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Great American Life Introduces New Fixed Annuity For The RIA Market

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Great American Life Insurance Company ®, a leading provider of annuities, launched the Advantage 5 SM Advisory, its first fee-based fixed annuity, deepening the company’ s commitment to the registered investment advisor channel. The Advantage 5 Advisory offers steady returns with an interest rate that is guaranteed for the product’ s initial five-year term.

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AM Best has revised its market segment outlook to stable from negative as the segment has experienced a number of improvements, including capital market gains and diversified earnings streams that helped offset the mortality impacts of the pandemic. In its new Best’ s Market Segment Report,“ Market Segment Outlook: U.S. Life/Annuity,” AM Best states that…

AmeriLife Group, LLC, a national leader in developing, marketing, and distributing annuity, life, and health insurance solutions, today announced that it has hired Jim Palmer as President, Direct to Consumer. Palmer, reporting to AmeriLife Chief Marketing Officer Ovi Vitas, will partner with AmeriLife’ s executive team and ownership group Thomas H. Lee Partners to…
Americans say annuities are a key part of a good retirement plan.

When financial professionals were asked to build their ultimate $1 million retirement income portfolio for an average client, they would allocate just 20% of the assets to bonds, while putting 18% into annuities.

Wink, Inc., the competitive intelligence firm specialized in providing life insurance and annuity product data to the industry, announced Victoria…

Taking another step to becoming the annuity company of choice for registered investment advisors and their fee-only advisors, Pacific Life today announced the launch of Pacific Harbor, a new multi-year guaranteed fixed annuity with no withdrawal charges. We’ ve designed Pacific Harbor to offer a more competitive interest crediting rate for the RIA market…
Variable annuity sellers might have to comply with more than one new regulation.

Speaking last month at the American Law Institute Continuing Legal Education 2021 Conference, Commissioner Allison Herron Lee told life insurance company lawyers that variable annuity issuers will have to comply with the SEC’s Regulation Best Interest.
Deferred annuities sold well in the third quarter, despite a decline over 2Q.

Third-quarter sales for all deferred annuities totaled $59.8 billion, a decrease of 7.1% compared to 2Q and an increase of 10.4% when compared to 3Q 2020, Wink reports.

State Street Global Advisors, the asset management business of State Street Corporation, in partnership with the University of California, today announced that IncomeWise™, a deferred lifetime income solution, has launched within the University of California’ s defined contribution plans that serve more than 300,000 participants and include over $34.6…

–North Carolinians have the chance on Monday night to play for a Powerball jackpot that now exceeds a quarter of a billion dollars, according to an NC Education Lottery news release. The Powerball jackpot weighs in at $253 million as an annuity or $178.9 million cash. The jackpot has been growing since the Oct. 4 drawing when a ticket sold in California won a $699.8…
The Department of Labor is attempting to further regulate sales of financial products with retirement dollars.

Officially, the Employee Benefits Security Administration plans to issue the new fiduciary rule by next month, according to DOL’s regulatory agenda. But nobody expects that to happen.
Annuity sales continue to climb higher.

Total U.S. annuity sales were $62.3 billion in the third quarter, up 12% from third quarter 2020. Year-to-date, annuity sales increased 19% to $191.4 billion, according to results from the Secure Retirement Institute.

Fidelity Investments today announced Guaranteed Income Direct, a retirement income product that allows individuals to convert a portion of their 401 or 403 savings into an annuity to provide consistent, pension-like payments 1 throughout retirement. With nearly eight million workers 2 on Fidelity’ s workplace savings platform nearing retirement,…

WASHINGTON, Nov. 18– The American Council of Life Insurers issued the following statement:. American Council of Life Insurers President and CEO Susan Neely, National Association of Insurance and Financial Advisors CEO Kevin Mayeux and NAIFA Kentucky Immediate Past President Brian Wilson issued the following joint statement on the annuity best interest…

–The Penn Mutual Life Insurance Company, a Fortune 1000 company, recently introduced the Guaranteed Minimum Accumulation Benefit Rider II as an optional benefit to its Smart Foundation Variable Annuity products. "The GMAB II Rider is one of the most client-friendly, flexible guaranteed minimum accumulation riders in the marketplace," said Heather Yonosh,…

NEW YORK – November 11, 2021 – Equitable announced the continued expansion of its variable and index-linked annuity product distribution in…

Friday, November 5 Kraus went to the Wisconsin Lottery offices in Madison to claim his winning Megabucks jackpot ticket, worth $5.2 million annuity or $4 million in cash. It is the largest Wisconsin Lottery prize won in 2021 so far. Purchased at the Kwik Trip #650, 1601 Landmark Dr., Cottage Grove, the winning ticket numbers were 7-18-27-38-41-43. Kraus's win came…

Jackson Financial Inc. today announced financial results for the three months ended September 30, 2021. Net income of $206 million, or $2.18 per diluted share, included the impact of non-economic hedging losses under U.S. GAAP accounting Adjusted operating earnings 1 of $487 million, or $5.16 per diluted share, down from the third quarter of 2020 due primarily…
American Equity is intent on dominating FIA sales again.

American Equity is intent on reclaiming its market share in the FIA market, Bhalla told analysts on today’s third-quarter conference call.

WASHINGTON, Nov. 6– The Insured Retirement Institute issued the following news release:. The Registration for Index-Linked Annuities Act directs the SEC to devise a new form for annuity issuers to use when filing registered index-linked annuities. Under current SEC rules, these and other innovative new products must be registered using forms designed…

–AllianceBernstein L.P. announced it has added Jackson National Life Insurance Company ®, the main operating subsidiary of Jackson Financial Inc., to its platform of insurers that provides guaranteed income in its Lifetime Income Strategy retirement solution for Defined Contribution plans. LIS has been available to the DC market as the…

Midwest Holding Inc. announced that its subsidiary American Life & Security Corp. has launched its first multi-year guaranteed annuity product…
Annuity sales continue to climb higher.

Sales of fixed and variable annuities were $60 billion in the second quarter of 2021, up 6% from first quarter 2021 sales of $56.7 billion, according to the Insured Retirement Institute.

A North Carolina man is crediting his thirst for winning $1 million in the state lottery. Boni Cortez Pelagio of Yadkinville said he was“ visiting a friend” when he decided to stop in Mount Airy for water at the Speedway on Rockford Street, officials said in a news release. Winners have the options of claiming“ the $1 million as an annuity of $50,000 a year over 20 years,…

–Midwest Holding Inc., a technology-enabled, services-oriented life and annuity platform, announced today that its subsidiary American Life& Security Corp. has launched its first Multi-Year Guaranteed Annuity product for the registered investment advisor market. We have had many discussions with RIAs seeking ways to access annuity products and we are…

ASHEBORO, N.C.– Claudia Sosa-Mondragon, of Asheboro, scratched off a $20 ticket and took home the $2 million top prize, according to an NC Education Lottery news release. Sosa-Mondragon bought her Ultimate 7' s ticket from the Ready Mart on North Broad Street in Seagrove. She had the option of taking the $2 million as an annuity of $100,000 a year over 20 years, or a lump…

–Athene Holding Ltd., a leading financial services company specializing in retirement solutions, today announced financial results for the third quarter 2021. Jim Belardi, CEO of Athene said, "In the third quarter, we originated nearly $12 billion of gross organic inflows, a new quarterly record for Athene. About Athene Athene Holding Ltd., through its…
Auto-enrollment of employees in retirement plans is gaining popularity at the state level.

American International Group sold a 9.9% equity stake in AIG’s Life & Retirement business to Blackstone for $2.2 billion in an all-cash transaction.

–North American Company for Life and Health Insurance ®, a member company of Sammons Financial Group and one of the largest issuers of fixed index annuities in the U.S., has joined forces with Annexus, a premier independent designer of FIAs, to launch two new innovative solutions. Those four events include death, impaired health, potential cuts to Social Security…

–Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index. As the Pension Risk Transfer market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.

–Fiduciary Exchange LLC announces it has joined forces with Lombard International to provide access to Lombard International's private placement variable annuity solutions for more than 100,000 financial advisors on the proprietary FIDx platform. "Lombard International is one of the largest private placement insurance providers in the U.S. and around…

In continuing our series on annuities, this week I thought we should focus on why you should buy an annuity. Again, this series isn't intended to promote or detract from annuities themselves, but rather to give you a better understanding of them so that you can decide if they are something that is right or wrong for you. Let's start with what an annuity is and is not.
The government seeks $6.3 million from prolific annuity producer Phillip Wasserman.

The self-described “Annuity King” escalated his battle with federal authorities with a lawsuit alleging “rogue, out-of-control, above-the-law” conduct by agents who investigated him.

Jackson National Life Insurance Company ®, the main operating subsidiary of Jackson Financial Inc., today announced the launch of Jackson Market Link Pro SM and Jackson Market Link Pro Advisory SM, two new registered index-linked annuities. JMLP and JMLPA offer consumers the opportunity to grow assets before and during retirement while offering…

BROOKFIELD, NEWS, Oct. 11, 2021– Brookfield Asset Management Reinsurance Partners Ltd. today announced the closing of its previously-announced transaction to reinsure up to $10 billion of annuity products issued by American Equity Investment Life Insurance Company, a subsidiary of American Equity Investment Life Holding Company. Under the agreement,…

JACKSON, Miss. The Powerball group raised the previous $670 million jackpot for Monday's drawing to $685 million due to increased play. Powerball jackpot winners may choose to receive their prize as an annuity, paid in 30 graduated payments over 29 years, or a lump sum payment. Tuesday night's Mega Millions jackpot has grown to an estimated $45 million, and the…

RetireOne ® and Midland National Life Insurance Company proudly announce the launch of a new, zero-commission contingent deferred annuity called Constance. In doing so, Constance allows Registered Investment Advisors flexibility to wrap client brokerage accounts, Individual Retirement Accounts, or Roth IRAs with this lifetime income protection.
Prudential created a new business to consolidate all of its retirement products under one umbrella.

Prudential is creating Prudential Retirement Strategies, a new U.S. business that combines annuities and retirement investment products to serve the retirement needs of both individual and institutional customers.
Americans are struggling with retirement goals, planning.

Total second quarter sales for all deferred annuities were $64.4 billion, up more than 10% compared to the previous quarter and an increase of 40.4% when compared to the second quarter 2020.
Prudential created a new business to consolidate all of its retirement products under one umbrella.

When asked if they would prefer an annuity that pays 6% guaranteed income for life, while retaining cash value (until depleted by withdrawals) or a bond portfolio yielding 1.5%, the vast majority of respondents said they would take the annuity.

Prudential Financial Inc. agreed to sell a portion of its in-force legacy variable annuity block to Fortitude Group Holdings for a total transaction value of .2 billion. As per the terms of the deal, Prudential will sell one of its stand-alone legal entity subsidiaries, Prudential Annuities Life Assurance Corporation, including PALAC's in-force annuity…