American National introduces two new products for New York: Century Plus Annuity and Limited Pay Whole Life
{November 3rd, 2018} by American National
GLENMONT, N.Y., Nov. 02, 2018 (GLOBE NEWSWIRE) — Effective immediately, American National announces the addition of a new tax-deferred fixed annuity and a limited premium whole life product, Limited Pay Whole Life Insurance. Century Plus Annuity This single premium, fixed, deferred annuity may be the right choice for someone who is a conservative investor who […]
Northwestern Mutual’s Internship Program Ranked Top 25 in U.S.
{November 3rd, 2018} by Northwestern Mutual
MILWAUKEE, Nov. 2, 2018 /PRNewswire/ — Vault has announced its latest rankings for the top 50 internships in America and Northwestern Mutual continues its year over year trend of being one of America’s Top 25 internships overall, and one of the Top 10 internships in the financial services industry. Additionally, the company is one of the Top […]
John Hancock Announces Leadership Transitions At Retirement Plan Services
{November 3rd, 2018} by John Hancock Retirement Plan Services
BOSTON, Nov. 2, 2018 /PRNewswire/ — In support of its holistic retirement offerings, John Hancock announced today that Gary Tankersley has been promoted to head of Sales and Distribution for John Hancock Retirement Plan Services (JHRPS). He will report to Patrick Murphy, president and CEO, JHRPS, and join the senior leadership team at RPS. The appointment is effective immediately. In this role, Mr. […]
Insured Retirement Institute applauds SEC’s new disclosure plan for annuities
{November 2nd, 2018} by Dave Kovaleski
The Securities and Exchange Commission (SEC) introduced a proposal this week that would modernize the process of disclosing information about variable annuities. The proposal calls for a layered disclosure approach designed to provide investors with vital information relating to the contract’s terms, benefits, and risks in a concise and more reader-friendly presentation. Additionally, access to […]
Are You Insured? When It Comes To Life Insurance, Many Are Not
{November 2nd, 2018} by Michael Seale, Patch Staff
BIRMINGHAM, AL – Few people likely perk up when they are asked to talk about what their families will do when a family member dies, especially if the primary bread-winner in the family passes away. However, the subject is one that is important to discuss, and in light of numbers that show how few people […]
RGA completes two annuity transactions covering $3 billion of reserves
{November 2nd, 2018} by Charlie Wood
Reinsurance Group of America, a leading global life reinsurer, has completed a set of transactions with John Hancock Life Insurance Company that will see a subsidiary of the firm acquire an in-force block of individual payout annuities and provide reinsurance on a second block of similar business contracted in New York. Reinsurance Group of America […]
SEC Proposes Summary Prospectus Option and Modernized Disclosure for Variable Insurance Products
{November 2nd, 2018} by JD Supra
On October 30, the SEC voted to propose modernized disclosures for variable annuities and variable life insurance policies (“variable insurance products” or “contracts”), including the use of an optional summary prospectus. Perhaps the most striking aspect of the proposal is the “access equals delivery” approach to prospectus delivery for the mutual funds that serve as the underlying […]
FBL Financial Group Reports Third Quarter 2018 Results
{November 2nd, 2018} by FBL Financial Group
WEST DES MOINES, Iowa–(BUSINESS WIRE)–FBL Financial Group, Inc. (NYSE: FFG): Financial Highlights (Dollars in thousands, except per share data) Three months ended September 30, 2018 2017 Net income attributable to FBL Financial Group $ 31,010 $ 26,127 Non-GAAP operating income(1) 31,872 24,776 Earnings per common share (assuming dilution): Net income 1.24 1.04 Non-GAAP operating income(1) […]
A.M. Best Upgrades Issuer Credit Ratings of Liberty Bankers Life Insurance Company and Its Subsidiaries
{November 2nd, 2018} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–A.M. Best has upgraded the Long-Term Issuer Credit Ratings (Long-Term ICRs) to “bbb+” from “bbb” and affirmed the Financial Strength Rating (FSR) of B++ (Good) of Liberty Bankers Life Insurance Company (Oklahoma City, OK), and its wholly owned life insurance subsidiaries, The Capitol Life Insurance Company (Dallas, TX) and American Benefit Life Insurance Company […]
John Hancock CEO Discusses New Vitality Program in the November Issue of Best’s Review
{November 2nd, 2018} by A.M. Best
OLDWICK, N.J.–(BUSINESS WIRE)–The November issue of Best’s Review features an interview with Marianne Harrison, chief executive officer, at John Hancock, for the past year. In “Choosing Disruption,” Harrison explains how she hopes to revitalize the brand, and potentially reinvent the life insurance model, by dramatically increasing engagement with customers. To do this, the insurer has integrated its interactive vitality […]
RGA Announces Annuity In-Force Block Transactions with John Hancock and Reinsurance Transactions with Manulife Canada
{November 2nd, 2018} by Reinsurance Group of America, Incorporated
ST. LOUIS–(BUSINESS WIRE)–Reinsurance Group of America, Incorporated (NYSE: RGA), a leading global life reinsurer, today announced the completion of a transaction with John Hancock Life Insurance Company (John Hancock). Under the agreement, an RGA subsidiary acquired an in-force block of individual payout annuities and agreed to reinsure a second block of similar business contracted in New […]
Voya Financial Exiting The Life Insurance Business
{November 2nd, 2018} by Wire Reports
Voya Financial will stop all new life insurance sales on Dec. 31 and retain its in-force block, the company announced this week. The decision “supports Voya’s focus on its higher-growth, higher-return, capital-light businesses,” the company said in a news release accompanying third-quarter results. “Retaining the block provides value to shareholders, including earnings and capital diversification […]
Annuities: Predictable Income, Protection Against Inflation
{November 1st, 2018} by Steve Dinnen
Annuities can be an important piece of your retirement income strategy. But it helps to first understand them, which is no mean feat as they seem to come in as many variations as do snowflakes.All annuities have the same aim—to take some of your money now, invest it for a while, and then guarantee they’ll […]
Why the Indexes Are Multiplying
{November 1st, 2018} by Allison Bell
Jason Wellmann, a top U.S. life distribution expert, was in New York earlier this week to attend LIMRA’s annual conference. Wellmann — the senior vice president of life insurance sales for Allianz Life, and a sometime ThinkAdvisor Life/Health blogger — is worried about the effects of the shrinking U.S. agent force on U.S. life insurance sales. He’s […]
SEC panel pushes strengthening Regulation Best Interest, in line with a fiduciary duty
{November 1st, 2018} by Jeff Benjamin
The Securities and Exchange Commission’s Investor Advisory Committee is pushing to “strengthen and clarify” rules requiring broker-dealers to act in the best interest of investors, potentially sharpening the rules to take the form of a fiduciary duty. The IAC, a volunteer committee designed to represent the interests of ordinary investors, is scheduled to vote Nov. […]
NCOIL Staff Participates in “No-Shave November” for Third Consecutive Year
{November 1st, 2018} by NCOIL
Effort Raises Funds & Awareness for Cancer Research Manasquan, NJ – Commissioner Tom Considine, NCOIL CEO announced today that for the third consecutive year, the organization’s staff will participate in No-Shave November 2018. “For the past two years the NCOIL staff participated in No-Shave November and it has proven to be an itchy and […]
Voya Financial to Halt Sales of Life Insurance to Individuals
{November 1st, 2018} by Frank Klimko
NEW YORK – Voya Financial Inc. said it plans to discontinue new individual life-insurance sales at the end of the year and will focus on selling policies through the workplace and institutional clients. Existing life-insurance policies would be paid as they come due. The decision was based on a strategic review of the company’s individual […]
SEC Proposes Streamlined Prospectus for Life Insurance Variable Annuities
{November 1st, 2018} by Frank Klimko
WASHINGTON – The U.S. Securities and Exchange Commission has proposed a new rule to allow life insurers to provide a streamlined prospectus for variable annuity and variable life insurance contracts rather than the longer prospectus that was difficult for investors to understand. Under the rule, life insurers would be allowed to use a summary prospectus […]
For Annuities, It’s Looking Like A Very Good Year
{November 1st, 2018} by Ben Mattlin
In late summer, the LIMRA Secure Retirement Institute released several startling facts about the annuities market: 1. Total sales in the second quarter had jumped to a level not seen since the first quarter of 2015—they were nearly $60 billion, a 10% increase from the second quarter a year earlier and 15% more than in […]
Life, Reimagined
{November 1st, 2018} by Brooks Tingle
It’s time for the life insurance industry to look in the mirror. In this age of smart technology and changing consumer expectations, it’s clear that we are seeing a dramatic shift in the way Americans are living their lives. So, we must ask ourselves: isn’t it time to disrupt the life insurance industry by focusing […]
SEC proposes variable annuity summary prospectus
{November 1st, 2018} by Mark Schoeff Jr.
The Securities and Exchange Commission is attempting to help investors grasp how variable annuities work and what they cost, but one skeptic says the agency’s proposal would not deliver plain-language clarity. The SEC released for public comment Tuesday night a proposal for a summary prospectus for variable annuities and variable life insurance contracts. Click HERE to read […]
New Jersey Solicits Comments on Its Preliminary Fiduciary Rule
{November 1st, 2018} by Bernice Napach
New Jersey is moving ahead with a proposed state fiduciary rule that would affect all broker-dealers, agents, investment advisers and investment adviser representatives registered to do business in the state. After Gov. Phil Murphy announced his intent for the state to develop “the strongest investor protections in the nation” last month, the state’s Bureau of […]
What’s Up, Doc Huffman?
{November 1st, 2018} by Kerry Pechter
Gary “Doc” Huffman, the chairman and CEO of Ohio National Life, was sitting in a vast ballroom in New York’s Marriott Marquis Hotel Tuesday, waiting with a thousand other life insurance executives to hear former FBI director James Comey deliver a keynote address at LIMRA’s annual conference. I approached him and asked about his firm’s […]
Worry of Waning Retirement Income Big Reason for Annuity Purchases: Study
{November 1st, 2018} by Marlene Y. Satter
Consumers looking to bolster their Social Security or pension income, or looking for a guaranteed lifetime income, are buying annuities. Those are the top two reasons for annuity purchases, according to a LIMRA Secure Retirement Income study of annuity owners. According to its research, the primary source of income for 70 percent of retirees is expected to […]
SEC seeks new variable annuity disclosure — but doesn’t require it
{November 1st, 2018} by Tobias Salinger
A new SEC proposal aimed at greater disclosures on variable insurance products would not actually impose any new requirements on issuers. Variable annuity and life insurance issuers could optionally provide clients with a new summary prospectus under the 480-page proposal, which the SEC issued with a request for public comment until mid-February. “This proposal is another important […]
Another Insurer to Cease Selling Life Insurance to Individuals
{November 1st, 2018} by Leslie Scism
Voya Financial Inc. is the latest U.S. life insurer to exit a business that was once a core part: life insurance sold to individuals. The company, spun out of Dutch giant ING Groep in 2013, on Tuesday said it would cease new individual life-insurance sales at year-end. It will keep its existing block of life-insurance policies and pay out […]
Voya to exit individual life insurance business
{November 1st, 2018} by Greg Iacurci
By the end of the year, Voya Financial Inc. will no longer sell individual life insurance in order to focus on higher-growth business lines. Voya, which was spun off from Dutch parent ING Groep in a 2013 initial public offering, decided to exit the individual life business following a strategic review, said CEO Rodney O. Martin Jr. […]
Voya Financial Announces Third-Quarter 2018 Results
{November 1st, 2018} by Voya Financial, Inc.
Third-quarter 2018 net income available to common shareholders of $0.87 per diluted share Third-quarter 2018 adjusted operating earnings1 of $0.84 per diluted share, after-tax; Normalized for the following items, third-quarter 2018 adjusted operating earnings were $1.34 per diluted share, after-tax: $(0.70) per diluted share, after-tax, of unfavorable deferred acquisition costs and value of business acquired (“DAC/VOBA”) […]
