Annuities
Venerable Holding will reinsure $22 billion worth of in-force variable annuity contracts issued by John Hancock Life. The deal releases $2 billion in capital for Manulife, which will put...
Annuity sales dip 9% in 3Q2021 from prior quarter
Sales of all annuities in the US were $62.3 billion in the third quarter of 2021, down 9% from the previous quarter but up 12% from 3Q2020. Sales of...
SRI Survey: Annuities fit middle-income and mass-affluent
Of advisers who serve retirees and pre-retirees with less than $500k in financial assets, 48% say that annuities are more appropriate for these clients than wealthier clients, the Secure...
Consortium to promote income options in 401(k) plans is formed
So far, Nationwide and Alliance Bernstein have joined the “Lifetime Income consortium,” which was created by Cannex, Broadridge FI360 Solutions, and Fiduciary Insurance Services.
Retirement-related tax breaks = $276 bn in 2019
The value of exclusions and deferrals of taxes for contributions to and earnings in pensions and retirement savings accounts was $276 billion in 2019. The exclusion for employee health...
Jackson issues its first structured annuity (RILA)
RILA sales hit a record $9.8 billion in the second quarter of 2021. Jackson enters a field whose peloton includes the leader, Equitable, and fast-followers Allianz Life, Lincoln Financial,...
Deferred annuity sales up 10% in 2Q2021: WINK
Jackson National, Equitable, Allianz Life, AIG and New York Life were the market share leaders in major annuity product categories in the second quarter of 2021, according to Sheryl...
After a Hot 2nd Quarter, Will Annuity Sales Rise This Fall?
Except for the fourth quarter of 2008, during the Great Recession, quarterly annuity sales have never higher, according to the Secure Retirement Institute (SRI) US Individual Annuity Sales Survey.
A New Path to Inflation-Resistant Income
Achaean Financial's novel hybrid design for a lifetime income annuity is being brought to market by National Western Life. We spoke with Achaean founder Lorry Stensrud and NWL's Chad...
Prudential Sells $31bn Annuity Block to Bermuda Reinsurer
Fortitude Re will assume the assets and liabilities of a $31 billion block of Prudential annuities, and pay Prudential $1.5 billion. The block consists mainly of variable annuities with...
Bermuda’s Role in a Changing Annuity Industry
In this latest installment in our 'Bermuda Triangle' series, we ask why US life/annuity companies would reinsure liabilities in Bermuda, and why big private equity firms are creating reinsurers...
Luma adds annuity comparison tool to its distribution platform
The new feature allows advisers to compare variable annuities, fixed index annuities and registered index linked annuities, fostering compliance with Regulation Best Interest, Luma said.
Lincoln adds untested vol-controlled BlackRock index to its OptiBlend FIAs
Launched in July, the BlackRock Dynamic Allocation Index consists of about 50% stocks or real estate and 50% Treasury or investment-grade fixed income instruments at any given time. It...
New Jackson VA’s living benefit has one payout option: 4% at 65
In keeping with Jackson National tradition, this variable annuity contract offers a living benefit without investment restrictions. But the single payout rate at age 65 is virtually the same...
People are Talking about “OIDs”
The California Insurance Commissioner fined Jefferson National Life (owned by Nationwide) after an 86-year-old contract owner claimed that she didn't understand the variable annuity that her Investment Advisor Representative...
Brighthouse enhances its registered index-linked annuities
Brighthouse has announced new 1-Year Shield Options, offering protection against the first 15% or 25% of market losses during the crediting term. In another enhancement, the maximum age for issuing...
Annuity Sales Rebound in 2Q2021; RILA Sales More Than Double
'Strong equity market gains and lower volatility, as well as rising interest rates all contributed to the remarkable rebound in the annuity market,' said Todd Giesing, assistant vice president,...
How The Elephant in the Room Evolved
In a new research paper, "The Evolution from Life Insurance to Financial Engineering," economists Ralph Koijen of Chicago Booth School and Motohiro Yogo of Princeton continue to describe what...
Allianz Life offers in-plan indexed annuity with living benefit
'Allianz Lifetime Income+ Annuity' comes with two annual bonuses to participants who maintain the contract through retirement. Whether plan sponsors will embrace this type of in-plan income solution remains...
Global Atlantic to reinsure Ameriprise annuities
Under the agreement, Ameriprise’s subsidiaries will transfer $8 billion worth of annuity assets and liabilities to Global Atlantic’s subsidiaries. Global Atlantic will pay Ameriprise $700 million for the contracts.