By establishing a standard for valuing in-force income annuities, an industry task force hopes to reduce fear of "annuicide" and stimulate SPIA sales. "We're taking a thorn out of the lion's paw," says Gary Baker of Cannex. (Links to pdfs of task force documents included.)
New York Life launched its Guaranteed Future Income Annuity, a deferred income product, in mid-2011 and has found traction among pre-retirees who want income about 10 years later. We spoke about it with Matthew Grove, vice president of Guaranteed Lifetime Income at the mutual insurer.
Kelli Hueler, creator of the Income Solutions online income annuity sales platform, delivered an academic paper at the Pension Research Council's annual conference at the Wharton School last week, and provided insight into her "out of plan" income option for rollovers from 401(k) plans.
The climate was ideal, but annuities upstaged sunbathing at the 2012 Retirement Industry Conference at Walt Disney World Resort in Orlando last week.
In the first quarter of 2012, DTCC's Insurance & Retirement Services division processed 12 million annuity transactions involving almost 3,000 different products worth over $38 billion for 106 insurance companies and 111 broker/dealers.
Our guest columnist saw a news report that said 10% of the 3.9 million people who work on Wall Street are "clinical psychopaths." He set out to discover the provenance of that report.
The term “income annuities” doesn’t hold the same negative connotations as “annuities” for older investors, according to a new research report from Hingham, Mass.-based consulting firm Hearts & Wallets.
Portfolio managers at Allianz GlobaI Investors expect the renminbi (RMB) to become a fully convertible currency by 2020, but China will "have to liberalize its interest markets .”
For financial institutions, Basel III creates a tradeoff between declining ROE, which might reduce their ability to attract capital, versus stronger capitalization and lower risk premiums, which benefits investors, says Fitch Ratings.
“No other lifetime income product is as strategically-positioned to thrive in this low-interest rate environment" as an indexed annuity, said AnnuitySpecs.com president and CEO Sheryl Moore.
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