Gold, Not Tariffs, Saved the 1890s

President Trump said his "Liberation Day" tariffs would boost the U.S. economy the way President William McKinley's tariffs did in the 1890s. But the boom of the 1890s came from huge gold strikes and the Spanish-American War, not tariffs.

A Look at Nine RILA Income Riders

By Kerry Pechter
We examine the lifetime income riders on registered index-linked annuity contracts from the six largest RILA sellers (Equitable, Allianz Life, Prudential, Brighthouse, Lincoln, and Jackson) plus those from Principal, Pacific Life, and TruStage (part of CUNA Mutual Group).

How Life Insurers Changed Alt-Asset Managers

By Kerry Pechter
A new research paper from Harvard Business School and State Street documents how publicly-traded alternative asset managers have channeled hundreds of billions of dollars from annuity issuers into their private credit operations.

COVER STORIES YOU MAY HAVE MISSED

September 2025

Equitable Joins the ‘Bermuda Triangle’ Club

By Kerry Pechter
Equitable Holdings' recent reinsurance deals were the topic of critical articles in three financial publications this summer. Underneath the controversy, the leader of the RILA industry was catching up with the Bermuda mega-trend.
August 2025

A Fixed Index Annuity with a Dash of Risk

By Kerry Pechter
The Momentum Growth contract from Delaware Life introduces a bit of gambling to the FIA product category—but within guardrails, and only with what contract owners might call 'house money.'
July 2025

F-H-L-B Spells Cheap Cash for Big Annuity Issuers

By Kerry Pechter
The largest borrower from the Federal Home Loan Bank (FHLB) system in 2024 was Athene Annuity and Life, at more than $15 billion. For at least 16 other top annuity issuers, FHLB loans are...