The Well-Paying Life Insurance Job You Don’t Want Right Now
{November 4th, 2020} by Cyril Tuohy
If you work in the life insurance industry, there’s one job you may not want at the moment, despite the fat salary. Click HERE to read the full story via Life Annuity Specialist. Sheryl Moore, CEO of the Wink and Moore Market Intelligence, which tracks the life and annuity market, told InsuranceNewsNet last week that as many as “10 […]
Ameriprise earnings tumble amid lower interest rates, coronavirus
{November 4th, 2020} by Tobias Salinger
Lower interest rates amid the coronavirus are slashing Ameriprise’s wealth business to the tune of hundreds of millions of dollars a quarter. The firm’s Advice and Wealth Management segment’s pretax adjusted operating earnings fell 19% year-over-year to $320 million, Ameriprise said in its third-quarter earnings on Oct. 28. The firm’s average yield on client cash has plummeted […]
A client taught me what we control in an out-of-control world
{November 4th, 2020} by Kimberly Foss
If I told you that the most important lesson I’ve learned during this cataclysmic year is gratitude, you would probably think either that I was naive enough to change my name to Pollyanna or that I was living in a clinical state of denial. Believe me, I would understand either reaction. For many of us, […]
Survey Exposes Gaps In Black Ownership Of Life Insurance
{November 4th, 2020} by John Egan, Amy Danise
As far back as the 1800s, some Black Americans have associated life insurance primarily with one thing: paying for burial expenses. It’s part of the ugly history of race-based life insurance pricing, a practice that promoted buying small policies to cover funeral costs and that didn’t fully wind down until the 21st century. “For decades, […]
Impact of COVID-19 on Universal Life Insurance Market by 2026 | Voya Financial, Transamerica, American National, Penn Mutual Life, Minnesota Life
{November 4th, 2020} by a2Z
Universal Life Insurance Market research report is the new statistical data source added by A2Z Market Research. Universal Life Insurance Market research is an intelligence report with meticulous efforts undertaken to study the right and valuable information. The data which has been looked upon is done considering both, the existing top players and the upcoming competitors. Business strategies […]
John Hancock Expands Apple Watch Program, Offers New Apple Watch Series 6 and Apple Watch SE to Vitality Life Insurance Customers
{November 4th, 2020} by John Hancock
BOSTON, Oct. 29, 2020 /PRNewswire/ – Today, John Hancock announced the expansion of its Apple Watch program to include the recently announced Apple Watch Series 6 and Apple Watch SE for life insurance customers participating in the John Hancock Vitality Program, which rewards customers for the everyday things they do to live longer, healthier lives. Beginning this fall, John Hancock […]
Northwestern Mutual Announces Record $6.2 Billion Dividend Payout to Policyowners
{November 4th, 2020} by Northwestern Mutual
MILWAUKEE, Oct. 29, 2020 /PRNewswire/ — Northwestern Mutual announced today that its policyowners will receive an estimated $6.2 billion through the company’s 2021 dividend payout. This payout marks another record for the company, which has paid a dividend to its policyowners every year since 1872 – and its life insurance dividend payout is more than double the closest competitor. In […]
Kansas City Life Announces Third Quarter 2020 Results
{November 4th, 2020} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 30, 2020 /PRNewswire/ — Kansas City Life Insurance Company recorded a net loss of $1.2 million or $0.13 per share in the third quarter of 2020 compared to net income of $4.5 million or $0.47 per share in the third quarter of 2019. Net income totaled $15.9 million or $1.64 per share in the first nine months of 2020, up from $13.8 million or $1.43 per share in the […]
LifeDX Platform Launches into Life Insurance Industry Through Collaboration with Pacific Life
{November 4th, 2020} by IXN Tech
SALT LAKE CITY, Nov. 3, 2020 /PRNewswire/ — It was announced today the LifeDX platform from IXN launched with Pacific Life as the first life insurance carrier onboard. LifeDX is a multi-carrier platform that provides an application programming interface (API) solution for quotes and application submissions for the life insurance industry. Leveraging APIs for quotes and application submissions streamlines […]
Midland National Teams Up with RetireOne® on New Advisory Annuity
{November 4th, 2020} by RetireOne
SAN FRANCISCO and WEST DES MOINES, Iowa, Oct. 28, 2020 /PRNewswire/ — Midland National® Life Insurance Company (Midland National) and RetireOne® have collaborated on the development of a new protected accumulation solution offering growth potential in two different forms. The IndexMax ADVSM fixed indexed annuity (FIA) layers in potential annual performance credits with additional 5- or 7-year term participation credits. IndexMax ADV offers two indices […]
Fidelity National Financial, Inc. Announces 9% Increase in Quarterly Cash Dividend
{November 4th, 2020} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Oct. 28, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (the “Company”) today announced that its Board of Directors has declared an increase in the Company’s quarterly cash dividend of 9%, to $0.36 per share, from the previous quarterly cash dividend of $0.33 per share. The dividend will be payable December 31, 2020, to stockholders of record as of December 17, 2020. The […]
Sagicor brings final expense life insurance to SagicorNow
{November 4th, 2020} by Sagicor
SCOTTSDALE, Ariz., Oct. 28, 2020 /PRNewswire/ – Sagicor® Life Insurance Company (Sagicor) integrates Peace Assured Final Expense Whole Life Insurance with its direct-to-consumer product portfolio, available on SagicorNow.com. Now, Boomers, Gen Xers and Millennials will have a one-stop online resource to shop, quote and purchase Sagicor life insurance products with the convenience of: A free quote in seconds No […]
Pretium and American Equity Announce Strategic Partnership
{November 4th, 2020} by Pretium Partners, LLC
NEW YORK, Oct. 29, 2020 /PRNewswire/ — Pretium today announced it entered into an expanded strategic partnership with American Equity Investment Life Insurance Company (“AEL”). The transaction builds upon AEL’s prior investment commitments with Pretium, increasing total commitments to $1 billion with pre-agreed terms for expansion to $2.25 billion. The investments will initially be primarily deployed into attractive residential credit assets […]
CNO Financial Group Reports Third Quarter 2020 Results
{November 4th, 2020} by CNO Financial Group, Inc.
CARMEL, Ind., Nov. 2, 2020 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced that for the quarter ending September 30, 2020, net income was $129.2 million, or $0.91 per diluted share compared to net income of $42.0 million, or $0.27 per diluted share in 3Q19. Net operating income (1) in 3Q20 was $112.6 million, or $0.79 per diluted share, compared to $69.2 million, or $0.45 per diluted share in […]
Minisode: Using Annuities in a Recession
{November 4th, 2020} by David Hanzlik
With the economic and market uncertainty brought on by the pandemic, investors, especially those nearing retirement, are looking to protect their savings. They need to guard the wealth that they worked hard to build. That has led to a growing interest in certain types of annuities that provide shelter against market volatility and offer the […]
AIG plans divestment of life insurance business
{November 4th, 2020} by Leslie Scism
Insurance conglomerate American International Group is taking steps to split off its life-insurance business into a separate company, leaving it to focus on property-casualty insurance, a separation it will make under the direction of a new chief executive. In news releases late on 26 October, the New York company said current CEO Brian Duperreault will […]
Athene Holding Ltd. Reports Third Quarter 2020 Results
{November 4th, 2020} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, announced today financial results for the third quarter 2020. “Amid fragile economic conditions and historically low interest rates, our third quarter results demonstrate the continued resilience of Athene’s business and our ability to drive robust, highly profitable growth in any […]
Horace Mann Reports Third-Quarter 2020 Net Income of $0.87 Per Share and Core Earnings* of $0.82 Per Share
{November 4th, 2020} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the quarter ended September 30, 2020: Horace Mann Consolidated Financial Highlights Three Months Ended September 30, Nine Months Ended September 30, ($ in millions, except per share amounts) 2020 2019 % Change 2020 2019 […]
MassMutual Approves Estimated 2021 Policyowner Dividend Payout of More Than $1.7 Billion
{November 4th, 2020} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) announced today that its Board of Directors has approved an estimated 2021 dividend payout of more than $1.7 billion. While dividends are not guaranteed, MassMutual has paid them to eligible participating policyowners every year since 1869. With the 2021 estimated payout, the company will have paid nearly […]
American Equity Reports Third Quarter 2020 Results
{November 4th, 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 third quarter 2020 net income available to common stockholders of $661.3 million, or $7.17 per diluted common share, compared to net income available to common stockholders of $37.4 million, or $0.41 per diluted […]
Best’s Market Segment Report: COVID-19 Pandemic Exacerbates U.S. Fraternals’ Challenges
{November 4th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. fraternal life industry, which already in having difficulties generating premium and growing membership, now is dealing with the additional challenges created by the COVID-19 pandemic, according to a new AM Best report. A new Best’s Market Segment Report, titled, “COVID-19 Pandemic Exacerbates U.S. Fraternals’ Challenges,” states that premiums for the 44 U.S. life fraternal […]
American Financial Group, Inc. Announces Third Quarter Results
{November 4th, 2020} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported 2020 third quarter net earnings attributable to shareholders of $164 million ($1.86 per share) compared to $147 million ($1.62 per share) for the 2019 third quarter. Net earnings for the 2020 third quarter included net unfavorable after-tax non-core items aggregating $53 million ($0.59 per share loss). […]
Ameriprise Financial Reports Third Quarter 2020 Results
{November 4th, 2020} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex. AOCI (1) Q3 2020 Q3 2020 GAAP ($ 1.14 ) GAAP 30.6 % Adjusted Operating $ 1.47 Adjusted Operating 29.6 % Adjusted Operating Ex. Unlocking (2) $ 4.27 Adjusted Operating Ex. Unlocking (2) 35.5 % […]
AM Best Affirms Credit Ratings of American Financial Group, Inc. and Most of Its Insurance Subsidiaries; Upgrades Credit Ratings of Key Life and Workers’ Compensation Entities
{November 4th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” of Great American Insurance Company and its pooling affiliates, collectively referred to as Great American Insurance Companies (Great American). Concurrently, AM Best has affirmed the Long-Term ICR of “a-” and the Long-Term […]
AM Best Comments on Credit Ratings of Equitable Holdings, Inc. and Its Life Subsidiaries Following Announcement of a Reinsurance Agreement With Venerable Holdings, Inc.
{November 4th, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has commented that the Financial Strength Ratings (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” of Equitable Financial Life Insurance Company (Equitable Financial) (New York, NY) and Equitable Financial Life Insurance Company of America (Phoenix, AZ) remain unchanged, following the announcement that Equitable Financial and AllianceBernstein (AB) have entered […]
Prudential Financial, Inc. Announces Third Quarter 2020 Results
{November 4th, 2020} by Prudential
Net income attributable to Prudential Financial, Inc. of $1.487 billion or $3.70 per Common share versus net income of $1.418 billion or $3.44 per share for the year-ago quarter. After-tax adjusted operating income of $1.291 billion or $3.21 per Common share versus $1.274 billion or $3.09 per share for the year-ago quarter(1). Book value per Common […]
Equitable Expands Commitment to DonorsChoose Through Matching Gift Program
{November 4th, 2020} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced its expanded support of DonorsChoose, committing $150,000 in matching gifts to educator fundraising projects for masks, hand sanitizer and other supplies to help educators and students safely return to classrooms across the country. Through DonorsChoose, a nonprofit […]
Principal® Receives National Recognition for Retirement Communication and Education
{November 4th, 2020} by Principal
DES MOINES, Iowa–(BUSINESS WIRE)–The Investment Management Education Alliance (IMEA) STAR Awards were recently announced and Principal Financial Group® brought home a win in eight major categories, including the prestigious Overall Retirement Communications award for the second year in a row. As the industry’s premier way to honor communications and education efforts of investment management firms for over 20 years, The […]
Aegon sells the Pyramid building complex in San Francisco
{November 4th, 2020} by Aegon
THE HAGUE, Netherlands–(BUSINESS WIRE)–Transamerica, Aegon’s business in the United States, has sold the Pyramid building complex which includes the Pyramid, 505 Sansome, the Redwood Park and other properties in the block bounded by Montgomery Street, Clay Street, Washington Street, and Sansome Street in San Francisco, to a joint venture led by Michael Shvo. Transamerica will […]
Equitable Holdings Reinsures Legacy Variable Annuity Block to Venerable, Accelerating Capital Return
{November 4th, 2020} by Equitable Holdings
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings” or the “Company”) (NYSE: EQH) today announced that it entered into an agreement with Venerable Holdings, Inc. (“Venerable”)1 to reinsure legacy variable annuity policies sold between 2006-2008 (the “Block”) backed by approximately $12 billion2 of general account assets and to select AllianceBernstein (“AB”) as the preferred investment manager for the […]
‘Secure Act 2.0’ Could Expand Use of ETF-Like Options in Variable Annuities
{November 4th, 2020} by Allison Bell
The big new “Securing a Strong Retirement Act of 2020″ bill — which some are calling the “Secure Act 2.0″ bill — contains a provision that could help life insurers expand variable annuity investment option menus. Section 203 in the Secure Act 2.0 would make it easier for life insurers to put subaccounts linked to exchange-traded funds […]
A Learning Year That Keeps On Teaching Life Insurers
{November 4th, 2020} by Steven A. Morelli
Another factor in the decrease in annuity sales became evident during a presentation and panel discussion at the National Association for Fixed Annuities’ annual meeting last week. Besides low crediting rates and difficulty in selling virtually, consumer uncertainty arose as a factor in Cannex’s polling this year, according to data reviewed by Tomiko Toland, Cannex […]
AIG settles lawsuit for more than $400 million
{November 4th, 2020} by Lyle Adriano
American International Group (AIG) has settled a tax shelter lawsuit, related to seven cross-border transactions made during the mid-1990s – transactions designed to generate bogus foreign tax credits, a US attorney said. According to the acting US attorney for the Southern District of New York, AIG has agreed to pay a 10% penalty and disallow […]
Evercore ISI Recognized as the Top Ranked Independent Firm in U.S. Equity Research
{November 4th, 2020} by Evercore
NEW YORK, October 21, 2020 – For the seventh consecutive year, Evercore ISI was recognized as the top ranked independent research franchise in Institutional Investor’s All-America Equity Research survey. Evercore ISI held its weighted #2 rank among all firms for analysts, a measure that applies the greatest weight to the highest ranked individuals in each […]
Know What You’re Paying for When You Buy an Annuity
{November 4th, 2020} by Salene Hitchcock-Gear, President of Prudential Individual Life Insurance
Even if you’ve spent your entire career stashing away money to pay for retirement, you may still be worried the nest egg you’ve worked so hard to build will not last as long as you need it to. For one thing, American life expectancies are near record highs, according to the CDC, and the […]
What’s Really Guaranteed With Fixed Rate Annuities?
{November 4th, 2020} by David Blanchett
Recent yields on fixed rate annuities, also called multi-year guaranteed annuities (MYGAs), have become increasingly attractive for investors as interest rates have declined. While other similar 5-year “guaranteed” investments like Treasuries and CDs are yielding up to about 1%, a number of insurance companies are offering 5-year fixed rate annuities today that have yields just […]
Third-quarter annuity sales higher than in Q2, but below 2019 levels
{November 3rd, 2020} by InvestmentNews
Annuity sales totaled $54.8 billion in the third quarter, up 13% from the second quarter, but 8% lower than the same period last year, according to a survey by the Secure Retirement Institute. Click HERE to read the full story via InvestmentNews
Annuities have a lot of value in today’s consumer world because of the guaranteed income they provide: CEO
{November 3rd, 2020} by Contributor
John Schlifske, Northwestern Mutual CEO joins the On the Move panel to discuss the impact of COVID on the life insurance industry. ADAM SHAPIRO: We are bringing in John Schlifski. He is Northwestern Mutual’s CEO. This private-held life insurance company– and congratulations. You’re rated among the highest by AM Best. A lot of us know […]
Focus On Retirement Happiness To Make The Annuity Case
{November 3rd, 2020} by The Wealth Advisor
I think everyone dreams of a retirement where they can live a long and happy life. This has been researched by PhD’s around the world and the answers may surprise you. Research shows that people with a guaranteed lifetime income source tend to be happier and live longer. I still remember The Wall Street Journal headline “The […]
Neil Sprackling to Lead LL Global Board in 2021
{November 3rd, 2020} by Allison Bell
LL Global — the parent of LIMRA, LOMA and the Secure Retirement Institute — says Neil Sprackling will be its board chair in 2021. Sprackling is the president for U.S. life and health at Swiss Re America Holding Corp. He will be taking over from Jill McGruder, the chief marketing officer at Western & Southern Financial […]
