Regional Vice President – Retirement: Remote
{February 13th, 2024} by Virtual Career Fair
Symetra continually seeks driven annuity wholesalers to join our team as Regional Vice Presidents. We encourage you to apply, and if you’re a strong fit, we’ll reach out to you directly as opportunities become available in your area. About The Role The Regional Vice President (RVP) reports to the Divisional Vice President. The RVP receives […]
Hybrid Wholesaler, Independent Broker Dealer, Indiana
{February 13th, 2024} by Virtual Career Fair
We are Athene. At Athene, we are driven to do more. We are a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. We see every day as a new opportunity to measure ourselves against the best – […]
Relationship Coordinator: West Des Moines, IA/Hybrid
{February 13th, 2024} by Virtual Career Fair
The Relationship Coordinator will serve as a liaison between the Agency and New Business departments and the Contact Center to strengthen existing internal business relationships. This position will collaborate with management to devise customer engagement strategies to accomplish daily tasks and duties with the goal of providing excellent customer service and business solutions. The Relationship […]
Director of Life Insurance and Annuity Claims: Cedar Rapids/Iowa City, IA
{February 13th, 2024} by Virtual Career Fair
As the Director of Life Insurance and Annuity Claims, you will be responsible for overseeing and managing the entire claims process related to life insurance and annuity products. This leadership role requires a combination of strategic thinking, operational expertise, and a deep understanding of the insurance industry. The successful candidate will lead a team of […]
Senior Actuarial Associate: West Des Moines, IA/Hybrid
{February 13th, 2024} by Virtual Career Fair
The Senior Actuarial Associate will lead the development and maintenance of actuarial experience studies, including policyholder behavior and corporate assumptions, such as expenses and capital for the Group Reinsurance business. The individual will be responsible for interpreting and analyzing pricing and sensitivity testing results. Additionally, the individual will be responsible for recommending assumptions for new […]
Broker Dealer Account Services – Relationship Consultant: Anywhere Pacific/MT Time
{February 13th, 2024} by Virtual Career Fair
At OneAmerica, we deliver on promises when customers need us most. We believe the best way to serve our customers is to know that every individual, employee, family and business we work with has unique personal and financial goals. We keep our promises, so we can help them achieve their goals and realize their definition […]
New Business Specialist: Phoenix AZ
{February 13th, 2024} by Virtual Career Fair
Reliant Group Holdings is hiring! The company specializes in estate and financial planning and has become know for their professional, fun environment and steady referrals from happy customers. Click HERE to view the job posting Responsibilities Positive, proactive, customer service. Assisting at the point of sale with accuracy and speed. Assuring transaction entry and […]
Product Analyst (Insurance Operations): West Des Moines, IA
{February 13th, 2024} by Virtual Career Fair
We are Athene. At Athene, we are driven to do more. We are a leading retirement services company that issues, reinsures and acquires retirement savings products designed for the increasing number of individuals and institutions seeking to fund retirement needs. We see every day as a new opportunity to measure ourselves against the best – […]
Internal Sales Partner – Life Insurance: San Marcos, CA
{February 13th, 2024} by Virtual Career Fair
At OneAmerica, we deliver on promises when customers need us most. We believe the best way to serve our customers is to know that every individual, employee, family and business we work with has unique personal and financial goals. We keep our promises, so we can help them achieve their goals and realize their definition […]
Technology Leadership career openings in life insurance/annuity industry?
{February 13th, 2024} by Sheryl J. Moore
A good friend of mine was recently part of a layoff. He has served in a technology leadership role for numerous companies in the life insurance/annuity space. If you are interested in speaking with someone in his capacity, shoot me a note. sjm@intelrockstar.com -sjm
Indexed Universal Life Sales Expected to Rise This Year
{February 13th, 2024} by Aaron Smith
Sheryl Moore, president and CEO of Moore Market Intelligence in Des Moines, Iowa, which publishes Wink’s Sales & Market Report, estimates that indexed life sales were unchanged last year in the U.S. compared to the year before, but she expects sales to rise in 2024 and thereafter. She said the big players for IUL are National Life Group, Transamerica and Pacific Life. […]
Everly Life to Launch IUL Product Through Policygenius
{February 13th, 2024} by Aaron Smith
Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report, said the new product appears to be a cash accumulation-oriented indexed universal life policy, “which is not a simple sale for the typical insurance agent.” When asked whether IUL products are too complicated for digital distribution, Teel said that his company builds products tailored for […]
Annuity Rate Changes Greet the New Year as Fed Eyes Spring Rate Cut
{February 13th, 2024} by Cyril Tuohy
“There has been a flurry of rate changes since the beginning of the year,” said Sheryl Moore, CEO of Wink, publisher of Wink’s Sales & Market Report. But changes aren’t unusual, she noted. “Typically, annuity companies make their offerings more attractive during the fourth quarter of the year,” she said. “Things are just normalizing, now that the […]
CNO Financial Group Reports Fourth Quarter and Full Year 2023 Results
{February 13th, 2024} by CNO Financial Group, Inc.
Strong fourth quarter earnings, sustained full-year sales momentum and agent force growth CARMEL, Ind., Feb. 6, 2024 /PRNewswire/ — CNO Financial Group, Inc. (NYSE: CNO) today announced its financial results for the fourth quarter and full year ended December 31, 2023. Net income in 4Q23 was $36.3 million, or $0.32 per diluted share, compared to $38.0 million, or $0.33 per diluted share, in 4Q22. Net […]
F&G Annuities & Life Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Cal
{February 13th, 2024} by F&G Annuities & Life, Inc.
DES MOINES, Iowa, Feb. 7, 2024 /PRNewswire/ — F&G Annuities & Life, Inc. (NYSE: FG) (“F&G”), a leading provider of insurance solutions serving retail annuity and life customers and institutional clients, will release fourth quarter and full year 2023 earnings after the close of regular market trading on Wednesday, February 21, 2024. A webcast and conference call to discuss the […]
Fidelity National Financial Announces Fourth Quarter and Full Year 2023 Earnings Release and Conference Call
{February 13th, 2024} by Fidelity National Financial, Inc.
JACKSONVILLE, Fla., Feb. 7, 2024 /PRNewswire/ — Fidelity National Financial, Inc. (NYSE: FNF) (“FNF”), a leading provider of title insurance and transaction services to the real estate and mortgage industries, and a leading provider of insurance solutions serving retail annuity and life customers and institutional clients through its majority owned subsidiary F&G Annuities & Life, Inc. (NYSE: FG), will […]
Brighthouse Financial Announces Fourth Quarter and Full Year 2023 Results
{February 13th, 2024} by Brighthouse Financial, Inc
Brighthouse Financial Announces Fourth Quarter and Full Year 2023 Results Estimated combined risk-based capital (“RBC”) ratio of approximately 420%; holding company liquid assets of $1.3 billion $350 million total subsidiary dividends paid to the holding company in the fourth quarter of 2023 The company repurchased $250 million of its common stock in full year 2023, […]
Principal Financial Group® Announces Full Year and Fourth Quarter 2023 Results as well as 2024 Outlook
{February 13th, 2024} by Principal Financial Group
DES MOINES, Iowa–(BUSINESS WIRE)–Principal Financial Group® (Nasdaq: PFG) announced results for full year and fourth quarter 2023. Non-GAAP net income attributable to PFG excluding exited business1 for the 12 months ending Dec. 31, 2023, of $1,514.9 million, compared to $1,453.2 million for the 12 months ending Dec. 31, 2022. Non-GAAP net income excluding exited business per diluted share […]
The Standard Expands Stable Value Product Suite
{February 13th, 2024} by Standard Insurance Company
PORTLAND, Ore.–(BUSINESS WIRE)–Standard Insurance Company (The Standard) has added to its APEX fund series with the new APEX Stable Asset Fund, available to new retirement plan recordkeeping clients on the company’s platform. The fund offers a guaranteed crediting rate that denotes the corporate and treasury rate environment, backed by the financial stability of The Standard. The APEX […]
Lincoln Financial Group Reports 2023 Fourth Quarter and Full Year Results
{February 13th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–Lincoln Financial Group (NYSE: LNC) today reported financial results for the fourth quarter and full year ended December 31, 2023. Net loss available to common stockholders was $(1.2) billion, or $(7.35) per diluted share. Adjusted operating income available to common stockholders was $246 million, or $1.45 per diluted share. The primary differences between […]
Prudential Financial, Inc. Announces 2023 Results(1)
{February 13th, 2024} by Prudential Financial, Inc.
NEWARK, N.J.–(BUSINESS WIRE)–Prudential Financial, Inc. (NYSE: PRU) today reported fourth quarter and year-end 2023 results. Net income attributable to Prudential Financial, Inc. was $1.317 billion ($3.61 per Common share) for the fourth quarter of 2023, compared to a net loss of $52 million ($0.16 per Common share) for the fourth quarter of 2022. After-tax adjusted […]
Women Taking On More Financial Responsibility
{February 13th, 2024} by Allianz Life Insurance Company of North America
MINNEAPOLIS–(BUSINESS WIRE)–Women are taking on more financial responsibility, according to the 2023 Women Money Power Study* from Allianz Life Insurance Company of North America (Allianz Life). More women say they have the primary responsibility for managing finances and making financial decisions for their household. Nearly half of all women (49%) consider themselves to be the […]
AM Best Places Credit Ratings of SILAC Insurance Company Under Review With Negative Implications
{February 13th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has placed under review with negative implications the Financial Strength Rating of B+ (Good) and the Long-Term Issuer Credit Rating of “bbb-” (Good) of SILAC Insurance Company (SILAC) (Salt Lake City, UT). The Credit Ratings (ratings) of SILAC have been placed under review with negative implications primarily due to a decline in […]
New variable universal life product has flexible solutions for long-term goals
{February 13th, 2024} by Nationwide
Columbus, OH – Nationwide recently announced a new variable universal life (VUL) product that offers a flexible solution for long-term financial goals with guaranteed death benefit protection, plus cash value growth potential for your family’s future. Nationwide VUL Protector II features improved guaranteed pricing, an Extended No-Lapse Guarantee (ENLG) Rider with a guarantee to age 120, […]
Lincoln Financial sees Q4 net loss of $1.2B
{February 13th, 2024} by Doug Bailey
Top executives at Lincoln Financial Group insist they are progressing in their mission to right their ship in the face of continued losses but probably aren’t navigating the choppy waters as fast as they’d like. The Pennsylvania-based insurer, one of the oldest and largest stock insurance companies in the United States, Thursday reported a net […]
Athene dominates annuity sales, but Apollo execs have even bigger plans
{February 13th, 2024} by John Hilton
Athene Annuity and Life is far and away the No. 1 seller of annuities, but its parent company is far from satisfied with those monster numbers. Apollo Global Management executives talked about the potential for a lot more from Athene today during a conference call with Wall Street Analysts on Apollo’s successful fourth-quarter earnings report. […]
Brookfield touts future ability to reel in $15-$20B annually from insurance
{February 13th, 2024} by John Hilton
Brookfield Asset Management announced a blockbuster deal to acquire annuity seller American Equity Investment Life (AEL) more than seven months ago – a deal that has yet to officially close. That doesn’t mean that BAM executives are not making big plans for the insurance assets it will control in the near future. “Brookfield will become […]
KKR fuels up with Q4 cash off big Global Atlantic annuity sales
{February 13th, 2024} by John Hilton
KKR remains a diversified, investment firm juggernaut that continued to gather momentum in the fourth quarter, fed heavily by its insurance holding, Global Atlantic. In a deal that closed in January, KKR purchased the remaining 37% of Global Atlantic Financial Group it didn’t already own for $2.7 billion. Global Atlantic is a big seller of […]
KKR Wants Annuity Arm to Double Its Sales
{February 13th, 2024} by Allison Bell
KKR now owns 100% of its Global Atlantic business, and it hopes Global Atlantic will increase total annual sales to about $20 billion, from about $10 billion per year today. Rob Lewin, KKR’s chief financial officer, talked about the company’s vision for Global Atlantic today, during a conference call with securities analysts. ”I think there’s a lot of […]
Equitable Faces Wall Street Annuity Love Gap
{February 13th, 2024} by Allison Bell
Equitable created the hottest segment of the U.S. individual annuity market. It is outselling competitors, benefiting from a strong selling environment and hedging away most of the investment risk — but it’s having a hard time impressing Wall Street. Suneet Kamath, a securities analyst at Jefferies, asked about Wall Street investors’ annuity enthusiasm gap Wednesday during […]
Annuity Commission Money Can Pay for Income Guarantees: Marc Rowan
{February 13th, 2024} by Allison Bell
Offering fee-only annuities through retirement plan fiduciaries could free the cash needed to pay for lifetime income guarantees, a key annuity industry player said today. Marc Rowan, the chief executive officer of Athene’s parent, Apollo Global Management, told securities analysts that a company like Apollo wants to take care of retirement savers’ investment risk, not […]
MetLife floats a VA buyout offer
{February 13th, 2024} by Emile Hallez
It’s been years since insurance companies dangled buyout offers or contract exchanges to annuity owners – but MetLife is planning to do just that. Click HERE to read the full story via InvestmentNews
Once its economic engine, Des Moines’ financial industry shedding jobs, led by Wells Fargo
{February 13th, 2024} by Tyler Jett
When Wells Fargo & Co. announced another round of cuts last fall, losing its place as Des Moines’ biggest private employer, it signaled a larger problem for the local economy. The problem has been six years in the making, a Des Moines Register analysis and interviews with 25 executives, government officials and economists found. After decades […]
Will University of Iowa risk management major help grow Des Moines’ slowing insurance sector?
{February 13th, 2024} by Tyler Jett
Jim Lewis wants kids these days to know that insurance is exciting. A former marketing executive, Lewis became the director of the University of Iowa’s Vaughan Institute of Risk Management and Insurance last fall. His arrival comes as insurance leaders around Des Moines hope the state’s universities and colleges can pump out more talent. Executives […]
While growth flattens for most Des Moines metro financial firms, private equity booming
{February 13th, 2024} by Tyler Jett
Athene President Grant Kvalheim does not buy complaints about Iowa’s tight labor market. “Employment grows when your business grows,” he recently told the Des Moines Register. “People are saying, ‘We can’t grow our business because we can’t find the people.’ I fundamentally don’t believe that. I don’t believe that in Iowa, and I don’t believe that […]
Ohio House passes bill that would add capitalism to high school financial literacy curriculum
{February 13th, 2024} by Megan Henry
Under SB 17, math teachers would be able to teach financial literacy. The bill would allow high school students to meet their financial literacy requirements by taking Advanced Placement microeconomics or macroeconomics. “I’ve known a lot of really bright AP students over the years,” Brennan said. “They’re incredible, but they have no idea the difference between […]
Best’s State Rate Filings® Now Includes Life/Health Filings
{February 13th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has added hundreds of thousands of life/health insurer rate filings to Best’s State Rate Filings, which previously focused solely on the property/casualty industry. Subscribers now have access to this additional information at no extra cost. New features include: A dedicated life/health search page, where subscribers can narrow their search based on 12 major […]
Brookfield Aims to Leverage its Heft to Expand Fundraising
{February 13th, 2024} by Luis Garcia
Brookfield Asset Management, the publicly traded investment unit of Brookfield Corp., plans to use its scale and breadth to raise as much as $100 billion annually even as rivals enter its core markets by backing other infrastructure specialists and clean-energy developers. “We can expect to raise approximately $75 billion annually separate and apart from our […]
Just when you think LifeSpecs can’t get any better, we add another enhancement
{February 5th, 2024} by Wink's Intel Pros
Just when you think LifeSpecs can’t get any better, we add another enhancement: Structured Universal Life and Variable Universal Life are represented in our tool. Now, we’ve got you covered for all of your cash value life insurance product needs. You’re welcome! -Wink Intel Pros
Internal Life Wholesaler: St Paul, MN
{February 5th, 2024} by Virtual Career Fair
About the job Primary Purpose The Internal Life Wholesaler will meet with advisors, support staff, and clients to support the product sales process of life insurance, long term care (LTC), and disability insurance (DI). The role is responsible for developing and maintaining existing relationships as well as identifying and acquiring new business to meet or […]
Internal Annuity Wholesaler: Minnesota/Hybrid
{February 5th, 2024} by Virtual Career Fair
About the job *At Securian Financial Group the internal title for this position is Internal Sales Sr. Analyst. Overview: Securian Financial is currently hiring an Internal Sales Sr. Analyst (Internal Annuity Wholesaler) to join our fast-paced sales team working with our annuity product line. This position will provide a variety of services and support to […]
New Business Specialist: Phoenix AZ
{February 5th, 2024} by Virtual Career Fair
About the job: Reliant Group Holdings is hiring! The company specializes in estate and financial planning and has become know for their professional, fun environment and steady referrals from happy customers. Responsibilities Positive, proactive, customer service. Assisting at the point of sale with accuracy and speed. Assuring transaction entry and applications are completed in good […]
Regional Vice President – Annuities (Remote in PA/DE)
{February 5th, 2024} by Virtual Career Fair
At TruStage, we’re on a mission to make a brighter financial future accessible to everyone. We put people first, and work hand in hand with employees and customers to create a diverse and inclusive environment. Passionate about building insurance, investment and technology solutions, we push the boundaries of what’s possible. We need you to help […]
Director, Advanced Sales: League City, TX
{February 5th, 2024} by Virtual Career Fair
Director, Advanced Sales American National is seeking a full-time, Director of Advanced Sales to lead the Life and Annuity Distribution Advanced Sales Department. In this role, you will actively build professional and impactful relationships, network, present content in both a formal/non-formal setting, develop action plans that support long-term goals, and always pursue ways to do […]
Regional Annuity Sales Director: Remote
{February 5th, 2024} by Virtual Career Fair
We have had great success in recent years distributing our individual annuity insurance products through Mass Mutual Financial Advisors (MMFA). In this role you will build and grow relationships with our field partners to support Mass Mutual advisors, General Agents and MMFA Brokerage. You will be responsible for supporting our advisors with deep expertise in […]
Annuity Product Marketing Strategist: Newport Beach, CA/Hybrid or Omaha, NE
{February 5th, 2024} by Virtual Career Fair
Pacific Life is investing in bright, agile, and diverse talent to contribute to our mission of innovating our business and creating a superior customer experience. We’re actively seeking a talented Annuity Product Marketing Strategist to join our Product Marketing Strategy team in Omaha, NE or Newport Beach, CA (hybrid work mode). Click HERE to view the job posting […]
AVP, Advanced Sales: Des Moines, IA/Hybrid
{February 5th, 2024} by Virtual Career Fair
Company Overview Global Atlantic Financial Group is a leader in the U.S. life insurance and annuity industry, serving the needs of individuals and institutions. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm that offers alternative asset management across multiple strategies and capital markets solutions. We are looking for a diverse […]
Director of Annuity Sales: Austin, TX
{February 5th, 2024} by Virtual Career Fair
Integrity is one of the nation’s leading independent distributors of life, health and wealth insurance products. With a strong insurtech focus, we embrace a broad and innovative approach to serving agents and clients alike. Integrity is driven by a singular purpose: to help people protect their health and wealth so they can be ready for […]
Assistant Director of Client Services – Retail Annuity Services
{February 5th, 2024} by Virtual Career Fair
What You’ll Do: The Assistant Director of Client Services is a critical business role that leads a team within retail Annuity Services which serves as the internal consultant(s) for customer accounts, products and services! Click HERE to view the job posting As the Assistant Director of Client Services, Annuity Services you’ll: Lead a […]
VP, Inforce Management & Sales Business Planning: Remote
{February 5th, 2024} by Virtual Career Fair
F&G is looking to hire a VP, Inforce Management & Sales Business Planning. The VP, Inforce Management & Sales Business Planning has responsibility for and oversight of management and profitability of all inforce policies and sales business planning. This leader will understand the actual emergence of customer behavior through application of experience analysis findings and […]
Internal Wholesaler – Annuity Sales: Remote
{February 5th, 2024} by Virtual Career Fair
F&G is looking to hire for an Internal Wholesaler, Annuity Sales position. The Internal Wholesaler, Annuity Distribution, is responsible for providing best-in-class phone and web-based support for agents and IMO marketers related to case design, product questions, competitive positioning, illustration software training and more. In addition, the Internal Wholesaler, Annuity Distribution will deliver outbound call […]
Annuity Compliance Lead or Senior Compliance Analyst: Des Moines, IA
{February 5th, 2024} by Virtual Career Fair
Job Summary: The Annuity Compliance Lead or Senior Compliance Analyst is responsible for managing our annuity compliance programs, including annuity suitability; researching and analyzing related legislation and regulations; and drafting and administering related compliance policies and procedures. Position level will be determined based on skills, knowledge, and experience. Click HERE to view the […]
‘Annuity King’ prepares appeal from conviction, 15-year prison sentence
{February 5th, 2024} by John Hilton
Phillip Roy Wasserman is expected to file an appeal today from his fraud conviction and 15-year prison sentence. Wasserman is appealing to the Court of Appeals for the Eleventh Circuit “the denial of his motion for new trial and amended motion for new trial, the judgment and sentence, and the denial of all other orders […]
‘Annuity King’ Phillip Roy Wasserman sentenced to prison for $6.3M fraud
{February 5th, 2024} by John Hilton
A Tampa, Fla. judge sentenced Phillip Roy Wasserman to 15 years in prison Wednesday for overseeing a fraud that cost retirees millions. Wasserman must turn himself in on Feb. 23. Reached this morning, Wasserman said he will appeal to the Court of Appeals for the 11th Circuit, adding: “And we will win.” Judge Charlene Edwards […]
Why Life Insurance Assets Might Still Be Safe From Congress
{February 5th, 2024} by Allison Bell
Congress could find new ways to tax the buildup of value inside cash-value life insurance policies this year, but it probably won’t. Carmi Margalit, the life insurance sector lead at S&P Global Ratings, made that prediction Thursday at an S&P Global insurance hot topics conference in New York. Margalit and other speakers avoided the hottest […]
Northwestern Mutual Announces Senior Leadership Changes
{February 5th, 2024} by Northwestern Mutual
John Roberts to succeed Tim Gerend in key responsibilities as Executive Vice President and Chief Distribution Officer effective February 1, 2024 MILWAUKEE, Feb. 1, 2024 /PRNewswire/ — Northwestern Mutual Chairman and CEO John Schlifske today announced senior leadership changes as part of the company’s overall succession planning process to best position the company’s leadership team for the future. In January, Northwestern Mutual announced that […]
AM Best Removes From Under Review With Developing Implications and Affirms Credit Ratings of American Life & Security Corp.
{February 5th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has removed from under review with developing implications and affirmed the Financial Strength Rating of B++ (Good) and the Long-Term Issuer Credit Rating of “bbb” (Good) of American Life & Security Corp. (ALSC) (headquartered in Lincoln, NE). The outlook assigned to these Credit Ratings (ratings) is negative. The ratings reflect ALSC’s balance […]
Should I Add Annuities To My Retirement Plan Or Not?
{February 5th, 2024} by Ross Friend
It seems there is a divided financial services industry which fully embraces annuities as an intelligent complement to social security and other nonliquid assets and the other side of the industry that “bashes” annuities as investments too risky, too complex and commission driven so ipso facto stay away from them all. Click HERE to read […]
Options For Being A Registered Rep And Also Selling Indexed Annuities
{February 5th, 2024} by Charlie Gipple, CFP, CLU, ChFC
“Charlie, what should I do?” This is the question I am often asked by financial professionals on what they should do when it comes to getting set up with their securities license while also wanting to sell indexed annuities. Even folks that are already securities licensed will ask me this question occasionally, because they are […]
Annuity Suitability: The Method To The Madness
{February 5th, 2024} by Charlie Gipple, CFP, CLU, ChFC
In this same Broker World edition, you will see another article entitled, “Options For Being A Registered Rep And Also Selling Indexed Annuities.” In this article I reference NASD 05-50 that happened in 2005, and also SEC 151A that was vacated in 2009. These proposed rules sought to effectively put indexed annuities in the same category as […]
The Evolution Of Life Insurance: Embracing Digital Point Of Sales Solutions For A Millennial Market
{February 5th, 2024} by Ken Leibow
In the ever-evolving landscape of life insurance digital point of sales solutions are not just a trend but a revolution, particularly tailored to the preferences and needs of millennials—the central buyers in today’s market. This demographic, aged between 26-45, is driving a significant shift in how life insurance products are designed, marketed and sold. The […]
SEC accused of ‘regulation by enforcement’ as critics on both sides circle
{February 5th, 2024} by John Hilton
The Securities and Exchange Commission (SEC) is getting heat from both investor and advisor groups this week over its regulatory strategies. Representing advisors and their firms, the Financial Services Institute said the SEC is doing too much “regulation by enforcement.” In other words, the agency is finding violations from advisors and firms who are trying […]
Yes, Annuity Issuers Can Fail
{February 5th, 2024} by Allison Bell
One of the most important jobs an annuity advisor can perform is to help clients assess the soundness of the annuities being considered. Analysts at rating agencies like Fitch and S&P Global Ratings say that the annuity issuers they rate are some of the strongest, best-capitalized companies that their firms track. During recent quarterly review […]
Allianz Life Responds to Suit Involving Agent Oversight Questions
{February 5th, 2024} by Allison Bell
Allianz Life Insurance Co. of North America asserts that, under California law, it has no duty to act as a fiduciary for an insured and is not subject to a professional standard of care. The company made those points in a demurrer filed recently in a California state court in Los Angeles County. Allianz Life […]
Gaming the System in Annuity Illustrations
{February 5th, 2024} by David Blanchett
To say that using historical returns in annuity illustrations for index-linked strategies is ripe for potential misrepresentation would be an understatement. The index-linked annuity industry, which is currently primarily for fixed indexed annuities, continues to evolve, offering crediting strategies that are anything but vanilla. Recently, though, a strategy caught my eye on the S&P 500 […]
Interest rates, rising demand driving annuity sales growth
{February 5th, 2024} by Keith Golembiewski
LIMRA recently published its U.S. Individual Annuity Sales Forecast for 2024 through 2026. Over the past two years, significant annuity sales growth has been driven by interest rates, rising demand for protection and guaranteed income, and strong economic conditions. In 2022, annuity sales totaled a record high of $313 billion. At the end of 2023, […]
New Benefits & Financial Services Joins Forces with Integrity to Offer Innovative Insurtech Solutions for Agents to Better Serve Their Clients
{February 5th, 2024} by Integrity Marketing Group, LLC
DALLAS – JANUARY 31, 2024 – Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced it has partnered with New Benefits & Financial Services, an independent marketing organization headquartered near Chicago, Illinois, and led by Everett Foney. Financial details of the partnership were […]
2023 shatters all-time record for annuity sales
{February 5th, 2024} by Nathan Place
Well, it’s official: 2023 was the best year for annuity sales in history. Only a year ago, the same was true of 2022. But the latest sales numbers leave that year in the dust: In 2023, total annuity sales reached $385 billion, according to LIMRA, an industry-funded research group. That’s a 23% increase from 2022, when the […]
How a Fixed Index Annuity Can Manage Retirement Income Risks
{February 5th, 2024} by Jerry Golden
I have spent my career looking for new ways for retirees to create income — particularly safe, lifetime income — and at the same time meet their objectives for legacy, inflation protection, liquidity and risk management. I think about results, not specific products, so although annuity payments have been at the core of my research […]
Sarasota’s ‘Annuity King’ sentenced to 15 years for defrauding seniors
{February 5th, 2024} by Louis Llovio
Phillip Roy Wasserman, a Sarasota insurance agent and former attorney who called himself the “Annuity King,” has been sentenced to 15 years in federal prison for scamming millions from elderly victims. The 67-year-old was also ordered by U.S. District Judge Charlene Edwards Honeywell to forfeit $6.3 million at a sentencing hearing this week in Tampa. […]
Wink, Inc.’s LifeSpecs Analysis Tool Unveils Variable UL Enhancement
{January 31st, 2024} by Wink's Press Release
–– FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE WINK INTRODUCES PRODUCT DATA ON ALL CASH VALUE LIFE INSURANCE PLANS Wink, Inc.’s LifeSpecs Analysis Tool Unveils Variable UL Enhancement Des Moines, Iowa. January 31, 2024- Staying true to their vital mission statement, “To provide the best darned competitive intelligence to the life insurance and annuity industries,” Wink, […]
#62 – Sheryl Moore – Life Insurance, Annuities and Legacy, Oh My
{January 31st, 2024} by Tyler Kamerman
Through two very personal events, Sheryl Moore’s passion for life insurance and annuities was fanned into full flame. Sheryl is the president and CEO of Moore Market intelligence and is founder and creator of Wink’s AnnuitySpecs and Life Specs, as well as Wink’s Sales & Market Report and Wink’s intelligence report. She is the co-author […]
Study examines hesitancy around buying an annuity
{January 31st, 2024} by Doug Bailey
It’s an age-old puzzle that has stymied insurance companies, financial advisors, and investors: If buying annuities is a good option for many retirees, as some think, why aren’t more people purchasing them? That’s what the Center for Retirement Research at Boston College recently asked in a new report titled “How Much Do People Value Annuities […]
OneAmerica® Announces Brand Refresh as OneAmerica Financial℠
{January 31st, 2024} by OneAmerica
Update demonstrates evolution to digital-first environment INDIANAPOLIS, Jan. 29, 2024 /PRNewswire/ — OneAmerica®, a national financial services organization, today unveiled a refreshed brand as OneAmerica Financial℠ . This strategic move aims to create greater awareness and distinctiveness for the company while amplifying its differentiators. Its focus on helping people build greater certainty throughout their financial journey can clearly […]
Northwestern Mutual CEO John Schlifske announces plans to retire
{January 31st, 2024} by Northwestern Mutual
Schlifske’s 14-year tenure as CEO defined by historic business performance, bold client experience transformation, unsurpassed financial strength, exceptional product value, and meaningful investments in talent and diversity Tim Gerend to succeed Schlifske as the company’s next CEO, effective January 1, 2025 MILWAUKEE, Jan. 25, 2024 /PRNewswire/ — After 14 years as Northwestern Mutual’s Chief Executive Officer and 37 total […]
Penn Mutual Launches “Life Matters: A Penn Mutual Podcast”
{January 31st, 2024} by The Penn Mutual Life Insurance Company
A Go-To Resource for Advanced Sales Strategies and Expert Insights in the Life Insurance Industry HORSHAM, Pa., Jan. 26, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company, a Fortune 1000 company, is thrilled to announce the launch of its latest venture, “Life Matters: A Penn Mutual Podcast.” This engaging podcast is designed to empower financial professionals […]
Best’s Review: World’s Largest Insurance Companies, Top 50 Global Reinsurers and More
{January 31st, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–January’s Best’s Review includes the following exclusive rankings: World’s Largest Insurance Companies – 2024 Edition Ranked by 2022 net nonbanking assets. Ranked by 2022 net premiums written. Top 50 Global Reinsurers – 2024 Edition Ranked by 2022 unaffiliated gross premiums written. Top 20 Global Brokers – 2024 Edition Ranked by 2022 total revenue. Top 25 U.S. […]
AM Best Affirms Credit Ratings for Members of Corebridge Financial
{January 31st, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A (Excellent) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “a” (Excellent) for the members of Corebridge Financial (Corebridge). The outlook of these Credit Ratings (ratings) is stable. (Please see below for a detailed listing of the companies and ratings.) The ratings of […]
New York Life Wealth Watch 2024 Outlook: Financial Confidence Grows, While Credit Card Debt Looms
{January 31st, 2024} by New York LIfe
NEW YORK–(BUSINESS WIRE)–New York Life’s latest Wealth Watch survey finds financial resiliency among American adults, even in the face of high interest rates and rising credit card debt. Two-thirds of adults (64%) feel confident in their ability to meet their financial goals, and over half (52%) of adults saved the amount they wanted or more […]
Corebridge Financial Launches New Multi-Year Guaranteed Annuity for Registered Investment Advisors
{January 31st, 2024} by Corebridge Financial
HOUSTON–(BUSINESS WIRE)–Corebridge Financial today announced the expansion of its annuity lineup for registered investment advisors (RIAs) with the launch of American Pathway AdvisorySM—a multi-year guaranteed annuity (MYGA) that offers growth and principal protection, along with flexibility and convenience. American Pathway Advisory is a fixed annuity that brings enhanced flexibility to the MYGA space through innovative […]
Pacific Life Teams Up with Fidelity Investments on New Retirement Solution to Provide Guaranteed Lifetime Income
{January 31st, 2024} by Pacific Life
NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life announced today a collaboration with Fidelity Investments to provide Pacific Lifetime Income (a single premium immediate annuity or SPIA) for Fidelity’s new retirement income solution, Guaranteed Income Direct (GID). The strategic collaboration marks a significant step in addressing the evolving needs in retirement planning and the increasing demand for retirement […]
Annuity Sales Set a Record in 2023. Recession Fears and Interest Rates Played a Role.
{January 30th, 2024} by Kenneth Corbin
Annuity sales posted a record year in 2023, the second-consecutive high recorded by the trade group Limra, which attributed much of the surge to increasing interest in fixed products. Fixed annuity sales jumped 36% last year to $286.2 billion, a “remarkable” increase that owed to “economic conditions and growing demand for protected investment growth,” according […]
Unlocking the Fixed Annuity: Beyond All-or-Nothing Thinking
{January 30th, 2024} by dkorth@finsum.com
Financial advisors understand that fixed annuities often face a perception hurdle. Their clients envision handing over most of their hard-earned wealth and relinquishing control, sacrificing legacy for guaranteed income. But this all-or-nothing perspective overlooks the nuanced role these annuities can play in a diversified financial plan. Financial advisors understand that fixed annuities often face a […]
Calling Clients About Life and Annuities? There Are Laws for That
{January 30th, 2024} by Mark McKinney and Stefan Dunigan
The Telephone Consumer Protection Act is one of the federal laws governing how organizations conduct telemarketing and outreach efforts. The TCPA places restrictions around the use of an automated telephone dialing system or another phone system with the capacity to be an “ATDS,” or autodialer, and to maintain and adhere to the do-not-call lists of […]
Ameriprise May Be Close to Making a Big Reinsurance Deal
{January 30th, 2024} by Allison Bell
Ameriprise could be closer to using a big reinsurance deal to limit its exposure to life insurance or annuity risk. Walter Berman, the Minneapolis-based financial services company’s chief financial officer, hinted about the possibility last week during a conference call with securities analysts. Click HERE to read the full story via Think Advisor
AM Best Assigns Credit Ratings to Everly Life Insurance Company
{January 30th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has assigned a Financial Strength Rating of A- (Excellent) and a Long-Term Issuer Credit Rating of “a-” (Excellent) to Everly Life Insurance Company (Everly Life) (Topeka, KS). The outlook assigned to these Credit Ratings (ratings) is stable. The ratings reflect Everly Life’s balance sheet strength, which AM Best assesses as very strong, […]
Independent contractor rule proposal spurring angst, confusion
{January 29th, 2024} by Doug Bailey
Trade groups and employee advocates are singing “Out with the new, in with the old,” in reaction to the federal government’s recent efforts to once and for all define an employee versus an independent contractor, a move which industry advocates say could cause a significant reduction in the number of independent advisors serving consumers. After […]
DOL fiduciary rule would bring ‘massive change’ to industry, analyst says
{January 29th, 2024} by John Hilton
While the Department of Labor’s fiduciary rule proposal might be a long way from becoming settled law, it brings the potential for “massive” change to the industry, a labor lawyer said Thursday. May to June is the likely timeframe for publication of the final fiduciary rule, said Tom Roberts and Michael Kreps, principals with Groom […]
Judge denies PacLife motion to dismiss lawsuit over IUL illustration
{January 29th, 2024} by John Hilton
A judge denied a motion Wednesday by Pacific Life to dismiss a lawsuit brought by a Washington couple dissatisfied with a PDX indexed universal life policy. The lawsuit – filed in U.S. District Court for the District of Washington – is another case involving controversial IUL illustrations. Simona G. Marie and Thomas Lewis, from Richland, […]
He would be 27 this year.
{January 29th, 2024} by Sheryl J. Moore
My son, AJ Betts, died by suicide ten years ago. The bullies won. Every year, my family goes out to eat cheeseburgers on AJ’s birthday, to celebrate his life. He would be 27 this year. Tonight, we chose to eat at Five Guys Enterprises in West Des Moines. You can’t get a better burger. As […]
Quiz: How Well Do You Know Annuities?
{January 29th, 2024} by Roger Wohlner
Annuities are a popular retirement income vehicle. Some advisors embrace them as a client solution, while others do not. Like any financial product, there are good annuities and some that are not so good. Moreover, annuities are the right vehicle in some situations, but not in all cases. Click HERE to view the slideshow […]
Northwestern Mutual Names Its Next CEO
{January 29th, 2024} by Allison Bell
The Northwestern Mutual board has picked Tim Gerend to succeed John Schlifske as the company’s next chairman and chief executive officer. Schlifske, 64, is about to reach the Milwaukee-based company’s mandatory retirement age. He plans to give up the CEO post Dec. 31 and step down from his position as chairman of the board in […]
Is Crypto More Mainstream Than Annuities?
{January 29th, 2024} by Allison Bell
Clients might have a different idea about what’s a core investment and what’s an alternative investment than financial professionals do. New York Life found that 16% of U.S. adult investors surveyed in November reported having money invested in cryptocurrencies or similar types of alternative investments, up from 13% a year earlier, according to survey findings […]
How to Explain Annuity Basics
{January 29th, 2024} by Heather Lindsley
The lack of general information about annuities can make them seem intimidating, pushing clients away from expressing interest. Even if clients are interested in expanding their portfolio, they may be hesitant to look into their annuity options. Once you’ve researched and determined that an annuity would be a valuable addition to your client’s portfolio, educate […]
Life insurers should deliver solid Q4 and full 2023 earnings, analyst says
{January 29th, 2024} by John Hilton
Through three quarters, LIMRA and Wink, Inc. both reported record-setting annuity sales. In the first nine months of 2023, total annuity sales increased 21% to $270.6 billion, LIMRA found. Those full-year sales numbers will likely be equally as impressive and Wall Street analysts will take note. “We expect to continue to see strong growth in sales, led […]
LIMRA: Annuity sales post another record year in 2023
{January 29th, 2024} by John Hilton
For the second consecutive year, rising interest rates pushed annuity sales to another all-time record high, according to preliminary results from LIMRA’s U.S. Individual Annuity Sales Survey. Powered by unprecedented fixed annuity sales, total annuity sales topped $385 billion in 2023, 23% higher than the record set in 2022. “Economic conditions and growing demand for protected investment […]
Insurers Seek Spread of State Standard to Thwart DOL 401(k) Rule
{January 29th, 2024} by Austin R. Ramsey
Opponents of newly proposed US Labor Department retirement advice standards are pushing state insurance regulators to fill in policy gaps of their own to boost their case for more lenient federal-level conduct requirements. Vermont recently became the latest state to require financial professionals to act in their clients’ best-interest when selling annuities, narrowing the number […]
COMMENTARY: Americans’ Retirement Thinking Is Stuck in the Past. How to Fix It.
{January 25th, 2024} by Jason J. Fichtner
This year marks the beginning of the largest surge of retirement-age Americans in our nation’s history. Over 4.1 million Americans will turn 65 each year through 2027, which is more than 11,200 every day. If they don’t know already, they will soon discover how obsolete our nation’s public and private sector retirement systems are. The nation is […]
2024 Industry Conferences Calendar
{January 23rd, 2024} by Jamie Johnson
Jan 22- 25, 2024: Wink Insights Conference Professional Insurance Marketing Association (PiMA), Amelia Island, FL Feb 25-28, 2024: American Council of Life Insurers (ACLI) ReFocus Conference, Las Vegas, NV March 5-8, 2024: BISA 2024 Annual Convention, Hollywood, FL April 28-30, 2024: Society of Insurance Research’s (SIR) 2024 Annual Conference, Boston, MA
True or False
{January 23rd, 2024} by Sheryl J. Moore
True or false- Indexed annuities have: – 180 different indices upon which to base their interest crediting, – 33 different ways of calculating the indexed interest, and – 4 ways of limiting indexed gains. PLUS – 1 major reputation for being complex. Join in the discussion on LinkedIn HERE -sjm
AXONIC CAPITAL UNVEILS INNOVATIVE INSURANCE OFFERING
{January 23rd, 2024} by Axonic Capital
$4.3B asset management firm launches insurance offering to capitalize on the evolving needs of insurance customers and clients. Axonic Capital, the $4.3B asset management firm known for opportunities in structured credit, commercial real estate and systematic fixed income, announced the launch of its newest business: Axonic Insurance. This new business builds on Axonic Capital’s industry-leading investment […]
North American and Annexus Enhance the Secure Horizon Plus Fixed Index Annuity
{January 23rd, 2024} by Annexus
SCOTTSDALE, Ariz., Jan. 17, 2024 /PRNewswire/ — North American Company for Life and Health Insurance®(North American), a member company of Sammons® Financial Group and one of the largest issuers of fixed index annuities (FIAs) in the U.S.,¹ and Annexus, a leading independent insurance retirement product design company, announce two major enhancements to the Secure HorizonSM Plus FIA. The changes include an increase to […]
Your Healthspan Is as Important as Your Lifespan—and It’s Declining
{January 23rd, 2024} by Alex Janin
Americans are living longer, but spending less time in good health. The estimated average proportion of life spent in good health declined to 83.6% in 2021, down from 85.8% in 1990, according to an analysis of the latest data from the Institute for Health Metrics and Evaluation’s Global Burden of Disease study, a research effort based […]
Royal Neighbors Launches New Final Expense Product Catering to the Uninsured
{January 23rd, 2024} by Royal Neighbors of America
Ensured Legacy Final ExpenseTM will offer a Charitable Giving Rider Rock Island, Ill. (January 22, 2024) – Royal Neighbors of America, a fraternal benefit society providing life insurance products to its members today unveiled an innovative life insurance product aimed at addressing the needs of the uninsured and those facing coverage challenges. Ensured Legacy Final Expense1, […]
Nassau Aims Annuity at Social Security Planning Market
{January 23rd, 2024} by Allison Bell
Nassau Financial Group wants to give advisors a tool they can use to help clients fine-tune the start date for Social Security retirement benefits. The Hartford, Connecticut-based company introduced the Nassau Income Accelerator, an annuity with Social Security-compatible lifetime income options. Click HERE to read the full story via Think Advisor
Flourish Launches Annuity Platform for Independent RIAs
{January 23rd, 2024} by John Manganaro
The fintech firm Flourish announced Wednesday the launch of a new annuity distribution platform for fee-based fiduciary financial advisors. Speaking with ThinkAdvisor about the news, the firm’s president, Ben Cruikshank, said the platform was built from scratch over the past two years to address three key pain points that have historically prevented fiduciary advisors from […]
Bill That Could Narrow CFPB’s Insurance Authority Is Back
{January 23rd, 2024} by Allison Bell
Lawmakers have revived efforts to keep the Consumer Financial Protection Bureau from trying to regulate the insurance activities of companies or individuals that are under the jurisdiction of state insurance regulators. The bill, the Business of Insurance Regulatory Reform Act of 2024, would also require the CFPB to construe its authority narrowly if it were […]
Woman’s Estate Sues MetLife, Fidelity Over Where Death Benefits Should Go
{January 23rd, 2024} by Allison Bell
The family of a woman who died in July 2023 is asking a state court to have $150,000 in group life insurance benefits paid to her estate, rather than to a man named as a beneficiary, based on allegations that the man forced the woman to name him as a policy beneficiary. The estate of […]
New Report: Economic Fears Driving Retirees Back to Work
{January 23rd, 2024} by Nationwide
In a year when more American savers will turn 65 than at any point in history, those in or near retirement reflect on what went right and missed opportunities COLUMBUS, Ohio, Jan. 22, 2024 /PRNewswire/ — This year, more Americans will turn 65 years old than at any point in history, with roughly 12,000 people a day reaching the […]
Simplicity Acquires Designs in Life and Welcomes Shawn Jeanes as Newest Partner
{January 23rd, 2024} by Simplicity Group Holdings
SUMMIT, N.J., Jan. 18, 2024 /PRNewswire/ — Simplicity Group Holdings, Inc. (“Simplicity”), a premier financial products distribution firm, today announces the acquisition of California-based BGA, Designs in Life. With the completion of this transaction, Designs in Life’s founder, Shawn Jeanes will become Simplicity’s newest Partner and will continue to lead the Designs in Life team. “We are proud to welcome talented […]
New Year, New You & a New Financial Focus with Advice from Finseca
{January 23rd, 2024} by Finseca
WASHINGTON, Jan. 17, 2024 /PRNewswire/ — At the beginning of every year, if you’re like us, you probably have high hopes of improving yourself with new goals and ambitions. Unfortunately, it doesn’t take long for many of us to lose motivation and fall back into our old habits. According to author James Clear, “somewhere between 81 percent and […]
LINCOLN FINANCIAL GROUP TRANSFORMS RETIREMENT PLANNING; CALLS ON CONSUMERS TO SHIFT TO ACTION PLANNING
{January 23rd, 2024} by Havas
New campaign from Lincoln Financial and Havas, “The Action Plan,” is reframing the way the financial category portrays 50+ and the life they want during retirement NEW YORK, Jan. 16, 2024 /PRNewswire/ – Lincoln Financial Group debuted today “The Action Plan,” a campaign that reframes the way the financial category perceives and talks about the new era […]
Why Retirement Gets Better With Annuities
{January 23rd, 2024} by Shankar Parameshwaran
Everyone aspires to have a steady source of income after retirement that replaces as much as possible of their pre-retirement earning. But for many people, one big challenge in saving for that goal is to find the right financial product that accommodates their specific requirements, such as when they want to retire or how much […]
Why Do Clients Really Ignore Advice on Annuities?
{January 23rd, 2024} by John Manganaro
Arecent paper and summary brief published by two experts at the Center for Retirement Research at Boston College has sparked a debate about financial advisors being able to steer clients toward guaranteed income annuities in the retirement planning process. Click HERE to read the full story via ThinkAdvisor Wink’s Moore on the Market: I’m […]
Lobbyists race to make best interest a blanket standard in final few states
{January 23rd, 2024} by John Hilton
Forty-one states operate under new best-interest annuity sales standards based off a model put forth by the National Association of Insurance Commissioners. It is a standard favored and pushed by industry lobbyists who say it will cause the least disruption to business models. Meanwhile, the Department of Labor is behind closed doors putting the finishing […]
NY regulators focus on potential for AI discrimination by insurers
{January 23rd, 2024} by John Hilton
Citing concerns over “systemic biases” creeping into insurance, New York State regulators are taking the first steps toward regulating the use of artificial intelligence. Superintendent of Financial Services Adrienne A. Harris issued for public comment a proposed circular letter addressing the use of AI by licensed insurers. In the Jan. 17 letter, regulators focus on underwriting and […]
California legislators again consider best-interest annuity sales bill
{January 23rd, 2024} by John Hilton
A California Assembly committee finally released a best-interest annuity sales bill favored by industry lobbyists late last week, but not everyone is happy the bill is back on track. Senate Bill 263 passed the Appropriations Committee unanimously, and is based on the annuity sales model law put forth by the National Association of Insurance Commissioners. Forty-one states […]
Consumer Groups Attack Annuity Bill in California
{January 23rd, 2024} by Allison Bell
Two California groups that support the U.S. Labor Department’s fiduciary rule effort say officials in their state are rushing an annuity sales rule alternative through the state Legislature. The Consumer Federation of California and the Life Insurance Consumer Advocacy Center assert in a new joint commentary that they believe that California Insurance Commissioner Ricardo Lara and the California […]
Revisiting The Utility Of Whole Life
{January 23rd, 2024} by John Osarczuk
For military families, frequent moves, extended deployments, and the dangers inherent to military service require diligent planning — financially and otherwise. With a lifestyle that includes significant uncertainty, whole life insurance offers military families some important guarantees during a lifetime, which makes it a core element of their financial security strategy. Recent data reveals military […]
Oxford Economics study: DOL fiduciary rule price tag is $2.7B in year one
{January 23rd, 2024} by John Hilton
A study commissioned by the Financial Services Institute finds that the Department of Labor fiduciary rule proposal would cost firms $2.7 billion in the first year. FSI opposes the fiduciary rule and hired Oxford Economics to do the study. The cost of the rule would be 11 times the department’s estimate of ongoing costs, the study concluded. […]
Expect More of This Feature on Fixed-Indexed Annuities in 2024
{January 23rd, 2024} by Cyril Tuohy
Article Excerpt: Indexed annuities are expected to book record sales in 2023 and nearly one in five new fixed-indexed contracts (18.07%) were sold with a premium bonus last year, according to AnnuitySpecs, a software tool from industry researcher Wink. That’s up from 2022, when 11.90% of new indexed annuities came with a premium bonus, Wink […]
S&P 500 Hits All-Time High in Historic Bull Run
{January 23rd, 2024} by Rita Nazareth
Wall Street is ending the week on a positive note, with stocks hitting an intraday record on speculation the Federal Reserve will start cutting rates this year — bolstering the outlook for Corporate America. Another rally in the S&P 500’s most-influential group — technology — put the gauge on track to become the last of […]
New Life and Annuity Deals Bring Wellness Into Fold
{January 23rd, 2024} by Allison Bell
Life insurers could use mergers and acquisitions to expand into the life extension business. Capgemini, a consulting firm, recently predicted in a trend forecast review that “wellness as a service” efforts could lead to M&A activity as well as alliances. Click HERE to read the full story via Think Advisor
From Best’s Review: Industry Overview
{January 23rd, 2024} by AM Best
Insurance takes advantage of concepts known as risk pooling and the law of large numbers. Many policyholders pay a relatively small amount in premiums to protect themselves against a possible larger loss. Click HERE to review via AM BEST
The IRA Whisperer — With Denise Appleby
{January 23rd, 2024} by Paul Feldman
Denise Appleby, chief executive officer of Appleby Retirement Consulting, has more than 20 years of experience in the retirement plans field, which includes providing training and technical consultation. Her company provides individual retirement account resources for financial, tax and legal professionals. As complex as the topic of IRAs is, Appleby says keeping abreast of changes […]
If selling life insurance were easy, everyone would do it
{January 23rd, 2024} by Joe Ross
Most InsuranceNewsNet readers are well convinced of the value of life insurance — as they should be. Life insurance is an extraordinary financial product that helps ensure security and protection for loved ones and beneficiaries. But life insurance’s many benefits and positives don’t mean that selling life insurance is easy. After all, if it were easy, everyone […]
FINRA Sees Spike in ‘Investment Group’ Frauds on Social Media
{January 23rd, 2024} by Melanie Waddell
The Financial Industry Regulatory Authority says it’s seeing a “significant spike” in investor complaints of recommendations made by fraudulent “investment groups” promoted through social media channels. Complaints received by FINRA and posted on social media “describe bad actors, posing as registered investment advisers, who initially advertise ‘stock investment groups’ on Instagram and other social media […]
What to expect while you’re expecting the fiduciary rule
{January 23rd, 2024} by Emile Hallez
It will be months before the Department of Labor publishes the final version of its fiduciary rule, but one thing advisors and their firms should expect is that it will be effective for some time. Click HERE to read the full story via InvestmentNews
Integrity Announces Expansion of Transformational Legacy Safeguard® Turnkey Offerings for all Integrity Agents
{January 23rd, 2024} by Integrity Marketing Group, LLC
Integrity Announces Expansion of Transformational Legacy Safeguard® Turnkey Offerings for all Integrity Agents Proprietary legacy planning service fully integrates with Integrity’s end-to-end suite and empowers agents to more holistically serve their clients and help them leave a lasting legacy DALLAS – JANUARY 18, 2024 – Integrity Marketing Group, LLC (“Integrity”), a […]
Nassau Financial Group Launches Innovative New Fixed Indexed Annuity Product
{January 17th, 2024} by Nassau Financial Group
HARTFORD, Conn.–(BUSINESS WIRE)–Nassau Financial Group (“Nassau”) today introduced a new, innovative fixed indexed annuity (“FIA”) to its product portfolio, Nassau Income Accelerator. Nassau’s latest offering is a single premium fixed indexed annuity with flexible guaranteed lifetime income options that help retirees delay, and therefore increase, their Social Security and other retirement benefits. “For retirees faced […]
After 8-hour hearing, ‘Annuity King’ sentencing continued to Jan. 31
{January 17th, 2024} by John Hilton
Sentencing for Phillip Roy Wasserman was continued Friday after nearly eight hours. Judge Charlene Edwards Honeywell will reconvene the hearing on Jan. 31. The judge had expressed a desire to wrap up sentencing in one day, but it wasn’t to be. Honeywell denied motions for acquittal and or a new trial on Wednesday and Thursday. Click HERE […]
DOL on a ‘crusade to ban commissions’ with fiduciary rule, speaker claims
{January 17th, 2024} by John Hilton
Commissions-based compensation is the backbone of the independent distribution of insurance products and is threatened by the proposed Department of Labor fiduciary rule. And that is the DOL’s intent, said Marc Cadin, CEO of Finseca, who testified Wednesday at a House Capital Markets Subcommittee hearing on the rule. “The department is on an ideological crusade over the […]
Life insurance applications up 3% in 2023; first rise in nearly 4 years
{January 17th, 2024} by Doug Bailey
Application activity for U.S. life insurance grew at a near 3% rate in 2023 compared to the previous year showing the first uptick in almost four years, according to the MIB Group, a member-owned company that provides underwriting services to life and health insurance companies. The 2023 year-to-year comparisons are impacted by the decline in […]
New DOL rule could undermine financial advisors’ independent contractor status
{January 17th, 2024} by Doug Bailey
he U.S. Department of Labor’s new rule to determine whether a worker is an employee or independent contractor includes a six-factor test of the “economic reality” of the relationship between workers and employers. Financial industry advocates fear the rule may undermine advisor’s independent contractor status. Among other things, the test asks whether the worker depends […]
Lobbyists race to make best interest a blanket standard in final few states
{January 17th, 2024} by John Hilton
Forty-one states operate under new best-interest annuity sales standards based off a model put forth by the National Association of Insurance Commissioners. It is a standard favored and pushed by industry lobbyists who say it will cause the least disruption to business models. Meanwhile, the Department of Labor is behind closed doors putting the finishing […]
Life Insurer Faces Legal Pushback From Its Own Insurers
{January 17th, 2024} by Allison Bell
Court filings in California and Connecticut show what happens when a life insurer has problems collecting benefits from its own insurance companies. PHL Variable Insurance Co., a subsidiary of Nassau Financial, faced class-action lawsuits after it increased universal life policy cost-of-insurance charges. Click HERE to read the full story via Think Advisor
Why New DOL Fiduciary Rule Is Not a ‘Rehash’ of 2016
{January 17th, 2024} by Melanie Waddell
As the architect of the Labor Department’s 2016 fiduciary rule, Phyllis Borzi is no stranger to controversy. Borzi, the former head of Labor’s Employee Benefits Security Administration under President Barack Obama, faced a barrage of criticsm as she crafted the department’s 2016 rule, which was eventually struck down by the U.S. Court of Appeals for the 5th Circuit […]
7 Threats Life and Annuity Commenters See Lurking in DOL Fiduciary Rule Draft
{January 17th, 2024} by Al
The U.S. Department of Labor’s proposed fiduciary rule regulations could destabilize state life insurance markets, disrespect the Internal Revenue Service, weaken career agents’ employee benefits and hurt insurers’ ability to offer some well-established, popular life and annuity products that have not caused any noticeable problems. Regulators, executives and agents in the life and annuity sector […]
Life Insurance Execs to Lead 2 Fed Regional Banks
{January 17th, 2024} by Allison Bell
The list of 2024 Federal Reserve System regional bank chairs and vice chairs includes two life insurance company chief executive officers. Chris Hilger, the chairman and CEO of Securian Financial, will be the chair of the Federal Reserve Bank of Minneapolis. He was the bank’s vice chair in 2022 and 2023. Click HERE to read the full […]
Ameritas Teams With Ethos on Indexed Universal Life Product
{January 17th, 2024} by Allison Bell
Ethos Technologies has worked with Ameritas to introduce an indexed universal life policy. The new Ethos IUL policy comes with a tool for helping helping clients match premium and coverage targets, a digital application process, and a quick decision process. Ethos is an Austin, Texas-based company that has focused on selling life insurance to families […]
Only Thirty Percent of Retirees Did Enough Planning For How To Spend Time In Retirement, According to New Study from Lincoln Financial Group
{January 17th, 2024} by Lincoln Financial Group
RADNOR, Pa.–(BUSINESS WIRE)–The number of Americans aged 65 and older will more than double in the next 40 years, and more adults than ever are planning for their post-working years. While traditional retirement plans require ample conversations about savings for the future, less of the retirement conversation refers to how retirees intend to spend their days during […]
Brighthouse Financial Announces Conference Call to Discuss Fourth Quarter and Full Year 2023 Results
{January 17th, 2024} by Brighthouse Financial, Inc
CHARLOTTE, N.C.–(BUSINESS WIRE)–Brighthouse Financial, Inc. (Brighthouse Financial) (Nasdaq: BHF) announced today that it plans to hold a conference call and audio webcast to discuss its financial results for the fourth quarter and full year ended December 31, 2023, at 8:00 a.m. Eastern Time on Tuesday, February 13, 2024. The call will follow the issuance of […]
Best’s Special Report: U.S. Annuity Surrenders Up Through 3Q/2023, Edging Out Premium Growth
{January 17th, 2024} by AM Best
OLDWICK, N.J.–(BUSINESS WIRE)–The value of surrendered annuity policies increased 18% through the third quarter of 2023, compared with the same prior-year period, according to a new AM Best report. However, premium growth held steady at 17% through the same period, with individual annuity premiums notching its 11th consecutive quarter of year-over-year growth. In its Best’s Special Report, titled, […]
AM Best Upgrades Credit Ratings of Fidelity & Guaranty Life Holdings, Inc. and Its Life/Health Subsidiaries
{January 17th, 2024} 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 Fidelity & Guaranty Life Insurance Company (Des Moines, IA) and Fidelity & Guaranty Life Insurance Company of New York, (New York, NY). These subsidiaries of Fidelity & […]
Heartland National Life Launches New MYGA through FireLight
{January 17th, 2024} by Heartland National Life Insurance Company
COLORADO SPRINGS, Colo.–(BUSINESS WIRE)–Hexure, a provider of sales and regulatory automation solutions for the life and annuity industry, announced Heartland National Life Insurance company (Heartland National) has implemented FireLight for e-submission of its annuity business. With FireLight, Heartland National accelerated the launch of its new multi-year guaranteed annuity (MYGA) product while providing its agents and […]
Finra Examiners Detail Reg BI Failures In New Report
{January 17th, 2024} by Tracey Longo
Finra’s examination program has found that a number of broker-dealers have been violating Regulation Best Interest by failing to highlight conflicts of interest with costly products and excessive recommendations. That’s the upshot of the regulator’s 2024 annual report released today. Click HERE to read the full story via Financial Advisor
Private equity stake in life insurers draws new round of critical reports
{January 17th, 2024} by John Hilton
Private equity firms continue to stalk insurance company takeovers and critics say the potential for a financial disaster grows along with that trend. Americans for Financial Reform, a Washington, D.C.-based nonprofit group that advocates for stronger regulation of Wall Street firms, is the latest group to raise alarm bells on what it deems to be […]
‘Annuity King’ Wasserman seeks new trial as sentencing date draws near
{January 17th, 2024} by John Hilton
Phillip Roy Wasserman is scheduled to be sentenced Friday in his $6.3 million fraud case and Judge Charlene Edwards Honeywell appears determined to avoid any further delays. “The Court has set aside all day for the sentencing hearing and it is the Court’s intent to conclude the sentencing hearing on January 12,” the judge’s order […]
Understanding the behavioral benefits of annuities
{January 17th, 2024} by Philip E. Caminiti
Financial professionals tend to emphasize the strong quantitative benefits annuities provide, yet it’s the emotional and behavioral benefits that often make them the ideal choice for consumers. Click HERE to read the full story via InvestmentNews Wink’s Moore on the Market: The big reason that annuity sales are hitting records is because of the […]
Penn Mutual offers more choice with Accumulation Variable Universal Life
{January 17th, 2024} by The Penn Mutual LIfe Insurance Company
Diverse accumulation options cater to nearly every risk tolerance and preference HORSHAM, Pa., Jan. 16, 2024 /PRNewswire/ — The Penn Mutual Life Insurance Company (Penn Mutual), a Fortune 1000 company, has announced the addition of Accumulation Variable Universal Life (VUL) to its life product portfolio. Issued through Penn Mutual’s wholly owned subsidiary, The Penn Insurance and Annuity […]
