Wednesday, November 30, 2005
Federal Aging Event to Shape Policy Proposals
Long term care and income planning issues crop up often on the agenda for the upcoming 2005 White House Conference on Aging.
The 4-day conference, required by the federal Older Americans Act Amendments of 2000, is scheduled to start Dec. 11 at a hotel in Washington.
Conference participants are supposed to “develop not more than 50 recommendations to guide the president, Congress and federal agencies in serving older individuals,” Edwin Walker, a deputy assistant secretary at the U.S. Department of Health and Human Services, writes in a preamble to the conference agenda.
The 4-day conference, required by the federal Older Americans Act Amendments of 2000, is scheduled to start Dec. 11 at a hotel in Washington.
Conference participants are supposed to “develop not more than 50 recommendations to guide the president, Congress and federal agencies in serving older individuals,” Edwin Walker, a deputy assistant secretary at the U.S. Department of Health and Human Services, writes in a preamble to the conference agenda.
Federal Aging Event to Shape Policy Proposals
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 9:30 AM 
Variable Annuities Offer Boundless Range of Options
One type of insurance charges you more when you need it less.
Another pays your beneficiary a minimum guaranteed return on your premium, even if you don't qualify for life insurance.
If you own a variable annuity with the typical return-of-premium death benefit, you have the first type of insurance. If you want the second, you may find it in ... a variable annuity.
Another pays your beneficiary a minimum guaranteed return on your premium, even if you don't qualify for life insurance.
If you own a variable annuity with the typical return-of-premium death benefit, you have the first type of insurance. If you want the second, you may find it in ... a variable annuity.
Variable Annuities Offer Boundless Range of Options
Source: Sun-Sentinel.com
Permalink posted by armandn @ 9:29 AM
Prudential Financial May Partner With South Korean Firms to Buy Asset Managers
Prudential Financial Inc. would consider partnering with South Korean firms to buy asset management companies in South Korea, Reuters reported Nov. 30.
"We will certainly look for opportunities to grow in South Korea and other key markets both organically and through investment and acquisition," Stephen Pelletier, chairman and CEO of Prudential's international investment business, said at a news conference, Reuters reported.
"We will certainly look for opportunities to grow in South Korea and other key markets both organically and through investment and acquisition," Stephen Pelletier, chairman and CEO of Prudential's international investment business, said at a news conference, Reuters reported.
Prudential Financial May Partner With South Korean Firms to Buy Asset Managers
Source: SNLi
Permalink posted by armandn @ 9:28 AM
Touchstone to Acquire Fund Company
Touchstone Investments, a mutual fund subsidiary of Western & Southern Financial Group, has agreed to acquire Constellation Investment Management Co. L.P., an employee-owned mutual fund company based in Berwyn, Pa. Terms were not disclosed.
Constellation manages 27 mutual funds with about $2.8 billion in fund assets. Completion of the deal will give Cincinnati-based Touchstone a total of more than $6.8 billion in assets under management in more than 40 mutual funds.
Constellation manages 27 mutual funds with about $2.8 billion in fund assets. Completion of the deal will give Cincinnati-based Touchstone a total of more than $6.8 billion in assets under management in more than 40 mutual funds.
Touchstone to Acquire Fund Company
Source: Cincinnati Post
Permalink posted by armandn @ 9:25 AM
Tuesday, November 29, 2005
Japan's Life Insurers Ride Recovery
Japan's life-insurance companies marked a clear improvement in financial strength and unrealized stock gains in the fiscal half ended September, as a recovering economy and surging share prices helped put the worst behind them.
Japan's Life Insurers Ride Recovery
Source: Wall Street Journal (subscription required)
Japan's Life Insurers Ride Recovery
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 9:23 AM
Will Group Life Get Hit?
U.S. group life insurers continue to wrestle for new business while facing rising health insurance costs and blasts of disdain from Washington.
The financial statements that insurers are sending to the National Association of Insurance Commissioners, Kansas City, Mo., show that the insurers are winning plenty of new business but having trouble increasing the amount of new group life business actually in force.
Will Group Life Get Hit?
Source: National Underwriter (subscription required)
The financial statements that insurers are sending to the National Association of Insurance Commissioners, Kansas City, Mo., show that the insurers are winning plenty of new business but having trouble increasing the amount of new group life business actually in force.
Will Group Life Get Hit?
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 9:22 AM
Firm Adds Annuity Web Order-Entry Tool
Finetre Corp. has released the AnnuityGateway Solution system.
The system gives annuity issuers the ability to offer distributors access to a Web-based annuity order-entry tool.
The AnnuityGateway ties into an insurer’s agent Web portal system, according to Finetre, Herndon, Va.
Firm Adds Annuity Web Order-Entry Tool
Source: National Underwriter (subscription required)
The system gives annuity issuers the ability to offer distributors access to a Web-based annuity order-entry tool.
The AnnuityGateway ties into an insurer’s agent Web portal system, according to Finetre, Herndon, Va.
Firm Adds Annuity Web Order-Entry Tool
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 9:20 AM
Genworth Financial Renames Three Life Underwriting Companies
Genworth Financial (NYSE: GNW - News) announced today it will rename three of its life insurance companies to incorporate the Genworth name and build on Genworth's brand recognition efforts since the company went public in early 2004. On November 1, Genworth renamed its mortgage insurance and servicing companies to incorporate the Genworth name solidifying its branding strategy internationally in this market.
Genworth Financial Renames Three Life Underwriting Companies
Source: Yahoo! Finance
Genworth Financial Renames Three Life Underwriting Companies
Source: Yahoo! Finance
Permalink posted by armandn @ 9:19 AM
Former AIG Boss Set To Avoid Criminal Charges
The amended charges that are to be filed as part of Mr Spitzer's lawsuit are likely to reflect further allegations of fraudulent practice that have emerged since the original suit was filed in May 2005. However it now seems unlikely that Mr Greenberg himself will face criminal charges.
Former AIG Boss Set To Avoid Criminal Charges
Source: Insurance Business Reviews
Former AIG Boss Set To Avoid Criminal Charges
Source: Insurance Business Reviews
Permalink posted by armandn @ 9:11 AM
Monday, November 28, 2005
New and Improved
There are lots of new twists in today's 401(k). From automatic enrollment to professionally managed accounts, employers are adding an array of new tools that try to make retirement investing as simple as possible.
The increasing use of 401(k)s since their introduction roughly 20 years ago has put more of the responsibility for retirement saving and planning in the hands of employees. Trouble is, employees often lack the skills to manage these increasingly complicated accounts. Indeed, an average 25% of workers with access to a 401(k) plan don't even participate.
New and Improved
Source: Wall Street Journal (subscription required)
The increasing use of 401(k)s since their introduction roughly 20 years ago has put more of the responsibility for retirement saving and planning in the hands of employees. Trouble is, employees often lack the skills to manage these increasingly complicated accounts. Indeed, an average 25% of workers with access to a 401(k) plan don't even participate.
New and Improved
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 8:27 AM
John Hancock Launches New Comprehensive Charitable Planning Virtual Sales Tool Kit
Continuing its commitment to provide financial advisors with resources to help their clients, John Hancock's Advanced Markets group has launched a new comprehensive charitable planning virtual sales tool kit. The kit, available on CD-ROM, includes new sales, marketing and educational materials to demonstrate how clients can use life insurance to provide a lasting benefit for their favorite charity, while enjoying tax advantages for themselves and their families.
John Hancock Launches New Comprehensive Charitable Planning Virtual Sales Tool Kit
Source: Yahoo! Finance
John Hancock Launches New Comprehensive Charitable Planning Virtual Sales Tool Kit
Source: Yahoo! Finance
Permalink posted by armandn @ 8:26 AM
Variable Annuities' Guarantee Features Make Them Especially Attractive in Planning for Retirement
Despite what the Oct. 31 Monday Morning implied, as more Americans face retirement without a safety net, variable annuities offer valuable investment guarantees that they and their advisers should consider in their planning.
Insurance companies are developing and offering new riders with options that will make variable annuities even more useful for Americans approaching retirement.
Variable Annuities' Guarantee Features Make Them Especially Attractive in Planning for Retirement
Source: Investment News (subscription required)
Insurance companies are developing and offering new riders with options that will make variable annuities even more useful for Americans approaching retirement.
Variable Annuities' Guarantee Features Make Them Especially Attractive in Planning for Retirement
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:23 AM
ING Revamps Its Approach to Term Market
ING announced that it has revamped its approach to the term life insurance market. Among its initiatives, it has enhanced the pricing of its term products offered by its life companies to be consistently among the pricing leaders. In addition, the company introduced a new advertising campaign raising ING's name in connection with term. ING also enhanced its tools for producers with a new quick calculator on its producer-focused web site.
ING Revamps Its Approach to Term Market
Source: PR Newswire
ING Revamps Its Approach to Term Market
Source: PR Newswire
Permalink posted by armandn @ 8:21 AM
A Small But Attractive Market
The 2000 U.S. Census counted 10.2 million Asian-Americans. By 2010, this population is expected to grow by 33% (mostly through immigration) resulting in over 14 million Asian-Americans, or 5% of the total U.S. population. In spite of being a small proportion of the population, many financial services and insurance companies consider the Asian-American market to be a very attractive consumer segment.
A Small But Attractive Market
Source: Insurance News Net
A Small But Attractive Market
Source: Insurance News Net
Permalink posted by armandn @ 8:16 AM
Wednesday, November 23, 2005
Pension Reform's Sponsors Expect Passage by Year End
Sponsors of comprehensive pension-reform legislation in the U.S. House are optimistic their chamber will move quickly to reconcile and pass their bill before Congress breaks for the year, members said following the Nov. 16 passage of similar legislation by the U.S. Senate.
Rep. John Boehner, R-Ohio, who chairs the House Committee on Education and the Workforce, commended the Senate on its 97-2 vote to approve S.1783, the Pension Security and Transparency Act, adding in a statement that he expects the House to vote on his own measure — H.R. 2830, the Pension Protection Act — "when we return to session following the Thanksgiving holiday."
Pension Reform's Sponsors Expect Passage by Year End
Source: A.M. Best (subscription required)
Rep. John Boehner, R-Ohio, who chairs the House Committee on Education and the Workforce, commended the Senate on its 97-2 vote to approve S.1783, the Pension Security and Transparency Act, adding in a statement that he expects the House to vote on his own measure — H.R. 2830, the Pension Protection Act — "when we return to session following the Thanksgiving holiday."
Pension Reform's Sponsors Expect Passage by Year End
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 11:15 AM
ING Advisors seeking to raise its image, profile
After weathering consolidation among its broker-dealers and an industry-wide assault by regulators, ING Advisors Network Inc. once again is aiming for growth.
After combining some broker-dealers in its network to create four from the original seven, ING Advisors Network of Atlanta, with 8,181 affiliated registered representatives, is the largest independent-contractor broker-dealer network owned by an insurance company in terms of head count.
ING Advisors seeking to raise its image, profile
Source: Investment News (subscription required)
After combining some broker-dealers in its network to create four from the original seven, ING Advisors Network of Atlanta, with 8,181 affiliated registered representatives, is the largest independent-contractor broker-dealer network owned by an insurance company in terms of head count.
ING Advisors seeking to raise its image, profile
Source: Investment News (subscription required)
Permalink posted by armandn @ 11:10 AM
The Hartford Introduces its Enhanced D&O Insurance Protection for NAREIT Members
With diversification and income as priorities, individual investors, pension funds and institutional investors have been moving massive amounts of capital to the real estate sector. Real estate investment trusts (REITs), with their low stock price volatility and rising dividends, have become one of the most popular forms of real estate capital investment. This in turn has led to increased market capitalizations and broader shareholder constituencies.
The Hartford Introduces its Enhanced D&O Insurance Protection for NAREIT Members
Source: PR Newswire
The Hartford Introduces its Enhanced D&O Insurance Protection for NAREIT Members
Source: PR Newswire
Permalink posted by armandn @ 11:09 AM
St. Paul Settling Investor Suits
The St. Paul Travelers Cos. said Tuesday it has agreed to settle the shareholder lawsuits that bombarded the company after its surprisingly large $1.6 billion increase in claim reserves last year angered investors and raised questions about the company's merger.
The amount of the proposed settlement was not disclosed. But Travelers said in a regulatory filing Tuesday that the sum is not material to the company and that it does not expect any impact on earnings.
St. Paul Settling Investor Suits
Source: Hartford Courant
The amount of the proposed settlement was not disclosed. But Travelers said in a regulatory filing Tuesday that the sum is not material to the company and that it does not expect any impact on earnings.
St. Paul Settling Investor Suits
Source: Hartford Courant
Permalink posted by armandn @ 11:04 AM
North American Life Insurance Activity Declines 2.9% in October
North American application activity for individually underwritten life insurance declined -2.9% in October, year-over-year, according to the MIB Life Index(SM). This marks the Index's ninth consecutive year-over-year decline in the last ten months. Year-to-date (YTD), North American activity has remained relatively stable for the past half year, -3.2% at month's end. October's volume has increased +1.8% compared to September's North American activity, the third consecutive period of month-to-month growth.
North American Life Insurance Activity Declines 2.9% in October
Source: Insurance News Net
North American Life Insurance Activity Declines 2.9% in October
Source: Insurance News Net
Permalink posted by armandn @ 11:02 AM
Tuesday, November 22, 2005
Small Firms Offer More Retirement Options
Financial-services firms are pushing retirement-planning services to small businesses, an area that has long lagged behind big companies in providing for their employees.
Financial firms, including Charles Schwab & Co., Fidelity Investments and Wachovia Corp., are cutting fees and simplifying procedures to attract more small businesses to set up employee-retirement accounts, ranging from Simple IRAs to 401(k)s. For employees, such moves mean retirement benefits are increasingly common at small businesses, a segment where retirement plans have long been a rarity.
Small Firms Offer More Retirement Options
Source: Wall Street Journal Online (subscription required)
Financial firms, including Charles Schwab & Co., Fidelity Investments and Wachovia Corp., are cutting fees and simplifying procedures to attract more small businesses to set up employee-retirement accounts, ranging from Simple IRAs to 401(k)s. For employees, such moves mean retirement benefits are increasingly common at small businesses, a segment where retirement plans have long been a rarity.
Small Firms Offer More Retirement Options
Source: Wall Street Journal Online (subscription required)
Permalink posted by armandn @ 7:33 AM
Pru May Be Poised to Make Acquisitions
Prudential Financial Inc. may be assembling a war chest in anticipation of making one or more major acquisitions, according to life insurance industry analysts.
"Prudential must be thinking about a deal - they have to be out there looking," said Rob Haines, an analyst with CreditSights in New York. The entire life insurance industry has excess capacity and is ripe for consolidation, he added.
Pru May Be Poised to Make Acquisitions
Source: Investment News (subscription required)
"Prudential must be thinking about a deal - they have to be out there looking," said Rob Haines, an analyst with CreditSights in New York. The entire life insurance industry has excess capacity and is ripe for consolidation, he added.
Pru May Be Poised to Make Acquisitions
Source: Investment News (subscription required)
Permalink posted by armandn @ 7:31 AM
Light Up and Pay Extra
If you smoke in Greater Cincinnati and Northern Kentucky, you may pay the price in more ways than just your health.
Surcharges, or monthly or annual fees on smoker health insurance are creating new debate over personal choice versus the rising cost of health care.
"The way we see it is we are providing an incentive for employees to have a healthy lifestyle," said Herb Brown, senior vice president public relations and corporate communications for Cincinnati-based Western-Southern Financial Group, which has 4,000 employees, including 1,600 here.
Light Up and Pay Extra
Source: Cincinnati Enquirer
Surcharges, or monthly or annual fees on smoker health insurance are creating new debate over personal choice versus the rising cost of health care.
"The way we see it is we are providing an incentive for employees to have a healthy lifestyle," said Herb Brown, senior vice president public relations and corporate communications for Cincinnati-based Western-Southern Financial Group, which has 4,000 employees, including 1,600 here.
Light Up and Pay Extra
Source: Cincinnati Enquirer
Permalink posted by armandn @ 7:29 AM
Generation is squeezed supporting parents, kids
A surprising number of Americans in their 60s are caught in a "generational squeeze," supporting both aging parents and grown children.
Many find that expenses don’t necessarily decrease in retirement. Few are giving enough thought to making sure their money lasts as long as they do.
Generation is squeezed supporting parents, kids
Source: Dispatch.com
Many find that expenses don’t necessarily decrease in retirement. Few are giving enough thought to making sure their money lasts as long as they do.
Generation is squeezed supporting parents, kids
Source: Dispatch.com
Permalink posted by armandn @ 7:28 AM
MetLife Launches GMAB for Variable Annuities
MetLife, the second largest provider of variable annuities, today introduced a new living benefit rider to its suite of optional benefits for its variable annuities. The Guaranteed Minimum Accumulation Benefit (GMAB) is available with most MetLife deferred variable annuities offered through the company's agency and independent distribution channels.
MetLife Launches GMAB for Variable Annuities
Source: Yahoo! Finance
MetLife Launches GMAB for Variable Annuities
Source: Yahoo! Finance
Permalink posted by armandn @ 7:24 AM
Monday, November 21, 2005
Analysts Warn Against Annuity Sales Hype
Life insurers had better be sure that both they and their customers understand the costs and limitations of the annuity benefit guarantees they are selling.
Analysts made that argument earlier this week at a risk management seminar organized by the American Council of Life Insurers, Washington.
Analysts Warn Against Annuity Sales Hype
Source: National Underwriter (subscription required)
Analysts made that argument earlier this week at a risk management seminar organized by the American Council of Life Insurers, Washington.
Analysts Warn Against Annuity Sales Hype
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:20 AM
Life Settlements' Growth Tied to Investors' Comfort Level
Life settlements -- the sales of in-force life insurance policies as investments -- are growing rapidly. But, effective regulatory oversight and empirical data on mortality trends within existing portfolios is needed to attract more capital from institutional investors to power their growth.
That appeared to be the consensus of speakers at the 11th Fall Annual Conference of the Viatical and Life Settlement Association of America.
Life Settlements' Growth Tied to Investors' Comfort Level
Source: A.M. Best (subscription required)
That appeared to be the consensus of speakers at the 11th Fall Annual Conference of the Viatical and Life Settlement Association of America.
Life Settlements' Growth Tied to Investors' Comfort Level
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 11:18 AM
Wealth2K Announces Solution for Broker-Dealers to Capture 100% of Registered Representatives' Fixed Annuity and Life Insurance Business
David A. Macchia, Sr., President and CEO of Wealth2k, Inc., a strategic marketing consulting firm that specializes in the financial services industry, believes that the time has come for Broker-Dealers to supervise sales of all fixed products by Registered Representatives.
"Although Broker/Dealers are beginning to establish policies for sales of equity-indexed annuities due to increased compliance and supervision liabilities, many do not understand either the scope of what they are taking on or the risks they face in potentially alienating large numbers of Registered Representatives," he explains.
Wealth2K Announces Solution for Broker-Dealers to Capture 100% of Registered Representatives' Fixed Annuity and Life Insurance Business
Source: BusinessWire
"Although Broker/Dealers are beginning to establish policies for sales of equity-indexed annuities due to increased compliance and supervision liabilities, many do not understand either the scope of what they are taking on or the risks they face in potentially alienating large numbers of Registered Representatives," he explains.
Wealth2K Announces Solution for Broker-Dealers to Capture 100% of Registered Representatives' Fixed Annuity and Life Insurance Business
Source: BusinessWire
Permalink posted by armandn @ 11:15 AM
Will Retirement Be Golden For Boomers?
Today's seniors enjoy a "golden age of retirement security." Yet the median income of individuals age 65 and over last year was just $15,199 in the United States.
For many, those two sentences may sound contradictory. Living on 15 grand a year does not sound like a flush American living standard. Of course, many retirees own their homes outright and aren't paying a mortgage anymore. But they are still paying property taxes, maintenance, and utilities.
Will Retirement Be Golden For Boomers?
Source: Insurance News Net
For many, those two sentences may sound contradictory. Living on 15 grand a year does not sound like a flush American living standard. Of course, many retirees own their homes outright and aren't paying a mortgage anymore. But they are still paying property taxes, maintenance, and utilities.
Will Retirement Be Golden For Boomers?
Source: Insurance News Net
Permalink posted by armandn @ 11:14 AM
Friday, November 18, 2005
Allianz Life Makes A Deal
Allianz Life Insurance Company of North America has acquired Questar Capital Corp., a national securities broker-dealer and registered investment advisor that has a network of 400 producers.
Allianz Life Makes A Deal
Source: National Underwriter (subscription required)
Allianz Life Makes A Deal
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 8:05 AM
Symetra's New Annuity Opens the Door to a Lifetime of Retirement Income
Symetra(SM) Life Insurance Co. has introduced a new annuity for a retirement planning model designed to help retirees reduce the danger of outliving their retirement savings. The new Symetra Income Builder Annuity, a 10-year period certain annuity, features guaranteed payments for 10 years and an automatic one-time payment increase beginning in payment year six. As part of The Income for Life Model(TM), the product can help ensure stable, inflation-adjusted income that lasts a lifetime.
Symetra's New Annuity Opens the Door to a Lifetime of Retirement Income
Source: PR Newswire
Symetra's New Annuity Opens the Door to a Lifetime of Retirement Income
Source: PR Newswire
Permalink posted by armandn @ 8:04 AM
General Electric Exits Insurance; Sells Insurance Solutions, Employers Re to Swiss Re
General Electric has agreed to sell most of its Insurance Solutions business, including Employers Reinsurance Corp., to Swiss Re for $8.5 billion in securities, cash and the assumption of debt. It will retain some life insurance business.
The transaction is subject to customary regulatory approvals and typical closing conditions, and is expected to close in the first half of 2006.
General Electric Exits Insurance; Sells Insurance Solutions, Employers Re to Swiss Re
Source: Insurance Journal
The transaction is subject to customary regulatory approvals and typical closing conditions, and is expected to close in the first half of 2006.
General Electric Exits Insurance; Sells Insurance Solutions, Employers Re to Swiss Re
Source: Insurance Journal
Permalink posted by armandn @ 8:02 AM
Boomers Need Excellent Advice to Achieve Financially Secure Retirements, says Paladin Registry
Baby boomers are in real trouble financially, and most don't even realize it. With the lowest savings rate in history, lax investment habits and no guaranteed pensions, 80% of boomers lack sufficient assets to maintain their current standards of living with financial security late in life, said Jack Waymire, founder of Paladin Registry, LLC
Boomers Need Excellent Advice to Achieve Financially Secure Retirements, says Paladin Registry
Source: Insurance News Net
Boomers Need Excellent Advice to Achieve Financially Secure Retirements, says Paladin Registry
Source: Insurance News Net
Permalink posted by armandn @ 8:01 AM
Thursday, November 17, 2005
Insurer Raises $2 Billion
Prudential Financial Inc. has completed a previously announced effort to get cash from Wall Street.
Prudential, Newark, N.J., says it has completed a move to raise $2 billion by placing convertible notes with institutional investors.
Insurer Raises $2 Billion
Source: National Underwriter (subscription required)
Prudential, Newark, N.J., says it has completed a move to raise $2 billion by placing convertible notes with institutional investors.
Insurer Raises $2 Billion
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:09 AM
Finetre To Develop Life Transaction System
A company that runs a major, Web-based annuity distribution system says it will be developing a system that will help agents and brokers sell life insurance coverage from more than one carrier.
Finetre To Develop Life Transaction System
Source: National Underwriter (subscription required)
Finetre To Develop Life Transaction System
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 11:07 AM
Fierce online banking competition results in good deals
Inspired by the success of ING Direct and other online financial institutions at attracting deposits, a growing number of traditional brick-and-mortar banks have started Internet-based operations of their own. The competition among them to pass along the benefits of rising short-term market rates is creating some of the best deals in years for consumers willing to conduct transactions over the Internet.
Fierce online banking competition results in good deals
Source: Myrtle Beach Online
Fierce online banking competition results in good deals
Source: Myrtle Beach Online
Permalink posted by armandn @ 11:05 AM
Boomer Bust; Postwar Generation Faces The Future
The postwar baby boom generation has enjoyed decades of unprecedented affluence and freedom, but a new survey indicates that baby boomers in Massachusetts, at least, have concluded that the party won't continue into their golden years.
Their concerns are well-founded. While everyone agrees that Social Security is heading for financial trouble, few elected officials dare address the issue. That is because the pension model established during the Great Depression has become the "third rail" of politics, and woe betide the reform-minded politician who dares to touch it.
Boomer Bust; Postwar Generation Faces The Future
Source: Insurance News Net
Their concerns are well-founded. While everyone agrees that Social Security is heading for financial trouble, few elected officials dare address the issue. That is because the pension model established during the Great Depression has become the "third rail" of politics, and woe betide the reform-minded politician who dares to touch it.
Boomer Bust; Postwar Generation Faces The Future
Source: Insurance News Net
Permalink posted by armandn @ 11:03 AM
Nation's Top Long-Term Care Insurance Producers Announced
Long-Term Care Sales Strategies magazine has awarded the 2005 National LTCi Sales Achievement Award to 60 Partners of LTC Financial Partners LLC. The honor recognizes the nation's leading long-term care insurance specialists and was presented at the recent National LTCi Producers Summit, the annual industry conference, held in Kansas City, MO.
Nation's Top Long-Term Care Insurance Producers Announced
Source: PR Newswire
Nation's Top Long-Term Care Insurance Producers Announced
Source: PR Newswire
Permalink posted by armandn @ 11:02 AM
Sun Life Financial Announces Offering of Senior Unsecured Debentures
Sun Life Financial Inc. announced today the filing of a prospectus supplement for an offering in Canada of up to $600 million principal amount of Series A Senior Unsecured Debentures. The offering is expected to close on November 23, 2005.
Sun Life Financial Announces Offering of Senior Unsecured Debentures
Source: Yahoo! Finance
Sun Life Financial Announces Offering of Senior Unsecured Debentures
Source: Yahoo! Finance
Permalink posted by armandn @ 11:00 AM
Wednesday, November 16, 2005
There Are Many Aspects to Life Insurance Planning, But It Really Comes Down to Checking the Basics and Evaluating The Needs of the Insured
The marketplace has changed over the past 10 to 15 years according to Lonnie Davis, director of CBIZ Accounting, Tax & Advisory Services (Plymouth Meeting, Pa.). "Certainly the cost of term insurance has continued to come down over the years. So, it is a very inexpensive way to purchase substantial coverage. Permanent products, such as whole life, universal life, and variable life, have become more efficient. Internal fees, asset management charges, mortality and expense loads, and cost of insurance rates have all been reduced allowing products to be priced lower or to accumulate higher cash values," he explains.
There Are Many Aspects to Life Insurance Planning, But It Really Comes Down to Checking the Basics and Evaluating The Needs of the Insured
Source: Insurance News Net
There Are Many Aspects to Life Insurance Planning, But It Really Comes Down to Checking the Basics and Evaluating The Needs of the Insured
Source: Insurance News Net
Permalink posted by armandn @ 8:57 AM
SunLife May Spend C$1 Billion on U.S. Acquisitions
Sun Life Financial Inc., Canada's second-biggest insurer, may spend as much as C$1 billion ($838 million) to buy asset management companies in the U.S., Chief Executive Officer Donald Stewart said.
SunLife May Spend C$1 Billion on U.S. Acquisitions
Source: Bloomberg
SunLife May Spend C$1 Billion on U.S. Acquisitions
Source: Bloomberg
Permalink posted by armandn @ 8:56 AM
Counting Their Nest-Eggs Before They Hatch: Pre- and Post-Retirees Bank on Assets They Don't Have
Pre-retirees and retirees may be relying on assets they don't have to fund their retirement, according to MainStay Investments 2005 Across Generations Retirement Income Survey. When it comes to calculating the total dollars they will have in retirement, many are gleaning a false sense of security from projected assets - real estate appreciation, inheritance, future savings - that are speculative, at best.
Counting Their Nest-Eggs Before They Hatch: Pre- and Post-Retirees Bank on Assets They Don't Have
Source: Insurance News Net
Counting Their Nest-Eggs Before They Hatch: Pre- and Post-Retirees Bank on Assets They Don't Have
Source: Insurance News Net
Permalink posted by armandn @ 8:54 AM
Manulife expects more consolidation in U.S. life insurance biz
Manulife Financial Corp. sees the U.S. life insurance market as "fragmented" and as such believes future consolidation is inevitable, though to what extent the No. 2 North American life insurer and No. 4 global life insurer, based on market capitalization, will participate in such consolidation is unclear.
Manulife expects more consolidation in U.S. life insurance biz
Source: SNL.com
Manulife expects more consolidation in U.S. life insurance biz
Source: SNL.com
Permalink posted by armandn @ 8:52 AM
Hartford teams with NCAA to help athletes financially
Jeff Otis majored in economics at Columbia University, was a star quarterback
for the football team and has a contract to play professional football.
But until recently, Otis' game plan didn't include his financial future.
It's a common problem on campuses and one that the NCAA, working with the
Hartford Financial Services Group Inc., is trying to change. Using a booklet
developed by the Hartford, "Playbook for Life," the two groups recently
launched a program to help student athletes understand basic financial-planning and money-management concepts.
Hartford teams with NCAA to help athletes financially
Source: STLtoday.com
for the football team and has a contract to play professional football.
But until recently, Otis' game plan didn't include his financial future.
It's a common problem on campuses and one that the NCAA, working with the
Hartford Financial Services Group Inc., is trying to change. Using a booklet
developed by the Hartford, "Playbook for Life," the two groups recently
launched a program to help student athletes understand basic financial-planning and money-management concepts.
Hartford teams with NCAA to help athletes financially
Source: STLtoday.com
Permalink posted by armandn @ 8:50 AM
Tuesday, November 15, 2005
Personality drives retirement savings
If you have clients who are optimists, worriers or realists, you might want to consider spending extra time on their retirement plans.
Those personality types are the most resistant to implementing effective retirement strategies, according to the "Retirement Reality Check" survey of 1,600 people released this month by Allstate Corp. in Northbrook, Ill. The survey color-coded five personality types.
Personality drives retirement savings
Source: Investment News (subscription required)
Those personality types are the most resistant to implementing effective retirement strategies, according to the "Retirement Reality Check" survey of 1,600 people released this month by Allstate Corp. in Northbrook, Ill. The survey color-coded five personality types.
Personality drives retirement savings
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:31 AM
Hedge-Like Mutual Funds Attract Investors
For investors, the newfangled funds offer guaranteed performance with different strategies that protect investors from market swoons better than traditional mutual funds. They also offer lower fees than pure hedge funds, as well as greater transparency and liquidity, which further guarantee money-making opportunities. They offer a higher level of oversight, charge lower fees, and face more scrutiny from watchdogs than most hedge funds. Investors can also withdraw and add money on a daily basis.
Hedge-Like Mutual Funds Attract Investors
Source: Financial-Planning.com
Hedge-Like Mutual Funds Attract Investors
Source: Financial-Planning.com
Permalink posted by armandn @ 8:29 AM
Introducing The Hartford's Lifetime Income Builder
The Hartford Financial Services Group, Inc. today announced the launch of The Hartford's Lifetime Income Builder, a new guaranteed minimum lifetime withdrawal feature for its variable annuity products. The guarantee provided by The Hartford's Lifetime Income Builder relates to claims-paying ability and is not meant to apply to the investment performance or safety of the investment options.
Introducing The Hartford's Lifetime Income Builder
Source: PR Newswire
Introducing The Hartford's Lifetime Income Builder
Source: PR Newswire
Permalink posted by armandn @ 8:28 AM
MetLife's Lips Tight On Layoffs In City
MetLife is living up to its much debated employment promise after buying Travelers Life & Annuity in Hartford, but isn't saying how many employees will ultimately lose their jobs.
MetLife and Travelers' former parent, Citigroup, have already notified the state Department of Labor of 288 layoffs in the city, many of them already done and some slated around the ends of November and December. More layoffs are expected.
MetLife's Lips Tight On Layoffs In City
Source: Hartford Courant
MetLife and Travelers' former parent, Citigroup, have already notified the state Department of Labor of 288 layoffs in the city, many of them already done and some slated around the ends of November and December. More layoffs are expected.
MetLife's Lips Tight On Layoffs In City
Source: Hartford Courant
Permalink posted by armandn @ 8:26 AM
Atlanta Life Insurance Company and MetLife Resources Introduce Retirement Education Program to 1,000 Churches Connected
Atlanta Life Insurance Company and MetLife, through its MetLife Resources division, announced its agreement with the Rainbow/PUSH Coalition to launch a retirement education program to the 1,000 Churches Connected.
"This is an exceptional opportunity for Atlanta Life," said Ronald D. Brown, President and CEO, Atlanta Life Financial Group. "We proudly take our place as part of the team that will help to educate and provide assistance to the entire 1,000 Churches Connected family."
Atlanta Life Insurance Company and MetLife Resources Introduce Retirement Education Program to 1,000 Churches Connected
Source: Yahoo! Finance
"This is an exceptional opportunity for Atlanta Life," said Ronald D. Brown, President and CEO, Atlanta Life Financial Group. "We proudly take our place as part of the team that will help to educate and provide assistance to the entire 1,000 Churches Connected family."
Atlanta Life Insurance Company and MetLife Resources Introduce Retirement Education Program to 1,000 Churches Connected
Source: Yahoo! Finance
Permalink posted by armandn @ 8:23 AM
Monday, November 14, 2005
Many going it alone with retirement plans
Nearly 60% of retirees, and half of those who expect to retire within five years, are preparing for their financial future without the help of a financial adviser, according to a soon-to-be-released study.
Although 81% of retirees and 69% of pre-retirees attest to having a financial plan in place, more than 60% of all respondents concede that the plan is not in writing, according to the survey by MainStay Investments of Parsippany, N.J.
Many going it alone with retirement plans
Source: Investment News (subscription required)
Although 81% of retirees and 69% of pre-retirees attest to having a financial plan in place, more than 60% of all respondents concede that the plan is not in writing, according to the survey by MainStay Investments of Parsippany, N.J.
Many going it alone with retirement plans
Source: Investment News (subscription required)
Permalink posted by armandn @ 8:06 AM
The job of saving enough to enjoy retirement
If that retirement light at the end of the career tunnel is getting brighter, it's time to take into account what you've got and what you still might need to make retirement financially doable.
Sorry to break it to you, but the gap between have and must have could be a wide one.
It is difficult to determine how much is enough because retirement preparation varies from person to person. However most baby boomers approaching retirement will find they haven't accumulated enough private savings to fund their post-work life, financial consultants say.
The job of saving enough to enjoy retirement
Source: Biz Journals
Sorry to break it to you, but the gap between have and must have could be a wide one.
It is difficult to determine how much is enough because retirement preparation varies from person to person. However most baby boomers approaching retirement will find they haven't accumulated enough private savings to fund their post-work life, financial consultants say.
The job of saving enough to enjoy retirement
Source: Biz Journals
Permalink posted by armandn @ 8:04 AM
MassMutual Disability Income Insurance First to Offer Assistance Program to All Policyholders
In an industry-exclusive move, MassMutual has contracted with the largest provider of assistance services to provide an extensive program to individual Disability Income (DI) Insurance policyholders and their family members on a no-cost, confidential basis.
MassMutual Disability Income Insurance First to Offer Assistance Program to All Policyholders
Source: PRNewswire
MassMutual Disability Income Insurance First to Offer Assistance Program to All Policyholders
Source: PRNewswire
Permalink posted by armandn @ 8:00 AM
New Variable Annuity Feature Offers Flexible Alternative for Income in Retirement
ING has introduced ING LifePay, a new living benefit available under ING GoldenSelect variable annuity contracts that guarantees lifetime retirement income with more investment flexibility than other commonly offered forms of guaranteed income.
New Variable Annuity Feature Offers Flexible Alternative for Income in Retirement
Source: PRNewswire
New Variable Annuity Feature Offers Flexible Alternative for Income in Retirement
Source: PRNewswire
Permalink posted by armandn @ 7:57 AM
MassMutual Reduces Cost of Optional Feature on Variable Annuities
Massachusetts Mutual Life Insurance Company (MassMutual) announced today it has reduced the cost of its optional Annual Ratchet Death Benefit feature available with the MassMutual Transitions Select(SM) and MassMutual Evolution(SM) deferred variable annuity contracts. The cost was lowered 0.10% to a current charge of 0.40% (on an annualized basis) of the daily value of assets invested in each fund, after fund expenses are deducted and will never exceed 0.90%. Both new and existing contract owners are eligible for the reduced-cost Annual Ratchet Death Benefit.
MassMutual Reduces Cost of Optional Feature on Variable Annuities
Source: Insurance News Net
MassMutual Reduces Cost of Optional Feature on Variable Annuities
Source: Insurance News Net
Permalink posted by armandn @ 7:55 AM
Friday, November 11, 2005
Deal Theory Stokes Action in Prudential and Lincoln National
An analyst's ruminations about a possible insurance-industry deal fueled heavy trading in options of Lincoln National and Prudential Financial.
Colin Devine, an analyst with Citigroup Investment Research, set off the frenzy with a note yesterday morning discussing Prudential's planned $2 billion convertible-debt offering, which it announced Wednesday.
Deal Theory Stokes Action in Prudential and Lincoln National
Source: Wall Street Journal (free to access on 11/11)
Colin Devine, an analyst with Citigroup Investment Research, set off the frenzy with a note yesterday morning discussing Prudential's planned $2 billion convertible-debt offering, which it announced Wednesday.
Deal Theory Stokes Action in Prudential and Lincoln National
Source: Wall Street Journal (free to access on 11/11)
Permalink posted by armandn @ 8:05 AM
MetLife Receives Subpoena Over Dealings with Benefits Broker
MetLife Inc. disclosed that it received a subpoena from California federal prosecutors that seeks information about employee benefits broker Universal Life Resources, while separately disclosing that regulators may file charges regarding the sale of Section 529 college savings plans.
In a form 10-Q filed Nov. 9 with the U.S. Securities & Exchange Commission, MetLife (NYSE:MET) said it received a subpoena from the U.S. Attorney's Office for the Southern District of California asking for documents regarding Universal Life Resources, an employee-benefits broker.
MetLife Receives Subpoena Over Dealings with Benefits Broker
Source: A.M. Best (subscription required)
In a form 10-Q filed Nov. 9 with the U.S. Securities & Exchange Commission, MetLife (NYSE:MET) said it received a subpoena from the U.S. Attorney's Office for the Southern District of California asking for documents regarding Universal Life Resources, an employee-benefits broker.
MetLife Receives Subpoena Over Dealings with Benefits Broker
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 8:03 AM
ING relishes competition
Intensifying competition doesn't seem to be slowing down ING Direct. The nation's largest Internet bank plans to add 150 jobs in Delaware next year.
"We're doing quite well, and we're looking forward to growing here in Delaware," ING Direct CEO Arkadi Kuhlmann said Thursday.
Kuhlmann said ING Direct plans to increase jobs in several areas, including auditing, marketing and technology, in 2006. He said he expects the bank's Delaware employment to climb from 630 now to about 780 by late next year. Nationwide, the work force is expected to increase by as many as 300 to about 1,500 next year, he said. ING Direct, a unit of Dutch financial giant ING Group, opened for business on Wilmington's Riverfront in September 2000 with 131 employees.
ING relishes competition
Source: Delaware Online
"We're doing quite well, and we're looking forward to growing here in Delaware," ING Direct CEO Arkadi Kuhlmann said Thursday.
Kuhlmann said ING Direct plans to increase jobs in several areas, including auditing, marketing and technology, in 2006. He said he expects the bank's Delaware employment to climb from 630 now to about 780 by late next year. Nationwide, the work force is expected to increase by as many as 300 to about 1,500 next year, he said. ING Direct, a unit of Dutch financial giant ING Group, opened for business on Wilmington's Riverfront in September 2000 with 131 employees.
ING relishes competition
Source: Delaware Online
Permalink posted by armandn @ 8:00 AM
Genworth and Chase Insurance: Déjà vu all over again?
Two companies whose predecessors almost joined forces more than a decade ago could be united at last if recent speculation pans out.
JPMorgan Chase & Co. has reportedly placed its non-core Chase Insurance life and annuities division on the block at the same time Genworth Financial Inc. officials have demonstrated an interest in pursuing acquisitions. And a recent Merrill Lynch & Co. analyst report characterized Richmond, Va.-based Genworth as a possible buyer of the business, which could fetch between $550 million and $650 million in a sale.
Genworth and Chase Insurance: Déjà vu all over again?
Source: SNL
JPMorgan Chase & Co. has reportedly placed its non-core Chase Insurance life and annuities division on the block at the same time Genworth Financial Inc. officials have demonstrated an interest in pursuing acquisitions. And a recent Merrill Lynch & Co. analyst report characterized Richmond, Va.-based Genworth as a possible buyer of the business, which could fetch between $550 million and $650 million in a sale.
Genworth and Chase Insurance: Déjà vu all over again?
Source: SNL
Permalink posted by armandn @ 7:58 AM
Analyst tempers talk of Prudential-Lincoln National merger
A Citigroup Global Markets Inc. analyst opined Thursday that Prudential Financial Inc. may be "on the verge" of buying Lincoln National Corp. but later softened his statement.
Word of the envisioned deal sent Lincoln stocks up -- for a short while -- more than 7 percent. By the end of trading Thursday on the New York Stock Exchange, Lincoln shares were up $1.11, or 2.3 percent, on the day at $50.98. They peaked at $53.50.
Lincoln spokeswoman Priscilla Brown declined comment Thursday afternoon.
Analyst tempers talk of Prudential-Lincoln National merger
Source: Biz Journals
Word of the envisioned deal sent Lincoln stocks up -- for a short while -- more than 7 percent. By the end of trading Thursday on the New York Stock Exchange, Lincoln shares were up $1.11, or 2.3 percent, on the day at $50.98. They peaked at $53.50.
Lincoln spokeswoman Priscilla Brown declined comment Thursday afternoon.
Analyst tempers talk of Prudential-Lincoln National merger
Source: Biz Journals
Permalink posted by armandn @ 7:56 AM
Wednesday, November 09, 2005
NASD likely to amend VA suitability proposal
One of the most controversial provisions of NASD's variable annuity suitability rule will likely be dropped, an official said Friday.
NASD of Washington is "looking to eliminate" a provision requiring supervisors to review recommendations made by registered representatives, said Lawrence Kosciulek, associate director of investment companies regulation for NASD Regulation Inc. of Rockville, Md.
NASD likely to amend VA suitability proposal
Source: Investment News (subscription required)
NASD of Washington is "looking to eliminate" a provision requiring supervisors to review recommendations made by registered representatives, said Lawrence Kosciulek, associate director of investment companies regulation for NASD Regulation Inc. of Rockville, Md.
NASD likely to amend VA suitability proposal
Source: Investment News (subscription required)
Permalink posted by armandn @ 12:55 PM
U.S.-Japan Trade Report Highlights Progress in Insurance Markets
Both Japanese and U.S. regulators continue to progress toward the open market goals of the 4-year old Regulatory Reform and Competition Initiative, with recent developments seen in Japan Post privatization, guaranty fund reform, and state regulatory modernization, according to a new bilateral report on trade between the world's two largest economies.
U.S.-Japan Trade Report Highlights Progress in Insurance Markets
Source: A.M. Best (subscription required)
U.S.-Japan Trade Report Highlights Progress in Insurance Markets
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 12:53 PM
Bank Annuity Sales Had Cool August
Despite a late surge, annuity sales through banks and savings institutions fell to $3.9 billion in August, down 2% from the total for August 2004.
Continuing weakness in bank sales of fixed annuities accounted for much of the decline, according to Kenneth Kehrer Associates Inc., Princeton, N.J.
Bank Annuity Sales Had Cool August
Source: National Underwriter (subscription required)
Continuing weakness in bank sales of fixed annuities accounted for much of the decline, according to Kenneth Kehrer Associates Inc., Princeton, N.J.
Bank Annuity Sales Had Cool August
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 12:52 PM
Banks want insurance business
Toronto and Ottawa — Canada's big banks, which for years have been prevented from marketing life insurance through their branches, are urging Ottawa to ease that restriction by allowing them to target less-affluent customers -- a group they claim is being underserved.
Banks want insurance business
Source: Globeandmail.com
Banks want insurance business
Source: Globeandmail.com
Permalink posted by armandn @ 12:51 PM
AIG Must Again Restate Financial Results
American International Group Inc., one of the world's largest insurers, said Wednesday it was delaying its third-quarter earnings report until next week because it must again restate earlier financial results to correct accounting errors.
AIG Must Again Restate Financial Results
Source: Hartford Courant
AIG Must Again Restate Financial Results
Source: Hartford Courant
Permalink posted by armandn @ 12:48 PM
Boomers Need Larger Nest Eggs, Study Finds
Baby boomers are feeling financially ready for their golden years, despite needing larger nest eggs, and worrying about the fate of Social Security, a study shows.
Shifting attitudes about retirement are also changing what people do after they leave a long career.
The study, conducted by Lincoln Retirement Institute, the retirement research division of Philadelphia's Lincoln Financial Group, found that more than half 55 percent of retired boomers with an income of more than $75,000 per year or total financial assets of more than $350,000, reported they were determined to not outlive what they saved.
Boomers Need Larger Nest Eggs, Study Finds
Source: Insurance News Net
Shifting attitudes about retirement are also changing what people do after they leave a long career.
The study, conducted by Lincoln Retirement Institute, the retirement research division of Philadelphia's Lincoln Financial Group, found that more than half 55 percent of retired boomers with an income of more than $75,000 per year or total financial assets of more than $350,000, reported they were determined to not outlive what they saved.
Boomers Need Larger Nest Eggs, Study Finds
Source: Insurance News Net
Permalink posted by armandn @ 12:46 PM
Tuesday, November 08, 2005
J.P. Morgan Puts Life-Insurance and Annuity Business Up for Auction
J.P. Morgan Chase & Co. has put its life-insurance and annuity business on the auction block, according to people familiar with the situation. The move reflects the latest acknowledgment by a big bank that consumers don't want to buy all of their financial services from the same company.
J.P. Morgan Puts Life-Insurance and Annuity Business Up for Auction
Source: Wall Street Journal (subscription required)
J.P. Morgan Puts Life-Insurance and Annuity Business Up for Auction
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 7:49 AM
Financial Matters: Saving Early On Builds a Bigger Nest Egg For Retirement
More companies are devising ways to include exchange-traded funds in company-sponsored 401(k) retirement plans.
The latest to marry ETFs with 401(k)s is independent trust company AST Trust Co. The Phoenix-based firm plans to announce today that it is rolling out 10 "collective funds" -- which are similar to mutual funds, but are designed exclusively for qualified retirement plans.
Financial Matters: Saving Early On Builds a Bigger Nest Egg For Retirement
The latest to marry ETFs with 401(k)s is independent trust company AST Trust Co. The Phoenix-based firm plans to announce today that it is rolling out 10 "collective funds" -- which are similar to mutual funds, but are designed exclusively for qualified retirement plans.
Financial Matters: Saving Early On Builds a Bigger Nest Egg For Retirement
Permalink posted by armandn @ 7:47 AM
ETFs Find New Routes to 401(k) Plans
More companies are devising ways to include exchange-traded funds in company-sponsored 401(k) retirement plans.
The latest to marry ETFs with 401(k)s is independent trust company AST Trust Co. The Phoenix-based firm plans to announce today that it is rolling out 10 "collective funds" -- which are similar to mutual funds, but are designed exclusively for qualified retirement plans.
ETFs Find New Routes to 401(k) Plans
Source: WSJ Online
The latest to marry ETFs with 401(k)s is independent trust company AST Trust Co. The Phoenix-based firm plans to announce today that it is rolling out 10 "collective funds" -- which are similar to mutual funds, but are designed exclusively for qualified retirement plans.
ETFs Find New Routes to 401(k) Plans
Source: WSJ Online
Permalink posted by armandn @ 7:45 AM
Ben Stein Challenges Americans to Confront "Retirement Conundrum" During National Retirement Planning Week
One of the pivotal issues facing retirement-minded Americans is balancing short-term spending habits with long-term financial planning goals. Today, Ben Stein kicks off the fourth annual National Retirement Planning Week (NRPW) with a challenge to all Americans to address the "retirement conundrum": determine how to best manage spending today to ensure your desired retirement dreams.
Ben Stein Challenges Americans to Confront "Retirement Conundrum" During National Retirement Planning Week
Source: Insurance News Net
Ben Stein Challenges Americans to Confront "Retirement Conundrum" During National Retirement Planning Week
Source: Insurance News Net
Permalink posted by armandn @ 7:45 AM
Jefferson-Pilot Faces Proposed Class-Action Lawsuit Over Lincoln National Merger
Jefferson-Pilot Corp. disclosed in a Form 10-Q filed Nov. 7 that a shareholder lawsuit seeking class-action status was filed against it in connection with its pending merger with Lincoln National Corp.
Jefferson-Pilot Faces Proposed Class-Action Lawsuit Over Lincoln National Merger
Source: SNL.com
Jefferson-Pilot Faces Proposed Class-Action Lawsuit Over Lincoln National Merger
Source: SNL.com
Permalink posted by armandn @ 7:41 AM
Monday, November 07, 2005
Life Insurers' Investments Yield Less
A new study shows that life insurers experienced a big drop in gross investment returns over the past five years, led by falling interest rates, among other factors, in the early years of that period.
Gross investment income returns for the period 2000 to 2004 dropped to 5.9% in 2004 from 7.4% in 2000, according to the study by Conning Research & Consulting. However, lower investment expenses somewhat cushioned the blow, improving each year during the study period.
Life Insurers' Investments Yield Less
Source: A.M. Best (subscription required)
Gross investment income returns for the period 2000 to 2004 dropped to 5.9% in 2004 from 7.4% in 2000, according to the study by Conning Research & Consulting. However, lower investment expenses somewhat cushioned the blow, improving each year during the study period.
Life Insurers' Investments Yield Less
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 1:18 PM
European Insurers Study Deals After 4-Year Hiatus
After four years on the sidelines, European insurance companies, with their bottom lines finally in order and operations slimmed down and restructured, are poised to re-enter the mergers-and-acquisitions arena.
European Insurers Study Deals After 4-Year Hiatus
Source: Wall Street Journal
European Insurers Study Deals After 4-Year Hiatus
Source: Wall Street Journal
Permalink posted by armandn @ 1:16 PM
October Insurance Jobs Surged by 4,000
Insurance industry payrolls rose by 4,000 in October to 2.264 million, following a revised 1,800 gain in September. September's gain initially was reported at 800. The Bureau of Labor Statistics (BLS) released the seasonally adjusted data on Nov. 4.
October Insurance Jobs Surged by 4,000
Source: A.M. Best (subscription required)
October Insurance Jobs Surged by 4,000
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 1:16 PM
New Phoenix Universal Life Product Targets Need for Cost-Efficient Guarantees
The Phoenix Companies, Inc. (NYSE:PNX) announced today the launch of Phoenix Generations(SM), a flexible-premium universal life insurance product that offers clients a secondary guarantee feature, providing death benefit protection at a favorable cost.
Designed to appeal to established, affluent clients, Phoenix Generations helps maximize the transfer of personal estates and family businesses through competitive policy features and premiums guaranteed not to change.
New Phoenix Universal Life Product Targets Need for Cost-Efficient Guarantees
Source: Insurance News Net
Designed to appeal to established, affluent clients, Phoenix Generations helps maximize the transfer of personal estates and family businesses through competitive policy features and premiums guaranteed not to change.
New Phoenix Universal Life Product Targets Need for Cost-Efficient Guarantees
Source: Insurance News Net
Permalink posted by armandn @ 1:13 PM
Press Release: AARP Launches Financial Services Arm
AARP Services President, Dawn Sweeney, announced today a new wholly owned subsidiary, AARP Financial. The new organization will oversee the AARP-endorsed financial services and offerings, including credit cards, insurance, and investment products to help AARP members meet their current and future economic security needs and goals. Larry Renfro, 52, a financial services executive with 25 years in the industry, has been named president.
Press Release: AARP Launches Financial Services Arm
Source: Financial-Planning.com
Press Release: AARP Launches Financial Services Arm
Source: Financial-Planning.com
Permalink posted by armandn @ 1:10 PM
Friday, November 04, 2005
Senate Passes Budget Bill
Members of the Senate voted 51-47 Thursday to approve S. 1932, a 2006 budget bill that includes several measures of interest to the life insurance industry.
S. 1932, the Deficit Reduction Omnibus Reconciliation Act of 2005, is supposed to cut $35 billion in spending over 5 years.
Senate Passes Budget Bill
Source: National Underwriter (subscription required)
S. 1932, the Deficit Reduction Omnibus Reconciliation Act of 2005, is supposed to cut $35 billion in spending over 5 years.
Senate Passes Budget Bill
Source: National Underwriter (subscription required)
Permalink posted by armandn @ 9:52 AM
First-Born Daughters More Likely to Live to 100, Suggests Society of Actuaries Research
Predictors for exceptional human longevity may include birth order, place of birth and early-life living conditions, according to a recent Society of Actuaries (SOA) study that suggests there are several factors linked to one's longevity. The data indicates that first-born daughters are three times more likely to survive to age 100 compared to later-born daughters. The chances for exceptional longevity are minimal for sons having a birth order of four to six compared to those born earlier or later.
First-Born Daughters More Likely to Live to 100, Suggests Society of Actuaries Research
Source: PR Newswire
First-Born Daughters More Likely to Live to 100, Suggests Society of Actuaries Research
Source: PR Newswire
Permalink posted by armandn @ 9:50 AM
U.S. Life Insurers Using More Robust Approaches to Measure Investment Risk, According to Latest Tillinghast CFO Survey
More than two thirds of life insurance company CFOs (70%) use stochastic modeling techniques to model investment and other risks for many lines of business, according to the latest CFO survey by the Tillinghast business of Towers Perrin. In particular, over half (53%) of respondents use stochastic defaults or credit risk transition matrices to properly model credit risk.
U.S. Life Insurers Using More Robust Approaches to Measure Investment Risk, According to Latest Tillinghast CFO Survey
Source: Insurance News Net
U.S. Life Insurers Using More Robust Approaches to Measure Investment Risk, According to Latest Tillinghast CFO Survey
Source: Insurance News Net
Permalink posted by armandn @ 9:49 AM
Hartford profit tops estimates
Hartford Financial Services reported better than expected third-quarter earnings late Thursday after the insurer avoided big hurricane losses.
Tempering the good news, Hartford said almost $350 million flowed out of its variable-annuity business as competition took its toll.
Net income came in at $539 million, or $1.76 a share, vs. $494 million or $1.66 a share a year earlier, the company said.
Hartford profit tops estimates
Source: CBS MarketWatch
Tempering the good news, Hartford said almost $350 million flowed out of its variable-annuity business as competition took its toll.
Net income came in at $539 million, or $1.76 a share, vs. $494 million or $1.66 a share a year earlier, the company said.
Hartford profit tops estimates
Source: CBS MarketWatch
Permalink posted by armandn @ 9:47 AM
As Consumer Saving Dips, National Associations Recognize Efforts to Educate American Workers; The Principal Financial Group and Plan Sponsor Clients
With the national consumer savings rate at its lowest level since the Great Depression, retirement planning and education are more critical today than ever. The Principal Financial Group,(R) the nation's 401(k) leader and total retirement solutions innovator, was recently recognized, along with several plan sponsor clients, for their award-winning efforts to educate American workers and implement successful retirement savings programs.
As Consumer Saving Dips, National Associations Recognize Efforts to Educate American Workers
Source: Biz Journals
As Consumer Saving Dips, National Associations Recognize Efforts to Educate American Workers
Source: Biz Journals
Permalink posted by armandn @ 9:47 AM
Insurers Show Banks How It's Done
There's a lesson to be found in the recent quarterly results of Manulife Financial Corp. and Sun Life Financial Inc., but no one has to explain it to the country's banks: The insurers, unlike their Big Five brethren, have found a way to crack the lucrative U.S. market, and it's beginning to pay huge dividends.
Insurers Show Banks How It's Done
Source: Globeandmail.com
Insurers Show Banks How It's Done
Source: Globeandmail.com
Permalink posted by armandn @ 9:43 AM
Thursday, November 03, 2005
Don't You Dare Say 'Financial Planning'
One of the ironic results of the so-called Merrill Lynch rule is that brokerage firms, to avoid classifying their brokers as investment advisers, must be careful not to offer clients full financial planning.
Don't You Dare Say 'Financial Planning'
Source: Investment News (subscription required)
Don't You Dare Say 'Financial Planning'
Source: Investment News (subscription required)
Permalink posted by armandn @ 6:36 AM
Life Insurers Taken Aback by Proposal to Tax Cash Values
A coalition of life insurers and life insurance producers is crying foul at a federal advisory panel's proposal to begin taxing the cash value on whole life and annuity policies as current income.
Life Insurers Taken Aback by Proposal to Tax Cash Values
Source: A.M. Best (subscription required)
Life Insurers Taken Aback by Proposal to Tax Cash Values
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 6:35 AM
Many Small Insurers Succeed Through Focus, Underwriting Savvy
In making the of insurance profitable, some small companies can succeed by being experts in the niche industries they serve, while others credit their profitability to their loss-control efforts and their committment to safety programs, the November issue of Best's Review reports.
Many Small Insurers Succeed Through Focus, Underwriting Savvy
Source: A.M. Best (subscription required)
Many Small Insurers Succeed Through Focus, Underwriting Savvy
Source: A.M. Best (subscription required)
Permalink posted by armandn @ 6:33 AM
Should Women Save More for Retirement Than Men?
The statistics, if taken alone, can be a little depressing -- for both men and women. In the United States, on average, women live to the age of 80 years and men live to the age of 74. Women earn 73 cents for every dollar earned by men. In addition, during the course of their lives, men will be out of the work force for about 16 months, but women will be on hiatus for 11-plus years on average, because of responsibilities for child rearing and caregiving for elderly parents.
Should Women Save More for Retirement Than Men?
Source: BankRate
Should Women Save More for Retirement Than Men?
Source: BankRate
Permalink posted by armandn @ 6:31 AM
Keeping Boomers from Busting; Without Changes, Some Facing Poverty
New forecasts on the economic security of future retirees suggest that as baby boomers approach retirement age, their large numbers and distinct demographics may require increased savings, delayed retirement and shifts in government programs such as Social Security and Medicare to keep some out of poverty.
Those were among the findings reported in a series of policy briefs by the Income and Benefits Policy Center of the Urban Insitute on Older Americans' Economic Security.
Keeping Boomers from Busting; Without Changes, Some Facing Poverty
Source: Insurance News Net
Those were among the findings reported in a series of policy briefs by the Income and Benefits Policy Center of the Urban Insitute on Older Americans' Economic Security.
Keeping Boomers from Busting; Without Changes, Some Facing Poverty
Source: Insurance News Net
Permalink posted by armandn @ 6:29 AM
Top Insurance Professional Advises on Selecting Life Insurance to Provide for the Surviving Spouse
The probability that Social Security and pensions will be less than a secure benefit for a surviving spouse is greater today than ever, according to Tom Young, a 29-year insurance professional. He says many people are using life insurance to provide for their spouses should they die first.
Top Insurance Professional Advises on Selecting Life Insurance to Provide for the Surviving Spouse
Source: PR Newswire
Top Insurance Professional Advises on Selecting Life Insurance to Provide for the Surviving Spouse
Source: PR Newswire
Permalink posted by armandn @ 6:26 AM
MetLife Enhances Universal Life Insurance Lineup
MetLife has announced the availability of a new suite of Universal Life (UL) insurance products, maintaining its position as a leader in the life insurance marketplace. With two product enhancements and a third new UL offering, this launch represents an important step towards integrating the Travelers Life & Annuity product line into MetLife's business and reaffirms the company's commitment to face-to-face product distribution.
"Universal Life insurance is the fastest growing product today, both at MetLife and within the industry," said Robert E. Dehais, vice president, MetLife. "Our integrated suite of products is competitively priced and we selected the most popular and attractive UL features from each company to enhance our lineup."
MetLife Enhances Universal Life Insurance Lineup
Source: Yahoo! Finance
"Universal Life insurance is the fastest growing product today, both at MetLife and within the industry," said Robert E. Dehais, vice president, MetLife. "Our integrated suite of products is competitively priced and we selected the most popular and attractive UL features from each company to enhance our lineup."
MetLife Enhances Universal Life Insurance Lineup
Source: Yahoo! Finance
Permalink posted by armandn @ 6:25 AM
Wednesday, November 02, 2005
Genworth Agents Dominate List Of Top LTC Sellers
The top 10 long term care insurance producers are generating an average of about $370,000 per year in first-year LTC insurance premiums.
Genworth Agents Dominate List Of Top LTC Sellers
Source: Investment News (subscription required)
Genworth Agents Dominate List Of Top LTC Sellers
Source: Investment News (subscription required)
Permalink posted by armandn @ 1:01 PM
Insurance Industry Can Reduce Costs by as Much as 30% by Implementing Business Process Automation Technology, According to Bearing Point Global Study
BearingPoint, Inc., a leading global management and technology consulting firm, announced today the results of a global research study showing that insurance companies that implement key automation technology can reduce costs by as much as 30%.
Insurance Industry Can Reduce Costs by as Much as 30% by Implementing Business Process Automation Technology, According to Bearing Point Global Study
Source: PR Newswire
Insurance Industry Can Reduce Costs by as Much as 30% by Implementing Business Process Automation Technology, According to Bearing Point Global Study
Source: PR Newswire
Permalink posted by armandn @ 12:56 PM
John Hancock Launches New Advertising Campaign
In a dramatic departure from its previous commercials, John Hancock Financial Services, Inc. has unveiled a new multi- million dollar advertising campaign to reposition the company and extend its already strong brand in the investment marketplace. The new campaign is the company's first since its merger with Manulife Financial in early 2004. The advertisements, created by Boston-based Hill, Holliday, Connors, Cosmopulos, Inc. include 30- and 60-second television spots and print ads.
John Hancock Launches New Advertising Campaign
Source: Yahoo! Finance
John Hancock Launches New Advertising Campaign
Source: Yahoo! Finance
Permalink posted by armandn @ 12:48 PM
Tuesday, November 01, 2005
SEC Plans to Randomly Check Investment Advisers Each Year
To better keep tabs on whether investment advisers are complying with regulations, the Securities and Exchange Commission plans to randomly check a sampling of firms each year rather than visit each firm once every five years.
SEC Plans to Randomly Check Investment Advisers Each Year
Source: Wall Street Journal (subscription required)
SEC Plans to Randomly Check Investment Advisers Each Year
Source: Wall Street Journal (subscription required)
Permalink posted by armandn @ 7:17 AM
Banks Target Insurance Business From Wealthy
Banks that have focused the bulk of their life insurance sales efforts on the middle market are turning their attention increasingly to high-net-worth and mass-affluent clients, whose higher-commission policies make selling more cost effective.
Banks Target Insurance Business From Wealthy
Source: Investment News (subscription required)
Banks Target Insurance Business From Wealthy
Source: Investment News (subscription required)
Permalink posted by armandn @ 7:16 AM
MassMutual Sets Goal To Give Away $10 Million in Free Life Insurance Policies By Year-End
The MassMutual Financial Group is hosting its third public application meeting on Nov. 5 for parents to apply for free $50,000 term life insurance policies under MassMutual's philanthropic LifeBridge(SM) Free Life Insurance Program. If an insured parent or legal guardian passes away during the 10-year term of the policy, $50,000 is put in trust to pay solely for the educational expenses of their dependent children.
MassMutual Sets Goal To Give Away $10 Million in Free Life Insurance Policies By Year-End
Source: PR Newswire
MassMutual Sets Goal To Give Away $10 Million in Free Life Insurance Policies By Year-End
Source: PR Newswire
Permalink posted by armandn @ 7:12 AM
Annuities are a Risky U.S. Pension Sub
The rhetoric about private Social Security accounts includes the passing of the funds to an estate upon the death of the owner of the account. President Bush emphasized this "ownership" availability in his April 28 news conference.
He spoke accurately. However, to enable such a transfer, the death of the owner must occur before the date of a conversion to a life annuity, because upon the conversion, the association of a dollar amount in the account with an owner's name ceases to exist.
Annuities are a Risky U.S. Pension Sub
Source: Insurance News Net
He spoke accurately. However, to enable such a transfer, the death of the owner must occur before the date of a conversion to a life annuity, because upon the conversion, the association of a dollar amount in the account with an owner's name ceases to exist.
Annuities are a Risky U.S. Pension Sub
Source: Insurance News Net
Permalink posted by armandn @ 7:10 AM
John Hancock Funds Introduces Five Lifestyle Portfolios
John Hancock Funds today announced the launch of five Lifestyle Portfolios available to retail mutual fund investors. These five Portfolios are a series of asset allocation fund- of-funds that provide investors with a choice of varying degrees of investment risk, from aggressive to conservative. John Hancock has been managing lifestyle assets for 401(k) plan participants and variable annuity contract holders since 1996 and, as of September 30, 2005, is the third largest provider of lifestyle products in the United States, according to Strategic Insight.
John Hancock Funds Introduces Five Lifestyle Portfolios
Source: Yahoo! Finance
John Hancock Funds Introduces Five Lifestyle Portfolios
Source: Yahoo! Finance
Permalink posted by armandn @ 7:08 AM
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