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July 16, 2019 Annuity News No comments.
Athene USA, a leading provider of retirement savings products, announced the launch of Athene ® Amplify, a registered index-linked annuity with design features that set it apart in a fast-growing product category. Athene ® Amplify is issued by Athene Annuity and Life Company, a subsidiary of Athene. "Athene Amplify, our first registered index-linked annuity,…
NAIC Working Group Working OT To Finalize Annuity Sales Rules
An insurance commissioners' working group opened up a new comment period and scheduled two 90-minute conference calls in a bid to finalize an annuity sales model rule. Comments are being accepted until July 10 on two topics: conflict of interest and the care obligation.
LIMRA/LOMA Offers Training To Comply With NY Best Interest Regulation
LIMRA and LOMA are offering a comprehensive training program to help sales professionals and home office employees understand and comply with New York Regulation 187.
Will Fixed Annuity Sales Continue On A Roll?
"I think there's a ton of tailwind for this product," one expert said.
Latest Exclusives >
Ohio National faces several lawsuits over its decision to end trail commissions.
A magistrate judge denied a motion by Ohio National to dismiss a class-action lawsuit filed in March by Stephen Cook, a Dallas-based advisor affiliated with Triad Advisors. Judge Stephanie Bowman also recommended that the case be consolidated with a similar one brought by LPL Financial broker Lance Browning.
–To help jump-start retirement planning, the Indexed Annuity Leadership Council has released the first video in a three-part series designed to educate Americans about getting ready for life after work. "The best option for retirement is a diversified portfolio," said Jim Poolman, Executive Director of the IALC. "We hope to use these videos to help pre-retirees…
Dodgers and Golden State Warriors, pocketed about $9 million in the scheme. Criminal charges have not been filed against Sugarman– the son-in-law of entertainment and sports mogul Peter Guber– but the SEC has requested that the court order him to "disgorge all ill-gotten gains." The SEC alleges Sugarman orchestrated the tribal bond scheme along with business…
–A practical new calculator is helping independent agents show their annuity and life insurance clients the tax benefits of two products over one. The Prosperity Select Combo Calculator, created by Oxford Life Insurance Company ®, offers an instant comparison of the after-tax value of an annuity purchase versus the after-tax value of an annuity-life…
SECURE Act Is The Most Significant Retirement Plan Legislation In Years
Jul. 7– In May, the U.S. House of Representatives passed the most significant retirement-savings bill in more than a decade. It's called the Setting Every Community Up for Retirement Enhancement, or the SECURE Act of 2019.. –529 plans. 529 plans would be expanded to pay for expenses related to an apprenticeship or to pay back as much as $10,000 in student loans.
5 Things Your Clients Need To Know Before They Retire
Take it from a professor who has spent the last 10 years focusing on the distribution phase of retirement, here are some lessons to live by.
The Case For QLACs: Why They Beat Bonds
Qualified Longevity Annuity Contracts delay RMDs like nothing else can. They also protect against market risk, a key when clients are thinking longevity.
IASB Proposes To Delay Insurance Standard For One Year
The International Accounting Standards Board has some amendments to the standard after hearing complaints from insurers.
Best's Report: Are Life/Annuity Insurers Prepared To Weather Another Economic Downturn?
Although many precursors to the 2008-2009 financial crisis are repeating today, AM Best believes the life/annuity industry is much more resilient than a decade ago and well-positioned to navigate future challenges. Macroeconomic conditions in the United States soon became more unfavorable as the effects of the subprime crisis started to emerge.
The National Association of Insurance Commissioners creates model laws for states to pass.
RIAs Talk The Talk But Don't Always Walk The Walk On Annuities
The vast majority of registered investment advisors say they understand their clients are looking for secure retirement income, even as…
TIAA Campaign Uses Humor To Promote Benefits Of Lifetime Income
TIAA launched a new brand and advertising campaign that takes a different approach to encourage people to think about how they are planning for retirement. "We can all relate to the feeling of running out of things we love and rely on– whether it' s your favorite TV series or milk for your coffee," said Mark Elliot, Chief Marketing Officer of TIAA." We want to tap into…
Horace Mann Reinsures $2.9 Billion Legacy Annuity Block With RGA
Horace Mann Educators Corporation today announced that a subsidiary of Reinsurance Group of America, Incorporated, a leading global life reinsurer, has reinsured a $2.9 billion block of Horace Mann' s annuity business effective April 1, 2019. In addition, Horace Mann announced that it has entered into a new five-year $225 million revolving line of credit,…
Many families are struggling to make ends meet despite the strong economy.
Make Your Clients' Money Last Throughout Retirement
Many people worry about running out of money in retirement. Getting rid of a car could save you nearly $9,000 a year, which is the average cost of car ownership according to AAA. A study for the National Bureau of Economic Research found that delaying the start of retirement from age 62 to age 66 could raise someone's annual, sustainable standard of living by 33%.
Vanguard To Transfer Variable Annuity Business To Third Party
Vanguard Variable Annuity contracts will still be guaranteed by the Transamerica Premier Life Insurance Company and, in New York State only, by Transamerica Financial Life Insurance Company. Vanguard will continue to manage the Vanguard Variable Insurance Funds, which are the underlying investments in the Vanguard Variable Annuity.
Nationwide Introduces Nationwide Peak 5 Fixed Indexed Annuity
–Nationwide announced today it has added a new fixed indexed annuity, Nationwide Peak ® 5, to offer clients additional ways to maintain principal protection while offering the potential for higher returns and growth. More than seven in ten investors think there is a chance of another stock market crash in the next six months. 1 As a result, $16.1 trillion is…
New Insured Retirement Institute Hire Bolsters State Advocacy Efforts
The Insured Retirement Institute issued the following news release:. The Insured Retirement Institute welcomed Chelsea Crucitti as Director of State Affairs. Crucitti began her career in state government affairs as an intern in the Vermont State Senate before joining KSE FOCUS LLP in Montpelier, Vermont where she focused on tracking and reporting on…
AmeriLife Completes $395 Million Financing Transaction
"This transaction gives AmeriLife the financial flexibility to continue building the best independent, national distribution organization serving the rapidly growing pre-retiree and retiree markets," said Scott R. Perry, CEO of AmeriLife. "In addition to enhancing our financial flexibility, we're pleased that the transaction attracted a broader group of…
New Jersey Adds Public Hearing On Fiduciary Rule Proposal
The rule proposed by the New Jersey Bureau of Securities would require all financial advisors registered in the state to act as fiduciaries, making New Jersey one of the first states to propose a uniform fiduciary standard for all financial services professionals.
Tips For Helping Your Clients Stretch Their Retirement Savings
Running out of money in retirement is a common concern. To increase your chances of maintaining a comfortable income stream, you can trim expenses, boost guaranteed income and pick a safe withdrawal rate from your savings.
Annuities are attractive for advisors and clients because they offer income retirees cannot outlive.
1Q Annuity Sales Up Big Year-Over-Year, Down Slightly From 4Q 2018
Overall annuity sales fell 3.6% in the first quarter of 2019, with combined sales of fixed and variable annuities of $57.8 billion as compared to sales of $59.9 billion in the fourth quarter of 2018, according to the Insured Retirement Institute, based on data reported by Beacon Research and Morningstar.
Ebix Signs Centaurus Financial To Their AnnuityNet Platform
JOHNS CREEK, Ga., June 13, 2019– Ebix, Inc., a leading international supplier of On-Demand software and E-commerce services to the insurance, financial, healthcare and e-learning industries announced that it has continued to expand on its market share in the industry by partnering with Centaurus Financial, Inc. to offer annuity products on its AnnuityNet…
Dietrich Announces A Defined Contribution Retirement Income Annuity Practice
At a time when pensions are dissappearing and many employee retirement account balances are inadequate and incapable of meeting future retirement needs, DIETRICH announces the launch of ANNUA, a defined contribution retirement income annuity practice. ANNUA challenges the status quo of traditional retirement plans by introducing lifetime income…
Western & Southern Financial Group Distributors Introduces Deferred Income Annuity
The Western and Southern Financial Group, a life insurance company, issued the following news release:. W&S Financial Group Distributors, Inc., wholesale distributor of annuities and life insurance from member companies of Western& Southern Financial Group, is addressing retirement risk factors with IncomeSource (R) Select, its fexible premium deferred…
Iowa Proposes NAIC Annuity Standard That Eclipses Suitability
Commissioner Doug Ommen hopes to retain suitability ideas even as the word is scrubbed from his annuity sales proposal. The driving force is to harmonize state insurance regulations with the new Securities and Exchange Commission's Regulation Best Interest, Ommen explained.
Morgan Stanley Study: Financial Wellness Reduces Employee Stress
Morgan Stanley at Work today released an employee financial wellness study conducted by the Financial Health Network on behalf of the organization. The study finds that financial wellness is an opportunity for employers to reduce employee stress, improve retention and engagement and set themselves apart in the marketplace. "Providing financial wellness…
Regulators, Industry Reps Tangle Over Indexed Annuity Illustrations
The National Association of Insurance Commissioners' working group is studying a proposal to double the time indexes must be in existence to be used in annuity illustrations from 10 to 20 years. Regulators are concerned that consumers are being misled by unrealistic indexed annuity illustrations.
Envestnet Completes Largest Platform Technology Release
"We're proud to have made significant progress with key strategic priorities, as well as improving all aspects of the Envestnet user experience," said Molly Weiss, Head of Product for Envestnet. Envestnet Exchanges- Significant updates in this release focused on improving Envestnet workflows and deepening integration with the exchanges powered by…
Protective Closes Deal With Great-West
Birmingham, Ala. (June 3, 2019): Protective Life Corporation (Protective), a wholly owned U.S. subsidiary of Dai-ichi Life Holdings, Inc. (TSE:8750),…
Dynamic Wealth Partners With RetireOne On Insurance/Annuity Solutions
–Dynamic Wealth Advisors has partnered with RetireOne ® to offer insurance and annuity back office services for the wealth management firms it supports. This is significant for our wealth managers who develop holistic financial plans incorporating solutions that optimize tax efficiency, and manage longevity risk, sequence of returns risk, and other…
The breakdown of first-quarter deferred annuity sales.
Booming MYGA Sales Highlight Wink's 1Q Annuity Sales Report
Total first-quarter, non-variable deferred annuity sales were $33.4 billion — up 2.6% when compared to the previous quarter and up 44.8% when compared to the same period last year. Non-variable deferred annuities include the indexed annuity, traditional fixed annuity, and MYGA product lines.
Jackson Teams With TD Ameritrade To Take Annuity To RIA Channel
"Jackson is committed to meeting advisors where they are and providing a spectrum of options to meet consumer preferences," said Scott Romine, President, Advisory Solutions, Jackson National Life Distributors LLC." We' re excited to work with TD Ameritrade to make our fee-based products available to even more independent RIAs. "Annuities can serve as a critical…
BNY Mellon's Pershing Debuts Enhanced Subscribe Annuity Platform
–BNY Mellon's Pershing today announced a series of enhancements to its Subscribe ® annuity platform, which helps advisors streamline how they process, service and maintain annuities. Among the key updates is eSignature capability, which will set a new standard for the industry and change the way advisors purchase annuities. "We are thrilled to be at the…
$345M Winning Powerball Ticket Sold In NC; Annuity Option Available
The winning ticket for the $344.6 million Powerball drawing Saturday was bought at a Hope Mills grocery store in Cumberland County. The winning Powerball numbers were 6, 15, 34, 45 and 52. The Powerball was 8 and the Power Play was X2.
Life insurance sales are stagnant, but profits are still being made.
Best's: U.S. Life/Annuity Insurers' Net Income Increases Sharply In 1Q
The U.S. life/annuity industry' s net income in the first quarter of 2019 rose sharply over the prior-year period, to $14.9 billion from $3.2 billion, due mainly to a significant decline in total expenses. According to the report, the L/A industry' s total income for the first three months of 2019 declined slightly by 1.3% from the prior-year period.
Great American Tinkers With Upside-Downside Formula On New Annuity
Created with Raymond James, the new annuity will be offered through financial institutions, banks and independent broker dealers. It is the only annuity on the market to offer crediting strategies with both upside and downside participation rates, Great American Life said in a news release.
Metlife Boosts Employee Benefits Leadership Team
MetLife, a provider of insurance, annuities and employee benefit programs, issued the following news release:. MetLife has appointed two seasoned international leaders to its Employee Benefits business to further enhance its offering to intermediary partners and focused customer segments in the Gulf. Lilia Mokhtari will join MetLife in the Gulf as Head of…
AmeriLife Direct And One Resource Group Partner On Medicare, Other Products
–AmeriLife Group, LLC, a national leader in developing, marketing and distributing annuity, life and health insurance solutions, today announced an expanded partnership with One Resource Group that will enable ORG's 10,000 agents and advisors to refer their clients with confidence to AmeriLife Direct's Medicare experts and full-service platform.
First-Quarter Pension Buy-Out Product Sales Up 240%: LIMRA
A group annuity risk transfer product, such as a pension buy-out product, allows an employer to transfer all or a portion of its pension liability to an insurer. These product sales surpassed $4.7 billion in the first quarter 2019, an increase of 240% year-over-year.
Allianz Bolsters Its Top-Selling 222 Fixed Indexed Annuity Line
Allianz Life Insurance Company of North America added new benefit features to several of its fixed index annuities (FIAs), with "the goal of helping provide clients with more flexibility, choice, and control."
1Q Annuity Sales Up 38% Year Over Year, LIMRA Reports
Overall, U.S. annuity sales were $60.8 billion; an increase of 17% from the first quarter 2018 results. It is the highest first quarter for total annuity sales going back a decade.
The Impact Partnership Targets High-Net-Worth Clients With Lincoln Annuity
–The Impact Partnership expands its product offering for high net worth individuals through the launch of Lincoln Impact Advantage ® Plus. The bonus fixed indexed annuity option developed with Lincoln Financial Group helps savers jump-start their retirement goals through accumulation and income. "Lincoln is excited to continue our relationship with…
US Attorney: Connecticut Man Stole From Great Aunt's Annuity
The U.S. Attorney for the District of Connecticut, John H. Durham, issued the following news release:. John H. Durham, United States Attorney for the District of Connecticut, announced that ALAN GIACOMI, 46, of Watertown, was sentenced today by U.S. District Judge Michael P. Shea in Hartford to 41 months of imprisonment, followed by three years of supervised release, for…
Let's Talk Annuities: The Growing Fee-based Annuity Space
At the Insured Retirement Institute's Action19 conference, a panel of experts shared how new technology solutions and best interest duties are expanding and changing the fee-based space.
A panel discussion on annuities at the Insured Retirement Institute's Action19 conference.
AIG Announces Changes To Its Power Series Of Index Annuities
AIG Life& Retirement, a division of American International Group, Inc., today announced a number of enhancements to the Power Series of Index Annuities designed to increase the level of flexibility and choice in these retirement accumulation and income solutions. Moreover, the newly enhanced Power Series of Index Annuities now also provides policyholders…
Survey: Americans Lack Understanding Of Fixed Income Choices
What happens when a fixed income investment — such as a certificate of deposit or a deferred fixed annuity — reaches its maturity date? Fidelity Investments found alarming misunderstanding in a new survey. Only 3% of respondents correctly indicated that a fixed indexed annuity is reinvested for the next 12 months at a lower interest rate.
Congress Closes In On Retirement Security Legislation
The Retirement Enhancement and Savings Act (RESA) and the Setting Every Community Up for Retirement Enhancement Act of 2019, or SECURE Act, are very similar bills that would boost annuity use in retirement plans. The House is expected to vote on the SECURE Act before a Memorial Day recess period.
RegEd/IRI Partner On Training For Advisors To Comply With NY Best Interest Regs
–RegEd, the leading provider of Compliance Education and Product Training solutions for the financial services industry, has announced a partnership with the Insured Retirement Institute to deliver a course to help meet New York Regulation 187 requirements. "Producers must be equipped to comply with the new requirements of New York Regulation 187, and…
Midland National Life Releases New Guaranteed Income Annuity
–Midland National Life Insurance Company, a member of Sammons Financial Group and one of America' s leading insurance companies, today unveiled their MNL Income Planning Annuity, a new 10- year fixed index annuity. "Guaranteed lifetime income can be vital for a stable retirement, and the MNL Income Planning Annuity clarifies what the lifetime payment amount…
Brighthouse Financial Reports 1Q Earnings Loss
_ Brighthouse Financial Inc. on Monday reported a loss of $737 million in its first quarter. On a per-share basis, the Charlotte, North Carolina- based company said it had a loss of $6.31. Brighthouse Financial shares have climbed 40% since the beginning of the year.
A Road Map To Help Clients Plan Their Retirement
Stop procrastinating. It's not as hard as you think when you use turn-by-turn instructions.
FINRA Arbitration Panel Awards A Record $3M Egg-Farming Family In Annuity Case
The award is believed to be the largest ever paid in upstate New York and also the largest imposed on AXA in arbitration. The elderly victims oversaw the successful Fitzpatrick Poultry Farm in Whitesville, NY, for many years before suffering millions of dollars in damages at the hands of AXA and its financial advisor, Francesco Puccio, formerly of Webster, NY.
CFP Board Imposes Public Discipline
–Certified Financial Planner Board of Standards, Inc. announced today public disciplinary actions against the following individuals, effective immediately or on the date noted in each case. Public disciplinary actions taken by CFP Board, in order of increasing severity, include letters of admonition, suspensions and permanent revocations.
Accumulation Annuities Due To Grow Up To 35% By 2023: LIMRA
Since 2011, accumulation-focused annuity product sales have experienced steady growth, which LIMRA SRI researchers predict will continue over the next five years. As a result of low interest rates, income-focused annuity sales had been declining since 2015 until interest rates increased in 2018.
Securian Financial Takes Annuity Distribution Into Bank Channel
Securian Financial has entered the $41.5 billion bank distribution channel for individual annuities with customized products and a new sales team. Securian will offer its complete portfolio of individual annuities to banks, the company said in a news release, and is also developing specific products for the channel.
Avery Dennison Transfers $750M In Pension Obligations To AIG
American International Group, Inc. announced that Avery Dennison Corporation, a global materials science company specializing in the design and manufacture of a wide variety of labeling and functional materials, has signed an agreement transferring approximately $750 million of pension obligations to American General Life Insurance Company, part of…
Prudential Closes $2.6B In Longevity Reinsurance Agreements
Prudential Retirement ®, a unit of Prudential Financial, Inc., has concluded about $2.6 billion in previously undisclosed longevity reinsurance contracts, an important signal of an unprecedented start to the 2019 U.K. pension risk transfer market. The funding level of the average U.K. pension scheme stood at 100.1% on March 29, 1 putting many in a favorable…
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