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.
Vanguard and RCH to offer ‘auto-portability’ service to plan participants
RIJ has been writing since 2014 about Retirement Clearinghouse and its effort, backed by the deep pockets of owner Robert L. Johnson, to bring 'auto-portability' to 401(k) plans....
Honorable Mention
Lincoln Financial to gain $1.2 billion in capital from reinsurance deal; Joanna Rotenberg to run Fidelity’s $4.1 trillion Personal Investing division; Guggenheim Life and Annuity “under review” by ratings...
Honorable Mention
Michelle Richter to lead the Institutional Retirement Income Council; AIG to distribute annuities through SIMON; Morgan Stanley and Empower partner on workplace benefits; Jackson National completes ‘demerger’ from UK...
Tax hike looms for top earners
The House Ways & Means Committee's budget reconciliation recommendations include, among other measures, increases in income taxes on individuals earning over $400,000.
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...
Progress for retirement provision in ‘Build Back Better’ bill
'Among other things, the legislation would require employers without employer-sponsored retirement plans to automatically enroll their employees in IRAs or 401(k)-type plans,' according to a report today in the...
Honorable Mention
Jackson National enhances retirement income gap calculator; Ubiquity introduces 401(k) for ‘solopreneurs’; 'Income Lab' adds $1.7 million in seed financing; Many women prefer goal-based investing: Cerulli and Schwab; FIG...
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.
Boomers will bequeath $51 trillion over next two decades: Cerulli
Cerulli said advisors should be aware that the Biden administration's tax proposals would greatly hike the top-line capital gains tax rate on earnings exceeding $1 million, affecting almost one...
Honorable Mention
Button succeeds Morris as Pacific Life CEO; Net income up, total income down for life/annuity industry in 1H2021; Athene Holding acquires £3 billion UK mortgage loan originator.
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...
SEC hires Barbara Roper, aggressive consumer advocate
Roper will focus on issues relating to retail investor protection, including broker-dealer oversight, investment adviser oversight, and examinations, an SEC release said.
Honorable Mention
Two senior promotions at AIG Life & Retirement; Allianz Life annuity to be offered in Morningstar 401(k) managed account; Multiemployer plan funding reaches highest level since 2007: Milliman.
Large US life/annuity insurers continue to de-leverage: AM Best
Total debt outstanding decreased by approximately $8 billion (or 8.1%) to $91.4 billion at year-end 2020. Prudential Financial reduced its total debt obligations by $6.3 billion in 2020, the...
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...
Six major life insurers report second quarter financials
Here are second quarter results from six publicly held life/annuity companies: AIG, American Equity Investment Life, Brighthouse Financial, Equitable Holdings, Lincoln Financial and MetLife.
Look to China for investment growth: Cerulli
Cerulli, the global research firm, expects Asia ex-Japan retirement funds to continue to lead in terms of growth, rising at a compound annual growth rate (CAGR) of 11.9% between...
Rob Sharps to succeed Bill Stromberg as head of T. Rowe Price
Stromberg served 35 years at T. Rowe Price and became CEO on January 1, 2016. Sharps joined T. Rowe Price as an equity analyst in 1997. As of December 31,...
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...