'Constance' from RetireOne and Midland National lets advisers hang an income-for-life rider on a non-annuity portfolio. Five 401(k) plan sponsors are adopting 'LifePath Paycheck' from BlackRock, Brighthouse and Equitable. It helps participants roll part of their plan savings to a fixed income annuity.
FIAs returned an average of 3.23% per calendar year from 2011 to 2020 (inclusive), my review of data from LIMRA Secure Retirement Institute showed. FIA industry assets grew 180% over that period, to $506 bn; the S&P 500 Index nearly tripled.
American Equity partners with BlackRock and Conning on its AEL 2.0 strategy; Go big (in alternative assets) or go home, KKR CIO tells insurance CIOs; Allianz Investment Management launches new six-month 'buffered outcome' ETF; Great American annuities now on the Halo platform; Vanguard acquires ‘direct indexing' vendor; Demand for PRT will persist, MetLife poll shows.
Bulletins from Britain
Royal Mail is converting its defined benefit pension plan to Britain's first "collective defined contribution" plan or CDC. In other UK news, the National Employment Savings Trust, or NEST, said it will invest 5% of its AUM in low-fee private equity.
A new Cerulli report also explores sales of annuities to fee-only advisors; '84% of independent registered investment advisors (RIAs) sold no annuities in the last 12 months… despite significant work in the last decade by variable annuity (VA) carriers to offer no-commission I-share annuities,' the report said.