MoneySmartMovement Partners with Integrity to Bring Greater Opportunities and Hope to Underserved Americans
{March 13th, 2024} by Integrity Marketing Group, LLC
DALLAS, March 12, 2024 /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 MoneySmartMovement, a rapidly expanding independent marketing organization based in Dallas, Texas, and led by Sheena and Matt Sapaula. Financial details of the partnership were not […]
Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage
{March 13th, 2024} by Senior Market Sales
OMAHA, Neb., March 6, 2024 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, is expanding its distribution in the southern United States with the acquisition of Seniors Advisory Services (SAS), Louisiana’s largest senior insurance brokerage agency. “Seniors Advisory Services is a pillar in Louisiana in Medicare Advantage, with a solid reputation and strong relationships that will help SMS […]
CFP Board Survey: Americans Want Retirement Investment Advice to Be in Their Best Interest
{March 13th, 2024} by CFP Board
WASHINGTON, March 11, 2024 /PRNewswire/ — A new survey commissioned by CFP Board reveals that nearly 97% of Americans agree that the financial professional who provides one-time recommendations or other one-time advice about retirement investments should be required to act in their client’s best interest. This includes a recommendation to roll over funds from a workplace retirement savings program […]
Aspida and Flourish Announce Partnership to Distribute Aspida Annuities
{March 13th, 2024} by Aspida
DURHAM, N.C.–(BUSINESS WIRE)–Aspida Life Insurance Company (“Aspida”), a life insurance and annuity company, and Flourish, a platform that provides innovative access to financial products that help registered investment advisors (RIAs) improve their clients’ financial outcomes, announced their partnership to distribute the Aspida Advisory Multi-Year Guaranteed Annuity (MYGA). Flourish is offering this product through the Flourish […]
Americans Embracing Possibility of Living to 100, Many Expecting Over Three Decades of Retirement
{March 13th, 2024} by Corebridge Financial
HOUSTON–(BUSINESS WIRE)–More than half (54%) of Americans say it’s their goal to live to 100, according to a new study from Corebridge Financial and The Longevity Project. Family, friends and new experiences are seen as the top benefits of a very long life, with 72% of respondents citing continued meaningful relationships with family and friends and […]
Symetra Receives 2024 BISA Diversity, Equity & Inclusion Award
{March 13th, 2024} by Symetra
BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Financial Corporation received a 2024 Diversity, Equity & Inclusion Award from the Bank Insurance & Securities Association (BISA), which annually recognizes the successful diversity efforts of organizations from the financial services industry. “Symetra is honored to receive this recognition from BISA. We remain committed to advancing diversity, equity and inclusion — for our people, […]
I retired 6 years ago and hired a financial adviser. He recommended annuities, but they only yield about 2%. Now what?
{March 12th, 2024} by Alisa Wolfson
Question: I retired six years ago and hired a financial adviser. He recommended that I buy three annuities as a means of having a guaranteed income like a pension. Those annuities yield about 2%. Click HERE to read the full story via MarketWatch Wink’s Moore on the Market: Why on earth is this woman still […]
Everyone has a money story: Win Havir tells the story that inspires her
{March 12th, 2024} by Susan Rupe
Every individual and family has a money story — that history or narrative that inspires the way they save and spend. For Winona “Win” Havir, that money story begins in World War II, with her widowed grandmother desperate to save her children from Japanese invaders threatening their home in China. Havir’s grandmother put her three children […]
Boost your confidence, embrace your uniqueness and transform your sales
{March 12th, 2024} by Lloyd Lofton
Imagine a sales landscape where every presentation is a showcase of confidence, creativity and unique ideas, a scenario in which prospects ask you, “How does that work?” or “How do I do that?” How would your conversations be different if every prospect you spoke with disclosed the reason for their hesitation or the history of […]
We’re in our 70s in Boca Raton with a net worth of about $2 million – and rental properties, Social Security and an annuity. What’s next for us?
{March 12th, 2024} by Alisa Wolfson
Question: We are a couple in our 70s who live in Boca Raton and have managed our money without a financial adviser all of our life. We have rental properties, equities, bonds, income from Social Security, a small annuity from a retirement account and a net worth of a couple of million dollars. Click HERE to […]
Treasury Proposes Curbs on Use of Life and Annuities in Wealth Planning
{March 12th, 2024} by Allison Bell
The U.S. Treasury Department hopes to keep very wealthy individuals and families from using customized life insurance policies and annuities to cut their taxes. The department has added a proposal to “Limit Tax Benefits for Private Placement Life Insurance and Similar Contracts” in its “Greenbook,’ or detailed discussion of revenue-raising proposals, for fiscal year 2025. Click HERE to […]
Nationwide and Annexus celebrate 10-year partnership with NYSE bell ringing
{March 12th, 2024} by Kristen Vasas-Samson
Over the past decade, Nationwide and product development partner Annexus have brought innovative solutions to the financial services marketplace, creating substantial value to help American retirement savers achieve their goals. To commemorate this milestone, leaders from both companies gathered to ring the closing bell at the New York Stock Exchange on March 7, celebrating the strength of […]
Insurance M&As drop in 2023, but expected to rise again this year
{March 10th, 2024} by Doug Bailey
Insurance company merger and acquisition deals fell off the table in 2023, hampered by the rising cost of capital and other negative macroeconomic factors. But industry executives, analysts and others say the M&A market will bounce back this year, and most are bracing for announcements of deals they believe are already in the pipeline. “As […]
The 2024 Game Plan for In-Plan Annuities
{March 8th, 2024} by Brian Anderson
We’ve heard it before. Annuities within workplace retirement plans are poised for explosive growth, with doors opened by friendly provisions within the SECURE Act and SECURE 2.0 and ramped-up demand from a wave of “Peak 65” 401(k) participants looking to turn a part of their account balance into a guaranteed stream of lifetime income. […]
My “Three Bucket” Approach To Explaining Fixed Annuities
{March 6th, 2024} by Charlie Gipple
As many of you financial professionals can attest to, annuities have become more “mainstream” in the minds of consumers. So much so that we financial professionals are often prompted for more information about annuities from our clients without us ever even mentioning annuities. The industry-wide sales numbers speak to the increasing popularity of annuities, as […]
NC appeals court deals another blow to Greg Lindberg’s crippled empire
{March 6th, 2024} by John Hilton
A North Carolina appeals court partially reversed a lower-court ruling today and affirmed liquidation proceedings against insurers once owned by embattled investor Greg Lindberg. In a unanimous decision, a three-judge appellate panel issued an opinion against GBIG Holdings, which had sought to delay liquidation of Bankers Life Insurance Co. and Colorado Bankers Life Insurance Co. […]
AuguStar and Americo Add Indexed Life Policies
{March 6th, 2024} by Allison Bell
Two life insurers that have made a big push to increase their market share in recent years have added indexed life insurance products. AuguStar Life — the Cincinnati-based reincarnation of Ohio National Life — introduced a 20-pay Prestige Indexed Whole Life policy, a sibling of the company’s 10-pay indexed whole life policy. Americo, a Kansas City, […]
7 Trends Annuity Execs Are Watching Now
{March 6th, 2024} by Allison Bell
Executives at U.S annuity issuers and distributors had an unusual experience during their latest round of earnings calls: Wall Street securities analysts were interested in hearing about annuities. The analysts tell investors what’s hot and what’s not. Insurers and other U.S. companies that sell stock to the public usually hold public conference calls with the […]
DOL Fiduciary Rule Could Throw Cold Water on Annuity Sales Boom
{March 6th, 2024} by Miriam Rozen
Annuity sales keep breaking records and hit an all-time high in the fourth quarter of last year, but the Department of Labor’s proposed fiduciary rule governing retirement accounts threatens to rein in the party. The change could be felt most acutely by some of the largest independent broker-dealers, such as LPL Financial, Ameriprise Financial and […]
AuguStar and Americo Add Indexed Life Policies
{March 6th, 2024} by Allison Bell
Two life insurers that have made a big push to increase their market share in recent years have added indexed life insurance products. AuguStar Life — the Cincinnati-based reincarnation of Ohio National Life — introduced a 20-pay Prestige Indexed Whole Life policy, a sibling of the company’s 10-pay indexed whole life policy. Click HERE to read the […]
California’s Adoption of NAIC Annuity Protection Model Means 90% of U.S. Consumers Now Covered
{March 6th, 2024} by Brian Anderson
Some insurance industry experts are saying that California’s adoption this week of the National Association of Insurance Commissioners (NAIC) best interest model for annuity transactions further negates the need for the DOL’s proposed retirement security rule. The fact that California—a blue state with the largest population of any state in the country—this week became the 45th state to […]
4 Ways to Lock In Yields Above 5%
{March 6th, 2024} by Debbie Carlson
With some money-market mutual funds and high-yield savings accounts still sporting 5% yields, it is easy to be complacent and let cash sit. But with the Federal Reserve likely to begin cutting interest rates later this year—recent hot inflation readings notwithstanding—such high yields are likely to come down quickly. Click HERE to read the full story […]
Addressing the gender gap in insurance and financial services
{March 6th, 2024} by John Forcucci
While insurance and financial services have traditionally been male-dominated industries, some progress has been made in recent years to address the gender gap, according to several studies. Women now make up roughly 50% of the workforce in the insurance industry, but they represent only 18% of C-suite positions. In the financial services sector, the proportion […]
Distributors Expect Life Sales to Grow Faster Than Annuity Sales
{March 6th, 2024} by Allison Bell
Demand for estate and trust services could soar over the next three years. When a survey team asked life, health and annuity distributors to rate the growth prospects of eight life-and-health-related sectors, 26% listed estate and trust services as the leader. Click HERE to read the full story via Think Advisor Wink’s Moore on […]
Why Annuity Sales Are Booming
{March 6th, 2024} by Ben Mattlin
Last year, according to data tracker Limra, U.S. annuity sales reached $385 billion, marking the second straight year of record highs. Limra attributed this sales run to a combination of rising interest rates, market volatility, demographic shifts and greater demand for retirement-income security. All true, no doubt. Click HERE To read the full story through […]
Financial Service Industry Veterans Launch New Retirement Solutions Platform
{March 6th, 2024} by IncomePath
Presents new research on why the industry’s “failure” approach to retirement planning is faulty ITHACA, N.Y., Feb. 27, 2024 /PRNewswire/ — Retirement industry thought leaders Dr. Michael Finke and Tamiko Toland launch IncomePath, a novel solution provider that simplifies retirement income planning. IncomePath uses a goal-based process that considers spending flexibility and other factors to help users visualize how risk affects possible lifestyle […]
Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage
{March 6th, 2024} by Senior Market Sales
Agency Plans to Leverage SMS Technology, Products and Expertise to Grow Regionally OMAHA, Neb., March 6, 2024 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, is expanding its distribution in the southern United States with the acquisition of Seniors Advisory Services (SAS), Louisiana’s largest senior insurance brokerage agency. “Seniors Advisory Services is a pillar in Louisiana in Medicare […]
TIAA Institute report finds ties between financial stress and mental health
{March 6th, 2024} by TIAA Institute
Leading employers are taking innovative approaches to support mental and financial health of employees NEW YORK, Feb. 28, 2024 /PRNewswire/ — Employers can play an integral role in addressing mental health challenges caused by financial stress by implementing thoughtful, holistic, support services for employees. A new report by the TIAA Institute and High Lantern Group examined the correlation between financial stress […]
AuguStar Life Launches 20-Pay Option with Innovative Indexed Whole Life Product
{March 6th, 2024} by AuguStar Life
CINCINNATI , Feb. 28, 2024 /PRNewswire/ — AuguStarSM Life, a Constellation company, today announces the launch of its 20-pay Prestige Indexed Whole Life insurance, further expanding its indexed life insurance portfolio. This new addition to the Prestige lineup complements the 10-pay version introduced in 2022, providing clients with enhanced flexibility and growth potential while minimizing market risks. Karl Kreunen, […]
National Western Life Group, Inc. Announces 2023 Full Year and Fourth Quarter Earnings
{March 6th, 2024} by National Western Life Group, Inc.
AUSTIN, Texas, Feb. 29, 2024 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today 2023 consolidated net earnings of $94.4 million, or $26.71 per diluted share of Class A Common Stock, compared with restated consolidated net earnings of $246.5 million, or $69.71 per diluted share of Class A Common Stock […]
Nationwide notches third consecutive year of record sales in 2023 and delivers strong operating income
{March 6th, 2024} by Nationwide
Key points $60.3B in sales; third consecutive year of record sales $1.3B in net operating income $25B billion in total adjusted capital and highest level recorded Nearly $23B in claims and benefits paid to customers Financial services continues to drive overall growth with financial performance accelerating in all lines Excess & surplus/specialty and agribusiness lines leading P&C performance COLUMBUS, Ohio, March […]
S&P Affirms Security Benefit Financial Strength “A-“ Rating; Outlook now “Stable”
{March 6th, 2024} by Security Benefit
TOPEKA, Kan.–(BUSINESS WIRE)–Security Benefit Life Insurance Company (Security Benefit) today announced that major rating agency Standard & Poor’s Global Ratings has affirmed its financial strength rating of “A-“ and revised its outlook to “stable.” S&P maintained its view of the firm’s capital and earnings as “very strong” and again commented favorably on its investment performance […]
Securian Financial Reports Strong 2023 Results
{March 6th, 2024} by Securian Financial
ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial increased revenue and earnings significantly in 2023 while furthering its growth plans and again being there for customers and the community, the insurance and retirement solutions provider announced at its recent annual employee meeting. “In 2023, we generated strong financial results and took bold steps to position the company for […]
Milliman survey of fixed indexed and multi-year guaranteed annuity writers finds high lapse rates in 2023, adjustments to dynamic lapse formulas
{March 6th, 2024} by Milliman, Inc.
SEATTLE–(BUSINESS WIRE)–Milliman, Inc., a premier global consulting and actuarial firm, today announced the findings of a new survey that explored dynamic lapse adjustments for annuity writers in the face of rising interest rates. Milliman surveyed 13 fixed indexed annuity (FIA) and multi-year guaranteed annuity (MYGA) writers and asked them to weigh in on their actual […]
MassMutual Reports Strong 2023 Financial Results Fueled by Company Records
{March 6th, 2024} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–MassMutual today reported strong financial results1 for 2023. In addition to maintaining its position as an industry-leading provider of whole life insurance and reporting record annuity sales and capital, the company reached a major milestone as it topped $1 trillion of protection for its life insurance policyowners. Financial performance highlights for the year ended December […]
This International Women’s Day, Lincoln Financial Shares Research Highlighting the Financial Challenges Women Face, and Tips for Women to Address These Challenges and Help Secure Their Financial Futures
{March 6th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–As International Women’s Day approaches on March 8, a recent study from Lincoln Financial Group (NYSE: LNC) reveals that women are facing more challenges than their male counterparts in managing their finances and planning for retirement. Only 18% of working women have more than $250,000 saved for retirement in their workplace retirement plan, […]
Pacific Life Named One of World’s Most Ethical Companies for Seventh Consecutive Year
{March 6th, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has been named one of the 2024 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on its culture of ethics; environmental, social, and governance (ESG) practices; ethics and compliance program; diversity, equity, & […]
Gainbridge® Signs College Basketball Star Caitlin Clark as Brand Ambassador
{March 6th, 2024} by Group 1001
ZIONSVILLE, Ind.–(BUSINESS WIRE)–Gainbridge®, a Group 1001 company, announced today a multi-year partnership with Iowa women’s basketball star Caitlin Clark to serve as brand ambassador for the company. The company also announced a new product now available on the Gainbridge® platform, ParityFlex™, a multi-year guaranteed annuity product created for women, by women. Clark is joining the […]
Ameriprise CEO’s Pay Rose 24% in 2023
{March 6th, 2024} by Dinah Wisenberg Brin
Ameriprise Financial Chairman and CEO James Cracchiolo’s total compensation rose 24% to nearly $28.4 million last year, the company said in a recent preliminary proxy statement. His compensation totaled more than $22.8 million in 2022 and $21.2 million in 2021. Click HERE to read the full story via ThinkAdvisor
‘Unretiring’ CEO leads F&G to growth — With Chris Blunt
{March 5th, 2024} by Paul Feldman
F&G CEO Chris Blunt started his career as a financial advisor with Shearson Lehman Brothers. (“If you remember that name, you’re old,” he said.) He eventually obtained an MBA at the Wharton School. Click HERE to read the full story via INN Wink’s Moore on the Market: My friend Chris Blunt and his colleagues at F&G have built an AMAZING culture […]
TIAA Traditional Interest Rates Remain High
{March 5th, 2024} by TIAA
Competitive interest rates continue providing additional growth beyond guarantees NEW YORK, March 4, 2024 /PRNewswire/ — TIAA is continuing to offer competitive interest rates on TIAA Traditional, enhancing the retirement security for over two million Americans who are accumulating savings through the company’s flagship fixed annuity product. These rates include an expected $2.6 billion above the contractually guaranteed interest rates […]
California Gov. Newsom signs best-interest annuity sales bill
{March 5th, 2024} by John Hilton
California Gov. Gavin Newsom gave industry trade groups a big win Thursday by signing a best-interest annuity sales bill into law. California becomes the 45th state to pass the best-interest model, based on a framework put forth by the National Association of Insurance Commissioners. In addition to being one of the largest economies in the world, California […]
Annexus, Athene and Barclays Celebrate the 10th Anniversary of the Shiller Barclays CAPE Series of Indices
{February 27th, 2024} by Annexus
SCOTTSDALE, Ariz., Feb. 26, 2024 /PRNewswire/ — Annexus, one of the nation’s leading independent developers of financial and insurance products, along with Athene, a leading provider of index-linked annuities, and Barclays, a global corporate and investment bank, are excited to announce the 10th anniversary of the Shiller Barclays CAPE® indices: the Shiller Barclays CAPE® US Sector Risk Controlled 10% USD […]
FNF Reports Fourth Quarter and Full Year 2023 Financial Results
{February 27th, 2024} by Fidelity National Financial, Inc. cial, Inc.
JACKSONVILLE, Fla., Feb. 21, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE:FNF) (“FNF” or the “Company”), a leading provider of title insurance and transaction services to the real estate and mortgage industries and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority-owned, publicly traded subsidiary F&G Annuities & […]
F&G Annuities & Life Reports Fourth Quarter and Full Year 2023 Results
{February 27th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Feb. 21, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, today reported financial results for the fourth quarter and twelve months (full year) ended December 31, 2023. Net loss for the fourth quarter of $299 million, or $2.41 per […]
Best’s Special Report: Growing Number of Life/Health Insurers Outsourcing Investment Management
{February 27th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–An increasing number of insurers are relying on outside asset managers to handle a portion of their investment portfolios, according to a new AM Best report. In a new Best’s Special Report, AM Best notes that the percentage of life/health insurers using investment managers for more than 10% of their invested assets has risen […]
AM Best Downgrades Issuer Credit Ratings of A-CAP Group Members; Places Credit Ratings Under Review With Negative Implications
{February 27th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Atlantic Coast Life Insurance Company (Charleston, SC) and Sentinel Security Life Insurance Company (Salt Lake City, UT). Concurrently, AM Best has placed these Credit Ratings (ratings) under […]
Global Atlantic Closes $10 Billion Block Reinsurance Transaction with Manulife across both US and Japan Business
{February 27th, 2024} 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 the closing of its $10 billion reinsurance transaction with Manulife Financial Corporation (NYSE: MFC). The transaction, signed and previously announced between subsidiaries of the two companies last December, reinsures a seasoned and diversified […]
Jackson Announces Fourth Quarter and Full Year 2023 Results
{February 27th, 2024} by Jackson
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the fourth quarter and full year ended December 31, 2023. Fourth Quarter Highlights Net income (loss) attributable to Jackson Financial Inc. common shareholders of $(1.6) billion, or $(19.64) per diluted share in the fourth quarter of 2023, compared to $(1.2) billion, or $(13.74) […]
Global Atlantic Celebrates Expansion of Hartford Office to Support Continued Growth
{February 27th, 2024} by Global Atlantic Financial Group
HARTFORD, Conn.–(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 the completion of its newly renovated office space on the 18th floor of the iconic Gold Building in downtown Hartford. The expansion project includes a renovation of 29,000 square feet. This involved […]
AM Best Affirms Credit Ratings of Mutual of America Life Insurance Company
{February 27th, 2024} 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 Rating of “a” (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of these Credit Ratings (ratings) is negative. The ratings reflect MofA’s balance sheet strength, which AM Best assesses as very strong, […]
Allianz Achieves Record Operating Profit and Shareholders’ Core Net Income
{February 27th, 2024} by Allianz
MUNICH–(BUSINESS WIRE)–February 23, 2024 12M 2023: Total business volume rises 5.5 percent to 161.7 billion euros Operating profit increases 6.7 percent to 14.7 billion euros primarily driven by the Life/Health business segment Shareholders’ core net income excellent at 9.1 billion euros, up by 30.3 percent 4Q 2023: Total business volume advances 7.8 percent to 39.6 […]
Global Atlantic Closes on $10B Manulife Reinsurance Deal
{February 27th, 2024} by Allison Bell
Global Atlantic said Thursday that it has closed on a previously announced reinsurance deal with Manulife Financial. The deal includes blocks of U.S. life insurance, U.S. annuities and Japanese whole life insurance policies backed by $5.6 billion in assets, in U.S. dollars. Click HERE to read the full story via Think Advisor
Life insurers report improved mortality; actuaries say nothing’s changed
{February 27th, 2024} by John Hilton
Several life insurers cited mortality improvements in the fourth quarter for helping to improve life insurance earnings at the end of 2023. At Globe Life, for example, positive mortality and persistency enabled the company to record $13 million of lower life policy obligations and $4 million of lower health policy obligations during the fourth quarter. […]
Insurers flocking to Bermuda to expand reinsurance footprint – AM Best
{February 27th, 2024} by Kenneth Araullo
Some insurers are strategically increasing their reinsurance operations in Bermuda, either through subsidiaries or independent ventures, according to a recent analysis in Best’s Review. This move, AM Best explained, is primarily driven by life and annuity insurers looking for capital efficiency and the opportunity to manage risks associated with products like multi-year guaranteed annuities and […]
Corebridge Still Bullish on Fixed Annuity Sales
{February 27th, 2024} by Allison Bell
Executives at Corebridge Financial say they’re optimistic about sales of fixed annuities and non-variable indexed annuities. The Houston-based company increased the amount of premiums and deposits flowing into non-variable indexed annuities to $1.9 billion in the fourth quarter of 2023, from $1.75 billion in the fourth quarter of 2022. Click HERE to read the full […]
Jackson Financial rides out Q4 loss with solid sales and capital, new reinsurer
{February 27th, 2024} by John Hilton
Jackson Financial executives touted the potential for Brooke Re, a wholly owned reinsurer established in January, while explaining a fourth-quarter loss of $1.56 billion. CEO Laura Prieskorn insisted that Jackson is right on target with its growth plan. The company “met or exceeded all financial targets” for the third consecutive year, she added. For the year, Jackson […]
Integrity Introduces LifeCENTER, a Transformational Technology Platform for Life Agents
{February 27th, 2024} by Integrity Marketing Group, LLC
DALLAS, Feb. 21, 2024 /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 the launch of its innovative LifeCENTER platform that offers life insurance-focused agents powerful and expansive technology solutions. The first-of-its-kind system is available at no cost to Integrity agents, […]
South Carolina Man Sues Lincoln Over 1987 Tobacco Class Error
{February 26th, 2024} by Allison Bell
A South Carolina resident is suing a Lincoln Financial subsidiary over an old, but newly discovered, life insurance policy rate classification error. Robert Stukes says Lincoln National National Life Insurance Co. mistakenly classified him as a smoker in 1987 when it converted three older policies into one new policy. Click HERE to read the full […]
An RIA-Friendly Life Insurance Strategy for Retirement Security (Part One)
{February 26th, 2024} by David Macchia
Some life insurance marketing sickens me. Recently, I suffered through 53-minutes of blather before the speaker revealed that what he had been hyping was life insurance. Overly hyped life insurance presentations receive a level of attention from consumers they do not deserve. This is especially hurtful to me because I love life insurance and appreciate […]
Athene execs unbothered by regulatory, interest rate headwinds
{February 26th, 2024} by John Hilton
Athene Life and Annuity is not only the leading seller of annuities. It is also the leading cedent of life insurance and annuity contracts. The insurer, which is owned by Apollo Global Management, ceded tens of billions of dollars of life insurance and annuity reserves. Much of that is held by Athene reinsurance companies domiciled […]
Rich People Love Annuities — And Here’s Why
{February 26th, 2024} by John Csiszar
Wealthy investors often have access to opportunities and products that may not be available to the average person. For example, to invest in certain types of unregistered securities or private hedge funds, you may need to be an “accredited investor,” meaning you have a very high income and/or net worth. Click HERE to read the full […]
This Annuity Can Take On Mutual Funds: F&G’s Chris Blunt
{February 26th, 2024} by Allison Bell
Chris Blunt believes that registered index-linked annuities can do better than dominating the annuity market. Blunt is the chief executive officer of F&G Annuities and Life, which launched its first RILA product, the F&G Confidence Builder annuity, last week. Click HERE to read the full story via Think Advisor Wink’s Moore on the Market: […]
I’m 73 and my financial adviser told me to buy $1.5 million in annuities — should I do this?
{February 26th, 2024} by Alessandra Malito
Dear MarketWatch, I have $1.5 million in my 401(k) and $1.1 million in my IRA. I will be 73 in 2024 and must start RMDs. A financial planner suggested that I purchase $1.5 million in annuities and invest the other $1 million in stocks and bonds. Should I take my adviser’s suggestion? Does this sound like […]
Jackson Posts 80% Growth in RILA Sales
{February 26th, 2024} by Allison Bell
Jackson Financial increased sales of its 2-year-old registered index-linked annuity product 80% between the fourth quarter of 2022 and the fourth quarter of 2023, to $1 billion. Laura Prieskorn, the Lansing, Michigan-based annuity issuer’s CEO, told securities analysts Thursday during a conference call that the new RILA products do more than help diversify the company’s […]
California Legislature OKs Annuity Sales Rule Update
{February 26th, 2024} by Allison Bell
The California Senate voted 37-0 earlier this week to give final legislative approval to Senate Bill 263, California’s version of the National Association of Insurance Commissioners annuity sales standards model. The bill would update California’s existing annuity suitability rules and require annuity sellers to act in the best interest of the consumer. The bill now […]
F&G Annuities & Life Launches Its First Registered Index-Linked Annuity, F&G Confidence Builder
{February 21st, 2024} by F&G Annuities & Life, Inc.
New Interest Crediting Strategy, Hindsight 20/20SM, Customizes Approach for Clients with its “Best of Performance” Approach DES MOINES, Iowa, Feb. 13, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G” or “Company”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, has launched its first Registered Index-Linked Annuity (RILA), F&G Confidence […]
American Equity Reports Record $7+ Billion Annual FIA Sales and Strong Financial Results to Cap a Historic 2023
{February 21st, 2024} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities, today reported strong fourth quarter 2023 results. Sales of fixed index annuities remained strong supported by the company’s continued emphasis on its guaranteed retirement income product offerings. American Equity’s President and CEO, Anant Bhalla stated: “Supported […]
Corebridge Financial Announces Fourth Quarter and Full Year 2023 Results
{February 21st, 2024} by Corebridge Financial, Inc
Fourth Quarter Premiums and deposits1 of $10.5 billion, a 20% increase over the prior year quarter Base spread income2 of $987 million, a 21% increase over the prior year quarter Base yield2 rose 45 basis points over the prior year quarter Net loss of $1.3 billion, or $2.07 per share Adjusted after-tax operating income1 of $661 million and operating […]
AM Best Affirms Credit Ratings of CNO Financial Group, Inc. and Its Life/Health Subsidiaries
{February 21st, 2024} 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 the life/health insurance subsidiaries of CNO Financial Group, Inc. (headquartered in Carmel, IN) [NYSE: CNO]. These subsidiaries are referred to collectively as CNO Financial Group (CNO). Concurrently, AM Best has […]
AM Best Revises Issuer Credit Rating Outlook to Positive for Operating Insurance Subsidiaries of Nassau Financial Group, L.P.
{February 21st, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlook to positive from stable for the Long-Term Issuer Credit Ratings (Long-Term ICRs) and affirmed the Financial Strength Rating (FSR) of B++ (Good) and the Long-Term ICRs of “bbb” (Good) of Nassau Life Insurance Company, Nassau Life and Annuity Company and Nassau Life Insurance Company of Kansas (Overland Park, […]
AM Best Affirms Credit Ratings of Members of ReliaStar Life Insurance Group
{February 21st, 2024} 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 ReliaStar Life Insurance Company of New York (Woodbury, NY) and ReliaStar Life Insurance Company (Minneapolis, MN), collectively known as ReliaStar Life Insurance Group (ReliaStar). The outlook of these Credit Ratings (ratings) is stable. […]
Guardian Recognized by Forbes as one of America’s Best Large Employers 2024
{February 20th, 2024} by Guardian
NEW YORK, Feb. 14, 2024 /PRNewswire/ — The Guardian Life Insurance Company of America® (Guardian) announced today it was named to Forbes’ list of “America’s Best Large Employers” for the third year in a row. “We are honored to be recognized as one of the best large employers in America for a third consecutive year,” said Andrew McMahon, Guardian […]
NAIC announces strategic priorities for 2024
{February 20th, 2024} by Terry Gangcuangco
The National Association of Insurance Commissioners (NAIC) has outlined its strategic priorities for 2024. In a release, the NAIC announced the following regulatory priorities: climate risks/natural catastrophes and resilience insurer financial oversight and transparency marketing of insurance products race and insurance, financial inclusion, and protection gaps use of artificial intelligence by insurers and cyber risk […]
JOHN HOOD COLUMN: Insurance commissioner seeks third term
{February 20th, 2024} by Staff Reports
While all 50 states have insurance commissioners, North Carolina is one of just 11 that elect their commissioners. The office is primarily a regulatory one, not only overseeing the wide spectrum of insurance policies and annuities sold in our state but also licensing such professionals as agents, adjusters, bail bondsmen and home inspectors. Read […]
A $700 Billion Insurance Product Is Powering the US Credit Market Rally
{February 20th, 2024} by Olivia Raimonde and Alicia Clanton
An insurance product that consumers use to help fund their retirements is selling at record levels, powering demand for corporate debt and commercial mortgage bonds. Last year, sales of annuities, which allow consumers to effectively buy income for the rest of their lives, reached an all-time record high of $385 billion, according to life insurance trade […]
NAIC Urged to Limit ‘Bermuda Triangle’ Strategy
{February 20th, 2024} by Kerry Pechter
Concerned that some life/annuity companies may hurt their policyholders’ interests by using offshore reinsurance to reduce the capital backing annuity- and life insurance-liabilities, two regulators have urged the National Association of Insurance Commissioners (NAIC) to tighten its rules on the practice. Click HERE to read the full story via RIJ
Legislation seeks to bar life insurance companies from purchasing recreational genetic testing data
{February 20th, 2024} by Sarah Petrowich
State legislators look at preventing life insurance companies from buying information from direct-to-consumer genetic testing companies. State Rep. Jeff Spiegelman’s (R-Clayton) House Bill 286 would bar life insurance companies from purchasing genetic information from companies like 23andMe and AncestryDNA. Spiegelman says genetic tests often contain a disclaimer stating results may affect your life insurance policy. This bill […]
Gen Z rejects financial guru Dave Ramsey’s advice to live debt-free: ‘Self-care is extremely important.’
{February 20th, 2024} by Lakshmi Varanasi
Dave Ramsey lacks clout with Gen Z. The 63-year-old host of the financial talk show, “The Dave Ramsey Show,” has attracted scores of followers over the years with a simple mantra — live debt-free. Click HERE to read the full story via Business Insider
Registered index-linked annuities: How they work, market growth, trends and outlook
{February 20th, 2024} by WTW
Since its inception in 2010, the registered index-linked annuity, or RILA, has grown significantly in popularity. It’s a deferred annuity and a hybrid between a variable annuity and a fixed indexed annuity. In this episode of (Re)thinking Insurance, Mark Mennemeyer is joined by Rick Hayes, Craig Michaud and Amber Ruiz to discuss their perspectives on […]
Zinnia to Acquire Ebix Inc.’s Life and Annuity Software Assets, Continuing Its Mission to Deliver Solutions that Simplify Insurance and Power Industry Growth
{February 20th, 2024} by Zinnia
Provides continuity and stability for the life and annuity ecosystem Plans to further invest in the assets to elevate the experience for carriers, advisors, and consumers GREENWICH, CT, February 16, 2024 – Zinnia Corporate Holdings (“Zinnia” or “the Company”), an Eldridge business and leading life and annuity insurance technology services company, today announced it will […]
Why the New DOL Fiduciary Rule Is Scarier Than Ever
{February 20th, 2024} by Kim O'Brien
It’s back! Just when we thought the never-ending saga of market conduct standards might be coming to resolution, the federal agency that can never take “no” for answer is back at it. And just like any good horror flick, the U.S. Department of Labor’s new fiduciary rule package is scarier than ever. While it may […]
Investor Group Agrees to $10.1B Truist Insurance Deal
{February 20th, 2024} by Allison Bell
Truist Financial, a large regional bank, has agreed to sell its 78.1% stake in its insurance brokerage business to an investor group for a deal that could bring it $10.1 billion in cash. The deal appears to include Crump Life Insurance Services and BenefitMall as well as the Truist Insurance Holdings property and casualty insurance distribution […]
Life and Annuity Issuer Faces Suits Over ‘SIM Swap’ Cyberattack
{February 20th, 2024} by Allison Bell
One or more hackers persuaded a cell phone company to let them take over a CNO Financial Group executive’s phone. Now the life and annuity issuer is facing lawsuits over the hackers’ use of the phone to get at its data. CNO believes the hackers could have seen customers’ names, dates of birth, policy numbers and Social […]
Zinnia Gets Court Approval to Buy AnnuityNet’s Parent
{February 20th, 2024} by Allison Bell
Zinnia — a big financial technology firm with support from a large investment firm — has received bankruptcy court approval to buy the life and annuity assets of Ebix. The best known Ebix life and annuity asset is AnnuityNet, an an annuity distribution system that competes with Roper Technologies’ iPipeline system and Hexure’s FireLight system […]
Guardian CLO: Take Setbacks as Feedback, Not Failure
{February 20th, 2024} by Deloitte Article
Kermitt Brooks, chief legal officer at The Guardian Life Insurance Company of America, credits his father for imparting one of the most important lessons he’s learned about leadership: be authentic. “It’s the best way to be an effective leader,” he says during a Resilient podcast interview with host Lori Lorenzo, a managing director with Deloitte Transactions and Business Analytics […]
What is an annuity?
{February 20th, 2024} by Ben Luthi, Verified By Joel Anderson, Hannah Alberstadt
If you’re nearing retirement, an annuity can be a good way to get a consistent source of income and ensure you don’t outlive your savings. Certain annuities can help you manage certain risks, such as market volatility, inflation and income taxes. Original article posted HERE Wink’s Moore on the Market: Oh boy! Another USA TODAY […]
10 best annuity companies for February 2024
{February 20th, 2024} by Rocco Pendola Paul Curcio David Tony, CNN Underscored Money
For the right person, under the right conditions, long-term financial planning with annuities can make sense to provide an additional, steady income stream in retirement. Original story posted HERE. Wink’s Moore on the Market: More clickbait. I SMH at these pieces that call out the “best annuities.” -sjm
Birny Birnbaum Gives Up NAIC Consumer Rep Role
{February 20th, 2024} by Allison Bell
Birny Birnbaum has ended his 25-year run as a funded consumer representative at the National Association of Insurance Commissioners. Birnbaum, the executive director of the Austin, Texas-based Center for Economic Justice, first became an NAIC consumer rep in 1999, when he took over from the center’s previous executive director, Victoria Benitez. Click HERE to view […]
Insurance outlook for 2024 is positive, despite uncertain environment
{February 20th, 2024} by Susan Rupe
Despite an overall positive outlook, four factors will contribute to an uncertain environment for the insurance industry in 2024, according to a pair of Conning researchers. Those factors are: Insurance technology. Tech will continue to reshape the industry, with artificial intelligence remaining the top-of-mind tech issue for insurers, said Scott Hawkins, head of insurance research at […]
Brighthouse reports strong product news to offset poor Q4 results
{February 20th, 2024} by John Hilton
Brighthouse Financial executives reported strong product developments and solid sales today during its quarterly earnings report. The insurer’s Q4 financial numbers were not as rosy. Brighthouse reported a loss of $917 million in its fourth quarter. The Charlotte, North Carolina-based company said it had a loss of $14.70 per share. Earnings, adjusted for non-recurring costs, […]
AIG preparing to say goodbye to life and retirement segment for good
{February 20th, 2024} by John Hilton
American International Group (AIG) continues to shed assets in a streamlining led by CEO Peter Zaffino. One of those exiting business segments, life and retirement, remains a big moneymaker. AIG executives met this morning with Wall Street analysts to provide color and detail on its fourth-quarter and full-year earnings. The venerable insurer is down to […]
Corebridge books big loss, touts soaring premiums as AIG split nears
{February 20th, 2024} by John Hilton
Corebridge Financial reported a $1.3 billion loss in the fourth quarter as it nears full separation from American International Group. But executives stressed the many positives in the underlying sales of its life and annuity products. Premiums and deposits of $10.9 billion in Q4 represented a 20% increase over the year-ago quarter. Full-year premiums and […]
Hearing speakers trade barbs on whether DOL fiduciary rule hurts or helps
{February 20th, 2024} by John Hilton
A House committee revived debate over the Department of Labor fiduciary rule Thursday, leading to extended discussion over what the proposal does and doesn’t do, and whether the DOL has the appropriate rulemaking authority. The House Health, Employment, Labor and Pensions Subcommittee welcomed four witnesses to discuss the fiduciary rule. Introduced on Halloween, the Biden […]
Column: Boosting retirement income with annuities
{February 20th, 2024} by Brian Walsh
Fear of the unknown can lead to missed opportunities throughout our lives, including in financial planning. As advisors, we have a broader view of how each part of a client’s financial plan benefits them – even if they sometimes can’t see the big picture. Annuities, for example, may be unfamiliar territory for clients but can […]
NAIC group to fire up dormant work on accelerated underwriting guidance
{February 20th, 2024} by John Hilton
A panel of state insurance regulators is getting back to work on accelerated underwriting guidance for states to consider. Created during the National Association of Insurance Commissioners’ 2019 summer meeting, the Accelerated Underwriting Working Group began work with several charges. Among them, to “consider the use of external data and data analytics in accelerated life […]
Removing roadblocks to choosing annuities
{February 20th, 2024} by Susan Rupe
Seven in 10 Americans told a TIAA survey that receiving a guaranteed monthly paycheck during retirement is important. But only 13% of those responding to the survey said they actually purchased an annuity. So what hurdles must advisors help consumers overcome in order to make the annuity decision? Click HERE to read the full story […]
CNO Financial Group Reports Fourth Quarter and Full Year 2023 Results
{February 13th, 2024} by CNO Financial Group, Inc.
Strong fourth quarter earnings, sustained full-year sales momentum and agent force growth CARMEL, Ind., Feb. 6, 2024 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced its financial results for the fourth quarter and full year ended December 31, 2023. Net income in 4Q23 was $36.3 million, or $0.32 per diluted share, compared to $38.0 million, or $0.33 per diluted share, in 4Q22. Net […]
F&G Annuities & Life Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Cal
{February 13th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Feb. 7, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release fourth quarter and full year 2023 earnings after the close of regular market trading on Wednesday, February 21, 2024. A webcast and conference call to discuss the […]
Fidelity National Financial Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
{February 13th, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Feb. 7, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”), a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG), will […]
Brighthouse Financial Announces Fourth Quarter and Full Year 2023 Results
{February 13th, 2024} by Brighthouse Financial, Inc
Brighthouse Financial Announces Fourth Quarter and Full Year 2023 Results Estimated combined risk-based capital (“RBC”) ratio of approximately 420%; holding company liquid assets of $1.3 billion $350 million total subsidiary dividends paid to the holding company in the fourth quarter of 2023 The company repurchased $250 million of its common stock in full year 2023, […]
Principal Financial Group® Announces Full Year and Fourth Quarter 2023 Results as well as 2024 Outlook
{February 13th, 2024} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for full year and fourth quarter 2023. Non-GAAP net income attributable to PFG excluding exited business1 for the 12 months ending Dec. 31, 2023, of $1,514.9 million, compared to $1,453.2 million for the 12 months ending Dec. 31, 2022. Non-GAAP net income excluding exited business per diluted share […]
The Standard Expands Stable Value Product Suite
{February 13th, 2024} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard) has added to its APEX fund series with the new APEX Stable Asset Fund, available to new retirement plan recordkeeping clients on the company’s platform. The fund offers a guaranteed crediting rate that denotes the corporate and treasury rate environment, backed by the financial stability of The Standard. The APEX […]
Lincoln Financial Group Reports 2023 Fourth Quarter and Full Year Results
{February 13th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the fourth quarter and full year ended December 31, 2023. Net loss available to common stockholders was $(1.2) billion, or $(7.35) per diluted share. Adjusted operating income available to common stockholders was $246 million, or $1.45 per diluted share. The primary differences between […]
Prudential Financial, Inc. Announces 2023 Results(1)
{February 13th, 2024} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported fourth quarter and year-end 2023 results. Net income attributable to Prudential Financial, Inc. was $1.317 billion ($3.61 per Common share) for the fourth quarter of 2023, compared to a net loss of $52 million ($0.16 per Common share) for the fourth quarter of 2022. After-tax adjusted […]
Women Taking On More Financial Responsibility
{February 13th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Women are taking on more financial responsibility, according to the 2023 Women Money Power Study* from Allianz Life Insurance Company of North America (Allianz Life). More women say they have the primary responsibility for managing finances and making financial decisions for their household. Nearly half of all women (49%) consider themselves to be the […]
AM Best Places Credit Ratings of SILAC Insurance Company Under Review With Negative Implications
{February 13th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications 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). The Credit Ratings (ratings) of SILAC have been placed under review with negative implications primarily due to a decline in […]
New variable universal life product has flexible solutions for long-term goals
{February 13th, 2024} by Nationwide
Columbus, OH – Nationwide recently announced a new variable universal life (VUL) product that offers a flexible solution for long-term financial goals with guaranteed death benefit protection, plus cash value growth potential for your family’s future. Nationwide VUL Protector II features improved guaranteed pricing, an Extended No-Lapse Guarantee (ENLG) Rider with a guarantee to age 120, […]
Lincoln Financial sees Q4 net loss of $1.2B
{February 13th, 2024} by Doug Bailey
Top executives at Lincoln Financial Group insist they are progressing in their mission to right their ship in the face of continued losses but probably aren’t navigating the choppy waters as fast as they’d like. The Pennsylvania-based insurer, one of the oldest and largest stock insurance companies in the United States, Thursday reported a net […]
Athene dominates annuity sales, but Apollo execs have even bigger plans
{February 13th, 2024} by John Hilton
Athene Annuity and Life is far and away the No. 1 seller of annuities, but its parent company is far from satisfied with those monster numbers. Apollo Global Management executives talked about the potential for a lot more from Athene today during a conference call with Wall Street Analysts on Apollo’s successful fourth-quarter earnings report. […]
Brookfield touts future ability to reel in $15-$20B annually from insurance
{February 13th, 2024} by John Hilton
Brookfield Asset Management announced a blockbuster deal to acquire annuity seller American Equity Investment Life (AEL) more than seven months ago – a deal that has yet to officially close. That doesn’t mean that BAM executives are not making big plans for the insurance assets it will control in the near future. “Brookfield will become […]
KKR fuels up with Q4 cash off big Global Atlantic annuity sales
{February 13th, 2024} by John Hilton
KKR remains a diversified, investment firm juggernaut that continued to gather momentum in the fourth quarter, fed heavily by its insurance holding, Global Atlantic. In a deal that closed in January, KKR purchased the remaining 37% of Global Atlantic Financial Group it didn’t already own for $2.7 billion. Global Atlantic is a big seller of […]
KKR Wants Annuity Arm to Double Its Sales
{February 13th, 2024} by Allison Bell
KKR now owns 100% of its Global Atlantic business, and it hopes Global Atlantic will increase total annual sales to about $20 billion, from about $10 billion per year today. Rob Lewin, KKR’s chief financial officer, talked about the company’s vision for Global Atlantic today, during a conference call with securities analysts. ”I think there’s a lot of […]
Equitable Faces Wall Street Annuity Love Gap
{February 13th, 2024} by Allison Bell
Equitable created the hottest segment of the U.S. individual annuity market. It is outselling competitors, benefiting from a strong selling environment and hedging away most of the investment risk — but it’s having a hard time impressing Wall Street. Suneet Kamath, a securities analyst at Jefferies, asked about Wall Street investors’ annuity enthusiasm gap Wednesday during […]
Annuity Commission Money Can Pay for Income Guarantees: Marc Rowan
{February 13th, 2024} by Allison Bell
Offering fee-only annuities through retirement plan fiduciaries could free the cash needed to pay for lifetime income guarantees, a key annuity industry player said today. Marc Rowan, the chief executive officer of Athene’s parent, Apollo Global Management, told securities analysts that a company like Apollo wants to take care of retirement savers’ investment risk, not […]
MetLife floats a VA buyout offer
{February 13th, 2024} by Emile Hallez
It’s been years since insurance companies dangled buyout offers or contract exchanges to annuity owners – but MetLife is planning to do just that. Click HERE to read the full story via InvestmentNews
Once its economic engine, Des Moines’ financial industry shedding jobs, led by Wells Fargo
{February 13th, 2024} by Tyler Jett
When Wells Fargo & Co. announced another round of cuts last fall, losing its place as Des Moines’ biggest private employer, it signaled a larger problem for the local economy. The problem has been six years in the making, a Des Moines Register analysis and interviews with 25 executives, government officials and economists found. After decades […]
Will University of Iowa risk management major help grow Des Moines’ slowing insurance sector?
{February 13th, 2024} by Tyler Jett
Jim Lewis wants kids these days to know that insurance is exciting. A former marketing executive, Lewis became the director of the University of Iowa’s Vaughan Institute of Risk Management and Insurance last fall. His arrival comes as insurance leaders around Des Moines hope the state’s universities and colleges can pump out more talent. Executives […]
While growth flattens for most Des Moines metro financial firms, private equity booming
{February 13th, 2024} by Tyler Jett
Athene President Grant Kvalheim does not buy complaints about Iowa’s tight labor market. “Employment grows when your business grows,” he recently told the Des Moines Register. “People are saying, ‘We can’t grow our business because we can’t find the people.’ I fundamentally don’t believe that. I don’t believe that in Iowa, and I don’t believe that […]
Ohio House passes bill that would add capitalism to high school financial literacy curriculum
{February 13th, 2024} by Megan Henry
Under SB 17, math teachers would be able to teach financial literacy. The bill would allow high school students to meet their financial literacy requirements by taking Advanced Placement microeconomics or macroeconomics. “I’ve known a lot of really bright AP students over the years,” Brennan said. “They’re incredible, but they have no idea the difference between […]
Best’s State Rate Filings® Now Includes Life/Health Filings
{February 13th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has added hundreds of thousands of life/health insurer rate filings to Best’s State Rate Filings, which previously focused solely on the property/casualty industry. Subscribers now have access to this additional information at no extra cost. New features include: A dedicated life/health search page, where subscribers can narrow their search based on 12 major […]
Brookfield Aims to Leverage its Heft to Expand Fundraising
{February 13th, 2024} by Luis Garcia
Brookfield Asset Management, the publicly traded investment unit of Brookfield Corp., plans to use its scale and breadth to raise as much as $100 billion annually even as rivals enter its core markets by backing other infrastructure specialists and clean-energy developers. “We can expect to raise approximately $75 billion annually separate and apart from our […]
‘Annuity King’ prepares appeal from conviction, 15-year prison sentence
{February 5th, 2024} by John Hilton
Phillip Roy Wasserman is expected to file an appeal today from his fraud conviction and 15-year prison sentence. Wasserman is appealing to the Court of Appeals for the Eleventh Circuit “the denial of his motion for new trial and amended motion for new trial, the judgment and sentence, and the denial of all other orders […]
‘Annuity King’ Phillip Roy Wasserman sentenced to prison for $6.3M fraud
{February 5th, 2024} by John Hilton
A Tampa, Fla. judge sentenced Phillip Roy Wasserman to 15 years in prison Wednesday for overseeing a fraud that cost retirees millions. Wasserman must turn himself in on Feb. 23. Reached this morning, Wasserman said he will appeal to the Court of Appeals for the 11th Circuit, adding: “And we will win.” Judge Charlene Edwards […]
Why Life Insurance Assets Might Still Be Safe From Congress
{February 5th, 2024} by Allison Bell
Congress could find new ways to tax the buildup of value inside cash-value life insurance policies this year, but it probably won’t. Carmi Margalit, the life insurance sector lead at S&P Global Ratings, made that prediction Thursday at an S&P Global insurance hot topics conference in New York. Margalit and other speakers avoided the hottest […]
Northwestern Mutual Announces Senior Leadership Changes
{February 5th, 2024} by Northwestern Mutual
John Roberts to succeed Tim Gerend in key responsibilities as Executive Vice President and Chief Distribution Officer effective February 1, 2024 MILWAUKEE, Feb. 1, 2024 /PRNewswire/ — Northwestern Mutual Chairman and CEO John Schlifske today announced senior leadership changes as part of the company’s overall succession planning process to best position the company’s leadership team for the future. In January, Northwestern Mutual announced that […]
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of American Life & Security Corp.
{February 5th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of American Life & Security Corp. (ALSC) (headquartered in Lincoln, NE). The outlook assigned to these Credit Ratings (ratings) is negative. The ratings reflect ALSC’s balance […]
Should I Add Annuities To My Retirement Plan Or Not?
{February 5th, 2024} by Ross Friend
It seems there is a divided financial services industry which fully embraces annuities as an intelligent complement to social security and other nonliquid assets and the other side of the industry that “bashes” annuities as investments too risky, too complex and commission driven so ipso facto stay away from them all. Click HERE to read […]
Options For Being A Registered Rep And Also Selling Indexed Annuities
{February 5th, 2024} by Charlie Gipple, CFP, CLU, ChFC
“Charlie, what should I do?” This is the question I am often asked by financial professionals on what they should do when it comes to getting set up with their securities license while also wanting to sell indexed annuities. Even folks that are already securities licensed will ask me this question occasionally, because they are […]
Annuity Suitability: The Method To The Madness
{February 5th, 2024} by Charlie Gipple, CFP, CLU, ChFC
In this same Broker World edition, you will see another article entitled, “Options For Being A Registered Rep And Also Selling Indexed Annuities.” In this article I reference NASD 05-50 that happened in 2005, and also SEC 151A that was vacated in 2009. These proposed rules sought to effectively put indexed annuities in the same category as […]
The Evolution Of Life Insurance: Embracing Digital Point Of Sales Solutions For A Millennial Market
{February 5th, 2024} by Ken Leibow
In the ever-evolving landscape of life insurance digital point of sales solutions are not just a trend but a revolution, particularly tailored to the preferences and needs of millennials—the central buyers in today’s market. This demographic, aged between 26-45, is driving a significant shift in how life insurance products are designed, marketed and sold. The […]
SEC accused of ‘regulation by enforcement’ as critics on both sides circle
{February 5th, 2024} by John Hilton
The Securities and Exchange Commission (SEC) is getting heat from both investor and advisor groups this week over its regulatory strategies. Representing advisors and their firms, the Financial Services Institute said the SEC is doing too much “regulation by enforcement.” In other words, the agency is finding violations from advisors and firms who are trying […]
Yes, Annuity Issuers Can Fail
{February 5th, 2024} by Allison Bell
One of the most important jobs an annuity advisor can perform is to help clients assess the soundness of the annuities being considered. Analysts at rating agencies like Fitch and S&P Global Ratings say that the annuity issuers they rate are some of the strongest, best-capitalized companies that their firms track. During recent quarterly review […]
Allianz Life Responds to Suit Involving Agent Oversight Questions
{February 5th, 2024} by Allison Bell
Allianz Life Insurance Co. of North America asserts that, under California law, it has no duty to act as a fiduciary for an insured and is not subject to a professional standard of care. The company made those points in a demurrer filed recently in a California state court in Los Angeles County. Allianz Life […]
Gaming the System in Annuity Illustrations
{February 5th, 2024} by David Blanchett
To say that using historical returns in annuity illustrations for index-linked strategies is ripe for potential misrepresentation would be an understatement. The index-linked annuity industry, which is currently primarily for fixed indexed annuities, continues to evolve, offering crediting strategies that are anything but vanilla. Recently, though, a strategy caught my eye on the S&P 500 […]
Interest rates, rising demand driving annuity sales growth
{February 5th, 2024} by Keith Golembiewski
LIMRA recently published its U.S. Individual Annuity Sales Forecast for 2024 through 2026. Over the past two years, significant annuity sales growth has been driven by interest rates, rising demand for protection and guaranteed income, and strong economic conditions. In 2022, annuity sales totaled a record high of $313 billion. At the end of 2023, […]
New Benefits & Financial Services Joins Forces with Integrity to Offer Innovative Insurtech Solutions for Agents to Better Serve Their Clients
{February 5th, 2024} by Integrity Marketing Group, LLC
DALLAS – JANUARY 31, 2024 – 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 New Benefits & Financial Services, an independent marketing organization headquartered near Chicago, Illinois, and led by Everett Foney. Financial details of the partnership were […]
2023 shatters all-time record for annuity sales
{February 5th, 2024} by Nathan Place
Well, it’s official: 2023 was the best year for annuity sales in history. Only a year ago, the same was true of 2022. But the latest sales numbers leave that year in the dust: In 2023, total annuity sales reached $385 billion, according to LIMRA, an industry-funded research group. That’s a 23% increase from 2022, when the […]
How a Fixed Index Annuity Can Manage Retirement Income Risks
{February 5th, 2024} by Jerry Golden
I have spent my career looking for new ways for retirees to create income — particularly safe, lifetime income — and at the same time meet their objectives for legacy, inflation protection, liquidity and risk management. I think about results, not specific products, so although annuity payments have been at the core of my research […]
Sarasota’s ‘Annuity King’ sentenced to 15 years for defrauding seniors
{February 5th, 2024} by Louis Llovio
Phillip Roy Wasserman, a Sarasota insurance agent and former attorney who called himself the “Annuity King,” has been sentenced to 15 years in federal prison for scamming millions from elderly victims. The 67-year-old was also ordered by U.S. District Judge Charlene Edwards Honeywell to forfeit $6.3 million at a sentencing hearing this week in Tampa. […]
Study examines hesitancy around buying an annuity
{January 31st, 2024} by Doug Bailey
It’s an age-old puzzle that has stymied insurance companies, financial advisors, and investors: If buying annuities is a good option for many retirees, as some think, why aren’t more people purchasing them? That’s what the Center for Retirement Research at Boston College recently asked in a new report titled “How Much Do People Value Annuities […]
OneAmerica® Announces Brand Refresh as OneAmerica Financial℠
{January 31st, 2024} by OneAmerica
Update demonstrates evolution to digital-first environment INDIANAPOLIS, Jan. 29, 2024 /PRNewswire/ — OneAmerica®, a national financial services organization, today unveiled a refreshed brand as OneAmerica Financial℠ . This strategic move aims to create greater awareness and distinctiveness for the company while amplifying its differentiators. Its focus on helping people build greater certainty throughout their financial journey can clearly […]
Northwestern Mutual CEO John Schlifske announces plans to retire
{January 31st, 2024} by Northwestern Mutual
Schlifske’s 14-year tenure as CEO defined by historic business performance, bold client experience transformation, unsurpassed financial strength, exceptional product value, and meaningful investments in talent and diversity Tim Gerend to succeed Schlifske as the company’s next CEO, effective January 1, 2025 MILWAUKEE, Jan. 25, 2024 /PRNewswire/ — After 14 years as Northwestern Mutual’s Chief Executive Officer and 37 total […]
Penn Mutual Launches “Life Matters: A Penn Mutual Podcast”
{January 31st, 2024} by The Penn Mutual Life Insurance Company
A Go-To Resource for Advanced Sales Strategies and Expert Insights in the Life Insurance Industry HORSHAM, Pa., Jan. 26, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company, a Fortune 1000 company, is thrilled to announce the launch of its latest venture, “Life Matters: A Penn Mutual Podcast.” This engaging podcast is designed to empower financial professionals […]
Best’s Review: World’s Largest Insurance Companies, Top 50 Global Reinsurers and More
{January 31st, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–January’s Best’s Review includes the following exclusive rankings: World’s Largest Insurance Companies – 2024 Edition Ranked by 2022 net nonbanking assets. Ranked by 2022 net premiums written. Top 50 Global Reinsurers – 2024 Edition Ranked by 2022 unaffiliated gross premiums written. Top 20 Global Brokers – 2024 Edition Ranked by 2022 total revenue. Top 25 U.S. […]
AM Best Affirms Credit Ratings for Members of Corebridge Financial
{January 31st, 2024} 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) for the members of Corebridge Financial (Corebridge). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.) The ratings of […]
New York Life Wealth Watch 2024 Outlook: Financial Confidence Grows, While Credit Card Debt Looms
{January 31st, 2024} by New York LIfe
NEW YORK–(BUSINESS WIRE)–New York Life’s latest Wealth Watch survey finds financial resiliency among American adults, even in the face of high interest rates and rising credit card debt. Two-thirds of adults (64%) feel confident in their ability to meet their financial goals, and over half (52%) of adults saved the amount they wanted or more […]
Corebridge Financial Launches New Multi-Year Guaranteed Annuity for Registered Investment Advisors
{January 31st, 2024} by Corebridge Financial
HOUSTON–(BUSINESS WIRE)–Corebridge Financial today announced the expansion of its annuity lineup for registered investment advisors (RIAs) with the launch of American Pathway AdvisorySM—a multi-year guaranteed annuity (MYGA) that offers growth and principal protection, along with flexibility and convenience. American Pathway Advisory is a fixed annuity that brings enhanced flexibility to the MYGA space through innovative […]
Pacific Life Teams Up with Fidelity Investments on New Retirement Solution to Provide Guaranteed Lifetime Income
{January 31st, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today a collaboration with Fidelity Investments to provide Pacific Lifetime Income (a single premium immediate annuity or SPIA) for Fidelity’s new retirement income solution, Guaranteed Income Direct (GID). The strategic collaboration marks a significant step in addressing the evolving needs in retirement planning and the increasing demand for retirement […]
Annuity Sales Set a Record in 2023. Recession Fears and Interest Rates Played a Role.
{January 30th, 2024} by Kenneth Corbin
Annuity sales posted a record year in 2023, the second-consecutive high recorded by the trade group Limra, which attributed much of the surge to increasing interest in fixed products. Fixed annuity sales jumped 36% last year to $286.2 billion, a “remarkable” increase that owed to “economic conditions and growing demand for protected investment growth,” according […]
