NAIFA needs to adapt and become more nimble in order to reverse membership losses that go back decades, CEO Kevin Mayeux told the Pennsylvania chapter Monday.
Read moreGerber Life would be a good fit for middle income life and health insurer Torchmark, a company executive said recently….
Agents might take for granted that prospects and clients know the basics about life insurance, but a survey showed that they don’t even know that benefits are not taxed.
Marlene Debel, CFO for MetLife, has been appointed to lead the company’s Retirement & Income Solutions business, the company said.
Gerber Life would be a good fit for middle income life and health insurer Torchmark, a company executive said recently….
Agents might take for granted that prospects and clients know the basics about life insurance, but a survey showed that they don’t even know that benefits are not taxed.
Arlington, Va., and Windsor, Conn. – When it comes to purchasing life insurance, consumers are engaging online and through social…
Braintree, MA.—U.S. life insurance application activity turned positive in March up 6.7%1 year-over-year, according to the MIB Life Index. The…
Approximately 2,000 existing agents who have been operating under the Nationwide brand will have the opportunity to transition to an independent agency model between now and July 1, 2020. The company already has relationships with more than 10,000 independent agents across the United States.
The indictments were issued following an investigation by the Alabama Securities Commission and the Alabama Department of Insurance. Officials with the Alabama Securities Commission said according to the indictment, Powell participated in illegal securities transactions by selling promissory notes and misappropriating the investment funds…
April 2, 2018 – Kuvare US Holdings, Inc. (“Kuvare”), a growth-oriented life and annuity business, is pleased to announce the…
HORSHAM, Pa. – April 2, 2018 – Penn Mutual, a Fortune 1,000 Company, introduced its latest permanent life insurance product,…
The troubled Chinese insurer that owns New York City’s Waldorf Hotel is receiving a $9.6 billion bailout from a government-run fund to shore up its finances. Regulators seized control of privately owned Anbang Insurance in February after a multibillion-dollar asset buying spree raised questions about its stability. The insurer’s founder went on trial last week on charges he defrauded investors and misused company money.
New York, NY (April 3, 2018) – Simplicity Financial Marketing Group Holdings, Inc. (Simplicity) announced today that it has acquired…
-Sun Life Financial Inc. announced today that it is strengthening its business in Asia by aligning its International high net worth life insurance business with its SLF Asia business group. “Our SLF International business helps high net worth Clients transfer wealth to future generations through life insurance, and given that those Clients are primarily in…
Marlene Debel, CFO for MetLife, has been appointed to lead the company’s Retirement & Income Solutions business, the company said.
Four life insurance agents in Southern California were accused of setting up fraudulent policies and collecting $1.9 million in commission.
Chinese state TV has shown the founder of the insurance company that owns New York City’s Waldorf Hotel admitting his guilt at a trial on fraud and other charges. Wu Xiaohui, former chairman of Anbang Insurance Group, is accused of fraudulently raising $10 billion from investors and misusing his post to benefit himself.
A long-delayed merger between Henrico County- based insurer Genworth Financial Inc. and China Oceanwide Holdings Group Co. Ltd. is being extended yet again as the proposed deal remains under review by some government regulatory agencies. Genworth, an insurance company with thousands of employees in Virginia, first announced in October 2016 that it had…
Prosecutors say the founder of the Chinese insurer that owns New York City’s Waldorf Hotel is on trial on charges of financial misconduct. Wu Xiaohui was detained after regulators seized Anbang Insurance Group following a multibillion-dollar global buying spree that raised questions about where the company got its money and whether it could pay its debts.
–John Hancock Insurance introduced an improved Protection Universal Life insurance product with extended guarantees and new optional benefits, providing consumers with coverage that offers lifetime protection tailored to meet their individual needs. “Seven years ago, with interest rates at near all-time lows, we designed a breakthrough product with…
AALU today announced that CEO David Stertzer will transition to an advisory role with the association, and that current COO…
MINNEAPOLIS, March 20, 2018 – Although most Americans have a strong understanding of the primary need for life insurance within…
Indexed universal life (IUL) sales kept overall life insurance sales in the black last year. Will it spur more companies to enter the market?
FORT WAYNE, INDIANA – Ash Brokerage, the largest privately held insurance brokerage in the United States, continues to grow with…
LAS VEGAS – The National Association of Insurance and Financial Advisors will launch the NAIFA Center for Excellence in Long…
Des Moines, Iowa. March 14, 2018- Sixty-four life insurance companies participated in the 82nd edition of Wink’s Sales & Market…
New York Life reported another successful year in 2017, with record operating earnings of $2.06 billion and a record $1.8 billion dividend payout.
Growth opportunities for life insurers this year are in group benefits, retail life insurance, pension risk transfer and some international markets, one analyst predicted.
Strong indexed universal life sales helped raise all leaky life insurance boats in 2017, according to LIMRA data.
Total U.S. individual life insurance new annualized premium (premium) increased 1 percent in 2017, compared with 2016 results, according to the LIMRA U.S. Retail Individual Life Insurance Sales Survey. This represents the fourth year of growth in premium for U.S. life insurance.
–Two of the biggest Insurance Marketing Organizations, AMZ Financial Insurance Services and Partners Advantage Insurance Services, today announced their definitive merger to further enhance and extend their insurance distribution network. The new company will be called Partners Advantage Insurance Services. The new IMO will operate out of four main…
By a News Reporter-Staff News Editor at Insurance Weekly News– A jury in Los Angeles Superior Court found Tuesday that Massachusetts Mutual Life Insurance Co. did not improperly withhold dividends from a class of hundreds of term life insurance policyholders. Massachusetts Mutual Life Insurance Co., after deliberations following a 12- day trial, the jury…
MINNEAPOLIS – Allianz Life Insurance Company of North America (Allianz Life®) today announced the launch of two new fixed index…
Life insurance sales were down in all age segments, according to new year-over-year data, but was down the least in the younger segment. That could be good news for insurers.
French insurance giant AXA is getting even bigger with a purchase of property and casualty insurer XL Group in a deal worth more than $15 billion. The deal gives AXA access to Bermuda-based XL’s extensive U.S. operations.
The State Farm property-casualty group of companies reported a combined underwriting loss of $6.5 billion in 2017 on earned premium of $63.9 billion, compared to an underwriting loss of $5.5 billion on earned premium of $61.7 billion in 2016. Even with these operating losses, each of the State Farm companies remains financially strong.
“We have asked the NRA to remove our information from their website.” In January, it announced an expansion to its products that are sold through affinity groups and associations like the NRA. A few dozen companies around the country have ended or scaled back promotions for members of the NRA after the Feb. 14 shooting that killed 17 at a Parkland, Fla., high school.
Indexed universal life is “clearly where the action was,” said Robert A. Kerzner, CEO of LIMRA, in a quarterly briefing to members.
_ National Western Life Insurance Co. on Wednesday reported fourth-quarter earnings of $38.5 million. On a per-share basis, the Austin, Texas- based company said it had profit of $11.19. National Western Life shares have decreased slightly more than 6 percent since the beginning of the year.
Bankers Life eschews loading up on first-year agents for a strategy that caters to experienced producers. It’s all part of a strategy designed by parent company CEO Gary Bhojwani.
Fresh off a $19 billion reinsurance deal with Voya Financial that closed in December, Athene CEO James Belardi said the company is open for business and hopes to close similar deals in 2018.
Transamerica today a new Wealth + Health brand identity focused on helping customers improve their overall well-being by effectively managing…
Technology, regulations and low interest rates are all 2018 trends that will keep the U.S. life segment in the negative, analyst A.M. Best concluded in a new report. But it is not all bad news, the report found.
Voya Financial, Inc., announced today that it has created a Chinese version of its name to help appeal to the Asian-American community and reinforce its commitment to this growing market. “It might sound simple, but we actually considered 18 name options and conducted sophisticated market research to ensure the Chinese version of Voya captured key attributes…
Regulatory pressure and low interest rates drove Allianz Life Insurance premium 16 percent to $11 billion last year compared to 2016, execs reported.
Insurers have great opportunities to branch out into other services, such as employee benefits, and a new survey finds companies eager for insurers to adapt.
Voya executives say during the quarterly earnings call that the company will have to drop its annuities before seeing if the individual life business is viable for Voya.
Total surplus finished the year at an all-time high of $25.2 billion, an increase of $1.5 billion. The company expects the tax law changes to be a long-term positive that will benefit earnings beginning in 2018. The highest ever new life insurance premium at $886 million, alongside total premium revenue of $17.9 billion for insurance and annuity products. A…
MetLife CEO issues a mea culpa on recent news that the company took a $510 million pretax charge for the fourth quarter. The company outlined a series of corrective steps in a conference call with analysts.
A review of procedures used to estimate reserves related to group annuitants led Brighthouse Financial to financial adjustments negatively impacting its fourth-quarter numbers.
The National Association of Insurance Commissioners wants to produce a annuity transactions best interest model law each state could then adopt. But its draft law is drawing fire from both sides who consider it both too weak and too strong.
_ MetLife Inc. on Tuesday reported fourth-quarter net income of $2.14 billion, after reporting a loss in the same period a year earlier. On a per-share basis, the New York- based company said it had net income of $1.97. The average estimate of six analysts surveyed by Zacks Investment Research was for earnings of $1.10 per share.
Brighthouse Financial reported a fourth-quarter annuity sales increase of 26 percent to $1.34 billion over the year-ago period. The company credited its popular buffered variable annuities (VA) for the strong showing.
Chicago’s 100-story John Hancock Center along Michigan Avenue is getting a new name. One of the owners of the skyscraper tells the Chicago Tribune that for now the building will be known as 875 N. Michigan Ave. while a new naming rights deal is sought. The name and logos will be removed immediately. The owner says the Hancock insurance company “just decided to have their name removed.”
When it comes to planning for long-term care, advisors and clients have three main options — self-insure, long-term care insurance and life insurance with a long-term care rider. All have positives and negatives.
_ Brighthouse Financial Inc. on Monday reported fourth-quarter net income of $668 million. The average estimate of five analysts surveyed by Zacks Investment Research was for earnings of $2.11 per share. Brighthouse Financial shares have decreased nearly 1 percent since the beginning of the year.
New York Life, America’ s largest mutual life insurer, today introduced Value Whole Life, a new lower-premium whole life product that gives policy owners guaranteed cash value with eligibility to receive future dividends. “Our Value Whole Life product is one of the most competitive products on the market and provides access to all the benefits of whole life…
–Ohio National Financial Services today announced a 2.7 percent increase in 2017 core earnings and released positive 2017 financial results. Maintaining its highest levels of GAAP equity and assets under management, Ohio National finished the year with growth in distribution channels, product offerings and sales.. “Ohio National experienced another…
_ Manulife Financial Corp. on Wednesday reported a loss of $1.26 billion in its fourth quarter. The Toronto- based company said it had a loss of 65 cents per share. The average estimate of four analysts surveyed by Zacks Investment Research was for earnings of 47 cents per share.
Henrico County- based Genworth Financial Inc. said Tuesday it will take steps to address its upcoming debt maturity of about $600 million as it again seeks approval from government regulators to be acquired by a China- based company. Genworth, an insurance company with thousands of employees in Virginia, and China Oceanwide Holdings Group Co. Ltd. said they…
_ Genworth Financial Inc. on Tuesday reported fourth-quarter net income of $353 million, after reporting a loss in the same period a year earlier. On a per-share basis, the Richmond, Virginia- based company said it had net income of 70 cents. For the year, the company reported net income of $817 million, or $1.63 per share, swinging to a profit in the period.
AXA Equitable, a leading financial protection company, announced today it has enhanced its indexed universal life product, IUL Protect, with a new feature that can potentially pay clients more as interest rates increase. IUL Protect now includes an Extra Interest Credit feature, which increases as interest rates rise, delivering direct cash value to clients.
