NEW YORK, N.Y., December 3, 2020 -- Guardian’s Care Conversion Option Rider (CCOR) is the first term insurance rider in...
Posted: December 3, 2020, 9:58 pm
Fitch Ratings-Chicago-03 December 2020: The ongoing concern regarding the economic fallout from the coronavirus pandemic could cause deterioration in key...
Posted: December 3, 2020, 9:12 pm
PARK RIDGE, Ill. (Dec. 2, 2020) — Building on its culture of excellence and providing financial professionals exceptional opportunities for...
Posted: December 3, 2020, 2:43 pm
A former investment manager was charged in an indictment unsealed today for his alleged participation in a scheme to defraud a North Carolina- based life insurance company out of over $34 million. Acting Assistant Attorney General Brian C. Rabbitt of the Justice Department's Criminal Division, U.S. Attorney Matthew G.T. Martin of the Middle District of North...
Posted: December 3, 2020, 5:01 am
Third-quarter sales of whole life registered $1.05 billion, up 12.9% when compared with the previous quarter, according to Wink’s Sales & Market Report. But sales were down more than 10.2% as compared to the same period last year.
Posted: December 1, 2020, 3:16 pm
--Boston Mutual Life Insurance Company, a national provider of insurance solutions for individuals and at the workplace, today announced the acquisition of the Information Technology Outsourcing Service from long-term partner Onyx Data Solutions, a technology company engaged in the business of IT strategy, development, management, and consulting.
Posted: December 1, 2020, 12:46 pm
COVID-19 has increased consumer awareness about the need for life insurance. LIMRA research finds 6 in 10 Americans say they have a heightened awareness about the need for life insurance due to the pandemic and 29% say they are more likely to buy life insurance in the next 12 months.
Posted: November 30, 2020, 2:55 pm
After a challenging first half, the independent distribution channel jumps back into indexed universal life sales with a big pop in the
third quarter. Variable universal life also had a boffo quarter.
Posted: November 30, 2020, 11:00 am
In a pair of lawsuits, both appealed to the 11th Circuit Court of Appeals, insurers prevailed in lower-court rulings over cost-of-insurance increases. The cases are important because they are among the few COI cases that insurers have won a favorable verdict.
Posted: November 24, 2020, 7:42 pm
Driven by strong growth in whole life and term products, total individual life insurance new annualized premium increased 2% and the number of policies sold jumped 7% in the third quarter, according to LIMRA’s Third Quarter 2020 U.S. Individual Life Insurance Sales Survey.
Posted: November 23, 2020, 7:45 pm
--Ohio National Financial Services announces that Barbara A. Turner, CRCP, president and chief operating officer, was elected president and chief executive officer by the board of directors of Ohio National Financial Services in November 2020. Turner’ s new position is effective January 1, 2021, following the retirement of Gary T.“ Doc” Huffman, CLU, ChFC, chairman...
Posted: November 23, 2020, 6:25 pm
Insurance companies are creating more products that grow with their customers’ finances and needs. Term life insurance has proven itself to be one of these versatile products.
Posted: November 23, 2020, 11:44 am
Federal authorities have charged a fourth person in connection with the alleged murder-for-hire plot that, in March 2016, claimed the life of Andre Montgomery, grandson of "Sweetie Pie's" St. Louis soul food restaurant owner Robbie Montgomery, of whom the five-season OWN network reality show was centered around. According to a Nov. 12 news release by the U.S....
Posted: November 22, 2020, 5:00 am
Panelists agreed that consolidation through mergers and acquisitions will pick up as carriers and others along the distribution chain seek efficiencies through scale. The life and annuity business is likely to follow the path of the property & casualty industry in terms of M&A activity, panelists agreed.
Posted: November 20, 2020, 7:10 pm
Insurance agency managers might have decades of experience to guide their judgment and decisions, but that is no match for the wisdom that data yields, according to panelists at NAILBA 39. Becoming a data-driven agency can boost the bottom line exponentially
Posted: November 20, 2020, 12:20 pm
After a pandemic-driven pullback in mergers and acquisitions activity in the first half of 2020, acquisitions and dispositions have come...
Posted: November 19, 2020, 10:08 pm
Insurance and financial advisors are challenged to find the right partners and brokerage general agencies to work with, said Brian Haney, founder and vice president of The Haney Company in Silver Spring, Md.
Posted: November 19, 2020, 8:31 pm
Northwestern Mutual Future Ventures will dedicate $20 million to investing in companies founded by Black entrepreneurs, the company announced in a news release Wednesday. "Innovative thinking is required to drive breakthrough solutions to close the racial equity gap, and by supporting Black founders through Northwestern Mutual Future Ventures and the...
Posted: November 19, 2020, 5:00 am
Scott Allen Renninger knew he would be under scrutiny "once it all goes down" during a Nov. 11 conversation, police said. Renninger, in the conversation, said he accepted the scrutiny and was prepared for it. He also told a confidential source he knew the existence of an unknown amount of life insurance on his wife.
Posted: November 18, 2020, 5:11 pm
RADNOR, PA, November 16, 2020 – In a time when nearly half of consumers surveyed say they would be more...
Posted: November 17, 2020, 6:47 pm
TIAA, a leading provider of secure retirements and outcome-focused investment solutions, said Roger W. Ferguson, Jr., intends to retire as president and CEO on March 31, 2021. Ferguson is rumored to be on President-elect Joe Biden's shortlist for a cabinet position.
Posted: November 17, 2020, 4:29 pm
Richard Krassen, who turns 80 on Nov. 17, is a semiretired life insurance salesman, and you have never heard of him. And when he wrote his life story, the story of an unremarkable middle-class Jewish existence in Northeast Philadelphia, he didn’t care if nobody wanted to read it.
Posted: November 17, 2020, 10:16 am
For financial adviser Dean Vagnozzi, it's been a tough year. Since 2016, he had urged customers to invest in funds linked to a Philadelphia firm known as Par Funding. The U.S. Securities and Exchange Commission says Vagnozzi and Par Funding misled investors about Par's financial soundness and the criminal past of a founder.
Posted: November 16, 2020, 1:34 pm
Pooled employer plans will give employers, especially small unrelated employers, a way of offering their employees a workplace retirement savings option with reduced burdens and cost.
Posted: November 13, 2020, 2:32 pm
A fourth person faces charges in connection to the fatal shooting of Andre Montgomery Jr., the grandson of the owner of Sweetie Pie's restaurants in the St. Louis area.
Posted: November 13, 2020, 3:31 am
The Company is reporting Operating earnings of $12.1 million for the quarter ended September 30, 2020, substantially unchanged from the $12.1 million reported in the third quarter of 2019.. Excluding the revenue contributions of $2.0 million from Aurrea Signature Inc., and Modern Advisor Canada Inc., two businesses which were acquired subsequent to the...
Posted: November 12, 2020, 9:30 pm
After months of economic heartache from the coronavirus, it is encouraging to learn of some good news about Americans’ retirement...
Posted: November 12, 2020, 8:06 pm
OMAHA, Neb. – Today insurance and financial services giant Mutual of Omaha unveiled a new corporate logo, featuring the image...
Posted: November 12, 2020, 6:54 pm
The American Council of Life Insurers issued the following news release:. The National Institute for Lobbying& Ethics has announced the recipients of its "2020 Top Lobbyist Award" which included ACLI Executive Vice President, Government Relations, Joyce Meyer. "Our list includes professionals that saw significant legislative success in 2020, have been...
Posted: November 12, 2020, 8:05 am
The Life Insurance and Annuities Committee gave consumer advocate Birny Birnbaum 20 minutes to make the case for new illustration rules. The overall life insurance illustration model regulation #582 was a very lengthy, acrimonious process that took years before the NAIC adopted it in 1995.
Posted: November 11, 2020, 4:44 pm
The plan is to sell 19.9% of the life/retirement business, either through an initial public offering, commonly called an IPO, or a private sale. It “will not consider” selling more than that, said Zaffino, who will become CEO on March 1, 2021, and remain president of AIG.
Posted: November 6, 2020, 4:51 pm
Lincoln Financial expects "to bottom out" during the fourth quarter, CEO Dennis Glass said of life and annuity sales, and the company is preparing to roar back in 2021 with eight new products lined up. Glass spoke today during a conference call with analysts to review third-quarter earnings.
Posted: November 5, 2020, 7:45 pm
_ MetLife Inc. on Wednesday reported third-quarter earnings of $706 million. On a per-share basis, the New York- based company said it had profit of 69 cents. MetLife shares have declined 23% since the beginning of the year, while the Standard& Poor's 500 index has climbed almost 7%.
Posted: November 4, 2020, 9:50 pm
Prudential Financial is discontinuing all sales of variable annuities with guaranteed living benefits, eliminating its Highest Daily Income and Prudential Defined Income annuity products. The move is needed as the insurer recalibrates amid economic uncertainty and ultra-low interest rates, CEO Charlie Lowry said.
Posted: November 4, 2020, 7:34 pm
Nov. 3-- Tracey Cathey McNeill, 50, of Raeford, surrendered Thursday to law enforcement officers on charges of wire and mail fraud, according to a news release from the U.S. Attorney's Office for the Eastern District of North Carolina. The statement says McNeill devised a scheme to defraud the U.S. Department of Veterans Affairs and the U.S. Office of Personnel...
Posted: November 3, 2020, 8:15 am
Policyowners with Northwestern Mutual will receive an estimated $6.2 billion through the 2021 dividend payout, the company announced in a news release Thursday. Northwestern Mutual has paid a dividend to its policyholders every year since 1872.. "This record dividend payout is a sign of our commitment to our policyowners," John E. Schlifske, chairman,...
Posted: October 30, 2020, 8:00 am
-Today, John Hancock announced the expansion of its Apple Watch program to include the recently announced Apple Watch Series 6 and Apple Watch SE for life insurance customers participating in the John Hancock Vitality Program, which rewards customers for the everyday things they do to live longer, healthier lives. Beginning this fall, John Hancock Vitality...
Posted: October 29, 2020, 5:00 pm
So, the SECURE Act took away the stretch IRA. But here's Tom Duncan of Nationwide with three opportunities for advisors that he revealed at the National Association for Fixed Annuities' annual Annuity Distribution Summit this week.
Posted: October 28, 2020, 12:44 pm
--Unum Group today reported net income of $231.1 million for the third quarter of 2020, compared to net income of $242.0 million for the third quarter of 2019.. Included in net income for the third quarter of 2020 are after-tax costs related to an organizational design update of $18.6 million, as well as a net after-tax realized investment gain on the Company's...
Posted: October 28, 2020, 12:15 am
Principal Financial Group ® announced results for third quarter 2020.. Net income per diluted share of $0.85 for third quarter 2020 compared to $0.98 in the prior year quarter. As noted in Exhibit 1, third quarter 2020 net income reflected the results of the significant variances 1, including the annual actuarial assumption review, which decreased net income...
Posted: October 27, 2020, 12:15 am
The company’s executive management team, with assistance from independent financial and legal advisors and oversight from the AIG board, "conducted a comprehensive review of the company’s current composite structure, including strategic, operational, capital and tax implications," the company said in a news release.
Posted: October 26, 2020, 9:21 pm
The pandemic's effect on seniors has brought renewed attention to long-term care insurance- and aging at home. Almost any policy sold now will have a pool of benefits that help pay for home care, a nursing home, assisted care, a memory unit or something similar, said Barbara Franklin, founder of Franklin& Associates, long-term care insurance brokers.
Posted: October 25, 2020, 8:00 am
Analysts are eager to see the bottom lines as many insurers are starting to show cracks in the economic foundation -- in the form of significant employee layoffs. Globe Life was one of the first life insurance companies to report third-quarter data today.
Posted: October 22, 2020, 9:55 pm
A majority of MassMutual employees impacted by selling of retirement plan business to Colorado- based Empower Retirement will receive new offers to join the Colorado company. MassMutual and Empower Retirement announced in September that the latter company would buy MassMutual’ s retirement business for $3.35 billion.
Posted: October 21, 2020, 10:11 am
The United States Army has ruled that Spc. Texas' Fort Hood, where Guillen was stationed, announced the determination of her death in a statement on Tuesday, saying it was made following an investigation. Her death sparked outrage and prompted the Army last month to expand its investigation into her killing to include the chain-of-command at Fort Hood.
Posted: October 21, 2020, 9:55 am
Greg E. Lindberg was in custody on Tuesday at a minimum-security prison in Montgomery, Alabama, according to Scott Taylor, a spokesman for the Federal Bureau of Prisons. Lindberg had given more than $5 million to state and federal candidates and committees since 2016, favoring Republicans but also giving to Democrats. District Judge Max Cogburn on Monday...
Posted: October 21, 2020, 1:55 am
Like many aspects of the insurance industry, mergers-and-acquisitions activity is not at all where analysts expected coming into 2020 -- thank COVID-19 for that. But M&A will return robustly, analysts predict. In fact, it will help shape how the industry recovers from the pandemic and reinvents itself.
Posted: October 20, 2020, 9:04 pm
The plaintiffs claim they were misled about the costs of an IUL policy and how it works. The case has broad implications for the industry and the controversial Actuarial Guideline 49 put forth by the National Association of Insurance Commissioners, an industry attorney said.
Posted: October 20, 2020, 3:43 pm
Lindberg, the billionaire at the center of one of North Carolina's worst political-corruption scandals, has been ordered to report to FPC-Montgomery, a minimum-security prison camp in Montgomery, Ala., to begin an 87-month bribery sentence.
Posted: October 20, 2020, 1:31 pm
Oct. 18-- When Christina McKinney took on a career in the insurance sales business, she not only found a job she loved, but she carried on a tradition that has now been in her family for four generations. She said she grew up in Shelby and her dad managed an agency in town. McKinney has run a successful business, CRM Insurance Services, in Forest City since 2006 and just...
Posted: October 19, 2020, 3:17 am