Income annuities aren't a good product fit for every insurance company. But for New York Life, a mutual company with tons of reserves and a big book of life insurance, they make perfect sense.
At the LIMRA-Society of Actuaries Retirement Industry Conference in Baltimore last week, Scott Stolz from Raymond James, Greg Jaeck from Edward Jones and Jarrod Fisher from Simplicity Financial Distributors delivered frank opinions about annuities and annuity issuers.
Many factors are driving the increase in indexed annuity sales: More manufacturers, better products, more distributors, competitive commissions, aging boomers, and relaxed regulation. But does the bubble contain the seeds of its own deflation?
Israel has found that even a mandatory defined contribution system can’t resolve all of the behavioral, economic, or administrative issues that prevent low-income and minority workers from saving for retirement. (Photo: Mahane Yehuda market in Jerusalem.)
By re-valuing each client's annuity contract each day, New York Life enables advisors to charge a fee based on the (shrinking) cost of replacing the income stream.
Starting with today’s issue, we’ll devote four weeks of cover stories and features to single premium immediate annuities. Millions of mass=affluent Americans will need them.
Prudential has created a cost structure for its top-selling VA that satisfies the broker's client-focus. At left, Merry Mosbacher of Edward Jones.
In 2010, MetLife sold about $18.3 billion worth of variable annuities, of which about two-thirds have the GMIB option.
Divestitures should drive a significant portion of deal activity in 2011, PwC said. Large banks and insurance companies that need to bolster capital levels are divesting non-core operations and margin-dilutive subsidiaries.
The insurer has also added to the team supporting the product, led by Corey Walther, Head of Investment Relations and Fee-Based Distribution for Allianz Life Financial Services, LLC.
Brief or late-breaking items from DST Systems, Senior Market Sales, Conning Research, BNY Mellon, Mutual of Omaha, Mesirow Financial, ASPPA, Lockton Retirement Services, Huntington Investment Co., Allianz Global Investors and Putnam.