Backed by three of the world’ s largest banks, the Luma platform simplifies complex financial instruments such as structured products and annuities, as well as streamlines what has historically been a manual investment process. By partnering with CANNEX, Luma customers will receive product data and modeling support across all annuity types including fixed…
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The Department of Labor’s newest guidance on its investment advice rule’s exemption emphasizes that the rule does not extend a private right to sue and other conditions that rankled the industry with the Obama administration’s fiduciary rule.
RANDOLPH COUNTY, N.C.– Angelene Dingman, of Randleman, won a $1 million top prize from a $30 Millionaire Maker ticket, according to an NC Education Lottery news release. Dingman bought her winning ticket from the Ready Mart on North Main Street in Randleman. She had the option of taking the $1 million as an annuity of $50,000 a year over 20 years or a lump sum of $600,000.
Apr. 12— A McLeansville man struck it rich when he won a $4 million top prize on a lottery ticket, the NC Education Lottery said in a news release. Willie Crosby purchased a $4,000,000 Gold Rush ticket from Quick One Stop on N.C. 66 South in Kernersville, according to the release. The $4,000,000 Gold Rush game launched in August with three top prizes of $4 million and six…
FAYETTEVILLE, N.C.– Rose Pinkney, of Fayetteville, found herself the latest winner of a $1 million Colossal Cash prize, according to an NC Education Lottery news release. She bought her winning $30 ticket from the Speedway on Yadkin Road in Fayetteville. She had the choice of taking her prize as an annuity of $50,000 a year for 20 years or as a lump sum of $600,000.
The Virginia-based insurance giant said Tuesday it has terminated its merger agreement with China Oceanwide Holdings Group Co. Ltd., a Beijing-based company that agreed in October 2016 to buy Genworth for about $2.7 billion, or $5.43 per share in cash.
A new survey conducted by Capital Group, home of American Funds, and one of the world’s leading investment management firms, finds that investors of all ages may lack the confidence, knowledge and resources needed to be confidence in their retirement.
Tabetha Church, of Cleveland, bought a $10 scratch-off and won a $1 million prize, according to an NC Education Lottery news release.
The Peak 65 Generation— Creating A New Retirement Security Framework, an economic report released today and authored by Jason Fichtner, a senior lecturer at Johns Hopkins University’s Paul H. Nitze School of Advanced International Studies, finds that the fundamental problem is that the three-legged stool, which once served as a model for retirement income…
WEST DES MOINES, Iowa — Athene USA announced the launch of Athene AccuMax, a fixed indexed annuity that provides enhanced…
Allstate has agreed to a transaction in which Wilton Re will pay $220 million to acquire Allstate Life Insurance Company of New York. The transaction is expected to close in the second half of 2021, subject to regulatory approval and other closing conditions.
Furman Alexander Ford, 51, worked as an adviser for New York Life between 2012 and 2015. His major client, identified as “E.J.,” had inherited property worth $1.3 million, which Ford helped to sell and use the money to set up a charitable annuity.
The financial industry is fixated on boomers and their kids, the millennials, but the generation in between has the numbers and the dollars to warrant rapt attention, says Chip Roame of Tiburon Strategic Advisors.
An Acton, Mass. man was sentenced to prison in connection with a long-running scheme to steal money from clients of his investment advisor business, in which he fraudulently obtained more than $3.8 million from more than 20 clients.
Without the grace period, annuity agents and advisors in Virginia must be in compliance on May 1, which does not give enough time to get ready, IRI says.
Integrity Marketing Group today announced it is acquiring Brokers International in a blockbuster merger of industry giants.
NEW YORK, March 22, 2021 — AIG Life & Retirement, a division of American International Group, and a leading provider…
Jasmine Jirele was named president and CEO of Allianz Life Insurance Company of North America this week. She spoke with InsuranceNewsNet about the company’s plans in the annuity space, where Allianz is a market leader is registered index-linked and fixed index annuity sales.
American Council of Life Insurers President and CEO Susan Neely and National Association of Insurance and Financial Advisors Idaho President Guy Stubbs issued the following joint statement on the best interest annuity law signed recently by Idaho Governor Brad Little:. Brad Little and championed by Insurance Department Director Dean Cameron enhances…
–NexPoint Securities, Inc., a registered broker-dealer that serves as the distributor for investment products on the NexPoint platform, announced today the appointment of Brian Graime as director of annuity and insurance marketing organization distribution. For its initial expansion into insurance, NexPoint Securities will be working with insurance…
Travis Archible was “pressed for time” when he decided to try his luck on the Millionaire Maker game, the N.C. Education Lottery said Tuesday in a news release. The first was Willard Weber, who scored his lucky ticket months after splitting another jackpot with a coworker, McClatchy News reported. “His first payment was $35,384 after taxes, according to the N.C….
Allianz Life Insurance Company of North America announced today that Jasmine Jirele has been named president and CEO of Allianz Life, succeeding President and CEO Walter White, who will retire December 31, 2021. “Jasmine brings a compelling combination of strategic vision, deep customer and industry insight, and digital transformation that will help…
There could be plenty more changes in store before the investment advice rule is finally in place, said Brad Campbell, a partner at Faegre Drinker Biddle & Reath, during a Thursday webinar sponsored by the National Association for Fixed Annuities.
Each ticket matched four of the five white balls drawn— 17, 18, 37, 44 and 53— and the red Powerball, 18, to win $150,000, less applicable withholdings. Convenient Food Mart, 401 Wyoming Ave., Scranton, and a Pittsburgh retailer each sold one winning ticket and will receive $500 each. The Powerball jackpot rolled to an estimated annuity value of $169 million, or $116.1…
Lincoln Financial Group today announced that it has appointed John Kennedy as executive vice president and president of Lincoln Financial Distributors. John Kennedy, executive vice president and president of Lincoln Financial Distributors. His previous positions include senior vice president for AXA Distributors and various senior sales and…
U.S. annuity sales totaled $219 billion in 2020, 9% lower than sales in 2019, according to results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey. But in the fourth quarter, annuity sales rebounded to pre-pandemic levels.
RALEIGH, N.C.– A Halifax County man's luck has not yet run out as he has won $1 million on a North Carolina lottery scratch-off for the second time in less than a year. Back in August 2020, Weber and his coworker, Dean Glover of Littleton, split a $4 million Ruby Red 7 s top prize. Last week, he stopped at the Information Grocery on U.S. 158 in Halifax and tried his luck on a new…
Columbus, OH—March 8, 2021—Nationwide has joined with product development partner Annexus, the premier independent designer of fixed indexed annuities, to…
Fully merging Athene into Apollo Global Management creates enticing possibilities to tie investment strategies with retirement income, the executives said today. That likely leads to more annuity sales in the long run.
–Nationwide, one of the strongest, diversified, Fortune 100 insurance and financial services companies, has joined with product development partner Annexus, the premier independent designer of fixed indexed annuities, to announce the launch of Nationwide New Heights ® Select, built on the foundation of 2020′ s #1 selling income FIA with a guaranteed roll up. i.
–Apollo and Athene have entered into a definitive agreement to merge in an all-stock transaction that implies a total equity value of approximately $11 billion for Athene. Under the terms of the transaction, each outstanding Class A common share of Athene will be exchanged for a fixed ratio of 1.149 shares of Apollo common stock. Apollo Co-Founder and incoming…
Brighthouse Financial issued the following news release:. SIMON Annuities and Insurance Services LLC today welcomes Brighthouse Financial, Inc.– one of the largest providers of annuities and life insurance in the U.S.1– as the latest carrier to join SIMON's Marketplace. Myles Lambert, Chief Distribution and Marketing Officer of Brighthouse Financial,…
CLEARWATER, Fla., March 2, 2021 — AmeriLife Group, a national leader in developing, marketing, and distributing annuity, life, and health…
NEW YORK–(BUSINESS WIRE)–Equitable, a leading financial services organization and principal franchise of Equitable Holdings, Inc., today announced enhancements to its…
Not long ago, investors counted on government bonds to be the foundation of a stable retirement. For many years, bonds were the top choice of older, more conservative investors within a few years of retirement. Now, though, the soon-to-be-retired, along with those already in retirement, seek alternatives to bonds.
The U.S. single premium buy-out sales totaled $13.7 billion in the fourth quarter, up 21% from fourth quarter 2019, according to the Secure Retirement Institute U.S. Group Annuity Risk Transfer Sales Survey.
This nugget of pure gold from Albert Einstein is one of my favorite quotes, and that's saying a lot. It's no secret that the retirement system in the United States is a complete mess. According to the Employee Benefit Research Institute, in the early 1970 s, more than 80% of workers with an employer-sponsored retirement plan had a defined-benefits pension.
In its annual report released Wednesday, the Columbus-based giant reported total sales of $46.6 billion for 2020, a drop from the $49.3 billion reported in 2019 and the end a streak of several years of sales growth. Net operating income likewise fell from $1.9 billion in 2019 to $797 million in 2020.. CFO Mark Thresher said the drop in sales stemmed in part from a…
Throughout 2020, the majority of the more than 1.1 million participants in over 1,000 John Hancock open architecture defined contribution plans lost relatively little ground in their efforts to save for a secure retirement.
LINCOLN COUNTY, N.C.– If Allen Boger's Chevy Silverado had not been low on gas and if the first lottery ticket he wanted to buy had been in stock, then he never would have ended up with a $10 million prize, according to an NC Education Lottery news release. “It took a couple of twists of fate for this to happen,” said Boger, a car salesman from Denver, as he collected his prize…
The DOL rule took effect Tuesday, but the department and the Internal Revenue Service are both deferring compliance with the new rules until Dec. 20 as long as the “impartial conduct standards” are met. That means the recommendation is made to a best interest standard, it has no materially misleading statements and reasonable compensation.
WASHINGTON, Feb. 17, 2021 /PRNewswire/ — A new white paper from Greenwald Research and CANNEX analyzing research conducted in the days…
Fourth-quarter gross annuity sales of $1.8 billion doubled from the year-ago quarter. The company’s positive annuity report was driven by increased gross sales at Eagle Life (up 630%) and American Equity Life (up 103%).
_ American Equity Investment Life Holding Co. on Wednesday reported fourth-quarter earnings of $8.7 million. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of 98 cents per share. Three analysts surveyed by Zacks expected $534.5 million.
American International Group is open to taking on a minority partner for its Life & Retirement business, but the insurer is moving ahead with selling the 19.9% stake through a public offering. The company announced plans to sell the Life & Retirement stake in October.
PEMBROKE, Bermuda _ Athene Holding Ltd. on Wednesday reported fourth-quarter net income of $1.09 billion. The Pembroke, Bermuda- based company said it had profit of $5.44 per share. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.16 per share.
There are still plenty of options on the table for the Biden administration to reshape the rule — a holdover from the Trump administration. The investment advice rule itself was a replacement for the unpopular fiduciary rule published by the Obama administration.
–The Alliance for Lifetime Income, a non-profit consumer education organization devoted to helping Americans address the risk of outliving their retirement income, today released the Second Edition of its Annuities Language Glossary. This new resource for consumers and financial professionals builds on the original glossary by adding new terms and…
Feb. 13— Somebody in North Carolina paid $2 for a ticket that hit a Mega Millions jackpot in Friday's national drawing, N.C. lottery officials said Saturday. No one hit Friday's Mega Millions jackpot, which climbs to $96 million for Tuesday's drawing, officials said. The $96 million, if you somehow beat the odds of 1 in 302 million, can be taken as an annuity or $69.4…
The Department of Labor announced today that its investment advice rule — a holdover from the Trump administration — will take effect as scheduled Feb. 16. There had been speculation that President Joe Biden would withdraw the rule in favor of a rule that closer mirrored the fiduciary rule put forth by the Obama administration.
Brighthouse Financial has been increasing fixed annuities, which is counter to what many other carriers are doing because of the pressure of low interest rates and capital intensity. But rates decreased from about 1.5% to around 1% in the fourth quarter, company executives said.
_ Brighthouse Financial Inc. on Wednesday reported a loss of $1.03 billion in its fourth quarter. The average estimate of three analysts surveyed by Zacks Investment Research was for earnings of $2.73 per share. Brighthouse Financial shares have risen 16% since the beginning of the year.
–CNO Financial Group, Inc. today announced that for the quarter ending December 31, 2020, net income was $111.8 million, or $0.80 per diluted share compared to net income of $278.0 million, or $1.84 per diluted share in 4 Q19. Net income for the year ended December 31, 2020, was $301.8 million, or $2.11 per diluted share, compared to $409.4 million, or $2.61 per diluted…
COLUMBUS, Ohio – Nationwide and Annexus Retirement Solutions today announced that they have partnered to bring to market Lifetime Income…
Cetera announced a deal today to acquire certain assets related to the independent financial planning channel of Voya Financial Advisors (VFA).
Prudential plans to halve the share annuities contribute to its earnings, a downsizing the insurer aims to accomplish through sales, reinsurance deals and expiring policies. Charles Lowrey, chairman and CEO, said the company strategy is centered on Prudential’s $750 million cost savings plan.
Lincoln accelerated its shift from fixed to variable products over the past year, one of the moves that helped shore up the company’s bottom line. Revenues grew in the fourth quarter, executives said this morning. Still, COVID-19 deaths put a dent in company earnings for the quarter.
Cheryl Ratliff of Wingate won the last of three top $10,000 Loaded prizes, thereby ending the popular game that launched in October 2019, officials said. Ratliff bought her winning $20 ticket at Claws on North Charlotte Avenue in Monroe, officials said. Ratliff had a choice of an annuity of $200,000 a year over 20 years and a $2.4 million lump sum.
–Beacon Annuity Solutions ®, a leading provider of cloud-based annuity software and compliance solutions, today announced American International Group, Inc., a global insurance organization, has joined a growing list of Annuity Switchboard ® partners. Annuity Switchboard ®, a Beacon Annuity Solutions service, is a fully automated data delivery platform…
Jan. 31— Joe Judge and Sholam Weiss were born in the same Scranton hospital and immediately began moving in different directions. For eight years, Judge chased Weiss in Israel, Belgium, Brazil and the United Kingdom before catching him in Austria. Abagnale, played in the 2002 film by Leonardo DiCaprio, rings up Hanratty, portrayed by Tom Hanks, every Christmas Eve.
