At AIG, Solash and Scheinerman move up as Greer retires
AIG Life & Retirement announced this week that Todd Solash, president, Individual Retirement, and Rob Scheinerman, president, AIG Retirement Services (AIG’s Group Retirement business), have been named CEOs of their respective businesses following Jana Greer’s retirement as president and CEO, Retirement.
Ms. Greer built AIG into the broadest annuity provider in the United States, according to a release. She announced her retirement earlier this year and has partnered with Mr. Solash and Mr. Scheinerman to ensure a smooth transition. Mr. Solash and Mr. Scheinerman have assumed their new roles, reporting directly to Kevin Hogan, executive vice president and CEO, AIG Life & Retirement.
Solash joined AIG in 2017 as President of Individual Retirement, a provider of investment and lifetime income solutions. He has overseen product innovations across fixed, index and variable annuities and led enhancements to the AIG experience for customers and distribution partners. Mr. Solash is based in Woodland Hills, California, where the Individual Retirement business is headquartered.
Scheinerman joined AIG in 2003 and has led AIG Retirement Services since 2017. AIG Retirement Services is a leading retirement plan provider for healthcare, K-12, higher education, government, religious, charitable and other not-for-profit organizations. Under his leadership AIG Retirement Services has improved the participant and plan sponsor experience, improved digital capabilities and strengthened customer relationships. He is based in Houston, where the business is headquartered.
Beth Wood named to top marketing role at Principal
Beth Wood has joined the Principal Financial Group as senior vice president and chief marketing officer (CMO), effective July 22, 2019. She will run Principal’s Global Center for Brand and Insights, which includes brand, market research, analytics and business intelligence, global firm relations and external communications.
Wood will report to Dan Houston, Principal’s chairman, president and CEO. She will be based in Des Moines, Iowa.
Most recently, Wood served as vice president and chief marketing officer of the individual businesses at Guardian Life Insurance, where she led Guardian’s digital marketing transformation across the life, disability, annuity and wealth management businesses.
Prior to her roles at Guardian Life, Wood was second vice president, marketing, at MassMutual. She’s also held marketing management positions in the consumer-packaged goods and healthcare industries, with Frito-Lay and Johnson & Johnson.
Wood earned a bachelor of science in marketing and communications from Babson College in Wellesley, Mass, and a digital marketing certification from Cornell University and digital transformation certification from University of California Berkeley, Haas School of Business.
Barnabas Capital to distribute Great American annuities
The Index Frontier 5 and Index Summit 6 variable-indexed annuities, issued by Great American Life, are now available through Barnabas Capital, according to a release this week by Great American. The two annuities “are designed for investors who are dissatisfied with low fixed income yields and seeking more protection than offered by equities,” the release said.
Owners of Index Frontier annuities can allocate money to indexed strategies that let them participate in market growth while receiving a set level of protection from loss. The Index Summit 6, launched in May 2019, is the only annuity on the market to offer indexed strategies with both upside and downside participation rates, Great American said. Losses are capped at 0% or 10% each term.
Strategies feature a 50% downside participation rate and current upside participation rates of up to 120% for the first term.
Great American Life Insurance Company is a member of Great American Insurance Group and is rated “A+” by Standard & Poor’s and “A” (Excellent) by A.M. Best for financial strength and operating performance.
Prudential explains its “four building blocks” of success
Prudential Financial, Inc., has released its 2018 sustainability report, detailing how the company supports its four building blocks of long-term vitality: Financial sustainability, customer focus, investing in people and responsible impact.
The report, Building for Financial Resilience, covers calendar 2018. Highlights include:
In 2018, Prudential generated earnings per share (EPS) of $11.69 on an after-tax adjusted operating income basis. These financial results reflect a balanced mix of businesses and risk profile, an understanding of customers’ needs and risks, and efficient deployment of capital.
Fortune magazine’s “2018 Change the World” list recognized Prudential for pioneering the modern pension risk transfer through which the company takes on responsibility for increasingly expensive pension obligations.
Investing in people
Long-term diversity improvement among senior management now affects performance share and unit awards for executives at the senior vice president level and above.
In 2018, Prudential produced over 5.5 million kilowatt hours of renewable energy through initiatives such as two solar panel installations and installment of LED lightbulbs during office renovations.
Prudential’s 2018 Sustainability Report was prepared in accordance with the Global Reporting Initiative Standards Core option, aligned with the International Integrated Reporting Coalition’s framework, in support of the Task Force on Climate-related Financial Disclosures (TCFD) and in accordance with the Sustainability Accounting Standards Board’s provisional guidelines for insurance companies.
View Prudential Financial’s 2018 Sustainability Report here.
Merrill Lynch to use Envestnet | Tamarac solutions
Envestnet | Tamarac today announced that it will provide more than 200 Merrill Private Wealth Management teams with access to its portfolio management and reporting solution, which offers aggregated performance reporting to clients with complex needs.
In addition to aggregated performance reporting, Merrill private wealth advisors will also receive portfolio analyses, including interactive reports on performance metrics and a dashboard that includes information held at other financial institutions, if the client prefers. Tamarac and Merrill have begun onboarding and setting up servicing for an initial group of up to 1,000 Merrill Private Wealth Management clients.
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