The National Association of Insurance Commissioners (NAIC) is trying to modify reserve and capital requirements for variable annuity riders so that non-economic volatility is diminished, A.M. Best reported.
'We now have a solution that adds a guaranteed component to the retirement plan without being burdensome,' said Pete Welsh of OneAmerica, the provider of OnePension.
AXA, which is Europe’s second-biggest insurer by market capitalization behind Allianz, has said that the proceeds will help finance its earlier acquisition of insurer XL Group.
Disintermediation risk, increases in hedging costs and capital strain due to reversal of unrealized gains could strain insurers, the rating agency warned.
'We can stick with business as usual, or we can work with regulators to remove some of the hurdles to selling annuities,' said Ernst & Young's Doug French at...
The industry garnered a year-over-year $9.5 billion tax benefit in 2017 due to the impact of tax reform. Nearly three-quarters of that went to Prudential, MetLife and Aflac.