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...
Ubiquity and Sallus partner on new Pooled Employer Plan
Sallus Retirement is backed by Magis Capital Partners and its CEO is former Jackson National president James Sopha. Chad Parks founded Ubiquity as "The Online 401(k)" more than 20...
Aspida Financial to begin issuing annuities in 2022
With approximately $2.3 billion in assets under management as of March 31, 2021, Aspida plans to 'underwrite new insurance products, execute reinsurance transactions, and pursue opportunistic acquisitions.'
Honorable Mention
White House nominates Lisa Gomez to lead EBSA section of the DOL; Blackstone to manage almost $100 billion for AIG by 2027; DOJ nixes Aon-WTW mega-merger; American Equity issues...
Annuity Sales Rebound in 2Q2021; RILA Sales More Than Double
'Strong equity market gains and lower volatility, as well as rising interest rates all contributed to the remarkable rebound in the annuity market,' said Todd Giesing, assistant vice president,...
Number of PE-Owned US Insurers Jumped 31% in 2020: NAIC
A new report from the National Association of Insurance Commissioners describes the investment holdings of the growing population of insurers--mostly life insurers--that are owned wholly or in part by...