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Archive for August 2020

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  • SECOND QUARTER 2020 LIFE INSURANCE SALES

    {August 31st, 2020} by Sheryl J. Moore

    Non-Variable UL Sales for the second quarter of 2020 were $642 million, compared with sales of $886 million for the second quarter of 2019. Second quarter non-variable life sales were down nearly 17% when compared to the previous quarter and down nearly 28% as compared to the same period last year. Indexed Life Sales for […]

    Wink, Inc. Releases 2nd Quarter, 2020 Deferred Annuity Sales Results

    {August 27th, 2020} by News Release

      — FOR IMMEDIATE DISTRIBUTION —   NEWS RELEASE   TOP SELLER OF INDEXED ANNUITIES LOSES RANKING AFTER A DECADE OF LEADING Wink, Inc. Releases 2nd Quarter, 2020 Deferred Annuity Sales Results Des Moines, Iowa. August 26, 2020– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. […]

    SECOND QUARTER 2020 ANNUITY SALES

    {August 26th, 2020} by Sheryl J. Moore

    Deferred Annuity Sales Total 2Q2020 deferred annuity sales were $45,910,530,107. Second quarter deferred annuity sales were down nearly 13% when compared to the previous quarter.                       Non-Variable Deferred Annuity Sales Total 2Q2020 non-variable deferred annuity sales were $25,782,614,323. Second quarter non-variable deferred annuity sales were […]

    AM Best Affirms Credit Ratings of Sammons Financial Group, Inc. and Its Subsidiaries

    {August 26th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Midland National Life Insurance Company (Midland National) and North American Company for Life and Health Insurance (North American) (both domiciled in West Des Moines, IA). In addition, AM Best has affirmed the […]

    Advisers might be warming to annuities: Report

    {August 26th, 2020} by Emile Hallez

    The COVID-19 crisis could make 2020 the year when some advisers learn to like annuities and others are reminded why they considered them in the past, according a recent report from Cerulli Associates. Click HERE to read the full story via InvestmentNews

    Transamerica Supports Derecho Recovery Efforts in Cedar Rapids

    {August 26th, 2020} by Transamerica

    BALTIMORE, Aug. 19, 2020 /PRNewswire/ — Transamerica announced today that the Aegon Transamerica Foundation has approved a grant of $250,000 to United Way of East Central Iowa to support recovery efforts after a powerful line of storms, known as a derecho, swept through the Midwest on August 10. The storm caused significant damage to homes and buildings and left more than […]

    AM Best Affirms Credit Ratings of National Western Life Group, Inc. and Its Subsidiaries

    {August 26th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of National Western Life Insurance Company (NWLIC) (Centennial, CO). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Ozark National Life Insurance Company (Ozark) […]

    AM Best Affirms Credit Ratings of American International Group, Inc. and Most Subsidiaries; Downgrades Issuer Credit Ratings of Life/Health Subsidiaries

    {August 26th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Long-Term Issuer Credit Rating (Long-Term ICR) of “bbb” of American International Group, Inc. (AIG) (headquartered in New York, NY) [NYSE: AIG]. AM Best also has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term ICRs of “a” of its property/casualty insurance subsidiaries (collectively referred to as […]

    Top Texas Insurance Regulator to Give Up Post in September

    {August 26th, 2020} by Allison Bell

    Kent Sullivan, the Texas insurance commissioner, says he’ll be giving up that post in September and returning to the private sector. Sullivan has not yet said what he expects to do in the private sector. In Texas, the governor appoints the insurance the commissioner. Texas Gov. Greg Abbott, a Republican, appointed Sullivan to be commissioner […]

    Lindberg gets more than 7 years for trying to bribe elected official; says he’ll appeal

    {August 26th, 2020} by MICHAEL GORDON AND AMES ALEXANDER

    Greg Lindberg, the billionaire businessman at the heart of one of North Carolina’s worst government corruption scandals, will spend more than seven years in prison, a federal judge ruled Wednesday in Charlotte. U.S. District Judge Max Cogburn also ordered Lindberg to pay a $35,000 fine and placed him on three years’ probation for his scheme […]

    Are Your Clients Ready For Retirement?

    {August 26th, 2020} by Julie Stewart

    Baby boomers should have at least $1 million of investable assets to generate adequate income for the duration of their life expectancy, according to a report by the Insured Retirement Institute. Note, that figure doesn’t even include Social Security benefits. Are Your Clients Ready For Retirement? In order to effectively assist your clients in designing a retirement plan that allows […]

    RILAs Take The FIA Road In This Crisis

    {August 26th, 2020} by Steven A. Morelli

    Consumers are rushing to safety as they did early in the Great Recession, but they are running toward different products during this economic downturn – and that trend is likely to continue even in this ultralow rate environment. That is one of the projections to expect from Todd Giesing, senior director, annuity research, Secure Retirement […]

    How To Build Your Own Retirement Paycheck

    {August 26th, 2020} by Stephen Chen

    As the CEO of a company whose mission is to help people secure retirement, I am obsessed with the unintended consequences of retirement planning and advice that focuses more on assets than income.  It makes sense that the companies that produce this advice and manage the assets, from brokerages like Fidelity and Schwab to robo-advisors […]

    “Why NOW is THE BEST Time to be Selling Annuities”

    {August 26th, 2020} by Sheryl J. Moore

    If you are looking for an opportunity to get pumped-up and hear what’s going on in the annuity business, you HAVE TO check this out! Vision Sales Forum Day 1. Monday, September 21, 2020.  2:00 P.M.  “Why NOW is THE BEST Time to be Selling Annuities” -Sheryl Moore, President & CEO Moore Market Intelligence Click […]

    Principal Financial’s Dan Houston on biggest risks and predictions for the COVID-19 pandemic

    {August 26th, 2020} by Fortune On Demand

    Houston says liquidity and listening to employee concerns has helped Principal weather the crisis so far. ……………………………………………………………………………………………………………………………………………………….     Click HERE to view via FORTUNE

    Two Cheers for DOL’s Lifetime Income Disclosure

    {August 26th, 2020} by Kerry Pechter

    The Department of Labor has issued a 112-page “interim final rule”—still subject to amendment in response to public comment, but final if not amended—that implements legislation requiring defined contribution plans to include “lifetime income illustrations” in an annual plan benefit statement. Click HERE to read the full story via RIJ

    Greg Lindberg Sentenced To 87 Months In Prison For Bribery

    {August 26th, 2020} by Staff Reports

    Insurance magnate and billionaire Greg Lindberg was sentenced to more than seven years in prison Wednesday for orchestrating a bribery scheme involving independent expenditure accounts and improper campaign contributions. Lindberg, 50, of Durham, N.C., the founder and chairman of Eli Global and the owner of Global Bankers Insurance Group, was sentenced to 87 months in […]

    Annuities: Offering Protection In A COVID-Crazy World

    {August 26th, 2020} by Ryan Skinner

    Will I run out of money? Do I run the risk of losing my savings due to outside factors? It is no secret that these are two of the main questions facing those approaching or considering retirement, even more so considering the COVID-19 pandemic. Click HERE to read the full story via INN     […]

    Life Happens Launches COVID-19 Financial Relief Scholarship for U.S. Students

    {August 26th, 2020} by Life Happens

    ARLINGTON, Va., Aug. 19, 2020 /PRNewswire/ — Life Happens, a nonprofit dedicated to educating consumers about the importance of life insurance and other related products, launches a COVID-19 Relief Scholarship, an extension of its annual Life Lessons Scholarship Program, to provide financial aid to college or college-bound students in the U.S. who have experienced the death of a […]

    COVID-19 Raises Importance of Life Insurance and Drives Consumer Purchase Intent, Study Shows

    {August 26th, 2020} by Lincoln Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–As a result of COVID-19, more than a third of consumers think life insurance is more important and a similar number say they have or are planning to purchase life insurance according to a new study from Lincoln Financial Group (NYSE:LNC).1 Additionally, the study found that digital options increase the likelihood to purchase life […]

    Security Benefit expands its flexible retirement platform with new App and Enhanced Service Capabilities

    {August 26th, 2020} by Security Benefit

    TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit announced today the expansion of its retirement plan service platform with a broad set of new digital enhancements, among them is its new My Security Benefit app and SmartChoice open architecture platform. The app is now available in the App Store and on Google Play. “While this has been a time when many companies […]

    Parents and Their Adult Children Disagree on Their Future Financial Interdependence as They Think About Navigating Life Beyond COVID-19

    {August 26th, 2020} by New York Life

    New York Life data Suggests an Opportunity to Normalize Intergenerational Financial Conversations August 24, 2020 10:32 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–The COVID-19 pandemic has had a profound impact on all aspects of life and has resulted in significant changes to the way we work, live and think about money. These changes are especially […]

    Accenture Positioned as a Leader in Gartner’s 2020 Magic Quadrant for Life Insurance Policy Administration Systems, North America

    {August 26th, 2020} by Accenture

    NEW YORK–(BUSINESS WIRE)–Accenture (NYSE: ACN) has been positioned as a Leader in Gartner’s “Magic Quadrant for Life Insurance Policy Administration Systems, North America*” report for the Accenture Life Insurance and Annuity Platform (ALIP). According to the report, which evaluated 11 different software vendors on 15 criteria, “As the COVID-19 pandemic has clearly demonstrated, business operating conditions can […]

    AM Best: Low Interest Rates Challenge Life/Annuity Writers (AM BestTV)

    {August 26th, 2020} by AM BestTV

    OLDWICK, N.J.–(BUSINESS WIRE)–In this episode of AMBestTV, Associate Director Jason Hopper and Financial Analyst Igor Bass, both of AM Best, said economic turmoil from the COVID-19 pandemic is creating new challenges for life/annuity writers. Click on http://www.ambest.com/v.asp?v=interestrates820 to view the entire program. Hopper outlined the steps that the life/annuity insurers have taken to de-risk their portfolios, while also describing […]

    Allianz Life Gives $2 Million in Grants to Twin Cities Nonprofits

    {August 26th, 2020} by Allianz Life Insurance Company of North America

    INNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life) announced today that it is making $2 million in grants to nonprofits in the Twin Cities with the goal of helping to address inequities in the community and bring about positive change in the lives of at-risk members of the Twin Cities community, specifically people […]

    TruChoice Financial Group, LLC Appoints Jim Maietta Chief Distribution Officer

    {August 26th, 2020} by TruChoice Financial Group

    MINNEAPOLIS, Aug. 17, 2020 /PRNewswire/ — TruChoice Financial Group, LLC (TruChoice), one of the largest distributors of financial services products in the insurance industry, today announced the appointment of Jim Maietta as Head of Sales/Chief Distribution Officer (CDO), effective Aug. 16, 2020. “This hiring decision is a critical next step in moving our ‘One TruChoice’ vision forward,” said TruChoice President and […]

    3 Things to Ask About Annuities Amid the COVID-19 Pandemic

    {August 26th, 2020} by Dylan Huang

    COVID-19 and its economic aftershocks have raised important questions for Americans preparing to leave the workforce, and surfaced new concerns about their ability to meet the financial demands of retirement. Advisors’ working environment has also changed significantly. Many advisors are adapting to new technology, learning how to maintain connections with current clients or building relationships with […]

    SEC to Take Up Long-Awaited Accredited Investor Definition Changes

    {August 26th, 2020} by Melanie Waddell

    The Securities and Exchange Commission plans to take up Wednesday the long-awaited changes to the agency’s “accredited investor” definition. The securities regulator notes that the amendments “are the product of years of efforts by the Commission and its staff to consider and analyze possible approaches to revising” the definition. Click HERE to read the full story […]

    Advisors’ Advice: You Don’t Have to Major in Business to Be a Financial Planner

    {August 26th, 2020} by Ginger Szala

    Advisors’ academic backgrounds are as varied as the advice they provide and the clients they serve. Many have studied business and finance, but plenty graduated outside that norm and still became successful financial advisors. We recently asked financial advisors, via the Financial Planning Association and the XY Planning Network, what they majored in and how their […]

    Ohio National Financial Services is pleased to announce the addition of the Annual Point-to-Point with S&P 500 (Higher Cap) allocation option to its ONdex fixed indexed annuity (FIA).

    {August 26th, 2020} by Melanie Waddell

    The Labor Department plans to hold a hearing on its proposed fiduciary rule that aims to align with the Securities and Exchange Commission’s Regulation Best Interest, according to a notice in the Federal Register. A Labor spokesperson confirmed to ThinkAdvisor in a late Friday afternoon email message that a hearing is planned. Click HERE to read […]

    ONdex fixed indexed annuity adds higher cap S&P 500® index option

    {August 26th, 2020} by Ohio National Financial Services

    CINCINNATI, Aug. 17, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce the addition of the Annual Point-to-Point with S&P 500 (Higher Cap) allocation option to its ONdex fixed indexed annuity (FIA). The new option may help clients capture more market growth during periods of strong performance, while offering market loss protection […]

    Variable Indexed Annuity Sales Keep the Light On

    {August 26th, 2020} by Allison Bell

    Life insurer support helped keep U.S. sales of individual variable indexed annuities growing in the second quarter, even as sales of all other major types of individual annuities fell. Analysts at the Secure Retirement Institute say, in a summary of new survey data, that overall individual annuity sales fell 24%, to $49 billion. Click HERE to read […]

    Transamerica Foundation Gives $250,000 to Iowa Storm Recovery Efforts

    {August 26th, 2020} by Allison Bell

    The Aegon Transamerica Foundation is giving $250,000 to United Way of East Central Iowa, to help Iowa recover from a derecho that blew through the Midwest Aug. 10, the company announced today. A derecho is a windstorm with wind that blows in a straight line, about as hard as the wind in a hurricane. The Aug. […]

    Interest Rate Assumption Changes Could Be the New Monster

    {August 26th, 2020} by Allison Bell

    For analysts at S&P Global Ratings, the possible effects of changes in life insurers’ interest rate assumptions is one of the question marks looming over the industry. Deep Banerjee, a lead analyst at S&P, talked about his company sees life insurers Wednesday, during a web meeting S&P organized to review insurers’ second-quarter financial reports. Click […]

    Jackson Names Liz Werner SVP, Investor Relations

    {August 26th, 2020} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced Liz Werner has been named Senior Vice President, Investor Relations, Jackson. Werner joins the company with broad investor communications experience across the financial services industry, including banking, insurance and advisory services. She assumed her new role on August 10 and will be based in Jackson’s Lansing, […]

    AmeriLife® Names Barbara Stewart President of AmeriLife Benefits

    {August 26th, 2020} by AmeriLife

    Clearwater, Fla.  ̶  August 20, 2020  ̶  AmeriLife Group, LLC (“AmeriLife”), the national leader in marketing and distributing life, health and retirement solutions, today announced Barbara S. Stewart as President of AmeriLife Benefits, based in Overland Park, Kan. She previously served as AmeriLife’s Executive Vice President, Marketing and Strategy. In her new role, Stewart will […]

    COVID-19 Energizes Life Insurance Awareness Month 2020 Campaign

    {August 26th, 2020} by Allison Bell

    Life Happens is preparing to start Life Insurance Awareness Month 2020 (LIAM20) Sept. 1, but, unofficially, the outreach campaign is already going strong. Brooke Shields is returning as the campaign spokesperson, and Life Happens is seeking donations to fund a new COVID-19 Life Lessons Scholarship Program. The new scholarship program complements Life Happens’ existing Life […]

    iPipeline Platform to Take on New Dimension with Sean Fallon as VP, SSG Digital Platform & Policy Administration

    {August 26th, 2020} by iPipeline

    EXTON, Pa.–(BUSINESS WIRE)–iPipeline®, a leading provider of cloud-based software solutions for the life insurance and financial services industry, today announced the appointment of Sean Fallon to the position of Vice President, SSG Digital® Platform and Policy Administration. Fallon comes to iPipeline from CNO Financial Group, where he served as Vice President, Front Office Application Development, […]

    New York Life Teams With Legg Mason’s QS Investors Unit: Annuity Moves

    {August 26th, 2020} by Allison Bell

    New York Life says it will be working more closely with Legg Mason, and Legg Mason’s QS Investors unit, to develop variable annuity investment menus.  The New York-based life insurer has been working to promote news about the expansion of the relationship. New York Life first put QS Investors model portfolios in its variable annuities […]

    NAIC Adopts Artificial Intelligence Principles

    {August 26th, 2020} by Allison Bell

    Members of the National Association of Insurance Commissioners (NAIC) have agreed unanimously to adopt an Artificial Intelligence Guiding Principles. The NAIC’s AI Working Group based the document on a set of AI principles developed by the Organisation for Economic Co-operation and Development (OECD). The United States is one of the 42 countries that has adopted […]

    The latest in financial #AdviserTech — August 2020

    {August 26th, 2020} by Michael Kitces and Craig Iskowitz

    This month’s edition welcomes new co-author (and AdviserTech guru) Craig Iskowitz and kicks off with a look at the emergence of AdviserTech as a financial technology software category unto itself. Click HERE to read the full story via InvestmentNews

    Pandemic Has More Americans Thinking About a Retirement Reset

    {August 26th, 2020} by Alliance for Lifetime Income

    Since COVID-19 and the subsequent market volatility, 7 out of 10 Americans are now pessimistic about their retirement plans and some are turning to lower-risk options for their retirement investments, according to Alliance for Lifetime Income surveys conducted in April and June. Click HERE to read the full story via InvestmentNews

    Asset-based fee models are ‘lazy’ — and flawed

    {August 26th, 2020} by Jeff Benjamin

    The good news for the financial advice business is that there is almost no evidence the trend toward fee compression spreading across financial services is impacting advisory fees.   Click HERE to read the full story via InvestmentNews 

    Pacific Life to DOL: Are You the Rollover Police?

    {August 26th, 2020} by Allison Bell

    The general counsel for Pacific Life has lasered in on one major life insurer concern about the U.S. Department of Labor’s sales standard proposal: The proposal seems to give DOL new authority to regulate rollovers from 401(k) plans into other investment arrangements. Officials at the Employee Benefits Security Administration (EBSA) — the DOL arm that […]

    Zurich leads the way with Women’s Innovation Network

    {August 25th, 2020} by Bethan Moorcraft

    The insurance industry is always looking for innovative ways to attract, retain, and support female employees in their career development. Every company has a different strategy, but one insurer to really make waves in the women in the insurance arena is Zurich North America, thanks in part to one unique employee resource group (ERG) – the Zurich […]

    Income Annuities Can Be Mighty Structures

    {August 25th, 2020} by David Hanzlik

    Constructing a solid income plan is essential to ensuring that clients’ retirement needs are met. But with a rapid decline in pension plans, escalating health care and cost-of-living expenses, and decreasing confidence in the solvency of Social Security, the imbalance between income and costs in retirement is growing starker for many Americans. This trend accelerated […]

    The annuity industry lost a good one.

    {August 19th, 2020} by Sheryl J. Moore

    Adam Lunardini, you will be missed. Please join me in prayer for his family, while they grieve his untimely passing. Prayers also for his work family, whether you grew to love him at Sun Life, Fidelity & Guaranty Life Insurance Company, or Delaware Life Insurance Company. I mourn with you.  Please leave your favorite memory of Adam here, […]

    Trust Me

    {August 19th, 2020} by Sheryl J. Moore

    One of the biggest reasons that people put their retirement savings monies into Certificates of Deposit (CDs), rather than annuities, is because they are comfortable with their bank. They know what a CD is; their parents likely had some. The bank is real; they can walk inside of it. They know people at their bank; […]

    Nationwide announces launch of new Nationwide Defined Protection(SM) Annuity registered index-linked annuity

    {August 19th, 2020} by Nationwide

    COLUMBUS, Ohio, Aug. 17, 2020 /PRNewswire/ — Nationwide, one of the strongest, diversified, Fortune 100 insurance and financial services companies, joins with product development partner Annexus, the premier independent designer of indexed retirement solutions, to announce the launch of the Nationwide Defined Protection℠ Annuity (DPA), a new registered index-linked annuity (RILA). DPA is the carrier’s first offering in a […]

    ONdex fixed indexed annuity adds higher cap S&P 500® index option

    {August 19th, 2020} by Ohio National Financial Services

    CINCINNATI, Aug. 17, 2020 (GLOBE NEWSWIRE) — Ohio National Financial Services is pleased to announce the addition of the Annual Point-to-Point with S&P 500 (Higher Cap) allocation option to its ONdex fixed indexed annuity (FIA). The new option may help clients capture more market growth during periods of strong performance, while offering market loss protection […]

    The Absent Insurance Agent My Family Needed Forty Years Ago

    {August 19th, 2020} by Charlie Gipple

    I was never going to write on this topic until today when I had a conversation with Joe Jordan. Some of you may know Joe, who has written the bestselling book “Living a Life of Significance.” Joe is also a globally sought after speaker on the value of what we do in the insurance business. Joe […]

    Royal Neighbors, one of the first life insurance companies to insure women, celebrates 125 years

    {August 19th, 2020} by Alma Gaul

    Cynthia Tidwell is the leader of a trail-blazing organization founded 125 years ago this year in Rock Island. Tidwell is president and CEO of Royal Neighbors of America, a membership life insurance and annuities organization founded by nine pioneering women who realized women’s lives had financial value and were worthy of life insurance. Royal Neighbors […]

    NAIC Executive Committee Adopts Contentious AG 49 Changes

    {August 19th, 2020} by John Hilton

    A National Association of Insurance Commissioners’ committee had the final word Friday on Actuarial Guideline 49, approving changes designed to tighten up indexed universal life illustrations. The executive committee and the plenary approved the newly named AG 49A with a lone No vote by New York. There were no comments accepted, but Jillian Froment, director […]

    Survey: Fears grow about Social Security’s future

    {August 19th, 2020} by Courtenay Brown

    Younger Americans are increasingly concerned that Social Security won’t be enough to wholly fall back on once they retire, according to a survey conducted by AARP — in honor of today’s 85th anniversary of the program — given first to Axios. Why it matters: Young people’s concerns about financial insecurity once they’re on a restricted income […]

    The 5 Myths That Keep Black Americans From Buying Life Insurance

    {August 19th, 2020} by John Hilton

    Some recent studies show that Black households are more receptive than other races to life insurance  — but the key is reaching that market. Nearly 80 percent of Black Americans said having life insurance is a goal for them, a 2019 New York Life study found, versus 63 percent of all adults. More than 90 […]

    Social Security Turns 85

    {August 19th, 2020} by SRI

    On Aug. 14, 1935, President Franklin D. Roosevelt signed the Social Security Act into law. Among the provisions of the law was a social insurance program designed to pay retired workers age 65 or older a continuing income after retirement. The intent was to provide economic stability to older Americans, however, Social Security was not […]

    A New Boom for Life Insurance

    {August 19th, 2020} by Denise Garth

    When executives are looking at future business scenarios, they are often called upon to “connect the dots.” If we draw a line from A to B to C to D, what kind of future scenario emerges? In which direction are the dots pointing? Sometimes the lines are fuzzy. The dots don’t quite line up. The […]

    Life Insurers’ Bermuda Triangle, Part II

    {August 19th, 2020} by Kerry Pechter

    Over the past 10 years, a new and vigorous business model has gone viral in much of the once-stodgy life insurance and annuity industry. The model encompasses three types of enterprises, all owned, in many cases, by the same financial services company, private equity firm, or holding company. Click HERE to read the full story […]

    Northwestern Mutual Named to the Diversity Best Practices Inclusion Index

    {August 19th, 2020} by Northwestern Mutual

    MILWAUKEE, Aug. 18, 2020 /PRNewswire/ — Northwestern Mutual announced today that the company earned a place in Working Mother Media’s Diversity Best Practices (DBP) Inclusion Index. The index evaluates participants in three key areas: best practices in the recruitment, retention and advancement of people from underrepresented groups; inclusive corporate culture, including leadership accountability; and demographic diversity for women […]

    Foresters Financial celebrates twenty years of A.M. Best “A” (Excellent) ratings

    {August 19th, 2020} by Foresters Financial

    TORONTO, Aug. 13, 2020 /PRNewswire/ – Foresters Financial™, the international fraternal life insurer, today announced that the independent rating agency A.M. Best Company1 has affirmed The Independent Order of Foresters (IOF) Financial Strength Rating (FSR) of “A” (Excellent) and an issuer credit rating (ICR) of “a+”. Foresters Financial has maintained an Excellent A.M. Best financial strength2 rating for twenty consecutive […]

    Transamerica Congratulates PGA TOUR’s Payne Stewart Award Winner Zach Johnson

    {August 19th, 2020} by Transamerica

    BALTIMORE, Aug. 13, 2020 /PRNewswire/ — Transamerica is pleased to congratulate Zach Johnson on winning the PGA TOUR’s Payne Stewart Award. Transamerica and its parent, Aegon, have been Mr. Johnson’s primary sponsors since he joined the PGA TOUR in 2004. Established in 2000, the Payne Stewart Award is presented annually to a professional golfer who best exemplifies steadfast values of character, charity and […]

    Policygenius Launches Wills and Trusts Through New Mobile App

    {August 19th, 2020} by TruChoice Financial Group

    MINNEAPOLIS, Aug. 17, 2020 /PRNewswire/ — TruChoice Financial Group, LLC (TruChoice), one of the largest distributors of financial services products in the insurance industry, today announced the appointment of Jim Maietta as Head of Sales/Chief Distribution Officer (CDO), effective Aug. 16, 2020. “This hiring decision is a critical next step in moving our ‘One TruChoice’ vision forward,” said TruChoice President and […]

    Some Insurers May Have Taken Bond Market Liquidity for Granted

    {August 19th, 2020} by Allison Bell

    Typical insurace company investment managers worry at least some about every imaginable risk, but they may not have worried all that much about the possibility that the bond markets could freeze up. Analysts at Cerulli Associates have raised that possibility in a new look at the state of asset and wealth management in the United […]

    DOL Issues Rule on Lifetime Income Statements

    {August 19th, 2020} by Melanie Waddell

    The Department of Labor’s Employee Benefits Security Administration released Tuesday an interim final rule intended to help workers estimate how their current savings in a defined contribution plan translates into lifetime monthly payments. The rule implements Section 203 of the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019. Click HERE to read the full […]

    7 Things to Know About Jackson Moving Out of Its U.K. Parent’s House

    {August 19th, 2020} by Allison Bell

    Jackson National Life Insurance Company could soon return to being an independent, U.S.-based life insurance company. Its parent, Prudential PLC of London, said earlier this week that it sees the sale of an 11.1% equity stake to Athene Holding Ltd., a reinsurer, as the start of efforts to separate from Jackson. Mike Wells, Prudential’s group chief […]

    Why Life Insurers Need to Build Wellness Rewards Into Premiums

    {August 19th, 2020} by Sammy Rubin

    When the insurtech company Lemonade released a video in July to commemorate its fifth anniversary, the company conducted vox pop interviews on the streets of New York , asking ‘What do you think when you hear the world insurance?’. “Boring” and “a trigger word” were among the milder responses. There’s no denying that the industry […]

    Technology App Offers Immediate Life Insurance Coverage for First Responders

    {August 19th, 2020} by 4NoExam.com

    ATLANTA, Aug. 17, 2020 /PRNewswire/ — As COVID-19 takes its toll, people are thinking about life insurance in a new light. Only about half of U.S. adults have this coverage, which provides cash payments to survivors. About a third of those have life insurance through their employers, another concern as companies downsize or close their doors. Most Americans […]

    Mortgages Can Protect You Against Future Hyper Inflation — Rolling Your Own Inflation-Protected Annuity Is A Great Example

    {August 19th, 2020} by Laurence Kotlikoff

    The Fed is printing vast sums of money to lend to borrowers who may not be able to repay. This may lead to very high inflation, which would wipe out the real values of retirees’ fixed nominal pension or annuity payments. Taking out a larger mortgage can hedge this risk since inflation will water down […]

    Pandemic Raises Risk of Advisor Misconduct, SEC Warns

    {August 19th, 2020} by Melanie Waddell

    The Securities and Exchange Commission’s exam division released Wednesday a risk alert identifying COVID-19-related issues, risks and practices that registered investment advisors and broker-dealers should be focused on. The alert, issued by the agency’s Office of Compliance Inspections and Examinations, notes that market volatility related to COVID-19 “may have heightened the risks of misconduct in […]

    SEC Clarifies Use of ‘Advisor,’ ‘Adviser’ by Dually Registered Firms

    {August 19th, 2020} by Melanie Waddell

    A broker-dealer that is also a registered investment advisor can use or distribute marketing materials that describe the firm’s financial professionals as “financial advisors,” “advisers” or “advisors,” the Securities and Exchange Commission stated in recently updated frequently asked questions guidance on Regulation Best Interest. The agency clarified on Aug. 4 five questions relating to dually registered firms’ […]

    Sens. Warren, Murray Probe DOL on Fake Fiduciary Rule Comments

    {August 19th, 2020} by Melanie Waddell

    Sens. Elizabeth Warren, D-Mass., Patty Murray, D-Wash., and Tina Smith, D-Minn., are pressing Labor Secretary Eugene Scalia to lay out steps he’s taking to ensure this round of fiduciary rule comments aren’t fake. The senators cite a 2017 Wall Street Journal analysis, which found that 40% of the respondents to Labor’s now-defunct 2016 fiduciary rule “didn’t […]

    DOL Issues Rule on Lifetime Income Statements

    {August 19th, 2020} by Melanie Waddell

    The Department of Labor’s Employee Benefits Security Administration released Tuesday an interim final rule intended to help workers estimate how their current savings in a defined contribution plan translates into lifetime monthly payments. The rule implements Section 203 of the Setting Every Community Up for Retirement Enhancement (Secure) Act of 2019. Click HERE to read the full story […]

    Investor Column: Indexed variable annuities look attractive

    {August 19th, 2020} by Jim Germer

    Lately, clients tell me they have concerns about the stock market sending scary signals. They are not feeling the love for Certificates of Deposits. CDs, have the virtue of not losing interest or principle because of FDIC insurance. Rates on three-year CDs are practically insulting, and they are only paying about one percent. Freaking out […]

    Tie IUL Illustration Crediting Rates to Reality: Advocacy Group

    {August 19th, 2020} by Allison Bell

    The full membership of the National Association of Insurance Commissioners (NAIC) is preparing to vote on an actuarial guideline that could affect illustrations of the possible future of performance of index universal life IUL) insurance policies. The Center for Economic Justice, an advocacy group, is still asking for a last-minute change: prohibiting IUL performance illustrations from […]

    Laurence Fishburne Is About to Say ‘Life Insurance.’ On TV.

    {August 19th, 2020} by Allison Bell

    Public television stations around the United States may soon have a gift for anyone involved with life insurance: a public affairs show that will feature the actor Laurence Fishburne saying the word “life insurance.” Fishburne is known to serious film connoisseurs as Mr. Clean in “Apocalypse Now,” and as Dr. Ellis Cheever in “Contagion” — the […]

    Moves That Slow Postal Delivery May Affect Insurers

    {August 19th, 2020} by Allison Bell

    Changes at the U.S. Postal Service could cause headaches for life insurers and health insurers that still depend on USPS mail to reach customers and prospects. The postal service has been taking mail-processing machines out of some facilities, in an effort to cut costs, according to Vice.com and other news organizations. USPS is supposed to […]

    State Insurance Regulators Hold Session on Race and Insurance

    {August 19th, 2020} by Allison Bell

    George Nichols III says one thing the insurance community can do to address racial wealth inequality in the United States is to encourage more Black consumers to buy life insurance. “I don’t think there’s a better way to build wealth than a life insurance policy,” Nichols said last week, at a special session on race […]

    No. 387: Greg Lindberg—An Update on the Federal Criminal Case Against Him and His Associates

    {August 19th, 2020} by Joseph M. Belth

    In No. 309 (April 17, 2019), I first reported on a federal criminal lawsuit against Greg E. Lindberg and his associates for their efforts to bribe the North Carolina commissioner of insurance. I have provided four updates: No. 320 (July 1, 2019), No. 338 (October 24, 2019), No. 355 (February 13, 2020), and No. 361 […]

    Integrity Marketing Acquires Medicare Plan IMO

    {August 19th, 2020} by Allison Bell

    Integrity Marketing has acquired Southern Insurance Group, an insurance marketing organization (IMO) that focuses on distribution Medicare Advantage plans, Medicare supplement insurance policies and Medicare Part D prescription drug plans. Integrity Marketing is a Dallas-based insurance distributor has been funding from a private equity firm to acquire many other life, health and annuity distributors. It […]

    Low Rates Aren’t Going Anywhere. Here’s What That Means for Retirement Planning.

    {August 19th, 2020} by David Blanchett

    Low interest rates are bad for households with assets, but good for households with liabilities (loans).  For example, I was able to recently refinance my mortgage. So, although the asset part of the balance sheet isn’t expected to do so well, I at least have a pretty sweet interest rate on my mortgage. The balance […]

    ASB Financial Joins Integrity to Catapult Expansive Growth

    {August 19th, 2020} by Integrity Marketing Group, LLC

    DALLAS – August 13, 2020 – Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Tampa-based ASB Financial, a leading provider of financial, Medicare and retirement services with nine regional offices. As part of the acquisition, Frank DeJiulio, Founder and CEO of ASB Financial, will become an […]

    Why Annuities Are Underutilized (And What Could Be Done About It)

    {August 19th, 2020} by Jack Guttentag

    As the only way in which retirees can profit by sharing mortality risk with others in the same age bracket, annuities should be in the retirement plans of almost all retirees. That they are not speaks to the chaotic nature of our private retirement system. Retirees who could profit from an annuity but don’t, for […]

    Thank you for your patience!

    {August 12th, 2020} by Sheryl J. Moore

    The main office of Wink, Inc. is without power due to the damage from Monday’s derecho.  We thank you for your patience if you are trying to reach us as we are operating on a skeleton crew with no phone service and intermittent internet.  Please be sure to email all questions and requests to support@winkintel.com.  […]

    Top Annuity Seller Jackson National Set Free By Prudential Plc.

    {August 12th, 2020} by Staff Reports

    British insurer Prudential Plc. will spin off its American businesses, which include Jackson National Life Insurance Co., in order to focus on operations in Asia and Africa. Prudential Plc. will “pursue a full separation of Jackson by way of a minority Initial Public Offering (IPO) followed by full divestment over time,” Jackson said in a […]

    Jackson Reports First Half 2020 Financial Results¹, Prudential plc Announces Intention to Fully Separate from Jackson

    {August 12th, 2020} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®) today announced its half-year financial results, generating $1.3 billion in IFRS pre-tax operating income2 during the first half of 2020. Jackson also reported $9.8 billion in sales and deposits. Additionally, Prudential plc (NYSE: PUK), Jackson’s parent company, today announced it has decided to pursue a full separation of Jackson […]

    NAIC Extends Annuity, Life Disclosure Rule Work

    {August 12th, 2020} by John Hilton

    The Life Insurance and Annuities Committee granted two time extensions today to allow state regulators to finish work on a pair of key disclosure issues. Holding its summer meeting via Zoom call, the committee granted extensions to these two working groups: The Annuity Disclosure Working Group for its work to increase the time indexes must be in […]

    Brighthouse Banks On New Products, Distribution

    {August 12th, 2020} by Steven A. Morelli

    Brighthouse Financial held relatively steady in overall annuity sales with a year-over-year drop of 3% as the company pivots to growing its distribution and dialing down capital-intensive products and features, usually associated with guarantees. “While the current market environment remains a headwind to near-term sales of annuity and life insurance products for Brighthouse and for […]

    What Are The Fees Associated With The Variable Annuity?

    {August 12th, 2020} by Wade Pfau

    While I discussed a variety of ways that insurance companies manage the risks around supporting lifetime income guarantees, fees are the headline mechanism for managing the guarantee risk. Fees can be used to purchase financial derivatives and support other forms of risk management for the guarantee. Deferred variable annuities generally have several types of ongoing […]

    Grantor Trusts Owning An Annuity

    {August 12th, 2020} by Charles Rubin

    The income tax treatment of annuities is provided for under Code § 72. That section provides various rules, including extra income tax for some distributions to younger taxpayers and limits on deferral for entity owners. The provisions can be difficult to interpret when the owner of the annuity is a grantor trust, and the annuitant and […]

    Life insurance for children: Pros and cons of buying one

    {August 12th, 2020} by Fitz Gerard Villafuerte

    You probably heard from an insurance agent that you need to buy life insurance for your child. Getting life insurance for your kids has advantages and disadvantages. Buying life insurance for children has become a debated issue in financial circles. Those who are for it assure parents and grandparents that thinking of coverage is a […]

    What Does the Success of Lemonade and Other Insurtech Companies Mean For the Future of Insurance?

    {August 12th, 2020} by Rashik Adhikari

    In a world where COVID-19 cases are rising by the day, having the right and adequate personal insurance is more critical than ever. Because of COVID-19, the risks around us are heightened but our risk tolerance is low. We all are thinking about ways to better protect what we love, including what insurance to buy. […]

    Why Life Insurers Fly into the ‘Bermuda Triangle’

    {August 12th, 2020} by Kerry Pechter

    Private equity firms have steadily acquired U.S. life insurers and blocks of fixed annuity business and moved the blocks offshore to free up capital. This worries some people.   Yesterday’s second quarter earnings conference call with senior executives of Athene Holding offered a window into the most significant trend in the life insurance industry over […]

    DOL Sales Standard Proposal Could Backfire: ACLI

    {August 12th, 2020} by Allison Bell

    The new U.S. Department of Labor sales standard proposal could impose a fiduciary obligation on commission-based annuity sales agents. Two executives from the American Council of Life Insurers (ACLI) — James Szostek and Howard Bard — write about that possibility in the ACLI comment letter on the new DOL sales standard proposal.  A fiduciary obligation […]

    KKR Says the Annuity Market Still Looks Good

    {August 12th, 2020} by Allison Bell

    KKR & Co. is still planning to pay $4.4 billion to buy Global Atlantic Financial Group Ltd., a major life and annuity issuer. Some of the insurer already in the annuity market are trying to get out, because of concerns about the effects of low interest rates on bonds and big ups and downs in stock […]

    2Q Red Ink Flows: Insurers Retrench With Products, Pricing

    {August 12th, 2020} by John Hilton

    More insurers reported second-quarter earnings today and a pattern of strategies is emerging to limit financial losses to ultra-low interest rates and the COVID-19 pandemic. In addition to pulling products and limiting sales, insurers are aggressively repricing and shifting product lineups. Many are introducing new products in a quick pivot to new strategies. Click HERE […]

    Prudential Continues Shift Toward Low-Guarantee Products

    {August 12th, 2020} by Allison Bell

    Eecutives at Prudential Financial said the company is continuing to try to shed individual life and annuity benefits guarantee risk, by shifting toward selling more variable products. Rob Falzon, the vice chairman of the Newark, New Jersey-based company, talked about the fixed-to-variable shift Wednesday, during a conference call Prudential held to go over its second-quarter […]

    Lincoln Pivots Toward Variable Annuity Sales: Earnings

    {August 12th, 2020} by Allison Bell

    Lincoln Financial shifted during the second quarter more toward selling variable annuities that give it flexibility, and away from selling contracts with built-in account value protection. The Radnor, Pennsylvania-based company — which is officially known as Lincoln National Corp. — said variable annuity sales fell just 6% between the second quarter of 2019 and the […]

    Verisk Launches EHR Triage Engine to Help Speed Approval of Life Insurance Applications

    {August 12th, 2020} by Verisk

    Jersey City, NJ, Aug. 10, 2020 (GLOBE NEWSWIRE) — Verisk (Nasdaq:VRSK), a leading data analytics provider, announced today the launch of its new EHR Triage Engine, a tool that uses data from consumer-authorized electronic health records (EHRs) to help life insurers fast-track many applications for coverage—potentially cutting decision time from weeks to minutes. The EHR […]

    Working-from-Home: Infecting People and Organizations in Insurance

    {August 12th, 2020} by Stephen E. Applebaum

    he new normal of remote work is harming morale and impeding creativity both internally and with innovation partners; the insurance industry needs creative new approaches to reignite corporate development, innovation and transformation. The world is entering month eight of the pandemic and the complete disruption of the personal and business lives of virtually every one […]

    Clients need ‘life guides’ for retirement — not just investment advice

    {August 12th, 2020} by Emile Hallez

    Being able to retire isn’t just about money. Rather, its success is a balance of four factors: health, family, purpose and finances, Age Wave co-founder Maddy Dychtwald said Tuesday, during the second day of the InvestmentNews Retirement Income Summit. Click HERE to read the full story via InvestmentNews

    Annuity Issuer Says It Took Business Competitors Gave Up

    {August 12th, 2020} by Allison Bell

    Chris Blunt says investment management support from his old employer, Blackstone Group, helped F&G keep selling fixed index annuities in the second quarter, as COVID-19-related turmoil reduced some competitors’ appetite for new business. Blunt is the chief executive officer of F&G — Fidelity & Guaranty Life. “F&G had a record level of fixed index annuity […]

    News AIG Optimistic About Q3 Annuity Sales

    {August 12th, 2020} by Allison Bell

    A top executive at American International Group says U.S. annuity sales seem to be firming up. Kevin Hogan, the chief executive officer of AIG’s Life & Retirement unit, talked about the sales pipeline Tuesday, during a conference call the company held to go over its latest earnings. Hogan told the analysts that, because of the […]

    Prudential Posts Big 2Q Loss, Accelerates Shift To Variable Products

    {August 12th, 2020} by John Hilton

    Prudential took another beating at the hands of historically low interest rates in the second quarter, and executives said they expect life insurance and annuity sales to drop further. But the insurer is continuing to shake up its product mix to find the right combination, Vice Chairman Rob Falzon said. “We’ve implemented pricing and product […]

    Equitable Earns Top Score on the Disability Equality Index®

    {August 12th, 2020} by Equitable

    EW YORK–(BUSINESS WIRE)–Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE: EQH), has been recognized for the sixth consecutive year as a Best Place to Work for Disability Inclusion, earning the top score for the first time, according to the Disability Equality Index. The Disability Equality Index (DEI), launched in 2015, is a […]

    AM Best Affirms Credit Ratings of Kansas City Life Insurance Company and Its Subsidiaries

    {August 12th, 2020} by A.M. Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) of “a” of Kansas City Life Insurance Company (Kansas City Life). Concurrently, AM Best has affirmed the FSR of A- (Excellent) and the Long-Term ICR of “a-” of Grange Life Insurance Company (Grange Life) (Columbus, OH). The outlook […]

    A.M. Best Affirms A+ Rating for OneAmerica

    {August 12th, 2020} by OneAmerica

    INDIANAPOLIS–(BUSINESS WIRE)–OneAmerica® announced today that A.M. Best has affirmed the financial strength of the OneAmerica insurance companies, issuing its annual rating for 2020. The ratings analyze the financial strength and performance of the companies and the ability to meet existing financial obligations. A.M. Best has affirmed the A+ (Superior) rating of American United Life Insurance Company® (AUL) […]

    AIG Participation in the UBS Financial Services Virtual Conference Rescheduled to Wednesday, August 12, 2020

    {August 12th, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today announced that its fireside chat at the UBS Financial Services Virtual Conference originally scheduled for Tuesday, August 11, 2020 at 10:00 a.m. ET has been rescheduled due to technical issues. Mark Lyons, AIG’s Chief Financial Officer, and Sabra Purtill, AIG’s Deputy Chief Financial Officer and Treasurer, […]

    Athene Holding Ltd. Reports Second Quarter 2020 Results

    {August 12th, 2020} by https://www.businesswire.com/news/home/20200805005470/en/Athene-Holding-Ltd.-Reports-Quarter-2020-Results

    PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, announced financial results for the second quarter 2020. “Our second quarter results demonstrate the resilience of Athene’s business and our ability to serve as a source of strength for our policyholders and business partners during periods of market disruption,” said […]

    American Equity Reports Second Quarter 2020 Results

    {August 12th, 2020} by American Equity Investment Life Holding Company

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities (FIAs) today reported second quarter 2020 net loss available to common stockholders of $253.4 million, or $(2.76) per diluted common share, compared to net income available to common stockholders of $18.6 million, or $0.20 per diluted […]

    Lincoln Financial Group Reports Second Quarter 2020 Results

    {August 12th, 2020} by Lincole Financial Group

    RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported net loss for the second quarter of 2020 of $(94) million, or $(0.49) per diluted share available to common stockholders, compared to net income in the second quarter of 2019 of $363 million, or $1.79 per diluted share available to common stockholders. Second quarter adjusted income […]

    MetLife Announces Second Quarter 2020 Results

    {August 12th, 2020} by MetLife, Inc.

    NEW YORK–(BUSINESS WIRE)–MetLife, Inc. (NYSE: MET) today announced its second quarter 2020 results. Second Quarter Results Summary Net income of $68 million, or $0.07 per share, compared to net income of $1.7 billion, or $1.77 per share in the second quarter of 2019. Adjusted earnings of $758 million, or $0.83 per share, compared to adjusted […]

    FBL Financial Group Reports Second Quarter 2020 Results

    {August 12th, 2020} by FBL Financial Group, Inc.

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported net income attributable to FBL Financial Group for the second quarter of 2020 of $26.2 million, or $1.06 per diluted common share, compared to net income of $32.3 million, or $1.30 per diluted common share, for the second quarter of 2019. Adjusted operating income(1) totaled […]

    Horace Mann Reports Second-Quarter 2020 Net Income of $0.73 Per Share and Core Earnings* of $0.67 Per Share

    {August 12th, 2020} by Horace Mann Educators Corporation

    SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the quarter ended June 30, 2020: “For 75 years, Horace Mann has been successful because we have stayed true to our mission of serving educators. Guided by this mission and supported by our strong financial position, we will continue to work toward our […]

    Brighthouse Financial Announces Second Quarter 2020 Results

    {August 12th, 2020} by Brighthouse Financial Inc

    CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the second quarter ended June 30, 2020. Second Quarter 2020 Results The company reported a net loss available to shareholders of $1,998 million in the second quarter of 2020, or $21.10 per diluted share, compared with net […]

    New Research Report from Majesco Highlights Market Growth Opportunity for Life Insurers Who Reimagine Their Business and Customer Experience

    {August 12th, 2020} by Majesco

    MORRISTOWN, N.J.–(BUSINESS WIRE)–Majesco (NASDAQ: MJCO), a global leader of cloud insurance software, today announced the release of their 4th annual primary consumer research, Rethinking Life Insurance: From a Transaction to a Life, Health, Wealth and Wellness Customer Experience, highlighting a shift from a focus on policy transactions to creating a broader life, health, wealth and wellness experience. […]

    SBLI Maintains A- Rating for Financial Strength from S&P

    {August 12th, 2020} by SBLI

    WOBURN, Mass.–(BUSINESS WIRE)–SBLI (The Savings Bank Mutual Life Insurance Company of Massachusetts) today announced that it has once again been rated A- for financial strength with a Stable outlook by Standard & Poor’s (S&P). “We are pleased that in these turbulent times, SBLI continues to be ranked among the most financially sound insurance companies in […]

    Are Independent Agents Meeting Customer Needs? New Study Identifies Potential Gaps

    {August 12th, 2020} by Nationwide

    COLUMBUS, Ohio, Aug. 6, 2020 /PRNewswire/ — The latest in Nationwide’s Agent Authority research found that economic uncertainty and unpredictable markets have forced business owners and consumers to reevaluate their finances and insurance needs. This requires insurance agents to navigate unique challenges when helping customers interpret their property and casualty policies. But even up against these new obstacles, […]

    National Western Life Group, Inc. Announces 2020 Second Quarter Earnings

    {August 12th, 2020} by National Western Life Group, Inc.

    AUSTIN, Texas, Aug. 7, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today second quarter 2020 consolidated net earnings of $48.4 million, or $13.69 per diluted Class A common share, compared with consolidated net earnings of $33.7 million, or $9.53 per diluted Class A common share, for the second […]

    AIG Life & Retirement Launches We See the Future in You Advertising Campaign at 2020 PGA Championship

    {August 12th, 2020} by AIG Life & Retirement

    NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG), today announced its new advertising campaign—We see the future in you—which launches at the 2020 PGA Championship. The campaign will celebrate the role of financial and retirement professionals, whose commitment to helping Americans plan for a secure financial future has […]

    IMO’s Business Model Tries to Disrupt How Annuities Are Sold

    {August 12th, 2020} by Cyril Tuohy

    A Detroit-based independent marketing organization is betting it can boost its agent ranks with a simple proposition: join us and get paid in hours, not weeks.   Click HERE to read the full story via Life Annuity Specialist           ………………………………………………………………………………………………………… “While I have heard of many of the services that are […]

    Brighthouse Holds Variable Annuity Sales (Almost) Steady: Earnings

    {August 12th, 2020} by Allison Bell

    Brighthouse Financial managed to sell almost as many individual annuities in the second quarter as it sold in the second quarter of 2019. The company’s sales of individual annuities fell to $1.84 billion in the second quarter, from $1.89 billion in the year-earlier quarter. Brighthouse sales of life insurance increased to $12 million, from $4 […]

    Defunct DOL Rule Helped with VA Transparency and Outcomes: Research

    {August 12th, 2020} by Miriam Rozen

    The fee transparency obligations imposed by the Department of Labor’s previous fiduciary rule on brokers that handled retirement accounts dimmed the popularity of variable annuity products, but also improved investment outcomes. That’s according to a 62-page report, “Conflicting Interests and the Effect of Fiduciary Duty — Evidence from Variable Annuities.” The report, published in July, […]

    Alliant acquisition of SMS will ‘enhance’ local insurance marketing organization

    {August 11th, 2020} by Cindy Gonzalez

    An Omaha company occupying the bulk of the glassy five-story building at 8420 West Dodge Road — Senior Market Sales — is to be acquired by the California-based Alliant Insurance Services Inc. But representatives of the 38-year-old insurance marketing organization, also known as SMS, said Wednesday they expect the partnership to strengthen its local team […]

    Voices: A Black woman’s letter to Wall Street

    {August 11th, 2020} by Zaneilia Harris

    Like so many other minorities, I began my career in finance with hopes and dreams for my future. I wanted to achieve the same level of success as my white counterparts. Success that comes from hard work, determination, and zeal. I believed in the American dream. The one that says you need to pick yourself […]

    SALES MAY BE DOWN, BUT THE ANNUITY INDUSTRY WILL BOUNCE BACK WITH SHERYL MOORE

    {August 5th, 2020} by Paul Tyler

    EPISODE 57. Sheryl Moore, Chief Storyteller of Wink, Inc. and industry guru joins us to talk about the state of the annuity market. Yes, sales are down. But Sheryl finds some bright spots and suggests ways we can adapt our products and sales processes to succeed over the next 12-18 months. Click HERE to listen via […]

    Life ‘Mortality Improvement’ Team Faces COVID-19

    {August 5th, 2020} by Allison Bell

    Actuaries are talking to state insurance regulators about a future in which death makes a comeback. The actuaries are part of the Mortality Improvement Subgroup, which, in turn, is an arm of one panel at the American Academy of Actuaries and a panel at the Society of Actuaries (SOA). The subgroup has been helping life […]

    AIG’s Life and Retirement Business Made $650 Million: Earnings

    {August 5th, 2020} by Allison Bell

    American International Group (AIG) is reporting a $9.7 billion pre-tax operating loss for the second quarter, but the life and retirement business did fine, after adjustments. AIG is reporting a $7.9 billion net loss for the second quarter on $9.4 billion in revenue, compared with $1.1 billion in net income on $13 billion in revenue for […]

    Variable Annuity Death Benefits

    {August 5th, 2020} by Wade Pfau

    The standard death benefit for a deferred variable annuity is the greater of the contract value of any remaining assets at death, or the total premiums paid less distributions received by death. It is provided to the beneficiary. In addition to optional withdrawal benefit riders (also called living benefits), many deferred variable annuities also offer […]

    Symetra Introduces Two Fixed Indexed Annuities Featuring New Exclusive Index from Putnam Investments

    {August 5th, 2020} by Symetra Life Insurance Company

    BOSTON & BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Life Insurance Company today announced the launch of two fixed indexed annuities that feature a new custom index from Putnam Investments — the Putnam Dynamic Low Volatility Excess Return Index™. The index is Putnam’s first for a fixed indexed annuity and exclusive to the Symetra Stride Fixed Indexed Annuity and Symetra […]

    Idaho Annuity Law Spurs Industry ‘Paranoia,’ Regulator Says

    {August 5th, 2020} by John Hilton

    While nobody wants to claim credit for it, a new annuity law in Idaho sets out some creative restrictions that are attracting controversy from within the industry. The bill was introduced in February and quickly passed the heavily Republican Idaho Legislature and was signed by Gov. Brad Little, R. It took effect July 1 and includes three […]

    Signal Advisors Launches First-Ever Platform To Pay Annuity Commissions In One Day

    {August 5th, 2020} by Signal Advisors

    DETROIT, Aug. 4, 2020 /PRNewswire/ — Signal Advisors today announced the debut of their tech-enabled Independent Marketing Organization, or IMO. IMOs distribute annuities and life insurance through a large network of independent financial advisors. “The world doesn’t need another IMO. It needs something fundamentally different,” said Patrick Kelly, Co-Founder and CEO of Signal Advisors, who has spent his entire […]

    CNO Financial Group Reports Second Quarter 2020 Results

    {August 5th, 2020} by CNO Financial Group, Inc.

    CARMEL, Ind., Aug. 4, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending June 30, 2020, net income was $82.0 million, or $0.57 per diluted share compared to net income of $37.6 million, or $0.24 per diluted share in 2Q19. Net operating income (1) in 2Q20 was $79.4 million, or $0.55 per diluted share, compared to $76.4 million, or $0.48 per diluted share in 2Q19. […]

    AI Can Help Life Insurers Hear What the Customers Are Saying

    {August 5th, 2020} by Mia Papanicolaou

    Over the years banks, retailers, and telecommunications have embraced new technologies such as artificial intelligence (AI) and machine learning (ML) to enhance their customer communication and, ultimately, customer experience. While there may have been a time to sit back and see what works and what doesn’t, these are now proven technologies. Organizations in the life […]

    House Panel Gives Registered Indexed Annuity Issuers an Official Boost

    {August 5th, 2020} by Allison Bell

    Members of the U.S. House voted 217-197 last week for H.R. 7617, a spending bill package that comes with a warm note of support for annuity issuers. The provision could, possibly, push the U.S. Securities and Exchange Commission to simplify the process life insurers use to register variable indexed annuities. The Insured Retirement Institute (IRI) has […]

    SEC Updates Indexed Annuity Investor Bulletin

    {August 5th, 2020} by Allison Bell

    The U.S. Securities and Exchange Commission’s Office of Investor Education and Advocacy has updated the SEC’s Indexed Annuities investor bulletin. Investors bulletins are not official batches of SEC guidance, but they may reflect the kinds of questions SEC officials are getting about a topic. The investor education first posted the indexed annuities bulletin in August […]

    DOL Not Making Comments Available On Pair Of Rule Proposals

    {August 5th, 2020} by John Hilton

    The Department of Labor is not making comments available on a pair of highly anticipated rules governing financial advice. It is unclear why the department is deviating from normal procedure. In the past, the DOL made comments immediately available on a rolling basis throughout the comment period. Click HERE to read the full story via […]

    Back To The Future, Part ?

    {August 5th, 2020} by John Hilton

    The long, winding saga of the Department of Labor’s quest to update investment advice rules took another turn recently that can be fairly described as “Back to the Future.” As expected, the Trump administration pushed out new advice rules that substantially return the industry to a pre-2016 regulatory environment — with a twist. The underlying […]

    Technology Touching ‘Every Aspect’ Of Insurance In Pandemic

    {August 5th, 2020} by John Hilton

    Insurers and everyone along the distribution chain have long anticipated the impending technology infusion that would transform the delivery of life insurance and related products to consumers. That technology transformation crept closer at a glacial pace until the COVID-19 pandemic pushed an industry that relies on face-to-face contact to accelerate its plans. And something happened […]

    Morningstar: DOL Investment Advice Rule Needs Work

    {August 5th, 2020} by Staff Reports

    With the comment deadline looming Thursday for the Department of Labor’s investment advice rule, Morningstar previewed some of the expected criticisms of the long-anticipated rule. In its comment letter, which Morningstar released to the media, the analyst firm that the DOL could go further to protect all investors receiving rollover advice in a variety of […]

    AIG: Annuity Sales Showing ‘Strong Rebound’ Off Poor 2Q

    {August 5th, 2020} by John Hilton

    Projections of COVID-19 losses were as bad as projected, American International Group execs told analysts Tuesday morning, but there are positive signs. In particular, annuity sales picked up as the quarter wound down, said Kevin Hogan, chief executive officer for life & retirement. “Toward the end of the quarter, we began to see improvement in […]

    SEC orders AIG unit to pay $40 million for disclosure violations in teacher retirement plans

    {August 5th, 2020} by Mark Schoeff Jr.

    The Securities and Exchange Commission Tuesday ordered VALIC Financial Advisors to pay nearly $40 million to settle charges that the firm failed to disclose business practices and investment selections that harmed Florida teachers saving for retirement. Click HERE to read the full story via InvestmentNews

    Retirees fare better than pre-retirees during pandemic

    {August 5th, 2020} by Mary Beth Franklin

    Despite COVID-19’s severe health impact on aging adults, older Americans report they are coping far better both emotionally and financially than younger adults, according to a new Edward Jones and Age Wave study released Tuesday. Click HERE to read the full story via InvestmentNews

    Ameriprise Financial Reports Second Quarter 2020 Results

    {August 5th, 2020} by Ameriprise Financial, Inc.

    MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share       Return on Equity, ex. AOCI (1)   Q2 2020         Q2 2020 GAAP ($4.31)       GAAP 41.7% Adjusted Operating $2.64       Adjusted Operating 35.6% Second quarter adjusted operating earnings per diluted share was $2.64 and was […]

    AM Best Affirms Credit Ratings of Oxford Life Insurance Company and Its Subsidiaries

    {August 5th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A- (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a-” of Oxford Life Insurance Company (Oxford Life) (Phoenix, AZ), and its subsidiary, Christian Fidelity Life Insurance Company (Dallas, TX), which are collectively referred to as Oxford Group. The outlook of these Credit […]

    The Hartford Announces Second Quarter 2020 Financial Results

    {August 5th, 2020} by The Hartford

    HARTFORD, Conn.–(BUSINESS WIRE)–The Hartford (NYSE: HIG) today announced financial results for the second quarter ended June 30, 2020. “Although the second quarter was dominated by the challenges of the COVID-19 health crisis, the economic shutdown and the disruption of our everyday lives, the strength of our underlying business was evident and we delivered core earnings […]

    AIG Reports Second Quarter 2020 Results

    {August 5th, 2020} by American International Group, Inc

    NEW YORK–(BUSINESS WIRE)–American International Group, Inc. (NYSE: AIG) today reported financial results for the quarter ended June 30, 2020. Brian Duperreault, AIG’s Chief Executive Officer, said: “We are effectively navigating the current complex environment due to the strong foundation we built over the last three years. While unprecedented and on-going, COVID-19 remains an earnings, not […]

    Best’s Special Report: For U.S. Insurers, Decade of Low Interest Rates Marked by Different Impact Severity, Strategies

    {August 5th, 2020} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–An AM Best analysis of U.S. life/annuity companies’ investment strategies amid the past decade of low interest rates found that the number of companies considered non-interest-sensitive more than doubled those deemed interest-sensitive. However, those companies exposed significantly to interest rates have managed an average 76% of the industry’s invested assets in the last 10 years, […]

    Sammons Financial Group Pledges $100,000 to The Directors Council

    {August 5th, 2020} by Sammons Financial Group

    WEST DES MOINES, Iowa, July 23, 2020 (GLOBE NEWSWIRE) — Sammons Financial Group will donate $100,000 to The Directors Council, a Des Moines-based not-for-profit organization that oversees several programs including One Economy, African American Leadership Academy, Black Urban Professionals, Financial Empowerment Center, I Am Des Moines, and Doing More in the Core. The contribution will directly support […]

    Equitable Holdings Reports Second Quarter 2020 Results

    {August 5th, 2020} by Equitable Holdings

    NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the second quarter ended June 30, 2020. “I am extremely proud of how our employees and advisors have responded to the most challenging of circumstances over the past few months. It is pleasing to report earnings of […]

    American Financial Group, Inc. Announces Second Quarter Results

    {August 5th, 2020} by American Financial Group

    CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2020 second quarter net earnings attributable to shareholders of $177 million ($1.97 per share), compared to $210 million ($2.31 per share) in the 2019 second quarter. Net earnings for the 2020 second quarter included net favorable after-tax non-core items aggregating $82 million ($0.92 per share). These […]

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