Recent filings show that Prudential plans to launch a direct-sold, auto-pay, multi-premium fixed deferred income annuity called GIFT, or Guaranteed Income for Tomorrow.
Structured annuity sales increased 25% in 2017, to $9.2 billion, but indexed annuity sales fell year-over-year for the first time since 2009, according to the LIMRA Secure Retirement Institute.
Poland is preparing to use auto-enrollment to move workers into a new kind of employer-based defined contribution plan, with mandatory employer and employee contributions. The 20-year-old system of diverting part of the payroll tax to so-called OFE funds would vanish.
After the purchase, Principal in Mexico will manage around 3.4 million individual accounts for retirement with the equivalent of US$12.3 billion of assets under management at the current exchange rate of Mex$18.65 to US$1.
The Insured Retirement Institute, which advocates for the interests of manufacturers and distributors of annuities on Capitol Hill, held a somewhat muted press conference this week.
FlexChoice Access offers a 5% compounded annual deferral bonus for the first 10 contract years. Contract owners can choose whether to receive level payments for life or higher withdrawals early in retirement.
Western & Southern offers pension risk transfer (PRT) services through its institutional markets business unit, which it established in September 2017.
In 2017, total annuity sales decreased 8% to $203.5 billion compared with 2016, according to LIMRA Secure Retirement Institute’s Fourth Quarter 2017 U.S. Individual Annuity Sales Survey.