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Industry Articles

Here’s why cash value life insurance is a superior product

{March 2nd, 2015} by Russell E. Towers, J.D., CLU, ChFC

Whether your client has estate planning needs, business protection needs, or supplementary retirement needs, cash value life insurance offers great competitive advantages versus alternative financial assets. These advantages fall into three major categories: 1) Tax advantages 2) Financial and actuarial advantages and 3) Legal and contractual advantages. These inherent advantages make cash value life insurance […]

Why ‘Future Focus’ Will Attract Younger Customers

{March 2nd, 2015} by Linda Koco, linda.koco@innfeedback.com

CHAMPIONSGATE, Fla. – What should life and annuity advisors and companies do in order to become more successful in reaching the younger generation of customers? Cam Marston’s suggestion is to “sell the emotional paycheck.” By that, he said he means the industry needs to approach younger adults — Generation X and Generation Y — by […]

Closing the sale: an app for the iPad

{March 2nd, 2015} by Warren S. Hersch, whersch@SummitProNets.com

If you’re in the market for a turnkey mobile app that can help you sell more cash value life insurance, a recently launched product might just fit the bill: the Voya Life Journey mobile selling system. Debuted by Voya Financial (formerly ING U.S.) and designed in its first iteration for the Apple iPad, the tablet […]

Ex-AIG Chief Benmosche Dead at 70, Remembered as One of the Most Inspirational Leaders in Corporate America

{March 2nd, 2015} by David Pilla, international editor, BestWeek: David.Pilla@ambest.com

NEW YORK – Robert H. Benmosche, former president and chief executive officer of American International Group Inc. and a former CEO of MetLife Inc., died Feb. 27 after a struggle with cancer. Benmosche, 70, who had undergone treatment for lung cancer since 2010, died on the morning of Feb. 27 at NYU Langone Medical Center, […]

A.M. Best Affirms Ratings of American International Group, Inc.’s Domestic Life/Health Subsidiaries

{March 2nd, 2015} by Best's News Service

Oldwick – A.M. Best has affirmed the financial strength rating (FSR) of A (Excellent) and the issuer credit ratings (ICR) of “a+” of American International Group, Inc.’s (AIG) (New York, NY) [NYSE: AIG] four domestic life/health companies. AIG’s U.S. life, annuity and health operations are collectively referred to as AIG Life & Retirement Group (AIGL&R). […]

Forfeited life insurance benefits pegged at $112 billion

{March 2nd, 2015} by Warren S. Hersch, whersch@SummitProNets.com

Americans ages 65 and older forfeit $112 billion in benefits annually by lapsing or surrendering their life insurance policies, according to new research unveiled at the Life Insurance Settlement Association’s (LISA) Fifth Annual Institutional Investor Life Settlement Conference. John Welcom, founder and chief executive officer of Welcome Funds, and Darwin Bayston, president and chief executive […]

Internet domain ‘.insurance’ available later this year

{February 26th, 2015} by IFAwebnews Staff

The Internet domain “.insurance” should be available to to the industry late this year, according to an organization that has signed an agreement to operate the domain in a “highly restrictive manner with strict eligibility requirements designed to ensure that the space is used by verified insurance industry members.” The financial services-backed group, fTLD, submitted […]

NAFA Membership Elects 2015 Board of Directors

{February 26th, 2015} by PRWeb

Washington, D.C. (PRWEB) February 25, 2015 The National Association for Fixed Annuities (NAFA) elected its 2015 board of directors at the association’s annual meeting. S. Christopher Johnson of National Western Life Insurance Company will assume the role of chair of the NAFA board in replacing Chip Anderson of CreativeOne, who assumes the responsibilities of past […]

Sun Life Financial to ring New York, Toronto, and Philippine stock exchange bells on March 2 to celebrate its sesquicentennial

{February 26th, 2015} by PR Newswire Association LLC

WELLESLEY, MA and NEW YORK, NY, Feb. 26, 2015 /PRNewswire/ – On March 2, Sun Life Financial will ring the opening bells at the New York, Toronto, and Philippine stock exchanges to celebrate the company’s sesquicentennial—its 150th birthday. Sun Life Financial’s corporate headquarters are in Toronto, with head offices in the U.S. and Hong Kong. […]

Boomers’ unique spin on retirement housing

{February 26th, 2015} by Mary Beth Franklin

Over the past 60-plus years, the baby boom generation has left its indelible mark on all aspects of the U.S. economy and culture. Now, as boomers enter retirement, a study from Merrill Lynch and Age Wave suggests they have definite views about the role their homes will play in their retirement plans. “I think we’re […]

Global Atlantic Financial Taps Former Managing Director of Morgan Stanley as Chief Risk Officer

{February 26th, 2015} by Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com

HAMILTON, Bermuda – Bermuda’s Global Atlantic Financial Group Ltd. said it named Peter Cai as chief risk officer to boost risk management throughout the company. Cai has 15-plus years of experience in the financial services industry. Most recently, he was managing director at Morgan Stanley, where he led a global team responsible for measuring, stress […]

Survey: Americans Are Getting Better At Saving For Retirement

{February 25th, 2015} by Patricia Sabatini, Pittsburgh Post-Gazette

Feb. 24–Americans have been doing a better job lately stockpiling money for retirement, according to an annual survey by a consortium of consumer groups. The overall improvements, compared with a year ago, were small but nonetheless important, said Stephen Brobeck, executive director of the Consumer Federation of America. Two indicators were particularly encouraging, he said. […]

Annuities Could Help Clients Boost Their Retirement Grades

{February 25th, 2015} by Chris Bartolotta

The American College recently conducted a quiz to determine consumer knowledge of retirement issues. Eighty percent of the respondents – all at or near retirement age and with at least $100,000 in investable assets – failed outright. Less than 1 percent received a grade of A minus or better. A household survey by the Federal […]

More Seek Lifetime Income But Few Understand Annuities

{February 25th, 2015} by Linda Koco

The annuity puzzle continues. Although 84 percent of Americans consider it important to have a guaranteed monthly paycheck in retirement, only 14 percent have purchased an annuity that will ensure lifetime income. This is according to the TIAA-CREF 2015 Lifetime Income Survey released this month. In addition, although 46 percent of Americans say they are […]

This is what it looks like to be an independent agent in 2015

{February 24th, 2015} by Lynette Gil

What are some of the things that keep advisors up at night? There may be plenty of things to worry about in the industry — for example, new disrupting technologies and distribution methods — but Retirement Advisor’s annual Advisor Survey reveals that advisors are still most concerned about the usual: producing more leads and finding […]

Deloitte Sounds Alarm on Insurance Industry Scrutiny

{February 24th, 2015} by Arthur D. Postal, arthur.postal@innfeedback.com

WASHINGTON – The insurance industry should get ready for national and international regulation, along with greater scrutiny of popular products such as annuities, according to a Deloitte & Touche report. Regulators far and wide are bearing down on insurers and advisors in “a trend which is expected to accelerate and add to rule-making and overlapping […]

LIMRA: Total U.S. Annuity Sales Improve 3% In 2014

{February 24th, 2015} by LIMRA

WINDSOR, Conn., February 23, 2015—Total U.S. annuity sales in 2014 rose 3 percent to $235.8 billion, thanks to record annual sales in indexed and income annuities, according to LIMRA Secure Retirement Institute Fourth Quarter 2014 U.S. Annuity Sales Survey. “Despite interest rates falling nearly a percentage point in 2014, indexed annuities and income annuity sales […]

FINRA Fires Up Fines with Focus on Elder Abuse

{February 24th, 2015} by Arthur D. Postal, arthur.postal@innfeedback.com

WASHINGTON – Fines imposed by the Financial Industry Regulatory Authority on firms and individuals for alleged wrongdoing “increased significantly” in 2014 with a sharper focus on cases involving seniors and retirees, according to a new study. At the same time, the review found that for the second year in a row, the number of firms […]

IUL Illustration Proposal Goes Up For Public Comment

{February 23rd, 2015} by Arthur D. Postal, arthur.postal@innfeedback.com

WASHINGTON – A task force in charge of crafting new rules governing indexed universal life insurance (IUL) illustrations agreed to seek public comment on a proposal that would result in crediting rates in the 6-7 percent range and put limits on loan leveraging. This represents another step in the National Association of Insurance Commissioners’ (NAIC) […]

House Lawmakers Urge Fed Chairman to Draw Clear Distinctions Between Insurers, Banks on Capital Standards

{February 23rd, 2015} by Jeff Jeffrey, Washington Bureau manager: jeff.jeffrey@ambest.com

WASHINGTON – Two top lawmakers on the House subcommittee with jurisdiction over the insurance industry are calling on Federal Reserve Board Chairman Janet Yellen to ensure new capital standards for systemically important financial institutions are tailored to specific industries. Rep. Blaine Luetkemeyer, R-Mo., who chairs the House Financial Services Committee’s Subcommittee on Housing and Insurance, […]

Prudential Highlights 5 Behaviors That Impact Retirement Planning

{February 23rd, 2015} by Business Wire

NEWARK, N.J.–(BUSINESS WIRE)– Prudential Retirement joins the annual America Saves Week campaign to help Americans recognize the five common human behaviors that can deter them from saving for retirement. Prudential Retirement is a business unit of Prudential Financial, Inc. (NYSE:PRU). “American workers are living longer, but most aren’t thinking about what it means to spend […]

Obama tells DOL to move forward with fiduciary redraft

{February 23rd, 2015} by Melanie Waddell

President Barack Obama will speak Monday at AARP at 2 p.m. EST to officially say that he has given the Department of Labor the go ahead to move forward with the redraft of its rule to amend the definition of fiduciary under the Employee Retirement Income Security Act. Obama will say in his comments that […]

Benefits Squeezed Tighter Than Agent Commissions

{February 23rd, 2015} by Cyril Tuohy, cyril.tuohy@innfeedback.com

Who doesn’t love the phrase “managing expenses,” so long as you are the one conducting the expense management? But when carrier executives talk about expense management, look out. For agents, it’s a signal that leaner times lie ahead. For agents who haven’t yet felt the wrath of slimmer margins affecting carriers, perhaps they should prepare […]

Deferred-income annuities grab spotlight from traditional variable annuities

{February 23rd, 2015} by Darla Mercado

Run-up of DIAs in recent years points to a new retirement income stream for clients The lowly deferred-income annuity is finally getting its moment in the sun, as well as in clients’ retirement income plans. Deferred-income annuities started as a variation of the single-premium immediate annuity (SPIA), using a similar concept: A client puts down […]

Raft of new annuity products has broker-dealers scrambling to train reps

{February 23rd, 2015} by Darla Mercado

As new annuities gain in popularity, broker-dealers are getting reps up to speed on using them as part of a comprehensive retirement income plan A raft of new offerings and changing needs for retirement income are spurring broker-dealers to tweak their product training seminars for advisers. It wasn’t that long ago that variable annuities were […]

Are caps and floors in IULs realistic? If so, why can’t I do it myself?

{February 23rd, 2015} by Tom Martin

We are often asked by our clients, “How can the insurance company afford such generous caps and floors in their indexed universal life policies?” Many insurance producers themselves may ponder the same question. We may even take it a step further and wonder, if the insurance company can do this in a life insurance policy, […]

Number of Senior Workers Delaying Retirement Reaches New Post-Recession Low

{February 23rd, 2015} by CareerBuilder

53 percent of workers (age 60+) are currently delaying retirement, down from 66 percent in 2010 54 percent of workers (age 60+) say they will work part or full-time after retirement 54 percent of employers hired mature workers in 2014, up from 48 percent in 2013 Feb 19, 2015, 04:00 ET from CareerBuilder CHICAGO, Feb. […]

Genworth: Looking At A ‘Multi-Step Restructuring’ Of Company

{February 23rd, 2015} by Kody Leibowitz

Lynchburg, VA – Some local jobs may be in jeopardy. Genworth Financial tells ABC 13 that they are looking at a multi-step restructuring. The Henrico County-based company announced it lost $760 million loss for the fourth quarter last year. Genworth has two sites in Lynchburg: one downtown, another on Albert Lankford Drive. “Some positions at […]

NEW Informational Website for QLACs is launched

{February 23rd, 2015} by Alternative Brokerage

DES Moines, Iowa- Alternative Brokerage announces the first comprehensive website for QLACs (Qualified Longevity Annuity Contracts). www.QLACs.com provides one source for current articles, information, as well as new products and new carriers entering the marketplace. Also, for real time updates, follow us on Twitter: @QLACS The new QLAC regulations allow clients to defer up to […]

Where Are All the Ladies in FinTech?

{February 23rd, 2015} by Meredith Lepore

Fintech (that’s financial technology) is a new, exciting industry that will make finance a whole lot more transparent. But when it comes to gender equality, it’s not looking good for this sector: Click HERE to read. A Financial News analysis of Dow Jones Venture Source and Factiva data published last week, revealed that the 20 […]

Life Insurance Scam Targets Washington State Widows

{February 22nd, 2015} by Nina Culver, The Spokesman-Review, Spokane, Wash

Feb. 22–It seemed simple enough. Shortly after her husband of 46 years died earlier this month, Irene Schell got a phone call from a woman who informed her that her husband had a life insurance policy. But there was a catch. The policy was delinquent, the woman on the phone told her, and Schell would […]

Insurers Healthy Despite Interest Rate Slam in 4Q Reports

{February 20th, 2015} by Cyril Tuohy, cyril.tuohy@innfeedback.com

Judging from the fourth quarter crop of earnings reports, insurance carriers are steaming mad at the low interest rate environment and some C-suite executives seemed particularly vehement about the difficult rate environment facing the industry. But why are rates still an issue? Aren’t they old news by now? Haven’t insurance managers learned to navigate the […]

A different approach to recruiting: Lincoln Financial Network

{February 20th, 2015} by Emily Zulz

When it comes to advisor recruitment, Lincoln Financial Network may have a different approach than most. “We’re not going to go out and just recruit for purposes of recruiting,” says Chris Flint, head of Lincoln Financial Securities and senior vice president/head of Advisor & Acquisition Strategies for Lincoln Financial Network. Flint recently paid a visit […]

10 ways to screw up when picking life insurance beneficiaries

{February 20th, 2015} by Barbara Marquand

Naming who should get the life insurance money after you die sounds simple, but designating beneficiaries can get tricky. Mistakes are common, financial advisers say — and they can be heartbreaking and expensive. When mistakes are made “you’re not creating problems for you,” says Keith Friedman, principal of FBO Strategies, an estate planning and insurance […]

Northwestern Mutual achieves record revenue, assets and surplus

{February 20th, 2015} by PR Newswire Association LLC

MILWAUKEE, Feb. 19, 2015 /PRNewswire/ — As demand grows for Northwestern Mutual’s distinctive approach to providing financial guidance, the company today announced it has achieved record levels of revenue, assets and surplus, as well as a record dividend payout to policyowners for 2015 expected to exceed $5.5 billion. “We continue to grow and evolve, yet […]

11 life insurance logos we like

{February 20th, 2015} by Lynette Gil

Let’s play word association; I’ll will write a word and you think about an image. Soda. What logo came to your mind? Click HERE to read….

Observers Praise Former Hartford CEO for Vision, Leadership That Saved Company

{February 20th, 2015} by Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com

HARTFORD, Conn. – When Liam McGee took over as the head of Hartford Financial Services Group Inc. in 2009, the company was in turmoil. It was the midst of the financial crisis and the company’s fate was in the air, according to John Nadel, an analyst with Sterne Agee Group Inc. who has followed Hartford […]

FINRA’s 5 biggest fine categories in 2014

{February 20th, 2015} by Melanie Waddell

The Financial Industry Regulatory Authority (FINRA) imposed approximately $135 million in fines in 2014, a whopping 125 percent jump from the $60 million in fines the regulator assessed in 2013, and the largest amount of fines since the financial crisis in 2008, according to a just-released analysis by the law firm Sutherland Asbill & Brennan. […]

Man Accused Of Killing Texas Woman In Insurance Scam

{February 20th, 2015} by Associated Press

COLLEYVILLE, Texas (AP) — A man arrested in Florida has been charged in the Texas death of a 72-year-old housekeeper who had a $1 million insurance policy issued without her knowledge. Colleyville police say 26-year-old Bernard Gorman faces a murder warrant in the scam to collect the benefits. Polk County, Florida, jail records show Gorman […]

Tweeting maven Josh Brown approaches 100K followers, explains the business upshot

{February 20th, 2015} by Liz Skinner

After more than 85K tweets, @ReformedBroker regrets just one The financial adviser known on Twitter as Downtown Josh Brown with the handle @ReformedBroker is poised to hit 100,000 followers. While that mark doesn’t land him in the social media caste of @RichardBranson, with 5 million followers, or @LadyGaga, with 44 million, he is most likely […]

A milestone for fixed index annuities

{February 18th, 2015} by Jim Poolman

Despite the economic growth that characterized most of the 1990s, economic volatility darkened the bond and stock markets in 1994. Traditional financial options suddenly looked less dependable and consumers were hungry for a product that provided a certain degree of growth, but retained its principal in times of economic turbulence. This volatility led to the […]

Fixed Indexed Annuities Commemorate 20 Years

{February 18th, 2015} by PR Newswire Association LLC

American Retirement Portfolios Stronger After Two Decades of FIAs DES MOINES, Iowa, Feb. 17, 2015 /PRNewswire-USNewswire/ — Fixed Index Annuities (FIAs) observed the 20th anniversary of their introduction to the marketplace today. On Feb. 15th, 1995, FIAs were first announced to consumers as a key component for helping plan a secure, dependable source of income […]

Man Who Stole From Elderly Widows Is Sentenced

{February 18th, 2015} by The New Hampshire Union Leader, Manchester

Feb. 18–Frederick V. McMenimen III, 53, of Bow, was sentenced Feb. 11 in U.S. District Court to serve three-and-a-half years in federal prison and pay restitution of more than $1.44 million to three individuals and an insurance company. McMenimen pleaded guilty in November to mail fraud, money laundering and federal income tax evasion in connection […]

Why The Search For Alternatives Is Good For FIAs

{February 18th, 2015} by Linda Koco, linda.koco@innfeedback.com

The increasing interest in alternative retirement plans is opening doors for greater use of fixed index annuities (FIAs). That’s according to Jim Poolman, the executive director of the Indexed Annuity Leadership Council (IALC), who pointed to use of FIAs in teachers’ defined contribution plans, such as 403(b)s, as an example. Two of IALC’s member companies […]

Liam McGee, CEO who led Hartford through bailout, dies at 60

{February 17th, 2015} by Zachary Tracer, Bloomberg

(Bloomberg) — Liam McGee, an Irish-born banker and insurance executive who guided Hartford Financial Services Group Inc. through a taxpayer bailout and shored up the company’s finances, has died. He was 60. McGee died Feb. 13 after a two-year battle with cancer, Hartford said Monday in a statement. He’d relocated with his family from Connecticut […]

The Hartford Mourns The Loss Of Former Chairman, President And CEO

{February 17th, 2015} by Business Wire

HARTFORD, Conn.–(BUSINESS WIRE)– The Hartford mourns the loss of Liam E. McGee, the company’s former Chairman, President and CEO.Mr. McGee passed peacefully the night of February 13, following a courageous battle with cancer. “We are deeply saddened by the passing of our colleague and dear friend, Liam McGee, and we extend our heartfelt condolences to […]

Genworth Financial Outlines Restructuring Plan, Posts 4Q Loss of $760M on Older Long-Term Care Policies

{February 17th, 2015} by Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com

RICHMOND, Va. – Genworth Financial Inc. said it’s undertaking a multistep restructuring plan targeting cash savings of more than $100 million pretax over the next two years after it posted a fourth-quarter 2014 net loss of $760 million on older blocks of acquired long-term care insurance policies. The final quarter of 2014 included a GAAP […]

5 fixed annuity questions you should be asking

{February 17th, 2015} by Christopher Bartolotta, christopher.bartolotta@m3fin.com

Last time, we talked about common questions that advisors and clients ask that have their basis in misleading claims about fixed annuities. This time we’ll take a look at what questions you should be asking instead — the ones that get to the heart of what an annuity can do for your client. Click HERE […]

MetLife gets back in the variable-annuity-with-living-benefits game

{February 17th, 2015} by Darla Mercado

Longtime variable annuity player MetLife Inc. is stepping off the sidelines and getting back into the game as it launches a new living benefit rider. The New York-based insurer will release a new guaranteed lifetime withdrawal benefit rider, called FlexChoice, for sale on Saturday, Feb. 14. MetLife filed the contract with the Securities and Exchange […]

The Highs And Lows Of 4Q Earnings

{February 17th, 2015} by Cyril Tuohy, cyril.tuohy@innfeedback.com

Front row seats to Genworth Financial’s earnings call was the hot ticket in this batch of earnings releases as the company announced that the completion of its active life margin review was “substantially complete.” The findings “positive in the aggregate,” in the words of president and CEO Thomas McInerney, were good and bad, but not […]

Some Carriers Beat The 4Q Blues Some Carriers Beat The 4Q Blues

{February 17th, 2015} by Cyril Tuohy, cyril.tuohy@innfeedback.com

As some of the nation’s largest life and retirement carriers blamed lower interest rates and currency fluctuations for poor quarterly earnings performance, companies with deep roots in distribution and strong ties to the middle market performed well. Primerica, a distributor of term insurance and investment products, reported fourth quarter net income of $45.5 million, an […]

AIG: Interest Rates To Blame In Quarterly Profit Loss

{February 17th, 2015} by Arthur D. Postal, arthur.postal@innfeedback.com

WASHINGTON – American International Group said profit declined 67 percent in the last quarter related to a year ago because it shored up reserves and also because results declined significantly at its life and retirement units. Operating results in the newly formed consumer business unit fell 21 percent to $923 million because of the drop […]

American Equity Reports Fourth Quarter 2014 Results

{February 17th, 2015} by Business Wire

WEST DES MOINES, Iowa–(BUSINESS WIRE)–American Equity Investment Life Holding Company (NYSE: AEL), a leading issuer of fixed index annuities, today reported fourth quarter 2014 net income of $31.2 million, or $0.39 per diluted common share, compared to fourth quarter 2013 net income of $51.0 million, or $0.64 per diluted common share. Non-GAAP operating income1 for […]

Zurich CEO Says More Work Needed in Turnaround Businesses as Group Posts 3% Drop in 2014 After-Tax Net Profit

{February 17th, 2015} by Robert O'Connor, London editor: Robert.OConnor@ambest.com

ZURICH – Zurich Insurance Group Ltd.’s chief executive officer expressed dissatisfaction with the group’s 3% fall in 2014 after-tax net profit to US$3.9 billion, and pointed to further work needed in following its strategic plan. After-tax profit was US$4.02 billion in the previous year. Business operating profit at the multiline insurer was down by 1% […]

MetLife CEO: Company Has De-Risked US Retail Business; Federal Reserve Is Now One of Its Regulators

{February 17th, 2015} by Fran Matso Lysiak, senior associate editor, BestWeek: fran.lysiak@ambest.com

NEW YORK – As MetLife Inc.’s fourth-quarter and year-end 2014 profits increased, its chief executive officer said the company has de-risked its U.S. retail business while the Federal Reserve is now one of its regulators. Fourth-quarter net income increased to nearly $1.5 billion from $877 million. Net income included $120 million in derivative gains, after-tax, […]

America’s Retirement Accounts Heavily Invested In Oil, Gas

{February 16th, 2015} by Allison Dyer Bluemel, Greeley Tribune, Colo.

Feb. 13–The well-being of the oil and gas industry may affect the average American beyond what we pay at the gas pump. Many Americans may only have to look as far as their 401(k)s. Non-insider individuals hold 65.5 percent of the industry’s stock weaved into their 401k retirement plans, according to a 2014 study conducted […]

MetLife Back In GLWB Market

{February 16th, 2015} by Linda Koco, linda.koco@innfeedback.com

MetLife has decided it’s time to get back into the guaranteed lifetime withdrawal benefit (GLWB) market for variable annuities (VAs). The carrier had pulled its older GLWB rider from its core VA nearly four years ago as part of a derisking strategy, said Elizabeth Forget, executive vice president-retail retirement and wealth solutions.  Now, MetLife wants […]

Accused Of Bilking Elderly Client, Man Withdraws Guilty Plea

{February 14th, 2015} by Konstantine Fekos, The Meadville Tribune, Pa.

Feb. 14–A former financial adviser accused of stealing money from an elderly Meadville woman withdrew his guilty plea Friday morning before Crawford County Court of Common Pleas President Judge Anthony Vardaro. David E.A. Seagren, 70, originally pleaded guilty in November last year, facing up to 62 years in prison and $140,000 in fines on six […]

AIG’s Hancock: 2014 ‘a Year of Transition’ as Net Income Falls 17%

{February 13th, 2015} by Michael Buck, senior associate editor, BestWeek: Michael.Buck@ambest.com

NEW YORK – American International Group Inc. saw its fourth-quarter net income fall to $655 million, from $2 billion in the prior-year period, and its full-year net income fall 17.5% to $7.5 billion, the company said in a statement. Reported net income included an after-tax loss on extinguishment of debt of $824 million associated with […]

Voya Offers A GLWB Option In 401(k) Plan

{February 13th, 2015} by Linda Koco

If you think that guaranteed lifetime withdrawal benefits (GLWBs) are giving up the ghost, they’re not. The Retirement Solutions business of Voya Financial said it has started offering a multi-insurer GLWB option on its recordkeeping platform for large 401(k) funds. As with GLWBs in the retail annuity world, this product guarantees guaranteed lifetime income for […]

Ranked! Here are 2015’s top schools for insurance degrees

{February 13th, 2015} by Melissa Hillebrand

As of 2014, the average age of an insurance agent in the United States is 59, according to global management consulting firm McKinsey & Co., and one-fourth of the industry’s employees will retire by 2018. And the widening talent gap isn’t exclusive to agents — it’s prevalent in other industry segments such as risk management […]

John Hancock Insurance Launches New Term Life Insurance Product

{February 13th, 2015} by PR Newswire Association LLC

BOSTON, Feb. 11, 2015 /PRNewswire/ — John Hancock Insurance today announced it has re-engineered its term life insurance, providing more consumers with an affordable solution to help with their big financial decisions. With significantly lower premiums in core market segments and face amounts beginning at $250,000, John Hancock Term is a cost-effective insurance solution to […]

Nationwide Delivered Consistent Growth In 2014

{February 13th, 2015} by Business Wire

COLUMBUS, Ohio–(BUSINESS WIRE)– Nationwide maintained its strong market position and growth momentum in 2014. Nationwide today reported total operating revenue of $25.3 billion1 for 2014, up more than 6 percent over 2013. Year-end results reflect balanced revenue growth and performance across most major product lines in the company’s diverse portfolio. Revenue was driven by business […]

Delivering The Deep Dive Into Price Comparisons

{February 13th, 2015} by Ron Sussman, ron.sussman@innfeedback.com.

We live in an age of instant gratification. If you’re looking to buy anything from a car, to a television to dish soap, you are a few keystrokes and a click away from an in-depth comparison of options and prices. It’s reasonable, too, for our policyholder clients to expect this exhaustiveness when their agent promises […]

Voya Financial Announces Fourth Quarter and Full Year 2014 Results

{February 13th, 2015} by PR Newswire

NEW YORK, Feb. 11, 2015 /PRNewswire/ — Voya Financial, Inc. (NYSE: VOYA) today reported financial results for the fourth quarter and full year 2014: Fourth quarter 2014 after-tax operating earnings1,2 of $245 million, or $0.99 per diluted share, compared with $198 million, or $0.75 per diluted share in the fourth quarter of 20133. The following […]