Wink Sees Drop in Sales of 3 Types of Life Products
{December 2nd, 2020} by Allison Bell
Sheryl Moore, Wink’s president, said in a commentary included with the results that she thinks sales of whole life will continue to be strong for the rest of the year. Sales of indexed universal life may benefit, temporarily, from a consumer rush to buy the product before new life insurance policy illustration rules take effect, […]
Whole Life Sales Lone Bright Spot In Third-Quarter Sales: Wink
{December 2nd, 2020} by Staff Reports
Whole life insurance sales had a mild comeback during the third quarter, with overall sales data underscoring how far the industry has yet to go to recoup business. Third-quarter sales of whole life registered $1.05 billion, up 12.9% when compared with the previous quarter, according to Wink’s Sales & Market Report. But sales were down […]
News Delaware Floats ‘Best Interest’ Rule for Annuity Sales
{December 2nd, 2020} by Melanie Waddell
Delaware has become the latest state to introduce a best interest rule for the sale of annuities — joining Arizona, Iowa and Rhode Island. Introduced by the Delaware Department of Insurance, the proposal aims to align with the SEC’s Regulation Best Interest “to create a harmonized network of state and federal protections that preserve access to […]
American Equity Announces Closing of Initial 9.9% Equity Investment From Brookfield Asset Management and Expands Execution of Share Repurchase With New Accelerated Share Repurchase Program
{December 2nd, 2020} by American Equity Investment Life Holding Company
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL) announced today that following Hart-Scott-Rodino approval, it has closed an initial equity investment of 9,106,042 shares at $37.00 per share from Brookfield Asset Management Inc. as part of a previously announced strategic partnership. With this investment and the accelerated share repurchase and other […]
Insurer and wealth manager taps first Black female CEO
{December 2nd, 2020} by Tobias Salinger
An insurer and wealth manager has tapped a veteran executive who will be the first woman, Black person or member of any minority group to be its CEO. The 111-year-old Ohio National Financial Services is promoting Barbara Turner from COO, effective Jan. 1, after the retirement of current CEO Gary “Doc” Huffman, the firm said Nov. 23. […]
News Moody’s Sees Pent-Up Demand for Life and Annuity Deals
{December 2nd, 2020} by Allison Bell
Low interest rates and new accounting rules may continue to push publicly traded life insurers to sell variable annuity blocks to private capital companies in 2021. Bob Garofalo, a senior credit officer at Moody’s Investors Service, and other Moody’s analysts make that prediction in a new report on the state of mergers and acquisitions in the U.S. […]
Which annuities are selling in the coronavirus economy?
{December 2nd, 2020} by Tobias Salinger
In fact, sales of all products rebounded from the previous quarter, according to Sheryl Moore, the CEO of annuity research firm Wink. Still, with the exception of the double-digit increases among MYGAs and structured VAs, Moore points out that sales of most of the other products are more than 10% behind their pace at this time last […]
FIAs: The Right Strategies At The Right Time
{December 2nd, 2020} by Doug Wolff
Financial professionals have a multitude of options to choose from in helping their clients save for retirement. But with interest rates at historic lows, stock market volatility high and clients concerned about risk, the job of choosing has become more challenging. As annuities have come further into focus, a number of additional savings options are […]
Annuity Sales Rebound in Third Quarter: WinkIntel
{December 2nd, 2020} by Editorial Staff
Annuity sales emerged from the shadows of COVID-19 in the third quarter. Sales of multi-year guarantee annuity contracts (MYGAs) and of structured annuities were up by double-digits from a year ago, according to Wink’s latest sales report. Total sales for all deferred annuities were $54.2 billion in third-quarter of 2020; an increase of over 18.0% […]
WFG Hosts First Annual Women’s Conference
{December 2nd, 2020} by WFG
JOHNS CREEK, Ga., Nov. 25, 2020 /PRNewswire/ — Female business leaders will share how they maximize opportunities, embrace challenges and own their futures at the upcoming World Financial Group Women’s Conference: Virtually Unstoppable on December 5. The event will include some of WFG’s top women independent agents, who will speak about the importance of taking chances, overcoming the fear of failing […]
DALBAR Recognizes The Best-In-Class Providers of Policyholder Service
{December 2nd, 2020} by DALBAR, Inc
MARLBOROUGH, Mass., Nov. 30, 2020 /PRNewswire/ — 2020 has been a challenging year for everyone; this is certainly true for contact centers. The pandemic forced companies to rapidly shift to a work-from-home model, in many cases where the required infrastructure and training were not already in place. On top of the challenging work environment, representatives were also dealing […]
Creative Financial Network Attracts Interest and Enters into Partnership with Private Equity-Owned Insurance Distribution Company
{December 2nd, 2020} by AmeriLife
CLEARWATER, Fla., Dec. 1, 2020 /PRNewswire/ — Creative Financial Network announced that it has entered into a partnership with AmeriLife, a private equity-owned insurance distribution company headquartered in Florida. The partnership gives Creative Financial Network the resources to invest in its business to drive ongoing development and future growth. “Creative Financial Network’s reputation has been built on its holistic […]
TruChoice Financial Group Joins Annexus
{December 2nd, 2020} by TruChoice Financial Group
MINNEAPOLIS, Dec. 1, 2020 /PRNewswire/ — TruChoice Financial Group, LLC (TruChoice), a dynamic sales and marketing organization and one of the largest distributors of insurance products in the financial services industry, announced today its strategic partnership with Annexus, a leading innovator of retirement solutions. Annexus excels in collaborating with top insurance carriers to design solutions focused on helping […]
New York Life Releases 2019-2020 Corporate Responsibility Report
{December 2nd, 2020} by New York Life
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer, today released the company’s 2019-2020 Corporate Responsibility Report. The report highlights how New York Life’s Corporate Responsibility strategy and priorities align with and reflect the company’s stakeholders – policy owners and clients, employees and financial professionals, communities, and service providers. In his introduction to the […]
Best’s Special Report: U.S. Life/Annuity Insurers’ Net Income Cut by More Than Half in Nine-Month 2020 Period, Preliminary Results Show
{December 2nd, 2020} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–Net income in the U.S. life/annuity industry dropped by nearly 57% to $12.7 billion in the first nine months of 2020, compared with the same prior-year period. This financial review is detailed in a new Best’s Special Report, titled, “First Look: 9-Month 2020 Life/Annuity Financial Results,” and the data is derived from companies’ nine-month […]
New Advisor Designation Drawing Criticism
{December 2nd, 2020} by Jeff Berman
The College for Financial Planning’s new Accredited Behavior Financial Professional (ABFP) designation is causing at least a few industry experts to wonder whether there is actually a need for such an accreditation. “I’m a fan of education, but did we really need another set of letters — ABFP for “Accredited Behavioral Financial Professional” — to […]
NAIFA Confirms Thomas Michel as 2021 President
{December 2nd, 2020} by Allison Bell
National Association of Insurance and Financial Advisors member representatives have confirmed Thomas Michel as the group’s 2021 president, NAIFA announced Monday Click HERE to read the full story via ThinkAdvisor
Nationwide Adds Fee-Based Guaranteed Lifetime Withdrawal Benefit Rider: Annuity Moves
{December 2nd, 2020} by Allison Bell
FIDx, American Equity, Credit Suisse and Salt Financial also have annuity moves news. Nationwide is showing fee-based financial advisors that it’s sticking with the annuity living benefits market, in spite of COVID-19 and low interest rates. The Columbus, Ohio-based insurer is introducing the Nationwide Pro 4 Income Rider, a new, fee-based guaranteed lifetime withdrawal benefit (GLWB) […]
Why Advisors Must ‘Tailor’ Client Talks on Annuities, Longevity in the Pandemic: Milevsky
{December 2nd, 2020} by Jane Wollman Rusoff
COVID-19 is “a sudden shock to mortality,” and the uncertainty it’s caused makes annuities “more valuable than ever,” argues retirement expert Moshe A. Milevsky. Still, many investors don’t see annuities this way. Fewer financial advisors are selling annuities because, for one, virtual meetings make sales difficult to close, says Milevsky, a tenured professor at York […]
Is Your Cash Value Life Insurance Policy Still a Good Fit for You?
{December 1st, 2020} by Dennis Ho, FSA, CFA
When most people buy a life insurance policy, they file it away hoping to never need it. But, if you have cash value life insurance policy, such as whole life, universal life or variable universal life, you purchased more than just insurance coverage. Your policy is also an investment, and some of your premiums over […]
