After record sales year for annuities, LIMRA predicts strong 2024
For all of 2023, FRD annuity sales totaled $164.9 billion, up 46% from the record set in 2022, and more than triple the 2021 sales ($53.1 billion), according to...
Annuities
Of Athene, Pension Risk Transfers, and Fiduciaries
The ERISA Advisory Council recently heard comments on changing the criteria that fiduciaries use when vetting annuity providers in pension risk transfer deals. Athene's vice chairman defended his company's...
Demographics and interest rate policy favor annuities: LIMRA
The US population aged 65 or over is expected to grow by more than 8.5 million by 2026, LIMRA said. Individual annuity sales cluster around age 65.
Nationwide is 13th life insurer nabbed by New York
To date, New York's industry-wide investigation has led to settlements with thirteen life insurance companies, totaling about $29 million in restitution and penalties.
Fixed-Rate Annuities: First Quarter Favorites
“FIA and RILA sales were both slightly down from the prior quarter. That might reflect some investor uneasiness about equity index-linked products,” said Todd Giesing, head of LIMRA Annuity...
Church-affiliated retirement plan adopts Pacific Life longevity annuity
'We are honored to be selected as the provider for the QLAC portion of the LifeStage Retirement Income program,' said Ruth Schau, senior director of Pension Solutions for Pacific...
The ‘Retirement Income Consortium’ is Born
Eight financial giants formed the Retirement Income Consortium to promote income solutions in 401(k) plans and 'develop a vetted due diligence framework' for 'selection and monitoring' of those solutions.
Why RIJ Obsesses over the ‘Bermuda Triangle’
Private equity is no longer a sideshow in the annuity industry. Its involvement is now the main event. But we know too little about private equity’s growing role in...
Annuity sales on pace for another $250bn year
'Both fixed indexed annuities and fixed-rate deferred products benefited from the significant interest rate increases in the first quarter,” said Todd Giesing, assistant vice president, SRI Annuity Research (in...
Prudential divests $31 billion block of in-force VAs
Prudential executive vice president and head of US Businesses Andy Sullivan said his company will focus on selling more of its “protected outcome solutions, like FlexGuard and FlexGuard Income.”
Deferred annuity sales reach $243 billion in 2021: Wink
The top selling annuity issuers by category were Jackson National (variable), Athene (indexed), Allianz Life (structured), and Global Atlantic (fixed-rate). Jackson and MassMutual were the top sellers of variable...
New MassMutual VA features RetirePay, an income rider
Best known as a fixed annuity specialist, MassMutual had just $11.7 billion in VA assets under management as of Sept. 30, 2021, according to Morningstar. Overall, MassMutual was ranked...
Life/annuity industry moving toward equilibrium: AM Best
The life/annuity industry is approaching an equilibrium between companies seeking 'to build a less capital-intensive business' and those with 'a capital-intensive business appetite,' the ratings agency said.
A Policy Dynamo Touts ‘Dynamic Pensions’
Bonnie-Jeanne MacDonald, an actuary and retirement policy expert at Canada's National Institute on Aging, claims that a non-guaranteed lifetime income tool could generate more income than any annuities. Tontines,...
Assets in TIAA’s custom RetirePlus TDFs cross $10 billion milestone
TIAA's RetirePlus gives 403(b) plan participants access to a customized target date fund with an investment sleeve that can be turned into lifetime income.
RetireOne partners with DFA, Midland National Life on stand-alone living benefit
Many RIAs would like to give their clients a lifetime income guarantee without cannibalizing their assets under management. A contingent deferred annuity, aka a stand-alone living benefit, lets them...
It’s Back: The Norcross-Walberg Bill to Make Annuities a 401(k) Default
Under the bill, participants who are defaulted into an annuity must have 180 days before their premium becomes illiquid, and the participant must receive 30 days notice before the...
Athene launches new RILA: Amplify 2.0
A 6-year term contract with a 10% downside buffer and a 0.95% annual segment fee can earn uncapped returns equal to 140% of growth in the S&P 500, an...
RIAs, 401(k)s, and Annuities: Is This the Future?
Managed accounts are one way to build annuities into 401(k) plans. Morningstar is bundling Hueler Income Solutions into its managed accounts, giving participants an easy path to an income...
