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Archive for December 2023

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  • Annuities Newcomber Aspida Life Reaping Benefits of a Fruitful Market

    {December 27th, 2023} by Terrence Dopp

    Aspida started operations in June 2022 from a “clean shell” with no legacy blocks. Now the company says it’s on a $2 billion annual run-rate for new business as it focuses on bolstering its technology. Click HERE to read the full story via Best/s Review

    TruStage CEO Williams Sees 2024 as End of Intro Period, Shift to ‘Operating Mode’

    {December 27th, 2023} by BestDay

    Terrance Williams sees the start of 2024 as a milestone. That’s when the new TruStage Financial Group, Inc. president and chief executive officer wraps up the listening tour he’s been on and shifts to what he calls operating mode. Click HERE to read the full story via AM Best

    The power of life insurance in enabling tomorrow’s wealth transfer

    {December 27th, 2023} by Samantha Chow

    Human beings are living longer and healthier lives. By 2050, the over-50 population will reach 3.2 billion, or 33% of the world’s total population, according to the United Nations. For individuals, increased longevity is good news. Click HERE to read the full story via INN

    Annuities, Rollovers, and Access Dominate Debate Over DOL Fiduciary Proposal

    {December 27th, 2023} by Paul Mulholland

    The Department of Labor held hearings with stakeholders on December 12 and 13 to further solicit public comment on its retirement security rule proposal. Also known as the fiduciary rule proposal, the proposed changes would replace the current five-point fiduciary test with one that applies fiduciary status to many one-time transactions, including rollovers to individual retirement accounts, […]

    Advisors May Have Little Power to Bridge the Annuity Divide

    {December 27th, 2023} by John Manganaro

    The findings of a new research report point to both the promise and the peril of reliance on fiduciary financial professionals to guide clients to greater use of annuities. According to the analysis, advisors themselves tend not to recommend annuity purchases to their retirement clients, even as they broadly harbor concerns that some could run short of […]

    Advisors look ahead to life insurance in 2024

    {December 27th, 2023} by Ayo Mseka

    As 2023 draws to a close, agents and advisors are reviewing the trends that have impacted the life insurance industry during the past several months and are thinking about what is ahead for 2024 and beyond. Two industry experts, John Carroll, SVP and head of life and annuities for LIMRA, and Brian Haney, founder/CEO of The […]

    Midwest Holding Inc. Completes Acquisition by Antarctica Capital

    {December 27th, 2023} by Midwest Holding Inc

    LINCOLN, Neb. and NEW YORK, Dec. 21, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an alternative asset management firm, today announced the completion of the acquisition of Midwest by an affiliate of Antarctica. Georgette Nicholas, Chief Executive Officer of Midwest, said, “Today marks the beginning of a new chapter for Midwest, […]

    AM Best Affirms Credit Ratings of Members of Aegon Ltd.’s U.S. Subsidiaries

    {December 27th, 2023} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Ratings of “a+” (Excellent) of the U.S. life/health (L/H) subsidiaries of Aegon Ltd. (Bermuda) [NYSE: AEG]. Aegon Ltd.’s U.S. L/H companies are Transamerica Life Insurance Company (Cedar Rapids, IA) and Transamerica Financial Life Insurance Company (Harrison, NY) and […]

    TIAA Traditional Offers Highest New Money Payout Rate in More Than 20 Years

    {December 27th, 2023} by TIAA

    NEW YORK, Dec. 19, 2023 /PRNewswire/ — Participants electing lifetime income from TIAA Traditional, TIAA’s flagship annuity, in January 2024 will receive a historically high payout rate of 8.2%. “When you convert your savings into lifetime income with TIAA Traditional, you get a guarantee that you’ll have money coming in for life no matter how long you live,” said Colbert Narcisse, chief […]

    Best’s Special Report: U.S. Life/Annuity Industry Posts 9.3% Increase in Total Income Through Nine-Month 2023 Period

    {December 27th, 2023} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–The U.S. life/annuity industry reported a 9.3% increase in total income during the first nine months of 2023 compared with a year earlier, driven by growth in premium and annuity considerations, as well as net investment income, according to a new AM Best report. This financial review is detailed in a new Best’s Special Report, “First […]

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

    {December 27th, 2023} 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 ICRs) of “a+” (Excellent) of Brighthouse Life Insurance Company (headquartered in Charlotte, NC), New England Life Insurance Company (Boston, MA) and Brighthouse Life Insurance Company of NY (New York, NY). These entities collectively are referred to […]

    AM Best Revises Outlooks to Negative for SILAC Insurance Company

    {December 27th, 2023} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to negative from stable and affirmed the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). These Credit Ratings (ratings) reflect SILAC’s balance sheet strength, which AM Best assesses as adequate, as well […]

    Parent Problems Put AnnuityNet in Play

    {December 27th, 2023} by Allison Bell

    AnnuityNet — a company that helped move about $98 billion in annuity premium payments in 2022 — could soon have a new home. Ebix, AnnuityNet’s Johns Creek, Georgia-based parent, has filed for Chapter 11 bankruptcy  protection because of problems with gift card operations in India. Click HERE to read the full story via Think Advisor

    Senate Democrats Press DOL for More Time on Fiduciary Rule Comments

    {December 27th, 2023} by Melanie Waddell

    Seven Senate Democrats are urging the Labor Department to extend the comment period on its new fiduciary rule proposal. In a letter sent late Wednesday to acting Labor Secretary Julie Su, the senators — including Joe Manchin, D-W.Va., and Ben Cardin, D-Md. — told Su that “given the broad impacts of this potential rulemaking, we are concerned that you are […]

    Alicia Munnell Praises DOL Rollover Rule, Blasts New Social Security 2100 Act

    {December 27th, 2023} by Jane Wollman Rusoff

    Alicia Munnell, professor of management sciences at Boston College and director of its Center for Retirement Research, minces no words in her assessment of temporary benefit increases included in the newest proposed version of the Social Security 2100 Act.  “It’s terrible,” she tells ThinkAdvisor in a recent interview. “That will cause dissatisfaction among workers who […]

    Market for These Annuities Looks ‘Exceptionally Robust’: Equitable

    {December 27th, 2023} by Allison Bell

    Robin Raju is helping a company that has been a pillar of the U.S. life insurance industry get its fame back. Raju is the chief financial officer at Equitable Holdings, the New York-based company founded in 1859 that operated relatively quietly from 1992 through 2018, when it was controlled by AXA of Paris. Click HERE […]

    Trade groups: keep life insurance out of Mass. proposal banning ‘junk fees’

    {December 27th, 2023} by John Hilton

    Massachusetts Attorney General Andrea Joy Campbell is mimicking the language preferred by federal regulators in proposing regulations to prohibit hidden “junk fees.” Industry trade associations don’t like those two words any better at the state level. In fact, the proposal is moot as it relates to the life insurance industry, a trio of trade groups […]

    DOL fiduciary rule comments number 14,000+ as opposing views harden

    {December 27th, 2023} by John Hilton

    Federal regulators are releasing a steady trickle of the more than 14,000 public comments on the Department of Labor’s contentious fiduciary rule proposal. One week remains until the Jan. 2 deadline to comment on the rule, which the DOL has fast tracked since its Halloween release. The DOL posted recordings this week of a two-day […]

    Judge allows SEC annuity fraud allegations against advisor to proceed

    {December 27th, 2023} by John Hilton

    A federal judge refused to toss out annuity fraud charges filed by the Securities and Exchange Commission against a Massachusetts financial advisor. U.S. District Judge Denise J. Casper denied a motion to dismiss filed by Jeffrey Cutter, who is also an insurance agent. Cutter argued that the Investment Advisers Act of 1940 did not apply […]

    Not all annuities are equal: Answers to client questions

    {December 27th, 2023} by Rich Lane

    How can you help a client choose an annuity? Who’s the right fit for an annuity with an enhanced death benefit rider? Here I provide InsuranceNewsNet with answers to some frequently asked questions about annuities.  Click HERE to read the full story via INN   Wink’s Moore on the Market: Sage words from my buddy Rich Lane […]

    Aon to Pay $13.4B for NFP

    {December 27th, 2023} by Alex Ortolani

    Aon plc Wednesday announced its plans to acquire retirement, insurance, and wealth advisory NFP for an estimated purchase price of $13.4 billion. NFP will continue to operate as an independent company on a “connected platform” with Aon and will be known as NFP, an Aon company. Doug Hammond, chairman and CEO of NFP, will continue […]

    Annuity sales are on track for a record year. Here’s what to know before buying

    {December 27th, 2023} by Greg Iacurci

    Consumers pumped record money into annuities in 2023, on the back of higher interest rates and anxiety about the stock market and U.S. economy, experts said. Click HERE to read the full story via CNBC Wink’s Moore on the Market: regory Iacurci at CNBC has a gem for us this morning. He’s interviewing a member […]

    SILAC outlook downgraded due to decline in reinsurance quality

    {December 27th, 2023} by Kenneth Araullo

    Utah-based SILAC Insurance Company (SILAC) has had its outlook adjusted from stable to negative by AM Best. The shift to a negative outlook is primarily due to a decline in the quality of SILAC’s reinsurance counterparties and a decrease in risk-adjusted capital, as measured by Best’s Capital Adequacy Ratio (BCAR). Click HERE to read the […]

    SEC Charges RiverSource Distributors with Improper Switching of Variable Annuities

    {December 27th, 2023} by Graham Shear

    The Securities and Exchange Commission today announced settled charges against RiverSource Distributors Inc. for improper switching or replacing of variable annuities. This is the SEC’s first-ever enforcement proceeding under Section 11 of the Investment Company Act of 1940. Section 11 of the Investment Company Act prohibits any principal underwriter from making or causing to be […]

    Do Financial Professionals Recommend Annuities?

    {December 27th, 2023} by Karolos Arapakis and Gal Wettstein

    The rate of ownership of annuities in the United States is low, with only about 10 percent of older Americans having a commercial annuity.  Researchers have offered many potential rationales as to why people approaching retirement have so little interest in annuities.  However, a largely overlooked issue is how financial professionals view annuities and how […]

    New annuity products don’t have ‘icky feeling of commission’

    {December 27th, 2023} by Emile Hallez

    Some advisors are coming round to annuities but survey reveals majority seldom recommend them – and clients don’t listen anyway. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: Here we go again with David Lau bashing commissioned annuities. High commissions compared to what? Most annuities don’t even have fees. […]

    From Boomers To Zoomers: The Seasoned Silver-Haired Advisor’s Guide To The Zillennial Gold Mine

    {December 27th, 2023} by Brittany Maples

    I’m a young, anxious, confused, and overwhelmed consumer and if you’re reading this, there’s a high likelihood that you retain more financial knowledge than me. I disclose this at the risk of some readers stopping here before they get to the end because I believe this presents a much more advantageous opportunity than it may […]

    The Time to Buy a Fixed Indexed Annuity Is Now

    {December 27th, 2023} by Sean Ruggiero

    It is my obligation as a financial professional to offer clients the financial product and plan that best suits their unique situation. In many instances that plan can include a fixed indexed annuity (FIA), and it’s important that all financial professionals know something about them. Click HERE To read the full story via Think Advisor […]

    Delmarva Benefit Group Partners with Integrity to Access Innovative, Growth-Driven Platform

    {December 27th, 2023} by Integrity Marketing Group, LLC

    DALLAS, Dec. 19, 2023 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Delmarva Benefit Group, an independent marketing organization based in Felton, Delaware, and led by Dave Lewis. Financial details of the partnership were not disclosed. “At Integrity, we […]

    Merry Christmas!

    {December 19th, 2023} by Wink's Intel Pros and Sheryl J. Moore

    We wish you a very Merry Christmas. May this Christmas bring you many reasons to smile. 

    They could be the answer to the nation’s retirement crisis.

    {December 19th, 2023} by Sheryl J. Moore

    I don’t know what else to say. This stuff makes me mad. Click HERE to read DOL hearing parses intersection of ‘best interest’ and annuity sales via InvestmentNews Just because annuities are purchased in a different manner than investments, doesn’t make them inferior. These are important products, and Americans need to learn about them. They […]

    3Q Indexed Life Sales Record Modest Rise: Wink

    {December 19th, 2023} by Cyril Tuohy

    Third-quarter indexed universal life sales rose 2.4% from a year ago to $687.2 million, Wink reported last week. Sales dipped 5.3% compared with the second quarter, but remain on track to deliver a record year, Wink also reported. Click HERE to read the full story via Life Annuity Specialist

    Aspida and WealthVest Add New Index Strategies and 5-Year Product to WealthLock Accumulator

    {December 19th, 2023} by WealthVest Marketing

    Financial professionals and clients can now allocate funds to 6 high watermark strategies across 3-surrender periods with Aspida’s WealthLock Accumulator fixed index annuity. BOZEMAN, Mont., Dec. 16, 2023 /PRNewswire-PRWeb/ — Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, and WealthVest, a leading financial services distribution firm, announced the addition of new 2- and 5-year […]

    Equitable Enhances its Flagship Investment-Only Variable Annuity

    {December 19th, 2023} by Equitable

    NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc. (NYSE: EQH), today announced enhancements to its Investment Edge® investment-only variable annuity that add new options designed to increase growth potential and provide additional flexibility to customize investment options. This announcement continues Equitable’s strong track record of innovation in the annuity market. Growth […]

    Americans More Stressed with Inflation Affecting Finances

    {December 19th, 2023} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–More Americans plan to put an emphasis on their finances in the new year as inflation and rising interest rates affect their long-term financial outlook, according to the 2023 New Year’s Resolutions Study* from Allianz Life Insurance Company of North America (Allianz Life). With ongoing economic stressors, Americans feel like they need to make […]

    AM Best Affirms Credit Ratings of Prudential Financial, Inc. and Its Life/Health Subsidiaries

    {December 19th, 2023} 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-” (Superior) of the life/health insurance subsidiaries of Prudential Financial, Inc. (PFI) (Newark, NJ) [NYSE: PRU], collectively referred to as Prudential. Concurrently, AM Best has affirmed the Long-Term ICR of “a-” (Excellent) of […]

    New York Life’s Industry-Leading Financial Strength Ratings Affirmed by All Major Ratings Agencies

    {December 19th, 2023} by New York Life

    NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest mutual life insurer1, today announced that major ratings agencies Standard & Poor’s, Fitch Ratings, A.M. Best, and Moody’s Investors Service have all affirmed New York Life as maintaining the highest possible ratings for financial strength. New York Life continues to maintain the highest financial strength ratings currently awarded […]

    Nebraska Department of Insurance Approves Acquisition of Midwest Holding Inc. by Antarctica Capital

    {December 19th, 2023} by Midwest Holding Inc

    LINCOLN, Neb. and NEW YORK, Dec. 14, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), a technology-driven life and annuity platform, and Antarctica Capital (“Antarctica“), an international investment firm, today announced receipt of approval from the Nebraska Department of Insurance for the acquisition of Midwest by an affiliate of Antarctica. The transaction is expected to close on or about December 20, 2023.  Pursuant […]

    Ebix Reaches “Stalking Horse” Sale Agreement for Life Insurance and Annuity Business with Zinnia to Ensure Successful Recapitalization Efforts

    {December 19th, 2023} by Ebix, Inc

    Company Continues to Have Robust Worldwide Operations and Strong Fundamentals Secures New Financing to Support Restructuring Process Proposed Transaction Provides Ongoing Stability for the Insurance Industry, Ensuring Continued World Class Delivery for Clients JOHNS CREEK, Ga., Dec. 18, 2023 /PRNewswire/ — Ebix, Inc. (NASDAQ: EBIX), a leading international supplier of on-demand software and e-commerce services to the insurance, […]

    DOL’s Gomez Lays Out Fiduciary Rule’s Chief Goals

    {December 19th, 2023} by Melanie Waddell

    Kicking off a two-day online public hearing on the Labor Department’s new fiduciary proposal, Lisa Gomez — assistant secretary of Labor for the Employee Benefits Security Administration — outlined Tuesday morning the new plan’s multi-pronged goal. The “chief aim” of the Retirement Security Rule: Definition of an Investment Advice Fiduciary, Gomez said during her opening […]

    Top 10 Life, Health and Annuity Deals of 2023, So Far

    {December 19th, 2023} by Allison Bell

    U.S. life, health and annuity issuers have announced more traditional mergers and acquisitions so far this year than they had announced by mid-December 2022. The total value of the 2023 M&A deals with announced prices, or easy-to-estimate values, is about $12 billion, according to ThinkAdvisor estimates, based on companies’ own releases and reports from organizations […]

    Would New DOL Fiduciary Rule Curtail Advice Access? No Way, Consumer Groups Testify

    {December 19th, 2023} by Melanie Waddell

    The claim by the brokerage and insurance industries that small savers would lose access to advice under the Labor Department’s new fiduciary proposal “is little more than a scare tactic,” Micah Hauptman, director of investor protection for the Consumer Federation of America, told Labor officials. The federation is among 45 groups, some supporting the proposal and some […]

    Why the Annuity Industry Needs a Fiduciary Standard

    {December 19th, 2023} by David Lau

    For at least the past three decades, the financial services industry has been steadily, even aggressively, moving toward low-cost products with transparent pricing and no sales loads. During that time, financial advisors have migrated en masse from largely commission-based compensation to fee-based or fee-only compensation. The transition from commissions to fees changes a financial professional […]

    10 Worst Financial Advisors in America: 2023

    {December 19th, 2023} by Dinah Wisenberg Brin

    While financial advisors and brokers can make a positive difference for their clients, helping them to build retirement nest eggs and family wealth, that doesn’t mean that the industry and its clients are immune to fraud, theft and violent crime. Over the years, clients, business associates, romantic partners and the public have been swindled and […]

    Moody’s: US life insurance outlook is stable for 2024

    {December 19th, 2023} by Press Release

    Moody’s Investor Service maintains a stable outlook for the US life insurance sector, driven by benefits of rising interest rates, which will offset slower economic growth as well as weakness in certain asset classes such as commercial real estate. Insurers’ solid capital positions will help them weather negative surprises in the capital markets and economy, […]

    Here’s How Apollo Global Management (APO) Grew

    {December 19th, 2023} by Soumya Eswaran

      Investment management company Ave Maria recently released its “Ave Maria Focused Fund” third quarter 2023 investor letter. A copy of the same can be downloaded here. In the third quarter, the fund returned -2.37% compared to the S&P MidCap 400 Growth Index’s -3.25% return. Year-to-date the fund returned 21.03% compared to the 6.88% return […]

    Judge allows SEC annuity fraud allegations against advisor to proceed

    {December 19th, 2023} by John Hilton

    A federal judge refused to toss out annuity fraud charges filed by the Securities and Exchange Commission against a Massachusetts financial advisor. U.S. District Judge Denise J. Casper denied a motion to dismiss filed by Jeffrey Cutter, who is also an insurance agent. Cutter argued that the Investment Advisers Act of 1940 did not apply […]

    What’s next for the Department of Labor fiduciary rule proposal?

    {December 19th, 2023} by John Hilton

    Now that the Department of Labor’s two-day public hearing is over, Jan. 2 is the next big date for its controversial fiduciary rule proposal. That is the day public comments are due after the department refused to grant an extension. As of Thursday, the government had received more than 8,000 comments on the fiduciary proposal. […]

    CFP Board reminds advisors of the differences between fiduciary and best interest

    {December 19th, 2023} by John Hilton

    As more states rush to adopt best-interest annuity sales standards, the Certified Financial Planner Board of Standards is reminding advisors that it has a higher standard. The CFP Board’s Code of Ethics and Standards of Conduct takes precedence over the best-interest regulation created by the National Association of Insurance Commissioners. Forty-seven states have either adopted […]

    BD, Insurer Groups Blast Fiduciary Plan at DOL Hearing

    {December 19th, 2023} by Melanie Waddell

      Industry trade groups told the Labor Department Tuesday during the first day of a two-day online hearing to withdraw its new fiduciary proposal, the Retirement Security Rule: Definition of an Investment Advice Fiduciary. The Securities Industry and Financial Markets Association, which represents broker-dealers, investment banks and asset managers, and the American Council of Life Insurers […]

    Longtime consumer advocate Birny Birnbaum to retire from NAIC duties

    {December 19th, 2023} by John Hilton

    Consumer advocate David “Birny” Birnbaum is at times a pain the neck for NAIC regulators who face his relentless questions and criticism. But they will miss him, said Louisiana Insurance Commissioner Jim Donelon. Birnbaum, a longtime National Association of Insurance Commissioners-sponsored consumer liaison, is retiring from those duties. Click HERE to read the full story via […]

    Five things your annuity seller SHOULD tell you:

    {December 19th, 2023} by Sheryl J. Moore

    I believe you may misunderstand indexed annuities Mike Palmer. Click HERE to view Five Things Your Annuity Seller Won’t Tell You via Kiplinger What do you mean when you say indexed annuities “offer ‘point to point’ crediting, but the investor must choose monthly or annual valuation, and the fees for each option differ?” The annuity […]

    How to Talk to Clients About Annuities

    {December 19th, 2023} by Matt DiGangi

    About This Episode With Americans living longer and deferring retirement for lots of reasons, the retirement planning landscape is changing. Employers are not offering pensions. All these factors make planning for retirement income crucial. We’ll explore this in depth with my guest, Matt DiGangi. Click HERE to listen via Advisor Perspectives   Wink’s Moore on […]

    Asset manager Bayview explores sale of insurance arm Oceanview

    {December 19th, 2023} by David French and Pablo Mayo Cerqueiro

    Dec 13 (Reuters) – Credit investment firm Bayview Asset Management told Reuters it has put its insurance arm Oceanview Holdings up for sale, in what could be the latest chapter of dealmaking in North America’s life insurance and annuities sector. The sale process comes amid strong appetite from private equity firms and other asset managers […]

    Stephen Dybwad: Exploring parallels between crop insurance and fixed index annuities

    {December 19th, 2023} by Stephen Dybwad

    Imagine you are a farmer. You have been working the land for years, cultivating crops, and raising livestock. You have grown accustomed to the rhythms of the seasons, the unpredictable weather patterns, and the vagaries of the market. You have learned to adapt to the changing circumstances and to make the most of what you […]

    Washington Insurance Commissioner Issued $305K in Fines

    {December 19th, 2023} by Insurance Journal

    Washington Insurance Commissioner Mike Kreidler issued fines in November totaling $305,694 against insurance companies and insurance producers for violations of state insurance laws and regulations. Following are the fines, the reasons for them from the commissioner’s office and the details of the reported violations Click HERE to read the full story via Insurance Journal   […]

    Harnessing AI in Annuities

    {December 19th, 2023} by Danielle Lutkus

    Artificial Intelligence is today’s hottest of hot topics across all industries, and the annuities market is no exception. AI technology and machine learning is transforming traditional processes for financial advisors, agents, and carriers leading to improved efficiency, accuracy, and customer experience. Click HERE to read the full story via Think Advisor

    https://insurancenewsnet.com/innarticle/ebix-announces-bankruptcy-plan-to-sell-life-and-annuity-assets-to-zinnia

    {December 19th, 2023} by John Hilton

    Ebix, Inc. announced today that it has reached a “stalking horse” agreement to sell its North American life and annuity assets to Zinnia for $400 million, part of a bankruptcy reorganization plan. A leading international supplier of on-demand software and e-commerce services to insurance and financial services, Ebix is filing for Chapter 11 protection of its U.S.-based […]

    The (Surprisingly) Good News on Life Expectancy: It’s Still Going Up

    {December 19th, 2023} by Josh Zumbrun

    Over the past decade a number of alarming stories have chronicled the decline of U.S. life expectancy in the midst of rising overdose deaths, Covid-19, alcohol-related deaths and suicides. It turns out there are two ways to measure mortality and life expectancy, and the one you hear about the most paints a misleadingly pessimistic picture of the […]

    Osaic Announces Acquisition of Lincoln Wealth

    {December 19th, 2023} by Osaic

    Acquisition continues Osaic’s strategic growth with addition of more than 1,450 producing advisors and $108B in AUM PHOENIX, Dec. 14, 2023 /PRNewswire/ — Osaic, Inc. (Osaic), one of the nation’s largest providers of wealth management solutions, announced a definitive agreement to acquire Lincoln Financial Advisors Corporation (LFA) and Lincoln Financial Securities Corporation (LFS), the wealth management firms that make […]

    JST Financial Partners with Integrity to Empower Agents with Industry’s Most Innovative Technology

    {December 19th, 2023} by Integrity Marketing Group, LLC

    JST Financial Partners with Integrity to Empower Agents with Industry’s Most Innovative Technology       Agency built on integrity, service and excellence joins forces with the leader in industry innovation to bring new technology, products and features to their fast-growing team of agents   DALLAS – DECEMBER 12, 2023 – Integrity Marketing Group, LLC […]

    Maybe if more companies would follow suit…

    {December 19th, 2023} by Sheryl J. Moore

    Athene is promoting annuities in my Morning Brew newsletter. Maybe if more companies would follow suit, we wouldn’t have a retirement crisis. 🤷🏼‍♀️ -sjm  

    Raising the bar by building a strong network

    {December 12th, 2023} by Sheryl J. Moore

    When the door to my corporate job shut on my expected career path, the next door opened when I recognized an unmet need in the insurance industry. Click HERE to read the full story via Aspire Magazine page 30    

    Indexed Life Sales Creep Higher: Wink

    {December 12th, 2023} by Allison Bell

    Consumers were making a little more use of indexed life insurance in the third quarter. Total U.S. sales of individual indexed life insurance increased 2.5% between the third quarter of 2022 and the third quarter of 2023, to $687 million, according to Wink. Click HERE to read the full story via ThinkAdvisor

    AM Best Affirms Credit Ratings of Lincoln National Corporation and Its Subsidiaries

    {December 12th, 2023} 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 ICRs) of “a+” (Excellent) of The Lincoln National Life Insurance Company and its wholly owned subsidiary, Lincoln Life & Annuity Company of New York (Syracuse, NY). These companies are the key life and annuity insurance […]

    Global Atlantic, John Hancock Strike Biggest LTCI Reinsurance Deal Ever

    {December 12th, 2023} by Allison Bell

    Global Atlantic has agreed to take responsibility for a block of John Hancock long-term care insurance policies backed by $4.4 billion in reserves through a reinsurance agreement. The LTCI reinsurance agreement is the biggest ever announced, and executives at John Hancock’s Toronto-based parent, Manulife Financial, said they hoped this deal would lead to more big […]

    Global Atlantic Announces $10 Billion Block Reinsurance Agreement with Manulife Across Both US and Japan Business

    {December 12th, 2023} by Global Atlantic Financial Group

    NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has signed a $10 billion reinsurance agreement with Manulife Financial Corporation (NYSE: MFC). Key Highlights of the Transaction: Third block transaction Global Atlantic has executed with Manulife, a leading international […]

    WealthVest Signs Agreements with 3 Broker-Dealers to Distribute Prosperity Life Group’s New Fixed Indexed Annuity

    {December 12th, 2023} by WealthVest

    WealthVest to distribute Prosperity Life Group’s new WealthSecure℠ Pro fixed indexed annuity to 1,700+ advisors at 3 broker-dealers across the country. BOZEMAN, Mont., Dec. 8, 2023 /PRNewswire-PRWeb/ — To support the rising popularity of fixed indexed annuities, WealthVest, a financial services marketing and wholesaling firm, recently finalized agreements with three, nationally recognized broker-dealers to distribute Prosperity Life Group’s […]

    American Equity Celebrates 20th Anniversary of NYSE Listing

    {December 12th, 2023} by American Equity

    WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (“American Equity”) (NYSE: AEL), a leading issuer of fixed index annuities (FIAs), today announced that it will celebrate the 20th anniversary of its listing on the New York Stock Exchange (NYSE) by ringing the NYSE Opening Bell on Friday, December 8, 2023. President and CEO Anant […]

    RGA Forms a $2.5B Sidecar

    {December 12th, 2023} by Allison Bell

    Reinsurance Group of America has a new tool it can use to share life and annuity risk with outside investors. The company has started Ruby Reinsurance Co., a reinsurance “sidecar,” or arrangement that lets a reinsurer team with other capital providers, and sent Ruby Re $2.5 billion in business. Click HERE to read the full […]

    AM Best Assigns Credit Ratings to RGA Life and Annuity Insurance Company; Affirms Credit Ratings of Reinsurance Group of America, Incorporated and Its Subsidiarie

    {December 12th, 2023} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating (FSR) of A+ (Superior) and a Long-Term Issuer Credit Rating (Long-Term ICR) of “aa-” (Superior) to RGA Life and Annuity Insurance Company (RLAC) (Chesterfield, MO). The outlook assigned to these Credit Rating (ratings) is stable. In addition, AM Best has affirmed the FSR of A+ (Superior) […]

    SEC Probes Investment Advisers’ Use of AI

    {December 12th, 2023} by Richard Vanderford

    The Securities and Exchange Commission is asking investment advisers how they use and oversee artificial intelligence, as agency head Gary Gensler continues to express skepticism about the technology. The SEC’s examinations division has sent requests for information on AI-related topics to several investment advisers, part of a process known as a sweep.  Click HERE to read the […]

    Manulife to Reinsure $10 Billion With KKR’s Global Atlantic

    {December 11th, 2023} by Christine Dobby and Daniel Taub

    Manulife Financial Corp. agreed to reinsure C$13 billion ($10 billion) of reserves with KKR & Co.’s Global Atlantic Financial Group and its partners in a deal the company said is the largest long-term care reinsurance transaction in the industry’s history. Click HERE to read the full story via Bloomberg

    DOL Fiduciary Rule Hearing Starts Tuesday

    {December 11th, 2023} by Melanie Waddell

    The Labor Department’s two-day public hearing on its new fiduciary proposal, the Retirement Security Rule: Definition of an Investment Advice Fiduciary, is slated for Tuesday, Dec. 12 and Wednesday, Dec. 13. The online hearing may also be held on Thursday, if needed, Labor has said. Click HERE to read the full story via Think Advisor

    10 Questions People Ask Google About Life Insurance: 2023

    {December 11th, 2023} by Allison Bell

    One way to read people’s minds: Type a few characters into Google and see how Google offers to complete what you’re typing. We studied what people are thinking about life insurance by opening a private browser window and simply typing “is life insurance,” without the quotation marks, into Google. We did the same thing with […]

    Older Consumers Flock to Cash-Value Life Policies

    {December 11th, 2023} by Allison Bell

    Older consumers’ interest in cash-value life policies helped keep U.S. life insurance application activity stable in November, MIB Group says. Overall activity was just 0.1% higher than in November 2022, but activity for consumers climbed 11.6%, year-over-year. Click HERE to read the full story via Think Advisor

    FINRA Releases Reg BI Notice

    {December 11th, 2023} by Melanie Waddell

    The Financial Industry Regulatory Authority has released a notice pointing broker-dealers to guidance issued by the Securities and Exchange Commission designed to help BDs comply with the agency’s Regulation Best Interest as both regulators continue bringing enforcement actions related to the rule. In late November, FINRA barred a broker for excessive churning in the accounts […]

    SEC Investor Advocate: RILAs Are Hard for Consumers to Understand

    {December 11th, 2023} by Allison Bell

    Researchers at the Securities and Exchange Commission’s Office of the Investor Advocate had a hard time getting the information they wanted to analyze registered index-linked annuities, and consumers showed little understanding of the RILA disclosures tested. When the researchers gave 2,500 consumers who read RILA disclosures a true-and-false test, the consumers answered only 58% of […]

    Best & Worst Broker-Dealers: Q3 Earnings, 2023

    {December 11th, 2023} by Janet Levaux

    The third-quarter earnings season for the broker-dealer community included a big loss for one wirehouse firm, which is digesting a former competitor. Four BDs saw their earnings decline from the year-ago period, but six reported stronger results. “Currently, U.S. consumers and businesses generally remain healthy, although consumers are spending down their excess cash buffers,” explained […]

    Life Happens: Getting back to the roots of storytelling

    {December 11th, 2023} by Susan Rupe

    Life Happens has a new executive director who wants to bring the organization back to its roots of telling stories about the ways life insurance plays a critical role in protecting Americans’ financial security. Brian Steiner was named the executive director of Life Happens, which is the consumer arm of the National Association of Insurance […]

    DOL receives over 4k comments on fiduciary rule as public hearing looms

    {December 11th, 2023} by John Hilton

    The Department of Labor (DOL) is readying for an avalanche of industry criticism on its fiduciary rule proposal during a two-day public hearing that kicks off Tuesday. The DOL has said the hearing will start at 9 a.m. both Tuesday and Wednesday, be held via WebEx, and continue Dec. 14 if needed. Requests to testify at the […]

    Oklahoma couple sues PacLife, advisor over $15M premium financing deal

    {December 11th, 2023} by John Hilton

    An Oklahoma couple claims they were misled by an advisor and Pacific Life Insurance Co. on a premium financing program to fund a $15 million life insurance policy. Tom D. Le and Trang H. Nguyen are suing PacLife, Arvest Bank and advisor Kory Allsop in Tulsa County district court. In a response, PacLife denied all […]

    Wink, Inc. Releases Third Quarter, 2023 Life Sales Results

    {December 8th, 2023} by Wink's Intel Pros

      — FOR IMMEDIATE DISTRIBUTION —  NEWS RELEASE   LIFE SALES TAKE A DIVE IN THE THIRD QUARTER   Wink, Inc. Releases Third Quarter, 2023 Life Sales Results   Des Moines, Iowa. December 7, 2023– Wink, Inc. released the third quarter, 2023 life sales results in its 105th edition of Wink’s Sales & Market Report. […]

    THIRD QUARTER 2023 LIFE INSURANCE SALES

    {December 8th, 2023} by Sheryl J. Moore

    Non-Variable UL Sales for the third quarter of 2023 were $774 million, compared with sales of $769 million for the third quarter of 2022. Third quarter non-variable life sales were down more than 6% when compared to the previous quarter and down less than 1% as compared to the same period last year. Total 3Q2023 […]

    Wow. Life insurance sales really struggled 3Q2023!

    {December 8th, 2023} by Sheryl J. Moore

    LINE OF BUSINESS SALES % CHNG QTR / % CHNG YR >Non-Variable Universal Life | $774.03 M | -6.49% / 0.64% >>Universal Life | $86.82 M | -14.57% / -9.65% Indexed Life | $687.22 M | -5.38% / 2.46% Whole Life | $1.01 B | -7.10% / -7.61%   -sjm

    Speaking of annuity sales-

    {December 8th, 2023} by Sheryl J. Moore

    PRODUCT LINE SALES % CHG/QTR / % CHG/YR All Deferred Annuities $78.61 B -1.41% / 8.53% >Non-Variable Deferred Annuities $54.79 B -2.38% / 12.19% >>Indexed Annuities $23.34 B -7.24% / 11.29% >>Fixed Annuities $495.94 M -1.47% / 9.82% >>Multi-Year Gtd. Annuities $30.95 B 1.63% / 12.91% >Variable Deferred Annuities $23.81 B 0.88% / 0.95% >>Structured […]

    Life insurance sales take a dive in the third quarter, Wink reports

    {December 8th, 2023} by Staff Reports

    Life insurance sales were down across major product categories in the third quarter, Wink, Inc. reported in its quarterly Sales and Market Report. The sales news continues a recent trend of depressed life sales. Some analysts say peak growth opportunities fueled by the COVID-19 pandemic have passed. Click HERE to read the full story via INN

    Trade groups oppose NASAA’s proposed changes to annuities regulation

    {December 8th, 2023} by Rayne Morgan

    A coalition of major trade groups is calling for the North American Securities Administrators Association (NASAA) to withdraw proposed changes to its business rules, calling those changes “confusing” and “unnecessary.” NASAA’s amendments intend to protect investors by implementing stricter codes of ethical conduct for financial advisors and similar professionals or firms. The coalition issued a […]

    Here’s What Life and Annuity Issuers Spend on Investment Costs

    {December 8th, 2023} by Allison Bell

    U.S. life insurance and annuity issuers have told state insurance regulators that they had an overall average portfolio investment expense assumption of 0.17% for new assets that they managed in 2022. About 31% of the 197 insurers that provided overall expense data said they assumed that their overall portfolio investment expenses would amount to less […]

    Best’s Special Report: Private Equity and Investment Managers Continues to Enter Life/Annuity Market

    {December 8th, 2023} by AM Best

    OLDWICK, N.J.–(BUSINESS WIRE)–Private equity-owned insurers increased their stake in the industry’s admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report. n its Best’s Special Report, “Private Equity and Investment Managers Continue to Enter Life/Annuity Market,” AM Best states that outside capital was active in entering the life/annuity […]

    Iowa commissioner: DOL regulators ‘misunderstand’ state annuity rules

    {December 8th, 2023} by John Hilton

    Department of Labor staff have said they met with state regulators and understand the NAIC best-interest annuity rules that have been adopted by 40 states. Iowa Insurance Commissioner Doug Ommen is unconvinced. “That just simply is not accurate,” he said.  Click HERE to read the full story via INN

    Life insurance activity flat in November, up for the year, MIB reports

    {December 8th, 2023} by John Hilton

    Life insurance application activity was flat in November on a year-over-year comparison. But activity remained up 2.6% year to date, according to the MIB Life Index. Comparing November to the same month in prior years reveals steady growth. Life insurance activity was flat at -0.1% compared to November 2021, up 2.8% compared to 2020, and […]

    58% of life insurers use artificial intelligence or are interested: NAIC survey

    {December 8th, 2023} by John Hilton

    Fifty-eight percent of life are either using or have an interest in using artificial intelligence in their businesses, an NAIC working group found. That data was part of the third in a series of surveys state insurance regulators are conducting across the insurance world. The Big Data and Artificial Intelligence Working Group discussed the findings […]

    Commentary: The NAIC must get its house in order

    {December 8th, 2023} by Ralph Hudgens

    In 2012, then-Congressman Ed Royce (R-Calif.) wrote to the Federal Insurance Office, noting that “very few checks exist today on the [National Association of Insurance Commissioners].” Nearly a decade later, that remains the case. And now, NAIC staff members are attempting to grab even more power, threatening the institution’s credibility and risking real harm to consumers and […]

    AM Best Affirms Credit Ratings of Jackson National Life Insurance Company and Its Affiliates

    {December 8th, 2023} 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” (Excellent) of Jackson National Life Insurance Company (JNL), its wholly owned subsidiary, Jackson National Life Insurance Company of New York, and its direct parent, Brooke Life Insurance Company. These companies together are […]

    The New Reality for Financial Professionals

    {December 8th, 2023} by Allianz Life Insurance Company of North America

    MINNEAPOLIS–(BUSINESS WIRE)–Even as American consumers navigate a new retirement reality characterized by market volatility, inflation and recurrent financial crises, the majority of Americans are not employing the guidance of a financial professional to create their strategy, according to the Annual Retirement Study* from Allianz Life Insurance Company of North America (Allianz Life). The study also […]

    A Third or More Young Investors Acted on Misleading Online Financial Advice

    {December 8th, 2023} by Nationwide

    A majority of advisors are experimenting with generative artificial intelligence (AI) in their practice and educating their clients on potential risks of online misinformation COLUMBUS, Ohio, Dec. 4, 2023 /PRNewswire/ — As investors become inundated with financial advice in the news and on social media, misguided advice from unqualified sources – such as relatives, generative artificial intelligence […]

    TruStage Named to Forbes America’s Best Insurance Companies for 2024

    {December 8th, 2023} by TruStage

    Companies were ranked based on a survey of over 15,000 Americans with an insurance policy in at least one of five categories: homeowners, renters, auto, permanent life, or term life MADISON, Wis., Dec. 4, 2023 /PRNewswire/ — TruStage™, a leading insurance, investment and technology provider, announced today that it has been named one of America’s Best Insurance […]

    Athene BCA 2.0 Suite of Fixed Indexed Annuities Wins Two Major Industry Awards

    {December 8th, 2023} by Annexus

    SCOTTSDALE, Ariz., Dec. 5, 2023 /PRNewswire/ — Annexus, a leading independent retirement product design company, today announced that its innovative work with the Athene® BCA® 2.0 Suite of Fixed Indexed Annuities (FIAs) recently received two prominent industry awards. “These awards recognize the innovative indices and strength of our ongoing partnerships with Athene, leading index designers Prof. Robert Shiller and Prof. Jeremy Siegel, Barclays, […]

    The universe is expanding for AuguStar Life’s top-tier IUL

    {December 8th, 2023} by AuguStar

    ew digital capabilities put Virtus IUL II at the fingertips of more advisors and their clients CINCINNATI, Dec. 6, 2023 /PRNewswire/ — AuguStarSM Life, a Constellation company, today announces it has implemented a suite of digital capabilities to make its top-tier indexed universal life (IUL) insurance product more broadly available. AuguStarSM Life’s Virtus IUL II is now offered through […]

    The silent partner behind 777’s buying spree

    {December 8th, 2023} by Liz Hoffman

    777 Partners, the sports investor whose finances are now under intense global scrutiny, has had a silent partner for years: the chief executive of a U.S. insurance company, whose customers have unwittingly funded 777’s rapid expansion through a web of previously unreported transactions.  Click HERE to read the full story via Semafor   Wink’s Moore […]

    Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents

    {December 8th, 2023} by Integrity Marketing Group, LLC

    Integrity and Hemati Insurance Agency Join Forces to Strengthen Expansive Services for Agents       Integrity supports agents of established, successful life and health agency through expanded product offerings and revolutionary technology   DALLAS – DECEMBER 5, 2023 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider […]

    Finra Brings Down Reg BI Hammer on Ex-Cambridge Broker Over Annuity Exchanges

    {December 8th, 2023} by Lisa Fu

    The Financial Industry Regulatory Authority has fined and suspended a former independent broker with Cambridge Investment Research in Mason, Ohio for recommending a series of variable annuity exchanges that violated Regulation Best Interest, according to a settlement finalized on Thursday.  Click HERE to read the full story via AdvisorHub   Wink’s Moore on the Market: […]

    Fixed indexed annuities—a potent tool for diversifying away from equities

    {December 8th, 2023} by Ken Nuss

    Most financial experts believe that many older Americans are too heavily invested in the stock market, and now there’s evidence to back them up. When giant Fidelity Investments analyzed its retirement accounts customers, it found that 37% of those born between 1946 and 1964 (so-called Baby Boomers) have more equity holdings than they should. Depending […]

    I bought an annuity through a direct-to-consumer platform.

    {December 8th, 2023} by Sheryl J. Moore

    I bought an annuity through a direct-to-consumer platform. The electronic process was very simple. At this point, I am waiting for one of their home office agents to contact me about the case. My inforce 5-year MYGA was renewing at 4.40%. Why would I renew, when I can get a new 5-year MYGA crediting 6.50%? […]

    Setting Corebridge on the path to the ‘one-click’ consumer — With Tim Heslin

    {December 8th, 2023} by Paul Feldman

    Tim Heslin began his life insurance career by pricing term life insurance. He’s worked his way up the ladder at AIG over the past 20 years, holding a wide variety of titles that prepared him to become Corebridge Financial’s president of life insurance. Corebridge Financial was formed as a rebrand of AIG’s life and retirement subsidiary […]

    Go in with your eyes wide open!

    {December 8th, 2023} by Sheryl J. Moore

    Reading an ad, promoting a hybrid index that is used on indexed annuities. I HOPE you know that one of the constituents in nearly all hybrid/engineered/bespoke/volatility-controlled indices is CASH. Index providers control the allocation of funds within the index’s constituents. If the index is heavily weighted toward cash, this WILL have the effect of drag […]

    Changing exemptions for life insurance sales in qualified plans

    {December 8th, 2023} by Ernest Guerriero

    Life insurance in qualified retirement plans is a useful strategy to provide a pre-retirement death benefit to participants and their beneficiaries. This can possibly self-complete a retirement plan for survivors as well as use a noncorrelated asset in overall portfolio diversification. Click HERE to read the full story via INN   Wink’s Moore on the […]

    ECA Marketing, Inc Partners with Wichita National Life Insurance to Launch Competitive Multi-Year Guaranteed Annuity Product

    {December 8th, 2023} by ECA Marketing

    Eden Prairie, Minnesota – Eden Prairie, MN, December 5, 2023 – ECA Marketing, Inc, a leading Insurance Marketing Organization, is thrilled to announce its latest joint venture with Wichita National Life Insurance (WNL) to introduce a competitive, proprietary Multi-Year Guaranteed Annuity (MYGA) product. This strategic partnership combines the annuity expertise and resources of ECA Marketing […]

    RGA launches third-party life reinsurer Ruby Re

    {December 8th, 2023} by Reinsurance Group of America

    Reinsurance Group of America (RGA), a global life and health reinsurer, has launched Ruby Reinsurance Company (Ruby Re), a Missouri-domiciled third-party life reinsurance company targeting US asset-intensive business. According to the announcement, Ruby Re has closed its first round of funding and secured equity capital commitments from lead investors Golub Capital, Hudson Structured Capital Management […]

    New DOL Proposal Could Spur Consolidation, Shift to Advisory: LPL CEO

    {December 8th, 2023} by Sam Del Rowe

    The Department of Labor’s new proposed fiduciary rule could trigger “a wave of consolidation” in the industry and accelerate the trend in assets shifting from brokerage to advisory, both of which can benefit a firm such as LPL Financial, according to its president and chief executive officer Dan Arnold. Click HERE to read the full story via Financial […]

    Pacific Life, Agent Face Suit Over $500K Payment That Vanished

    {December 8th, 2023} by Allison Bell

    riminals who pretended to be Pacific Life executives fooled an agent into causing an applicant to send them a $500,000 payment, according to a new lawsuit. The plaintiff, William Machin, filed the suit in the U.S. District Court for the Southern District of Florida. Click HERE to read the full story via ThinkAdvisor     […]

    A Closer Look at the DOL’s Proposed Rollover Rule

    {December 8th, 2023} by Allison Bell

    The Department of Labor on Oct. 31 released a proposed rule defining who is an investment advice fiduciary for purposes of the Employee Retirement Income Security Act, along with proposed amendments to class prohibited transaction exemptions available to investment advice fiduciaries, including PTE 2020-02, aka the “rollover rule.” I recently spoke with my colleague Joe […]

    How Much Cash Can I Expect Each Month From A $150,000 Annuity?

    {December 8th, 2023} by Jeannine Mancini

    Many people have turned to annuities as a reliable means of securing a stable income during retirement. Financial advisers often highlight annuities as a prudent choice for those looking to manage retirement finances effectively. With a $150,000 annuity, the monthly income potential varies based on several key factors, such as the type of annuity chosen, […]

    Broker Words—December2023

    {December 8th, 2023} by Stephen Howard

    “Long overdue” is the first phrase to come to mind in announcing that Jim Ash, one of the most influential BGAs to ever grace our business (and a really great guy), is this year’s recipient of the Douglas Mooers Award for Excellence. Presented at the annual conference, the Mooers award is NAILBA’s, and thus brokerage’s, […]

    Andrew Mais to Lead State Insurance Regulators Into Fiduciary Rule Arena

    {December 8th, 2023} by Allison Bell

    Members of the National Association of Insurance Commissioners have elected Andrew Mais to be the group’s president in 2024. The results mean that Mais, the Connecticut insurance commissioner, will lead the NAIC as the organization wrestles with the Department of Labor over jurisdiction over annuity sales standards. Click HERE to read the full story via […]

    DPL Financial Partners Surpasses $2B in Commission-Free Annuity Sales

    {December 8th, 2023} by DPL Financial Partners

    LOUISVILLE, Ky.–(BUSINESS WIRE)–DPL Financial Partners, the leading platform for commission-free annuities, today announced that it has crossed $2 billion in sales of no-load annuity products. The milestone, spurred by growing adoption among both longtime fee-only advisors and “breakaway” advisors transitioning from brokerage to a fiduciary practice, comes just over one year after the company hit $1 […]

    10 Questions People Ask Google About Annuities: 2023

    {December 8th, 2023} by Allison Bell

    Google knows our secret thoughts, because we often turn them into search queries. If we search for “fever,” Google suspects that we might be sick. If we type “fever sy,” Google suggests a list of autocomplete options that includes “fever symptoms in dogs,” “fever symptoms in babies“ and “fever symptoms in toddlers.” Public health officials […]

    Wink’s Sales & Market Report: Life sales report update

    {December 1st, 2023} by Wink Intel Pros

    While we delayed this week’s newsletter in anticipation of publishing Wink’s Sales & Market Report’s 3rd Quarter 2023 life sales report, we are unintentionally delayed due to a couple of late sales submissions.  Preliminary sales are available in the online Sales Data Query for subscribers.  Did you see the annuity sales report for the third […]

    Structured annuity sales soar higher in strong Q3 market, Wink reports

    {December 1st, 2023} by Staff Reports

    Structured annuities sold strong yet again in the third quarter, Wink, Inc. reported, showing that the unique products have more room to run. Also known as registered indexed-linked annuities, structured annuity sales in the third quarter were $11.4 billion, up 6% compared to Q2 and up 12.5% over Q3 2022. Structured annuities have a limited […]

    Quiz: Can You Identify These Annuity Players?

    {December 1st, 2023} by Allison Bell

    It’s important to know facts about Social Security and income taxes, but what if you go to a holiday party over the next few weeks, meet the CEOs of companies with $10 billion in annual annuity sales and blank on those CEOs’ names? Click HERE to view the slideshow   While you are here, check […]

    Buffered Variable Annuities on Track to Overtake Traditional Variable Contracts in Q4

    {December 1st, 2023} by Cyril Tuohy

    “I am projecting that structured annuity sales will top variable annuity sales by next quarter,” Sheryl Moore, CEO of Wink, publisher of the report, said in a news release. “Once the market volatility started, it was only a matter of time until variable annuity sales started to slip,” Moore added in a followup email. Click HERE to […]

    KKR to Acquire Remaining 37% of Global Atlantic for $2.7 Billion in All-Cash Transaction

    {December 1st, 2023} by KKR

    NEW YORK & HAMILTON, Bermuda–(BUSINESS WIRE)–KKR & Co. Inc. (NYSE: KKR) and Global Atlantic Financial Group LLC (“Global Atlantic” or “GA”) today announced a definitive agreement under which KKR will acquire the remaining 37% stake of leading insurance company Global Atlantic, increasing KKR’s ownership to 100%. Joe Bae and Scott Nuttall, Co-Chief Executive Officers of […]

    KKR Agrees to Pay $2.7B for Full Control Over Annuity Issuer

    {December 1st, 2023} by Allison Bell

    KKR & Co. has agreed to pay $2.7 billion to acquire full control of Global Atlantic Financial Group, a life insurance and annuity insurer and reinsurer, from minority owners. KKR already owns 63% of Global Atlantic’s stock. The minority-owner investors have 37%. Click HERE to read the full story via Think Advisor

    Full acquisition of Global Atlantic driving massive growth plan at KKR

    {December 1st, 2023} by John Hilton

    KKR’s deal to acquire the remaining 37% of Global Atlantic Financial Group is part of a larger plan to power up the investment firm’s overall earnings to compete with the likes of Berkshire Hathaway. In a deal announced Wednesday morning, KKR will pay about $2.7 billion in an all-cash transaction to buy out minority stakeholders […]

    Forefront Agency Strengthens Mission to Serve Military Veterans and their Families by Partnering with Integrity

    {December 1st, 2023} by Integrity Marketing Group, LLC

    DALLAS, Nov. 28, 2023 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Forefront Agency, an independent marketing organization based in Austin, Texas, and led by Calvin Wright. Financial details of the partnership were not disclosed. After serving in […]

    Many not planning well for life expectancy, study finds

    {December 1st, 2023} by Rayne Morgan

    A new study by Jackson Financial Inc. and Boston College suggests that most seniors are not as concerned about longevity risk – i.e., outliving retirement resources – as they should be, as most are not accurately predicting their lifespan. Longevity risk refers to the chance that life expectancies and actual survival rates exceed expectations or […]

    NAIC life insurance committee sets 2024 regulatory goals

    {December 1st, 2023} by John Hilton

    The Life Insurance and Annuities Committee approved its 2024 work charges Tuesday with no comment. Charges were also set for the Life Actuarial Task Force, which the committee oversees. Members come from the National Association of Insurance Commissioners, which debate and set insurance regulation across a variety of issues.  Click HERE to read the full […]

    DOL fiduciary proposal applies ‘major hammer’ to bad advice, panel says

    {December 1st, 2023} by John Hilton

    The Department of Labor fiduciary rule proposal went public Oct. 31 with no obvious exposure to lawsuits. That was welcome news for producers. But a closer look at the 494 pages reveals the potential for severe penalties for any failure to adhere to the fiduciary standards, say lawyers from Groom Law Group. Click HERE to […]

    There’s a financial literacy gender gap – and older women are eager for education that meets their needs

    {December 1st, 2023} by The Caledonian-Record, (VT)

    Knowledge is power – especially where money is concerned. Rockaa/E+/Getty Images Every day, families across the U.S. have to make difficult decisions about budgeting, spending, insurance, investments, savings, retirement and on and on. When faced with these choices, financial literacy – that is, knowing how to make informed decisions about money – is key. Click […]

    Global Atlantic closes $19 billion reinsurance agreement with MetLife

    {December 1st, 2023} by Global Atlantic Financial Group

    NEW YORK, NY — November 16, 2023 — Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has closed a previously announced reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies in May, reinsures a seasoned […]

    Buffered Variable Annuities on Track to Overtake Traditional Variable Contracts in Q4

    {December 1st, 2023} by Cyril Tuohy

    “I am projecting that structured annuity sales will top variable annuity sales by next quarter,” Sheryl Moore, CEO of Wink, publisher of the report, said in a news release. “Once the market volatility started, it was only a matter of time until variable annuity sales started to slip,” Moore added in a followup email. Click HERE to […]

    New DOL Fiduciary Rule Could Rein In Use of Advisor-Like Titles

    {December 1st, 2023} by Melanie Waddell

    The Labor Department is requesting comments on how to potentially regulate advisor-like titles — such as financial consultant, financial planner and wealth manager — under its new fiduciary rule. The preamble to the proposed rule says the department wants feedback on titles that “may convey the offer of individualized recommendations and are relied upon by […]

    Annuity Product Sales Trend Lines Start to Converge

    {December 1st, 2023} by Allison Bell

    New annuity sales figures show that clients are warming up a little to investment risk. In spite of the ongoing war in Ukraine and the new conflict between Israel and Gaza, sales of U.S. individual deferred variable annuities rose 1% between the third quarter of 2022 and the third quarter of this year, to $24 […]

    Here’s How Long the CDC Expects Your Clients to Live Now

    {December 1st, 2023} by Allison Bell

    U.S. clients ages 25 and older are still missing 2.6% of the years of life they had to live in 2019, before the COVID-19 pandemic began. Clients ages 65 and older are still missing 3.6% of their pre-pandemic life expectancy. The National Vital Statistics System, an arm of the U.S. Centers or Disease Control and […]

    How Life Insurance Policy Reviews Trip Up Fiduciary Advisors

    {December 1st, 2023} by John Manganaro

    The Certified Financial Planner Board of Standards recently published a new guide highlighting key areas in which state-based annuity sales rules fall short of the organization’s own fiduciary standards. The guide’s publication quickly sparked conversation among insurance sales professionals and financial advisors about the significant murkiness of the regulatory waters when it comes to advisors and insurance. […]

    Transamerica Bolsters Long Term Care Planning with Innovative Workplace Life Insurance Rider

    {December 1st, 2023} by Transamerica

    BALTIMORE, Nov. 27, 2023 /PRNewswire/ — Transamerica today unveiled its new Long Term Care Rider for the Transamerica Universal Life Insurance SM, a strategic innovation designed to help address the long-term care needs of Americans approaching retirement. As the U.S. population ages and life expectancy hovers around 77 years, Transamerica’s Long Term Care Rider offers a flexible and forward-thinking solution to help secure financial […]

    AuguStar Life(SM) Selects iPipeline® to Help Strengthen its Digital Transformation Journey and Improve the Agent Experience

    {December 1st, 2023} by iPipeline

    EXTON, Pa., Nov. 30, 2023 /PRNewswire/ — iPipeline® announces a partnership which will help AuguStarSM Life to accelerate and strengthen its digital transformation with innovative solutions from iPipeline that are designed to improve the agent experience. These solutions will automate and simplify the application process while providing agents with instant quotes and illustrations, all to increase speed and efficiency, […]

    F&G Annuities & Life Prices Senior Unsecured Notes Offering

    {December 1st, 2023} by F&G Annuities & Life, Inc.

    DES MOINES, Iowa, Nov. 29, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”)  today announced that it priced a public offering of $345 million aggregate principal amount of its 7.95% senior notes due 2053 (the “notes”). The offering is expected to close on December 6, 2023, subject to satisfaction of customary closing conditions. The notes will be guaranteed […]

    Best’s Market Segment Report: AM Best Maintains Stable Outlook on U.S. Life/Annuity Insurance Segment

    {December 1st, 2023} by AM Best

        OLDWICK, N.J.–(BUSINESS WIRE)–AM Best is maintaining its stable outlook on the U.S. life/annuity market segment for 2024, noting its strong liquidity and capital positions, robust annuity sales and slightly improved new money yields in a benign credit environment. The stable outlook is supported by the industry’s absolute level of capital, as well as solid […]

    AM Best Affirms Credit Ratings of Zurich Insurance Group Ltd and Its Main Rated Subsidiaries

    {December 1st, 2023} by AM Best

    LONDON–(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-” (Superior) of the main rated insurance subsidiaries of Zurich Insurance Group Ltd. At the same time, AM Best has affirmed the Long-Term ICR of “a” (Excellent) of Zurich Insurance Group Ltd (Zurich) (Switzerland) […]

    Securian Financial CEO Chris Hilger Signs Employer Support for Guard and Reserve Statement of Support

    {December 1st, 2023} by Securian Financial

    ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial Chairman, President and CEO Chris Hilger has signed the Employer Support for the Guard and Reserve Statement of Support—officially pledging Securian Financial’s continued commitment to supporting military servicemembers both inside and outside of its workplace. As part of several company-supported Veteran’s Day and National Military Families Month activities, Hilger signed […]

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

    {December 1st, 2023} 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” (Superior) of Minnesota Life Insurance Company and its subsidiary, Securian Life Insurance Company, together referred to as Securian Financial Insurance Group (Securian). AM Best also has affirmed the FSR of A (Excellent) […]

    Jackson’s Scott Golde Honored as Recipient of ThinkAdvisor LUMINARIES 2023 Executive Leadership Award

    {December 1st, 2023} by Jackson National Life Insurance Company

    LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company® (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today announced Scott Golde, Senior Vice President, Enterprise Chief Ethics and Compliance Officer, has been named a ThinkAdvisor Executive Leadership 2023 Luminary. Golde was recognized for his significant leadership and continuous efforts to effect change in the insured retirement industry. […]

    CFPs Are Fiduciaries Even When They Sell Annuities, CFP Board Says

    {December 1st, 2023} by Tracey Longo

    CFPs who sell annuities are subject to a tougher fiduciary standard, as well as the National Association of Insurance Commissioners (NAIC) suitability model regulation, the CFP Board said in new guide published today. “The CFP Board Code imposes a fiduciary duty. The Model Regulation does not,” the guide said, adding that advisors who sell insurance products must […]

    Forrester’s top 5 insurance industry predictions for 2024

    {December 1st, 2023} by Doug Bailey

    Now is the season when news columns include predictions for the coming year – followed by New Year’s resolutions that will pop up in a few weeks. Predictions are always tricky – and resolutions rarely fulfilled. Weren’t we supposed to all have jet packs or flying cars by now? Click HERE to read the full […]

    31 changes to prohibited transaction exemptions under DOL proposal

    {December 1st, 2023} by Tobias Salinger

    The Labor Department’s new potential “retirement security rule” carries significant changes to existing guidelines known as prohibited transaction exemptions for fiduciary investment advice. While the main part of the rulemaking package would alter the definition of “fiduciary” under the Employee Retirement Income Security Act, three other potential amendments included in the proposal would enforce new […]

    Life Insurance Awareness Should Be All Year – Parts 1 & 2

    {December 1st, 2023} by BISA Staff & Stathis-Mittel

    The newest installments (part 1 and part 2) of the BISA Industry TrendWatch series, produced by BISA in partnership with Stathis-Mittel, is now live! PART 1 This episode was recorded in September, which is Life Insurance Awareness Month. As many of our listeners know, we passionately believe that to be a true trusted advisor you must not only help your clients […]

    NAIC’s AI Bulletin Leading Insurers’ Concerns Going Into Fall Meeting

    {December 1st, 2023} by AM Best

    Insurance industry and regulators will keep an intense focus on the latest draft model bulletin on the use of artificial intelligence systems by insurers at the National Association of Insurance Commissioners’ 2023 Fall Meeting in Orlando, Fla. Click HERE to read the full story via AM Best

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