Honorable Mention
Net worth of $655k = Happiness, Schwab survey suggests; Athene to hold earnings call August 5; RIAs can now access Pacific Life fee-only annuities on the Orion platform; Fed...
Honorable Mention
UBS to pay $10 million to settle “flipping” charges: SEC; Jackson National completes sale of equity stake to Athene; AM Best downgrades, removes Foresters from ratings; Craig DeSanto named...
Vanguard’s (recordkeeping) passage to India
Infosys, the India-based IT giant, is taking over Vanguard's defined contribution recordkeeping business in a deal valued at $1.5 billion.
Honorable Mention
COVID-19 exposes vulnerable populations: Prudential; Global Atlantic’s ratings unchanged by KKR deal; Vanguard introduces socially conscious bond ETF.
Lincoln rolls out in-plan retirement income option
The annual cost of the income option is 0.9% of the 'income base.' At age 65, the payout rate for a married couple would be 4.5% of the income...
Honorable Mention
SIMON platform to offer Allianz Life fixed indexed annuities; Janus risk-managed index available in Global Atlantic FIA; Morningstar completes purchase of Sustainalytics; MetLife joins sustainability initiative; Life insurers’ real...
Nassau Financial creates Apple app to sell fixed-rate annuities
The contract, “Simple Annuity,” and the app of the same name will support the sale of the annuity by independent, commissioned insurance agents and by Nassau’s own licensed, salaried...
In robo deal, Empower pays $1 billion for Personal Capital
'There’s a scarcity of pure-play platforms that can drive this technology. That’s one reason why Empower made this acquisition,' Personal Capital co-founder Rob Foregger told RIJ.
Fresh from Midland National and DPL, AllianzIM
Midland National's new fee-based FIA, only at DPL Financial Partners, has a health-related income multiplier. Allianz Investment Management's structured ETFs have new caps.
AM Best expects lower annuity sales in 2020
Drag from the low interest rate environment continues to hurt margins and stifle earnings growth, weakening the industry’s investment returns, an AM Best release said.
Honorable Mention
After the big deal, AM Best affirms ratings of Jackson National and Athene; Not many people talk to advisers about decumulation: Allianz Life; TIAA and Savi partner for student...
DOL requests input on ‘pooled’ 401(k)s
Are regulations needed to limit the potential for conflicts of interest and self-dealing among non-employer sponsors of "pooled employer" 401(k) plans, or PEPs? The Department of Labor seeks feedback.
Nationwide launches suite of variable annuity income benefits
Nationwide has also introduced an “Income Carryforward” feature. As described in the prospectus, it allows contract owners 'to roll forward one year of unused income during the income phase.'
Ties grow between Athene and Jackson National
Athene's $500 million investment and $1.25 billion reinsurance deal with Jackson National is expected to boost Jackson's Risk-Based Capital (RBC) ratio by about 80 percentage points.
Demand for income-generating products is underestimated: CANNEX
Only one in seven advisors believes the average client is very interested in an income-generating product, but 42% of consumers say they are (or already own one), according to...
Honorable Mention
Hear the ‘Stones on iHeartRadio, courtesy of Alliance for Lifetime Income; AM Best says higher reserve requirements hurt life/annuity companies in 1Q2020; AIG adds factor-based global index to its...
CBO: Crisis will cost US economy $15.7tr over 10 years
The Congressional Budget Office projects that from 2020 to 2030, cumulative nominal GDP will be $15.7 trillion (5.3%) less than the CBO projected in January.
In private, life insurers express ‘concern’
'About one-third of companies expect a negative 10-year treasury rate at the end of 2020 in their worst case scenario,' according to a high level life insurance industry report.
Athene to use artificial intelligence-driven indexes in FIAs
'AiPEX with Watson simulates a team of thousands of analysts and traders working around the clock,' according to a release this week.
Honorable Mention
DOL allows electronic communications to plan participants; Envestnet FIDx partners with RetireOne; What high-net-worth investors want: Cerulli; Lamarque promoted to general counsel at New York Life.
