Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results
{November 22nd, 2023} by Jamie Johnson
— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE STRUCTURED ANNUITIES ON PACE TO OUTSELL VARIABLE BRETHREN! Wink, Inc. Releases 3rd Quarter, 2023 Deferred Annuity Sales Results Des Moines, Iowa. November 21, 2023– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 105th edition report […]
Third Quarter 2023 Annuity Sales
{November 22nd, 2023} by Sheryl J. Moore
Deferred Annuity Sales Total 3Q2023 deferred annuity sales were $78,616 million, compared with sales of $72,438 million for the third quarter of 2022. Third quarter deferred annuity sales were down more than 1% when compared to the previous quarter but up nearly 9% when compared to the same period last year. Non-Variable Deferred Annuity Sales […]
DOL Denies Request to Extend Fiduciary Rule Comment Period
{November 21st, 2023} by Melanie Waddell
Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, denied a request by industry trade groups to extend the comment period on Labor’s fiduciary rule. In a letter Tuesday, Gomez told the Securities Industry and Financial Markets Association that “EBSA believes that its current proposal reflects significant input it has received from […]
Fortitude Re Announces Closing of $28 Billion Reinsurance Agreement with Lincoln Financial
{November 21st, 2023} by Fortitude Re
HAMILTON, Bermuda–(BUSINESS WIRE)–Fortitude Reinsurance Company Ltd., (“Fortitude Re”) today announced the closing of its $28 billion reinsurance agreement with The Lincoln National Life Insurance Company, a subsidiary of Lincoln National Corporation (NYSE:LNC) and its affiliates (“Lincoln”). Consistent with the agreement announced May 2, 2023, Lincoln will reinsure a significant portion of its universal life insurance and […]
Brighthouse Financial Launches Suite of Fixed Indexed Annuities Designed to Meet Multiple Retirement Portfolio Needs
{November 21st, 2023} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (“Brighthouse Financial” or the “company”) (Nasdaq: BHF) announced today the launch of Brighthouse SecureKey Fixed Indexed Annuities, a suite of single premium deferred fixed indexed annuities that can help clients keep their plans for retirement on track by providing features and benefits designed to fill multiple needs in a portfolio. Brighthouse […]
AM Best Affirms Credit Ratings of Members of Standard Insurance Group and Pacific Guardian Life Insurance Company, Limited
{November 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “a+” (Excellent) of Standard Insurance Company (Portland, OR) and its affiliate, The Standard Life Insurance Company of New York (White Plains, NY), together referred to as Standard Insurance Group (The Standard). Concurrently, […]
AM Best Downgrades Credit Ratings of Lincoln Benefit Life Company; Affirms Credit Ratings of United Life Insurance Company, Guaranty Income Life Insurance Company and Kuvare Life Re Ltd.
{November 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. In […]
New York Life Declares Company-Record $2.2 Billion Dividend for 2024
{November 21st, 2023} by New York LIfe
NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today declared a company-record dividend of $2.2 billion to be paid to eligible participating policy owners in 2024. New York Life has paid in excess of $1 billion in dividends every year since 1990 and more than $48 billion in total dividend payouts over that time. […]
Global Atlantic closes $19 billion reinsurance agreement with MetLife
{November 21st, 2023} by Global Atlantic Financial Group
NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced it has closed a previously announced reinsurance agreement with MetLife, Inc. (NYSE: MET). The transaction, signed between subsidiaries of the two companies in May, reinsures a seasoned and diversified block of MetLife’s […]
Pacific Life Continues Strategic Focus on Lifetime Income and Pension Risk Transfer Solutions
{November 21st, 2023} by Pacific Life Insurance Company
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–A recent study by The Alliance for Lifetime Income indicates that 51 percent of consumers between ages 45 and 75 feel they do not have enough retirement savings to last their lifetime. Launched in early 2020, Pacific Life’s Institutional Business team remains focused on providing innovative retirement solutions to help pave the way […]
AM Best Downgrades Credit Ratings of Lincoln Benefit Life Company; Affirms Credit Ratings of United Life Insurance Company, Guaranty Income Life Insurance Company and Kuvare Life Re Ltd.
{November 21st, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Financial Strength Rating (FSR) to B++ (Good) from A- (Excellent) and the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb+” (Good) from “a-” (Excellent) of Lincoln Benefit Life Company (LBL) (headquartered in Rosemont, IL). The outlook of these Credit Ratings (ratings) has been revised to stable from negative. In […]
New MassMutual research: How have families and belief in the American dream changed?
{November 21st, 2023} by MassMutual
SPRINGFIELD, Mass.–(BUSINESS WIRE)–As the holiday season approaches, some believe that the American Dream – defined by most as financial security for them and their family – is disappearing, and many are turning to family for financial advice and broadening who they invite into their ‘definition’ of family. Shockingly, social media influencers made the “family” cut […]
Survey reveals 8 in 10 Americans worry that Artificial Intelligence tech will be used for identity theft crimes
{November 21st, 2023} by Nationwide
COLUMBUS, Ohio, Nov. 20, 2023 /PRNewswire/ — Generative artificial intelligence (AI) has captured the world’s attention but also has introduced new risks and concerns that were not on people’s radars even a year ago. Today more than 8 in 10 (82%) are concerned about the use of AI by criminals to steal someone’s identity, that’s according to […]
Premium bonus
{November 21st, 2023} by Sheryl J. Moore
Nearly half of all indexed annuity sales were on products that had a premium bonus. Those premium bonuses were as high as 20%. Replacements, anybody? -sjm
Advisor: DOL Rollover Fee Disclosure Plan Would Hurt Annuities
{November 21st, 2023} by Allison Bell
An investment advisor who is skeptical about annuities predicts that the Labor Department’s rollover fee disclosure proposal will hurt annuity sales. John Nowicki, president of LCM Capital Management, a Chicago-based registered investment advisor, welcomed DOL efforts to have financial professionals create comprehensive rollover assessments when helping clients who are thinking of moving assets out of 401(k) plans or individual retirement accounts. […]
7 ‘Irrational’ Reasons People Avoid Annuities: Study
{November 21st, 2023} by John Manganaro
The Center for Retirement Research at Boston College’s new special report about longevity starts with a simple fact: Over the past century, life expectancy has increased significantly around the world. In the United States, on average, a man alive at 65 is now expected to live an additional 17.5 years, while a woman is expected […]
6 in 10 Americans believe money can buy happiness: the price is $1.2 million, according to new Empower research
{November 21st, 2023} by Empower
GREENWOOD VILLAGE, Colo., Nov. 20, 2023 /PRNewswire/ — Can money buy happiness? The answer is “yes” for 59% of Americans (72% of Millennials and 67% of Gen Z) and the price tag is $1.2 million according to new research from Empower, a leader in financial planning, investing and advice – though just 17% of people say financial contentment is about reaching a certain […]
Integrity Continues to Expand Reach Within Life Market by Partnering with Living Hope Life Group
{November 21st, 2023} by Integrity Marketing Group, LLC
Leading insurtech platform continues to grow its life insurance distribution and strengthen partner network through partnership with productive and ambitious life insurance group DALLAS, Nov. 14, 2023 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with […]
Navigate your future with ease
{November 21st, 2023} by Royal Neighbors of America
Could this be the right choice for you? Read tips from expert Sheryl J. Moore, Shareholder and CEO of the life and market research firm Wink, Inc. https://bit.ly/45Fyblg
Garrett again battles for DOL rule
{November 21st, 2023} by Mark Schoeff Jr.
Sheryl Garrett, founder of the Garrett Planning Network, got a shout-out from President Obama in 2015 when he introduced a Department of Labor fiduciary rule. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: I’m sorry. You lost me at “it’s virtually an irrevocable decision [to roll over funds […]
How captive and independent agents are affected by the DOL rule
{November 21st, 2023} by John Hilton
The new Department of Labor fiduciary proposal is nearly 500 pages and has a lot of details. But the biggest fight is going to come down to how agents are regulated – and that goes for both independent and captive agents. Should the new fiduciary proposal become law, life will change for both of the […]
Public hearing date set for DOL fiduciary rule; House GOP rallies in opposition
{November 21st, 2023} by John Hilton
The Department of Labor denied a request for an extension of a public comment period for its controversial fiduciary rule package. A public hearing will be held Dec. 12-13 in Washington, D.C. Public comments remain due by Jan. 2. In a letter last week, a group of trade associations asked for an extension of the […]
Model, Stylist Sue Advisors Over Cash-Value Life Advice
{November 21st, 2023} by Jamie Johnson
Two clients have joined to sue their financial advisors over what the clients say were sales of unsuitable, illiquid cash-value life insurance arrangements. Leona Binx Walton, a fashion model, says the advisors sold her six life insurance policies with a total annual carrying cost of $87,506.36, after she had emphasized that she was uncertain about […]
How to Surrender One of Those Nasty Indexed Universal Life Insurance Policies
{November 21st, 2023} by The White Coat Investor
Today, we are answering your questions on the speakpipe. If you want your question answered, leave us a message at whitecoatinvestor.com/speakpipe. For this episode, we talk about 401(k)s vs. SEP-IRAs, legal insurance, disability insurance, how to surrender an indexed universal life policy, and more. Click HERE to view The White Coat Investor Wink’s Moore on the Market: […]
Brighthouse Adds Indexed Annuity With Lifetime Income Rider
{November 21st, 2023} by Allison Bell
A new family of annuities from Brighthouse Financial could help a client create a stream of retirement income that will increase along with prices. The Charlotte, North Carolina-based company introduced the Brighthouse SecureKey Fixed Indexed Annuities Monday. Click HERE to read the full story via Think Advisor
Debate: Will the New DOL Fiduciary Rule Hurt Retirement Investors?
{November 21st, 2023} by Robert Bloink and William H. Byrnes
The Department of Labor has released its proposed replacement for the definition of “investment advice fiduciary.” Under the proposal, a financial services professional would be classified as an investment advice fiduciary if (1) the provider offers investment advice or makes investment recommendations to a retirement investor, (2) for a fee or compensation and (3) the […]
LPL to Distribute Prosperity Life Indexed Annuity
{November 21st, 2023} by Allison Bell
LPL Financial has agreed to offer a new indexed annuity from Prosperity Life Group to its 4.5 million clients. The WealthSecure Plus annuity is a single-premium, non-variable indexed menu. Click HERE to read the full story via Think Advisor
Financial fears encourage, inhibit life insurance sales
{November 21st, 2023} by Rayne Morgan
People who have financial fears are more than five times more likely to say they want to buy life insurance, according to new research by LIMRA. However, at the same time, that research also found that interest in buying life insurance is often overstated as affordability is a common reason why people ultimately choose not […]
Paul Feldman: An Industry Trailblazer and Winner of 2023 NAILBA ID 20 Award
{November 21st, 2023} by InsuranceNewsNet
The team at InsuranceNewsNet has a reason to celebrate. Our founder, publisher, and president Paul Feldman has been honored with the prestigious Insurance Distribution (ID) 20 Award. This award, given by the National Association of Independent Life Brokerage Agencies (NAILBA), a Finseca community, acknowledges the intelligent, creative, and innovative visionaries in our industry. Click HERE […]
MassMutual to ‘wind down’ Haven Life amid poor results, high costs
{November 21st, 2023} by John Hilton
Massachusetts Mutual Life Insurance Co. said it will “wind down” its online Haven Life subsidiary, which offers term life insurance only. Over the “coming months,” MassMutual will shift direct access to MassMutual life insurance products from Haven Life to MassMutual.com, a spokesperson confirmed today. Created in 2015, Haven Life suffered from “lack of consumer adoption” […]
This one is making their presence known.
{November 21st, 2023} by Sheryl J. Moore
If you all haven’t heard of Aspida, you better ask somebody. They are trying to make their presence in the indexed annuity market KNOWN. Their sales are up 60,033% from this time last year. Recognize. -sjm
Retirees Need Simple, Stable Annuity Options: Corebridge
{November 21st, 2023} by Allison Bell
Multi-year guaranteed annuities (MYGAs) are like the hammer in the carpenter’s toolbox. They’re so common they often get overlooked. But Bryan Pinsky, president of individual retirement at Corebridge Financial, said in a recent interview that Corebridge is happy to be in the multi-year market. Click HERE to read the full story via Think Advisor
New York Life Faces Hiring Suit Linked to Adult Film
{November 21st, 2023} by Allison Bell
Awoman who hoped to work for New York Life alleges in a new lawsuit that the company withdrew a job offer because of an adult film that was made and distributed against her will. The woman, Melissa King, filed the suit in a New York state court in New York County. According to her complaint, […]
Better identity verification: The key to combatting the industry’s $300B fraud problem
{November 21st, 2023} by Azim Esmail
Fraud and cyber-attacks in the insurance industry have risen dramatically over the past few years. With highly sensitive data at the core of the sector, this spike in fraud is impacting everything from health care to corporate finance and personal identity security. Companies that deal with sensitive data must be informed – and prepared. In […]
Annuity Intermediaries Left in the Lurch Under Fiduciary Rule Proposal
{November 21st, 2023} by Warren S. Hersch
Annuity Giants Agents Academy founder Tracy Lownsberry, whose company offers an online training platform for agents, said on the LinkedIn page of Wink CEO Sheryl Moore that the idea is very much on his mind, though he’s not yet certain what’s best to do. “Once we find out what will be required or suggested, we will take that all into consideration […]
DOL Fiduciary Rule May Require All Rollover Options’ Fee Info
{November 20th, 2023} by Allison Bell
The new U.S. Department of Labor fiduciary rule proposals could lead to big changes in the types of information that annuity professionals would have to gather and present to clients, on top of everything else. Annuity compliance law experts talked about the proposed information-gathering changes Tuesday during a webinar organized by the National Association for […]
Advisors Selling Annuities, Beware: CFP Standards and NAIC Annuity Sales Rules Differ
{November 20th, 2023} by John Manganaro
A new guide published by the Certified Financial Planner Board of Standards helps financial professionals compare the requirements of the CFB Board’s internal code of ethics and standards with annuity sales regulations adopted by the National Association of Insurance Commissioners (NAIC). Click HERE to read the full story via Think Advisor
Nationwide Updates Variable Annuity Income Riders
{November 20th, 2023} by Allison Bell
Nationwide has updated some of its variable annuity income guarantee riders. The Columbus, Ohio-based company changed the riders available with its Nationwide Advisory Retirement Income Annuity contract — a product aimed at fee-based advisors — as well as contracts designed to pay commissions. Click HERE to read the full story via ThinkAdvisor
Greg Lindberg accomplice settles with insolvent insurers for $75k
{November 20th, 2023} by John Hilton
A top executive to disgraced financier Greg Lindberg agreed to settlement terms with four insurance companies once owned by Lindberg and now in liquidation. Settlement terms call for Christopher Herwig, who the Securities and Exchange Commission accused of teaming with financier Lindberg to defraud investors of $75 million, to pay $75,000 to the insurance companies […]
Ex-Globe Life exec claims insurer ignored bad acts, brings whistleblower suit
{November 20th, 2023} by John Hilton
Globe Life is being sued by a former executive who claims he was fired for blowing the whistle on “potentially illegal” sales practices. Scott Dehning claims that Globe Life and subsidiary American Income Life Insurance Co. fired him in May 2023 after he reported “a clear practice of unethical and potentially illegal business practices” to Michigan regulators. […]
Retirement Savers Are Getting Ripped Off
{November 20th, 2023} by The Editors of Bloomberg News
Where is the line between selling a financial product and providing investment advice? That question is at the heart of a debate over a new proposal that aims to protect Americans’ retirement savings. Since 1975, the government has required pension fund advisers to meet a fiduciary standard, which means putting their customers’ needs first and […]
Fiduciary 401(k) Proposal a ‘Broadside Attack’ on Annuity Market
{November 20th, 2023} by Austin R. Ramsey
The Biden administration’s controversial new fiduciary investment advice proposal has in its cross hairs a $300 billion life insurance annuities market with deep ties to 401(k)s as a method for delivering steady retirement income. Click HERE to read the full story via Bloomberg Law Wink’s Moore on the Market: What?!? The indexed annuity market is not […]
Variable Annuities Attract Premium Deposits in Year 2: Study
{November 20th, 2023} by Allison Bell
Some variable annuity buyers put more cash in during the second year that they own the contract. About 5% to 6% of the owners of contracts with guaranteed lifetime withdrawal benefits add premium deposits during the second contract year, according to a team of analysts from LIMRA and the Society of Actuaries Research Institute. For […]
Arthur J. Gallagher & Co. Acquires Coverys Insurance Services
{November 20th, 2023} by Arthur J. Gallagher & Co
ROLLING MEADOWS, Ill., Nov. 16, 2023 /PRNewswire/ — Arthur J. Gallagher & Co. today announced it has acquired certain assets of the retail agency business of East Lansing, Michigan-based Coverys Insurance Services. Terms of the transaction were not disclosed. Coverys Insurance Services is a full-service insurance broker specializing in medical malpractice and professional liability for healthcare clients throughout Michigan. The […]
Fidelity National Financial, Inc. Announces Intent to Invest Approximately $250 Million In Majority-Owned Subsidiary F&G
{November 14th, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Nov. 13, 2023 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (FNF or the Company) today announced its intent to invest approximately $250 million in F&G Annuities & Life, Inc. (F&G). FNF held approximately 85% ownership in F&G as of September 30, 2023. F&G will use net proceeds from the investment to support the growth of assets under management, […]
F&G Annuities & Life Announces Intent of Investment for Approximately $250 Million From Fidelity National Financial
{November 14th, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Nov. 13, 2023 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (F&G or the Company) today announced its intent to enter into an agreement under which Fidelity National Financial, Inc. (FNF) will make an investment of approximately $250 million in F&G. FNF held approximately 85% ownership in F&G as of September 30, 2023. The net proceeds from […]
F&G Annuities & Life Reports Third Quarter 2023 Results
{November 14th, 2023} by F
DES MOINES, Iowa, Nov. 7, 2023 /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 third quarter ended September 30, 2023. Net earnings for the third quarter of $306 million, or $2.45 per diluted share (per share), compared […]
FNF Reports Third Quarter 2023 Financial Results
{November 14th, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Nov. 7, 2023 /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 & […]
Midwest Holding Inc. Reports Third Quarter 2023 Results
{November 14th, 2023} by Midwest Holding Inc
LINCOLN, Neb., Nov. 13, 2023 /PRNewswire/ — Midwest Holding Inc. (“Midwest”) (NASDAQ: MDWT), today announced financial results for the quarter and nine months ended September 30, 2023. Highlights for the third quarter of 2023: GAAP net income for the quarter was $0.4 million compared with $7.4 million for the third quarter of 2022. GAAP earnings were $0.10 per share (diluted) versus $1.96 per share (diluted) for the third […]
Northwestern Mutual Study Finds Gen Z Wants to Talk About Family Finances Far Earlier than Previous Generations
{November 14th, 2023} by Northwestern Mutual
MILWAUKEE, Nov. 7, 2023 /PRNewswire/ — Younger Americans say they are ready to have conversations about more sensitive family financial topics earlier on in life. From family budgets to inheritances to estate planning, the time to talk is trending sooner. As the 2023 holiday season approaches, Northwestern Mutual’s Planning & Progress Study is exploring this topic for the very […]
Transamerica Teams with State Street Global Advisors to Help More Americans Become Retirement Ready
{November 14th, 2023} by Annexus Retirement Solutions
SCOTTSDALE, Ariz., Nov. 9, 2023 /PRNewswire/ — ARS (previously Annexus Retirement Solutions) announced today that Transamerica is adding the State Street GTC Retirement Income Builder (the Series) to its recordkeeping platform, joining State Street Global Advisors, Global Trust Company (GTC) and ARS in helping more Americans become retirement ready. This new industry innovation in target date funds […]
Jackson Study Finds Vast Majority of Investors Inaccurately Predict Life Expectancy, Increasing Risk in Their Retirement Income Plans
{November 14th, 2023} by Jackson National Life Insurance Company
LANSING, Mich.–(BUSINESS WIRE)–Jackson National Life Insurance Company (Jackson®), the main operating subsidiary of Jackson Financial Inc.1 (NYSE: JXN), today released key findings from its comprehensive study on how retirees and financial professionals perceive retirement risk and the possibility of outliving income. The study is part one of Jackson’s Security in Retirement Series conducted in partnership with the Center for […]
Protective Life Corporation Announces Transformation to Drive Growth
{November 14th, 2023} by Protective Life Corporation
BIRMINGHAM, Ala.–(BUSINESS WIRE)–Protective Life Corporation (Protective), a subsidiary of Dai-ichi Life Holdings, Inc. (Dai-ichi, TSE:8750), announced today leadership changes that will help drive transformative change, deliver greater value for customers, and establish a roadmap for building the company’s future. As part of this business transformation, the company has appointed a new transformation executive and realigned key functions among […]
Brighthouse Financial Announces Third Quarter 2023 Results
{November 14th, 2023} 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 third quarter ended September 30, 2023. Third Quarter 2023 Results The company reported net income available to shareholders of $453 million in the third quarter of 2023, or $6.89 per diluted share, compared with net income […]
Jackson Announces Third Quarter 2023 Results
{November 14th, 2023} by Jackson Financial Inc.
LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the third quarter ended September 30, 2023. Key Highlights Net income attributable to Jackson Financial Inc. common shareholders of $2,762 million, or $33.35 per diluted share in the third quarter of 2023, compared to $1,879 million, or $21.38 per diluted share in […]
Fiduciary rule goals look suspiciously similar to SEC agenda, analyst says
{November 14th, 2023} by John Hilton
Oversight of fixed indexed annuities remains just beyond the reach of federal regulators, but the new fiduciary rule might be part of a coordinated effort to change that. Brad Campbell, partner at Faegre Drinker, said the DOL’s message and goals align a little too neatly with a March complaint the Securities and Exchange Commission filed against […]
Brookfield Q3 earnings’ report reflects hefty insurance assets
{November 14th, 2023} by John Hilton
The impact of life insurance assets is already having a big impact on the bottom line for Brookfield Corp., as the firm stockpiles cash for future investment. Brookfield, which is in the midst of closing its second major insurance company acquisition, reported third-quarter earnings this week. The deal for American Equity is expected to close early in 2024. Click […]
Nationwide launches new annuity riders, increases payout percentages on L.inc+ suite
{November 14th, 2023} by Nationwide
Columbus, OH — The traditional image of life in retirement is changing as fewer employers offer defined benefit pension plans and American savers are increasingly on their own to figure out how to stretch their savings, leaving some wondering if their income will last long enough. Nationwide is addressing this challenge with multiple updates to the […]
Jackson Financial touts strong RILA sales, investment income in Q3
{November 14th, 2023} by John Hilton
A product pivot to registered indexed-linked annuities delivered momentum for Jackson Financial during the third quarter. RILA product sales totaled $807 million in the quarter, up from $562 million in the year-ago quarter. Strong investment income helped Jackson’s retail annuities segment to pretax adjusted operating earnings of $354 million in Q3, compared to $330 million […]
New DOL Fiduciary Rule Will Face Lawsuit, Former Treasury Official Says
{November 14th, 2023} by Melanie Waddell
The Labor Department’s new fiduciary rule will face a lawsuit, according to Ben Harris, director of the Retirement Security Project at Brookings in Washington. “I think it’s virtually sure that you’ll see a lawsuit filed against it,” Harris, who previously served as assistant secretary for economic policy and chief economist at the Treasury, said during […]
18 Trade Groups Press DOL to Extend Fiduciary Rule Comment Period
{November 14th, 2023} by Melanie Waddell
Eighteen financial services trade groups pressed the Labor Department Wednesday to extend the 60-day comment period on its new fiduciary rule, the Retirement Security Rule, and amendments to the prohibited transaction exemptions, as the plan “makes significant and unanticipated changes to the current regulatory framework.” The proposed rule “will require significantly more time for meaningful […]
The 2 Biggest Fights Brewing Over DOL’s New Fiduciary Rule
{November 14th, 2023} by Melanie Waddell
Industry officials have been poring over the Labor Department’s new fiduciary rule since it was released on Oct. 31, and while there are many noteworthy aspects to the plan, its treatment of rollover advice and insurance agent status is catching the most attention. One of the most glaring parts is that Labor’s new fiduciary proposal, […]
MassMutual, PacLife and State Farm Face Genetic Privacy Suits
{November 14th, 2023} by Allison Bell
Three life insurers face lawsuits from consumers in Illinois who object to use of family history questions in life insurance underwriting. The plaintiffs contend that use of family history questions violates the Illinois Genetic Information Privacy Act of 1998, or GIPA. Click HERE to read the full story via ThinkAdvisor
In Defense of Fixed Indexed Annuities
{November 14th, 2023} by NAPA
FIDUCIARY RULES AND PRACTICES At an elaborate White House ceremony on October 31, President Biden unveiled the Department of Labor’s long-awaited proposed retirement security rule. The proposal is, among other things, another attempt by the Employee Benefits Security Administration (EBSA) to update the 1975 regulatory definition of investment advice under ERISA. The American Retirement Association […]
They don’t need pie-in-the-sky; they need reliable information, to base their decision on.
{November 14th, 2023} by Sheryl J. Moore
I am not sure I agree with Ken Nuss. “Back-testing based on historical index performance gives an idea of how a particular indexed annuity sub-account might perform in the future. While past performance is not a guarantee of future performance, it’s a good starting point.” Considering that there are indexed annuities illustrating linear returns of […]
Reinsurance Isn’t As Scary As You Think
{November 14th, 2023} by Greg Horak
Halloween is the quintessential celebration of all that is spooky and scary but even with the holiday being over, financial professionals may still have year-round fears about reinsurance. Submitting a life insurance application large enough that it must enter the reinsurance marketplace shouldn’t bring up those same fears that ghosts and goblins do. At one […]
Literal Language Versus Practical Language…The Client’s Perception Is Our Reality
{November 14th, 2023} by Charlie Gipple
I remember when my oldest kid was a toddler, and my youngest kid was old enough to just barely sit up by himself. I was in my office which overlooked the living room. They were both in the living room sitting on opposite sides of the room as I was observing from afar. My wife […]
Indexed Variable Annuities: Navigating The Balance Between Risk And Reward
{November 14th, 2023} by James A. Hofmann
Navigating the intricate waters of retirement planning is laden with challenges, paramount among which is the looming shadow of sequence of return risk, a precarious pitfall with the potential to unravel financial stability. This risk manifests when an individual faces lower or even negative returns early in retirement, precisely when withdrawals are being made from […]
One simply cannot suggest that “you’re actually invested in the market” with an IUL
{November 14th, 2023} by Sheryl J. Moore
In response to June Sham with NerdWallet, One cannot suggest that “you’re actually invested in the market” with an indexed UL. You do not invest in the market with IUL; you merely earn interest based upon the market’s performance. Click HERE to read An IUL for retirement? The pros and cons of indexed universal life […]
Insurers Begin to Post 2024 Policy Dividend Figures
{November 14th, 2023} by Allison Bell
Three policyholder-owned life insurers could increase their total dividend payments on participating insurance policies by about 10% in 2024. The insurers — MassMutual, Northwestern Mutual and Thrivent — have announced plans to pay about $10 billion in dividends next year, up from $9.1 billion in dividends this year. Click HERE to read the full story […]
Specialists Trading In Antonyms
{November 14th, 2023} by David J. Murphy
When I was 11 years old, I inherited two things from a 14-year-old neighbor kid named Bill: A parakeet named Clancy A newspaper route Bill asked me to take over his bird and his route because he and his family were moving away. I never cared much for Bill. My friends and I called him […]
Life: This Is Only My First Time
{November 14th, 2023} by Charlie Gipple
I recently had a friend that came back from a top agent conference a little depressed because this conference was a few days of recognizing him and his peers for their great success. I thought, “What is wrong with that?” He told me that hearing all of the stories from his peers of money, success, […]
CORRECTING and REPLACING AM Best Downgrades Credit Ratings of 777 Re. Ltd.; Places Credit Ratings Under Review With Negative Implications
{November 14th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–First sentence of the release dated November 8, 2023 should read, “AM Best has downgraded the Financial Strength Rating to B (Fair)…” (instead of “AM Best has downgraded the Financial Strength Rating to B (Good)…”) The updated release reads: AM BEST DOWNGRADES CREDIT RATINGS OF 777 RE. LTD.; PLACES CREDIT RATINGS UNDER REVIEW WITH NEGATIVE […]
Athene sets record quarter in Q3 with $872M earnings
{November 14th, 2023} by Ryan W. Neal
Retirement income products are in such high demand that executives at Athene – which saw record earnings in the third quarter – believe the industry is in a “golden age of annuities. Athene, which is owned by Apollo Global Management, reported non-GAAP earnings of $872 million in the third quarter of 2023, a record quarter […]
Life insurance: Helping clients achieve tax avoidance
{November 14th, 2023} by Susan Rupe
Three-quarters of affluent clients said they haven’t discussed taxes with their financial professional, Rob Petzold, regional vice president with Kansas City Life, told members of an industry association at a recent event. Petzold and Chris Bor, Kansas City Life regional vice president, discussed ways to help clients achieve tax avoidance during the National Association of […]
Transamerica, ADP Each Add In-Retirement Plan Annuity Options
{November 14th, 2023} by Alex Ortolani
Recordkeepers Transamerica Corp. and ADP Inc. both announced separate retirement income options with annuities that will now be available to plan participants. On Thursday, Transamerica announced it is offering the State Street GTC Retirement Income Builder series to its recordkeeping platform. The target-date-fund series has an annuity embedded in its glide path as a separate […]
Integrity and Inspire Insurance Group Join Forces to Bring Life Protection to More American Families
{November 14th, 2023} by Integrity Marketing Group, LLC
DALLAS, Nov. 7, 2023 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with Inspire Insurance Group, an independent marketing organization (“IMO”) based in Phoenix, Arizona, and led by Marissa Mazziotti. Financial details of the partnership were not disclosed. […]
Three Simplicity Group Partners Honored with ID Twenty Awards at The Douglas Mooers Award for Excellence Dinner at NAILBA 42
{November 14th, 2023} by Simplicity Group
SUMMIT, N.J., Nov. 7, 2023 /PRNewswire/ — Three Simplicity Partners were honored with the prestigious ID Twenty Award at the Douglas Mooers Award for Excellence Dinner at NAILBA 42: Diana Greenberg, Jane Riley, and Nathan Jacobson. The ID Twenty Awards honor independent distribution’s most courageous innovators and visionaries, who have made important contributions to the insurance profession. “Congratulations to the Class of 2023 ID Twenty […]
Industry groups ask DOL for extended comment period on fiduciary proposal
{November 14th, 2023} by Brian Croce
A coalition of financial services and business trade groups on Nov. 8 sent a letter to the Department of Labor seeking additional time to respond to the agency’s new rule proposal that would amend the definition of the term “fiduciary” and require rollover advice to be in the best interest of the saver. The department […]
ACTION ALERT & Resources on DOL’s Fiduciary 3.0 Rule
{November 14th, 2023} by Finseca
On October 31, the DOL introduced its third attempt at a new fiduciary rule jeopardizing the retirement security of the people it is intended to help. Americans need holistic financial advice that includes a combination of life insurance, investments, and annuities, as proven by Ernst and Young. We need you to take action now to tell lawmakers their […]
“Go Beyond Thanks:” New Survey Reveals We Should Do More Than Simply Thank Our Veterans for Their Service
{November 14th, 2023} by USAA
SAN ANTONIO, Nov. 8, 2023 /PRNewswire/ — As the nation prepares to observe Veterans Day this year, USAA hopes to challenge the nation to go beyond simple gratitude to create real, positive impacts in the veteran community. A new survey sponsored by USAA reveals disparities between young military/veterans and their older counterparts in how they prefer to be […]
Proposed DOL Standard Would Greatly Expand Fiduciary Reach
{November 14th, 2023} by Robert Bloink and William H. Byrnes
After months of anticipation, the Department of Labor has released its revamped investment advice fiduciary definition. Dubbed the “retirement security proposed rule,” the new standard would be used to determine when an advisor would be classified as a fiduciary for liability purposes under the Employee Retirement Income Security Act of 1974. The new proposal, if […]
Jim Ash Recognized with the 2023 Douglas Mooers Award for Excellence
{November 14th, 2023} by NAILBA
NAILBA’s most coveted and prestigious accolade, the Douglas Mooers Award for Excellence, was presented to Jim Ash at NAILBA’s 42nd annual meeting in Hollywood, FL. The Mooers Award honors distinction in brokerage and is presented to the individual most committed to furthering independent life brokerage as a distribution system, and who demonstrates an exemplary record of […]
Comparing CDs and Annuities
{November 14th, 2023} by John Stevenson
Bank certificates of deposit, or CDs, and annuities are two popular and safe investment options that can provide a steady income stream for investors. Both have advantages and disadvantages that depend on a client’s financial goals, time horizon, and risk tolerance. Rising interest rates have suddenly made both types of products much more attractive. Here’s […]
Aspida Releases First Annuity With Income Feature
{November 7th, 2023} by Cyril Tuohy
Fast-growing Aspida Life has added a lifetime income feature to its Synergy Choice line of fixed-indexed annuities, the company said. —————————————————————————————- Article excerpt: Second-quarter sales of fixed-indexed annuities surged 28% from a year ago to $25.1 billion, according to market tracker Wink’s Sales & Market Report. The top-selling fixed-indexed annuity carriers in the April through June period […]
Lessons We Can Learn From New York
{November 7th, 2023} by Melissa Bova
When a notable decrease in interest and uptake of life insurance applications occurs among individuals aged 50 and older, it marks an unforeseen shift that is capturing the attention of the entire insurance industry. Even more, this demographic’s decrease in activity sheds light on the pressing need for a holistic financial plan. This data should […]
US DEPARTMENT OF LABOR ANNOUNCES PROPOSED RULE TO PROTECT RETIREMENT SAVERS’ INTERESTS BY UPDATING DEFINITION OF INVESTMENT ADVICE FIDUCIARY
{November 7th, 2023} by DOL
WASHINGTON – The U.S. Department of Labor today announced that its Employee Benefits Security Administration has proposed a retirement security rule updating the definition of an investment advice fiduciary under the Employee Retirement Income Security Act. Aligned with the Biden-Harris administration’s efforts to protect retirement investors, the proposal would require trusted investment advisers to adhere to high standards […]
This appears to be a regulatory power grab.
{November 7th, 2023} by Sheryl J. Moore
How can life insurance agents ” …hold themselves out as trusted advice professionals,” when they are not advising their clients, but instead selling them products? They are not registered investment advisors?!? And how can the U.S. Department of Labor assert that “…said conflicts of interest related to the sales of fixed index annuities cost investors $5 billion annually?” […]
The insurance industry really doesn’t like the DOL’s proposed rule
{November 7th, 2023} by Emile Hallez
The Biden administration has singled out annuities in the DOL’s proposed fiduciary rule, and the stakes are high for independent insurance agents. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: This headline is the understatement of the week! -sjm
Labor Department sets comment schedule for new fiduciary proposal
{November 7th, 2023} by John Hilton
The Department of Labor is accepting comments on its new fiduciary proposal through Jan. 2, 2024. Headed by the “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” the DOL published four separate rules Friday in the Federal Register. The remaining three rules deal with exemptions. Click HERE to read the full story via INN
Inaccurate clickbait annuity articles
{November 7th, 2023} by Ashley Kilroy
Whoa, whoa, whoa, WOAH! Oh, SmartAsset– you drive me crazy with your inaccurate clickbait annuity articles! Click HERE to read 8 Reason Annuities Might Actually Be a Bad Investment For You 1. Annuities can be complex. This is why having a trusted insurance agent is important. 2. Sales agents MUST disclose an itemized list of annuity […]
Biden administration to crack down on ‘junk fees’ in retirement plans
{November 7th, 2023} by Greg Iacurci
You’ll often hear that it’s important to save for retirement independently, whether through an employer-sponsored 401(k) or an IRA that you manage yourself. Click HERE to read the full story via The Ascent Wink’s Moore on the Market: It appears that Lael Brainard isn’t aware that annuity purchasers do not pay the commissions, which are paid to the […]
Indexed universal life insurance may be the right choice for some people – but probably not you
{November 7th, 2023} by Beth Pinsker
Everywhere you turn, somebody is probably trying to sell you indexed universal life insurance — financial advisers, TikTok influencers, news channel commercials and even your company’s benefits team. Click HERE to read the full story via Market Watch Wink’s Moore on the Market: Beth Pinsker wrote about indexed life today. My takeaway- We really need to […]
Repost for Eye Donation Month: I am ABSOLUTELY OVERWHELMED with a grateful heart right now!
{November 7th, 2023} by Sheryl J. Moore
November is National Eye Donation Month. Begun in 1983, the purpose of Eye Donation Month is to Raise Awareness about cornea donation and transplantation Honor the gift of sight given by selfless donors and their families Celebrate cornea transplant recipients living their fullest lives thanks to the generosity of donors Educate about eye donation and encourage individuals to register […]
How popular is your annuity? F&G and MassMutual score highest customer satisfaction in J.D. Power study
{November 7th, 2023} by Nathan Place
Annuities have enjoyed two years of skyrocketing sales, but that hasn’t always translated into high customer satisfaction. Now, according to a new study, that’s beginning to change. The consumer research company J.D. Power has unveiled its 2023 U.S. Individual Annuity Study, and it shows a clear improvement in client experience. On average, respondents gave their annuities […]
Critics Take Aim at New DOL Fiduciary Rule
{November 6th, 2023} by Melanie Waddell
While the much-anticipated new fiduciary rule released Tuesday by the Labor Department received applause from industry groups and some lawmakers, the proposal is not without its critics. Some predict Labor’s new plan, the Retirement Security Rule: Definition of an Investment Advice Fiduciary, will face legal challenges as its predecessor rule did. Click HERE to read the full story via Think […]
Equitable Eyes DOL’s Fiduciary Rule Approach
{November 6th, 2023} by Allison Bell
Annuity market players are still trying to determine how the 494 pages of new U.S. Labor Department fiduciary rule regulation drafts compare with what the department put out in 2016. Nick Lane, the president of Equitable, said his company is also studying the new proposal, and seeing how it differs from the old, ill-fated effort. Click HERE […]
The State of the Annuity Industry Through a Big-Screen Lens
{November 6th, 2023} by Paul Garofoli
I’m a movie buff. During the recent Writers Guild strike, I revisited classic movies to fill the gap and was inspired by the American Film Institute’s 100 Greatest Movie Quotes of All Time. Here’s the story of the annuity industry in seven scenes, each introduced by a famous line from a movie. Grab a bowl of […]
Here Are the ‘Big-Picture’ Principles of New Fiduciary Rule: DOL Official
{November 6th, 2023} by Melanie Waddell
Tim Hauser, associate solicitor at the Labor Department’s Employee Benefits Security Administration, described Friday the “big-picture” principles behind Labor’s new fiduciary definition. The “animating principle” behind the definition, Hauser said at the American Law Institute’s life insurance products conference in Washington, is that “if you’re holding yourself out as an investment professional, providing an individualized […]
U.S. Life Activity Rises, for Most Age Groups
{November 6th, 2023} by Allison Bell
Life insurers had a complicated relationship with applicants in October. Application activity for individual coverage increased some for people ages 50 and younger, and it increased a lot for people ages 71 and older, according to activity data from MIB Group. Click HERE to read the full story via Think Advisor
Draft Labor Regulations Allow Annuity Commissions
{November 6th, 2023} by Allison Bell
New draft regulations released Tuesday by the U.S. Department of Labor would let annuity sellers continue to earn commissions for selling non-variable indexed annuities. Independent agents who operate under one set of Labor Department regulations, Prohibited Transaction Exemption 84-24, would have to become fiduciaries, but they could continue to earn commissions. They would have to […]
Here Are the ‘Big-Picture’ Principles of New Fiduciary Rule: DOL Official
{November 6th, 2023} by Melanie Waddell
Tim Hauser, associate solicitor at the Labor Department’s Employee Benefits Security Administration, described Friday the “big-picture” principles behind Labor’s new fiduciary definition. The “animating principle” behind the definition, Hauser said at the American Law Institute’s life insurance products conference in Washington, is that “if you’re holding yourself out as an investment professional, providing an individualized […]
Lincoln Financial Group Receives Regulatory Approval for Reinsurance Transaction With Fortitude Re
{November 6th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE:LNC) announced that it received regulatory approval late yesterday for its previously announced reinsurance transaction with Fortitude Reinsurance Company Ltd. (“Fortitude Re”). The transaction will have an effective date of October 1, 2023, and is expected to close later this month. Under the terms of the agreement, upon closing Lincoln will cede […]
Corebridge Financial Announces Third Quarter 2023 Results
{November 6th, 2023} by Corebridge Financial, Inc
HOUSTON–(BUSINESS WIRE)–Corebridge Financial, Inc. (“Corebridge” or the “Company”) (NYSE: CRBG) today reported financial results for the third quarter ended September 30, 2023. Kevin Hogan, President and Chief Executive Officer of Corebridge, said, “I am pleased to report outstanding progress over what has been an extraordinary twelve months since our initial public offering. Corebridge has executed […]
AM Best Affirms Credit Ratings of Ameriprise Financial, Inc. and Its Subsidiaries
{November 6th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICR) of “aa-” (Superior) of RiverSource Life Insurance Company (Minneapolis, MN) and its wholly owned subsidiary, RiverSource Life Insurance Co. of New York (Albany, NY). These companies represent the key life/health (L/H) insurance subsidiaries of […]
Prudential Financial, Inc. Announces Third Quarter 2023 Results
{November 6th, 2023} by Oceanview Holdings, Ltd
HAMILTON, Bermuda–(BUSINESS WIRE)–Oceanview Holdings, Ltd., a Bermuda company and ultimate parent of each of Oceanview Life and Annuity Company (“Oceanview Life”), an Alabama insurance company, and Oceanview Reinsurance Ltd., a Bermuda Class E insurance company (together “Oceanview”), today announced that global credit rating agency AM Best has upgraded the Financial Strength Rating (FSR) and Long-Term […]
Lincoln Financial Group Reports Third Quarter 2023 Results
{November 6th, 2023} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the third quarter ended September 30, 2023. Net income available to common stockholders of $4.79 per diluted share Adjusted operating income available to common stockholders of $0.23 per diluted share and included: Net unfavorable notable items of $0.84 per diluted share related to […]
American Equity Declares 4th Quarter 2023 Preferred Stock Dividend
{November 6th, 2023} by American Equity
WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), today announced that in accordance with the terms of its 5.95% Fixed-Rate Reset Non-Cumulative Preferred Stock, Series A (the “Series A Preferred Stock”), which is represented by depositary shares, each representing a 1/1,000th interest in a share of Series A Preferred Stock (the “Series […]
AM Best Upgrades Credit Ratings of Oceanview Life and Annuity Company and Oceanview Reinsurance Ltd.
{November 6th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has upgraded the Financial Strength Rating to A (Excellent) from A- (Excellent) and the Long-Term Issuer Credit Ratings to “a” (Excellent) from “a-” (Excellent) of Oceanview Life and Annuity Company (Oceanview Life) (headquartered in Phoenix, AZ) and its reinsurer affiliate, Oceanview Reinsurance Ltd. (OVRe) (Hamilton, Bermuda). These companies are collectively referred to […]
AM Best Revises Outlooks to Positive for Brookfield Annuity Company
{November 6th, 2023} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has revised the outlooks to positive from stable and affirmed the Financial Strength Rating of A- (Excellent) and the Long-Term Issuer Credit Rating of “a-” (Excellent) of Brookfield Annuity Company (Toronto, Ontario, Canada). The Credit Ratings (ratings) reflect Brookfield Annuity Company’s balance sheet strength, which AM Best assesses as strong, as well […]
Millionaires Share Practical Financial Tips in New Research from Ameriprise Financial
{November 6th, 2023} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–What does it take to become a millionaire? New research from Ameriprise Financial (NYSE: AMP) confirms that it comes down to practical behaviors and discipline around money. Ameriprise surveyed 580 Americans ages 27-77 who currently have a million dollars or more in investable assets to understand how they built their savings. Eighty percent cited […]
Horace Mann reports third-quarter 2023 results
{November 6th, 2023} by Horace Mann Educators Corporation
SPRINGFIELD, Ill.–(BUSINESS WIRE)–Horace Mann Educators Corporation (NYSE:HMN) today reported financial results for the three months ended September 30, 2023: ($ in millions, except per share amounts) Three Months Ended September 30, Nine Months Ended September 30, 2023 2022 % Change 2023 […]
RGA Recognized for Outstanding Reinsurance Scheme and as Life Reinsurer of the Year in APAC
{November 6th, 2023} by Reinsurance Group of America, Incorporated
ST. LOUIS–(BUSINESS WIRE)–Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life and health reinsurer, today announced that it received the 2023 Outstanding Reinsurance Scheme Award from the Hong Kong Federation of Insurers and was named Life Reinsurer of the Year in the 27th Asia Insurance Industry Awards 2023, organized by Asia Insurance Review. RGA also […]
Nearly Half of the Sandwich Generation Report a Time They were Unable to Meet Essential Expenses Due to Costs of Caregiving, Finds Special Edition of New York Life Wealth Watch Survey
{November 6th, 2023} by New York Life Insurance Company
Sandwich Generation says caregiving responsibilities have prompted them to take action on their future long-term care needs November 01, 2023 09:00 AM Eastern Daylight Time NEW YORK–(BUSINESS WIRE)–U.S. adults who are part of the Sandwich Generation, defined as those who care for both children and aging loved ones, are skewing increasingly Millennial and male compared to […]
Insurers’ AI races ahead of rules
{November 6th, 2023} by John Hilton
When it comes to insurance and the use of artificial intelligence, the main questions are “how much?” and “how fast?” There is, however, one more vitally important question: What rules will insurers be following? They are going to use AI up and down the delivery funnel. Click HERE to read the full story via INN
CNO Financial Group Reports Third Quarter 2023 Results
{November 6th, 2023} by CNO Financial Group, Inc.
CARMEL, Ind., Nov. 6, 2023 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today reported net income of $167.3 million, or $1.46 per diluted share, in 3Q23 compared to $175.9 million, or $1.52 per diluted share, in 3Q22. Net operating income (1) was $101.3 million, or $0.88 per diluted share, in 3Q23 compared to $77.9 million, or $0.67 per diluted share, in 3Q22. Net income and net operating income (1) were both favorably impacted […]
Rollovers, exemption 84-24 among areas targeted in new fiduciary rule
{November 6th, 2023} by John Hilton
The Department of Labor unveiled nearly 500 pages worth of new fiduciary rulemaking today and, at first glance, industry trade groups panned the effort. As expected, the rulemaking effort will survive or die based on how closely regulators can hew to a 2018 decision by the Court of Appeals for the Fifth Circuit. In a […]
AIG rides strong annuity sales to another positive quarter
{November 6th, 2023} by John Hilton
American International Group again posted strong profits in the third quarter, driven by growth at its general insurance and life and retirement units. Also, catastrophic losses declined sharply. “In the third quarter, AIG continued to deliver exceptional results,” President and Chairman Peter Zaffino told analysts on a Thursday morning call. Click HERE to read the […]
State Insurance Regulators Work to Protect Consumers Who Buy Annuities; NAIC Releases Statement on DOL Fiduciary Rule Proposal
{November 6th, 2023} by NATIONAL ASSOCIATION OF INSURANCE COMMISSIONERS
WASHINGTON, Nov. 1, 2023 /PRNewswire/ — The National Association of Insurance Commissioners (NAIC) released the following statement today on the proposed fiduciary rule announced October 31 by the Biden-Harris Administration and the Department of Labor (DOL): “We fundamentally disagree with the White House’s characterization of state consumer protections for annuity products. The White House press statement that oversight of these products ‘varies state by […]
DOL’s New Fiduciary Proposal Could Sweep Up Industry Salespeople
{November 6th, 2023} by Nate DiCamillo
The Department of Labor on Tuesday floated a long-awaited rule aimed at expanding the definition of an investment-advice fiduciary to include anyone who advises retirement plan participants and individual retirement account owners for a fee — including broker-dealer and asset manager salespeople. The proposal’s heftier disclosure requirements could also drive up costs for corporate defined benefit sponsors, lawyers […]
Integrity Named One of the Top 100 Companies in the U.S. for Best Perks & Benefits
{November 6th, 2023} by Integrity Marketing Group, LLC
Integrity Named One of the Top 100 Companies in the U.S. for Best Perks & Benefits Strong focus on comprehensive and meaningful benefit offerings earns Integrity a 2023 Best Company award through employee rankings collected by Comparably DALLAS – NOVEMBER 2, 2023 – Integrity Marketing Group, LLC (“Integrity”), a […]
New DOL fiduciary rule sets up ‘direct confrontation’ with court precedent
{November 6th, 2023} by John Hilton
HOLLYWOOD, Fla. –The Department of Labor’s latest attempt at an industrywide fiduciary standard is dominating conversation here at the 42nd NAILBA Annual Meeting. The conference kicked off Wednesday, or one day after the DOL released what it is calling a “retirement security” rule. The rule would make a fiduciary out of virtually any financial professional making […]
Biden 401(k) Fiduciary Rule Angers Precursor’s Wall Street Foes
{November 6th, 2023} by Austin Ramsey
Shortly after the Obama administration finalized its “fiduciary rule” in 2016, Brad Campbell got a message from his bank. The financial firm said it could no longer offer investment advice on one of his small-balance, commission-based IRAs. Under the US Labor Department’s new regulation, Campbell was told, small-fish investors like him weren’t worth the risk anymore. Click […]
Whole life products are feeling the pinch of rising interest rates
{November 6th, 2023} by John Hilton
HOLLYWOOD, Fla. – When it comes to interest rates, life insurers are faced with a problem they have not faced in 35 years. “One of the questions we’ve got to wrestle with as an industry is how do you sell portfolio rate products when the yields are worse than new money rates?” said Bobby Samuelson, […]
Survey: Annuity providers see a path in the RIA channel
{November 6th, 2023} by John Hilton
The push to include more annuities in the registered investment advisory channel has, so far, been largely a story of unrealized potential. Annuity companies have wooed wealth managers and independent investment advisors for several years, offering reduced contract expenses and new annuities that focus on retirement planning risks, and creating fee-based versions of popular commission-based […]
Relationships matter. Don’t burn bridges.
{October 31st, 2023} by Sheryl J. Moore
The very first week that I began working in the life insurance industry, my trainer gave me the best piece of advice, ever. Keep in mind that I live in Des Moines, Iowa- the life insurance capital of the United States. (Not to mention that our population is only a couple hundred thousand strong…I mean, […]
Chat with us!
{October 31st, 2023} by Wink Support
Need support in a flash, and don’t have time to email or call? Find Wink support online through our chat function. Check it out the next time you need our help! You can get started in the bottom right-hand corner of the site.
Why the 2050 Annuity Market Looks Beautiful
{October 31st, 2023} by Allison Bell
This is the first in a new series of columns about annuities and retirement planning. The rain keeps coming, the international news headlines look grim, and life and annuity market trackers say we’ll get through this. Holding fast to a bright vision of the future is important, because optimism is as critical to retirement planning […]
Life Insurers Search for Ways to Better Protect the World
{October 31st, 2023} by Allison Bell
LIMRA was once the Life Insurance Marketing and Research Association, and speakers at its latest annual conference want to find ways to heal the world with life insurance, marketing and research. LIMRA started the three-day event Sunday in National Harbor, Maryland. The speakers on the podium talked about the conflicts facing the United States and […]
IRS Ruling Could Help Fee-Only Advisors Use Life Insurance
{October 31st, 2023} by Allison Bell
The Internal Revenue Service has issued two new private letter rulings that could help life insurers create a new generation of life insurance policies aimed at fee-based and fee-only advisors. The IRS sent the letters to Protective Life. The letters would affect a variable universal life insurance policy that’s registered with the Securities and Exchange […]
New DOL Fiduciary Rule to Be Released Tuesday: Report
{October 31st, 2023} by Melanie Waddell
The Labor Department’s new fiduciary rule is expected to be released for public comment Tuesday at 3:30 p.m. at an event at the White House. President Joe Biden will attend the event, according to the National Association of Plan Advisors. Labor changed the name of its upcoming new fiduciary rule to the Retirement Security rule […]
DOL’s Gomez Explains New Fiduciary Rule
{October 31st, 2023} by Melanie Waddell
Lisa Gomez, assistant secretary of Labor for the Employee Benefits Security Administration, said Tuesday that Labor changed the name of its upcoming new fiduciary rule to the Retirement Security rule to reflect a move forward from the 2016 Conflict of Interest rule. “It’s the retirement security rule with respect to the definition of an investment […]
Help Plan-Sponsor Clients Meet the Demand for Annuities
{October 31st, 2023} by Michael Kazanjian
Concern among retirement savers about the future of Social Security is certainly not new. This continued perception that the system might run out of money is leading to interest in other sources of retirement income. A majority of Americans who are participating in an employer-sponsored retirement plan now say they would take advantage of “income […]
Fidelity National Financial Announces Third Quarter 2023 Earnings Release and Conference Call
{October 31st, 2023} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Oct. 24, 2023 /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 […]
F&G Annuities & Life Announces Third Quarter 2023 Earnings Release and Conference Call
{October 31st, 2023} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Oct. 24, 2023 /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 third quarter 2023 earnings after the close of regular market trading on Tuesday, November 7, 2023. A webcast and conference call to discuss the results will […]
Gainbridge Launches “Parity Week by Gainbridge” to Celebrate Women’s Sports Icons
{October 31st, 2023} by Group 1001
Pioneers Billie Jean King, Annika Sorenstam and Lyn St. James to be honored in Gainbridge’s first-ever Parity Week, where 180 women will compete for nearly $13 million ZIONSVILLE, Ind., Oct. 26, 2023 /PRNewswire/ — Gainbridge®, a Group 1001 company, announced today the launch of “Parity Week by Gainbridge,” a celebration of three pioneers in women’s sports centered around three flagship events the week […]
Could RILAs, Pension Risk Transfers Squeeze Life Insurers in a Crisis?
{October 31st, 2023} by Allison Bell
State insurance regulators are thinking about whether some types of annuity separate accounts could affect life insurers’ need for quick cash in an economic crisis. The Macroprudential Working Group, part of the National Association of Insurance Commissioners, mentions separate accounts associated with registered index-linked annuities and pension risk transfers in a new draft of the […]
Record demand for RILAs pushes Q3 annuity sales to new heights
{October 31st, 2023} by Gregg Greenberg
Led by record demand for registered index-linked annuities, total third-quarter annuity sales rose 11% year over year to $89.4 billion, according to preliminary results from Limra’s U.S. Individual Annuity Sales Survey. Click HERE to read the full story via Investment News
‘Annuity King’ pleads guilty to tax charge, confronts co-defendant in court
{October 31st, 2023} by John Hilton
Phillip Roy Wasserman pleaded guilty to a tax charge Monday and will avoid a second trial in his $6.3 million fraud case. Wasserman agreed to plead guilty to a single count of evasion of payment of income taxes and will be sentenced at a later date. According to Wasserman, the government made the plea offer […]
Kansas City Life Announces Third Quarter 2023 Results
{October 31st, 2023} by Kansas City Life Insurance Company
KANSAS CITY, Mo., Oct. 27, 2023 /PRNewswire/ — Kansas City Life Insurance Company recorded net income of $4.6 million or $0.47 per share in the third quarter of 2023 compared to net income of $4.3 million or $0.45 per share in the third quarter of 2022. Net income totaled $5.8 million or $0.60 per share in the first nine months of 2023, up from $1.1 million or $0.12 per share in the first […]
How IUL supplements a financial plan
{October 31st, 2023} by Susan Rupe
Indexed universal life insurance makes sense for a client if it helps people accomplish their financial goals, not if it replaces their financial goals. That was the word from Ron Lee, vice president, advanced markets and brokerage field relations at Mutual of Omaha. Lee discussed how permanent life insurance can fit into everyone’s financial plan […]
DOL to Unveil Fiduciary Rule Tuesday, Open Comment Period: Reports
{October 31st, 2023} by Alex Padalka
The Department of Labor is expected to release its controversial new fiduciary rule for public comment on Tuesday, according to news reports. The DOL submitted the new rule for review by the Office of Management and Budget in early September, and that review process typically lasts several weeks, though it’s limited to 90 days. Click HERE to read the full […]
NISA Unveils Key Insights for Fiduciaries in Partial Annuity Buyout Transactions
{October 31st, 2023} by NISA
Partial annuity buyout transactions inherently pit two groups of participants against one another: (1) those in the transaction and (2) those remaining within the plan. NISA uses standard bond math to assist fiduciaries in quantifying the economic cost to each group. Results underscore the importance of fiduciaries considering the “safest available” provider, as measured by NISA’s […]
OPTIFINO, REDEFINES LIFE INSURANCE BY BRIDGING TECHNOLOGY WITH EXPERTS THAT HAVE A COLLECTIVE 100+ YEARS IN THE LIFE INSURANCE INDUSTRY.
{October 31st, 2023} by Optifino
TODAY, OPTIFINO ANNOUNCES ITS REMARKABLE ADVISORY BOARD. NEW YORK, Oct. 30, 2023 /PRNewswire/ — Optifino, redefines the life insurance industry by bridging technology and industry experts with a collective 100+ years in designing, underwriting, onboarding, and active management of the insurance portfolio. Today, Optifino proudly introduces its distinguished advisory board, composed of industry thought leaders and practitioners. Optifino is […]
Ameriprise Financial Reports Third Quarter 2023 Results
{October 31st, 2023} by Ameriprise Financial, Inc.
MINNEAPOLIS–(BUSINESS WIRE)–Ameriprise Financial, Inc. (NYSE: AMP): Earnings Per Diluted Share Return on Equity, ex AOCI (1) Q3 2023 Q3 2023 GAAP $8.14 GAAP 44.4% Adjusted Operating $6.96 Adjusted Operating 48.4% Adjusted Operating ex Unlocking (2) $7.68 Adjusted Operating ex Unlocking (2) 49.6% Third quarter adjusted operating […]
Could RILAs, Pension Risk Transfers Squeeze Life Insurers in a Crisis?
{October 31st, 2023} by Allison Bell
State insurance regulators are thinking about whether some types of annuity separate accounts could affect life insurers’ need for quick cash in an economic crisis. The Macroprudential Working Group, part of the National Association of Insurance Commissioners, mentions separate accounts associated with registered index-linked annuities and pension risk transfers in a new draft of the […]
‘Gates have opened’ for in-plan annuities, LIMRA Research Director says
{October 31st, 2023} by John Hilton
Legislative changes, product development and an enthusiastic industry are opening the gates to annuity products inside retirement plans. Still, analysts are cautiously optimistic about the next steps. Challenges remain, said Alison Salka, senior vice president, director of research, for LIMRA and LOMA. Click HERE to read the full story via INN
Brian Steiner named executive director of Life Happens
{October 31st, 2023} by Life Happens
The National Association of Insurance and Financial Advisors announced that Brian Steiner has rejoined NAIFA as the Executive Director of Life Happens, the consumer arm of the association. Steiner previously served as NAIFA’s Vice President of Business Development and Strategic Partnerships from 2015-2021 and most recently as President of United Wealth Advisors Group. Life Happens focuses on consumer […]
MassMutual Announces New Fixed Deferred Annuity: MassMutual Premier Voyage
{October 24th, 2023} by Massachusetts Mutual Life Insurance Company
SPRINGFIELD, Mass.–(BUSINESS WIRE)–Massachusetts Mutual Life Insurance Company (MassMutual) today announced the introduction of a new fixed deferred annuity to its retirement savings and income offerings, MassMutual Premier VoyageSM, joining MassMutual Stable Voyage on its fixed annuity shelf. Fixed deferred annuities provide a fixed rate of interest, tax deferral, a death benefit, and the potential to turn […]
Life insurance application activity in sharp decline among 50+ ages
{October 24th, 2023} by John Hilton
The latest life insurance application data shows a sharp decline among a demographic that should be a reliable source of sales: Americans ages 50+. Overall, life insurance application activity finished the third quarter up 2.8% compared to the year-ago period, reported MIB Group, a membership-supported nonprofit organization. MIB data shows life insurance sales are full of […]
