Americans own almost $900 billion worth of variable annuities with lifetime income guarantees. Uncertainty over the way policyholders and their advisers might use the contracts can keep life insurer actuaries up at night. They often turn to Ruark Consulting for guidance.
'No one predicted the pandemic, but when spreads gapped, we had an opportunity get some attractive yields. So we saw a monstrous increase in sales of fixed multi-year guaranteed rate annuities,' said Bill Lowe, president at Sammons Institutional Group.
The NAIC's VA reforms 'will serve to diminish the noneconomic volatility..., but ongoing developments related to the pandemic will likely lead to more uncertainty, with potential increases in equity market volatility,' the ratings agency said.
This article, provided by the Wagner Law Group, explains the modifications made to the Paycheck Protection Program (PPP) by the Economic Aid to Hard-Hit Small Businesses, Non-Profits, and Venues Act, a part of the Consolidated Appropriations Act of 2021.
Annuity distribution expert Scott Stolz joins SIMON; TIAA private equity affiliate raises $6.4 billion in new capital; MetLife unit in longevity reinsurance deals with Legal & General; Thrivent promotes two new senior managers; MRA Associates joins CAPTRUST; Financial illiteracy costs Americans $415 billion in 2020: NFEC; Lincoln partners with Morningstar on 401(k) managed accounts.