This report compiled by InsuranceNewsNet staff.
A leading seller of fixed index annuities, American Equity announced the Brookfield deal with a Sunday news release. Brookfield will acquire a 19.9% ownership interest in the common shares of AEL in two stages, starting with an initial purchase of a 9.9% interest at $37 per share promptly following required regulatory approval.
Developed exclusively for the state of New York, AIG said the Power Index Premier NY is currently the only index annuity that gives New York residents the option of a living benefit rider. New York passed Regulation 187 last year, considered the toughest annuity sales rules in the country.
With a 4% growth rate for 2020 through the third quarter, life insurance application activity has “returned to pre-pandemic normal levels,” according to the MIB Life Index. The third quarter experienced the largest quarter-over-quarter gain since 2011 at 9.2%, MIB said, driven primarily by 12.8% growth in 0-44 age group and 9.2% growth in 45-59 age group.
In South Korea, China, France and India the top reason for owning life insurance is to supplement their retirement income, whereas in Hong Kong, Japan, Malaysia, Singapore, Taiwan and Thailand, consumers are far more concerned about replacing the income of a wage earner.
LL Global, the parent company for LIMRA, LOMA and Secure Retirement Institute, today named Mark Poklar to lead its insurance research unit. He will report to Alison Salka, senior vice president and head of LIMRA Research.
At the National Council of Insurance Legislators “Summer” Meeting in Alexandria, Va., the organization adopted the NCOIL Private Primary Residential Flood Insurance Model Act.
When asked why they don’t have life insurance, almost four in 10 (38%) said it would be too expensive. However, the survey suggests most people probably overestimate the cost. For example, a 20-year, $250,000 term policy would cost roughly $200/year for a healthy 30-year-old male and $185 for a healthy 30-year-old female.
LL Global, Inc., the parent organization for LIMRA and LOMA, today announced it has hired John Carroll to lead its National Accounts team.
Rates for individual plans were held essentially flat, with an average increase of 0.01%, down from the average requested increase of 6.29%.
Life insurance application activity jumped shot up 9.1% in August in a year-over-year comparison by MIB Life Index.
COVID-19 definitely affected life insurance sales this quarter, a LIMRA executive says. Despite the decline in new premium, nearly half of companies reported growth in policy sales, citing increased consumer interest due to the pandemic and their ability to sell products without meeting face-to-face.
A new U.S. consumer auto insurance shopping study provides key insights to help insurers improve their engagement strategies in order to help increase policyholder retention.
The U.S. single premium buy-out sales totaled $2.3 billion in the second quarter, down 46% from second quarter 2019, according to the Secure Retirement Institute U.S. Group Annuity Risk Transfer Sales Survey.
The life/annuity industry’s net income fell by 66% in the first half of 2020, compared with the year-ago period, A.M. Best reported today, driven by a major reinsurance agreement inked between Jackson National and Athene. The deal had the effect of moving approximately $27 billion of premium out of the U.S. statutory industry population.
The ongoing pandemic combined with new principles-based reserving rules to keep life insurance sales down for the second quarter, Wink Inc. reports. The future is brighter for some products, whole life, in particular, said Wink CEO Sheryl Moore.
Law firm Grant & Eisenhofer has filed a pair of class actions against 11 insurance companies who denied coverage claims for business shutdowns due to COVID-19.
When it comes to the economy, consumers are similarly split along political lines, LIMRA reports in a new survey. Sixty-eight percent of consumers who identify as liberal continue to be highly concerned about the economy while just 44% of conservatives show this level of concern.
Queen’s iconic rock opera “Bohemian Rhapsody” knocks out Journey’s “Don’t Stop Believin’” as the top driving song this year, according to a new survey from Insurance.com.
Kent Sullivan has notified Governor Greg Abbott that he will resign as Texas Insurance Commissioner in September to return to the private sector.
Industry trade associations applauded a new rule today from the Trump administration requiring retirement plans to provide an illustration of the amount of monthly income that might be generated by an individual’s retirement savings.
