We summarize four recent papers: 'Portfolios for Long-Term Investors,' 'What is the Value of Annuities?,' 'Public Economics and Inequality: Uncovering Our Social Nature,' and 'Financial and Total Wealth Inequality with Low Interest Rates.'
How will variable annuity contract owners use their income benefits? That question is vital to annuity issuers and to fiduciary advisers with clients who own VAs. This Texas Dep't of Insurance actuary knows a product that can help them find out.
Bloomberg reported this week that Prudential is considering selling its retirement plan recordkeeping business. Prudential didn't confirm the report, but several industry insiders did. Low interest rates, high costs of IT makeovers, and sticky stable value fund guarantees are driving the move, RIJ was told.
“The so-called backtests weren’t really backtests, and the strategy wasn’t proven as they claimed,” said the director of the SEC’s Los Angeles office.
Vote for Obama and you’ll get more ‘government in your knickers,’ keynote speaker Haley Barbour told 300 or so IRI meeting attendees in San Diego this week.
New York Life’s Lifetime Income Annuity was the best-selling product for the second consecutive quarter.
Federal outlays through August totaled $3.4 trillion, up 2% from the same period last year. Receipts in the first 11 months totaled $2.2 trillion, up $126 billion from the same period last year. (Federal fiscal year ends Sept. 30, 2012.)
After the completion of this offering and a $5 billion share purchase by AIG, Treasury will own about 15.9% percent of AIG’s common stock outstanding.
The 'A' Insurer Financial Strength (IFS) ratings on AIG's core property/casualty and life insurance subsidiaries was affirmed.
Brief or late-breaking items from New York Life, Phoenix Companies, Strategic Insight, BlackRock, DST Systems Inc., AXA Equitable Life, and Principal Financial.
The Fed also acknowledged its limits. “Monetary policy, particularly in the current circumstances, cannot cure all economic ills,” the Fed chairman, Ben S. Bernanke, said at a news conference.