ANNUITY AWARENESS MONTH EDITION
{June 3rd, 2020} by Wink's RockStars
June is Annuity Awareness Month! We will be reprinting our Chief Storyteller, Sheryl Moore’s most requested annuity-focused articles all month long; they will be indicated with “reprint” in the title. You’ll find these timeless articles are still relevant today. Annuity Awareness Month aligns perfectly with Wink’s top priority of ensuring that the public has the needed information […]
The Fixed Annuity Market, Analyzed
{June 3rd, 2020} by Sheryl J. Moore
It is hard to believe how very dramatically things have changed in our world in just a short three months. At this time in February, I was doing a keynote for a group of insurance company executives who focus their sales primarily on annuity products. We had some good food, did some networking, and exchanged […]
Fidelity National Financial Completes Acquisition of FGL Holdings
{June 3rd, 2020} by Fidelity National Financial, Inc.; FGL Holdings
JACKSONVILLE, Fla., June 1, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”) and FGL Holdings (“F&G”), today announced the completed acquisition of FGL Holdings by FNF on June 1, 2020. Under the terms of the definitive agreement, FNF issued approximately 27 million shares of FNF common stock and paid approximately $1.8 billion in cash to former holders of FGL ordinary […]
COVID-19 Pandemic Wreaking Havoc on Americans’ Retirement Plans While Anxiety over Continued Market Risks Remains
{June 3rd, 2020} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–The COVID-19 pandemic is drastically changing how Americans view their retirement prospects and many fear the worst is still yet to come – at least in the short-term. According to the Q2 Quarterly Market Perceptions Study from Allianz Life Insurance Company of North America (Allianz Life®), 58% of Americans say the economic impacts of […]
Brighthouse Financial Joins Forces with BlackRock to Provide Simplified Access to Lifetime Income
{June 3rd, 2020} by Brighthouse Financial
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today that BlackRock, Inc. (“BlackRock”) has enlisted the company as one of two insurers to help deliver LifePath Paycheck™, a next-generation investment solution being developed by BlackRock that is designed to provide millions of American workers with simplified access to lifetime income […]
DALBAR Awards AIG Life & Retirement For Variable Annuity Customer Experience Excellence
{June 3rd, 2020} by DALBAR, Inc
MARLBOROUGH, Mass., June 2, 2020 /PRNewswire/ — DALBAR, Inc., the financial community’s leading independent expert for evaluating, auditing and rating customer experience, announces that AIG Life & Retirement has earned DALBAR’s inaugural Customer Experience Excellence Award. This award recognizes the outstanding work that the Individual Retirement division of AIG Life & Retirement has done to provide a superior standard […]
Life insurance statistics in 2020
{June 3rd, 2020} by Logan Sachon & Anna Swartz
Life insurance by the numbers 57% • Percent of American adults who have life insurance‡ 32% • Of American adults with life insurance, the percent who only have group coverage — which usually isn’t enough (and is rarely portable)‡ 10x to 12x • The multiples of your annual income that most financial advisors recommend you need when buying life […]
83 Million Americans Say COVID-19 Makes Them More Likely to Buy Life Insurance
{June 3rd, 2020} by ValuePenguin.com
NEW YORK, May 28, 2020 /PRNewswire/ — As the coronavirus pandemic continues to impact everything from the economy to daily life, worries over personal safety have driven 83 million Americans to consider buying life insurance or increasing their life insurance coverage, according to a new survey from ValuePenguin.com by LendingTree. Key Findings: 1 in 4 Americans say […]
ProEquities Announces The Launch Of GEN Next Academy
{June 3rd, 2020} by ProEquities
BIRMINGHAM, Ala., May 28, 2020 /PRNewswire/ — ProEquities (“the firm”), a leading independent financial advisory and brokerage firm and subsidiary of Protective Life Corporation, today announced that it has commenced GEN Next Academy, a comprehensive and proprietary program that helps advisors new to the industry join an established office, while providing senior advisors the assistance they need […]
Principal Financial cuts pay for 23% of global workforce due to COVID-19 impact
{June 3rd, 2020} by Donnelle Eller
Paychecks for nearly a quarter of Principal Financial Group’s employees will be smaller, the giant Des Moines-based investment and retirement services company said Tuesday. Principal said it’s cutting salaries for 23% of its global workforce to “mitigate and manage” the economic and market fallout from COVID-19. Principal employs about 18,000 people worldwide and 6,500 in […]
Annuities During Economic Uncertainty
{June 3rd, 2020} by Ben Mattlin
In March, a survey of people between the ages of 61 and 65 found that those who have secured guaranteed retirement income were less likely to alter strategies (or their portfolios) during the current market volatility. That doesn’t mean they weren’t worried. “Though 61% said they’re concerned about the volatility, those with pensions or annuities—that […]
Why College Coaches Are Being Paid With Split-Dollar Life Insurance
{June 3rd, 2020} by Jordan Smith
In August 2016, the University of Michigan began what has now become a trend when they offered a split-dollar life insurance arrangement to head football coach Jim Harbaugh as an alternative to deferred compensation. Other schools have since followed in Michigan’s footsteps: Clemson, for Dabo Swinney; LSU, for Ed Orgeron; and South Carolina, for women’s […]
ACLI Version Wins In IUL Illustration Fight
{June 3rd, 2020} by John Hilton
State insurance regulators sided with an industry trade group Thursday in choosing language designed to tamp down wayward indexed universal life illustrations. But not before a rift further widened between industry factions. Life Actuarial Task Force members voted 15-2 in a “straw poll” to proceed with language put forth by the American Council of Life […]
Best Life Insurance Companies of 2020
{June 2nd, 2020} by Ashlee Tilford
The insurance company you select for your life insurance policy is not a decision to take lightly. The company’s history, as well as its reputation for customer service, financial stability and pricing, are just a few of the things that can impact both your experience and policy value. Life insurance is all about preparing yourself financially […]
AM Best Affirms Credit Ratings of Pacific LifeCorp and Its Subsidiaries
{June 2nd, 2020} by AM BEST
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa” of the members of Pacific Life Group (Pacific Life): Pacific Life Insurance Company and Pacific Life & Annuity Company. Both companies are headquartered in Newport Beach, CA. Additionally, AM Best has affirmed the Long-Term ICR […]
Annuity Awareness Month: Talking Annuity Benefits Year-Round
{June 2nd, 2020} by American Equity
Most likely, your clients don’t know June is National Annuity Awareness month. That’s because most clients are not looking for a retirement product, they are pursuing their retirement priorities. While client values may differ wildly from one to another, a recent LIMRA study reports more than a third of pre-retirees share a similar mindset. Based […]
AllianzIM Introduces Next-Generation Risk Management Offering With Launch of Buffered Outcome ETFs
{June 2nd, 2020} by Allianz Life
MINNEAPOLIS–(BUSINESS WIRE)–Allianz Investment Management LLC (AllianzIM), a wholly owned subsidiary of Allianz Life Insurance Company of North America (Allianz Life®), today introduces its new exchange-traded fund (ETF) product line with the launch of the AllianzIM U.S. Large Cap Buffer10 Apr ETF (NYSE Arca: AZAA) and the AllianzIM U.S. Large Cap Buffer20 Apr ETF (NYSE Arca: […]
Winning Culture and Proven Ownership Model Attracts Tri-State Financial to Partner with Integrity Marketing Group
{June 2nd, 2020} by Integrity Marketing Group
DALLAS, June 2, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Tri-State Financial (“Tri-State”), headquartered in New Jersey. Tri-State is an independently owned affiliate of Integrity platform partner Family First Life (“FFL”) and has been one of the largest marketing partners for FFL […]
Selling Life Insurance As “Investments”
{June 2nd, 2020} by Charlie Gipple
This message is prompted by hearing about yet another agent last week (not associated with CG Financial Group) that got herself in trouble by selling cash value life insurance as an “investment” without regard to the actual death benefit need. As you may or may not know, prior to starting CG Financial Group, I spent […]
$15,000 in Scholarships Aims to Encourage Minorities and Women to Pursue a Career in Financial Planning
{June 2nd, 2020} by Advisors Excel
TOPEKA, Kan., June 2, 2020 /PRNewswire/ — Advisors Excel has recently announced the creation of three, $5,000 scholarships aimed at encouraging minorities and women to pursue a degree in Kansas State University’s Personal Financial Planning (PFP) program. Each scholarship can be renewed annually. “For the 20 years I’ve been in the financial services industry, there have been many discussions about the lack […]
John Hancock Rolls Out New Digital Tools for FAs Serving Retirement Plans
{June 2nd, 2020} by Alex Padalka
John HancockRetirement says it added new features to help advisors better serve retirement plan clients digitally in the wake of the Covid-19 crisis. The company has introduced two new tools. One is Onboarding Resource Center, which provides access to enrollment materials, demos, presentations and participant education flyers, among other features. Another is Plan Manager, which […]
Twin Cities Financial Firms Speak Out After Floyd’s Killing, Protests
{June 2nd, 2020} by Janet Levaux
In Minneapolis, appeals for peace were made Monday from the brother of George Floyd, a black man who died as a white police officer pinned his neck down a week ago. Such calls also have been also been made by financial services firms based in the region. The killing have sparked several nights of protests that […]
BlackRock to mix target-dates and annuities
{June 2nd, 2020} by Emile Hallez
BlackRock is taking another stab at the combination of target-date funds and annuities, on Wednesday, announcing a new product in conjunction with Equitable and Brighthouse Financial. Click HERE to read the full story via InvestmentNews
Life Insurance Groups Address George Floyd Death, Denounce Racism
{June 2nd, 2020} by John Hilton
Several life insurance groups joined to release a statement this afternoon addressing racism, the George Floyd death and resulting “tumult, hurt and anger” across U.S communities. Community leaders are weary after five days of civil unrest in the United States following the death of Floyd, a black man who died after a white police officer […]
AIG Exec: 5 Ways To Protect Clients From Elder Fraud
{June 2nd, 2020} by John Hilton
Only one in 44 cases of elder fraud is actually reported, according to the National Adult Protective Services Association. But the issue is attracting more attention, with some states passing laws to give authorities more tools to fight elder fraud. Agents and advisors are often best positioned to witness and report suspicious incidents, said Michele […]
Arizona House Sends Best-Interest Annuity Rules To Gov. Ducey
{June 2nd, 2020} by John Hilton
The Arizona House of Representatives this week approved and sent to Gov. Doug Ducey a bill to adopt a model regulation for annuity sales that requires financial professionals to act in the best interests of the consumer. If Ducey signs the bill, Arizona would become the second state to adopt best-interest rules modeled on a […]
Term Life Premium Up 8%, Offsetting Tough 1Q: LIMRA
{June 2nd, 2020} by John Hilton
Term life insurance new premium rose 8% in the first quarter, with 40% of term life writers reporting double-digit increases, according to LIMRA data. The term premium increase is the highest since the second quarter 2007, according to LIMRA’s First Quarter 2020 U.S. Individual Life Insurance Sales Survey. Sixty percent of term life writers reported […]
Americans Hazy on Death and Debt: Ethos
{June 2nd, 2020} by Allison Bell
Many U.S. consumers are hazy about what happens to debt after death. Ethos, a company that sells life insurance online, has published data on that knowledge gap in a summary of results from a survey of 1,978 U.S. adults ages 20 and older. A polling firm conducted the survey for Ethos in December, before COVID-19 […]
Why Life Insurers Need Insurtech Firms: Idea File
{June 2nd, 2020} by Allison Bell
Life insurers have been spending heavily on computers and software for generations, and they’re still hungry for more. As hard as times may be, most of the 36 life insurers that participated in a recent Novarica survey said they’re planning to maintain their information technology (IT) budgets, and several said they’re on track to increase […]
5 Ideas from a Retirement Expert’s New Paper, for Annuity Sellers
{June 2nd, 2020} by Allison Bell
The Federal Reserve Board and the U.S. Treasury Department have managed to buffer the U.S. stock market and the U.S. bond market against most of the effects of the COVID-19 pandemic. Portfolio managers at life insurers and pension funds have generally done what was necessary to keep the sky from falling, today. But Olivia Mitchell, the International […]
Equitable and Brighthouse to Power BlackRock Annuitization Option
{June 2nd, 2020} by Allison Bell
BlackRock Inc. has picked life insurance units of Equitable Holdings and Brighthouse Financial Inc. to help it provide an annuity-based lifetime income program for U.S. retirement plan sponsors. The new LifePath Paycheck program will combine a 401(k) plan or other defined contribution plan with a target date investment arrangement — a fund designed to tilt […]
News SEC Takes Action to Stop Ponzi Scheme Selling ‘Annuities’
{June 2nd, 2020} by Melanie Waddell
The Securities and Exchange Commission on Friday filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment advisor and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California. According to the SEC’s complaint, from at least January 2018 through the present, Paul Horton […]
A Primer for Annuity Newbies
{June 2nd, 2020} by Kerry Pechter
Here, by popular demand, I offer a 10-minute tour of annuity products, using the same classification system that I used when writing Annuities for Dummies. Many advisers have joined the Retirement Income Journal community recently, and many of them are new to the world of annuities. I’ve been asked to create a quick tutorial on this […]
Income Annuity Pricing For An 85-Year-Old Female
{June 2nd, 2020} by Wade Pfau
We looked at longevity insurance as it applies to a sixty-five-year-old female purchasing a deferred income annuity with income starting at eighty-five. We may also consider the alternative of just waiting until age eighty-five and then buying an immediate annuity. During those twenty years, interest rates and mortality tables can change in unexpected ways, which […]
Social Security Is Worth More Than You Think, but Needs Your Help
{June 2nd, 2020} by Jeff Sommer
The stock market has been erratic, real estate is hurting, bond yields are painfully low and dividends are shrinking. In the coronavirus recession, most financial assets have been disturbingly volatile. But one widely held financial asset, perhaps the most important one for the vast majority of Americans, has performed splendidly: their stake in Social Security. […]
Annuity sales falter, but clients flock to this product
{June 2nd, 2020} by Tobias Salinger
The economic fallout from the coronavirus is tilting the annuity marketplace in favor of structured products even as overall sales falter. Click HERE to read the full story via Financial Planning ………………………………………………………………………………….. Low interest rates drew clients to structured products in the first quarter, boosting the fastest growing segment of the annuities […]
The Reg BI Battle Comes to a Head
{June 2nd, 2020} by Melanie Waddell
Will XY Planning Network and the seven state attorneys general succeed in stopping the Securities and Exchange Commission’s Regulation Best Interest in its tracks? We’ll know soon enough, as the U.S. Court of Appeals for the 2nd Circuit agreed to hear oral arguments in the case on June 2. The appeals court said in early […]
IRS Floats Plan to Update Withholding Rules for Annuity Payments
{June 2nd, 2020} by Melanie Waddell
The Treasury Department and the Internal Revenue Service issued a proposed regulation Wednesday updating the federal income tax withholding rules for periodic retirement and annuity payments made after Dec. 31. Chris Shankle, senior vice president at Argent Retirement Plan Advisors and a member of the AICPA Employee Benefits Tax Technical Resource Panel, told ThinkAdvisor in a Wednesday […]
Life and Health Community Grieves for George Floyd
{June 2nd, 2020} by Allison Bell
Life, health and annuity groups and companies have stood up to condemn the death of George Floyd, a black man who died in Minneapolis May 25 as Derek Chauvin, a white police officer, took a knee to his neck, while he was being videotaped, as onlookers asked him to get up. The killing has sparked […]
Fidelity National Closes on Fidelity & Guaranty Life
{June 2nd, 2020} by Allison Bell
The U.S. individual annuity now has a major new player: Fidelity National Financial Inc. The Jacksonville, Florida-title insurer closed on FGL Holdings Monday. FGL is the George Town, Cayman Islands-based holding company that controls Fidelity & Guaranty Life Insurance Company (F&G), which has its main offices in Des Moines, Iowa. F&G generated $3.6 billion in annuity […]
3 Local Influencers You Want to Know
{June 2nd, 2020} by Bryce Sanders
Centers of Influence. We basically define them as people who can send business to us. Accountants and lawyers come to mind. Try a different mindset. Look for the people who can connect you with other people — the ones everyone trusts. There’s a story here. The Established Local We have a 50ish friend retired from […]
REPRINT: The (Annuity) sky isn’t falling #AnnuityAwarenessMonth
{June 2nd, 2020} by Sheryl J. Moore
Part of what I do for my full-time hustle is to track every annuity, its features, rates, and sales. AnnuitySpecs may look like a simple website, but there is A LOT of work that goes into that tool. Almost a dozen people are needed just to keep up with all the product information that goes […]
REPRINT: ANNUITY ILLUSTRATIONS: LIABILITY YOUR AGENTS DON’T NEED #AnnuityAwarenessMonth
{June 2nd, 2020} by Sheryl J. Moore
When it comes to life insurance sales, you cannot close the deal without an illustration. Thanks to the National Association of Insurance Commissioner’s (NAIC’s) Life Insurance Illustration Model Regulation, there are very few instances where one need not collect an illustration to get a life policy issued. However, when it comes to the annuity side […]
DOL Fiduciary Rule Reboot Lands at OMB
{June 2nd, 2020} by Melanie Waddell
The Labor Department has sent its fiduciary rule to align with the Securities and Exchange Commission’s Regulation Best Interest to the Office of Management and Budget for review. Preston Rutledge, assistant secretary of Labor for the Employee Benefits Security Administration, who was charged with spearheading a new fiduciary rule to align with Reg BI, left […]
Lincoln Financial Group’s New Technology Offering Delivers Improved Experience for Employers
{June 1st, 2020} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–As part of its commitment to enhancing the customer experience, Lincoln Financial Group (NYSE: LNC) announced today a new partnership with industry-leading benefits technology firm PlanSource. Tied to Lincoln Financial’s Group Benefits business and its multi-year technology investment strategy, the partnership will help deliver a consumer-friendly employee benefits purchasing experience for individuals, while supporting key broker […]
The average life insurance rate by age, sex, and coverage type
{June 1st, 2020} by Liz Knueven
Life insurance is surprisingly affordable. The average cost of life insurance is $44 per month, according to data from S&P Global. Across all life insurance policies — including more expensive and guaranteed-to-pay-out whole life policies, in addition to cheaper, temporary term life policies — that breaks down to $538 in premiums per year, or about […]
1Q Deferred Annuity Sales Strong, Despite Late COVID-19 Impact
{May 27th, 2020} by John Hilton
Despite the COVID-19 market devastation, deferred annuity sales remained strong in the first quarter at $52.7 billion, a slim 1.1% decline, according to Wink’s Sales & Market Report. The pandemic effects came late in the first quarter, industry sources note, and its impacts might be seen in second quarter results. But for now, industry can […]
From Stay-At-Home Mom To Insurance Evangelist
{May 27th, 2020} by John Hilton
Originally published February 2020 and reprinted in celebration of Sheryl’s 15th anniversary of the founding of Wink, Inc. Sheryl Moore found herself alone at just about the worst time in life to be alone. A single, stay-at-home mom of three kids with no child support and no job, she calculated her child care costs at $455 […]
The best life insurance companies of 2020
{May 27th, 2020} by Liz Knueven
Life insurance company ratings Business Insider compiled data from 30 different life insurance companies based on customer service, financial stability, and asset size rankings, along with premium prices where available. The full methodology of this ranking is listed below, under “How we determined the winners.” Here is the full list: Click HERE to view via […]
The pandemic has Americans preparing for the worst, just like Warren Buffett
{May 27th, 2020} by Doug Whiteman
There’s a reason they call Warren Buffett the Oracle of Omaha. The multibillionaire from Nebraska says he predicted what we’re currently facing. “I’ve always felt a pandemic would happen sometime,” Buffett told Yahoo Finance in a recent interview. He had warned of a coming “megacatastrophe” over a year ago, in the 2019 annual letter to […]
Financed Life Insurance: Expanding Low-Interest Environment Possibilities
{May 27th, 2020} by Michael Seltzer
With external shutting down many of our daily habits and altering our professional lives, we naturally seek guidance to navigate the unknown. Information is coming in from all types of sources, and the fluctuating financial markets are a constant reminder that the only certainty is uncertainty. On the brighter side, we are finally given the […]
SEC Takes Action to Stop Ponzi Scheme Selling ‘Annuities’
{May 27th, 2020} by Melanie Waddell
The Securities and Exchange Commission on Friday filed an emergency action and obtained a temporary restraining order and asset freeze against a California-registered investment advisor and his entities to halt an ongoing Ponzi scheme targeting senior citizens in Southern California. According to the SEC’s complaint, from at least January 2018 through the present, Paul Horton Smith […]
Annual Milliman survey reveals a significant shift in sales from universal life insurance to indexed universal life insurance
{May 27th, 2020} by Milliman, Inc
SEATTLE, May 26, 2020 /PRNewswire/ — Milliman, Inc., a premier global consulting and actuarial firm, today released the results of its annual comprehensive study of universal life (UL) and indexed universal life (IUL) issues. The 13th annual Milliman study, “Universal Life and Indexed Universal Life Issues,” is based on a survey of 30 UL/IUL companies. The report focuses on […]
Americans are Feeling Anxious and Hopeful in Equal Measure during COVID-19 – and It Shows in Their Financial Confidence
{May 27th, 2020} by New York Life
NEW YORK–(BUSINESS WIRE)–Money is an inherently emotional topic for many Americans, a phenomenon the COVID-19 pandemic has only amplified. According to new data from New York Life, Americans are experiencing a wide range of emotions, with many experiencing negative and positive emotions in equal measure – an ambivalence that’s also reflected in perceptions of their finances. […]
AM Best Affirms Credit Ratings of Athene Holding Ltd. and Its Subsidiaries
{May 27th, 2020} by A.M. 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” of the members of Athene Group (Athene). Athene, which is focused on the fixed indexed and fixed annuity market segments, is the consolidation of the organization’s U.S. operating companies, along with its affiliated […]
Fidelity National Financial And FGL Holdings Announce Receipt of Regulatory Approvals And Anticipated Closing Date For Merger
{May 27th, 2020} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla. and GEORGE TOWN, Cayman Islands, May 26, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (“FNF”) (NYSE: FNF) and FGL Holdings (“F&G”) (NYSE: FG) today announced that FNF has received all regulatory approvals and clearances necessary to close the transaction under the previously announced merger agreement pursuant to which FNF will acquire F&G. The anticipated closing date for the transaction […]
Life Insurance & Annuity Software Market Worth Observing Growth : Microsoft, Oracle,
{May 27th, 2020} by ReleaseWire
Edison, NJ — (SBWIRE) — 05/26/2020 — The Latest research study released by HTF MI “Impact of COVID-19 Outbreak on Life Insurance & Annuity Software, Global Market” with 100+ pages of analysis on business Strategy taken up by key and emerging industry players and delivers know how of the current market development, landscape, technologies, drivers, opportunities, market viewpoint and […]
Some Annuity Carriers Getting Ready To Return Products To Market
{May 27th, 2020} by Susan Rupe
Annuity carriers are always making changes to their products. But those changes came fast and furious during the month of March, as the COVID-19 pandemic sent shock waves through the financial industry. Now, two months later, some carriers are returning the products to the market, said Jamie Branyan, annuity product and operations manager with CANNEX, […]
Franklin Templeton Disavows Racism After Twitter Outrage Over Central Park Incident
{May 27th, 2020} by Wire Reports
Franklin Templeton Investments fired an employee following a confrontation in New York’s Central Park that was caught on video and sparked a discussion on race. “We do not tolerate racism of any kind,” the firm said in a statement released Tuesday afternoon. Amy Cooper was the head of insurance investment solutions at Franklin Templeton. Click […]
COVID-19 Individual Life Mortality To Be Examined In New Study
{May 27th, 2020} by Staff Reports
Three industry organizations are partnering on a joint mortality experience study that will compare individual life mortality involving COVID-19 now and into the near future. LIMRA, the Society of Actuaries (SOA) and TAI are currently working on an inaugural report to release later this summer. “This study will help our members understand the effect of […]
Bill Would Require SEC to Create New Annuities Form
{May 27th, 2020} by Melanie Waddell
Lawmakers introduced legislation Friday that would require the SEC to devise a new and more tailored form for annuity issuers to use when filing registered index-linked annuities (RILAs). The bipartisan bill, the Registration for Index Linked Annuities (RILA) Act, S. 3795, was introduced by Sens. Tina Smith, D-Minn., and Thom Tillis, R-N.C., as well as Reps. […]
Insurance and the New, Post-COVID-19 Normal
{May 27th, 2020} by Guy Zinman
Many insurance organizations worldwide have turned to artificial intelligence (AI) technology in recent months to help them address the disruptive changes in their business due to COVID-19. Their historical data and business intuition is no longer reliable nor relevant, as this New Normal has affected customer behavior and emergency responses that have dramatically shifted insurance […]
New Guardian Term Life Policy Offers a Charitable Donation Feature
{May 27th, 2020} by Allison Bell
The Guardian Life Insurance Company of America has introduced a term life insurance policy with a built-in charitable benefit rider. The New York-based mutual life insurer says the new Guardian Level Term policy includes a rider that can pay 1% of the policy death benefit, up to a $100,000 limit, to the 501(c)(3) charity of […]
Wisconsin Commissioner Moves to Put Time Insurance in Rehabilitation
{May 27th, 2020} by Allison Bell
Wisconsin Insurance Commissioner Mark Afable is moving to put one of the pioneers in the modern U.S. accident insurance, disability insurance and major medical insurance markets into rehabilitation. Afable is seeking permission, from a state court in Dane County, Wisconsin, to appoint Mark Femal of Strohm Ballweg as a special deputy commissioner and Time Insurance […]
Group Life, Annuities Helped Life Insurers Beat Expectations: Morgan Stanley Analysts
{May 27th, 2020} by Allison Bell
COVID-19 could still flare up. But, if the pandemic continues to be more like the terrible 1968 Hong Kong flu pandemic than like the catastrophic 1918 flu pandemic, life insurance claims could have a much smaller effect on the companies’ earnings than investment market turmoil. Nigel Dally and other securities analysts at Morgan Stanley have […]
Simplicity Acquires First Income Advisors
{May 27th, 2020} by Allison Bell
Simplicity Group Holdings, an insurance distributor, has acquired another distributor — First Income Advisors LLC. Simplicity is a Summit, New Jersey-based company that has been an active buyer of life insurance, annuity and investment product distribution businesses. In April, it acquired Fidelity Financial Group of Houston. First Income Advisors is an 8-year-old independent marketing organization (IMO) […]
Kathleen Birrane Takes Over as Maryland Commissioner: Personnel Matters
{May 27th, 2020} by Allison Bell
Maryland Gov. Larry Hogan has appointed Kathleen Birrane to be the commissioner in charge of the Maryland Insurance Administration. Birrane previously was a partner in the insurance sector and litigation and regulatory practice group at DLA Piper LLC. Birrane succeeds Al Redmer Jr., who is now executive director of the Maryland Automobile Insurance Fund. Birrane […]
How a Life Insurer Honored Its Dead in 1920
{May 27th, 2020} by Allison Bell
Americans will spend Monday honoring the memory of members of the armed services who have died in the service of their country. The country will also honor the memory of civilian first respondents who have died, and of health care workers, grocery store employees, warehouse employees and other essential workers who have contracted severe acute […]
Haven Life Hopes to Add No-Exam Term Life to Other Companies’ Shelves
{May 27th, 2020} by Allison Bell
Haven Life Insurance Agency LLC is offering life insurance brokers, banks, credit unions, financial advisors and others a tool for the age of social distancing: a widget-based program for selling term life insurance with no medical exams Resources A link to the website for Haven Life’s API program is available here. An article about Haven Life’s […]
Variable Annuity Sales Climb 19%: Wink
{May 27th, 2020} by Allison Bell
U.S. sales of individual deferred annuities fell to $53 billion, down 4% from the total for the first quarter of 2019, according to new issuer survey data from Wink Inc. Sheryl Moore, president of Wink, said in a comment included in an announcement of the results that she thinks they look surprisingly good. “It is […]
AIG Adds Legg Mason Dividend Index: Annuity Matters
{May 27th, 2020} by Allison Bell
AIG Life & Retirement — an arm of American International Group Inc. — has started using the Legg Mason Quality Dividend Index . The index, which is designed for use with AIG index annuities, reflects the performance of high-quality companies that have a strong record of paying dividends on common stock. AIG will start by using the index […]
Wink, Inc. Releases 1st Quarter, 2020 Deferred Annuity Sales Results
{May 27th, 2020} by Press Release
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE DEFERRED ANNUITY SALES BARELY DECLINE DESPITE EFFECTS OF COVID-19 Wink, Inc. Releases 1st Quarter, 2020 Deferred Annuity Sales Results Des Moines, Iowa. May 21, 2020– Wink’s Sales & Market Report is the insurance industry’s #1 resource for annuity sales data since 1997. Sixty-one indexed annuity providers, […]
How Will Your Own Business Look Different?
{May 27th, 2020} by Chuck K. Hirsch
The national discussion right now is focused on when and how to reopen our economy. There is an ongoing and energetic push and pull between individuals who believe we need to get back to work as soon as possible, and those who believe we need a slow approach, and all those spanning the spectrum that […]
TIAA Says Negative Yields Could Soon be a Possibility in Money-Market Products. Why That’s a ‘Horrible Deal’ for Investors.
{May 27th, 2020} by Alexandra Scaggs
Negative yields could be a possibility for U.S. investors sooner than expected—at least, for investors in a couple of money-market products managed by TIAA. In a notice to investors this week, TIAA said it plans to temporarily waive fees on the CREF Money Market Account and waive fees over the longer term on the TIAA-CREF […]
They call her “ROCKSTAR”
{May 27th, 2020} by Wink
Sheryl J. Moore, Chief Storyteller, the ORIGINAL member of Wink’s analysis team has been at this for a long time. She’s obsessive-compulsive to a fault and never happy if she’s not twirling 20 plates at once. Want to know MORE about Ms. Moore? She is the founder, creator, and President & CEO of Wink, Inc. […]
Demand for some annuities rising in COVID-19 market
{May 23rd, 2020} by Emile Hallez
The COVID-19 crisis is funneling sales to buffered annuities, according to projections from Limra’s Secure Retirement Institute. Click HERE to read the full story via InvestmentNews Wink’s Note: Wink classifies these as structured annuities. See 1st Quarter, 2020 structured annuity sales according to Wink’s Sales & Market Report here
FIRST QUARTER 2020 ANNUITY SALES
{May 22nd, 2020} by Sheryl J. Moore
Deferred Annuity Sales Total 1Q2020 deferred annuity sales were $52,704,571,827. First quarter deferred annuity sales were down more than 1% when compared to the previous quarter. Non-Variable Deferred Annuity Sales Sales for the first quarter of 2020 were $27,085,683,343. First quarter non-variable deferred annuity sales were flat when compared to the previous quarter, and were […]
Variable annuities: Stock investment with protection
{May 22nd, 2020} by Keith Singer and Roy Rosner
Variable annuities are a frequently used, and sometimes abused method making a long-term tax deferred investment in the stock market which will also have principal protection in case of the death of the annuitant. They are usually enhanced with optional features which provide lifetime income based upon a stated growth rate which is not dependent […]
Insuring Retirement in the Midst of Uncertainty
{May 22nd, 2020} by Statesman
(BPT) – One of the longest economic expansions in American history may have come to an end in the face of a global pandemic. The economy today brings to mind for many the lessons of 2008-2009, during the Great Recession when millions of Americans on the doorstep of retirement watched helplessly as a lifetime of […]
Lessons from COVID-19: How a science- and partnership-driven approach to risk can win the battle
{May 21st, 2020} by Christian Mumenthaler
f we liken the COVID-19 crisis to fighting a war, then we’re confronting an invisible enemy that multiplies exponentially on the battlefield. All of our lives have been changed in the last weeks and some of us have even lost family members, friends or colleagues. Some people have called this event a “black swan” – […]
Annuities Offer Retirees Peace of Mind in Choppy Markets. But They Come at a Cost
{May 21st, 2020} by Ingrid Case
When the markets take a stomach-tightening dive, many investors head for the perceived safety of annuities. Click HERE to read the full story via Money Wink’s Note to the Author: They are not “registered indexed annuities.” They are “structured annuities.” Indexed annuities cannot lose money as a result of market changes; structured annuities […]
With Economic Uncertainty, Lincoln Expands Indexed Variable Annuity Options to Deliver Added Portfolio Protection Options for Investors
{May 20th, 2020} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–At a time when investors value protection most, Lincoln Financial Group (NYSE: LNC) expands its flagship, industry-recognized solution, Lincoln Level Advantage® indexed variable annuity, with two new options that offer investors more ways to help grow their savings with a level of protection during market downturns and uncertainty. Lincoln is introducing a new performance trigger […]
Prudential introduces FlexGuard℠—company’s first indexed variable annuity
{May 20th, 2020} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU), launched FlexGuard℠ today, the company’s first indexed variable annuity product, designed to provide customers with downside protection and the opportunity to grow and accelerate the performance of their retirement assets into the future. The commission-based version launches today, with a fee-based version of FlexGuard to follow later this […]
Life Sales Look Great: ACLI President
{May 20th, 2020} by Allison Bell
The COVID-19 pandemic has done many cruel and terrible things, but it has increased U.S. consumers’ interest in life insurance. Susan Neely, the president of the American Council of Life Insurers (ACLI), talked about the effect of the pandemic on life insurance sales earlier this week, at a webinar organized by the National Association of […]
COVID-19 May Give Life Insurers Q3 Low-Rate Flu: S&P Analysts
{May 20th, 2020} by Allison Bell
COVID-19 now seems more likely to hurt U.S. life insurers by depressing interest rates than by causing a catastrophic increase in life insurance claims. Analysts from S&P Global Ratings gave that assessment Tuesday, at a webinar the rating agency organized to review the effects of the pandemic on insurers’ earnings and capital levels. The analysts […]
Many Life Insurers Are Still Spending on Technology: Novarica
{May 20th, 2020} by Allison Bell
Most life insurers that care enough about technology to participate in Novarica surveys are maintaining or increasing their information technology budgets. Novarica — a Boston-based insurance technology research firm — has reported that finding in a summary of results from a recent survey of 135 large and midsize insurers. Novarica released a little data from the survey […]
Income Annuity Pricing: Period-Certain Payments And Cash Refund Provisions
{May 20th, 2020} by Wade Pfau
Pricing for an Income Annuity with Period-Certain Payments We can also consider a few more examples to better understand how this model for annuity pricing can be applied to different annuity flavors. For instance, what happens to the price of this annuity if we guarantee that income will be provided for at least ten years, […]
Annuity Pricing 101: Not As Hard As One Might Think
{May 20th, 2020} by Wade Pfau
How are income annuities priced? It is not as hard as one might think, as the basic recipe requires just three ingredients: 1. Mortality rates (which vary by age and gender) impact how long payments will be made. Younger people will have longer projected payout periods, which means that payout rates must be lower. 2. Interest rates […]
Magic Johnson’s Life Insurance Company Reportedly Funding $100 Million In Small Business Loans
{May 20th, 2020} by Lisette Voytko
Former NBA all-star Magic Johnson told the Wall Street Journal that his life insurance company will provide $100 million in funding for small women and minority owned businesses as part of the Small Business Administration’s embattled Paycheck Protection Program. KEY FACTS The loans are being offered through a partnership of Johnson’s EquiTrust Life Insurance Co. and MBE Capital […]
6 Reasons the Average Person Always Needs Insurance
{May 20th, 2020} by Bryce Sanders
“It’s always something.” Before the pandemic, the stock market looked more exciting than insurance products. During the pandemic you focused on handholding. After the pandemic, people might worry about getting their jobs back or cash flow. It’s not hard to make the case why anytime is a good time to buy insurance. 1. Protection The […]
Rift Splits Over ACLI’s AG 49 Proposal
{May 20th, 2020} by John Hilton
UPDATE: At 1 p.m. today, LATF announced a public comment period on the Independent Proposal. Comments will be accepted until May 27 and can be sent to Reggie Mazyck at RMazyck@naic.org. **** A wide rift opened Thursday among industry and consumer factions over changes to indexed universal life illustration rules, with anti-trust charges lobbed at the American […]
SECURE Act creates wrinkle for annuities in inherited IRAs
{May 20th, 2020} by Jamie Hopkins
The coronavirus pandemic has upended daily life across the country, and Americans remain focused on safety for themselves, their families and their retirement plans. Click HERE to read the full story via InvestmentNews
Valmark Financial Group Launches Life Insurance Fulfillment Tool™ (LIFT™)
{May 20th, 2020} by Valmark Financial Group
AKRON, Ohio, May 14, 2020 /PRNewswire/ — Valmark continues its rich history of innovation in the life insurance industry by expanding its toolkit for independent insurance and financial professionals. Its newest offering, the Life Insurance Fulfillment Tool™ (LIFT™), is focused on making the process of buying life insurance simpler for both clients and advisors. The global health pandemic and economic […]
Massachussetts Securities Division Issues Fiduciary Conduct Rule FAQ’s
{May 20th, 2020} by Potomac Law Group PLLC
The Massachusetts Securities Division has released responses to fifteen questions concerning the fiduciary conduct regulation for broker-dealers and their agents it issued in February. 950 Code of Massachusetts Regulations § 12.207. While some of the responses essentially repeat what is in the regulation or the accompanying Adopting Release, some are notable for the clarification, or […]
TIAA CEO Roger Ferguson gets ideas from ‘inside out’ and ‘outside in’
{May 20th, 2020} by Zach Church
Roger Ferguson categorizes ideas as starting either “outside in” or “inside out.” The former is developed by examining the outside world and working with clients and external partners. The latter is well-earned, derived from the experience and expertise of the 102-year-old organization he helms. Both are necessary and are best when they work together. As […]
BRIEF-AIG CEO Says Co Will Emerge Stronger From Pandemic
{May 20th, 2020} by Brief
May 5 (Reuters) – American International Group Inc: * AIG (AIG.N> COO SAYS BUSINESS INTERRUPTION POLICIES THAT COVER VIRUSES COMPRISE WELL LESS THAN 1% OF OVERALL PROPERTY EXPOSURE – CONF CALL * AIG CONFIDENT THAT BUSINESS INTERRUPTION POLICY EXCLUSIONS FOR CORONAVIRUS WILL BE UPHELD-COO * CEO BRIAN DUPERREAULT SAYS INSURER EXPECTS TO SEE CONTINUED IMPROVEMENT […]
Prudential Introduces Its First Indexed Variable Annuity: Annuity Matters
{May 20th, 2020} by Allison Bell
Prudential Financial Inc. has introduced its first indexed variable annuity contract, or “registered index-linked annuity” (RILA). A RILA often gives purchasers more ability to benefit from investment market gains than a typical, non-variable indexed annuity does. A RILA also offers only a limited amount of protection against investment-market-related losses. The protection limit exposes purchasers to […]
John Hancock Introduces New Retirement Planner Tool
{May 20th, 2020} by John Hancock
TSX/NYSE/PSE: MFC SEHK: 945 BOSTON, May 18, 2020 /PRNewswire/ – As part of its enhancements to the online and digital experience for participants, John Hancock Retirement has recently introduced a new digital tool for individuals in its retirement plans to help them easily project their own retirement readiness and model the impact of taking different steps to improve […]
Avantax Wealth Management Welcomes the Rozovics Group, LLP
{May 20th, 2020} by Avantax Wealth Management
RVING, Texas, May 19, 2020 /PRNewswire/ — Avantax Wealth Management℠ welcomes the Rozovics Group, LLP, a family-owned firm in Park Ridge, Illinois, about 15 miles northwest of downtown Chicago. The company has a strong commitment to anticipating client needs and plans for their future through a holistic, one-firm approach to tax, accounting and financial advisory services. Founded in 1977 to […]
John Hancock Wins Eleven 2020 Stevie® Awards American Business Awards®
{May 20th, 2020} by John Hancock
Honored with Five Gold Stevie® Awards for Company of the Year, Innovation of the Year, Employee Engagement Event, Achievement in Management, and Consumer Services TSX/NYSE/PSE: MFC SEHK: 945 BOSTON, May 19, 2020 /PRNewswire/ – John Hancock was honored with eleven Stevie® Awards in the 18th American Business Awards®, including five Gold, four Silver and two Bronze. The winners will be presented their awards […]
Integrity Marketing Group Continues Industry-Leading Growth with the Addition of Equis Financial
{May 20th, 2020} by Integrity Marketing Group, LLC
DALLAS, May 19, 2020 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), the nation’s largest independent distributor of life and health insurance products, today announced it has acquired Equis Financial, Inc. (“Equis”), headquartered in Asheville, North Carolina. As part of the transaction, Equis partners Barry Clarkson, Rob Jones and Bill Martin, as well as all Equis employees, will become owners in Integrity. Financial […]
Pinnacle Financial Services Joins Forces with AmeriLife® To Serve Booming Medicare Market
{May 20th, 2020} by AmeriLife
CLEARWATER, Fla., May 19, 2020 /PRNewswire/ — AmeriLife Group, LLC (AmeriLife), the national leader in marketing and distributing life, health and retirement solutions, has acquired an interest in Pinnacle Financial Services (Pinnacle), one of the largest full-service health, life, annuity and long-term care national marketing organizations providing financial products and services for individuals, businesses and their employees. […]
iPipeline Reports Increasing Use of e-App and e-Delivery by US Life Insurers
{May 20th, 2020} by iPipeline
EXTON, Pa.–(BUSINESS WIRE)–iPipeline® – a leading provider of cloud-based software solutions for the life insurance and financial services industry – today announced the use of its SSG Digital® platform with electronic application and e-Delivery is trending upwards. iPipeline cites increases for the year-over-year period ranging from April 2019 to April 2020 of 20% for e-Application […]
TIAA Ranks 9th on DiversityInc’s 2020 Top 50 Companies List
{May 20th, 2020} by TIAA
NEW YORK–(BUSINESS WIRE)–TIAA was named #9 on the 2020 DiversityInc Top 50 Companies for Diversity list, climbing six places from its #15 rank in 2019. TIAA also entered the top 10 companies for the first time after appearing on the list for the eighth consecutive year. This honor recognizes TIAA’s commitment to building a workplace […]
FBL Financial Group Reports First Quarter 2020 Results
{May 20th, 2020} by FBL Financial Group, Inc.
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG) today reported a net loss attributable to FBL Financial Group for the first quarter of 2020 of $2.5 million, or $0.10 per diluted common share, compared to net income of $34.0 million, or $1.37 per diluted common share, for the first quarter of 2019. Adjusted operating […]
Horace Mann Reports First-Quarter 2020 Net Income of $0.44 Per Share and Core Earnings* of $0.78 Per Share
{May 20th, 2020} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the quarter ended March 31, 2020: “As we look forward, we are reiterating full-year core EPS guidance of $2.55 to $2.75, using scenario analyses that we believe to be conservative and that reflect the varying effects we see in our different business segments. […]
Equitable Holdings Reports First Quarter 2020 Results
{May 20th, 2020} by Equitable Holdings, Inc
NEW YORK–(BUSINESS WIRE)–Equitable Holdings, Inc. (“Equitable Holdings”, “Holdings”, or the “Company”) (NYSE: EQH) today announced financial results for the first quarter ended March 31, 2020. “During these challenging and volatile times, Equitable has a special role to play. I’m proud of the commitment and ingenuity of our people in supporting our communities and continuing to […]
Athene Holding Ltd. Reports First Quarter 2020 Results
{May 20th, 2020} by Athene Holding, Ltd.
PEMBROKE, Bermuda–(BUSINESS WIRE)–Athene Holding Ltd. (“Athene”) (NYSE: ATH), a leading provider of retirement savings products, announced financial results for the first quarter 2020. “In these unprecedented times, Athene’s core earnings power remains intact and continues to grow and generate attractive levels of profitability. Our actions over the past year have allowed us to operate from […]
Brighthouse Financial Announces First Quarter 2020 Results
{May 20th, 2020} by Brighthouse Financial, Inc.
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today its financial results for the first quarter ended March 31, 2020. First Quarter 2020 Results The company reported net income available to shareholders of $4,950 million in the first quarter of 2020, or $47.11 per diluted share, compared with a net […]
American Financial Group, Inc. Announces First Quarter Results
{May 20th, 2020} by American Financial Group
CINCINNATI–(BUSINESS WIRE)–American Financial Group, Inc. (NYSE: AFG) today reported a 2020 first quarter net loss attributable to shareholders of $301 million ($3.34 per share loss) compared to earnings of $329 million ($3.63 per share) for the 2019 first quarter. Net earnings for the 2020 first quarter were adversely impacted by after-tax non-core items aggregating $472 […]
LPL reaches record 16,700 advisors despite coronavirus
{May 20th, 2020} by Tobias Salinger
Despite the coronavirus pandemic, LPL Financial is ramping up recruiting and says it sees ample opportunities to buy smaller firms. In a first quarter earnings call, CEO Dan Arnold told analysts he expects the COVID-19 crisis to present more opportunities for acquisitions — like the one LPL announced earlier in the week — as well as more […]
Barclays CEO says ‘putting 7,000 people in a building may be thing of the past’
{May 20th, 2020} by Contributor
The coronavirus pandemic could permanently change how many bankers make the daily trudge into tightly packed city centre offices, Barclays CEO Jes Staley said on Wednesday. The bank, which like companies worldwide has seen the majority of its staff work from home or backup sites, will not revert fully to its pre-January working habits, Staley said. […]
Coronavirus lockdown: Raymond James won’t rush advisors back to the office
{May 20th, 2020} by Andrew Welsch
Even as some states lift lockdown restrictions enacted to stem the tide of coronavirus contamination, the 8,000-plus advisors at Raymond James should not expect a swift return to their branches. “We will be slow and deliberate about bringing associates back to the office,” CEO Paul Reilly said during an earnings call April 30. Reilly’s cautious […]
Voices When should advisors attend conferences again?
{May 20th, 2020} by Carolyn McClanahan
One joy of financial planning is our sense of community. There are thousands of planners who volunteer for professional organizations, attend conferences to learn from each other and participate in study groups to elevate their practice. This networking has been waylaid by our new coronavirus “normal”. Conferences are cancelled and in-person events are shuttered for […]
Ameriprise Expects Hiring Slowdown, Phased Re-entry to Offices
{May 20th, 2020} by Mrinalini Krishna
Ameriprise Financial CEO Jim Cracchiolo says the firm may see a near-term slowdown in advisor recruitment even as it has moved to virtual hiring and its long-term prospects remain robust. “The Covid-19 crisis has created challenges but also opportunities. We moved to virtual recruiting and have been able to recruit and onboard advisors successfully,” Cracchiolo […]
Stressed Advisors Get Reg BI Resources But No Reprieve
{May 20th, 2020} by Rich Blake
The stunning statement by Securities and Exchange Commission (SEC) Chairman Jay Clayton came on April 2, at the height of the pandemic emergency: there would be no extension of the June 30 deadline for complying with Regulation Best Interest. If the announcement had come one day earlier it might have been discarded as a cruel […]
Annuities Have the Wind at Their Back
{May 20th, 2020} by Bill Broich
Just like Sebastian Junger’s excellent book, “The Perfect Storm,” the annuity industry has a major hurricane coming, blowing from its back. The storm was devastating for the crew of the Andrea Gail, but good for the success of Junger’s book. The COVID-19 pandemic is tragic for the people who get the virus, and for the […]
Andrew McMahon to Lead Guardian: Personnel Matters
{May 20th, 2020} by Allison Bell
The Guardian Life Insurance Company of America has announced that Andrew McMahon will be succeeding Deanna Mulligan as the chief executive officer at the end of the year. Mulligan is retiring after spending a decade in her current role, the company said. Mulligan began working for Guardian in 2008, as the head of the individual […]
Aegon provides first quarter 2020 update
{May 20th, 2020} by Aegon
THE HAGUE, Netherlands–(BUSINESS WIRE)–Net income of EUR 1,270 million, reflecting fair value gains ● Underlying earnings before tax were EUR 366 million reflecting adverse mortality and impacts from lower interest rates in the Americas, and limited COVID-19 related non-life claims in the Netherlands ● Net income of EUR 1,270 million reflects fair value gains of […]
MassMutual won’t reopen offices until September, at the earliest
{May 19th, 2020} by Greg Ryan
The company made the decision about its Boston and Springfield locations ahead of anticipated guidance from the Baker administration about reopening the Massachusetts economy. Click HERE to read the full story via Boston Business Journal.
Advisors find new routines, and coworkers, during coronavirus
{May 19th, 2020} by Andrew Welsch
Charles Day has never been closer to his clients — or farther apart. Holed up in his Long Island home, the UBS financial advisor has been fielding a slew of client calls since the coronavirus outbreak started. “I’m talking to them twice as much and for twice as long. But because it’s all on the […]
Vote: When Do You Want to Return to Your Office
{May 19th, 2020} by N/A
May 19, 2020 U.S. states are in different stages of reopening their local economies. Meanwhile, companies such as Facebook and Google have said that most of their employees will likely be working from home until the end of 2020. When do you want to return to your office, regardless of the guidance from your state or company? Click HERE to view […]
Trending News: New Trends: Covid-19 impact on Universal Life Insurance Market Analysis, Growth, Trends and Forecast to 2025 | Allianz, AXA, Generali
{May 18th, 2020} by Report Hive Research
Universal Life Insurance Market 2020: Latest Analysis Chicago, United States –The Universal Life Insurance market report [5 Years Forecast 2020-2025] focuses on the COVID19 Outbreak Impact analysis of key points influencing the growth of the market. Providing info like market competitive situation, product scope, market overview, opportunities, driving force and market risks. Profile the Top Key Players of Universal […]
John McCarthy, former Canisius basketball star and NBA champion, dies at 86
{May 16th, 2020} by Buffalo News (NY)
May 13–Mike Walton bought his first insurance policy from John McCarthy in the late 1970s. He wasn’t just doing it because McCarthy was his former coach and a basketball legend from South Buffalo. Walton bought the policy because McCarthy insisted that Walton plan ahead for life and for his family. There was more to life than basketball, McCarthy knew. […]
With BluePrint Income, AARP Ups its Ante on Annuity Sales
{May 16th, 2020} by Kerry Pechter
AARP’s 38 million members can now buy income annuities and fixed-rate annuities on a platform powered by fintech firm Blueprint Income. Buyers get a complimentary annual ‘retirement income check-up’ from a salaried, insurance-licensed adviser. Photo: Adam Colombo, Matt Carey and Nimish Shukla of Blueprint Income. AARP members get a lot of discounts for their $16-a-year […]
American Equity To Revamp Annuity Lineup; Sales Down In 1Q
{May 15th, 2020} by John Hilton
American Equity is making big changes to its annuity portfolio in response to new economic realities, executives said today. A leading provider of fixed indexed annuities, American Equity struggled through a tough start to the year, CEO Anant Bhalla said during today’s first quarter earnings call. “Entering the quarter, we were not the most competitive […]
National Western Life Group, Inc. Announces 2020 First Quarter Earnings
{May 14th, 2020} by National Western Life Group, Inc.
AUSTIN, Texas, May 11, 2020 /PRNewswire/ — Ross R. Moody, Chairman of the Board, President, and Chief Executive Officer of National Western Life Group, Inc. (Nasdaq: NWLI), announced today a first quarter 2020 consolidated net loss of $2.1 million, or $0.58 per diluted Class A common share, compared with consolidated net earnings of $40.2 million, or $11.37 per diluted Class A common share, for the […]
Understanding Rule of 72 and how Indexed annuities help you to grow your wealth
{May 14th, 2020} by Howard S. Blanck
In this follow-up from last month’s look at indexed annuities and life insurance, we will take a closer look at these annuities and a financial concept not usually taught or widely understood. Before we get into some of the basics of these great investments, the financial concept which has created vast amounts of wealth should […]
Iowa The First State To Adopt Best-Interest Annuity Sales Rules
{May 13th, 2020} by John Hilton
The Iowa Insurance Division adopted a best interest rule applying a new standard to the sale of annuities and other insurance products. The new rule is based on a best-interest model rule adopted by the National Association of Insurance Commissioners. It also follows requests to delay the adoption of the best interest standard on securities. Click HERE […]
Iowa Adopts Best-Interest Standard for Annuity Sales
{May 13th, 2020} by Melanie Waddell
The Iowa Insurance Division adopted Monday its best-interest standard requiring financial professionals to act in the best interest of clients when selling annuities and will repropose its rule for securities later this summer. The plan, released by the Iowa Insurance Division, is based on the model regulation approved by the National Association of Insurance Commissioners […]
Brighthouse Boasts Strong Sales In Life, Annuity Segments
{May 13th, 2020} by John Hilton
Brighthouse Financial executives hailed a successful first quarter Tuesday driven by a 15% increase in annuity sales year over year. Annuity sales climbed to the $2 billion mark, up from $1.7 billion in the year-ago quarter. In fact, both annuity and life insurance sales were above expectations, said Eric Steigerwalt, president and chief executive officer. […]
Great American Life Offers Enhanced Index Frontier Annuities in Wake of Unprecedented Market Volatility
{May 13th, 2020} by Great American Life
CINCINNATI–(BUSINESS WIRE)–Great American Life® enhanced its Index Frontier® registered index-linked annuities with the addition of three new indexed strategies that provide varying levels of protection against loss: S&P® 500 10% Buffer Indexed Strategy iShares MSCI EAFE Conserve Indexed Strategy with 0% Floor iShares MSCI EAFE Growth Indexed Strategy with -10% Floor The Index Frontier annuities give consumers the […]
AIG Life & Retirement Expands Distribution Network with Annexus to Bring Consumers an Innovative New Index Annuity Solution
{May 13th, 2020} by AIG Life & Retirement
NEW YORK–(BUSINESS WIRE)–AIG Life & Retirement, a division of American International Group, Inc. (NYSE: AIG) and a leading provider of annuities, today announced a new relationship with Annexus, an innovator in delivering retirement solutions to the marketplace. The relationship is part of AIG’s continuing strategy to expand its distribution network and further diversify a broad […]
Equitable Announces New Enhancements to Flagship Buffered Annuity
{May 13th, 2020} by Equitable
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services company and subsidiary of Equitable Holdings (NYSE:EQH), today announced enhancements to its Structured Capital Strategies® PLUS registered index-linked annuity that offers clients some upside potential even when the S&P 500 benchmark index goes down. The new feature, Dual Direction, is available within SCS PLUS annuities with the S&P […]
AM Best, Fitch Ratings Affirm Northwestern Mutual’s Highest Possible Financial Strength Rating
{May 13th, 2020} by Northwestern Mutual
MILWAUKEE, May 7, 2020 /PRNewswire/ — Northwestern Mutual has once again received the highest possible financial strength ratings with a stable outlook from global rating agencies AM Best (A++) and Fitch Ratings (AAA). “Our unsurpassed financial strength gives our clients confidence that their company is well positioned to meet all of its commitments and continue to […]
The Guardian Life Insurance Company of America Announces Leadership Transition Plan
{May 13th, 2020} by The Guardian Life Insurance Company of America
NEW YORK, May 8, 2020 /PRNewswire/ — The Guardian Life Insurance Company of America (Guardian Life) announced today that Deanna M. Mulligan will retire as Chief Executive Officer at year-end after a decade in the role, and will be succeeded by the company’s President, Andrew J. McMahon. The transition, approved by Guardian’s Board of Directors, is consistent with the leadership succession […]
Fidelity National Financial And FGL Holdings Announce Anticipated Deadline For Election Of Merger Consideration
{May 13th, 2020} by Fidelity National Financial, Inc.; FGL Holdings
JACKSONVILLE, Fla. and GEORGE TOWN, Cayman Islands, May 7, 2020 /PRNewswire/ — Fidelity National Financial, Inc. (“FNF“) (NYSE: FNF) and FGL Holdings (“F&G“) (NYSE: FG) today announced that the anticipated deadline for F&G shareholders to elect the form of merger consideration they wish to receive pursuant to the previously announced merger agreement pursuant to which FNF will acquire F&G, is 5:00 p.m. […]
Income Annuities: The Guaranteed Stream Of Income In Retirement
{May 13th, 2020} by Wade Pfau
For those seeking to spend more in retirement than the bond yield curve can support, the alternative to seeking risk premium through an aggressive asset allocation is to pool risk through insurance. Income annuities are the simplest type of insurance products which trade a lump-sum payment for protected lifetime income. The ability to convert a […]
AIG Sees Mortality Reporting Delays
{May 13th, 2020} by Allison Bell
Executives at American International Inc. say COVID-19 might be affecting the flow of information the company needs to pay life insurance claims. Kevin Hogan, chief executive officer of AIG’s life insurance and retirement unit, talked about that concern Tuesday, in a conference call the company held to go over first-quarter earnings with securities analysts. Early […]
Rep. Phil Roe Says DOL Should Hold Off on Fiduciary Rule Reboot
{May 13th, 2020} by Melanie Waddell
Rep. Phil Roe, R-Tenn., said Wednesday that the Labor Department should hold off releasing a fiduciary rule that aligns with the Securities and Exchange Commission’s Regulation Best Interest. “I think I would wait,” Roe said in response to a question asked by ThinkAdvisor during a Zoom webcast meeting held by the American Council for Capital […]
Genworth Aims to Line Up Backup Financing Options
{May 13th, 2020} by Allison Bell
Genworth Financial Inc. hopes to be part of China Oceanwide Holdings Group Co. Ltd. of Beijing by June 30, but it intends to shop for other sources of financing, just in case. Tom McInerney, the chief executive officer of the Richmond, Virginia-based insurer, talked about the company’s contingency planning today, during a conference call the […]
Lincoln Shows Investors It Has Sturdy Investments: Earnings
{May 13th, 2020} by Allison Bell
Lincoln Financial has responded to the COVID-19 pandemic chill by making extra efforts to reassure shareholders about the quality of its own investments. The Radnor, Pennsylvania-based life insurer has provided an investment portfolio supplement along with its earnings release for the first quarter. The supplement shows, for example, that Lincoln has 96% of its $119 […]
Kitces: Pandemic to Accelerate Shift to AUM-Based Fee Model
{May 13th, 2020} by Jeff Berman
The financial advisor’s compensation model has been shifting away from commissions and toward recurring fees for several years, and the COVID-19 pandemic stands to make that transition happen even faster, according to Michael Kitces, head of planning strategy at Buckingham Wealth Partners. “I certainly think this event is going to escalate the movement and the […]
Life Claim Trickle Could Grow: Voya Executive
{May 13th, 2020} by Allison Bell
Voya Financial’s group life insurance business has received only a few dozen COVID-19-related death claims so far, according to Mike Smith, the company’s chief financial officer. Smith told securities analysts Wednesday that he’s not sure whether what the final claim total will really look like. Voya is a New York-based company that owns life insurance operations built […]
Equitable Lets Cash Flow Out of Fixed-Rate Living Benefits Annuities: Earnings
{May 13th, 2020} by Allison Bell
Equitable Holdings Inc. is yet another life insurer talking about how it will adjust its products to help it sail into the low-interest-rate wind. The New York-based life insurer reported Thursday that it’s letting cash flow out of its fixed-rate living benefits annuity block, while attracting cash to newer, less-capital-intensive products. About $935 million in […]
Gen Z, Millennials More Worried About Their Portfolios Than Their Health During COVID-19 Crisis: Survey
{May 13th, 2020} by Michael S. Fischer
Fifty-three percent of Gen Z and millennial investors in a new quarterly survey from E-Trade Financial said their top concern during the coronavirus crisis was their investment portfolios, followed by 44% who cited their health and 43% who worried about their ability to afford day-to-day living expenses. “To watch a nest egg’s value reduce drastically in almost […]
COVID-19 Promotes Acceleration of Everything Digital: Sun Life Exec
{May 13th, 2020} by Allison Bell
Executives at Sun Life Financial Inc. see the COVID-19 pandemic as a major force for modernization. Dean Connor, Sun Life’s chief executive officer, talked about the effects of the pandemic on the company’s operations last week, during a conference call the Toronto-based company held to go over its first-quarter earnings with securities analysts. “When a […]
Athene Rides the Mark-to-Market Rollercoaster: Earnings
{May 13th, 2020} by Allison Bell
Athene Holding Ltd. has joined the list of annuity issuers with a big gap between adjusted operating income and net income for the first quarter. The Pembroke, Bermuda-based life insurer is reporting a $1.1 billion net loss for the quarter on negative $1.5 billion in revenue, compared with $708 million in net income on $5 billion […]
FINRA Announces Delay in Online Test-Taking Registration
{May 13th, 2020} by Melanie Waddell
The Financial Industry Regulatory Authority has decided to further delay scheduling for online test-taking for exams that were slated to begin on May 24. FINRA and the North American Securities Administrators Association had said broker-dealers and their registered reps could start scheduling their online test-taking appointment for exams today. The online testing is to be administered […]
