in the fourth quarter of 2017, or $5.58 on a per share basis, compared to a net loss of $1,765 million […]

    Who Do You Love?

    {February 13th, 2018} by Hearts & Wallets

    Customers of Financial Services Firms Reveal Top Performers That Win their Hearts (Feb. 13, 2018, Rye, NY) – Customers of top financial services performers reveal who they love in the eighth annual Hearts & Wallets national customer satisfaction rating in a new report by Hearts & Wallets, the source for retail investor data and insights. […]

    New York Life launches new Whole Life Insurance product.

    {February 13th, 2018} by New York Life

    NEW YORK, February 12, 2018 — New York Life, America’s largest mutual life insurer, today introduced Value Whole Life, a new lower-premium whole life product that gives policy owners guaranteed cash value with eligibility to receive future dividends.  “Our Value Whole Life product is one of the most competitive products on the market and provides access […]

    Securian Launches Financial Wellness 360™ to Help Reduce Employees’ Financial Stress

    {February 13th, 2018} by Securian Financial Group

    February 12, 2018 10:00 AM Eastern Standard Time ST. PAUL, Minn.–(BUSINESS WIRE)–To help employees turn their finances from a source of stress into long-term success, Securian Financial Group has launched Financial Wellness 360™—a multi-faceted financial wellness program designed to inspire, educate and encourage employees to make lasting financial behavior changes. Available to all current and […]

    Lincoln Financial Group Bolsters Suite of Protection-Focused Life Insurance Offerings

    {February 13th, 2018} by Lincoln Financial Group

    February 12, 2018 09:44 AM Eastern Standard Time RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group today expanded its suite of protection-focused life insurance offerings, introducing Lincoln WealthPreserve® Indexed Universal Life (IUL). Lincoln WealthPreserve IUL offers affordable death benefit protection, providing beneficiaries the financial security of an asset that transfers to them income tax-free, while providing the flexibility to meet life’s […]

    Windsor Heights man faces federal charges for phony life insurance policies

    {February 13th, 2018} by Stephen Gruber-Miller

    A Windsor Heights man is accused of selling fraudulent life insurance policies and other investments and using the money for his personal expenses. Roger Duane Goodwin, 59, was charged with seven counts of mail fraud in federal court on Jan. 23, according to a news release from the office of U.S. Attorney Marc Krickbaum. Authorities […]

    Cetera creates ‘traditional’ and ‘specialty’ channels for its six B-Ds

    {February 13th, 2018} by InvestmentNews

    Cetera Financial Group has reorganized its six broker-dealers into two “channels” — traditional and specialty. The traditional channel consists of Cetera Advisors, First Allied Securities and Summit Brokerage Services. Brett Harrison, now CEO of Cetera Advisors, will lead the channel. Click HERE to read the full story via InvestmentNews; registration required. 

    Prudential Adjusts Life Sales Mix

    {February 13th, 2018} by Allison Bell

    Prudential Financial Inc. is trying to hold down the level of guarantee risk linked to the U.S. individual life insurance policies it sells. The Newark, New Jersey-based company let sales of variable life insurance policies increase to $55 million in the fourth quarter of 2017, from $25 million for the fourth quarter of 2016. Sales of universal life […]

    American Equity Broadens Appeal of FIA Through Fee Options

    {February 13th, 2018} by Cyril Tuohy

    American Equity Investment Life Holding Co., a top seller of fixed indexed annuities (FIAs), broadened the appeal of a core product line with the announcement of a new guaranteed lifetime income-focused fixed indexed annuity (FIA) with fee options. The FIA, to be launched next month, will be sold only through independent marketing organizations and independent […]

    Genworth Faces Deal Resistance in Delaware

    {February 13th, 2018} by Allison Bell

    Genworth Financial Inc. says the Delaware Department of Insurance is one of the regulatory agencies slowing its efforts to sell itself to China Oceanwide Holdings Group Ltd. Genworth needs a large amount of cash to handle debts maturing in May. Because regulators are taking so long to approve the China Oceanwide deal, and delaying Genworth’s […]

    Buffer annuities grow in popularity

    {February 13th, 2018} by Jamie Johnson

    Buffer annuities, also known as structured or [indexed-variable annuities], are starting to gain traction. These products, a cross between indexed and variable annuities, have seen sales surge, as several other annuities have seen sales retreat. The Insured Retirement Institute, in its state of the industry report published in December, went so far as to say buffer annuities are […]

    Insurance Trade Negotiation Bill May Split Industry

    {February 13th, 2018} by Allison Bell

    Debate over H.R. 4537, an international insurance trade negotiations bill, could shake up the usual insurance community lobbying alliances. H.R. 4537, the “International Insurance Standards Act of 2017” bill, would: Require insurance trade deal negotiators to oppose proposals that conflict with U.S. laws. Require trade negotiators to consult with state insurance commissioners and Congress before making insurance […]

    What Role Will Robo-Advisors Play in the Financial Services Industry?

    {February 13th, 2018} by Paul Conley

    This year marks the 10th anniversary of the launch of Betterment and the birth of the robo-advisor craze. At the one-decade mark, the future of robo-advisors seems assured, but the specifics of how they will interact with other segments of the financial services industry remains unclear. Multiple approaches have taken hold. There are independent robo-advisors; […]

    Kitces: Why advisors make the grumpiest business owners

    {February 13th, 2018} by Michael Kitces

    Many advisors want to grow their business. Yet there’s a subset within the RIA community whose biggest challenge is not growth, but misery — namely, their own. Unhappiness seems particularly prevalent among firms managing between approximately $100 million and $300 million of AUM — a subcategory of firms I call “accidental business owners.” Though these […]

    Global Insurance Symposium Announces Keynotes Dr. Robin Kiera, Dr. Anya Prince Addressing Digital Disruption, Genomics

    {February 12th, 2018} by Global Insurance Symposium

    DES MOINES, Iowa, Feb. 12, 2018 /PRNewswire/ — International leaders in insurance and technology will headline the 2018 Global Insurance Symposium held in Des Moines, Iowa, on April 24-26. Both speakers will bring unique insights on cutting-edge ideas and challenges facing traditional insurance companies, insurtech, startups, and industry professionals. Hailing from Hamburg, Germany, Dr. Robin Kiera is one of the most influential thought leaders […]

    Former Sammons Financial Group Chairman and CEO Jack Watson Passes Away

    {February 12th, 2018} by Sammons Financial Group

    CHICAGO, Feb. 12, 2018 (GLOBE NEWSWIRE) — Former Sammons Financial Group (SFG) Chairman and CEO John C. “Jack” Watsonpassed away on January 24, 2018. Watson joined Midland National Life Insurance Company, a subsidiary of Sammons Enterprises, Inc., in 1992 as President, Chief Executive Officer and Chairman. Four years later, Sammons Financial Holdings (later renamed Sammons Financial Group) was established to […]

    Insurance Commissioners Are Crafting Their Own Best Interest Standard

    {February 12th, 2018} by Rita Raagas De Ramos

    The National Association of Insurance Commissioners has produced its own proposal for a best interest standard for annuities, while uncertainty remains over the final content of the Department of Labor’s fiduciary rule and whether the SEC will come up with a rule with a wider reach in terms of the types of advisors and products addressed. The comment period for the NAIC’s […]

    Ohio National announces increased earnings and strong 2017 financials

    {February 10th, 2018} by Ohio National

    February 09, 2018 15:11 ET |  Source: Ohio National Financial Services     CINCINNATI, Feb. 09, 2018 (GLOBE NEWSWIRE) — Ohio National Financial Services today announced a 2.7 percent increase in 2017 core earnings and released positive 2017 financial results. Maintaining its highest levels of GAAP equity (including and excluding mark-to-market) and assets under management, Ohio National finished […]

    Prudential Says Number of Annuity Clients It Can’t Find Is Small

    {February 9th, 2018} by Katherine Chiglinsky

    Prudential Financial Inc. said the amount of annuity clients that it’s had trouble locating is small after rival MetLife Inc. said it would take a charge tied to losing track of some customers. “Given the size and the age of our block of business, there are inevitably some customers we can’t locate for a number […]

    Here’s Why Baby Boomers Need Advisors

    {February 8th, 2018} by Michael S. Fischer

    In a recent survey about retirement risks, only one in three baby boomers expected to have sufficient income to last through retirement. Even those with a source of lifetime income were worried, with 56% expressing concern or extreme concern about outliving their savings. Annexus, which designs fixed indexed annuities, life insurance and other index-based wealth management products, […]

    For RIAs, A Vexing Insurance Dilemma

    {February 8th, 2018} by Cyril Tuohy

    A large majority of registered investment advisors (RIAs) offer clients insurance planning. But nearly half of all RIAs refer their insurance business to an outside insurance agent or specialist, a new benchmarking survey has found. While 88 percent of RIA respondents said they offer insurance planning in some form, 49 percent refer the insurance piece […]

    American Equity Reports Fourth Quarter and Full Year 2017 Results

    {February 8th, 2018} by American Equity

    Company Highlights Fourth quarter 2017 net income of $36.8 million or $0.41 per diluted common share; Full year 2017 net income of $174.6 million or $1.93 per diluted common share Fourth quarter 2017 non-GAAP operating income1 of $74.5 million or $0.82 per diluted common share; Full year 2017 non-GAAP operating income1 of $285.1 million or $3.16 per diluted common share Fourth quarter 2017 annuity sales of $1.0 billion Policyholder […]

    Queries Spike For Annuities With Life-Only Guarantees

    {February 8th, 2018} by Cyril Tuohy

    Queries for life-only guarantees on income annuities rose to 26 percent of all queries last year from 22.4 percent in 2016. This comes as advisors value a higher payout over a death benefit, an annuity data tracking service has found. In 2015, only 20.5 percent of advisor queries were for life-only guarantees on income annuities, […]

    Genworth, Oceanwide renew application for $2.7 billion merger assent

    {February 7th, 2018} by Reuters Staff

    NEW YORK (Reuters) – Genworth Financial Inc (GNW.N) said Tuesday its application for assent to a takeover by China Oceanwide Holdings Group Co Ltd (000046.SZ) had been refiled, after agreeing changes the duo hope will alleviate U.S. regulatory concerns. The transaction, first announced in October 2016 and valuing the U.S. insurer at $2.7 billion, has […]

    Massachusetts Floats Fee Table Requirement for Advisors

    {February 7th, 2018} by Melanie Waddell

    The Massachusetts Securities Division wants advisors registered in the state to provide feedback on a proposed rule requiring them to create a fee table for their clients. “It is not uncommon today for consumers to pay different types of fees for advisory services, including retainer fees, subscription fees, or third-party robo-advisor fees,” said Commonwealth Secretary […]

    LIMRA Launches 2018 Rising Stars Contest to Recognize Up and Coming Leaders in Distribution

    {February 7th, 2018} by LIMRA

    WINDSOR, Conn., Feb. 6, 2018 – LIMRA is now accepting nominations for its third annual Distribution Rising Stars contest. The contest will recognize 10 professionals under 40 who demonstrate leadership and innovation, supporting distribution within LIMRA member companies. “Distribution channels within the financial services industry are evolving at breakneck speeds. Recognizing young talent who are […]

    Millennials Making Financial Progress, but Efforts Thwarted by Influence of Social Media

    {February 7th, 2018} by Allianz Life

    MINNEAPOLIS – Feb. 6, 2018 – Millennials are often labeled as being financially irresponsible, spending too much on frivolous things or experiences, but they are actually positioning themselves to be in better financial shape than other generations, according to the Generations Ahead Study* from Allianz Life Insurance Company of North America (Allianz Life®). The study […]

    NAIFA Acquires Iowa-Based Association Management Firm

    {February 7th, 2018} by Allison Bell

    The National Association of Insurance and Financial Advisors (NAIFA) has acquired The Grassley Group, an association management firm that has been helping four local NAIFA chapters manage their operations. NAIFA is based in Falls Church, Virginia, and The Grassley Group has been based in Cedar Falls, Iowa. Click HERE to read the original story via ThinkAdvisor. NAIFA is […]

    Prudential Financial, Inc. Announces 2017 Results

    {February 7th, 2018} by Prudential

    Net income attributable to Prudential Financial for 2017 of $7.863 billion or $17.86 per Common share versus $4.368 billion or $9.71 per share for 2016. After-tax adjusted operating income of $4.652 billion or $10.58 per Common share for 2017 versus $4.107 billionor $9.13 per share for 2016. Fourth quarter 2017 net income attributable to Prudential Financial of $3.765 billion or $8.61 per Common share versus $284 million or 65 cents per share for year-ago quarter. Fourth quarter 2017 after-tax adjusted operating income […]

    5 Things Blackstone Says About Feeding the Annuity Issuers

    {February 6th, 2018} by Allison Bell

    A big money manager has come up with a way to get bigger, fast: offer insurers new types of investment vehicles that can help them survive in an age of low yields on high-rated corporate bonds. Executives from the Blackstone Group L.P. talked about that strategy last week, during a conference call with securities analysts. […]

    A.M. Best Upgrades Credit Ratings of Global Atlantic Financial Group Limited and Its Subsidiaries

    {February 6th, 2018} by Best's News Service

    FOR IMMEDIATE RELEASE OLDWICK – JANUARY 31, 2018 A.M. Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) to “a” from “a-” of Commonwealth Annuity and Life Insurance Company (Brighton, MA), its subsidiaries, First Allmerica Financial Life Insurance Company(Brighton, MA), Forethought Life Insurance Company (Indianapolis, IN), Accordia Life and Annuity […]

    AXA Enhances Indexed Universal Life Product

    {February 6th, 2018} by AXA Equitable

    NEW YORK–(BUSINESS WIRE)–AXA Equitable, a leading financial protection company, announced today it has enhanced its indexed universal life product, IUL Protect, with a new feature that can potentially pay clients more as interest rates increase. IUL Protect now includes an Extra Interest Credit feature, which increases as interest rates rise, delivering direct cash value to […]

    WealthVest and Colorado Bankers Life Insurance Company® Kick off Partnership

    {February 6th, 2018} by Colorado Bankers Life Insurance Company

    BOZEMAN, MONT. (PRWEB) FEBRUARY 05, 2018 Colorado Bankers Life Insurance Company (CBLife) and WealthVest are working together to meet the needs of customers and provide them with insurance products to help with protection for today and asset accumulation for tomorrow. CBLife has entrusted WealthVest with the distribution of its Multi-Year Guarantee Annuity available in banks and […]

    The latest in financial adviser #FinTech, Blog

    {February 6th, 2018} by Michael Kitces

    Welcome to the February 2018 issue of the Latest News in Financial Adviser #FinTech – where we look at the big news, announcements, and underlying trends and developments that are emerging in the world of technology solutions for financial advisers and wealth management! Click HERE To view #FinTech

    Sen. Warren Spars With SEC Chief on Fiduciary Rule Status

    {February 6th, 2018} by Melanie Waddell

    Sen. Elizabeth Warren, D-Mass., used a Tuesday Senate Banking Committee hearing on oversight of the cryptocurrency market to take Securities and Exchange Commission chief Jay Clayton to task over the agency’s upcoming fiduciary rule proposal. Here’s their exchange:   Warren: “Can you state to this committee that any rulemaking you do on this topic will not […]

    Mutual drops life insurance agencies in New York

    {February 6th, 2018} by Steve Jordan, World Herald

    Mutual of Omaha is ending life insurance and annuity sales by agents and brokers in New York state and closing four sales offices of its Companion Life Insurance Co. there at the end of March. The move will cost 65 agents — 30 of them full-time and the others part-time, semi-retired or inactive — their […]