Arthur J. Gallagher & Co. acquired Partners Advantage Insurance Services and AMZ Financial Insurance Services on Jan. 28. The move marked the first substantial entry by Gallagher into the independent marketing organization channel of insurance distribution.
Read moreOhio National tells a federal judge that “and” is the key word in its selling agreements. If the judge agrees, then the insurer’s controversial decision to end trail commissions on certain variable annuity contracts might stand.
Even if the stock market rebounds from last year, a fixed indexed annuity still provides more retirement income than the same investment in the S&P 500. The major drawback is liquidity, but this is where an advisor can make the difference through effective planning.
Market volatility and loss make this the right time for clients to turn to the security of a fixed indexed annuity.
A retirement plan has two major objectives. One is to provide assurance that you will not run out of money at an advanced age. Reflecting this objective, and because only an annuity pays you until you die, with few exceptions every retirement plan should contain an annuity.
Dramatic moves in the market may cause you to question your strategy or worry about your money. When the market moves it can be a good reminder to review investments regularly. Diversification1 can help the overall risk in your portfolio and match your personality and goals.
At its annual all-company meeting, Securian Financial announced solid preliminary 2018 financial results, including year-over-year increases in total sales, top-line revenue and earnings. “In 2018, Securian Financial achieved strong financial performance while significantly advancing our strategic priorities and increasing our community…
The Securities and Exchange Commission issued the following news release:. The Securities and Exchange Commission today announced that it is extending for one month the comment period on the proposed rulemaking to amend rules and forms to help investors make informed investment decisions regarding variable annuity and variable life insurance…
Feb. 15– A historic home in Pasadena, the Kelsey House, is the grand prize in this year’s Palos Verdes Art Center Dream House Raffle. The 2,803- square-foot home, set on a woodsy, two-thirds acre above the 7th fairway of the Annandale Country Club, was designed in 1962 by noted architects Thornton Ladd and John Kelsey for Kelsey and his family. The house last sold for…
RGA Life Reinsurance Company of Canada, a subsidiary of Reinsurance Group of America, Incorporated, a leading global life reinsurer, today announced the completion of a transaction with The Manufacturers Life Insurance Company to reinsure longevity risk from an in-force block of Canadian group payout annuities. “We have a long-standing partnership with…
DPL Financial Partners and Jackson National Life Insurance Company have an new agreement to bring the carrier’s advisory annuity products to fee-only advisors. The deal represents Jackson’s first distribution partnership targeting the independent RIA channel.
_ Brighthouse Financial Inc. on Monday reported fourth-quarter net income of $1.44 billion. On a per-share basis, the Charlotte, North Carolina- based company said it had net income of $12.14. Brighthouse Financial shares have climbed 17 percent since the beginning of the year.
AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” from “bbb+” and affirmed the Financial Strength Rating of B++ (Good) of EquiTrust Life Insurance Company (EquiTrust).
That’s the big question I’m always asked. By the time you are ready to put in your final notice, you’ve got money squirreled away in a million different places; 401 s, IRAs, Roth IRAs, brokerage accounts, savings accounts the list goes on. And all you really want to know is, “How do I actually take the money out?
Feb. 08– A South Carolina woman was grocery shopping when she decided to treat herself to a birthday gift, and bought a Powerball ticket, the North Carolina Education Lottery said in a news release. Konopacke was shopping at a Publix in Hendersonville, and was in her car about to leave the parking lot when she realized she had not bought a Powerball ticket, according…
The Alliance for Lifetime Income, formed last year to promote retirement income options, has signed on as the sole sponsor of The Rolling Stones’ 2019 “No Filter” U.S. stadium tour. The tour kicks off April 20 at the Hard Rock Stadium in Miami and continues into late June.
Feb. 05– A South Carolina man drove across the border to play Carolina Keno, his favorite NC lottery game, when, on a lark, he also bought a scratch-off ticket in a different game, NC Education Lottery officials said in a news release Tuesday morning. Mark Murphy of Lancaster is glad he did, as he won a $1 million prize with the $10,000,000 Colossal Cash scratch-off…
Ohio National tells a federal judge that “and” is the key word in its selling agreements. If the judge agrees, then the insurer’s controversial decision to end trail commissions on certain variable annuity contracts might stand.
A letter signed by 14 IMO executives was sent last month to the leading trade associations that represent annuity sellers. They say trade groups are too accepting of best-interest ideas put forth by the National Association of Insurance Commissioners.
The Lawsuit Alleges a Violation of Florida’s Deceptive and Unfair Trade Practice Act, Tortious Interference.
Several ways exist for individuals to leave assets to their favorite charities. The following are some examples of how that can be done:. Using your will and trust to make gifts to charities by making specific gifts in those documents;.
Ameriprise Financial, Inc. today reported fourth quarter 2018 net income of $539 million, or $3.76 per diluted share. Adjusted operating earnings excluding items increased 12 percent to $544 million, with adjusted operating earnings per diluted share excluding items up 21 percent to $3.80. These market challenges also create opportunities for Ameriprise…
Accenture has integrated RGA’ s AURA ® underwriting rules engine into the Accenture Life Insurance and Annuity Platform, making ALIP the first such platform to provide an out-of-the-box option. “Until now, underwriting time and capacity constraints have impeded the progress of fully underwritten and simplified-issue life insurance products,” said Patti…
Lockheed Martin Corporation has transferred approximately $1.8 billion of its pension obligations by purchasing a group annuity contract from The Prudential Insurance Company of America, a subsidiary of Prudential Financial, Inc.. Peggy McDonald, a Prudential vice president who helped negotiate this agreement, said,“ We are proud that Lockheed Martin…
MetLife will pay retroactive benefits to policyholders in New York State and elsewhere totaling more than $189 million. The insurer has already paid $123 million of the approximately $189 million to consumers whose group annuity benefits had been lost or delayed.
–Today, DPL Financial Partners, the insurance network for registered investment advisors, and Security Benefit Life Insurance Company launched a new fixed index annuity built in response to feedback from DPL’ s RIA members. “The launch of this ClearLine FIA reflects the power of the DPL network in action,” said DPL Founder and CEO David Lau.“ We gathered feedback…
Even if the stock market rebounds from last year, a fixed indexed annuity still provides more retirement income than the same investment in the S&P 500. The major drawback is liquidity, but this is where an advisor can make the difference through effective planning.
Arthur J. Gallagher & Co. is acquiring Partners Advantage Insurance Services, a blockbuster deal that gives the Chicago-based insurance giant an entry into the insurance marketing organization space. Established in 1927, AGC is the third-largest insurance broker in the world.
Market volatility and loss make this the right time for clients to turn to the security of a fixed indexed annuity.
The business to be transferred, which has been marketed under the Great-West Financial brand, includes bank-owned and corporate-owned life insurance, single premium life insurance, individual annuities, and a portion of Great-West’s closed block life insurance and annuities.
“With Bermuda’ s leadership position within this industry, it is paramount to have a strong presence at ReFocus to continue raising our profile and attracting further interest from prospective clients,” said Jereme Ramsay, Business Development Manager for Risk Solutions at the BDA.“ The content and audience offer a natural fit for Bermuda- based carriers and…
Joe Wilson, R- S.C., has introduced legislation to amend title 10, U.S. Code, “to repeal the requirement for reduction of survivor annuities under the Survivor Benefit Plan for military surviving spouses to offset the receipt of veterans dependency and indemnity compensation.” John A. Yarmuth, D- Ky. It was referred to the House Armed Services Committee.
Brighthouse joins other insurers such as Allianz, Jackson National and Global Atlantic on the Envestnet exchange. The platform is designed to help advisors from a need-specific versus a product-specific perspective, so as to steer client discussions toward protecting income and then searching for a solution via software.
LPL Financial broker Lance Browning refiled a lawsuit Friday seeking damages from Ohio National’s surprise decision to cut trail commissions on certain variable annuities. The plaintiff strategy is shifting from a class-action request to individual lawsuits on behalf of brokers, an attorney said.
Less than four years after producing Actuarial Guideline 49, the NAIC is ready to tackle indexed universal life illustrations yet again. An IUL illustration subgroup has a 2019 charge to “provide recommendations for modifications to AG 49.”
Despite much speculation from various industry sources saying that the SEC could have a final Regulation Best Interest rule as early as the first quarter, no one knows when in 2019 to expect the final ruling. The government shutdown has likely put work behind schedule and little is getting done, analysts say.
Securian Financial has launched SecureOption ® Choice, a new fixed deferred annuity designed to give financial professionals a competitive edge in the multi-year guaranteed annuity marketplace. SecureOption ® Choice is available to all Securian Financial- approved distribution channels. These ratings are assigned to the following Securian…
–Simplicity Group Holdings is pleased to announce that it has acquired Davis Life& Annuity, one of the longest-standing and most successful independent insurance distribution companies in the country, and that it welcomes Jon and Trent Davis as its newest Principals. Davis Life& Annuity will begin its brand transition to Simplicity Des Moines effective…
The Department of Labor’s fiduciary rule muted annuity sales early in 2018, but sales ended the year promising as the industry forged ahead with procedures and policies designed to help increase clarity and simplicity, and provide even greater access and understanding to advisors and investors. So what lies ahead?
WASHINGTON (Jan. 8, 2019) — NAFA, the National Association for Fixed Annuities, is pleased to announce that, after a comprehensive…
Menes Chee, a Blackstone Senior Managing Director, said: “We are pleased to partner with Annexus and support the company in its next phase of growth. “We offer solutions uniquely positioned to solve some of the biggest retirement risks facing Americans today,” said Annexus Co-Founder Don Dady. ” “Strategic partnerships are the strength and foundation of the Annexus…
Keith Corlett will be nominated Superintendent of the New York State Police. He also serves on the State Police Executive Portfolio Review Board, the New York State Interoperable and Emergency Communications Board, the New York State Municipal Police Training Council. Mr. Corlett holds a B.A. from the State University of New York at Stony Brook and a M.P.A. from…
The year in life insurance and annuities featured lots of surprising news about companies moving in and out of the business. In addition, sales numbers hit new lows before bouncing back at year’s end, and new products and strategies also attracted reader interest.
Ohio National responded to a pair of lawsuits filed in the Southern District of Ohio court seeking to overturn its decision to cut trail commissions on certain variable annuities. The insurer denied all claims by an Arkansas broker-dealer, while asking the court to dismiss a lawsuit by a Texas broker.
A resurgence in index annuities reminds us that they are a great choice for clients.
HOLON, Israel, Dec. 19, 2018/ PRNewswire/– Sapiens International Corporation,, a leading global provider of software solutions for the insurance industry, today announced the general availability of the Sapiens ALIS 8 policy administration suite for life insurance companies worldwide. The Sapiens ALIS 8 suite features enhanced group functionality, and…
LOUISVILLE, KY., Dec. 17, 2018 – DPL Financial Partners (“DPL”), the insurance network for registered investment advisors, today announced an…
All signs point to 2019 being a good year to be a financial advisor. The regulatory shackles are in abeyance, while surveys show consumers are happier and better prepared when they get financial advice. In addition, annuities are on the way back and more Americans are gaining access to retirement plans.
Ohio National officially broke service contracts today on select variable annuities with a guaranteed minimum income benefit rider. Producers continue to have questions about what that precedent-setting decision means, but all are waiting on a federal court to decide on lawsuits.
Fixed index annuity sales and variable annuity assets hit record quarterly highs during the third quarter, according to the Insured Retirement Institute. Deregulation and product innovation are expected to fuel strong annuity sales into 2019, one analyst says.
WINDSOR, Conn., Dec. 11, 2018 – U.S. single premium pension buy-out product sales topped $6.2 billion in the third quarter 2018. This…
A National Association of Insurance Commissioners’ working group is satisfying neither side with an annuity sales model law that is out for public comment. The draft avoids many of the controversial issues the working group debated over the past year.
PEMBROKE, Bermuda—- Athene Holding, Ltd., a leading provider of retirement services products, has announced nearly $1 billion of combined capital deployment through a block reinsurance transaction with Lincoln Financial Group and a new share repurchase authorization. Block Reinsurance Transaction with Lincoln Financial Group. Athene’ s subsidiary, Athene…
–Come December 13, 2018, thousands of advisors will be out tens of millions of dollars as a result of Ohio National Life Insurance Company’s termination of trailing commission payments on its variable annuities with guaranteed minimum income benefit riders. Those harms are what led to the filing of a federal class action lawsuit by securities attorneys…
Up to 14 states are ramping up efforts to put agents under a fiduciary duty. New York is furthest along with a best interest rule, which faces an industry lawsuit that could be decided early in 2019. Otherwise, the NY rule is slated to take effect in August 2019.
AM Best cited increased profitability, improved regulatory and tax environments and a strengthening U.S. economy in adjusting its 2019 life insurance/annuities outlook from negative to stable. Also, an overall reduced balance sheet risk due to a proactive approach taken by companies in recent years is seen as a positive trend.
Insurance Department Consumer Liaison David Buono today urged Area Agency on Aging leaders to educate seniors who visit their centers about the beefed-up consumer protections around annuities, contained in Act 48 signed by Governor Wolf in June. “This law is an important part of Gov. Wolf’s consumer protection agenda, and will go a long way toward protecting…
Athene Holding says a “first-of-its-kind” pension plan termination transaction with Bristol-Myers Squibb covers more than 24,000 active employee participants, retirees, beneficiaries, and former employees. Athene will administer annuity contracts that could total $3.8 billion in the deal.
A.M. Best recently met with the Ohio National management team to discuss a series of recent events, including the insurer being sued several times for a decision to end trail commissions on certain annuities. A.M. Best is sticking with its strong ratings for now.
An “annuity stretch” gives nonspouse beneficiaries a little-known way to receive income and defer taxes.
State insurance commissioners are wrestling with whether to adopt a ‘best-interest’ standard, either explicitly or implied. What would the implications of that move be?
Third-quarter fixed indexed annuity sales were $18 billion, 38 percent higher than 3Q 2017 and 2 percent higher than second-quarter sales results.
The National Association of Insurance and Financial Advisors’ New York chapter filed a lawsuit to stop the state’s controversial best-interest rule. The rule is “arbitrary and capricious” and was crafted outside of the New York Legislature, the lawsuit claims, which has the proper authority.
