Why American Equity’s Share Price Spiked Today
October 7, 2020 by Kerry Pechter
With new management and a new business model, American Equity Investment Life hopes to climb back onto the FIA sales leaderboard. It’s using the strategy that RIJ dubbed ‘The Bermuda Triangle’ in two stories six weeks ago.
It’s now clear what American Equity intended when it hired Anant Bhalla, a former Brighthouse/MetLife financial star, as its new CEO last January. He was brought in to guide the publicly-held fixed indexed annuity (FIA) issuer into what RIJ calls the “Bermuda Triangle.”
American Equity dropped out of the top 10 sellers of FIAs in 1Q2020, after two decades as a regular top-five finisher (top three in the independent-agent channel), [according to Wink’s Sales & Market Report.]