American Financial: DOL Rule Will Have Greatest Impact On Nonregistered Reps
August 9, 2016 by Cyril Tuohy
The Department of Labor’s new rule raising investment advice standards into retirement accounts will have the greatest impact on non-registered retail representatives. That’s the word from a top executive with American Financial Group.
But sales by nonregistered reps through the retail channel represented only about 10 percent of American Financial’s annuity sales in the second quarter. So the overall effect of the rule isn’t expected to have much impact on the company’s long-term operations, said S. Craig Lindner, co-CEO and co-president.
Second-quarter annuity premiums rose 22 percent to $1.1 billion, an increase of 22 percent compared to the year-ago period, the company reported.
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But through the life and annuity operations of its Great American Insurance Group subsidiary, American Financial was the No. 3 seller of fixed indexed annuities last year with sales of $3.7 billion, according to Wink’s Market & Sales Report.