Department of Labor officials alerted the White House Wednesday that it has completed work on a reworked rule to regulate investment advice to workers and retirees. No details are available on any changes to the rule, which could be rescinded by the incoming Biden administration.
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Wink reports that deferred annuities sales came to $54.2 billion, an increase of more than 18% over the devastating second quarter. However, the $54.2 billion still falls short of where sales have been in the past, said Sheryl J. Moore, president and CEO of both Moore Market Intelligence and Wink, Inc.
Federal prosecutors have upped the ante against the self-proclaimed “Annuity King” of Sarasota, Fla. Additional charges of filing false income tax returns and tax evasion were slapped last week against Phillip Roy Wasserman, who the U.S. Attorney’s Office has accused of bilking elderly investors out of at least $6.3 million.
–Ohio National Financial Services announces that Barbara A. Turner, CRCP, president and chief operating officer, was elected president and chief executive officer by the board of directors of Ohio National Financial Services in November 2020. Turner’ s new position is effective January 1, 2021, following the retirement of Gary T.“ Doc” Huffman, CLU, ChFC, chairman…
The Independent Insurance Agents and Brokers of America issued the following news release on Nov. 20:. The Big “I” and Trusted Choice (R) are pleased to announce the launch of the Guaranteed Income Program in partnership with the Nationwide Life Insurance Company and the Principal Financial Group (R). “Lifetime income annuities are a great way for independent…
FlexGuard, Prudential Financial’s first indexed variable annuity product, achieved $1 billion in sales less than six months after launch, making it the fastest-selling product of its kind ever, according to annuity sales data from the Secure Retirement Institute.
The new study from the Longevity Project in collaboration with Principal Financial Group ® and the Stanford Center on Longevity, explores the implications of longevity in retirement and potential policy and industry recommendations. “While helping Americans save enough for retirement must continue to be a critical priority, our research points to the…
Fixed-rate deferred annuity sales surged 60% in the third quarter to $15.8 billion, driven in part by strong sales through banks, according to the Secure Retirement Institute (R) U.S. Individual Annuity Sales Survey. With $6.54 billion in fixed-rate deferred sales in the third quarter– nearly $3 billion higher that the second quarter– bank sales represented…
Mayor de Blasio announced the agreement with the Uniformed Sanitationmen’ s Association on Monday afternoon, noting the city has now secured a total of $722 million in labor savings that will go toward filling $5 billion in budget shortfalls projected through 2022.. For months, de Blasio had been pleading for President Trump and the Republican-controlled…
While most companies have moved away from offering pensions as a retirement benefit for employees, some baby boomers nearing retirement still have these plans available and will need to make important decisions about how best to use these funds to support their retirement goals. Deciding when to receive pension income plans and how to structure the payout…
The Life Insurance and Annuities Committee gave consumer advocate Birny Birnbaum 20 minutes to make the case for new illustration rules. The overall life insurance illustration model regulation #582 was a very lengthy, acrimonious process that took years before the NAIC adopted it in 1995.
Brighthouse Financial credits the company’s strong showing in annuities to consumer demand and the sales force’s ability to pivot during the pandemic.
The plan is to sell 19.9% of the life/retirement business, either through an initial public offering, commonly called an IPO, or a private sale. It “will not consider” selling more than that, said Zaffino, who will become CEO on March 1, 2021, and remain president of AIG.
Lincoln Financial expects “to bottom out” during the fourth quarter, CEO Dennis Glass said of life and annuity sales, and the company is preparing to roar back in 2021 with eight new products lined up. Glass spoke today during a conference call with analysts to review third-quarter earnings.
Merger Agreement With China Oceanwide Holdings Group Co., Ltd Extended To November 30, 2020; Oceanwide Has Made Significant Progress On Transaction Funding U.S. Mortgage Insurance Segment Adjusted Operating Income Of $141 Million Primarily Driven By Lower Levels Of New Delinquencies And Incurred But Not Reported Favorability $26.6 Billion In New…
Prudential Financial is discontinuing all sales of variable annuities with guaranteed living benefits, eliminating its Highest Daily Income and Prudential Defined Income annuity products. The move is needed as the insurer recalibrates amid economic uncertainty and ultra-low interest rates, CEO Charlie Lowry said.
Athene is in an deal-making mode, President Bill Wheeler said, but will be looking elsewhere. American Equity rejected a $3 billion takeover bid put forth earlier this month by MassMutual and Athene, and is instead going into business with Brookfield Asset Management.
A Cannex researcher and executives from AIG and Delaware Life review some of the tough lessons being meted out by the pandemic. One key realization is that consumers’ short-term concerns are putting their long-term needs on the back burner.
Record quarterly organic deposits for the second consecutive quarter of $7.4 billion, increasing 31% year-over-year, and underwritten to returns in excess of targets Strong execution across organic and inorganic funding channels year-to-date drove robust net invested asset growth of 18% year-over-year, while maintaining high credit quality across…
Jackson National Life Insurance Co. became the latest insurer today to announce layoffs due to the pandemic business slowdown. The company said it is laying off about 150 people, a company spokesman confirmed in an emailed statement.
Superintendent of Financial Services Linda A. Lacewell today announced that the Department of Financial Services has entered into a consent order with Principal Life Insurance Company for violations of New York Insurance disclosure and suitability regulations in deferred to immediate annuity replacement transactions. “Today's settlement provides…
An industry leader in fixed index annuities, American Equity held a conference call Friday to discuss third-quarter earnings. Gross sales of $574 million were down 56% over the third quarter 2019.
Co-producer of The Washington Update, Jeff Bush said the race is looking similar to 2016 in a lot of ways. President Donald Trump can pull out another comeback win if he can just convince enough voters that the COVID-19 pandemic is getting under control.
Des Moines, Iowa – October 27, 2020 – A new study from F&G, a leading provider of fixed indexed annuities…
SAN FRANCISCO and WEST DES MOINES, Iowa, Oct. 28, 2020 /PRNewswire/ — Midland National Life Insurance Company (Midland National) and RetireOne …
Total annuity sales were $54.8 billion in the third quarter, up 13% from the second quarter, but down 8% from 3Q 2019, according to preliminary results from the Secure Retirement Institute U.S. Individual Annuity Sales Survey.
Advisors embraced innovation and technology as COVID-19 forced them to engage with clients in new ways. But will they go back to the old ways of doing business? A group of panelists at the Annuity Distribution Summit shared their thoughts.
The share of protected US households, those with either a pension or annuity, grew from 37% in 2019 to 40% this year, representing approximately 3.1 million newly protected households. Additionally, the study determined that this year’s increase is attributable to annuity ownership.
If you ever have presented an annuity solution to a client or prospect, you have probably heard the reasons why they didn’t think an annuity was the best solution. Here are some reasons why an annuity is the best solution.
–The SECURE Act opened a new era of opportunity for retirement plan participants– expanding the ability for plan sponsors to help participants not only plan for retirement, but also live in retirement. One way the Act will help is by making in-plan annuities within defined contribution plans such as 401 s and 457 s more accessible and portable than before.
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.
This was easier in 1981, when yields, another term for interest, on the benchmark 10- year U.S. Treasury note reached 15.8 percent. Interest rates on the 10- year Treasury now are less than 1 percent. For example, high-yield bonds may create more income, but they are typically subject to greater price volatility than Treasury bonds.
BROOKFIELD, NEWS, Oct. 18, 2020– Brookfield Asset Management Inc. today announced a strategic partnership with American Equity Investment Life Holding Company, a leading retirement planning annuity provider. The partnership establishes Brookfield as a 19.9% cornerstone investor and reinsurance counterparty of AEL, supporting continued growth…
Historically, annuities have lived in the insurance world, with financial advisors largely uninterested. Several trends are combining to break down that wall, however, many advisors remain resistant. They shouldn’t be, said David Lau, founder and CEO of DPL Financial Partners.
The Department of Labor could publish a final version of its investment advice rule any day now — but the 10-year regulation saga is far from over. Even is President Donald Trump wins a second term, DOL rule opponents, of which there are many, still have avenues to kill the regulation. Here are two.
“The Equita Group’s purpose is centered around providing peace of mind,” said AmeriLife Chairman and CEO, Scott Perry. “Their mission meshes seamlessly with that of AmeriLife, and we’re thrilled to have Eric Brennan, Ben Boman and the entire Equita Group team join the AmeriLife family of companies. Their success in the final expense market, and their expanding…
–Nationwide, one of the strongest, diversified, Fortune 100 insurance and financial services companies, announced that Nationwide annuities ranked No. 1 in the J.D. Power 2020 U.S. Nationwide ranked No. 3 for its Individual Life products. “Nationwide has a deep commitment to protecting people, businesses and futures with extraordinary care, so we take great pride…
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.
MINNEAPOLIS – Oct. 13, 2020 – Americans with employer-sponsored retirement plans continue to express high levels of interest in guaranteed…
Citing COVID-19 impacts, insurers have pleaded with regulators to reduce the 1% nonforfeiture rate. The 10-year Treasury rate fell well below 1% amid the virus outbreak in March and has not recovered, making it very hard for insurers to make good on product guarantees.
SAN FRANCISCO and BIRMINGHAM, Ala., Oct. 8, 2020/ PRNewswire/– RetireOne ® and Protective ® are teaming up to bring a new, low-cost advisory variable annuity to market. “After acquiring Great-West last year, our goal was to capitalize on competitive positioning in the advisory marketplace by delivering solutions that offer tremendous value for investors and the…
–CUNA Mutual Group Annuities is enhancing the advisor-client conversation by introducing a new digital version of the Behavioral Finance Advice approach to investing, which features new tools and client sales aides for advisors. CUNA Mutual Group introduced the Behavioral Finance Advice program in 2019 to help advisors speak to clients in a way that…
–Northwestern Mutual Chairman, President and CEO John Schlifske today announced senior leadership changes to support the company’s strategy and ensure growth and development opportunities for leaders. Lueken has held several roles in the company’s investment area, most recently as the leader of Northwestern Mutual Capital, the private securities team…
CHARLOTTE, N.C.– Patrick Burdick, of Charlotte, was on his way to pick up a prescription at his grocery store when he stopped at a lottery vending machine in the store and later won $1 million, according to an NC Education Lottery news release. When he saw the ” $1 MIL,” he said he knew then his ticket, bought at the Harris Teeter on John J Delaney Drive, was worth $1 million.
COVID-19 fueled a surge in early retirements. Here’s what your client needs to consider if they are planning to leave the workforce sooner than they planned.
MassMutual would own American Equity but retain its managers and employees in the deal. Athene is backing the deal with $3 billion at its disposal, with another $3 billion available, according to the specifics of the offer.
WEST DES MOINES, Iowa& MINNEAPOLIS& NEW YORK—- American Equity Investment Life Holding Company, a leading issuer of fixed index annuities, Värde Partners, a leading global alternative investment firm, and Agam Capital Management, LLC, an insurance solutions provider, announced they have reached agreement in principle to form a strategic partnership intended…
–RightCapital, Inc. and Allianz Life Insurance Company of North America today announced their new partnership. “Managing risk within retirement is an important part of a holistic retirement plan,” said Eric Thomes, chief distribution officer for Allianz Life. “At RightCapital, we are committed to enhancing the financial planning experience for advisors and…
Clearwater, Fla. – September 23, 2020 ‒ AmeriLife Group has acquired a majority interest in The Achievement Group. TAG is…
MINNEAPOLIS – Sept. 23, 2020 – As markets settle from initial COVID-19-related health and economic crises, Americans are evaluating the…
Many annuity manufacturers adopted product designs that essentially share the downside risk with the consumer. That gave rise to the registered index-linked annuities, which continue to post impressive sales numbers. Through the first half of 2020, RILA sаles were $9.4 billion, up 22% from the first hаlf of 2019.
MaxProtect™ joins CUNA Mutual Group’s already-robust portfolio of annuities, which had fourteen mentions in Barron’s 2020 Top 100 Annuities list. “If the past nine months have taught us anything, it’s that few things in life are guaranteed,” said Dave Hanzlik, Vice President of Annuity and Retirement Solutions, CUNA Mutual Group. With the minimum purchase amount…
More than half of Gen X-ers and 40 percent of Baby Boomers have never given advice to their children about planning for retirement, according to a new study from North American Company for Life and Health Insurance. One retirement industry leader says this lack of discussion about money matters can have a big impact on the future of savings.
The problem for the DOL is one of time. There might not be enough of it to do a major rewrite, and all of the analysis and legal testing that goes along with that. Ideally, the agency would need to publish its final rule by Nov. 1 at the latest, a former DOL official said Wednesday.
This level of functionality is vital, especially at a point in time when best interest standards are increasingly prevalent, to help agents and advisors demonstrate that they've done their homework and shopped the market for the most suitable product to fit the client's needs, “stated Robert Vandy, President at Advisor Insurance Brokers.
Columbus, OH —September 14, 2020— As the pandemic’s impact collides with powerful systemic pressures putting more responsibility on individuals to…
Frequently sought out by government and practitioners to help educate about, and craft solutions to address, modern challenges in the retirement income market, Professor Milevsky is an award-winning thought leader, and is excited to collaborate with Guardian Capital, on an exclusive basis in Canada, to provide his knowledge, experience and speaking prowess…
–SS&C Technologies Holdings, Inc. today announced that Nationwide, a leading insurance and financial services company, has partnered with SS&C to support and enhance its advisor-sold retirement plan platform. “Partnering with SS&C will allow Nationwide to accelerate our efforts to offer the value-added solutions that today’s plan sponsors and…
The COVID-19 pandemic, economic turmoil and market fluctuations are testing the messages that annuity sellers use to market products. Those…
The Department of Labor’s newest version of the investment advice rule requires a financial institution to be liable if a sale involves trail commissions. But insurance marketers are not considered financial institutions and life insurance companies don’t want to be responsible for independent insurance agents that they don’t control.
