News in brief
Researchers probe tie between auto-enrollment and household debt in the UK; Prudential closes $12.5 bn reinsurance deal with Somerset Re; Strong fourth quarter for pension risk transfers: LIMRA; PE-backed...
Auto workers’ DC plan will link to Hueler Income Solutions
Union workers at General Motors and Stellantis (Chrysler et alia) in Detroit will be able to link directly from their 401(k) platform or employee benefits portal to the Hueler...
MassMutual platform to distribute Aspida Life fixed-rate annuities
The platform, Flourish, is a wholly owned and independently operated subsidiary of MassMutual. It serves more than 750 wealth management firms managing some $1.5 trillion in financial assets.
Reinsurance on NAIC agenda this week
More news: Private ownership of life re/insurers may affect credit ratings, says Fitch; F&G issues its first RILA; American Equity Investment Life reports 2023 results; Global Atlantic closes $10bn...
MetLife to offer income annuities on Fidelity’s platform
The MetLife solution enables participants at all savings levels to purchase an immediate income annuity through an insurer selected by their employer and annuitize any portion of their savings,...
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...
Annuity Sales Reach Record Highs, Again
'Economic conditions and growing demand for protected investment growth propelled fixed annuity sales to a remarkable $286.2 billion, a 36% jump from the record sales set in 2022,' said...
Pension experts assess ‘OregonSaves’
Workers in industries and firms with low wages, volatile wages, and high turnover have trouble saving, even in state-sponsored, auto-enrolled Roth IRAs, research shows.
Breaking News
Income Lab launches ‘Life Hub’; Ubiquity and Paycor announce 401(k) partnership; Amber Williams to lead Lincoln ESG initiatives.
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.
Bermuda ‘confident’ in regulating reinsurers
Bermuda Premier David Burt responded to concerns of US Sen. Sherrod Brown (D-OH) about Bermuda's oversight of the $707 billion of life insurance and annuity assets reinsured on the...
Robo-advice settlement costs Schwab $185 million
'We are proud to have built a product that allows investors to elect not to pay an advisory fee in return for allowing us to hold a portion of...
Breaking News
Aiming at inflation, the Fed tightens base rate by 0.75 percentage points; NWL and Achaean Financial introduce SPIA with upside; Protective Life and Michael Finke in retirement education co-venture;...
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.
How do 401(k) participants save? Vanguard knows.
Vanguard released its 2022 edition of 'How America Saves,' a compendium of data on millions of Vanguard-administered 401(k) plan accounts. Of participants ages 65+, half had balances under $88k....
Breaking News
‘Constance,’ a CDA, gains new investment choices; Envestnet acquires 401kplans.com; Putnam repositions its target-date series for ESG; NIRS says retirement tax breaks are unfair; Alternatives can hedge inflation risk:...
Insurers get an edge from hedge funds in 2021
The life/annuity segment saw its dollar exposure to hedge funds rise in 2021 by 14.0%, to $6.1 bn, and the property/casualty segment by 0.9% to $6.7 bn, following several...
Social Security’s solvency has improved
Social Security paid benefits of $1.133 trillion in 2021. There were about 65 million beneficiaries at the end of the calendar year, according to the Social Security trustees' annual...
Life/annuity insurers lead surge into private equity investments
Roughly 58% of the insurance industry's exposure to private equity is through investments in leveraged buyout funds, according to a new AM Best report. Among insurers, MassMutual was most...
Breaking News
iCapital buys SIMON, fusing two fintech firms; Principal closes $25bn reinsurance deal; Securian Financial will be recordkeeper and PPP for WELLthBUILDER PEP; Nationwide is latest in New York's purge...
