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Industry Articles

Genworth Financial Announces Fourth Quarter 2015 Results

{February 9th, 2016} by PR Newswire

Net Operating Loss Of $0.17 Per Share And Net Loss Per Share Of $0.59 Driven By Annual Assumption Updates In Life Insurance; Loss On Sale From Previously Announced Business Divestitures Also Impacted Net Loss February 04, 2016: 04:45 PM ET RICHMOND, Va., Feb. 4, 2016 /PRNewswire/ — GAAP Annual Assumption Review Complete Long Term Care […]

A.M. Best Downgrades Ratings of Genworth Financial, Inc. and Its Subsidiaries

{February 9th, 2016} by Best's New's Service

FOR IMMEDIATE RELEASE OLDWICK – FEBRUARY 09, 2016 A.M. Best has downgraded the financial strength rating (FSR) to B++ (Good) from A- (Excellent) and the issuer credit ratings (ICR) to “bbb+” from “a-” of Genworth Life and Annuity Insurance Company (GLAIC) (Richmond, VA). Concurrently, A.M. Best has downgraded the FSR to B++ (Good) from A- […]

Genworth CEO: Company to Restructure, Suspend Life and Annuity Sales

{February 9th, 2016} by Dennis Gorski, managing editor-online, BestWeek: Dennis.Gorski@ambest.com

RICHMOND, Va. – Continued losses in two of its core business lines led Genworth to make the “very difficult” decision to suspend their sales and begin a company-wide restructuring, Chief Executive Officer Tom McInerney told investors during a fourth-quarter earnings call. He said Genworth will suspend sales of its traditional life insurance and fixed annuities […]

Genworth Halts Life, Annuity Sales After Loss; Shares Fall

{February 9th, 2016} by Katherine Chiglinsky

February 4, 2016 — 3:52 PM CST Updated on February 4, 2016 — 4:48 PM CST Genworth Financial Inc. suspended sales of traditional life insurance and fixed annuity products so the company can focus on stabilizing the unit that provides long-term care coverage. The insurer posted a fourth-quarter loss of $292 million, or 59 cents […]

Genworth: 3 things for agents to know

{February 9th, 2016} by Allison Bell

Executives at Genworth Financial Inc. (NYSE:GNW) see continuing to sell long-term care insurance (LTCI) as an important part of efforts to turn the company around. Tom McInerney, the company’s president, talked on Friday about the value of continuing to sell LTCI with securities analysts during a conference call the company held to go over fourth-quarter […]

Correction: Genworth-Layoffs story

{February 9th, 2016} by The Associated Press

The Associated Press February 7, 2016 5:48 pm RICHMOND, Va. (AP) — In a story Feb. 6 about layoffs at Genworth Financial Inc., The Associated Press reported erroneous numbers and misidentified a company spokesman. The total number of layoffs is 330, not approximately 400, with 70 of those in Richmond and 200 in Lynchburg — […]

Genworth Financial will lay off 200 in Lynchburg; stock drops more than 21 percent

{February 9th, 2016} by Jason Ruiter

Genworth Financial Inc. announced Friday it is laying off 200 employees in Lynchburg, more than 16 percent of its workforce in the Hill City. The layoffs are a result of company restructuring after poor fourth quarter results, suspending “sales” of two business units — traditional life insurance and fixed-annuity products — to address its long-term […]

Genworth suspends life insurance sales, plans restructuring

{February 9th, 2016} by Richmond Times-Dispatch and Bloomberg News

Earlier: Genworth Financial Inc. said Thursday it is suspending sales of some products and planning a restructuring after the company posted a loss for the fourth quarter and full year of 2015. Genworth said it would suspend sales of its traditional life coverage and fixed-annuity products in the first quarter of this year, so the company […]

Genworth to Separate Struggling Long-Term Care Segment

{February 9th, 2016} by Maria Armental, maria.armental@wsj.com

Genworth Financial Inc. plans to separate its money-losing long-term care business and stop selling traditional life and fixed annuities as part of a cost-cutting move. The Richmond, Va., company unveiled the plans Thursday as it reported a narrower fourth-quarter loss. Genworth estimated it will take a $15 million pretax restructuring charge in the current quarter […]

Genworth prepared for asset sales as market shuns borrowers

{February 9th, 2016} by KATHERINE CHIGLINSKY

(Bloomberg) — Genworth Financial Inc. (NYSE:GNW) said it could pursue more divestitures to help pay down more than $500 million in debt maturing in 2018 as turmoil in the bond market shuts out junk borrowers. “In the current environment, it would be very difficult for us to refinance the 2018 maturities, given the concerns with […]

Genworth doubles down on LTC business in challenging market

{February 9th, 2016} by Greg Iacurci

The firm is suspending sales in traditional life insurance and fixed annuity products in the first quarter of 2016 Genworth Financial Inc. is doubling down on its long-term care business unit amid a challenging market environment that’s seen LTC sales dip markedly over the past several years and insurers suffer due to low interest rates. […]

Dominoes Fall for Genworth Financial

{February 9th, 2016} by Carleton English

Genworth Financial (GNW), a Virginia-based insurance company, has taken a beating over the last year as shares have fallen 76% and are now trading for less than $2. The most recent drop in share price can be attributed to Fitch Ratings downgrading the company’s credit rating to BB+ from BBB, one notch below investment grade. […]

Allianz Life Hires Steve Koslow as Chief Compliance Officer

{February 9th, 2016} by Business Wire

February 02, 2016 09:30 AM Eastern Standard Time MINNEAPOLIS–(BUSINESS WIRE)–Allianz Life Insurance Company of North America (Allianz Life®) and Allianz Life® Insurance Company of New York recently hired Steve Koslow as the chief compliance officer to oversee the compliance management system for insurance, broker/dealer and investment advisor regulated business as well as compliance with legal […]

MIDLAND NATIONAL(R) LIFE INSURANCE COMPANY ANNOUNCES EXACTAPP(SM) FOR INDEXED UNIVERSAL LIF

{February 9th, 2016} by Market Wired

/EINPresswire.com/ — SIOUX FALLS, SD–(Marketwired – February 09, 2016) – Midland National Life Insurance Company announced today the immediate availability of the ExactApp℠ electronic application submission tool for its indexed universal life insurance products. Use of ExactApp℠ will allow Midland National’s agents to schedule paramed exams online and submit complete application packages without re-keying the […]

North American Company Announces SimpleSubmit® e-app for Indexed Universal Life Product

{February 9th, 2016} by North American Company for Life and Health Insurance

SOURCE: North American Company for Life and Health Insurance February 09, 2016 09:58 ET CHICAGO, IL–(Marketwired – February 09, 2016) –  North American Company for Life and Health Insurance® announced today the immediate availability of the SimpleSubmit electronic application submission tool for its indexed universal life products. Use of SimpleSubmit will allow North American Company’s […]

New LIMRA Research Finds Chinese-Americans More Likely to Own Individual Life Insurance than the General Population

{February 9th, 2016} by LIMRA

Feb. 9, 2016—According to new LIMRA research, half of Chinese-Americans own individual life insurance, compared with 39 percent of the U.S. general population. “The study found Bilingual Chinese-Americans were more likely to own individual life insurance and more likely to own permanent life insurance compared with the other segments of the Chinese-American market,” said Nilufer […]

Variable Annuities Face New Test From the Government

{February 9th, 2016} by Anna Prior, anna.prior@wsj.com

Variable annuities—which are controversial but widely used for retirement saving—are about to face one of their stiffest tests thanks to a Labor Department proposal. The proposed rule, expected to be finalized as soon as next month, would hold advisers working with retirement savings to a “fiduciary” standard. That approach means an adviser must work in […]

Forethought Adds New BlackRock Index to Annuity Products

{February 8th, 2016} by Forethought Life Insurance Company

An index strategy targeting growth and diversification Indianapolis, IN — Forethought Life Insurance Company (Forethought), a subsidiary of Global Atlantic Financial Group Limited, has announced it is adding the new BlackRock Diversa™ Volatility Control Index* interest crediting strategy to its fixed index annuity (FIA) products. As a result of the initiative, Forethought is able to […]

Lincoln CEO: No Immediate Split-off Plans

{February 8th, 2016} by John Hilton

Lincoln Financial expects to remain strong despite changes made by competitors such as MetLife, CEO Dennis Glass said last week. Fresh off a disappointing fourth-quarter earnings report, Lincoln Financial Group CEO Dennis Glass said the company is not ready to reorganize, but he also didn’t rule it out. Speaking on a Thursday conference call with […]

‘Visionary’ leader David Hurd remembered

{February 8th, 2016} by BUSINESS RECORD STAFF

 After the death of a prominent community member over the weekend, Des Moines is left with the absence of a man known for his generosity and support of the city, The Des Moines Register reported. Former Principal Financial Group Inc.  CEO G. David Hurd, 86, died Saturday afternoon after falling from The Plaza condominium complex at […]

Bringing commissions out of chaos

{February 8th, 2016} by Erica Pauly

For the most part, you, as an advisor, are a bottom line person, right? Too many details overwhelm you, and too little details don’t give you the full picture. Where is the line when it comes to figuring out return on investment and data tracking within your company? Can it be done without making you […]

NAIC Names Wisconsin Insurance Commissioner Nickel New President-Elect

{February 8th, 2016} by Thomas Harman, Washington Bureau manager, BestWeek: Tom.Harman@ambest.com)

WASHINGTON – The National Association of Insurance Commissioners has elected Wisconsin Insurance Commissioner Ted Nickel to the group’s recently vacated president-elect post. The NAIC held a plenary meeting Feb. 7 in which it held elections for the president-elect, vice president and secretary-treasurer jobs following the resignation of Kentucky Insurance Commissioner Sharon Clark, who had been […]

DOL Rule Heralds New Era in Distribution

{February 8th, 2016} by Cyril Tuohy

The Department of Labor rule designed to corral conflict of interests among financial advisors will likely lead to new ways of distributing insurance products into qualified retirement plans, say insurance carrier executives. The comments, gleaned from earnings calls with analysts last week, suggests a brighter and more optimistic picture of how the industry will adapt. […]

Here are 5 of the top regulatory hurdles facing insurers in 2016

{February 5th, 2016} by Warren S. Hersch

From principle-based reserving to the Department of Labor’s re-proposed fiduciary standard, life insurers and their agents and advisors face a host of regulatory threats. A new report from Deloitte Center for Regulatory Strategies, “Top regulatory trends for 2016 in insurance,” delves into the pitfalls and proposes solutions for tackling them. Some of the changes may […]

Here’s what the insurance agency of the (near) future will look like: OPINION

{February 5th, 2016} by John Sarich

The year ahead will see the continuation of the consolidation trend we’re seeing across the insurance industry — not just of huge health insurance carriers merging into a few megaliths, but of agencies combining to form something more akin to a professional service firms, with a range of specialties under one roof.  These new combined agencies […]

African-Americans place greater value on life insurance

{February 5th, 2016} by BARBARA MARQUAND

Lazetta Rainey Braxton remembers when she was a child growing up in South Hill, Virginia, and insurance agents went door to door in African-American communities selling life insurance to cover burial expenses. The small policies gave people like her parents and grandparents the security of knowing they’d be buried with dignity and that their families […]

Your 5 best arguments for life insurance (besides the death benefit)

{February 5th, 2016} by Ed Slott

I do not sell life insurance. I am a tax advisor. And as a tax advisor, I can tell you that the single biggest benefit in the federal tax code is the income tax exemption for life insurance.   Life insurance should be a bedrock of any serious financial, retirement or estate plan, but it is not used nearly enough, even by […]

Charlie Gipple Leads National Sales Training Workshops

{February 5th, 2016} by Partners Advantage

Riverside, CA  – February 5, 2016 – The Partners Advantage Index Academy will travel across the country in 2016 and deliver a full-day workshop focused on education that causes sales. The workshops entitled the “Great 8 Boot Camps” are led by nationally recognized indexed product educator Charlie Gipple CLU®, ChFC®, senior vice president of sales and […]

The life-changing life insurance career that’s often overlooked

{February 4th, 2016} by Warren S. Hersch

Do well by doing good. For life insurance and financial services professionals, this adage finds perhaps its fullest expression in an often-overlooked industry niche: fraternal benefit societies. Agents and advisors seeking more rewarding and successful careers might do well by taking a closer look at them. Why? The societies offer producers unique opportunities to weave […]

Adviser groups step up lobbying as DOL rule nears completion

{February 4th, 2016} by Mark Schoeff Jr.

Organizations opposed to the fiduciary rule invested more in Capitol Hill outreach efforts last year, trying to convince Congress to stop the measure   A pending Labor Department regulation that would raise investment advice standards for retirement accounts has caused adviser interest groups to step up their spending on lobbying lawmakers. Last year, groups opposed […]

Brokers’ Service Marketing Group Publishes Results of the 2016 Life Insurance & Annuity Brokerage Survey

{February 4th, 2016} by Newswire.com

Providence, Rhode Island – February 4, 2016 – (Newswire.com) In November of 2015, Brokers’ Service Marketing Group sponsored a non-branded, blind survey of over 75,000 financial sales professionals licensed to sell life insurance and annuities in the United States. These financial professionals were invited by email and online promotions to participate in the survey. The […]

MetLife lays out reasons for plan to split off Charlotte unit

{February 4th, 2016} by Deon Roberts: 704-358-5248, @DeonERoberts, deroberts@charlotteobserver.com

MetLife says regulators could require it to boost capital buffers because of its variable annuities business The company says that’s a key factor in its plan to separate its Charlotte-based U.S. retail business MetLife has said it intends to keep the separated company headquartered in Charlotte   MetLife on Thursday cited expectations that regulators could […]

3-Mentors Joins Forces with GamePlan

{February 4th, 2016} by GamePlan Financial Marketing

February 4, 2016 Woodstock, GA – GamePlan Financial Marketing, LLC (GamePlan) announced today that as of February 2, 3-Mentors, Inc., is joining forces with the industry-leading GamePlan team. 3-Mentors, headquartered in Suwanee, Georgia, was founded in 2006 by Gary Reed, David Gaylor, and Rodney Harris, three highly successful financial professionals with a goal to build a Field Marketing […]

Super Bowl Ad Lessons Learned, a Year After Commercial That Went Way Wrong

{February 3rd, 2016} by Mike Tanier , NFL National Lead Writer

    There will not be any dead child commercials broadcast during Super Bowl 50. At least, there won’t be dead child commercials brought to you by Nationwide Insurance this year. Nationwide is taking the big game off. The company issued a brief statement early in the month in response to questions about its Super Bowl […]

Why Google’s Not So Smart or Fast and Insurance Agents Aren’t Dead… Yet

{February 3rd, 2016} by Susanne Sclafane

Insurance agents aren’t dead yet, but even underwriters participating in the personal automobile insurance market may be looking for another line of work within the next two decades, industry observers said at a recent conference. “The most radical view of personal lines, given advances in digitization and advanced analytics, is that the need for people […]

iPipeline Announces Appointment of Andrew Damico as New President – Key Role to Focus on iPipeline’s Global Expansion and Performance

{February 3rd, 2016} by iPipeline®

Exton, PA (February 3, 2016) – iPipeline® – a leading provider of cloud-based software solutions for the life insurance industry– today announced the appointment of Andrew Damico as President of iPipeline. Andrew brings 30 years of diversified business qualifications acquired in the software and banking industries and a proven history of building relationships, trust, and […]

Penn Mutual sponsors U.S. Olympic rugby hopefuls, Pennsylvania native

{February 3rd, 2016} by IFAwebnews Staff

The Penn Mutual Life Insurance Company announced its support and sponsorship of two elite rugby athletes during their training and preparation for this year’s summer Olympic Games in Rio de Janeiro, Brazil. Horsham, Pa.-based Penn Mutual named Kristen Thomas and Madison Hughes as brand ambassadors while they train to be selected to the U.S. Olympic […]

There’s a hard way and much easier way to sell life insurance

{February 3rd, 2016} by Lew Nason RFC, LUTCF

There is a hard way to get started in life insurance sales and achieve long-term success. But there’s also a much easier way. You will notice that I said much easier and not easy. If life insurance sales were easy, we wouldn’t have an 85 percent agent failure rate in the first year, with the […]

New rules for indexed universal life insurance underscore due diligence concerns

{February 3rd, 2016} by Greg Iacurci

Actuarial Guideline 49, the second phase of which goes into effect next month, highlights how advisers can’t rely on illustrations when assessing the strength of a policy   New rules that go into effect for indexed universal life insurance products next month demonstrate the need for going beyond illustrations when determining a policy’s value for […]

The Women’s Market: Marcia A. Mantell

{February 3rd, 2016} by Carolyn Ellis

  Marcia Mantell is the author of a What’s the Deal with Retirement Planning for Women, a how-to book that inspires and motivates women to be aggressive about retirement planning. From shoe shopping to learning the language of investments, Mantell speaks to women in no-nonsense yet compassionate terms. We talked with her about how financial […]

5 retirement savings myths about Gen X and millennials

{February 3rd, 2016} by Marlene Y. Satter

Photo: Getty Myths about certain groups of workers—namely, GenXers and millennials—are impeding the understanding of employers about how those workers engage with their defined contribution plans, making the plans less effective. So says new research from State Street Global Advisors, which found “surprising similarities” between the two age groups—a demographic that SSGA has christened “Generation […]

Momentum Stock in Focus: Principal Financial Group Inc

{February 3rd, 2016} by Simon Holdsworth

Principal Financial Group Inc (NYSE:PFG) is expected to report fourth quarter earnings after the close on Monday, February 1, with a conference call scheduled for 10:00 am EST next day. The company is a component of the S&P 500. Principal Financial Group, Inc. provides retirement, asset management, and insurance products and services. It operates through […]

Iowa-Based Global Insurance Accelerator Names 2016 Class of Startups

{February 1st, 2016} by GIA

Global Insurance Accelerator (GIA), a Des Moines, Iowa-based global business accelerator focused on developing and growing innovative insurance-centric startups, has announced its 2016 portfolio. With a global pool of twice as many applicants compared to the previous year, the five standout teams selected to participate in the mentor-driven program represent the automotive, property and health […]

How Annuities Fit in a Fiduciary World

{February 1st, 2016} by N/A

The DOL rule will transform how annuities are sold and used Now that the department of Labor (DOL) fiduciary rule has survived the budget process, virtually assuring its path to adoption in early 2016, it is time to give some thought as to what this rule will likely mean for the future design of annuity […]

To boost life insurance sales, try this road-tested message

{February 1st, 2016} by LifeHealthPro Editors

A new LIMRA study using behavioral economics finds consumers are more likely to buy life insurance when people similar to themselves own coverage. In the study consumers were giveneight messages that challenged their biases toward life insurance ownership with one stating “most Americans do own life insurance, including people like you.” “This was the most […]

A.M. Best Special Report: U.S. Life/Annuity Insurers Third Quarter 2015 Earnings Stall From Poor Equity Market Showing

{February 1st, 2016} by Business Wire

OLDWICK, N.J.–(BUSINESS WIRE)–U.S. life/annuity insurance companies’ third-quarter 2015 statutory accounting results softened considerably when compared with prior quarters as pre-tax net operating gains fell to $3.7 billion from $18.5 billion in the previous quarter. This is partially due to the impact of equity market volatility and weakening investment yield, according to a recent A.M. Bestspecial […]

4Q Earnings Preview: Insurers Face Tough Times

{February 1st, 2016} by Cyril Tuohy

As the fourth-quarter earnings deadline nears, analysts say the insurance industry is in better shape than it was in 2008 to weather volatile markets and economic weakness. Reinsurance Group of America Inc., the global life and health reinsurer, kicks off fourth-quarter and full-year 2015 earnings after the market closes Thursday. Capital and liquidity are stronger […]

AIG’s Sankaran says material value at risk in Icahn’s plan

{February 1st, 2016} by SONALI BASAK

(Bloomberg) — American International Group’s Sid Sankaran, who has been designated to be the insurer’s next chief financial officer, said that activist investor Carl Icahn’s proposal to break up the company would punish investors by jeopardizing tax assets and pressuring capital measures. “There are material amounts of shareholder value at risk in a separation of […]

DOL fiduciary rule arrives at OMB

{February 1st, 2016} by Mark Schoeff Jr.

A Labor Department rule that would raise investment advice standards for retirement accounts took its last step toward finalization Thursday night A Labor Department rule that would raise investment advice standards for retirement accounts took its last step toward finalization Thursday night. The DOL sent the measure to the Office of Management and Budget, which […]

The short list of those who could succeed Ketchum at Finra

{February 1st, 2016} by Mark Schoeff Jr

Experts think the top candidates will have SEC experience  Susan Axelrod, Stephen Luparello, J. Bradley Bennett, Daniel Gallagher, Robert Colby The person who is named to head the Financial Industry Regulatory Authority Inc. when its chairman and chief executive, Richard G. Ketchum, retires later this year is likely to have experience at the Securities and […]

5 Roth IRA myths you can’t afford to believe

{February 1st, 2016} by Jeffrey Levine

Roth IRAs are powerful retirement savings tools — if used correctly. Unfortunately, many advisors and their clients hold beliefs aboutRoth IRAs that are downright wrong. These misguided beliefs can lead to negative consequences, including passing up planning strategies that could save valuable tax dollars for clients during retirement. With that in mind, here are 5 […]

The top 25 business jobs for 2016

{February 1st, 2016} by Lynette Gil

Our national unemployment rate is down to 5 percent, according to the jobs report released by the Bureau of Labor Statistics in December 2015, and several industries have continued to experience growth. Among these sectors, professional and business-related services, construction, health care and food services continued trending upward.  We used the data published in the latest U.S. […]

Sale of AIG Advisor Group may signal wave of mergers ahead

{February 1st, 2016} by Christine Idzelis

Insurance-owned firms and small broker-dealers most likely to throw in the towel The sale of AIG Advisor Group earlier this week might be the first of a wave of mergers in the independent broker-dealer industry as a result of looming regulation from the Labor Department. American International Group Inc.’s CEO Peter Hancock cited the DOL’s […]

DOL Sends Fiduciary Rule To OMB

{February 1st, 2016} by John Hilton

The Department of Labor sent its fiduciary rule to the Office of Management and Budget Thursday, signifying its intent to publish a rule before President Barack Obama leaves office. OMB can take up to 90 days to review the rule, during which time the contents remain under wraps. After the agency signs off, the DOL […]

Foresters Financial Supports “Insure Your Love” Campaign

{February 1st, 2016} by Foresters

NEW YORK, Feb. 1, 2016 /PRNewswire/ – Foresters Financial Services, Inc. proudly supports “Insure Your Love”—a national life insurance awareness campaign held every February with love its central theme and to highlight the fact that nearly a third of U.S. households have no life insurance at all.* Now in its eighth year, the campaign is […]

Young Advisors Are Stepping Up

{January 31st, 2016} by John J. Bowen Jr

We all know it takes many years and plenty of gray hairs to build a great financial advisory practice, right? Maybe not. If you do it correctly, you can build a successful business much faster than you may have ever thought possible. Research by my firm, CEG Worldwide, has found a select group of advisors […]

Fraternal insurers: for those who aspire to a higher calling

{January 29th, 2016} by Warren S. Hersch

Do well by doing good. For life insurance and financial services professionals, this adage finds perhaps its fullest expression in an often-overlook industry niche: fraternal benefit societies. Agents and advisors seeking more rewarding and successful careers might do well by taking a closer look at them. Why? The societies offer producers unique opportunities to weave […]

LPL Gears Up For DOL Fiduciary Rule

{January 29th, 2016} by EVAN SIMONOFF

At a time when some broker-dealers are vowing to fight the Department of Labor’s pending fiduciary rule, LPL Financial is re-engineering its operations to prepare for it. Over the last four years, the nation’s largest independent broker-dealer has initiated major investments of human capital in the risk management side of its business, according to Dan […]

The innovative annuity product that offers low-risk growth

{January 29th, 2016} by Robert Dechellis

Americans with a large nest egg are feeling protective of their precious retirement savings in these post-recession days. That’s according to a recent survey by Allianz Life. With the unpleasant memory of 2008’s steep market losses still in mind, high-net-worth investors say they’re looking for protection as they scan the horizon for an alternate place […]

Feathering the empty nest: FIAs can help

{January 28th, 2016} by Peggy Bresnick

Once the kids are away, the parents will play. It turns out that when the last of their children leave the nest, parents are spending substantial amounts of money, but not necessarily on preparing for retirement. Many couples find they have more disposable income when they become empty nesters. According to the U.S. Department of […]

MetLife CEO Raised Possibility of Breakup in 2014

{January 28th, 2016} by Ian Katz and Katherine Chiglinsky

MetLife Inc., looking to avoid tougher oversight, was examining options for a breakup or restructuring of the firm 14 months before announcing this year that it’s considering a sale, spinoff or public offering for part of the domestic retail business. Chief Executive Officer Steven Kandarian told regulators including Federal Reserve Chair Janet Yellen and Treasury […]

A.M. Best Affirms Ratings of Principal Financial Group, Inc. and Its Subsidiaries

{January 28th, 2016} by Best's News Service

Oldwick – A.M. Best has affirmed the financial strength rating of A+ (Superior) and the issuer credit ratings (ICR) of “aa-” of Principal Life Insurance Company (PLIC) and Principal National Life Insurance Company. Both are life insurance operating companies of Principal Financial Group, Inc. (PFG) [NYSE: PFG], which is headquartered in Des Moines, IA. These […]

A.M. Best Places Ratings of American International Group, Inc. and Its Subsidiaries Under Review with Negative Implications

{January 28th, 2016} by Best's News Service

Oldwick – A.M. Best has placed under review with negative implications the issuer credit rating (ICR) of American International Group, Inc. (AIG) (New York, NY) [NYSE: AIG] and the financial strength ratings (FSR) and ICRs of its insurance subsidiaries. (Please see link below for a detailed listing of the companies and ratings.) The under review […]

A.M. Best Affirms Ratings of Subsidiaries of CUNA Mutual Holding Company

{January 28th, 2016} by Best's News Service

Oldwick – A.M. Best has affirmed the financial strength ratings of A (Excellent) and the issuer credit ratings (ICR) of “a” of CMFG Life Insurance Company (CMFG Life), the lead life and annuity insurance writer, and MEMBERS Life Insurance Company (Members Life), a life/annuity subsidiary, as well as CUMIS Insurance Society, Inc. (CUMIS), the lead […]

Lightyear Capital and PSP Investments to Buy AIG Advisor Group

{January 28th, 2016} by Chelsea Emery

After a previous attempt, Lightyear Capital will buy the broker-dealer arm of AIG. The insurer will sell AIG Advisor Group to the New York-based Lightyear and PSP, the Canadian pension investment manager, AIG said on Tuesday. Terms of the deal were not released. AIG Advisor Group, which has roughly 5,000 advisors, ranked fifth on Financial […]

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