Click HERE to read the full story via Think Advisor
The original version of this story was published on The Recorder
The post Getting to know our Market Research Maven appeared first on Wink, Inc..
]]>Cathy, Market Research Maven is the Wink team member who has known Sheryl J. Moore the longest. They have known each other since TLC “didn’t want no scrubs,” and she is definitely the most easygoing person you will ever meet! While she is just as likely to be seen at Hamilton as she is at a Ludacris concert, she is also the gal you’ll see kayaking and roller skating in her natural habitat. Intrigued? We’ve got the deets on her, click HERE.
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]]>The post Delaware Life Insurance Company Launches Innovative Fixed Index Annuity with Premium Bonus: PrimeStart Bonus 10℠ appeared first on Wink, Inc..
]]>Differentiating benefits include:
The annuity has a minimum premium of $25,000; a maximum issue age of 80; a non‐rolling 10‐year surrender charge schedule; four indices across a variety of crediting strategies; a fixed account; and built‐in nursing home and terminal illness waivers.
“The new PrimeStart Bonus 10℠ annuity enables clients to accelerate their savings and growth while safeguarding their savings from market downturns or declining interest rates,” said Daniel Buermann, Head of National Accounts, IMO Channel for Delaware Life. “Clients can enhance their savings growth and preserve their purchasing power without compromising safety for growth.”
With the unveiling of its latest product, Delaware Life is excited to present a fresh array of index options. Performance of the Goldman Sachs Canopy Index, Franklin SG Select Index, and First Trust Capital Strength Barclays 10% Index is now integrated into the interest crediting strategies available on PrimeStart Bonus 10℠, Retirement Stages Select℠ 5 & 7, and Target Growth 10℠ Fixed Index Annuities. These innovative indices are designed to provide enhanced access to alternative strategies and bolster diversification alongside the more conventional S&P 500® index option already offered with these products.
“We are pleased to announce that we have launched the Franklin SG Select Index, jointly developed with Societe Generale, as part of a new product offering from Delaware Life. The Index combines an innovative equity allocation model designed by Franklin Templeton with advanced protective features engineered by Societe Generale,” said Doug Sue, Head of Insurance & 529 Solutions at Franklin Templeton Investment Solutions. “Sourcing the best ideas from across Franklin Templeton mutual funds, the Index incorporates a distinct equity selection strategy designed to identify stocks best positioned to deliver growth.”
Elaborating on Societe Generale’s contribution to the index design, Natasha Dadlani, Head of Cross Asset Insurance Coverage at Societe Generale, added, “SG has integrated a unique hedging mechanism into the Franklin SG Select Index, which responds swiftly when equity markets turn bearish by adjusting exposure based on market sentiment. This innovative and proprietary feature was meticulously designed to protect performance and is based on SG Quant Research. Our combined efforts with Franklin Templeton have resulted in a pioneering investment solution for the fixed index annuity market.”
“We are pleased that the Goldman Sachs Canopy Index will be made available to Delaware Life customers, and we are excited about working with their team. The index is designed to combine a regime-based asset allocation strategy with an alternative investment strategy through exposure to two portfolios. The index provides exposure to U.S. equities, duration-hedged inflation-linked bonds, US treasuries, gold, and broad commodities,” said Pratik Pareek, Head of Insurance Equity Derivative Sales at Goldman Sachs.
Another exciting enhancement in the PrimeStart Bonus 10℠ index portfolio is the refinement of its volatility control target mechanism on the First Trust Capital Strength Barclays Index. The volatility control on this Index has increased from 5% to 10% to more effectively adapt to evolving market dynamics and provide enhanced growth potential to investors.
Clients who can benefit from PrimeStart Bonus 10℠ include those seeking the potential for growth tied to index performance, coupled with principal protection. This offering is particularly attractive to individuals who started saving for retirement later in life and wish to accelerate growth. It also appeals to risk-averse savers who have limited time to recover from potential market downturns.
More information about PrimeStart Bonus 10℠ is available at: https://www.delawarelife.com/product/primestart-bonus-10
Visit https://franklin-sg-select.com/ for more information on the Franklin SG Select Index.
For full disclosures and applicable disclaimers for the Goldman Sachs Canopy Index see: https://www.goldmansachsindices.com/products/GSCANOPY
First Trust Capital Strength Barclays Index details can be found here: https://Indices.Barclays/CapStrength10.
About Delaware Life Insurance Company
Delaware Life is an annuity company that empowers financial professionals with a wide array of customizable solutions. A subsidiary of Group 1001, we were born out of the advisor industry, and we understand how important it is to find the right fit for every client, every situation, and every individual need. We’re passionate about equipping you with annuities that give your customers peace of mind and a successful future—allowing them to plan with confidence for whatever’s next.
About Group 1001
Group 1001 is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports.
As of December 31, 2023, Group 1001 had more than 1,200 employees and combined assets under management of $62.6 billion, serving more than 950,000 customers. It comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, Clear Spring Life and Annuity Company, and RVI Group, among others.
Fixed index annuities are not securities and do not participate directly in the stock market or any index, and are not investments. It is not possible to invest directly in an index.
All product guarantees are subject to the claims-paying ability and financial strength of the issuing insurance company.
This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as, individualized investment, legal, or tax advice. To obtain such advice, please consult with the appropriate professional. Delaware Life Insurance Company is authorized to transact business in all states (except New York), the District of Columbia, Puerto Rico, and the U.S. Virgin Islands.
NOT FDIC INSURED | MAY LOSE VALUE | NO BANK OR CREDIT UNION GUARANTEE NOT A DEPOSIT | NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY OR NCUA/NCUSIF.
Amanda Vela
Group 1001
Social Media Manager
317-374-3180
amanda.vela@group1001.com
The post Delaware Life Insurance Company Launches Innovative Fixed Index Annuity with Premium Bonus: PrimeStart Bonus 10℠ appeared first on Wink, Inc..
]]>The post Allianz Life Launches New Accumulation Annuity appeared first on Wink, Inc..
]]>Allianz Accumulation Advantage+TM is a fixed index annuity that combines powerful accumulation potential with a premium bonus[i], signature Allianz innovations and flexible design. Allianz has also recently added a new FIA with a shorter, seven-year withdrawal charge period, Allianz Accumulation Advantage 7TM Annuity, to its suite of products.
“We are expanding our options to help more people accumulate money for retirement,” said Heidi Vanderkloot, head of FMO distribution, Allianz Life. “Many people are looking for ways to grow their retirement assets while mitigating potential risks. Our new FIAs offer protection of principal and growth potential to help people move toward their ideal retirement.”
Two in three Americans (66%) said they need to accumulate more money to retire but are too nervous to invest more in the market in a recent study from Allianz Life*. Yet, fear of market volatility is keeping Americans from taking actions that could grow their retirement assets. The majority of Americans (61%) said they would rather have their money sit in cash than endure market swings.
Allianz Accumulation Advantage+TM includes signature innovations like Index Lock, which gives clients the control to lock in an index value at any point once per crediting period[ii] and multi-year point-to-point crediting with participation rates that are designed to start higher than one-year allocation options and increase each year[iii]. Full accumulation value is available to the Allianz Accumulation Advantage+TM contract owner after 10 years.
The flexible design of Allianz Accumulation Advantage+TM offers 10% free withdrawals annually available as soon as the contract year following any contract year a premium payment was made. Plus, any unused free withdrawal percentage carries over into the following contract year, up to a maximum of 20%.
*Allianz Life conducted an online survey, the 2023 Q4 Quarterly Market Perceptions Study in November 2023 with a nationally representative sample of 1,005 Respondents age 18+.
Guarantees are backed by the financial strength and claims-paying ability of Allianz Life Insurance Company of North America only.
[i] Bonus products may include higher withdrawal charges, longer withdrawal charge periods, lower caps, lower participation rates, higher spreads or other restrictions that are not included in similar products that don’t offer a bonus.
[ii] Exercising an Index Lock may result in an interest credit higher or lower than if a lock had not been exercised.
[iii] Although MY (multi-year) point-to-point crediting is designed to offer higher rates than its one-year counterpart, there is no guarantee rates will be higher or that rates will increase year over year. Rates will vary due to market conditions. The renewal participation rate may differ significantly – up or down – at the company’s discretion, relative to the initial participation rate.
Wink’s Moore on the Market:
My girl Heidi Vanderkloot at Allianz Life is dropping some retirement knowledge this morning.
Did you know-
“Two in three Americans (66%) said they need to accumulate more money to retire but are too nervous to invest more in the market in a recent study from Allianz Life*. Yet, fear of market volatility is keeping Americans from taking actions that could grow their retirement assets. The majority of Americans (61%) said they would rather have their money sit in cash than endure market swings.”
To address these concerns, Allianz developed the Allianz Accumulation Advantage+TM Annuity AND the Allianz Accumulation Advantage 7TM Annuity.
AnnuitySpecs users: Check out the specs on Wink, Inc.’s AnnuitySpecs tool. -sjm
The post Allianz Life Launches New Accumulation Annuity appeared first on Wink, Inc..
]]>The post MassMutual Ascend Adds the First Trust Barclays Edge Index to Its Suite of Fixed-Indexed Annuities appeared first on Wink, Inc..
]]>We are very excited about working with First Trust® and Barclays,” said Joe Maringer, Senior Vice President and National Sales Manager. “We’ve brought together two great firms to create consumer value while providing an insurance guarantee. Our goal in launching the strategy is to provide more consumer choice, added flexibility and to compound on our success of guaranteed caps and participation rates on our multi-year strategies.”
The First Trust Barclays Edge Index multi-year strategies offer locked, or guaranteed participation rates and caps for term, offering a level of stability in renewal rates. Additionally, multi-year strategies offer the flexibility to reallocate funds out during the participation rate lock or cap lock period.
Tobi Crowder, Senior Vice President at First Trust® shares that, “Working with MassMutual Ascend and Barclays has been a pleasure and we look forward to educating the marketplace about the First Trust Barclays Edge Index.”
Marie-Laure Chandumont, Managing Director at Barclays shares, “It was a privilege to work with these two firms, and help them introduce this investment strategy onto the MassMutual Ascend product platform.”
About MassMutual Ascend Life Insurance Company
MassMutual Ascend Life Insurance Company, a wholly owned subsidiary of MassMutual, offers traditional fixed, fixed-indexed and registered index-linked annuities in the retail, broker-dealer, financial institutions and registered investment advisor markets. MassMutual Ascend is committed to taking financial futures above and beyond. From products to service to financial strength, the company is always in pursuit of better – so its customers can navigate their futures with confidence.
Source: MassMutual Ascend Life Insurance Company, a wholly owned subsidiary of MassMutual
Index Website: First Trust Barclays Edge Index – FT Indexing Solutions LLC
The First Trust Barclays Edge Index (“FTIS Index”) is a product of FT Indexing Solutions LLC (“FTIS”) and is administered and calculated by Bloomberg Index Service Limited and its affiliates (collectively, “BISL”).
FIRST TRUST® and First Trust Barclays Edge Index are trademarks of First Trust Portfolios L.P. (collectively, with FTIS and their respective affiliates, “First Trust”). The foregoing index and trademarks have been licensed for use for certain purposes by Barclays, Bloomberg, and MassMutual Ascend Life Insurance Company (collectively, the “Licensees”) in connection with the FTIS Index and certain products utilizing the FTIS Index (collectively, the “Products”).
The Capital Strength Index (“Nasdaq Index”) is a product of Nasdaq, Inc. (collectively, with its affiliates, “Nasdaq”). NASDAQ®, CAPITAL STRENGTH INDEX, NQCAPST, and NQCAPSTT are trademarks of Nasdaq. The foregoing index and trademarks have been licensed for use for certain purposes by FTIS and Licensees in connection with the FTIS Index and the Products.
The Value Line Dividend Index (“Value Line Index”) is a product of Value Line, Inc. (“Value Line”).
VALUE LINE® and VALUE LINE DIVIDEND INDEX are trademarks or registered trademarks of Value Line. The foregoing index and trademarks have been licensed for use for certain purposes by FTIS and Licensees in connection with the FTIS Index and the Products. The FTIS Index is not sponsored, endorsed, recommended, sold or promoted by Value Line and Value Line makes no representation regarding the advisability of investing in any product utilizing the FTIS Index.
BLOOMBERG® is a trademark and service mark of Bloomberg Finance L.P. Bloomberg Finance L.P., BISL, and their affiliates (“Bloomberg”) are not affiliated with First Trust or Barclays.
Bloomberg’s relationship to First Trust and Barclays is only (1) in the licensing of the FIRST TRUST®, BARCLAYS®, and FIRST TRUST BARCLAYS EDGE INDEX trademarks and (2) to act as the administrator and calculation agent of the FTIS Index, which is the property of FTIS. Bloomberg does not guarantee the timeliness, accurateness, or completeness of the FTIS Index or any data or information relating thereto and shall have no liability in connection with the FTIS Index or any data or information relating thereto.
The Products are not issued, sponsored, endorsed, sold, recommended, or promoted by First Trust, Bloomberg, Nasdaq, Value Line, or their respective affiliates (collectively, the “Companies”). The Companies do not make any representation regarding the advisability of investing in the Products or products based on the FTIS Index, Barclays Indices, Nasdaq Index, or Value Line Index, do not make any warranties or bear any liability with respect to such products, and do not make any warranties or bear any liability with respect to the Products, the FTIS Index, or another party’s index.
THE COMPANIES DO NOT GUARANTEE THE ADEQUACY, ACCURACY, TIMELINESS, COMPLETENESS, AND/OR UNINTERRUPTED CALCULATION OF THE PRODUCTS, FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, VALUE LINE INDEX, OR ANY DATA INCLUDED THEREIN OR ANY COMMUNICATION WITH RESPECT THERETO, INCLUDING, ORAL, WRITTEN, OR ELECTRONIC COMMUNICATIONS. THE COMPANIES SHALL HAVE NO LIABILITY FOR ANY ERRORS, OMISSIONS, OR INTERRUPTIONS IN THE PRODUCTS, FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX. THE COMPANIES MAKE NO WARRANTY, EXPRESS OR IMPLIED, AS TO THE RESULTS TO BE OBTAINED BY LICENSEES, OWNERS OF THE PRODUCTS OR OF PRODUCTS BASED ON THE FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX, OR BY ANY OTHER PERSON OR ENTITY FROM THE USE OF THE FTIS INDEX, BARCLAYS INDICES, NASDAQ INDEX, OR VALUE LINE INDEX, OR ANY DATA INCLUDED THEREIN.
Neither Barclays Bank PLC (“BB PLC”) nor any of its affiliates (collectively “Barclays”) is the issuer or producer of MassMutual Ascend’s products and Barclays has no responsibilities, obligations or duties to investors in MassMutual Ascend’s products. The Barclays US 2Y Treasury Futures Index, Barclays US 5Y Treasury Futures Index, Barclays US 10Y Note Index, and Barclays Switch USD Signal Index (collectively, the “Indices”), together with any Barclays indices that are components of the Indices, are trademarks owned by Barclays and, together with any component indices and index data, are licensed for use by FTIS in connection with the First Trust Barclays Edge Index.
Barclays’ only relationship with the MassMutual Ascend in respect of the Indices is the licensing of the Indices to FTIS, which are administered, compiled and published by BB PLC in its role as the index sponsor (the “Index Sponsor”) without regard to MassMutual Ascend’s products or investors in MassMutual Ascend’s products. Additionally, MassMutual Ascend as issuer or producer of MassMutual Ascend’s products may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with MassMutual Ascend’s products. Investors acquire MassMutual Ascend’s products from MassMutual Ascend and investors neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon making an investment in MassMutual Ascend’s products. MassMutual Ascend’s products are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of MassMutual Ascend’s products or use of the Indices or any data included therein. Barclays shall not be liable in any way to MassMutual Ascend, investors or to other third parties in respect of the use or accuracy of the Indices or any data included therein.
Christina Kampe
Head of Marketing, MassMutual Ascend
ckampe@mmascend.com
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]]>The post Heartland National Introduces A New Retirement Solution With A Multi-Year Guaranteed Annuity appeared first on Wink, Inc..
]]>To lead the charge in providing innovative solutions like Heartland’s Secure Rate MYGA, Heartland is pleased to announce the appointment of Todd Wyss as Executive Vice President of Life and Annuities.
Heartland’s Secure Rate MYGA represents a significant advancement in addressing the challenges of modern retirement planning, offering a unique blend of security and growth potential. Designed to navigate the complexities of market volatility, Heartland’s Secure Rate MYGA empowers its clients to achieve their long-term financial goals with confidence.
The demand for innovative retirement solutions continues to grow, with fixed-rate products like Multi-Year Guaranteed Annuities (MYGAs) gaining traction among those seeking stability and predictability. LIMRA forecasts annuity products offering investment protection will continue to drive sales growth and demand will exceed $100 billion in fixed-rate deferred annuities in 2024 and 2025. Overall U.S. Individual Annuity sales are expected to exceed $311 billion in 2024 and $342 billion in 2025. As the industry anticipates continued growth in the MYGA category, Heartland emerges as a frontrunner, poised to meet the evolving needs of agents and consumers alike.
We are excited to introduce Heartland’s Secure Rate MYGA as a game-changer in the realm of retirement planning,” says Nick Micheletti, Chief Marketing Officer. “At Heartland National Life Insurance Company (HNL), we are committed to empowering individuals to take control of their financial futures. With Heartland’s Secure Rate MYGA, clients can navigate retirement planning with confidence, knowing that their goals are well within reach.”
Heartland’s Secure Rate MYGA offers guaranteed, compounded interest growth over 3, 5, 7, or 10 years, with built-in liquidity and full account value payout upon death. Optional riders provide additional flexibility, allowing penalty-free withdrawals and access to funds in case of a terminal illness or nursing home confinement. Clients can customize their investment strategies to align with their unique financial objectives and risk tolerance, ensuring peace of mind and financial security.
Backed by a legacy of excellence and commitment to customer satisfaction, Heartland National Life Insurance Company is proud to introduce Heartland’s Secure Rate MYGA as the latest addition to its comprehensive product portfolio. Built on a foundation of trust and reliability, Heartland’s Secure Rate MYGA embodies our dedication to empowering individuals to secure their financial futures.
For more information about Heartland’s Secure Rate MYGA and how it can benefit your retirement planning, visit https://heartlandnationallife.com, or call us at 816.816.MYGA.
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]]>The post Transamerica Parent on Acquirer’s Radar, Bloomberg Says appeared first on Wink, Inc..
]]>Click HERE to read the full story via Life Annuity Specialist
The post Transamerica Parent on Acquirer’s Radar, Bloomberg Says appeared first on Wink, Inc..
]]>The post Pacific Life and Employee Navigator Unveil Innovative Integration appeared first on Wink, Inc..
]]>NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life today announced its integration with Employee Navigator, one of the nation’s leading benefits administration platforms, automating employee benefits management with the advantages of application programming interface (API) technology. Through this collaboration, Pacific Life’s Workforce Benefits products are available to groups of all sizes.
Erich Sternberg, senior vice president and head of Pacific Life’s Workforce Benefits business, said, “Our API integration with Employee Navigator creates a seamless connection across the employee benefits value chain, giving our brokers and their clients a market-leading, digital customer experience. Together, with Employee Navigator, we are taking employee benefits administration and management to its highest level of performance.”
Pacific Life and Employee Navigator introduce innovations that transform traditional insurance operations, such as enrollment, case setup, data exchange, and evidence of insurability; as a result, the time for each process has been reduced from four to six weeks to an average of just 10-30 minutes.
“This integration complements our vision for a superior benefits administration experience and allows brokers to realize true efficiencies that will help them run more effective and profitable agencies,” said George Reese, CEO, Employee Navigator. “By building this integration to our optimal approach right out of the gate, Pacific Life has made it possible to significantly streamline the case setup process, resulting in time savings and increased data quality. Pacific Life joins over 400 integrated partners in helping to make our vision for the industry a reality.”
Pacific Life’s Workforce Benefits business offers dental, vision, and group term life with accidental death and dismemberment (AD&D). Products coming soon include accident, critical illness, hospital indemnity, and short- and long-term disability. To learn more about how Pacific Life is revolutionizing employee benefits with a friction-free, digitally native experience, visit www.pacificlife.com/workforcebenefits.
About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for more than 150 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
About Employee Navigator
Employee Navigator is a rapidly growing benefits, compliance, and HR software provider. The company currently works with more than 5,000 industry-leading brokers nationwide, providing benefits administration and HR products to over 70,000 companies and 14 million employees and dependents. For more information, visit www.employeenavigator.com.
WB-103
Media Contact:
Jesse Page
jpage@pacificlife.com
949-219-4575
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]]>The post Insurance industry to be impacted by 3 trends in 2024, says expert appeared first on Wink, Inc..
]]>Calling the industry “healthy and strong,” Scott Shapiro, KPMG U.S. insurance sector leader, said, “We’ve never been without serious challenges but we continue to perform our function in society – managing risk.
Click HERE to read the full story via INN
The post Insurance industry to be impacted by 3 trends in 2024, says expert appeared first on Wink, Inc..
]]>The post Regulators consider guideline to best-interest rule to address ‘deficiencies’ appeared first on Wink, Inc..
]]>Iowa Insurance Commissioner Doug Ommen discussed the reviews and coming guidance at the Life Insurance and Annuities Committee meeting Sunday. The committee met during the National Association of Insurance Commissioners’ spring meeting in Phoenix.
Click HERE to read the full story via INN
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]]>The post Will RIAs Start Using Fixed Rate Annuities in Portfolios? appeared first on Wink, Inc..
]]>Annuities are relatively underused by investment advisors, whether they are viewed more from an investment-related lens or as a product that provides protected lifetime income. A rise in fee-friendly products, though, may lead to higher adoption by investment advisors.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: I appreciate my friend David Blanchett, for trying to raise awareness of annuities amongst the advisory community.
Just a heads-up:
There are fixed annuities that only guarantee their rate for one year. These products’ sales are included in the fixed annuity line of business for LIMRA.
Wink, Inc. isolates MYGA sales, which reached $153.9 billion for 2023. This was a 48.3% increase over 2022!
Also, for what it’s worth, the average commission paid on MYGAs is 1.91% as of 4Q2023.
There are 32 different fee-based MYGAs available for sale today. The eight different insurance companies that offer them have surrender charge periods ranging from 0 to 10 years. The credited rate on these products ranges from 3.75% to 6.25%.
It’s a great time to be selling MYGAs, regardless of how you are paid! -sjm
The post Will RIAs Start Using Fixed Rate Annuities in Portfolios? appeared first on Wink, Inc..
]]>The post New York Life Names Matt Wion to Lead Retail Annuities appeared first on Wink, Inc..
]]>Wion has been the chief financial officer for a unit that handles many different types of products, including institutional life insurance and institutional annuities. He will succeed Todd Taylor, who previously held that post and is now head of New York Life’s life insurance solutions business.
Click HERE to read the full story via Think Advisor
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]]>The post 29.5% of indexed annuity sales… appeared first on Wink, Inc..
]]>While on that topic, ThinkAdvisor has a provocative article you may want to read.
Click HERE to read Protect Annuity Issuers From Bad Advisor Affiliates: Regulators
Join in the LinkedIn discussion here.
-sjm
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]]>The post Raymond James Taps Next CEO appeared first on Wink, Inc..
]]>Once the planned succession process is complete, Shoukry would become the fourth chief executive in the company’s history, following Paul Reilly in the role. Reilly, according to the firm’s announcement, will remain on the company’s board as executive chair, while Shoukry will retain his current responsibilities until he transitions to the CEO role.
Click HERE to read the full story via Think Advisor
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]]>The post In The Workplace: The Case For Long-Term Care Insurance And Disability Insurance appeared first on Wink, Inc..
]]>Click HERE to read the full story via Broker World
Wink’s Moore on the Market: My buddy, Marc Glickman, FSA, CLTC, runs a business called BuddyIns Insurance Services.
(Basically, he makes LTC insurance easier.)
This month, he makes a case for having disability insurance and long term care insurance in the workplace.
SN: Great explanations for the difference between these two types of insurance, if you are a novice. -sjm
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]]>The post Wrong appeared first on Wink, Inc..
]]>In Iasi, Romania, I met an engaging 17- or 18-year-old woman named Sophia. She is a Ukrainian refugee. Sophia escaped the war in Ukraine along with her mom, sister, and aunt. Her father is serving in the military.
Click HERE to read the full story via Broker World.
Wink’s Moore on the Market:
In all things, I strive to be a woman of integrity.
This month, my good friend Dave Murphy gave me some suggestions on keeping my integrity in check, in an article about “good” and “bad.”
I enjoyed this article in Brokerworld magazine, and found it chock full of stats (which you KNOW I LOVE!). I highly suggest you check it out. -sjm
The post Wrong appeared first on Wink, Inc..
]]>The post Rethinking Seminar Prospecting appeared first on Wink, Inc..
]]>Click HERE to read the full story via Broker World
Wink’s Moore on the Market: My man Charlie Gipple, CFP®, CLU®, ChFC® is on a roll!
I know nothing about seminar prospecting. Thank goodness Charlie does.
Agents with CG Financial Group, LLC likely already know that Charlie is a fan of social media marketing.
Read his article in this month’s Broker World magazine, for some hot tips on seminar selling. -sjm
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]]>The post Regulators resolve to check up on products for illustration integrity appeared first on Wink, Inc..
]]>Instead of further rulemaking, regulators are going directly to the products. The Indexed Universal Life Illustration Subgroup is “looking at specific company examples” of both IUL and annuities that use illustrations, said Fred Anderson of the Minnesota Department of Commerce, chairman of the subgroup.
Click HERE to read the full story via INN.
Wink’s Moore on the Market: Illustration integrity.
“Clearly there needs to be a reengineering of illustration regulations for a consistent approach for both index annuities and life insurance,” said Birny Birnbaum, executive director of the Center For Economic Justice.
However, no surprises here that the National Association of Insurance Commissioners (NAIC) thinks they don’t need to re-open the illustration regulation.
Indexed life didn’t even exist when the life insurance illustration model regulation was developed. We need to overhaul the reg! -sjm
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]]>The post Sheryl Moore: The Insurance Industry’s Scorekeeper appeared first on Wink, Inc..
]]>Click HERE to watch the video!
The post Sheryl Moore: The Insurance Industry’s Scorekeeper appeared first on Wink, Inc..
]]>The post Simplicity Partners with M&O Marketing and Welcomes Dennis and Denise Brown as Partners appeared first on Wink, Inc..
]]>“Dennis is an icon in our industry and exemplifies the same integrity and commitment to client service for which Simplicity has always been known,” said Bruce Donaldson, President and CEO of Simplicity. “Under Dennis’ leadership, M&O has helped improve the businesses and lives of the advisors they serve with top-tier financial products, services, and technology. With this partnership, we have onboarded the energy, skill, and talent of the entire M&O team, as we become the single largest financial products distribution firm in America.”
“I am excited to enter our next chapter in partnership with Simplicity,” said Dennis Brown. “This group is comprised of the industry’s most trusted and talented leaders, some of whom have been my closest friends in the business for decades. We are committed to become the gold standard in the independent financial services industry – something Simplicity has sought to do from its formation years ago.”
M&O is arguably the oldest and longest-standing independent insurance marketing organization. Founded in metro-Detroit in 1976 as a regional long-term care brokerage, M&O has grown for 48 years into one of the nation’s leading retirement product distribution firms. Today, M&O supports thousands of independent financial professionals across the country with the most comprehensive suite of annuity and life insurance products, advisory and investment services, and a creative and marketing proposition that is second-to-none. In partnership with Simplicity, M&O will continue its mission to improve the businesses and lives of those with whom it works – its advisors, its carrier partners, and its employees.
About M&O Marketing
As a leading Independent Marketing Organization, M&O Marketing provides financial product support, innovative marketing, and back-office services to thousands of independent financial professionals across America. With a 48-year history of stellar reputation among its carrier partners and the independent financial services professionals it works with, M&O has proven success in helping those it serves. For more information, please visit https://www.mandomarketing.com/.
About Simplicity Group
Simplicity Group is one of the nation’s largest and fastest-growing financial product distribution companies. Each of Simplicity’s operating businesses is directed by its local management team and benefits from access to Simplicity’s group resources. Through partnership with top distribution organizations and technology companies, Simplicity seeks to provide compelling business solutions that will attract the industry’s best leadership, talent, advisors, agents, and future partners. Simplicity supports independent financial advisors and agents across the country with investment, annuity, and life insurance solutions with a focus on client education, consumer value and partnership. For more information, please visit: www.simplicitygroup.com and follow the Company on LinkedIn.
MEDIA CONTACTS
Denielle Webb Simplicity Group P: 347-204-7181 / E: denielle.webb@simplicitygroup.com |
Alex Timeus Simplicity Group P: 201-987-7176 / E: alex.timeus@simplicitygroup.com
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SOURCE Simplicity Group Holdings
The post Simplicity Partners with M&O Marketing and Welcomes Dennis and Denise Brown as Partners appeared first on Wink, Inc..
]]>The post Hurt by inflation, Americans yearn for pensions in retirement. One answer may be annuities. appeared first on Wink, Inc..
]]>Ninety percent of Americans saving in a company retirement plan, such as a 401(k), worry it doesn’t provide a reliable stream of income that can withstand the financial strains posed by inflation, which hit a 40-year high in 2022, according to a survey of 1,003 plan participants last fall by Greenwald Research. Seventy-six percent, up six percentage points from a year ago, worry they’ll run out of money, and 83% now want guaranteed lifetime income, the poll by the independent researcher said.
Click HERE to read the full story via USA Today
Wink’s Moore on the Market: Medora Lee with USA TODAY is writing GOOD things about annuities.
People are worried about running out of money in retirement.
Annuities allow you to build your own pension.
Who wouldn’t want a little guaranteed lifetime income in their retirement plan? -sjm
The post Hurt by inflation, Americans yearn for pensions in retirement. One answer may be annuities. appeared first on Wink, Inc..
]]>The post Athene USA Tops Rankings for Annuity Sales, Pension Group Annuity Volumes appeared first on Wink, Inc..
]]>Athene also ranked first in pension group annuity sales (PGA) in 2023, with $10.4 billion in total volume, according to LIMRA.
“The breadth and diversity of Athene’s organic channels continue to differentiate us and drive market-leading results,” said Grant Kvalheim, President of Athene. “In retail, our efforts to expand distribution are bearing fruit, and our attractive product offerings provide principal protection, strong accumulation, and guaranteed income to retirees. With over 11,000 Americans turning 65 every day, our solutions address a fundamental and growing need in the marketplace and help build remarkable retirements.”
The success of Athene’s pension group annuity business reflects the firm’s financial strength, exclusive focus on the retirement services market, high-quality investment portfolio and deep expertise managing insurance liabilities and the assets that support them. To date, Athene has helped to ensure the financial security of over 550,000 plan participants through the pension risk transfer process.
“Since the inception of our PGA business in 2017, we have exceeded $50 billion in cumulative volume, a significant achievement demonstrating our track record of providing de-risking solutions to blue-chip clientele,” added Kvalheim.
About Athene
Athene is a leading retirement services company with operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.
Contact
Jeanne Hess
VP, External Relations
+1 646 768 7319
jeanne.hess@athene.com
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]]>The post ECA Marketing Unveils Advanced Media Production Studio for Agents and Advisors appeared first on Wink, Inc..
]]>Eden Prairie, MN – March 22nd, 2024 – ECA Marketing, a leading National Annuity and Life Marketing Organization, is proud to announce the launch of its advanced media production studio designed for the independent advisor and insurance producer.
This new media production studio marks a significant milestone for ECA Marketing, further solidifying its commitment to supporting independent insurance professionals in all aspects of their business. By offering a professional studio space that combines modern technology with versatility, ECA Marketing aims to empower agents and advisors to elevate their brand presence, enable content-based marketing, enhance their authority in the market, and connect with their prospects and clients on a deeper level through the power of broadcast quality media.
The new studio is equipped to be a flexible offering, with the benefit of three unique sets, a news broadcast set, a podcasting set, and a greenscreen set for agents and advisors seeking to create original, informational, client-facing content. The new studio aims to provide advisors with a dynamic platform to enhance their marketing efforts by leveraging media on the internet, as well as through traditional television and radio. To simplify the process of creating content, ECA’s internal marketing team has designed turn-key content options to guide agents through the creation of a podcast, as well as newsworthy, educational television programming for their clients.
The studio is concurrently being used to produce multiple monthly broadcasts to support ECA affiliated agents, including the Advanced Markets Life Insurance Series, a show hosted by ECA Marketing’s VP of Life Sales Jeffrey Thompson, that explores unique strategies to help advisors open new market opportunities centered around the use of life insurance and its many tax benefits.
Other shows include the Income Intelligence Brief, a show hosted by ECA Marketing’s President Joe Spillman, where the latest annuity market trends and opportunities are discussed as well as useful sales ideas that highlight the value of an annuity for the retiree and pre-retiree.
The third show ECA’s Life and Annuity Product Academy curates a popular product selected by ECA Marketing’s team of life and annuity internal wholesalers. Each month the show features a top-selling life or annuity product typically featuring innovative features and unique designs. This monthly show helps producers sort through the cluttered and rapidly changing product landscape and provides a venue to learn about the most relevant products for their clients in the life and annuity markets.
Additionally, some of ECA Marketing’s internal wholesalers are now producing their own original, branded content to better educate and support the agents and advisors they work with, by offering industry-relevant programming.
ECA Marketing is a National Annuity and Life Marketing Organization operating in all 50 states and several U.S. territories. With over $20 Billion in Fixed Annuity and Target Life Premium since 2006, ECA Marketing has earned a reputation as one of the country’s largest Independent Marketing Organizations. ECA Marketing offers insurance producers quality service, an assortment of effective sales and marketing systems to suit their particular style, as well as an extensive array of products to fit within their business model.
For more information about ECA Marketing’s media production studio, or to find out how working with ECA Marketing may be an important step that helps grow one’s business, visit ECAMarketing.com or contact any of of their life or annuity wholesalers at 800-356-4189.
###
For more information about ECA Marketing, Inc., contact the company here:
ECA Marketing, Inc.
Joe Spillman
800-356-4189
joe@ecamarketing.com
7800 Equitable Drive, Suite 200
Eden Prairie, Minnesota 55344
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]]>The post Voya Faces Suit Over Universal Life Policy Premium Hike appeared first on Wink, Inc..
]]>A 94-year-old Florida woman says financial advisors misrepresented how a universal life insurance policy would perform.
The woman, Carolyn Hawkins, believed the universal life policy would have stable premiums, but, instead, the premiums increased to $90,000 in 2022, from $25,000 in 2011, and Hawkins had no choice but to let the policy lapse, according to a complaint that Hawkins and her trust filed earlier this month in a state court in Escambia County, Florida.
Click HERE to read the full story via Think Advisor.
Wink’s Moore on the Market: So of course an unscheduled face amount and premium change are going to change the outcomes on a universal life policy.
Yet, over the years, her agents advised her that “all is well?” Would the policy have been underfunded back in 2011? Hard to say.
“Projections are frequently far too rosy and difficult for the consumers to understand.”
Indeed. -sjm
The post Voya Faces Suit Over Universal Life Policy Premium Hike appeared first on Wink, Inc..
]]>The post Annuity Owners Show What They’re Really Thinking appeared first on Wink, Inc..
]]>The National Association for Fixed Annuities hired Greenwald Research, an independent polling firm, to conduct the survey. The sample included 404 U.S. residents ages 50 and older who own a traditional fixed rate annuity or a nonvariable indexed annuity.
Click HERE to read the full story via Think Advisor.
Wink’s Moore on the Market: Now, isn’t this interesting?!?
“About 90% of the NAFA (National Association for Fixed Annuities) survey participants said they believe their annuity professionals had their best interests in mind.”
Would love to know what percentage of those survey participants’ insurance agents were fiduciaries… -sj,
The post Annuity Owners Show What They’re Really Thinking appeared first on Wink, Inc..
]]>The post Looking for a safer retirement income stream? Consider annuities appeared first on Wink, Inc..
]]>Click HERE to read the full story via MSN. Wink’s Moore on the Market: Getting my highlighter out here…
“There are three main types of annuities: life annuities, which guarantee income for as long as you are alive; term-certain annuities, which guarantee income for a fixed period; and variable annuities, which provide fixed income with potential extra income depending on market performance.”
No, no, no, no, no.
There are two main types of annuities: income annuities and deferred annuities. Deferred annuities come in four subtypes: fixed, indexed, structured, and variable.
As for “or if they are biased towards selling annuities because that’s all they are licensed or compensated to do,” agents are licensed to sell more than annuities and are certainly compensated to sell more than annuities. -sjm
The post Looking for a safer retirement income stream? Consider annuities appeared first on Wink, Inc..
]]>The post Annuity Sales Are Soaring Because of Higher Payouts. What You Need to Know. appeared first on Wink, Inc..
]]>Sales of the insurance product hit a record in 2023 as the combination of volatile equity and bond markets and higher payouts propelled buyers to seek annuities, says Bryan Hodgens, head of LIMRA research, an industry group.
Click HERE to read the full story via Barron’s
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]]>The post Empower Launches Comprehensive Suite of New Retirement Income Solutions appeared first on Wink, Inc..
]]>The new offerings, to be launched in the coming weeks, will offer retirement plans multiple options designed to convert participant retirement savings into an income stream customized to their individual needs to support them in their post-working years. The offering will include:
Empower believes that by offering multiple options with several providers, employers and advisors will have choices to suit the individual needs of various plan participants across segments and industries.
“The purpose of any individual’s retirement plan is to create an income stream they can rely on when their working years are behind them,” said Empower President and Chief Operating Officer Rich Linton. “The great opportunity in this new set of offerings from Empower is that it brings together the expertise of so many industry-leading firms to deliver the promise of retirement income to the 18 million Americans we serve today.”
“Americans are living longer in retirement than ever before, and this range of options offers multiple ways to create the income stream they will need to support their lifestyle throughout their retirement,” said Tina Wilson, chief product officer at Empower.
Wilson noted that Americans are living longer in retirement, demographic shifts are altering retirement time horizons, and a growing lack of confidence in the future of Social Security are all factors that may lead to an accelerated uptake in retirement income products.
According to an Empower survey, approximately 60% of plan sponsors say they will likely focus more on helping participants convert their plan account balances into income.1 Plan offerings, they say, should seek to meet the retirement income needs of participants leaving their assets in their plans.
“Because no two retirement plan participants are the same, we stand committed to the importance of personalization and advice to meet the diverse set of needs among the nation’s retirement savers,” said Wilson.
More than 80% of advisors and consultants believe a defined contribution (DC) plan should offer services supporting plan participants’ retirement income needs.1 Additionally, legislation — specifically the SECURE Act of 2019— includes provisions to facilitate the use of guaranteed income options in retirement plans.
In survey results, retirement plan participants express a range of concerns about income guarantees as they age. For example, in the latest Empowering America’s Financial Journey study, 61% of respondents expect that Social Security will be unavailable to them or will play a diminished role in supplying income in retirement. Just six in 10 Americans are confident their savings and investments will last until age 90.2
ABOUT EMPOWER
Recognized as the second-largest retirement services provider in the U.S.3 by total participants, Empower administers approximately $1.5 trillion in assets for more than 18 million investors4 through the provision of retirement plans, advice, wealth management and investments. Connect with us on empower.com, Facebook, X, LinkedIn, Tik Tok and Instagram.
1 Empower, “Retirement income: A modern approach driven by advice,” 2023.
2 LIMRA, “It’s No Longer Your Parents’ Retirement,” February 2023.
3 Pensions & Investments DC Recordkeeper Survey (2023). Ranking measured by total number of participants as of September 2022.
4 As of December 31, 2023. Information refers to all retirement business of Empower Annuity Insurance Company of America (EAICA) and its subsidiaries, including Empower Retirement, LLC; Empower Life & Annuity Insurance Company of New York (ELAINY); and Empower Annuity Insurance Company (EAIC), marketed under the Empower brand. EAICA’s consolidated total assets under administration (AUA) were $1,544.5B. AUA is a non-GAAP measure and does not reflect the financial stability or strength of a company. EAICA’s statutory assets total $72.1B and liabilities total $68.3B. ELAINY’s statutory assets total $7.2B and liabilities total $6.9B. EAIC’s statutory assets total $92.0B and liabilities total $91.0B.
Empower SecureFoundation® II is a guaranteed income benefit offered through a variable annuity issued by Empower Annuity Insurance Company of America, Greenwood Village, CO or in New York by Empower Life & Annuity Insurance Company of New York ,NY, NY. EAICA is not licensed to conduct insurance business in New York. May not be available in all states.
Out-of-plan annuities are distributed by Blueprint Income, Inc., which is not affiliated with Empower Retirement, LLC or Empower Insurance Agency, LLC. Empower Insurance Agency may receive referral fees from Blueprint Income. Annuities are subject to the terms and conditions of the contract and the claims-paying ability of the issuing insurance company. Consider all your options and their features and fees before purchasing an annuity and consult with your investment advisor, attorney, and/or tax advisor as needed.
Securities, when presented, are offered and/or distributed by Empower Financial Services, Inc., Member FINRA/SIPC. EFSI is an affiliate of Empower Retirement, LLC; Empower Funds, Inc.; and registered investment adviser Empower Advisory Group, LLC. This material is for informational purposes only and is not intended to provide investment, legal or tax recommendations or advice.
Empower refers to the products and services offered by Empower Annuity Insurance Company of America (EAICA) and its subsidiaries. “EMPOWER” and all associated logos and product names are trademarks of Empower Annuity Insurance Company of America. EAICA is not affiliated with American Century Investments, American Funds, TIAA, Great Gray Trust Company, LLC, flexPATH Strategies, LLC or Blueprint Income, Inc.
©2024 Empower Annuity Insurance Company of America. All rights reserved. WF-3253250-0324 RO-3457487-0324
Learn More:
To learn more about how we’re empowering plan sponsors and their participants to be more engaged in their retirement plans than ever before, call us at 800-719-9914.
Stephen Gawlik – Stephen.Gawlik@empower.com
Mandy Cassano – Mandy.Cassano@empower.com
The post Empower Launches Comprehensive Suite of New Retirement Income Solutions appeared first on Wink, Inc..
]]>The post ‘An uphill battle’: Lack of diversity in the financial industry is hurting women long-term appeared first on Wink, Inc..
]]>Women are expected to be the primary beneficiaries in the upcoming $30 trillion wealth transfer, according to a recent report from management consulting firm McKinsey, but with women making up less than a third of financial advisers, they may not get the kind of support they need to set themselves up for success.
Click HERE to read the full story via Financial Planning
The post ‘An uphill battle’: Lack of diversity in the financial industry is hurting women long-term appeared first on Wink, Inc..
]]>The post Finseca’s 2024 Hall of Fame Inductees Announced appeared first on Wink, Inc..
]]>“We are thrilled to announce this year’s Hall of Fame class,” said Bonnie Godsman, Finseca’s President. “These three leaders exemplify the pinnacle of excellence in our profession. It is an honor and a privilege to commemorate their outstanding contributions. Their selfless dedication to serving their clients and communities as well as prioritizing others’ needs sets an inspiring example for us all.”
These financial security professionals are not only experts at building world-class agencies or firms, but they also elevate the financial security profession by serving and educating their communities, championing professional development, and advancing the mission and work of the profession.
Finseca’s Hall of Fame Award is regarded as the highest honor bestowed upon distinguished insurance and financial security leaders. Nominees were evaluated by the Hall of Fame Selection Committee, which assessed each nominee’s history and accomplishments in four categories:
For more information about the Finseca Hall of Fame Awards and this year’s inductees, please visit finseca.org/communities/leadership-awardees.
About Finseca
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.
SOURCE Finseca
The post Finseca’s 2024 Hall of Fame Inductees Announced appeared first on Wink, Inc..
]]>The post NAIC Fills in the Annuity Suitability Passage Map appeared first on Wink, Inc..
]]>New York state has adopted another annuity sales standard.
Click HERE to read the full story via Think Advisor
The post NAIC Fills in the Annuity Suitability Passage Map appeared first on Wink, Inc..
]]>The post DOL Fiduciary Rule Is Long Overdue, CFP Board’s Top Lawyer Says appeared first on Wink, Inc..
]]>Leo Rydzewski, CFP Board’s general counsel, notes that ”a CFP professional who provides covered retirement investment advice will be required to comply with the DOL’s new fiduciary rule once adopted.”
Click HERE to read the full story via Think Advisor
The post DOL Fiduciary Rule Is Long Overdue, CFP Board’s Top Lawyer Says appeared first on Wink, Inc..
]]>The post Life Buyers Loosen Up in Q4 appeared first on Wink, Inc..
]]>Wink focuses on nonvariable permanent life products.
Click HERE to read the full story via Think Advisor.
Article excerpt:
Here’s how Wink saw sales revenue changing for some products between the fourth quarter of 2022 and the latest quarter:
Click HERE to read the full story via Think Advisor.
Wink’s Note: We will be reporting sales on structured universal life, variable universal life and additional annuity product lines starting in 1st Quarter, 2024’s report.
The post Life Buyers Loosen Up in Q4 appeared first on Wink, Inc..
]]>The post SEC’s Texting Crackdown Rages On, With RIAs Likely Next appeared first on Wink, Inc..
]]>Off-channel communications is a “continuing hot topic,” Dabney O’Riordan, a partner in Quinn Emanuel’s SEC Enforcement practice, who previously served as the leader of the SEC Enforcement Division’s Asset Management Unit, said at the recent Investment Adviser Association’s annual compliance conference. “We’re expecting to continue to see more.”
Click HERE to read the full story via Think Advisor
The post SEC’s Texting Crackdown Rages On, With RIAs Likely Next appeared first on Wink, Inc..
]]>The post Will RIAs Start Using Fixed Rate Annuities in Portfolios? appeared first on Wink, Inc..
]]>Annuities are relatively underused by investment advisors, whether they are viewed more from an investment-related lens or as a product that provides protected lifetime income. A rise in fee-friendly products, though, may lead to higher adoption by investment advisors.
Click HERE to read the full story via Think Advisor
The post Will RIAs Start Using Fixed Rate Annuities in Portfolios? appeared first on Wink, Inc..
]]>The post Level of financial insecurity remains high, study finds appeared first on Wink, Inc..
]]>According to the research, just over half (54%) of U.S. adults think that the U.S. will enter a recession this year. While this number still represents a majority of adults, it’s still a big drop from the two-thirds (67%) who predicted a recession last year, the survey pointed out.
Click HERE to read the full story via INN
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]]>The post One-third of consumers unaware of life insurance tax benefits, says study appeared first on Wink, Inc..
]]>“Many Americans are stretched thin financially, which makes financial and insurance literacy critical,” Tim Hoolihan, life insurance sales manager at Assurance IQ.
Click HERE to read the full story via INN
The post One-third of consumers unaware of life insurance tax benefits, says study appeared first on Wink, Inc..
]]>The post Survey: Life insurers want to be better at meeting technology challenges appeared first on Wink, Inc..
]]>And they don’t feel ready to meet that challenge. New survey data from LIMRA and Boston Consulting Group revealed that insurance executives are falling short of their own goals from a technology standpoint.
Click HERE to read the full story via INN
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]]>The post AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries appeared first on Wink, Inc..
]]>OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company. Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) of Mutual of Omaha Insurance Company’s surplus notes. (Please see below for a detailed listing of the IRs.) The outlook of these Credit Ratings (ratings) is stable. The group (collectively referred to as Mutual of Omaha) is domiciled in Omaha, NE, unless otherwise specified.
The ratings reflect Mutual of Omaha’s balance sheet strength, which AM Best assesses as very strong, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Mutual of Omaha’s balance sheet strength is very strong. The group’s risk-adjusted capitalization is assessed at the strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR). The organization continues to report a trend of capital and surplus growth that is supporting its insurance- and investment-related risks on a consolidated and individual operating entity basis. Mutual of Omaha has favorable cash flows from operations supported by good liquidity measures. Although the group’s operating leverage increased in 2023 due to its global funding program, operating leverage metrics are expected to remain within AM Best’s guidelines and Mutual of Omaha’s financial leverage remains adequate.
AM Best views Mutual of Omaha’s operating performance as strong as it has reported a trend of strong net premium growth that has exceeded 10% in four of the past five years. The group’s operating and net income improved in 2023, driven by favorable claims experience, which is a trend that AM Best expects to continue in the near term. The group’s 2022 results were negatively impacted by several factors, including statutory strain from new sales, lower value of equities, corporate-owned life insurance and changing interest rates.
Mutual of Omaha’s business profile is viewed as favorable. Mutual of Omaha is a large and well-established insurer with strong brand recognition operating via a national platform. The organization is well-recognized in the insurance and retirement markets, with a leading market position in Medicare supplement, a top 10 position in the group disability and voluntary product segments, and top 10 position in indexed universal life, structured settlement and PRT by number of contracts. Additionally, the group offers a diversified product portfolio that focuses on senior solutions, workplace solutions and financial solutions. Mutual of Omaha operates in all 50 states, as well as the District of Columbia, Puerto Rico, Guam and the U.S. Virgin Islands.
Mutual of Omaha has an established formal ERM program that is assessed as appropriate. The design of the ERM program allows identification of potential events that may impact the organization, management of risk to remain within its risk tolerances and the achievement of organizational objectives. The program is overseen by the board of directors, management and other personnel, and there is an expansion of its risk culture throughout the organization. Mutual of Omaha has established clear risk appetite statements for guidance, which are embedded in the ERM policy.
The following Long-Term IR has been assigned with a stable outlook:
Mutual of Omaha Insurance Company—
— “a” (Excellent) on $300 million 6.144% surplus notes, due 2064
The following Long-Term IRs have been affirmed with a stable outlook:
Mutual of Omaha Insurance Company—
— “a” (Excellent) on $300 million 6.80% surplus notes, due 2036
— “a” (Excellent) on $300 million 6.95% surplus notes, due 2040
— “a” (Excellent) on $300 million 4.297% surplus notes, due 2054
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Jennifer Asamoah
Senior Financial Analyst
+1 908 882 1637
jennifer.asamoah@ambest.com
Sally Rosen
Senior Director
+1 908 882 2284
sally.rosen@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries appeared first on Wink, Inc..
]]>The post Lincoln Financial Earns DALBAR Award for Excellence in Annuity Illustrations appeared first on Wink, Inc..
]]>“We are honored to once again earn this recognition, which reinforces our commitment to providing a superior annuity experience,” said Daniel Herr, senior vice president of Annuity Product at Lincoln Financial Group. “The attention and detail placed on our annuity illustrations is just one of the many ways Lincoln arms its current and future clients with the tools they need to be confident in their financial futures.”
DALBAR’s review of annuity illustrations included 11 leading annuity firms and rated illustrations based on 17 categories, ranging from the display of key contract and illustration details to the overall design and format.
About DALBAR, Inc.
DALBAR, Inc. has a 46-year history and is recognized by the industry and government as an independent third-party expert in the business of providing audits, evaluations, ratings, and due diligence certifications.
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company had approximately $295 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
For more information visit www.dalbar.com or contact us at info@DALBAR.com
Media:
Emily Kunka
617.624.7136
ekunka@dalbar.com
The post Lincoln Financial Earns DALBAR Award for Excellence in Annuity Illustrations appeared first on Wink, Inc..
]]>The post Best’s Special Report: Credit Rating Upgrades in US Life/Health Insurance Segment Slightly Outpace Downgrades in 2023 appeared first on Wink, Inc..
]]>The Best’s Special Report, titled, “US Life/Health Upgrades Slightly Outpace Downgrades in 2023,” notes that balance sheet strength drove most upgrades and downgrades, emphasizing the importance of adequate risk-adjusted capital. Inflation also hampered profitability across both segments. Rating downgrades ticked up in 2023 to 17 from 15 in 2022, while affirmations accounted for the bulk of rating actions at 80%.
Other highlights from the report include:
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=341169.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Helen Andersen
Industry Analyst
+1 908 882 1629
helen.andersen@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post Best’s Special Report: Credit Rating Upgrades in US Life/Health Insurance Segment Slightly Outpace Downgrades in 2023 appeared first on Wink, Inc..
]]>The post Best’s Market Segment Report: US Life/Annuity Insurers Stay the Course, Prepare for 2024 Uncertainty appeared first on Wink, Inc..
]]>The Best’s Market Segment Report, titled, “US Life/Annuity Insurers Stay the Course as They Prepare for 2024 Uncertainty,” states that the rising interest rate environment has affected assets and liabilities, but the overall realized impact to balance sheets has been manageable, owing primarily to companies’ strong asset-liability management frameworks. Over the near term, most insurers plan to hold assets to maturity, driving unrealized losses, but they unlikely will be forced to sell to meet liquidity needs. AM Best estimates modest 4% growth in the industry’s capital and surplus for 2023 and expects net income to approach pre-pandemic levels in 2023 and continue growing in 2024.
“With inflationary pressures expected to subside in 2024, the industry has more consensus about the investment landscape but with similar levels of uncertainty as in 2023,” said Michael Porcelli, senior director, AM Best. “Shifts in asset composition has helped insurers mitigate the impacts of rising interest rates while minimizing cash flow volatility; however, these asset allocations cannot completely mitigate all risk, as evidenced by the material decline in the market value of invested assets on insurers’ balance sheets over the past two years.”
According to the report, the industry’s net income of $31.6 billion through third-quarter 2023 was unchanged compared with the same prior-year period. For most companies, COVID-19 mortality had affected earnings, as opposed to balance sheets, suggesting no significant impact on reserves or capital, but the overall impact has declined since early 2022. The longer-term implications of COVID-19 and other mortality factors on liabilities and future pricing assumptions are still uncertain, with most companies not yet making significant changes to their mortality assumptions.
The report also discusses the rising number of private equity- and asset manager-owned insurers, which now represent nearly 10% of the total life/annuity industry by admitted assets. Despite the rapid growth in premiums, operating results for these types of organization structures have largely followed the greater industry, and returns on equity have mirrored those of stock companies, with results only minimally below those achieved by the stock entities.
The report also explores a host of other issues impacting the life/annuity industry, including sales trends, artificial intelligence and accounting changes. Overall, AM Best expects expect segment challenges to remain manageable given insurers’ robust risk-adjusted capital, favorable liquidity profiles and effective ERM practices.
“Uncertainty about the US economy and geopolitical risks could create significant headwinds in 2024, but life insurers have mostly favorable risk management practices, including the use of hedges, adjustments to crediting and discount rates, business mix re-evaluations and a focus on technology and innovation,” said Porcelli.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=341265.
A video discussion about this report with Porcelli is available at http://www.ambest.com/v.asp?v=ambrpla324
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Michael Porcelli
Senior Director
+1 908 882 2250
michael.porcelli@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post Best’s Market Segment Report: US Life/Annuity Insurers Stay the Course, Prepare for 2024 Uncertainty appeared first on Wink, Inc..
]]>The post AM Best Affirms Credit Ratings of The Penn Mutual Life Insurance Company and Its Subsidiaries appeared first on Wink, Inc..
]]>OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating (FSR) of A+ (Superior) and the Long-Term Issuer Credit Ratings (Long-Term ICRs) of “aa-” (Superior) of The Penn Mutual Life Insurance Company (Penn Mutual Life) (Horsham, PA) and its wholly owned subsidiaries, The Penn Insurance and Annuity Company (Wilmington, DE), Vantis Life Insurance Company (Windsor, CT) and The Penn Insurance and Annuity Company of New York (Brewster, NY). These companies collectively are referred to as Penn Mutual Group (Penn Mutual). Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) on the $200 million, 6.65% surplus notes, due 2034, and the Long-Term IR of “a” (Excellent) on the $200 million, 7.625% surplus notes, due 2040, issued by Penn Mutual Life. The outlook of these Credit Ratings (ratings) is stable.
The ratings reflect Penn Mutual’s balance sheet strength, which AM Best assesses as strongest, as well as its strong operating performance, favorable business profile and appropriate enterprise risk management (ERM).
Penn Mutual’s risk-adjusted capitalization continues to be assessed as strongest level, as measured by Best’s Capital Adequacy Ratio (BCAR), and is supported by the group’s consistent growth in capital over the past several years and its efficiently managed investment portfolio, which contains some built-in enhanced risk but continues to produce favorable net yields relative to peers and industry benchmarks. As an offset, capital and surplus is supported by a higher level of surplus notes compared with the industry average. There is some continued elevated exposure to long-term assets (i.e., Schedule BA) and other assets within the investment portfolio. This includes affiliated investments in Janney Montgomery Scott, LLC, as well as venture capital, mortgage-backed obligations, distressed assets, macro-hedge and other assets. The balance sheet is supported favorably by positive liquidity metrics and the financial flexibility of the organization, as most of the investment portfolio is held in liquid investments. The group’s leverage and coverage metrics are modest and still considered adequate to support its current operations. Although reinsurance leverage remains high, the reinsurance partners are all highly rated carriers. Policyholder lapses increased from continued higher interest rates.
Penn Mutual’s GAAP operating performance has improved significantly in recent years, due to continued strong sales across many business lines with additional investment income. Overall GAAP operating income was reported favorably and in-line with expectations, with strong asset management results offset by some weakness in life and annuity results through year-end 2023. In addition, AM Best notes that statutory operating metrics continue to be strained somewhat, related to sales of certain products, unfavorable mortality and new reserve regulations affecting some increased volatility. Additionally, statutory net income increased from strong equity market performance in 2023. The company benefits from its diversity in product offerings, distribution capabilities and partnerships, which has resulted in increased market share. AM Best notes that Penn Mutual considers innovation as a critical part of its strategy, which it has benefited positively from, with continued improvement efforts across the organization with real-time data. Penn Mutual’s overall risk culture is embedded strictly across all levels of the organization, and AM Best assesses the organization’s ERM program as appropriate.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Igor Bass
Senior Financial Analyst
+1 908 882 1646
igor.bass@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Wayne Kaminski
Associate Director
+1 908 882 1916
wayne.kaminski@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
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]]>The post New York Life Delivers Record 2023 Results That Reflect Enduring Financial Strength appeared first on Wink, Inc..
]]>NEW YORK–(BUSINESS WIRE)–New York Life, America’s largest1 mutual life insurer, today announced company-record financial results for 2023 that reflect its enduring financial strength. Top-line growth was driven by new company records in insurance sales and assets under management. In addition to posting a company record of $31.9 billion in surplus and $3.1 billion in operating earnings, New York Life reported record results of $16.7 billion in policy owner benefits and dividends paid, and $1.2 trillion in individual life insurance in force in the U.S. These superior financial results demonstrate the company’s continued commitment to enabling millions of individuals, families, and businesses to protect what matters most and prosper.
“The remarkable results we achieved in 2023, including surpassing $3 billion in operating earnings for the first time in New York Life’s history, are a testament to the power of our mutuality, the strength of our differentiated business model, and the exemplary work of our team. This includes our 12,000 agents and advisors delivering holistic, protection-first advice and guidance across the country,” said Craig DeSanto, Chair, President & CEO, New York Life.
Record $2.2 billion dividend payout in 2024
New York Life declared a record dividend of $2.2 billion to eligible participating policy owners in 2024, the largest in company history. Paying a dividend2 for a 170th consecutive year highlights New York Life’s ability to deliver ongoing value to policy owners.
Strong surplus and leading financial strength ratings
New York Life’s strong surplus – capital above and beyond the reserves already set aside to pay benefits to policy owners – is a key component of its leading financial strength ratings.
New York Life is one of only two life insurers with the highest financial strength ratings currently awarded to any U.S. life insurance company by all four major rating agencies3.
Peace of mind and better financial futures
DeSanto noted that New York Life’s financial strength supports the company’s dedication to serving its policy owners, “Our exceptional performance positions us well for continued business growth as we leverage our competitive strengths – including our iconic brand, leading market position, and extraordinary capital strength – to deliver peace of mind and better financial futures to our clients.”
Financial performance highlights for the year ended December 31, 2023, include:
ABOUT NEW YORK LIFE
New York Life Insurance Company (www.newyorklife.com), a Fortune 100 company founded in 1845, is the largest1 mutual life insurance company in the United States and one of the largest life insurers in the world. Headquartered in New York City, New York Life’s family of companies offers life insurance, disability income insurance, retirement income, investments, long-term care insurance. New York Life has the highest financial strength ratings currently awarded to any U.S. life insurer from all four of the major credit rating agencies3.
Footnotes
Note: “New York Life” or “the company” as used throughout the Report, can refer either separately to the parent company, New York Life Insurance Company (NYLIC), or one of its subsidiaries, or collectively to all New York Life companies, which include NYLIC and its subsidiaries and affiliates, including New York Life Insurance and Annuity Corporation (NYLIAC), NYLIFE Insurance Company of Arizona (NYLAZ), Life Insurance Company of North America (LINA), and New York Life Group Insurance Company of NY (NYLGICNY). NYLAZ and LINA are not authorized in New York, and do not conduct insurance business in New York. LINA and NYLGICNY are referred to as the New York Life Group Benefit Solutions business. Any discussion of ratings and safety throughout the Report applies only to the financial strength of New York Life, and not to the performance of any investment products issued by the company. Such products’ performances will fluctuate with market conditions.
1Based on revenue as reported by “Fortune 500 ranked within Industries, Insurance: Life, Health (Mutual),” Fortune magazine, 6/5/2023. For methodology, please see http://fortune.com/fortune500/.
2Dividends are not guaranteed. New York Life Insurance Company is a mutual company that issues participating products that are eligible for dividends, but is also the parent of subsidiaries which issue non-participating products. The participating products are invested in separate and distinct portfolios and have their own dividend scales.
3Individual independent rating agency commentary: Standard & Poor’s (AA+), affirmed 8/10/23; Fitch Ratings (AAA), affirmed 10/6/23; A.M. Best (A++), affirmed 10/19/23; Moody’s Investors Service (Aaa), affirmed 11/17/23.
4Total surplus, which includes the asset valuation reserve (AVR), is one of the key indicators of the company’s long-term financial strength and stability and is presented on a consolidated basis of the company. NYLIC’s statutory surplus was $25.29 billion and $23.89 billion at December 31, 2023 and 2022, respectively. Included in NYLIC’s statutory surplus is NYLIAC’s statutory surplus totaling $8.93 billion and $8.54 billion at December 31, 2023 and 2022, respectively, and LINA’s statutory surplus of $1.86 billion and $1.65 billion at December 31, 2023 and 2022, respectively. AVR for NYLIC was $4.51 billion and $4.23 billion at December 31, 2023 and 2022, respectively. AVR for NYLIAC was $1.94 billion and $1.89 billion at December 31, 2023 and 2022, respectively. AVR for LINA was $0.12 billion and $0.09 billion at December 31, 2023 and 2022, respectively. Policy owners can view audited statutory financial statements by visiting our website, www.newyorklife.com, beginning in mid-March.
5Policy owner benefits primarily include death claims paid to beneficiaries and annuity payments. Dividends are payments made to eligible policy owners from divisible surplus. Divisible surplus is the portion of the company’s total surplus that is available, following each year’s operations, for distribution in the form of dividends. Dividends are not guaranteed. Each year the board of directors’ votes on the amount and allocation of the divisible surplus. Policy owner benefits and dividends reflect the consolidated results of NYLIC and its domestic insurance subsidiaries. Intercompany transactions have been eliminated in consolidation. NYLIC’s policy owner benefits and dividends were $8.73 billion and $8.70 billion for the years ended December 31, 2023 and 2022, respectively. NYLIAC’s policy owner benefits were $5.94 billion and $5.78 billion for the years ended December 31, 2023 and 2022, respectively. LINA’s policy owner benefits were $1.91 and $1.87 billion for the years ended December 31, 2023 and 2022, respectively.
6Operating earnings is the measure used for management purposes to track the company’s results from ongoing operations and the underlying profitability of the business. This figure is based on Statutory Accounting principles on insurance operations with certain adjustments we believe are more appropriate as a measurement approach. The New York State Department of Financial Services recognizes only unadjusted statutory accounting practices for determining and reporting the financial condition and results of operations of an insurance company, for determining its solvency under the New York Insurance Law, and for determining whether its financial condition warrants the payment of a dividend to its policy owners.
Policy owners can view a detailed reconciliation of our management performance measure by visiting our website, www.newyorklife.com, beginning in mid-March.
7Individual life insurance in force is the total face amount of individual life insurance contracts (term, whole and universal life) outstanding for NYLIC and its domestic insurance subsidiaries at a given time. The company’s individual life insurance in force totaled $1,200.95 billion at December 31, 2023 (including $182.34 billion for NYLIAC).
8Assets under management consist of cash and invested assets and separate account assets of the company’s domestic and international insurance operations, and assets the company manages for third-party investors, including mutual funds, separately managed accounts, retirement plans and assets under administration. The company’s general account investment portfolio totaled $329.46 billion at December 31, 2023 (including $125.60 billion invested assets for NYLIAC and $8.52 billion invested assets for LINA). At December 31, 2023, total assets equaled $408.90 billion (including $194.31 billion total assets for NYLIAC and $9.39 billion total assets for LINA). Total liabilities, excluding the Asset Valuation Reserve (AVR), equaled $377.03 billion (including $183.45 billion total liabilities for NYLIAC and $7.41 billion total liabilities for LINA). See Note 4 for total surplus.
9Insurance sales represent annualized first-year premiums on participating issued whole life insurance, term life insurance, universal life insurance, long-term care insurance, disability insurance and other health insurance products. A sale is generally counted when the initial premium is paid and the policy is issued. Adjustments are made to normalize nonrecurring premiums to align with our annualized recurring premium methodology for insurance sales. Some examples are: single premium products sold through our agents and Third Party Retail Life and Corporate-Owned Life Insurance distribution channel, our network of independent agents and brokers, which are counted in this metric at 10 percent of their premium. Sales are generated from both domestic and Mexican operations.
10Insurance premiums include direct and assumed premiums, net of ceded premiums on life and accident and health policies, as reported in the Statutory Annual Statement (“Exhibit 1 Part 1 – Premiums and Annuity Considerations for Life and Accident and Health Contracts”). Recurring premiums include both renewal and first year (other than single) net premiums. NYLIC’s insurance premiums were $12.45 billion and $12.05 billion for the years ended December 31, 2023 and 2022, respectively. NYLIAC’s insurance premiums were $3.23 billion and $2.63 billion for the years ended December 31, 2023 and 2022, respectively. LINA’s insurance premiums were $2.85 billion and $2.74 billion for the years ended December 31, 2023 and 2022, respectively. 2023 premiums have been adjusted to exclude the initial premiums ceded on our inforce term business associated with a strategic reinsurance transaction.
11Total annuity sales represent premiums on our deferred annuities (both fixed and variable) and on our guaranteed income annuities. Sales are generally recognized when premiums are received. Annuities are primarily issued by NYLIAC.
Kevin Maher
New York Life
kevin_b_maher@newyorklife.com
(212) 576-6955
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]]>The post New iPipeline Technology Enables the Financial Industry to Seamlessly Track the Status of Clients’ Annuity Applications–in Real-Time appeared first on Wink, Inc..
]]>Annuities have developed a reputation in the industry as a complex investment product. The process of tracking an annuity only compounds that complexity, especially when working with multiple insurance carriers. Once orders are submitted to a carrier, broker-dealers, financial institutions, and wealth management firms have traditionally been unable to successfully and confidently monitor their annuity orders.
iPipeline designed OneView to simplify the application process across multiple insurance carriers. With its innovative and streamlined dashboard, OneView can easily and efficiently track pending orders with carriers–from start to finish–and make any necessary changes while drastically minimizing calls and emails with carrier support staff.
With OneView, advisors can:
“OneView is not just an innovation; it’s a revolution in managing annuities, built with our customers’ needs at the forefront. We believe that OneView will easily transform the way annuities are managed. Simply put, there is just no other solution in the market today that does what we designed OneView to do,” said Roy Goodart, Vice President of Product Management at iPipeline.
In designing OneView, iPipeline looked at successful tracking systems in other industries.
“Think about the food delivery service industry and how it has evolved over the past few years. Customers want clarity and precision. That’s helped to redefine the overall customer experience by mastering the art of keeping the customer informed, every step of the way. With OneView, we’ve taken that concept and elevated and applied it to the annuity industry,” added Adam Ducorsky, Senior Director, Product Manager at iPipeline, and the team lead for OneView. “OneView doesn’t just facilitate real-time tracking; it revolutionizes how financial advisors manage and oversee their clients’ annuity applications.”
Currently, OneView is exclusively available in the U.S.
For more information, please visit our OneView product page on our website.
SPECIAL NOTE TO EDITORS:
Adam Ducorsky to discuss OneView as part of the following conferences:
*OneView is the first to the market with a multi-carrier solution utilizing newly defined standards for carrier status which was developed by an industry status working group.
About iPipeline
iPipeline is a leading global provider of comprehensive and integrated digital solutions for the life insurance and financial services industries in North America, and life insurance and pensions industries in the UK. iPipeline couples one of the most expansive digital and automated platforms with one of the industry’s largest data libraries to accelerate, automate, and simplify various applications, processes, and workflows—from quote to commission—with seamless integration. The company’s vision is to help everyone achieve lasting financial security by delivering innovative solutions that connect, simplify, and transform the industry.
Since its establishment in 1995, iPipeline has helped protect more than 49 million people, and today is trusted around the world by more than 100 insurance carriers, and providers, and more than 2,500 broker-dealers, financial institutions, Brokerage General Agencies (BGAs), Independent Marketing Organizations (IMOs), and Managing General Agents (MGAs). Connected to more than 500,000 agents and advisers/advisors, the company collected more than $33 billion in premium in life insurance and $55 billion in annuities in 2022. iPipeline operates as a business unit of Roper Technologies (Nasdaq: ROP), a constituent of the Nasdaq 100, S&P 500® and Fortune 1000® indices.
For more information, please visit https://www.ipipeline.com and select your country of origin.
Media:
Ivy Gitarts
Aspectus Group
Ivy.Gitarts@aspectusgroup.com
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]]>The post Mutual of America Capital Management’s MoA Funds Win 10 2024 LSEG Lipper Fund Awards for Best-in-Class Mixed-Asset Target-Date Funds appeared first on Wink, Inc..
]]>NEW YORK, March 14, 2024 /PRNewswire/ — Mutual of America Capital Management LLC (“Capital Management”) is pleased to announce that its target-date series of funds, the MoA Clear Passage Funds, received 10 2024 LSEG Lipper Fund Awards. Part of a $23 billion fund family, the MoA Clear Passage Funds were recognized in the U.S. mixed-asset target-date fund categories. Capital Management also won best overall small firm in the U.S. Group Award mixed-assets category. The Group Award includes the MoA Clear Passage Funds, the MoA Retirement Income Fund, three MoA Allocation Funds and the MoA Balanced Fund.
“A hallmark of our MoA Clear Passage Funds is our specialized approach to asset allocation and glide-path construction, so we are proud that these attributes contributed to the recognition from LSEG Lipper,” said Stephen Rich, Chairman and CEO of Capital Management. “Our focus on blending active and passive investment strategies to manage portfolios through retirement has been successful for our investors for 30 years, and these awards honor our steadfast commitment to help them achieve a successful retirement outcome.”
MoA Clear Passage Funds, made available to investors outside of Mutual of America’s retirement plan participants for the first time in 2023, focus on diversification and conservative risk management, and feature dynamic and strategic investment allocations leading up to a specified retirement date and, importantly, a 10-year glide path beyond that date.
“Our team are experts in assessing and evaluating the returns and correlation of various asset classes and their associated risks—it’s in our DNA. This focus allows investors to enjoy the benefits of a dynamic and diversified portfolio,” said Jamie Zendel, Executive Vice President, Head of Quantitative Strategies, and Co-Portfolio Manager for the target-date series. “We are honored that our target-date series of funds was recognized by LSEG Lipper, and I’d like to thank our talented team for their exceptional efforts.”
For more than three decades, the Lipper Awards have recognized best-in-class funds and fund management firms for their consistently strong, risk-adjusted, three-, five- and 10-year performance relative to their peers. This year, Mutual of America Capital Management received the following 11 awards from LSEG Lipper:
“The 2024 LSEG Lipper Fund Awards are recognizing perhaps the most dramatic three-year period that the markets have seen in decades. The fund managers being recognized have steered their investors through a pandemic, a mild recession, a war, skyrocketing inflation and dramatic central bank intervention,” said Robert Jenkins, Global Head of Research, Investment & Wealth, LSEG Lipper. “We applaud the 2024 LSEG Lipper Fund Award winners such as Mutual of America Capital Management for delivering outperformance and the accompanying comfort of consistency to investors’ portfolios through a cross-current of global market disruptions.”
About Mutual of America Capital Management LLC
Formed in 1993, Capital Management is an SEC-registered investment adviser and an indirect, wholly owned subsidiary of Mutual of America Life Insurance Company, focused on serving the growing investment needs of institutional clients. Today, Capital Management manages approximately $28 billion and offers 28 funds with an array of asset classes and objectives, including equity, fixed income, international, asset allocation funds and target-date funds.
About Mutual of America Financial Group
Mutual of America Financial Group is the trade name used by Mutual of America, a leading provider of retirement services and investments to employers, employees and individuals. We provide high-quality, innovative products and services at a competitive price, along with outstanding personalized service, to help our customers build and preserve assets for a financially secure future. Our mission is built upon our values—integrity, prudence, reliability, excellence and social responsibility—which have guided us since 1945 and continue to serve us and our customers well. For more information, visit mutualofamerica.com, and connect with us via Facebook and LinkedIn.
You should consider the investment objectives, risks, and charges and expenses of the funds carefully before investing. This and other information is contained in the funds’ prospectuses and summary prospectuses, which can be obtained by calling 800.914.8716 or visiting moafunds.com. Read them carefully before investing.
Mutual fund investing involves risk. Principal loss is possible.
The MoA Funds are distributed by Foreside Fund Services, LLC.
The LSEG Lipper Fund Awards, granted annually, highlight funds and fund companies that have excelled in delivering consistently strong, risk-adjusted performance relative to their peers. The LSEG Lipper Fund Awards are based on the Lipper Leader for Consistent Return rating, which is an objective, quantitative, risk-adjusted performance measure calculated over 36, 60 and 120 months. The fund with the highest Lipper Leader for Consistent Return (Effective Return) value in each eligible classification wins the LSEG Lipper Fund Award. For more information, see lipperfundawards.com. Although LSEG Lipper makes reasonable efforts to ensure the accuracy and reliability of the data used to calculate the awards, their accuracy is not guaranteed.
Asset class group awards will be given to the best large and small groups separately. Large fund family groups with at least five equity, five bond or three mixed-asset portfolios in the respective asset classes are eligible for a group award. Small fund family groups will need to have at least three distinct portfolios in one of the asset classes—equity, bond or mixed-asset. The lowest average decile rank of the three years’ Consistent Return measure of the eligible funds per asset class and group will determine the asset class group award winner over the three-year period. In cases of identical results, the lower average percentile rank will determine the winner.
SOURCE Mutual of America Financial Group
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]]>The post Ameritas & FastTrack Partner to Implement FastTrack’s Patent Pending Next-Generation Life & Annuity Claims Processing Solution appeared first on Wink, Inc..
]]>Key benefits of the collaboration:
Intelligent On-Line Portals: With FastTrack’s Intelligent Portals used throughout the claims journey (Intake through adjudication), Ameritas Beneficiaries, Agents/Brokers, and Claims Associates can access a wide range of intelligent solutions/functionality in a user-friendly journey via the web with the highest level of HITRUST security that are designed to meet Ameritas diverse and growing needs.
AI Claims Decision Readiness Solutions (CDRS): By implementing FastTrack’s Patent Pending CDRS, it digitizes, automates, and validates the gathering of required documents and data to achieve “In Good Order” Claim decision readiness in less time and with improved quality.
Exceptional Customer Service: FastTrack’s dedication to outstanding customer service aligns perfectly with Ameritas’ commitment to providing best-in-class service to its customers. The synergy of our two customer-focused cultures has and will continue to result in unparalleled care and support in the marketplace.
“Our Policyholder Beneficiaries, Claims Associates, and Agents/Brokers are at the heart of everything we do, and we deeply value the trust they place in us,” said David Voelker, Senior Vice President of Individual Claims at Ameritas. “We are excited about the successful and timely FastTrack implementation and support provided. The team at FastTrack did an outstanding job understanding our needs and delivering an Intelligent Life Claims Solution. Our team and customers have already begun to experience FastTrack’s vast benefits. We look forward to expanding our collaboration with FastTrack to enhance our claim management services further.”
“We are incredibly excited to welcome Ameritas Life Insurance Corp into the FastTrack family,” said Thomas Capato, CEO & co-founder of FastTrack. “This collaboration represents a powerful convergence of our expertise, technology, and shared vision to provide individuals and families with the financial protection and peace of mind they deserve.”
About FastTrack:
FastTrack – a Kamine Technology Group (KTG) division – is a full-service intelligent technology claims transformation solutions provider in the Life & Disability insurance vertical. Leading the way for more than 10+ years, FastTrack boasts a growing client portfolio consisting of top-tier insurers in North America’s Group and Individual marketplace. Our made-for-insurance intelligent technology, including AI, digitalization & automation, speeds up to 90% of the claims journey, from claim intake to adjudication, resulting in fast claim outcomes that improve Claim Handle Time by 30%-40%. FastTrack helps insurers free up valuable human resources to focus on mission-critical tasks, such as improving the customer experience and making informed claim decisions.
About Ameritas:
Ameritas is the marketing name for Ameritas Mutual Holding Company and its affiliated subsidiary companies, including Ameritas Life Insurance Corp. and Ameritas Life Insurance Corp. of New York. Founded in 1887, Ameritas offers individuals, families, and businesses a wide range of insurance and financial products and services. These products and services include life insurance, annuities, individual disability income insurance, group dental, vision, and hearing care insurance, and retirement plans.
For further information, please contact:
Ellie O’Brien
FastTrack
374418@email4pr.com
Follow FastTrack on LinkedIn
Ann Avery
Ameritas
374418@email4pr.com
SOURCE FastTrack
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]]>The post Anthony T. Mazzei, Sr. Inducted into Finseca Hall of Fame appeared first on Wink, Inc..
]]>“Tony’s leadership resonates not just within Finseca, but across our entire profession,” remarked Bonnie Godsman, Finseca’s President. “His enduring commitment to the service of his clients and leaders within his firm and our entire profession, exemplifies unparalleled dedication. This recognition is truly merited, and we extend our heartfelt gratitude for his extensive years of service.”
“Tony’s mission is to change lives and make a difference,” said Michael Ferik, Head of Individual Markets at Guardian. “Over the past four decades, he’s done exactly that. From his leadership roles in Guardian’s Field Advisory Board and General Agency Mentor Program to his ongoing support of various philanthropic causes, Tony has been a champion of his clients, colleagues, and community. His induction into the Finseca Hall of Fame is a fitting tribute to his work, and we know his efforts to elevate the industry will only continue.”
“A lot has changed in the past forty years,” Leyla Lesina, Head of Individual Markets Distribution at Guardian. “No matter what’s happened, however, Tony’s commitment to supporting the well-being of others has been a guiding light for the industry. He is deeply admired and respected by his peers and his counsel is coveted by clients. Tony embodies what it means to be a General Agent and Finseca has made an outstanding choice in inducting him into its Hall of Fame.”
Mazzei has been in the financial services industry for nearly 50 years. He has served in almost every role in the industry: Advisor, Managing Director, Senior Home Office Executive, but most of his time has been spent as a General Agent. Mazzei has a unique skill that was identified early on in his career. He empowers others and aligns them with a role that gives them the opportunity to use their unique abilities.
Tony’s mission is to change lives and make a difference. Over the past four decades, he’s done exactly that. From his leadership roles in Guardian’s Field Advisory Board and General Agency Mentor Program to his ongoing support of various philanthropic causes, Tony has been a champion of his clients, colleagues, and community. His induction into the Finseca Hall of Fame is a fitting tribute to his work, and we know his efforts to elevate the industry will only continue.
Finseca’s Hall of Fame Award is regarded as the highest honor bestowed upon distinguished insurance and financial security leaders. Nominees were evaluated by the Hall of Fame Selection Committee, which assessed each nominee’s history and accomplishments in four categories:
For more information about the Finseca Hall of Fame Awards and this year’s inductees, please visit finseca.org/communities/leadership-awardees.
About Finseca
At Finseca, we know that financial security improves people’s lives and protects their livelihoods and future wellbeing. We are rising to the challenge of increasing financial security for all. Finseca represents the men and women of the financial security profession who dedicate themselves to delivering financial security to their clients every day.
SOURCE Finseca
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]]>The post Transamerica Parent on Acquirer’s Radar, Bloomberg Says appeared first on Wink, Inc..
]]>Click HERE to read the full story via Life Annuity Specialist
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]]>The post Indexed Life Carriers Raked in Record Sales in 2023, Wink Says appeared first on Wink, Inc..
]]>Click HERE to read the full story via Life Annuity Specialist
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]]>The post Lincoln Financial Group Enhances Its Fixed Indexed Annuities With Innovative Crediting Strategies appeared first on Wink, Inc..
]]>This enhancement comes as consumers express concerns about inflation (66%), losing money on investments (42%) and market volatility (38%), according to recent data from Lincoln Financial1. The same recent study also shows that most consumers (61%) are looking for investments that offer an equal mix of growth and protection.
“The demand for products that protect principal and offer growth opportunities will continue to be strong in the coming years, with industry experts forecasting that fixed indexed annuity sales will reach nearly $100 billion in 20252,” said Daniel Herr, senior vice president, Annuity Product Management at Lincoln Financial Group. “Lincoln Financial’s product enhancements are designed to help meet market needs by simplifying strategies to allow investors opportunities to grow their account value while remaining protected against volatility.”
In addition to the Dual Trigger option, Lincoln is introducing the 1 Year S&P 500® 10% Daily Risk Control Trigger for Lincoln OptiBlend® fixed indexed annuity to offer opportunities for more growth potential in up or flat markets. With a trigger on the S&P 500® 10% Daily Risk Control index, clients may have the potential for a higher trigger crediting rate than one associated with the traditional S&P 500® index.
Lincoln Financial fixed indexed annuities offer a variety of crediting strategies to support individuals’ unique investing goals.
“Approximately 4.1 million Americans will turn 65 this year – and every year through 20273. As this historic surge reaches retirement age, Lincoln Financial is committed to helping investors protect their hard-earned savings,” said Tim Seifert, senior vice president and head of Retirement Solutions Distribution at Lincoln Financial Group. “With these new crediting strategies, financial professionals can provide clients with more choices to build wealth and confidence, no matter how the market performs.”
As the most trusted annuity provider among all financial professionals4, Lincoln Financial continues to broaden its annuity product portfolio to help clients reach their retirement income goals. In 2023, Lincoln Financial worked with over 22,000 financial professionals to provide new annuity contracts to clients.
For more information about Lincoln Financial fixed indexed annuities, visit: https://www.lincolnfinancial.com/public/individuals/products/annuities/fixedindexedannuities
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company had $295 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
1Source: Lincoln Financial Consumer Sentiment Tracker, January 2024
2Source: LIMRA, U.S. Individual Annuity Sales Survey, January 2024
3Source: Retirement Income Institute, Alliance for Lifetime Income, Research Paper January 2024
4Source: Cogent Syndicated, Annuity Brandscape®, November 2022
Important information:
Lincoln Financial Group® affiliates, their distributors, and their respective employees, representatives, and/or insurance agents do not provide tax, accounting, or legal advice. Please consult an independent professional as to any tax, accounting, or legal statements made herein.
A fixed indexed annuity is intended for retirement or other long-term needs. It is intended for a person who has sufficient cash or other liquid assets for living expenses and other unexpected emergencies, such as medical expenses. A fixed indexed annuity is not a registered security or stock market investment and does not directly participate in any stock or equity investments, or index.
Lincoln OptiBlend® fixed indexed annuities (contract form ICC1515-619 and state variations) are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so. Contractual obligations are subject to the claims-paying ability of The Lincoln National Life Insurance Company.
This annuity does not participate directly in any stock or equity investment and does not include the purchase of shares of stock or an index. The indexed accounts use an outside market index as a benchmark for determining indexed account earnings. Any dividends paid on the stocks on which the index is based do not increase the annuity earnings. All payments and values provided by the contract, when based on performance of the indexed account, are not guaranteed to be equivalent to the benchmarking index. The composition of the index and the methodology used by the index to calculate its performance are not guaranteed and may be changed at any time by the index provider.
The exact terms of the annuity are contained in the contracts and any attached riders, endorsements and amendments, which will control the issuing company’s contractual obligations.
Income taxes are due upon withdrawal and if withdrawn before age 59½, an additional 10% federal tax may apply. Withdrawals and surrenders may be subject to surrender charges and a Market Value Adjustment.
There is no additional tax-deferral benefit for contracts purchased in an IRA or other tax-qualified plan, since they are already afforded tax-deferred status. The S&P 500® Index, the S&P 500® Daily Risk Control 5% Index and the S&P 500® Daily Risk Control 10% Index are products of S&P Dow Jones Indices LLC, a division of S&P Global, or its affiliates (“SPDJI”), and have been licensed for use by The Lincoln National Life Insurance Company. Standard & Poor’s®, S&P®, S&P 500® and S&P 500® Daily Risk Control are registered trademarks of Standard & Poor’s Financial Services LLC, a division of S&P Global (“S&P”); Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”); and these trademarks have been licensed for use by SPDJI and sublicensed for certain purposes by The Lincoln National Life Insurance Company. The Lincoln National Life Insurance Company’s products are not sponsored, endorsed, sold or promoted by SPDJI, Dow Jones, S&P, their respective affiliates, and none of such parties make any representation regarding the advisability of investing in such products, nor do they have any liability for any errors, omissions, or interruptions of the S&P 500® Index, the S&P 500® Daily Risk Control 5% Index, or the S&P 500® Daily Risk Control 10% Index.
Product and features are subject to state availability. Limitations and exclusions may apply. Not available in New York.
LCN-6411894-022024
Media:
Mallory Horshaw
Mallory.Horshaw@lfg.com
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]]>The post NAILBA, a Finseca Community, announces appointmentof four new Board of Advisors. appeared first on Wink, Inc..
]]>The post NAILBA, a Finseca Community, announces appointmentof four new Board of Advisors. appeared first on Wink, Inc..
]]>The post What Share of a Portfolio Should Go Into Annuities? appeared first on Wink, Inc..
]]>My answer is usually, “It depends.”
Every person’s financial needs are different as well as their risk tolerance.
Here are some examples of different portfolio allocations for different types of income needs from annuities.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: John Stevenson and I are in agreement over how much money clients should put into annuities. “That depends.” -sjm
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]]>The post States to Send New CEO Into Annuity Sales Standards Fight appeared first on Wink, Inc..
]]>Anderson will take over as CEO May 1, after his term as Massachusetts’ insurance commissioner ends, NAIC officials announced Saturday in Phoenix, at the group’s spring national meeting.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: Gary Anderson is the new CEO of the National Association of Insurance Commissioners (NAIC).
Andrew Mais will continue to be the President.
(SN: who knew that NAIC has 520 employees?!?)
Also- not entirely surprise that Michael Consedine, the former CEO, now works at Athene. -sjm
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]]>The post Fintech iPipeline unveils annuity order tracker appeared first on Wink, Inc..
]]>Click HERE to read the full story via InvestmentNews
The post Fintech iPipeline unveils annuity order tracker appeared first on Wink, Inc..
]]>The post Annuity sales leaderboard changes as more sales go indie appeared first on Wink, Inc..
]]>Click HERE to read the full story via InvestmentNews
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]]>The post Jackson Recognized for Highest Customer Service in Financial Industry for 12th Consecutive Year appeared first on Wink, Inc..
]]>“We are grateful to be recognized once again with these awards from SQM,” said Dev Ganguly, Executive Vice President and Chief Operating Officer at Jackson. “At Jackson, we prioritize customer experience, and work collaboratively to leverage technology and associate training that foster a customer-centric environment in our contact center. We are proud of our employees for continuing to provide award-winning service to our customers, furthering our mission of helping more Americans achieve financial freedom for life.”
SQM’s awards recognize top performance based on call center customer feedback, including satisfaction with the customer service representative and resolution of the call. Feedback comes from the customers who contacted Jackson as well as employees who work in a contact center. SQM benchmarks more than 500 leading North American contact centers annually and has conducted benchmarking studies since 1996. The 2023 awards are based on studies from Jan. 1, 2023, to Dec. 31, 2023.
“We wish to congratulate Jackson for their remarkable achievement in winning the SQM award for Highest Customer Service — Financial Industry and for their ability to consistently deliver world-class service to their customers,” said Nader Ghattas, Chief CX Officer, SQM Group. “For over 15 years, Jackson has continuously achieved award-winning, world-class performance across the more than 500 contact centers we benchmark annually — a truly remarkable accomplishment.”
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
*SQM (Service Quality Measurement Group, Inc.) Contact Center Awards Program Highest Customer Service for the Financial Industry is based on having the highest first call resolution rating in the Financial Industry/sector. (To achieve world-class certification, 80% or more of call-center customers surveyed must have responded that their call was resolved in one call and rated their experience as very satisfied, the highest rating possible).
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
1Jackson Financial Inc. is a U.S. holding company and the direct parent of Jackson Holdings LLC (JHLLC). The wholly-owned direct and indirect subsidiaries of JHLLC include Jackson National Life Insurance Company, Brooke Life Insurance Company, PPM America, Inc. and Jackson National Asset Management, LLC.
Patrick Rich
patrick.rich@jackson.com
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]]>The post Wink, Inc. Releases Fourth Quarter, 2023 Life Sales Results appeared first on Wink, Inc..
]]>— FOR IMMEDIATE DISTRIBUTION — NEWS RELEASE
INDEXED LIFE SALES BREAK RECORDS
Wink, Inc. Releases Fourth Quarter, 2023 Life Sales Results
Des Moines, Iowa. March 12, 2024– Wink, Inc. released the fourth quarter, 2023 life sales results in its 106th edition of Wink’s Sales & Market Report. Wink’s Sales & Market Report is the insurance industry’s #1 resource for life insurance sales data, since 1997.
Non-variable universal life sales for the fourth quarter were $894.5 million; up more than 15.5% compared to the previous quarter and up 4.1% compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Noteworthy highlights for total non-variable universal life sales in the fourth quarter included National Life Group retaining the #1 overall sales ranking for non-variable universal life sales, with a market share of 14.6%. Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling product for non-variable universal life sales, for all channels combined for the eleventh consecutive quarter.
Indexed life sales for the fourth quarter were $799.1 million, up more than 16.2% compared with the previous quarter, and up 5.0% compared to the same period last year. Indexed life sales include both indexed UL and indexed whole life. This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2022 record by 5.0%. This was also a record-setting year for indexed life sales, topping the prior 2022 record by 3.6%. Indexed life sales include both indexed UL and indexed whole life. “I am projecting that 2024 will be another record year for indexed life,” commented Sheryl J. Moore, CEO of both Moore Market Intelligence and Wink, Inc. “It is the fastest-growing segment of the life insurance market.”
Items of interest in the indexed life market included National Life Group retaining their #1 ranking in indexed life sales, with a 16.3% market share, Transamerica, Pacific Life Companies, Nationwide, and Lincoln National Life rounded out the top five, respectively.
Transamerica Life’s Transamerica Financial Foundation IUL was the #1 selling indexed life insurance product, for all channels combined for the eleventh consecutive quarter. The top primary pricing objective for sales this quarter was Cash Accumulation, capturing 76.0% of sales. The average indexed life target premium for the quarter was $11,974, an increase of nearly 3.0% from the prior quarter.
Fixed UL sales for the fourth quarter were $95.6 million, up 10.2% compared to the previous quarter and down 10.6% compared to the same period last year. Noteworthy highlights for fixed universal life included the top primary pricing objective of No Lapse Guarantee capturing 50.1% of sales. The average UL target premium for the quarter was $5,736, an increase of more than 4.0% from the prior quarter. Moore commented, “While UL sales were up for the quarter, we are forecasting that they will be down in 2024.”
Whole life fourth quarter sales were $1.1 billion, up 14.3% compared with the previous quarter, and down more than 6.3% compared to the same period last year. Items of interest in the whole life market included the top primary pricing objective of Final Expense capturing 54.5% of sales. The average premium per whole life policy for the quarter was $4,051, an increase of more than 5.0% from the prior quarter.
Wink currently reports on indexed universal life, indexed whole life, universal life, whole life, and all deferred annuity lines’ product sales. Sales reporting on term life, structured universal life, variable universal life and additional annuity product lines will be available starting in 1st Quarter, 2024’s report.
****
For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1997, this report provides sales by product, company, indexing method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019, and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has a combined experience of nearly 200 years working with insurance products, more than a century of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries; serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.
March 12, 2024
Des Moines, IA
(855) ASK-WINK
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]]>The post FOURTH QUARTER 2023 LIFE INSURANCE SALES appeared first on Wink, Inc..
]]>Sales for the fourth quarter of 2023 were $894 million, compared with sales of $859 million for the fourth quarter of 2022. Fourth quarter non-variable life sales were up nearly 16% when compared to the previous quarter and up more than 4% as compared to the same period last year.
Total 4Q2023 non-variable universal life sales were $894,514,477.
Indexed Life
Sales for the fourth quarter of 2023 were $799 million, compared with sales of $760 million for the fourth quarter of 2022. Fourth quarter indexed life sales were up more than 16% when compared with the previous quarter, and up more than 5% as compared to the same period last year. This was a record-setting quarter for indexed life sales, topping the prior 4th quarter 2022 record by 5.08%. This was also a record-setting year for indexed life sales, topping the prior 2022 record by 3.69%.
Total 4Q2023 indexed life sales were $799,163,850.
THE TOP FIVE INDEXED LIFE CARRIERS:
AVERAGE TARGET PREMIUM:
The average target premium was $11,974, an increase of nearly 3% from the prior quarter.
Primary Pricing objective:
76.0% of sales were through products with a primary pricing objective of Cash Accumulation.
LEADERS BY CHANNEL:
Bank- Pacific Life Companies
Career- National Life Group
Direct Response- Corebridge Financial
Independent Agent- National Life Group
Independent Broker Dealer- Protective Life
National Broker Dealer- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Transamerica Life’s Transamerica Financial Foundation IUL
Bank- National Western Life’s Lifetime Returns Select
Career- Life Insurance Co. of the SW SummitLife
Direct Response- American General Life QoL Value+ Protector III
Independent Agent- Transamerica Life’s Transamerica Financial Foundation IUL
Independent Broker Dealer- Protective Life’s Protective Indexed Choice UL
National Broker Dealer- Nationwide’s Nationwide IUL Accumulator II 2020
Universal Life
Sales for the fourth quarter of 2023 were $95 million, compared with sales of $107 million for the fourth quarter of 2022. Fourth quarter universal life sales were up more than 10% when compared with the previous quarter and down nearly 11% as compared to the same period last year.
Total 4Q2023 universal life sales were $95,673,448.
AVERAGE TARGET PREMIUM:
The average target premium paid was $5,736 an increase of more than 4% from the prior quarter.
Primary Pricing Objective:
50.1% of sales were through products with a primary pricing objective of No Lapse Guarantee.
Whole Life
Sales for the fourth quarter of 2023 were $1,162 million, compared with sales of $1,241 million for the fourth quarter of 2022. Fourth quarter whole life sales were up more than 14% when compared with the previous quarter, and down more than 6% as compared to the same period last year.
Total 4Q2023 whole life sales were $1,162,355,226.
AVERAGE Annual Premium:
The average annual whole life premium per policy reported was $4,051, a decline of more than 5% from the prior quarter.
primary pricing objective:
54.5% percent of sales were through products with a primary pricing objective of Final Expense.
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]]>The post Indexed life sales break records in fourth quarter, Wink reports appeared first on Wink, Inc..
]]>Non-variable universal life sales for the fourth quarter totaled $894.5 million, up more than 15.5% compared to the previous quarter and up 4.1% compared to the same period last year. Non-variable universal life (UL) sales include both indexed UL and fixed UL product sales.
Click HERE to read the full story via INN
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]]>The post Milliman’s 2023 Fixed Index Annuity Industry Experience Studies show 36% increase in exposure to rising interest rates for contracts without a GLWB appeared first on Wink, Inc..
]]>The two studies cover surrender behavior and partial withdrawals, including income utilization for guaranteed lifetime withdrawal benefit (GLWB) riders. The research shows the highest ever exposure to rising interest rates, with a 36% increase in exposure for records positively affected by interest rate hikes since early 2022.
“Contracts that experienced increased interest rates during the surrender charge period show elevated surrender rates compared to model predictions,” said Nathan Wilbanks, FSA MAA Director of Sales and Marketing, Life and Annuity Predictive Analytics. “This is not observed for contracts past their surrender charge period, and although not definitive proof, may be evidence of an external factor like the promotion of higher bonus products made possible by the high interest rate environment affecting policyholder behavior.”
Key Findings
The research findings validate previous observations of decreased surrender rates in fixed indexed annuity contracts when used for income generation. The studies also highlight that contract size is a key differentiator in surrender rates, especially evident in non-GLWB contracts at the end of the surrender charge period.
These studies introduce an advanced behavioral model, integrated into Milliman’s Recon® platform. This model, with a 99.9% actual-to-expected accuracy ratio, further empowers clients to conduct their own experience studies, delve into industry data, and develop tailored models.
For more information or to access the Fixed Index Annuity Industry Experience Studies, please visit https://www.milliman.com/en/Products/Life-and-Annuity-Experience-Studies or reach out to Nathan Wilbanks at (312) 577-2909 or Ben Johnson (312) 577-2926.
About Milliman
Milliman is among the world’s largest providers of actuarial, risk management, and technology solutions. Our consulting and advanced analytics capabilities encompass healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. Visit us at milliman.com.
Nathan Wilbanks
Milliman, Inc.
Tel: +1 312 577 2909
Email: nathan.wilbanks@milliman.com
Wink’s Moore on the Market: My buddy Nathan Wilbanks and his homies at Milliman conducted an experience study on indexed annuities.
And guess what? Surrenders are up. -sjm
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]]>The post Guinness World Record Life Insurance Policy Issued in Hong Kong appeared first on Wink, Inc..
]]>Issued and fully underwritten by HSBC Life, global banking giant HSBC’s insurance business in Hong Kong, the record-breaking policy was taken out by an unnamed individual customer earlier this year, the company announced on Feb. 28.
Click HERE to read the full story via Insurance Forums
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]]>The post American Council of Life Insurers (ACLI) President & CEO Susan Neely Announces Retirement From Association Leadership appeared first on Wink, Inc..
]]>“Susan brought vision, strength, and purpose to her leadership of ACLI. She leaves a legacy of impact and inspiration that will serve our industry for years to come,” said Paul A. Quaranto, Jr., Chairman, CEO and President of Boston Mutual Life Insurance Company and Chair of the ACLI Board of Directors. “On behalf of the Board, I applaud Susan’s achievements and recognize that they were driven by her deep understanding and belief in the essential role this industry plays for families and communities across the country. Above all, we congratulate Susan, celebrate her remarkable talent, treasure her friendship, and wish her well.”
“I am grateful to the ACLI Board of Directors for the opportunity to lead this organization and further the industry’s essential mission to help people build financial security for themselves and those they love, from one generation to the next,” Ms. Neely said. “Our accomplishments in support of families, workers and retirees have reinforced my strong belief in the ability of associations like ACLI to be force multipliers that unify members and address society-level challenges.”
The executive search firm Heidrick & Struggles is leading the process of finding highly qualified candidates for consideration as the organization’s next CEO.
In her 30-year career as an association executive, including six for ACLI, and 20 as a CEO, Ms. Neely has been widely recognized as one of the most influential in association leadership. She is a two-time trade association CEO of the year, one of Washingtonian’s “most influential people” and “100 Most Powerful Women in Washington.” In 2022, she received the Key Award from the American Society of Association Executives for exceptional leadership and deep commitment to voluntary membership organizations.
“It’s been thrilling and rewarding to be a part of ACLI and other associations, building consensus and helping forge policies that have a positive impact on communities and people nationwide,” Ms. Neely said.
In 2018, ACLI’s Board of Directors named her President and CEO of the association. In this role, she has steered public policy and advocacy on behalf of ACLI’s members and the 90 million families who rely on the life insurance industry for financial protection and retirement security. ACLI members support financial protection and security through life insurance, annuities, retirement plans, long-term care insurance, disability income insurance, reinsurance, and dental, vision and other supplemental benefits.
An outcome-driven CEO for ACLI, Ms. Neely spearheaded organizational reforms and led the establishment of programming to communicate the vital role life insurers play in helping Americans navigate financial shocks through all stages of life. Her accomplishments include overseeing efforts in support of two significant bills that brought needed reforms to the retirement security system. SECURE, which was enacted in 2019, and SECURE 2.0, enacted in 2022, greatly expanded workers’ access to employer-based retirement plans and options for generating lifetime income through annuities.
During her tenure, ACLI sought implementation of a best interest standard that enhances safeguards for annuity consumers. To date, these consumer protections have garnered bipartisan support in the 45 states where they have been adopted. Over 90% of Americans now live in a state that has adopted the best interest standard.
Ms. Neely also navigated ACLI through the COVID-19 pandemic, supporting the industry as it fulfilled its financial security mission to policyholders like never before. Life insurers paid out a record $90 billion in death benefits to beneficiaries in 2020 followed by a new record $100 billion in 2021.
In addition to her ACLI service, Ms. Neely has been President of the Global Federation of Insurance Associations (GFIA) since November 2022. Through its 42 member associations and 2 observer associations, GFIA represents insurers and reinsurers in 70 countries.
Before joining ACLI, Ms. Neely headed the American Beverage Association. Before that, Ms. Neely was special assistant to President George W. Bush, creating the Department of Homeland Security after 9/11 as the first DHS Assistant Secretary for Public Affairs. She served in leadership roles for the Association of American Medical Colleges and the Health Insurance Association of America.
Prior to association leadership, Ms. Neely was a senior advisor to two members of Congress as well as Governor Terry Branstad of Iowa. She was one of the first women nationally to manage a statewide political campaign. Years later, Ms. Neely was elected as the first woman president of both the 105-year-old Washington Rotary Club and the 113-year-old University Club of Washington, D.C.
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]]>The post Greg Lindberg ponders appeal as policyholders await June funds release appeared first on Wink, Inc..
]]>His adversary, Insurance Commissioner Mike Causey, said long-suffering policyholders could be paid back as early as this summer if Lindberg accepts the ruling.
“We are evaluating all of our options,” Lindberg said in a statement to InsuranceNewsNet.
Click HERE to read the full story via INN
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]]>The post LIMRA, SPARK Institute gear up to launch fraud-fighting strategy appeared first on Wink, Inc..
]]>“Criminals are working together to attack American retirement accounts, so it’s incumbent on industry members to cooperate to defend these accounts,” said Tim Rouse, executive director of the SPARK Institute. “Protecting participant and policyholder accounts continues to be a top priority for SPARK and LIMRA members.”
Click HERE to read the full story via INN
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]]>The post Athene takes over as annuity sales leader with 72% growth in 2023 appeared first on Wink, Inc..
]]>Click HERE to read the full story via INN
Wink’s Note: Noteworthy highlights from Wink’s Sales & Market Report for indexed annuities in the fourth quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 11.4% for the fourth quarter. Click HERE to view more!
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]]>The post Immediate Annuities Can Help Some High-Net-Worth Clients: Tax Attorney appeared first on Wink, Inc..
]]>For high-net-worth clients, the concern is that annuities create taxable income. The last thing most wealth advisors want is to increase their clients’ tax bills.
The post Immediate Annuities Can Help Some High-Net-Worth Clients: Tax Attorney appeared first on Wink, Inc..
]]>The post Experts Predict Quick OMB Review of Final DOL Fiduciary Rule appeared first on Wink, Inc..
]]>Labor filed its final rule at OMB on Friday.
Click HERE to read the full story via Think Advisor
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]]>The post Life Insurers’ Real Estate Assets Look Good appeared first on Wink, Inc..
]]>Weakness in the commercial real estate sector is “a big risk across the financial markets,” Anika Getubig, an S&P director, said Wednesday during an S&P Global Ratings update on the fourth quarter of 2023.
Click HERE to read the full story via Think Advisor
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]]>The post Genworth Accused of Wrongly Terminating Life Policies appeared first on Wink, Inc..
]]>Click HERE to read the full story via Think Advisor
The original version of this story was published on The Recorder
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]]>The post Whole Life Gets More Shopper Attention appeared first on Wink, Inc..
]]>Total application activity was 3.7% higher last month than in February 2023, and whole life application activity was 5.9% higher.
MIB found that whole life application activity was especially strong for shoppers ages 31 through 59 and shoppers ages 61 and older.
Click HERE to read the full story via Think Advisor
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]]>The post Insured Retirement Institute Updates Annuity Sellers’ Handbook appeared first on Wink, Inc..
]]>The handbook provides the institute’s views about the value of annuities, along with a glossary that gives plain-English definitions of such terms as “living benefits,” “roll-up” and “step-up.”
Click HERE to read the full story via Think Advisor
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]]>The post MoneySmartMovement Partners with Integrity to Bring Greater Opportunities and Hope to Underserved Americans appeared first on Wink, Inc..
]]>“It’s rare to find leaders as inspiring as Sheena and Matt — they are truly unique in building and sustaining great relationships,” shared Bryan W. Adams, Co-Founder and CEO of Integrity. “The MoneySmartMovement team brings an enthusiastic energy that resonates perfectly with our Integrity passion. As an Integrity partner, MoneySmartMovement is even better positioned to meet consumers’ holistic insurance needs by leveraging our resources and platforms. Integrity has created the industry’s best technology, products, plans and services across leading carriers to help dynamic agencies like MoneySmartMovement make a real impact on our industry. The strengths we each bring to the table will fuel incredible levels of growth, and we couldn’t be more excited to welcome Sheena and Matt to Integrity!”
Recognizing a substantial gap in financial literacy nationwide, Sheena and Matt Sapaula use their complementary skill sets and expertise to increase consumers’ foundational understanding of financial principles. MoneySmartMovement provides life insurance and annuity products through an energetic and diverse team of agents nationwide. The agency helps consumers transform their lives by improving their financial literacy and educating them about principles of success. The Sapaulas and the MoneySmartMovement team are also instrumental in helping new associates realize the opportunities available through the insurance industry to transform their financial lives and form foundations for their futures.
“Integrity is an incredibly synergistic force that brings together carriers, customers and agents who share a fundamental desire to make people’s lives better,” said Sheena Sapaula, Founder of MoneySmartMovement. “Together, we are acting on an all-encompassing vision of better protecting the life, health and wealth of families and offering greater opportunities and hope to the middle class. We want to help as many people as possible reach their financial stability goals, which can be a long-term commitment. To reach our milestones, we knew we needed a partner that would connect us to best-in-class resources as well as to other leading minds across the industry. We’ve experienced substantial success, and we’re nowhere near slowing down — I couldn’t be more optimistic about our future as an Integrity partner!”
“What I love about this business is that our time is devoted to helping others — from our agents striving to maximize their potential to the diverse clients we serve,” explained Matt Sapaula, Founder of MoneySmartMovement. “At MoneySmartMovement, our mission is to transform the way people feel about and manage their financial independence goals. Our growth has always been built on creating relationships — and Integrity shares that focus. Just like MoneySmartMovement, Integrity is dedicated to building up leaders. This partnership offers us an abundance of resources and support, so we can better serve more people and develop the next generation of leaders. It’s a clear win-win for our employees, our producers and our clients, and our future has never been brighter.”
The Integrity Suite of Solutions offers transformative technology to help agents reach the pinnacle of their potential. Its state-of-the-art solutions include the LifeCENTER platform, which streamlines agents’ workflow and strengthens opportunities for deeper customer relationships through Ask Integrity, Integrity’s AI-powered digital assistant. It also includes LeadCENTER, which fully integrates with LifeCENTER and offers agents actionable leads on demand. Integrity partners also increase their capacity to make data-driven decisions by leveraging the platform’s proprietary data and analytics and cutting-edge product development.
“Now more than ever, it’s crucial for American families to have a greater understanding of how decisions that affect their life, health and wealth all work together,” explained Patrick Bet-David, Managing Partner at Integrity. “Sheena and Matt understand that — and they’re incredibly driven to help the families they serve improve their financial literacy and make financial decisions that provide lasting security and peace of mind. Now that they’ve partnered with Integrity, Sheena, Matt and the entire MoneySmartMovement team will have access to the industry’s best technology and resources, as well as proven and respected thought leaders. The Integrity platform is built to promote growth, and I know it will provide unprecedented opportunities for MoneySmartMovement, its agents and their clients.”
Integrity and MoneySmartMovement share a vision of more holistic life, health and wealth protection for all American families. In bringing this concept to fruition, Integrity has assembled incredible leaders from across the insurance and financial services industries who are creating innovative strategies and solutions to help more Americans plan for the good days ahead. Through collaboration and partnership, these visionaries are expanding insurance and financial offerings, and improving processes for all stakeholders.
For more information about MoneySmartMovement’s partnership with Integrity, view a video at www.integrity.com/moneysmart.
About Integrity
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity’s proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity’s holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings. For more information, visit www.integrity.com.
About MoneySmartMovement
MoneySmartMovement, headquartered in Dallas, Texas, is a distinguished financial services agency at the forefront of leadership development and business scaling for insurance agents. With a network of over 6,000 diverse agents nationwide, MoneySmartMovement stands as one of the fastest-growing agencies in the U.S., committed to meeting the financial insurance needs of families and individuals. The agency serves thousands of Americans annually. For more information, visit www.moneysmartguy.com.
SOURCE Integrity Marketing Group, LLC
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]]>The post Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage appeared first on Wink, Inc..
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“Seniors Advisory Services is a pillar in Louisiana in Medicare Advantage, with a solid reputation and strong relationships that will help SMS expand its reach in the South,” said SMS President Jim Summers. “With SMS’ resources, SAS can grow both its product offerings and its geographical footprint to nearby states such as Mississippi, Arkansas, Texas and Oklahoma — ultimately meaning more agents can serve more seniors with more of their health and wealth needs.”
After Dan Jumonville bought the Baton Rouge, Louisiana, company in 2006 and Tim Nichols joined in 2007 as Chief Operating Officer, the field marketing organization (FMO) earned a reputation for hands-on, always-available support to community-based independent insurance agents and senior clients throughout the state.
“After many years of successful growth, Tim and I decided to seek an alliance with a strategic partner who could take us more global and give us access to more technology and respected expertise in the marketplace,” Jumonville said. “SMS has that reputation and those capabilities.”
Another deciding factor was his trust in SMS partner Alliant Insurance Services, which purchased SMS in 2020 and acquired Jumonville’s two other marketing organizations in 2021: Group Insurance, Incorporated (GII), a full-service employee benefits provider and one of Louisiana’s leading group insurance brokerage firms, and GII’s wholly owned subsidiary, Insurance Services of America (ISA), which offers individual insurance and ancillary products.
Jumonville, who remained as President and CEO of GII since the Alliant acquisition, will continue to serve in the same roles at SAS, along with Nichols as COO and Mike Bremmer as Chief Marketing Officer.
“Dan, Tim and Mike have done a phenomenal job of building relationships and growing a network of service-oriented agents, and that’s a culture we share,” Summers said. “This is an exciting opportunity to grow together and to create more synergies with all of our acquired partners.”
Since joining Alliant, SMS has acquired more than a dozen companies as part of its strategic growth plan expanding its national health and wealth distribution network and fostering innovation among the SMS family of companies.
About Senior Market Sales
Senior Market Sales® (SMS) represents top Medicare Supplement, Medicare Advantage, annuity, life, long-term care, individual health and travel insurance carriers in all 50 states. More than 71,000 independent insurance agents rely on SMS for proprietary technology, competitive insurance products, and expert training and service to help them leverage their time, make more money, and put their business in a position of distinction. Founded in 1982, SMS is headquartered in Omaha, Nebraska. In 2020, SMS joined the Alliant Insurance Services family of companies. Visit www.SeniorMarketSales.com or call 1.800.786.5566 for more information.
About Alliant Insurance Services
Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. Alliant operates through a network of specialized national platforms and local offices to offer clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations. For more information, visit alliant.com.
Contact: Dan Trumblee
Assistant Vice President
Divisional Director, Communications & Creative Services, Senior Market Sales®
402.343.3689
Dtrumblee@SeniorMarketSales.com
SOURCE Senior Market Sales
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]]>The post CFP Board Survey: Americans Want Retirement Investment Advice to Be in Their Best Interest appeared first on Wink, Inc..
]]>This finding comes in support of the U.S. Department of Labor’s (DOL’s) proposed “Retirement Security Rule: Definition of an Investment Advice Fiduciary,” an expansion of the fiduciary standard set under the Employee Retirement Income Security Act (ERISA). This rule applies to advice provided to investors by financial professionals regarding their retirement assets, including rollover recommendations.
According to the survey, which polled Americans who have worked with a financial professional, this proposed rule change mirrors the assumptions that Americans make about the advice they already are receiving. Nearly all Americans (92%) understood that the financial professional who recommended moving their funds out of a workplace retirement savings program into an IRA or annuity was required to make that recommendation in their best interest. Americans widely believe that a financial professional giving such advice is doing so as a fiduciary. Only 5% of survey respondents did not expect the financial professional to fulfill a fiduciary role regarding advice on rolling over workplace retirement savings into an IRA or annuity.
“Workers and retirees seek a financially secure and dignified retirement and deserve to have financial professionals delivering retirement investment advice in their best interests,” said CFP Board CEO Kevin R. Keller, CAE. “The Department of Labor’s proposed Retirement Security Rule helps assure clients that they can trust their advisor to help them achieve their investment and retirement goals confidently and ethically. This new rule would close existing regulatory gaps from antiquated regulations that were created in 1975.”
CFP® Professionals Thrive Following Fiduciary Standard Requirement
A separate survey of CFP® professionals demonstrates that broadening the fiduciary standard requirement across the financial planning ecosystem will not limit the flexibility of financial planning services, nor will it reduce access to these services for moderate-income investors. Among other things, the survey conducted by the CFP Board Research Team asked about the minimum amount of investable assets that a client must have for the CFP® professional to provide them with financial advice about those assets (the financial advice may concern any kind of product, service or account type).
After CFP Board expanded the scope of the fiduciary duty in CFP Board’s Code of Ethics and Standards of Conduct (which was effective for all purposes in 2020), 90% of CFP® professionals chose to maintain their current required minimum investable assets for clients rather than raising the minimum, according to the study.
Similarly, the vast majority of CFP® professionals (82%) did not raise the minimum investable assets threshold for their clients following the U.S. Securities and Exchange Commission’s (SEC’s) adoption of Regulation Best Interest (Reg BI), which established a “best interest” standard of conduct for securities-related investment advice and went into effect in 2020. Now, nearly four years after Reg BI’s adoption, 42% of CFP® professionals surveyed do not require their clients to have a minimum amount of investable assets. What’s more, Reg BI had a limited impact on CFP® professionals’ client rosters — 86% of CFP® professionals maintained their existing client roster after the regulation’s enactment.
The survey data demonstrate the continued dedication with which CFP® professionals serve clients from various financial backgrounds, especially those in moderate-income households. More than half of CFP® professionals (52%) provide financial advice to clients with a household income of $0 to $75,000, and two-thirds (67%) provide financial advice to clients with a household income between $75,001 and $150,000.
“Moderate-income Americans saving for retirement should receive the same access to best interest financial advice as wealthy Americans,” said CFP Board General Counsel Leo G. Rydzewski, J.D., CAE. “The DOL’s proposed Retirement Security Rule is needed to fill the gaps that Regulation Best Interest and the NAIC Model Regulation don’t cover. It is an important step toward improving retirement security for all Americans. If the rule is adopted, moderate-income savers will gain – rather than lose – access to retirement investment advice that is in their best interests.”
CFP Board’s research demonstrates that DOL’s proposed Retirement Security Rule will fill the regulatory gap by applying a consistent and strong standard for retirement savings. If adopted, the new rule will prevent advisors from avoiding fiduciary responsibility even when they are functioning as, and clients are relying on them as, trusted advisors.
To find a CFP® professional who can help you achieve your financial goals, visit LetsMakeAPlan.org.
METHODOLOGY
CFP Board engaged with the Center for Economic and Social Research at the University of Southern California (USC) to survey select members of its Understanding America Study (UAS) internet survey panel. The UAS is a nationally representative probability-based internet panel of U.S. households including over 14,000 respondents. Panel members are recruited into the UAS through priority mail using a sampling algorithm applied to a random selection of U.S. Postal Service delivery files. Once respondents consent to become panel members, they are invited to complete at least one survey per month on a computer, tablet or smartphone. Participants are provided with broadband internet access and a tablet if they do not have an existing connection. Panel members typically receive $20 for every 30 minutes of survey time.
Between February 1 and 13, 2024, the USC Center researchers surveyed panel members who had reported working with a financial professional. The survey generated 783 responses, of which 736 had worked (or are working) with a financial professional. The 736 screened responses give a margin of error at the 95% level of confidence of +/- 3.6%. Data presented in this report reflect weights applied by USC researchers to represent the gender, race/ethnicity, age, education and geographic location distributions of Americans who have ever worked with a financial professional.
On February 20, 2024, CFP Board’s Research team sent a 14-question survey to randomly selected CFP® professionals certified on or before May 1, 2020, nationwide. The survey contained 14 questions and generated 412 responses when it closed on March 1, 2024. The data collected from the survey, which serves as the basis of this report, is subject to a sampling error of +/- 4.8% at the 95% confidence interval.
ABOUT CFP BOARD
CFP Board is the professional body for personal financial planners in the U.S. CFP Board consists of two affiliated organizations focused on advancing the financial planning profession for the public’s benefit. CFP Board of Standards sets and upholds standards for financial planning and administers the prestigious CERTIFIED FINANCIAL PLANNER certification — widely recognized by the public, advisors and firms as the standard for financial planners — so that the public has access to the benefits of competent and ethical financial planning. CFP® certification is held by nearly 100,000 people in the U.S. CFP Board Center for Financial Planning addresses diversity and workforce development challenges and conducts and publishes research that adds to the financial planning profession’s body of knowledge.
SOURCE CFP Board
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]]>The post Aspida and Flourish Announce Partnership to Distribute Aspida Annuities appeared first on Wink, Inc..
]]>The Aspida Advisory MYGA is a fixed-income solution that provides guaranteed growth free from market risk. It is a single premium deferred fixed multi-year guaranteed annuity, offering durations of two-, three-, five-, and seven-years that enables advisors to address the individual needs of their clients.
“We are excited to partner with Flourish and offer our annuities on their new digital platform, which expands access for RIAs,” said Chad Burns, Aspida’s Chief Distribution Officer. “Our Aspida Advisory MYGA supplies a secure, low-risk option to grow tax-deferred money for retirement and allows individuals to choose the timeline they prefer while ensuring direct access to their money when they need it.”
The partnership widens access to Aspida’s annuities in the RIA community and equips Flourish Annuities with a top annuity product to offer its clients. Both companies are focused on tech-forward, innovative solutions in an industry typically reliant on pen and paper, transforming the annuities landscape into a more efficient and user-friendly experience.
“The Flourish Annuities platform was created to alleviate the critical pain points that have prevented RIAs from including annuities in client portfolios. Flourish Annuities’ curated marketplace of fee-based annuities from carefully vetted carriers is a key part of bringing RIAs access to this growing asset class. We are pleased to offer the Aspida Advisory MYGA on our platform,” said Max Lane, CEO of Flourish.
More information about the Aspida Advisory MYGA offered through Flourish Annuities can be found here.
About Aspida
Aspida Holdings Ltd., through its subsidiaries (collectively “Aspida”), is focused on providing retirement and reinsurance solutions, having operations in the U.S., Bermuda, and Cayman Islands with total assets of $13.7 billion as of December 31, 2023. Aspida, through its U.S. platform – Aspida Life Insurance Company – is focused on leveraging technology and agility to help clients achieve – and protect – their dreams. Its Bermuda-based reinsurance platform, Aspida Life Re, is focused on providing efficient and secure life and annuity reinsurance solutions to global clients. Aspida seeks to be a trusted partner in its clients’ financial security while driving its growth by doing good for the communities it serves. Aspida is backed by Ares Management Corporation, which, through the Ares Insurance Solutions team, provides dedicated investment management, capital solutions and corporate development support. For more information, please visit aspida.com or follow on LinkedIn.
About Flourish
Flourish builds technology that empowers financial advisors, improves financial lives and retirement outcomes, and delivers new and innovative investment options to advisors. Today, the Flourish platform supports more than $4.5 billion in assets under custody and is used by more than 750 wealth management firms representing more than $1.5 trillion in assets under management. Flourish is a wholly-owned, independently operating subsidiary of Massachusetts Mutual Life Insurance Company (MassMutual). For more information, visit www.flourish.com.
Flourish is an online platform through which investors can access financial services and products. Flourish’s offerings are provided by different entities and are subject to different terms, investor protections, and risks. Flourish Cash is offered by Flourish Financial LLC, a registered broker-dealer and FINRA member. Flourish Financial LLC is not a bank. Check the background of Flourish Financial LLC and its personnel on FINRA’s BrokerCheck. Flourish Crypto is offered by Paxos Trust Company, LLC, a New York limited purpose trust company regulated by the New York Department of Financial Services that provides custody and execution services for the Flourish Crypto accounts, and Flourish Digital Assets LLC, registered in New York as a commodity broker-dealer and provides website and other services and support for Flourish Crypto accounts. Paxos is not an affiliate of Flourish. Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies, LLC, where applicable, and to Flourish Insurance Agency, LLC in its capacity as a licensed insurance producer providing insurance services related to such platform. Flourish Insurance Agency, LLC does business in California under the name Flourish Digital Insurance Agency. An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency, LLC, a licensed insurance producer, with offices in Jersey City, New Jersey, and are issued by one or more approved licensed life insurance companies. The Flourish entities mentioned above are affiliates. Please review the Legal section of our website, and the disclosures provided with each Flourish service or product, for further information. If you were introduced or invited to Flourish by an investment advisor or other third party, please be aware that, unless otherwise disclosed to you, they are not affiliated with any Flourish entity. The role of the investment advisor or other firm that invited you to Flourish may vary between different Flourish services and products, as further described in your terms of service. © 2024 Flourish. All rights reserved.
Flourish Annuities refers generally to the annuity platform operated by Flourish Technologies, LLC, where applicable, and to Flourish Insurance Agency, LLC in its capacity as a licensed insurance producer providing insurance services related to such platform, and where applicable, the individual annuity contracts intended to be purchased by individual clients of registered investment advisors (‘RIAs’). Flourish Insurance Agency, LLC does business in California under the name Flourish Digital Insurance Agency.
An annuity is an insurance contract. Annuities shown on the platform are sold through Flourish Insurance Agency, LLC, with offices in Jersey City, New Jersey, a licensed insurance producer, and are issued by one or more approved licensed life insurance companies. The issuing insurance company, not any Flourish company, is solely responsible for its own financial and contractual obligations. All benefits and guarantees of the annuity contract are subject to the claims paying ability of the issuing insurance company. This is not a proposal or a solicitation to purchase insurance. Flourish Annuities is not available to New York residents.
PRESS
Brian Clark Kahl for Aspida
Brian.ClarkKahl@aspida.com
Marissa Arnold for Flourish
Flourish@marissaarnoldpr.com
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]]>The post Americans Embracing Possibility of Living to 100, Many Expecting Over Three Decades of Retirement appeared first on Wink, Inc..
]]>Despite wanting to celebrate a 100th birthday, many do not expect to delay their retirement to fund longer lives, as a plurality still plan to retire between ages 65-69 (40%), possibly enjoying three-plus decades in retirement. While 26% believe they will need to work past 70, a smaller number (22%) expect to retire between ages 62-64, and only 12% between 50-61. When it comes to retiring early (ages 50-61), Generation Z is the most optimistic, with 17% seeing this as a possibility.
“A longer life presents exciting new opportunities but will require thoughtful planning and purposeful action,” said Bryan Pinsky, President of Individual Retirement at Corebridge Financial. “Balancing the age you want to retire with your financial situation can be challenging. Individuals need the right financial strategies and solutions to help ensure they can pursue quality of life without outliving their money.”
Financial Concerns Tied to Longer Lives
Today’s and tomorrow’s retirees could spend more than 30 years in retirement, but the prospect of living a long life is tempered by financial worries. Two-thirds of Americans (66%) fear running out of money more than death, and these concerns appear to be rooted in assessments of and expectations for their retirement savings. Related findings include:
“Living to 100 is an incredible milestone, but getting there should be cause for celebration rather than a source of financial stress,” said Pinsky. “One of the best ways to take action is to work with a financial professional to help prepare for the future you are envisioning. That professional guidance, along with financial education and lifetime income solutions, can help you plan for and enjoy your retirement.”
Individuals who work with financial professionals are much more likely to say their retirement readiness has increased from three years ago, with 40% for individuals who have a financial professional, compared to just 22% for those without. Further, those who work with a financial professional are more likely to say they expect to be able to retire at an earlier age.
Nearly three in four respondents (72%) say having a source of guaranteed monthly income beyond Social Security would make them feel more confident about having enough money to live comfortably throughout retirement. Securing lifetime income is a priority for 92%, with 65% saying it outweighs other financial priorities.
Employers Can Play a Key Role
The “Funding Longer Lives” white paper from Corebridge Financial and The Longevity Project outlines action steps that individuals can take through their workplace to help prepare for longevity. That can include refreshing their skillset, contributing to retirement savings plans, taking advantage of retirement education and engagement programs, and, in some cases, accessing financial professionals.
“Regardless of how long an individual decides to work, they should take full advantage of the financial planning opportunities available through their employer,” said Ken Stern, Founder and Chair of The Longevity Project. “At the same time, there are opportunities for flexible work, job sharing and even second-act careers, all of which can help fund longer lives with the added benefit of helping people stay engaged and energized for many more years.”
Helping People Take Action
Last summer, Corebridge launched its Action Planner Series for individuals and financial professionals. The ongoing series provides educational resources, tools and insights to help people take action in specific areas of their financial lives. Topics include longevity, retirement income, Social Security and Medicare, as well as content designed specifically for women.
Corebridge is also the corporate sponsor of Season 5 of the Stanford Center of Longevity’s award-winning longevity podcast, “Century Lives.” This season, “The Retirement Ladder,” tells the stories of eight employees from the same workplace and their very different views on how and when they will retire.
The 2023 Corebridge Financial Survey on Longevity was conducted online May 2-11, 2023, by Morning Consult among a national sample of 2,284 U.S. adults, ages 22-75, with household incomes and assets of at least $35,000 each. The Retirement, Longevity and the Future of Work Survey was conducted online April 12-15, 2022, by Morning Consult among a national sample of 2,202 U.S. adults, ages 25-75, with household incomes of at least $25,000 and at least $50,000 in investments.
This material is general in nature, was developed for educational use only, and is not intended to provide financial, legal, fiduciary, accounting or tax advice, nor is it intended to make any recommendations. Applicable laws and regulations are complex and subject to change. Please consult with a financial professional regarding your situation. For legal, accounting or tax advice, consult the appropriate professional.
Corebridge Financial and The Longevity Project are not affiliated.
About Corebridge Financial
Corebridge Financial, Inc. (NYSE: CRBG) makes it possible for more people to take action in their financial lives. With more than $380 billion in assets under management and administration as of December 31, 2023, Corebridge Financial is one of the largest providers of retirement solutions and insurance products in the United States. We proudly partner with financial professionals and institutions to help individuals plan, save for and achieve secure financial futures. For more information, visit corebridgefinancial.com and follow us on LinkedIn and YouTube.
Işıl Müderrisoğlu (Investors): investorrelations@corebridgefinancial.com
Matt Burkhard (Media): media.contact@corebridgefinancial.com
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]]>The post Symetra Receives 2024 BISA Diversity, Equity & Inclusion Award appeared first on Wink, Inc..
]]>BELLEVUE, Wash.–(BUSINESS WIRE)–Symetra Financial Corporation received a 2024 Diversity, Equity & Inclusion Award from the Bank Insurance & Securities Association (BISA), which annually recognizes the successful diversity efforts of organizations from the financial services industry.
“Symetra is honored to receive this recognition from BISA. We remain committed to advancing diversity, equity and inclusion — for our people, our customers, our partners and our communities — and to being clear and intentional about that commitment. We believe that continuing to expand how we think about meeting the needs of more diverse customer segments through inclusive product designs, distribution and marketing approaches, is critical to achieving our vision of ‘creating a world where more people have access to financial freedom,’” said Chief Diversity, Equity and Inclusion Officer Solynn McCurdy.
Presented by BISA DE&I Committee Chair Jim Nickens during the 2024 BISA Annual Convention in Hollywood, Fla., the BISA DE&I award recognizes member firms that demonstrate outstanding leadership, innovation, and results in diversity management. It aims to promote the sharing of effective diversity strategies and tactics that create an impact within the industry as well as encourage and promote active participation by senior management in diversity efforts across the industry.
Symetra sponsored the convention’s Women’s Networking event for the fifth consecutive year. Bank & Wirehouse Channel VP Dayna Cerrone led a panel discussion featuring industry leaders on a range of topics around advocating for diversity, including women as customers and leaders, allyship and talent management. Ms. Cerrone is a co-leader of the Symetra Women’s Action Group, a new coalition focused on promoting collaboration and allyship for women leaders across financial services.
Ms. Cerrone accepted the BISA DE&I Award, joined by colleagues from the Retirement division and DEI Office. “Symetra is proud to support diversity and inclusion in financial services. Events like our Women’s Networking luncheon create space for candid discussion and provide opportunities for education, relationship building and inspiration. We will continue to drive critical initiatives forward, to find solutions within our company, within our business and wherever possible within our larger industry,” said Ms. Cerrone.
BISA is the leading financial services industry association dedicated to serving those responsible for the marketing, sales and distribution of securities, insurance, and other financial products and advisory services through the bank channel.
About Symetra
Symetra Financial Corporation is a diversified financial services company based in Bellevue, Washington. In business since 1957, Symetra provides employee benefits, annuities and life insurance through a national network of benefit consultants, financial institutions, and independent financial professionals and insurance producers.
Diana McSweeney
(425) 256-6167
diana.mcsweeney@symetra.com
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]]>The post I retired 6 years ago and hired a financial adviser. He recommended annuities, but they only yield about 2%. Now what? appeared first on Wink, Inc..
]]>Click HERE to read the full story via MarketWatch
Wink’s Moore on the Market: Why on earth is this woman still in annuities that only yield 2%?!?
“If that’s the case, the adviser should always be shopping the market once the surrender period has expired to make sure the client is in the best position possible,” Bryan Kuderna says.
Indeed.
As for other sources in this article, claiming that annuities have high commissions and that people should ONLY work with fiduciaries…rolling my eyes. -sjm
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]]>The post Everyone has a money story: Win Havir tells the story that inspires her appeared first on Wink, Inc..
]]>For Winona “Win” Havir, that money story begins in World War II, with her widowed grandmother desperate to save her children from Japanese invaders threatening their home in China. Havir’s grandmother put her three children on an American ship leaving the port of Shanghai in hopes of saving them from the Japanese.
Click HERE to read the full story via INN
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]]>The post Annuity sales set more records in Q4, Wink reports appeared first on Wink, Inc..
]]>Click HERE to read the full story via INN
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]]>The post Boost your confidence, embrace your uniqueness and transform your sales appeared first on Wink, Inc..
]]>How would your conversations be different if every prospect you spoke with disclosed the reason for their hesitation or the history of their failure to take action; or better yet, what if they actually came out and told you “This is the problem I’m having, the concern I have, the fear that’s held me back”?
Click HERE to read the full story via INN
Wink’s Moore on the Market:
I know nothing about being in sales.
That said, I think Lloyd Lofton Jr. L.U.T.C. is onto something in this month’s InsuranceNewsNet Magazine.
Read on, about how you can transform your sales process by boosting your confidence and embracing your uniqueness. -sjm
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]]>The post We’re in our 70s in Boca Raton with a net worth of about $2 million – and rental properties, Social Security and an annuity. What’s next for us? appeared first on Wink, Inc..
]]>Click HERE to read more via MarketWatch
Wink’s Moore on the Market: Insurance agents get no love from MarketWatch.
Even with an annuity in the mix! -sjm
The post We’re in our 70s in Boca Raton with a net worth of about $2 million – and rental properties, Social Security and an annuity. What’s next for us? appeared first on Wink, Inc..
]]>The post Treasury Proposes Curbs on Use of Life and Annuities in Wealth Planning appeared first on Wink, Inc..
]]>The department has added a proposal to “Limit Tax Benefits for Private Placement Life Insurance and Similar Contracts” in its “Greenbook,’ or detailed discussion of revenue-raising proposals, for fiscal year 2025.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: Using Private Placement Life Insurance or Private Placement Annuities?
You may be kissing them goodbye soon… -sjm
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]]>The post Women’s History Month appeared first on Wink, Inc..
]]>How Sheryl Moore grew into one of the life and annuity industry’s leading product experts, check out this feature article “From Stay-at-Home mom to Insurance Evangelist” page 32 here: https://issuu.com/innm/docs/innm_0220
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]]>The post Nationwide and Annexus celebrate 10-year partnership with NYSE bell ringing appeared first on Wink, Inc..
]]>Click HERE to read the full story via Nationwide
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]]>The post This is a relatively new development, which I largely attribute to The SECURE Act. appeared first on Wink, Inc..
]]>Younger people might be more receptive to using annuities because news about annuities over the past few years has been largely positive. This is a relatively new development, which I largely attribute to The SECURE Act.
This would also explain why older people are more receptive to annuities NOW than they were in 2017.
If you are interested by some fascinating research by my good friend Matthew Drinkwater at LIMRA, and by buddy David Blanchett at PGIM, check this out: The annuity puzzle is especially puzzling for older retirees via INN
-sjm
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]]>The post Insurance M&As drop in 2023, but expected to rise again this year appeared first on Wink, Inc..
]]>“As increases in interest rates and inflation ease, pent-up activity may drive an upsurge in deals later into 2024,” said a report from Deloitte Financial Services.
Click HERE to read the full story via INN
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]]>The post The 2024 Game Plan for In-Plan Annuities appeared first on Wink, Inc..
]]>But the long road to winning over plan sponsors and participants has been an uphill one filled with roadblocks that has kept most players on the sideline to date.
Click HERE to read the full story via 401kSpecialist
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]]>The post Another head-turner appeared first on Wink, Inc..
]]>Another head-turner?
(I mean besides the instant issue part…)
There is no medical exam required for coverage up to $450,000.
Want the deets? We have the specs on Wink, Inc.’s LifeSpecs tool.
-sjm
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]]>The post Wink, Inc. Releases 4th Quarter, 2023 Deferred Annuity Sales Results appeared first on Wink, Inc..
]]>–
– FOR IMMEDIATE DISTRIBUTION —
NEWS RELEASE
Indexed, MYGA, and Structured Annuity Sales Hit Records
Wink, Inc. Releases 4th Quarter, 2023 Deferred Annuity Sales Results
Des Moines, Iowa. March 5th, 2024– Wink’s Sales & Market Report, the insurance industry’s #1 resource for annuity sales data since 1998, released its 106th edition report for 4th Quarter, 2023. One hundred and thirty-one annuity providers participated in the report.
Total fourth quarter sales for all deferred annuities were $105.4 billion; sales were up 33.1% when compared to the previous quarter and up 32.9% when compared to the same period last year. All deferred annuities include the variable annuity, structured annuity, indexed annuity, traditional fixed annuity, and multi-year guaranteed annuity (MYGA) product lines.
Noteworthy highlights for all deferred annuity sales in the fourth quarter include Athene USA ranking as the #1 carrier overall for deferred annuity sales, with a market share of 12.9%. Massachusetts Mutual Life Companies held second place, while Lincoln National Life, Corebridge Financial, and Equitable Financial rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life Stable Voyage 3-Year, a MYGA, was the #1 selling deferred annuity, for all channels combined, in overall sales for the second consecutive quarter.
Total fourth quarter variable deferred annuity sales were $24.1 billion; sales were down 1.2% when compared to the previous quarter and up 12.3% when compared to the same period last year. Variable deferred annuities include structured annuity and variable annuity product lines.
Noteworthy highlights for variable deferred annuity sales in the fourth quarter include Equitable Financial ranking as the #1 carrier overall for variable deferred annuity sales, with a market share of 20.1%. Jackson National Life continued in the second-place position, as Lincoln National Life, Brighthouse Financial, and Allianz Life concluded the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity, a variable annuity, was the #1 selling variable deferred annuity, for all channels combined, in overall sales for the quarter.
Indexed annuity sales for the fourth quarter were $27.9 billion; sales were up 19.8% when compared to the previous quarter, and up over 29.1% when compared with the same period last year. Indexed annuities have a floor of no less than zero percent and limited excess interest that is determined by the performance of an external index, such as Standard and Poor’s 500®. This was a record-setting quarter for indexed annuity sales, topping the prior 2nd quarter 2023 record by 11.1%. This was also a record-setting year for indexed annuity sales, topping the prior 2022 record by 25.5%.
Noteworthy highlights for indexed annuities in the fourth quarter include Athene USA ranking as the #1 seller of indexed annuities, with a market share of 11.4%. Allianz Life moved into the second-ranked position, while Lincoln National Life, American Equity Companies, and Sammons Financial Companies rounded out the top five carriers in the market, respectively. American Equity’s IncomeShield 10 was the #1 selling indexed annuity, for all channels combined, for the quarter.
Sheryl Moore, CEO of both Wink, Inc., and Moore Market Intelligence commented, “Indexed annuities have now sold over a trillion dollars, since their introduction in 1995!”
Traditional fixed annuity sales in the fourth quarter were $730.6 million; sales were up 47.3% when compared to the previous quarter, and up 26.9% when compared with the same period last year. Traditional fixed annuities have a fixed rate that is guaranteed for one year only.
Noteworthy highlights for traditional fixed annuities in the fourth quarter include Nationwide ranking as the #1 carrier in fixed annuities, with a market share of 28.4%. Global Atlantic Financial Group ranked second while Modern Woodman of America, EquiTrust, and CNO Companies completed the top five carriers in the market, respectively. Forethought Life’s ForeCare Fixed Annuity was the #1 selling fixed annuity, for all channels combined, for the fourteenth consecutive quarter.
Multi-year guaranteed annuity (MYGA) sales in the fourth quarter were $52.6 billion; sales were up 70.0% when compared to the previous quarter, and 47.7% when compared to the same period, last year. MYGAs have a fixed rate that is guaranteed for more than one year. This was a record-setting quarter for multi-year guaranteed annuity sales, topping the prior 4th quarter 2022 record by 47.7%. This was also a record-setting year for multi-year guaranteed annuity sales, topping the prior 2022 record by 48.3%.
Noteworthy highlights for MYGAs in the fourth quarter include Athene USA ranking as the #1 carrier, with a market share of 19.4%. Massachusetts Mutual Life Companies moved into the second-ranked position, while Corebridge Financial, Global Atlantic Financial Group, and New York Life rounded out the top five carriers in the market, respectively. Massachusetts Mutual Life’s Stable Voyage 3-Year product was the #1 selling multi-year guaranteed annuity, for all channels combined, for the second consecutive quarter.
“It’s no surprise to see MYGA sales hitting records. When five-year MYGAs are crediting upward of 6.0%, and CDs are crediting 1.72%, consumers are going to choose the MYGA every time,” explained Moore.
Structured annuity sales in the fourth quarter were up over $12.4 billion; up 3.2% as compared to the previous quarter, and up 32.9% as compared to the same period, the previous year. Structured annuities have a limited negative floor and limited excess interest that is determined by the performance of an external index or subaccounts. This was a record-setting quarter for structured annuity sales, topping the prior 3rd quarter 2023 record by over 3.2%. This was also a record-setting year for structured annuity sales, topping the prior 2022 record by 13.8%.
Noteworthy highlights for structured annuities in the fourth quarter include Equitable Financial ranking as the #1 carrier in structured annuity sales, with a market share of 25.2%. Allianz Life ranked second, while Brighthouse Financial, Prudential and Jackson National Life completed the top five carriers in the market, respectively. Pruco Life’s Prudential FlexGuard Indexed Variable Annuity was the #1 selling structured annuity, for all channels combined, for the quarter.
“Structured annuity sales hit a record this quarter!” exclaimed Moore. “But what is more significant is the fact that structured annuity sales eclipsed variable annuity sales for the first time.”
Variable annuity sales in the fourth quarter were $11.6 billion; down 5.6% as compared to the previous quarter, and down 3.7% as compared to the same period last year. Variable annuities have no floor, and the potential for gains/losses is determined by the performance of the subaccounts that may be invested in an external index, stocks, bonds, commodities, or other investments.
Noteworthy highlights for variable annuities in the fourth quarter include Jackson National Life ranking as the #1 carrier in variable annuities, with a market share of 18.4%. Equitable Financial ranked second, while New York Life, Lincoln National Life, and Nationwide finished out as the top five carriers in the market, respectively. Jackson National’s Perspective II Flexible Premium Variable & Fixed Deferred Annuity was the #1 selling variable annuity for the nineteenth consecutive quarter, for all channels combined.
Wink reports sales on indexed annuity, fixed annuity, multi-year guaranteed annuity, structured annuity, variable annuity, and multiple life insurance product lines. Sales reporting on single premium immediate annuity, deferred income annuity, and additional life insurance product lines will be available starting in 1st Quarter, 2024’s report.
For more information, go to www.WinkIntel.com
Wink, Inc. is the company behind the most comprehensive life insurance and annuity due-diligence tools, AnnuitySpecs and LifeSpecs at www.WinkIntel.com. Wink, Inc. is the distributor of the quarterly Wink’s Sales & Market Report. Serving as the insurance industry’s #1 resource of indexed insurance product sales since 1998, this report provides sales by product, company, crediting method, index, distribution, surrender charge period, and more. Wink’s Sales & Market Report expanded to cover all deferred annuity products in 2015, all deferred variable annuity products in 2019 and all non-variable cash value life insurance products in 2017.
The staff of Wink, Inc. has combined experience of nearly 200 years working with insurance products, more than a century of which is specific to competitive intelligence. Based in Des Moines, Iowa, the firm offers competitive intelligence and market research in the life insurance and annuity industries, serving financial services professionals, distributors, manufacturers, regulators, and consultants on both a domestic and global basis.
Sheryl J. Moore, CEO is the guiding force behind Wink, Inc. Ms. Moore previously worked as a market research analyst for top carriers in the life insurance and annuity industries. Her views on the direction of the market are frequently heard in seminars and quoted by industry trade journals.
March 5, 2024
Des Moines, IA
(855) ASK-WINK
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]]>The post Fourth Quarter 2023 Annuity Sales appeared first on Wink, Inc..
]]>Total 4Q2023 deferred annuity sales $105,464 million, compared with sales of $79,336 million for the fourth quarter of 2022. Fourth quarter deferred annuity sales were up more than 33% when compared to the previous quarter and up nearly 33% when compared to the same period last year.
Non-Variable Deferred Annuity Sales
Total 4Q2023 non-variable deferred annuity sales were $81,332 million, compared with sales of $57,852 million for the fourth quarter of 2022. Fourth quarter non-variable deferred annuity sales were up more than 48% when compared to the previous quarter, and up nearly 41% when compared to the same period last year. Non-variable deferred annuities include sales of fixed, indexed, and multi-year guaranteed deferred annuities.
Variable Deferred Annuity Sales
Total 4Q2023 variable deferred annuity sales were $24,132 million, compared with sales of $21,484 million for the fourth quarter of 2022. Fourth quarter variable deferred annuity sales were down more than 1% when compared to the previous quarter, and up more than 12% when compared to the same period last year. Variable deferred annuities include sales of structured and variable deferred annuities.
Indexed Annuity
Sales for the fourth quarter of 2023 were $27,967 million, compared with sales of $21,649 million for the fourth quarter of 2022. Fourth quarter indexed annuity sales were up nearly 20% when compared to the previous quarter, and up more than 29% when compared to the same period last year. This was a record-setting quarter for indexed annuity sales, topping the prior 2nd quarter 2023 record by 11.12%. This was also a record-setting year for indexed annuity sales, topping the prior 2022 record by 25.57%.
Total 4Q2023 indexed annuity sales were $27,967,139,052.
THE TOP TEN INDEXED ANNUITY CARRIERS FOR THE QUARTER:
AVERAGE COMMISSION:
The indexed annuity commission received by the agent averaged 6.59% of premium for the fourth quarter of 2023; a trend that is up 0.08% from the prior quarter.
LEADERS BY CHANNEL:
Bank- Corebridge Financial
Career- CNO Companies
Direct Response- Prudential
Full Service National Broker Dealer- Lincoln National Life
Independent Agent- Athene USA
Independent Broker Dealer- Lincoln National Life
Registered Investment Advisor- Sammons Financial Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- American Equity IncomeShield 10
Bank- American General Power Index 5 Plus Annuity
Career- Pruco Life Prudential SurePath Income FIA
Direct Response- Pruco Life Prudential SurePath Income FIA
Full Service National Broker Dealer- Forethought Life ForeAccumulation II FIA 5-Year
Independent Agent- American Equity IncomeShield 10
Independent Broker Dealer- Nationwide L&A Nationwide New Heights Select 9
Registered Investment Advisor- Midland National Life Capital Income
Fee-Based Overall- Midland National Life Capital Income
Fixed Annuity
Sales for the fourth quarter of 2023 were $730 million, compared to sales of $575 million for the fourth quarter of 2022. Fourth quarter fixed annuity sales were up more than 47% when compared to the previous quarter, and up nearly 27% when compared with the same period last year.
Total 4Q2023 fixed annuity sales were $730,634,092.
THE TOP TEN FIXED ANNUITY CARRIERS FOR THE QUARTER:
AVERAGE COMMISSION:
The fixed annuity commission received by the agent averaged 5.65% of premium for the fourth quarter of 2023; a trend that is down 0.09% when compared to last quarter.
LEADERS BY CHANNEL:
Bank- Nationwide
Career- Modern Woodmen of America
Direct Response- Corebridge Financial
National Broker Dealer- Nationwide
Independent Agent- EquiTrust
Independent Broker Dealer- Nationwide
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Forethought Life ForeCare Fixed Annuity
Bank- State Life Annuity Care II
Career- American National WealthQuest Citadel 7 Diamond
Full Service National Broker Dealer- Western-Southern Life Senior Select 1-Year
Independent Agent- EquiTrust ChoiceFour with Liquidity Rider
Independent Broker Dealer- Forethought Life ForeCare Fixed Annuity
Multi-Year Guaranteed Annuity
Sales for the fourth quarter of 2023 were $52,634 million, compared with sales of $35,627 million for the fourth quarter of 2022. Fourth quarter MYGA sales were up 70% when compared to the previous quarter, and up nearly 48% when compared to the same period last year. This was a record-setting quarter for multi-year guaranteed annuity sales, topping the prior 4th quarter 2022 record by 47.73%. This was also a record-setting year for multi-year guaranteed annuity sales, topping the prior 2022 record by 48.31%.
Total 4Q2023 MYGA sales were $52,634,304,641.
THE TOP TEN MYGA CARRIERS FOR THE QUARTER:
AVERAGE COMMISSION:
The multi-year guaranteed annuity commission received by the agent averaged 1.91% of premium for the fourth quarter of 2023; a decline of 0.10% from last quarter.
LEADERS BY CHANNEL:
Bank- Athene USA
Career- New York Life
Direct Response- Puritan Life
Independent Agent- Athene USA
Full Service National Broker Dealer- Massachusetts Mutual Life Companies
Independent Broker Dealer- Lincoln National Life
Registered Investment Advisor- Sammons Financial Companies
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Massachusetts Mutual Life Stable Voyage 3-Year
Bank- Athene Annuity Athene MYG 5
Career- Thrivent Financial MYG 9-Year
Direct Response- Puritan Life Canvas 5-Year
Full Service National Broker Dealer- Massachusetts Mutual Life Stable Voyage 3-Year
Independent Agent- Athene Annuity Athene MaxRate 5
Independent Broker Dealer- Lincoln National Life Lincoln Select FA 5-Year
Registered Investment Advisor- Midland National Life Oak ADVantage 7-Year
Fee-Based Overall- Midland National Life Oak ADVantage 7-Year
Structured Annuity
Sales for the fourth quarter of 2023 were $12,489 million compared with sales of $9,392 million for the fourth quarter of 2022. Fourth quarter structured annuity sales were up more than 3% when compared to the previous quarter, and up nearly 33% when compared to the same period last year. This was a record-setting quarter for structured annuity sales, topping the prior 3rd quarter 2023 record by 3.28%. This was also a record-setting year for structured annuity sales, topping the prior 2022 record by 13.86%.
Total 4Q2023 structured annuity sales were $12,489,254,894.
THE TOP TEN STRUCTURED ANNUITY CARRIERS FOR THE QUARTER:
LEADERS BY CHANNEL:
Bank- Equitable Financial
Career- Equitable Financial
Direct Response- Prudential
Full Service National Broker Dealer- Brighthouse Financial
Independent Broker Dealer- Allianz Life
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Pruco Life Prudential FlexGuard Indexed VA
Bank- Members Life TruStage ZoneChoice Annuity
Career- RiverSource Life Structured Solutions 6-Year
Direct Response- Pruco Life Prudential FlexGuard Indexed VA
Full Service National Broker Dealer- Allianz Life Allianz Index Advantage+ VA
Independent Broker Dealer- Jackson National Jackson Market Link Pro II
Registered Investment Advisor- Lincoln National Life Lincoln Level Advantage Advisory
Fee-Based Overall- Lincoln National Life Lincoln Level Advantage Advisory
Variable Annuity
Sales for the fourth quarter of 2023 were $11,643 million, compared with sales of $12,091 million for the fourth quarter of 2022. Fourth quarter variable annuity sales were down nearly 6% when compared to the previous quarter, and down nearly 4% when compared to the same period last year. This was a record-low quarter for variable annuity sales, topping the prior 3rd quarter 2023 low by 5.65%.
Total 4Q2023 variable annuity sales were $11,643,109,785.
THE TOP TEN VARIABLE CARRIERS FOR THE QUARTER:
LEADERS BY CHANNEL:
Bank- Jackson National Life
Career- Equitable Financial
Direct Response- Fidelity Investments
Full Service National Broker Dealer- Jackson National Life
Independent Broker Dealer- Jackson National Life
Registered Investment Advisor- Lincoln National Life
TOP SELLING PRODUCTS BY CHANNEL:
Overall- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Bank- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Career- Equitable Financial Equi-Vest
Direct Response- Fidelity Fidelity Personal Retirement Annuity
Full Service National Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Independent Broker Dealer- Jackson National Perspective II Flexible Premium Variable & Fixed Deferred Annuity
Registered Investment Advisor- Lincoln National Life ChoicePlus Assurance Series B Share
Fee-Based Overall- Fidelity Fidelity Personal Retirement Annuity
Wink anticipates compiling first quarter, 2024’s sales with a release date of May 2024. -sjm
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]]>The post LINE OF BUSINESS: 4Q23 Sales- % CHNG QTR / % CHNG YR appeared first on Wink, Inc..
]]>All Deferred Annuities: $105.46 B- 33.11% / 32.93%
>Non-Variable Deferred Annuities: $81.33 B- 48.42% / 40.58%
>>Indexed Annuities: $27.96 B- 19.80% / 29.18%
>>Fixed Annuities: $730.63 M- 47.32% / 26.98%
>>MYGAs: $52.63 B- 70.02% / 47.73%
>Variable Deferred Annuities: $24.13 B- -1.23% / 12.33%
>>Structured Annuities: $12.48 B- 3.28% / 32.97%
>>Variable Annuities: $11.64 B- -5.65% / -3.71%
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]]>The post My “Three Bucket” Approach To Explaining Fixed Annuities appeared first on Wink, Inc..
]]>Click HERE to read the full story via Broker World
The post My “Three Bucket” Approach To Explaining Fixed Annuities appeared first on Wink, Inc..
]]>The post NC appeals court deals another blow to Greg Lindberg’s crippled empire appeared first on Wink, Inc..
]]>In a unanimous decision, a three-judge appellate panel issued an opinion against GBIG Holdings, which had sought to delay liquidation of Bankers Life Insurance Co. and Colorado Bankers Life Insurance Co. The judges reversed a lower-court ruling granting intervenor status to GBIG.
Click HERE to read the full story via INN
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]]>The post AuguStar and Americo Add Indexed Life Policies appeared first on Wink, Inc..
]]>AuguStar Life — the Cincinnati-based reincarnation of Ohio National Life — introduced a 20-pay Prestige Indexed Whole Life policy, a sibling of the company’s 10-pay indexed whole life policy.
Americo, a Kansas City, Missouri-based company, launched the Instant Decision Indexed Universal Life policy program.
Click HERE to read the full story via Think Advisor
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]]>The post Multi-Year Guaranteed Annuity Sales Get Back on the Rocket appeared first on Wink, Inc..
]]>Life insurers let sales of the products rocket up to $53 billion in the quarter, up 48% from the total recorded in the fourth quarter of 2022, after increasing just 13% in the third quarter of 2023, according to a new issuer survey compiled by Wink.
Click HERE to read the full story via Think Advisor
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]]>The post 7 Trends Annuity Execs Are Watching Now appeared first on Wink, Inc..
]]>The analysts tell investors what’s hot and what’s not. Insurers and other U.S. companies that sell stock to the public usually hold public conference calls with the analysts every three months to talk about their performance
Click HERE to read the full story via Think Advisor
The post 7 Trends Annuity Execs Are Watching Now appeared first on Wink, Inc..
]]>The post DOL Fiduciary Rule Could Throw Cold Water on Annuity Sales Boom appeared first on Wink, Inc..
]]>The change could be felt most acutely by some of the largest independent broker-dealers, such as LPL Financial, Ameriprise Financial and Raymond James Financial, which control almost a third of the advisor-sold annuities market, according to a 2022 Cerulli Associates report. (In comparison, wirehouses account for around 9% of annuities sold by advisors.)
Click HERE to read the full story via AdvisorHub
Wink’s Moore on the Market: “Retirement investors could save as much as $32.5 billion in the first decade if DOL’s rule is implemented.”
How can that be?
Annuitants don’t pay the commissions; insurance companies do.
scratching my head, wondering how legislators get their information. – sjm
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]]>The post AuguStar and Americo Add Indexed Life Policies appeared first on Wink, Inc..
]]>AuguStar Life — the Cincinnati-based reincarnation of Ohio National Life — introduced a 20-pay Prestige Indexed Whole Life policy, a sibling of the company’s 10-pay indexed whole life policy.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: AuguStar Life has a new 20-pay indexed whole life product.
AND…you can get all the deets on the new life policy at Wink, Inc.‘s LifeSpecs tool. -sjm
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]]>The post California’s Adoption of NAIC Annuity Protection Model Means 90% of U.S. Consumers Now Covered appeared first on Wink, Inc..
]]>The fact that California—a blue state with the largest population of any state in the country—this week became the 45th state to adopt the best interest regulation that insurance producers must follow when recommending annuity products to their clients may have some deeper implications than being just another state to adopt the model.
Click HERE to read the full story via 401kspecialist
Wink’s Moore on the Market: Is 90% enough for the Department of Labor?
I’m not so sure… -sjm
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]]>The post 4 Ways to Lock In Yields Above 5% appeared first on Wink, Inc..
]]>Click HERE to read the full story via WSJ
Wink’s Moore on the Market: Actually Debbie Carlson, annuities are available with as little as one-year terms.
AND- you can purchase annuities with as little as $500!
Which makes these product even more attractive than you initially suggested… -sjm
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]]>The post Addressing the gender gap in insurance and financial services appeared first on Wink, Inc..
]]>Women now make up roughly 50% of the workforce in the insurance industry, but they represent only 18% of C-suite positions. In the financial services sector, the proportion of women in leadership roles is 24% and is projected to grow to 28% by 2030.
Click HERE to read the full story via INN
Wink’s Moore on the Market: I have to thank John Forcucci at InsuranceNewsNet for this month’s issue of the magazine, which focuses on advising women through the seasons of their lives.
John points-out “the reality for women”:
1. Lack of professional development opportunities
2. Gender bias
3. Work-life balance
4. Lack of gender diversity targets
These are things that we are going to have to do better on. According to McKinsey & Company, women are expected to inherit much of the $68 trillion in wealth that baby boomers are passing down.
I’ve seen a lot of home offices putting in hard work to change these norms. I need to see more work in distribution, and certainly we need more female advisors.
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]]>The post Distributors Expect Life Sales to Grow Faster Than Annuity Sales appeared first on Wink, Inc..
]]>When a survey team asked life, health and annuity distributors to rate the growth prospects of eight life-and-health-related sectors, 26% listed estate and trust services as the leader.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: I don’t know.
Are you buying this?
“Distributors Expect Life Sales to Grow Faster Than Annuity Sales” -sjm
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]]>The post Why Annuity Sales Are Booming appeared first on Wink, Inc..
]]>Limra attributed this sales run to a combination of rising interest rates, market volatility, demographic shifts and greater demand for retirement-income security.
All true, no doubt.
Click HERE To read the full story through Financial Advisor.
Wink’s Moore on the Market: “Not all annuities have lifetime income benefits.”
Ben Mattlin– that’s pure poppycock.
EVERY annuity provides guaranteed lifetime income that cannot be outlived. -sjm
Join in the conversation on LinkedIn!
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]]>The post Financial Service Industry Veterans Launch New Retirement Solutions Platform appeared first on Wink, Inc..
]]>ITHACA, N.Y., Feb. 27, 2024 /PRNewswire/ — Retirement industry thought leaders Dr. Michael Finke and Tamiko Toland launch IncomePath, a novel solution provider that simplifies retirement income planning.
IncomePath uses a goal-based process that considers spending flexibility and other factors to help users visualize how risk affects possible lifestyle paths. By clarifying how investment volatility and an unknown lifespan impact spending, IncomePath allows a client to select the right combination of investment risk, portfolio withdrawals, and annuity income. IncomePath includes a step-by-step retirement income planning guide and visual aid that allows a client to choose their lifestyle path.
“Most planning software focuses on failure,” said Finke, Co-Founder and Chief Strategist of IncomePath. “But failure isn’t a realistic way to plan since it ignores our ability to adjust spending in response to uncertainty. What people really need is a better way to understand the choices they can make to build an income that fits the way they want to live. That’s the goal of IncomePath.”
IncomePath’s visualizations help an individual see how ‘good’ or ‘bad luck’, and the use of financial products that transfer risk could shape their retirement. At its core, IncomePath illustrates the differences between retirement income choices.
“IncomePath provides an intuitive way for consumers to gain a deeper understanding of how investment risk and financial products work and the key tradeoffs involved,” said Tamiko Toland, CEO of IncomePath. “We want to help consumers to make a personal decision about how much lifetime income they want—if any—through a simple planning experience.”
Finke and Toland introduce the methodology behind the IncomePath in a new white paper, “Freedom to Spend: Building a Better Retirement Income Plan Using Income Paths and Flexible Spending.” They move the conversation away from “failure” rates associated with the hotly debated 4% rule and focus on lifestyles that use more realistic spending that is better suited to match a client’s goals.
IncomePath (www.incomepath.com) is expected to be available for individual financial professionals in early 2024.
About IncomePath
IncomePath visualizes how various choices affect retirement income. IncomePath helps customers understand their options and achieve their lifestyle goals. Dr. Michael Finke and Tamiko Toland co-founded IncomePath in 2023 to provide a better framework to present how annuities and other strategies affect retirement lifestyles.
For more information on IncomePath’s retirement planning platform, visit www.incomepath.com.
About the Founding Team
Michael Finke, Ph.D., CFP® is IncomePath’s Chief Strategist and is also a professor and Frank M. Engle Chair of Economic Security at The American College of Financial Services. He leads the Granum Center for Financial Security.
Tamiko Toland is IncomePath’s CEO and is a recognized thought leader known as the “annuity Yoda.” Tamiko advises clients on retirement income through her consulting firm and has held leadership positions at TIAA, Strategic Insight, and Cannex Financial Exchanges.
Contact: Tamiko Toland
607-269-5019 / 373432@email4pr.com
SOURCE IncomePath
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]]>The post Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage appeared first on Wink, Inc..
]]>OMAHA, Neb., March 6, 2024 /PRNewswire/ — Senior Market Sales® (SMS), one of the industry’s premier insurance marketing organizations, is expanding its distribution in the southern United States with the acquisition of Seniors Advisory Services (SAS), Louisiana’s largest senior insurance brokerage agency.
“Seniors Advisory Services is a pillar in Louisiana in Medicare Advantage, with a solid reputation and strong relationships that will help SMS expand its reach in the South,” said SMS President Jim Summers. “With SMS’ resources, SAS can grow both its product offerings and its geographical footprint to nearby states such as Mississippi, Arkansas, Texas and Oklahoma — ultimately meaning more agents can serve more seniors with more of their health and wealth needs.”
After Dan Jumonville bought the Baton Rouge, Louisiana, company in 2006 and Tim Nichols joined in 2007 as Chief Operating Officer, the field marketing organization (FMO) earned a reputation for hands-on, always-available support to community-based independent insurance agents and senior clients throughout the state.
“After many years of successful growth, Tim and I decided to seek an alliance with a strategic partner who could take us more global and give us access to more technology and respected expertise in the marketplace,” Jumonville said. “SMS has that reputation and those capabilities.”
Another deciding factor was his trust in SMS partner Alliant Insurance Services, which purchased SMS in 2020 and acquired Jumonville’s two other marketing organizations in 2021: Group Insurance, Incorporated (GII), a full-service employee benefits provider and one of Louisiana’s leading group insurance brokerage firms, and GII’s wholly owned subsidiary, Insurance Services of America (ISA), which offers individual insurance and ancillary products.
Jumonville, who remained as President and CEO of GII since the Alliant acquisition, will continue to serve in the same roles at SAS, along with Nichols as COO and Mike Bremmer as Chief Marketing Officer.
“Dan, Tim and Mike have done a phenomenal job of building relationships and growing a network of service-oriented agents, and that’s a culture we share,” Summers said. “This is an exciting opportunity to grow together and to create more synergies with all of our acquired partners.”
Since joining Alliant, SMS has acquired more than a dozen companies as part of its strategic growth plan expanding its national health and wealth distribution network and fostering innovation among the SMS family of companies.
About Senior Market Sales
Senior Market Sales® (SMS) represents top Medicare Supplement, Medicare Advantage, annuity, life, long-term care, individual health and travel insurance carriers in all 50 states. More than 71,000 independent insurance agents rely on SMS for proprietary technology, competitive insurance products, and expert training and service to help them leverage their time, make more money, and put their business in a position of distinction. Founded in 1982, SMS is headquartered in Omaha, Nebraska. In 2020, SMS joined the Alliant Insurance Services family of companies. Visit www.SeniorMarketSales.com or call 1.800.786.5566 for more information.
About Alliant Insurance Services
Alliant Insurance Services is one of the nation’s leading distributors of diversified insurance products and services. Alliant operates through a network of specialized national platforms and local offices to offer clients a comprehensive portfolio of solutions built on innovative thinking and personal service. The business of managing risk is getting more complex, and Alliant is meeting this complexity head-on, not with more layers of management, but with more creativity and agility. Alliant is changing the way clients approach risk management and benefits, so they can capitalize on new opportunities to grow and protect their organizations. For more information, visit alliant.com.
Contact: Dan Trumblee
Assistant Vice President
Divisional Director, Communications & Creative Services, Senior Market Sales®
402.343.3689
Dtrumblee@SeniorMarketSales.com
SOURCE Senior Market Sales
The post Senior Market Sales® Acquires Seniors Advisory Services, Louisiana’s Largest Senior Insurance Brokerage appeared first on Wink, Inc..
]]>The post TIAA Institute report finds ties between financial stress and mental health appeared first on Wink, Inc..
]]>NEW YORK, Feb. 28, 2024 /PRNewswire/ — Employers can play an integral role in addressing mental health challenges caused by financial stress by implementing thoughtful, holistic, support services for employees. A new report by the TIAA Institute and High Lantern Group examined the correlation between financial stress and mental health, and how these stressors impact employee engagement at work.
A leading provider of secure retirements and outcome-focused investment solutions, TIAA understands the importance of achieving financial security, and the long-term implications for those who are unable to save for the future. According to a report from the Employee Benefit Research Institute, more than 40% of Americans are at risk of running out of their retirement savings – making achieving and maintaining financial security at every stage of life important, now more than ever.
According to TIAA Institute researchers, financial struggles such as worrying about debt, financial instability or the inability to meet basic needs can trigger stress or reduce resilience against mental health challenges. They also say high amounts of debt are often associated with anxiety, depression and anger, while persistent financial difficulties may contribute to feelings of hopelessness and despair, potentially leading to depression.
“The pandemic has heightened awareness about the prevalence of mental health challenges, with rates of poor mental health rising. Organizations should openly discuss mental health to help break down the stigma, and importantly take a leadership role in addressing this defining issue of our time,” said Claire Borelli, Chief People Officer, TIAA.
According to the report, 42% of U.S. adults say that money negatively impacts their mental health, and financial stress has resulted in a 34% increase in absenteeism and tardiness. Employees who are financially stressed are also five times more likely to be distracted by finances while at work. Financially stressed employees also miss about twice as many days each year compared to their unstressed counterparts.
“We live in a world in which greater numbers of people are increasingly struggling to create financial health. And one of the biggest drivers of mental health is a person’s sense of financial stability,” said Tara Giuliano, Chief Marketing Officer, Nuveen.
Poor mental health can also impair an individual’s cognitive capacity for evaluating options and risks when making key financial decisions – resulting in impulsive spending, poor financial planning and increased vulnerability to stress induced by short-term financial decisions. Among those facing mental health challenges: 93% felt they spent more than usual, 92% found it harder to make financial decisions, and 56% took out a loan they otherwise would not have.
According to the World Health Organization (WHO), over 1 billion people or 12% of the population live with a mental health condition, and only 47% of them received mental health services in the last year.
Researchers say creating a holistic employee support framework that address both mental and financial well-being of employees may help to improve workplace productivity, employee engagement, and overall wellbeing. The report outlines specific strategies for employers to deploy impactful mental and financial health interventions.
At TIAA, employees have access to a comprehensive benefits package to support the physical, mental and financial wellness of employees and their families.
In addition to medical and dental insurance, TIAA employees also have access to onsite medical care and fitness facilities through Living Well Health and Wellness Centers, onsite mental health counselors and free mental health screenings, employee assistance programs and behavioral health care for children and teenagers.
As a retirement services provider, TIAA also offers employees access to an employer sponsored retirement plan, including an in-plan annuity and financial planning. The company also launched the My Smart Money Program which provides free financial assessments and resources for every stage of an individual’s financial journey from budgeting and debt management to retirement planning and preparing a will.
About TIAA
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market provider1, paid more than $5.6 billion in lifetime income to retired clients in 2022 and has $1.3 trillion in assets under management (as of 12/31/2023)2.
Learn more about TIAA
Read the latest TIAA news
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TIAA Institute is a division of Teachers Insurance and Annuity Association of America (TIAA), New York, NY.
©2024 Teachers Insurance and Annuity Association of America-College Retirement Equities Fund, 730 Third Avenue, New York, NY 10017
3413310
SOURCE TIAA Institute
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]]>The post AuguStar Life Launches 20-Pay Option with Innovative Indexed Whole Life Product appeared first on Wink, Inc..
]]>Karl Kreunen, AuguStar Life vice president and chief distribution officer, emphasizes the benefits of the 20-pay Prestige IWL, stating, “This new product expands our IWL line by adding a lower premium option, making it more accessible to consumers. This product lineup provides guarantees that you find in whole life with the performance potential of indexed life insurance. It’s a powerful combination, and you can only find multi-pay IWL at AuguStar Life.”
AuguStar Life remains committed to expanding its life insurance business and leveraging its success with indexed life insurance products. The Prestige IWL 20-pay option caters to both individual and business clients, offering flexibility within various financial plans.
Prestige Indexed Whole Life insurance provides the essential, guaranteed death benefit protection of whole life insurance to clients while letting them tap into market-based growth potential to build cash value that can support future needs. These products strike a balance between a simple, flexible design and robust guarantees, making them suitable for a wide range of planning requirements.
Business owners can use Prestige Indexed Whole Life insurance for their own financial planning needs, such as funding a buy-sell agreement or securing a flexible source of protection and capital for their business. Additionally, it can be employed to attract, retain and reward talent through strategies like split-dollar arrangements, executive bonus plans or supplemental executive retirement plans (SERPs).
AuguStar Life’s commitment to growth and innovation in the life insurance industry is further exemplified by the launch of the 20-pay Prestige Indexed Whole Life insurance. With its attractive features and flexibility, this product is poised to meet the evolving needs of clients and solidify AuguStar Life’s position as a leader in the market.
About AuguStarSM Life
AuguStarSM Life markets indexed universal life, indexed whole life, term, and bank-owned life insurance through a national network of traditional direct agent distribution and independent marketing organizations. AuguStar Life is a member of the Constellation Insurance family of companies. As of December 31, 2022, Constellation’s family of insurance companies has over $34 billion in total assets under management. Constellation’s investors and equal partners, CDPQ and Ontario Teachers’, are two of North America’s largest long-term institutional investors, managing over C$649 billion in net assets, including over C$139 billion in private capital investments. More information is available at augustarfinancial.com.
Minimum premiums must be met for the guaranteed death benefit to remain in place.
Withdrawals may reduce the death benefit, cash surrender value and any living benefit amount.
Indexed whole life insurance is issued by AuguStarSM Life Assurance Corporation. Guarantees based on the claims-paying ability of the issuer. Product, product features and rider availability vary by state. Issuer not licensed to conduct business in NY.
Contact: Lisa Doxsee
513.794.6418 (o) | 513.218.5519 (m)
lisa_doxsee@augustarfinancial.com
SOURCE AuguStar Life
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]]>The post National Western Life Group, Inc. Announces 2023 Full Year and Fourth Quarter Earnings appeared first on Wink, Inc..
]]>The Company’s reported results were prepared in accordance with the liability accounting methodology required under the Accounting for Long-Duration Contracts (“LDTI”) accounting standard effective for publicly traded companies in 2023. A retrospective transition date of January 1, 2021 was elected and financial statements for the years ended December 31, 2022 and 2021 were restated. The Company’s pretax earnings for the years ended December 31, 2023 and 2022 include an expense/(benefit) of $68.1 million and $(135.7) million, respectively, for changes in the Market Risk Benefits liability, a new liability category created under LDTI. Unlike previous accounting guidance, the contracts and contract features subject to liability measurement as Market Risk Benefits are measured at fair value, which is largely determined based upon interest rate levels in effect at each respective reporting date.
Commenting on the reported results, Mr. Moody noted, “The new accounting standard produced a swing in pretax earnings in excess of $200 million, which covered over the Company’s many accomplishments in 2023. We experienced significant gains in our investment returns, enjoyed improved mortality experience on our blocks of business, and, excluding the increase in our equity award expense accruals caused by the sizable increase in our stock price, we pared back our operating expenses substantially. All of this was accomplished in the context of successfully achieving our goal of reaching a merger agreement with Prosperity Life Group early in the fourth quarter of the year.”
Mr. Moody added, “Stockholders of National Western Life Group, Inc. overwhelmingly voted to approve the merger agreement at a special stockholders meeting held in January. We are steadily working through the remaining required conditions to closing, most notably the approval of various insurance regulators, and continue to expect to close the deal in the first half of 2024.”
National Western Life Group, Inc. is the parent organization of National Western Life Insurance Company, which is the parent organization of Ozark National Life Insurance Company, both stock life insurance companies in aggregate offering a broad portfolio of individual universal life, whole life and term insurance plans, as well as annuity products. At December 31, 2023, the Company maintained consolidated total assets of $12.3 billion, consolidated stockholders’ equity of $2.4 billion, and combined life insurance in force of $18.0 billion.
Caution Regarding Forward-Looking Statements:
This press release contains statements which are or may be viewed as forward-looking within the meaning of The Private Securities Litigation Reform Act of 2005. Forward-looking statements relate to future operations, strategies, financial results or other developments, and are subject to assumptions, risks, and uncertainties. These risks and uncertainties also include, (1) the timing of completion of the proposed merger (the “Proposed Transaction”) contemplated by the Company’s October 8, 2023 merger agreement (the “Merger Agreement”) with S. USA Life Insurance Company, Inc. (“S.USA”) and its direct wholly owned subsidiary (“PGH Merger Inc.”) is uncertain; (2) the conditions to the closing of the Proposed Transaction may not be satisfied; (3) regulatory approvals required for the Proposed Transaction may not be obtained, or required regulatory approvals may delay the Proposed Transaction or result in the imposition of conditions that could have a material adverse effect on the Company or S.USA or cause certain conditions to the closing to not be satisfied, which could result in the termination of the Merger Agreement; (4) the business of the Company or S.USA could suffer as a result of uncertainty surrounding the Proposed Transaction; (5) events, changes or other circumstances could occur that could give rise to the termination of the Merger Agreement; (6) there are risks related to disruption of management’s attention from the ongoing business operations of the Company or S.USA due to the Proposed Transaction; (7) the announcement or pendency of the Proposed Transaction could affect the relationships of the Company or S.USA with its clients, and operating results and business generally, including its ability to retain and attract employees; (8) the outcome of any legal proceedings initiated against the Company or S.USA following the announcement of the Proposed Transaction could adversely affect the Company or S.USA, including their ability to consummate the Proposed Transaction; and (9) the Company or S.USA mat be adversely affected by other economic, business, and/or competitive factors as well as management’s response to any of the factors described in this paragraph. The foregoing review of important factors should not be construed as exhaustive and should be read in conjunction with the other cautionary statements that are included herein and elsewhere, including the risk factors included in the Company’s most recent Annual Report on Form 10-K and Quarterly Report on Form 10-Q and other documents of the Company on file with the SEC. The Company does not undertake any obligation to update, correct or otherwise revise any forward-looking statements. All subsequent written and oral forward-looking statements attributable to the Company and/or any person acting on its behalf are expressly qualified in their entirety by this section.
Summary of Consolidated Financial Results (Unaudited) |
Three Months Ended |
Twelve Months Ended |
||||||
(In thousands except per share data) |
December 31, |
December 31, |
||||||
2023 |
2022 |
2023 |
2022 |
|||||
Revenues: |
||||||||
Revenues, excluding investment and index option gains |
$ |
172,620 |
158,985 |
636,879 |
640,545 |
|||
Realized and unrealized gains (losses) on index options |
35,366
|
2,308 |
40,612 |
(86,866) |
||||
Realized gains (losses) on investments |
(117) |
50 |
25,859 |
6,355 |
||||
Total revenues |
207,869 |
161,343 |
703,350 |
560,034 |
||||
Benefits and expenses: |
||||||||
Life and other policy benefits |
34,213 |
41,173 |
117,648 |
128,654 |
||||
Policy benefit remeasurement (gains) and losses |
— |
— |
8,360 |
9,827 |
||||
Market risk benefits expense |
61,397 |
14,320 |
68,130 |
(135,749) |
||||
Amortization of deferred transaction costs |
19,735 |
21,053 |
83,335 |
88,602 |
||||
Universal life and annuity contract interest |
52,255 |
20,374 |
104,996 |
22,840 |
||||
Other operating expenses |
61,639 |
43,526 |
191,196 |
135,817 |
||||
Total benefits and expenses |
229,239 |
140,446 |
573,665 |
249,991 |
||||
Earnings (loss) before income taxes |
(21,370) |
20,897 |
129,685 |
310,043 |
||||
Income tax expense (benefit) |
(9,135) |
3,663 |
35,255 |
63,532 |
||||
Net earnings (loss) |
$ |
(12,235) |
17,234 |
94,430 |
246,511 |
|||
Net earnings (loss) attributable to Class A shares |
$ |
(11,889) |
16,746 |
91,759 |
239,540 |
|||
Diluted Earnings (Loss) Per Class A Share |
$ |
(3.46) |
4.87 |
26.71 |
69.71 |
|||
Diluted Weighted Average Class A Shares |
3,436 |
3,436 |
3,436 |
3,436 |
||||
December 31, |
December 31, |
|||||||
2023 |
2022 |
|||||||
Book value per share |
$ |
670.99 |
602.56 |
|||||
Less: Per share impact of accumulated other comprehensive income (loss) |
(88.72) |
(131.52) |
||||||
Book value per share, excluding accumulated other comprehensive income (loss) * |
$ |
759.71 |
734.08 |
* |
Book value per share excluding accumulated other comprehensive income (loss) is a non-GAAP financial measure. Accumulated other comprehensive income (loss) totaled $(322.6) million at December 31, 2023 and $(478.2) million at December 31, 2022. Since accumulated other comprehensive income (loss) fluctuates from quarter to quarter due to unrealized changes in the fair value of investments caused primarily by changes in market interest rates, National Western Life Group, Inc. believes this financial measure provides useful supplemental information. |
Investor Relations Contact:
Brian M. Pribyl – Senior Vice President, Chief Financial Officer and Treasurer
(512) 836-1010
bpribyl@nwlic.com
www.nwlgi.com
SOURCE National Western Life Group, Inc.
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]]>The post Nationwide notches third consecutive year of record sales in 2023 and delivers strong operating income appeared first on Wink, Inc..
]]>COLUMBUS, Ohio, March 5, 2024 /PRNewswire/ — Nationwide—one of the largest and most diversified financial services and insurance companies in the Unites States—reported another year of record sales in 2023, driven primarily by the impressive performance of its financial services business group.
The company marked that achievement while paying out nearly $23 billion in claims and benefits to members in a year marked by stubbornly high inflation, increasing interest rates and severe weather.
Another one for the record books
Total sales exceeded $60 billion, $3 billion over 2022—the third year in a row for record high growth.
Nationwide’s key measurement of profitability—net operating income—was steady at $1.3 billion. Total adjusted capital in 2023 rose to $25 billion, up almost 5 percent from the prior year.
“I’m proud of what we accomplished in 2023 — capital growth, record top-line growth and strong net operating income,” said Nationwide Chief Executive Officer Kirt Walker. “We faced many challenges and, through it all, our associates persevered and delivered on our promise of protection for our customers and our communities. That’s the mark of a resilient company. Some of those challenges we faced were industry-wide, like in P&C where the overall industry experienced one of the costliest years on record, driven by record levels of severe weather and persistent inflation. For Nationwide, our diverse portfolio of businesses enabled us to thrive while many peers struggled to deliver bottom-line results.”
The key to future growth
2023 results reflected both the strength of Nationwide’s financial services business and the challenging environment facing the property and casualty industry. Nationwide’s broad portfolio of financial services and property and casualty business lines performed very well with 7 of 9 achieving their expected returns on capital.
“Nationwide’s diversification, strong risk-management capabilities, iconic brand and mutual structure proved to be important competitive advantages, fueling financial performance and AAA-level capital protection, which kept us strong and stable for our partners and members,” said Chief Financial Officer Tim Frommeyer. “Managing 2023 demanded agility and business-decision velocity, and we continue to double down on these strengths in 2024. We took advantage of opportunities the markets provided, we shifted capital toward businesses achieving their return-on-capital targets and we continued to drive operating efficiencies at levels that achieved our multi-year expense reduction goal.”
2023 Highlights
Building the protection company of the future
Focusing on the year ahead, Walker pointed to Nationwide’s diverse portfolio, capital strength and iconic brand as advantages moving into 2024.
“We are positioned to adapt, innovate and thrive for years to come,” he said. “As we head toward our centennial in 2026, we are strong and stable and committed to protecting people, businesses and futures with extraordinary care. With our enduring financial strength backing our promise, we are building the protection company of the future.”
About Nationwide
Nationwide, a Fortune 100 company based in Columbus, Ohio, is one of the largest and strongest diversified financial services and insurance organizations in the United States. Nationwide is rated A+ by Standard & Poor’s. An industry leader in driving customer-focused innovation, Nationwide provides a full range of insurance and financial services products including auto, business, homeowners, farm and life insurance; public and private sector retirement plans, annuities and mutual funds; excess & surplus, specialty and surety; and pet, motorcycle and boat insurance.
For more information, visit www.nationwide.com.
Subscribe today to receive the latest news from Nationwide and follow Nationwide PR on X.
Nationwide, Nationwide is on your side and the Nationwide N and Eagle are service marks of Nationwide Mutual Insurance Company. © 2024
Contact:
Joe Case
(614) 249-6349
joe.case@nationwide.com
Subscribe to Nationwide News
SOURCE Nationwide
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]]>The post S&P Affirms Security Benefit Financial Strength “A-“ Rating; Outlook now “Stable” appeared first on Wink, Inc..
]]>Doug Wolff, CEO of Security Benefit, said “We are pleased that S&P has affirmed our “A-“ rating and believe the change in outlook to “stable” is especially notable. It reflects the strength of our balance sheet, as well as our diversified growth strategy that blends industry-leading investment performance, cost effective and technology-driven administration, an innovative product line up, and our dynamic, nationwide distribution platform that partners with some of the best names in the business.”
“The last two years have been outstanding years for our business, which has generated a lot of positive momentum, and this update from S&P validates that fact,” added Caleb Brainerd, CFO of Security Benefit. “We’re looking forward to sharing our full year 2023 financial results with investors on March 21st.”
Standard & Poor’s is one of the four key credit agencies utilized by Security Benefit to provide an independent assessment of the company’s financial strength. A.M. Best and Fitch also maintain “A-“ financial strength ratings for the company, while DBRS Morningstar maintains an “A” financial strength rating for the firm.
Read the full press release from S&P Global Ratings.
About Security Benefit
Security Benefit Corporation (“Security Benefit”), through its subsidiary Security Benefit Life Insurance Company (SBLIC), a Kansas-based insurance company that has been in business for more than 132 years, is a leader in the U.S. retirement market. Security Benefit together with its affiliates offers products in a full range of retirement markets and wealth segments for employers and individuals and held $50.5 billion in assets under management as of September 30, 2023. Security Benefit, an Eldridge business, continues its mission of helping Americans To and Through Retirement®. Learn more at www.securitybenefit.com and follow us on LinkedIn, Facebook or Twitter.
SB-10045-86
Michael Castino, Director of Public Relations, Security Benefit
michael.castino@securitybenefit.com
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]]>The post Securian Financial Reports Strong 2023 Results appeared first on Wink, Inc..
]]>ST. PAUL, Minn.–(BUSINESS WIRE)–Securian Financial increased revenue and earnings significantly in 2023 while furthering its growth plans and again being there for customers and the community, the insurance and retirement solutions provider announced at its recent annual employee meeting.
“In 2023, we generated strong financial results and took bold steps to position the company for continued success in our chosen markets,” said Chris Hilger, Securian Financial’s chairman, president and CEO. “At the same time, we fulfilled our purpose of building secure tomorrows by providing $5.4 billion in benefits to policyholders1 and making substantial investments in the community.”
Key financial metrics
Company highlights
Community initiatives
Contributions to the community from the Securian Financial Foundation, in-kind donations, employee volunteerism and other cash gifts totaled $10.8 million. Highlights included a $1 million donation to the Minnesota State Housing Tax Credit Contribution Program, which funds affordable housing projects throughout Minnesota, and being one of the first corporate sponsors for the GroundBreak Coalition, a partnership of more than 40 corporate, civic and philanthropic leaders committed to building Black wealth in the Twin Cities. Securian Financial employees volunteered more than 24,000 hours in the community on activities ranging from preparing nourishing meals for critically ill Minnesotans to service on more than 130 nonprofit boards.
Profit sharing
For the 50th consecutive year, Securian Financial is making a profit-sharing contribution to eligible employees’ retirement accounts. This year’s company contribution is 6.4% of annual salary. Securian Financial also maintains a fully funded, 100% employer-paid pension plan, with employees vested in the pension after five years of service.
Per its usual annual cycle, Securian Financial expects to release its 2023 Annual Report—with audited GAAP financial information—in April.
About Securian Financial
To be confident in your financial future, you need to trust the strength and commitment of the companies you choose to work with. For more than 140 years, the Securian Financial family of companies has been developing innovative insurance and retirement solutions to meet the evolving needs of individuals, families and businesses. Offered through partnerships with employers, financial professionals and affinity groups, our products help bring peace of mind to more than 23 million customers throughout the United States and Canada. We are trusted by our partners and customers to fulfill our purpose of helping to build secure tomorrows. For more information about Securian Financial, visit securian.com or follow us on Facebook, Instagram or LinkedIn.
1. Reflects total GAAP policyholder benefits and interest credited to policies and contracts.
2. Revenue includes premiums and policy fee income, net investment income, realized gain/loss and other income.
3. Ratings are assigned to the following Securian Financial Group member companies: Minnesota Life Insurance Company and Securian Life Insurance Company. To learn more about Securian Financial’s strength and ratings, visit securian.com/ratings.
Securian Financial is the marketing name for Securian Financial Group, Inc., and its subsidiaries. Insurance products are issued by its subsidiary insurance companies, including Minnesota Life Insurance Company and Securian Life Insurance Company, a New York authorized insurer. Variable insurance products are distributed by Securian Financial Services, Inc., member FINRA.
DOFU 2-2024
3416287
Securian Financial
Jeff Bakken, Media Relations
651-665-7558
jeff.bakken@securian.com
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]]>The post Milliman survey of fixed indexed and multi-year guaranteed annuity writers finds high lapse rates in 2023, adjustments to dynamic lapse formulas appeared first on Wink, Inc..
]]>Milliman surveyed 13 fixed indexed annuity (FIA) and multi-year guaranteed annuity (MYGA) writers and asked them to weigh in on their actual lapse experience and expected lapse assumptions, dynamic lapse adjustments to base lapse rates (including the industry’s perception of the hypothetical competitor rate), limits to the dynamic adjustments, and the likelihood they might change their methodology.
The survey responses were combined with surrender analysis using policy data collected from 16 companies between January 2007 to March 2023. Below are just a few key findings from the report:
“Our survey revealed high lapsation rates in general in 2023, with participants adjusting their dynamic lapse formulas to address experience over the past year,” said Nathan Wilbanks, Director of Marketing and Sales with Milliman’s Life and Annuity Predictive Analytics team. “We expect companies will continue to evolve their expectations as newer techniques – including predictive analytics – and the changing interest rate environment impacts writer experience.”
To purchase the survey report, please contact Yan Fridman at Yan.Fridman@milliman.com or visit https://www.milliman.com/en/insight/fixed-indexed-annuity-multi-year-guaranteed-annuity-lapse-experience-study.
About Milliman
Milliman is among the world’s largest providers of actuarial and related products and services. The firm has consulting practices in healthcare, property & casualty insurance, life insurance and financial services, and employee benefits. Founded in 1947, Milliman is an independent firm with offices in major cities around the globe. For further information, visit milliman.com.
Nathan Wilbanks
Milliman, Inc.
Tel: +1 312 577 2909
Email: nathan.wilbanks@milliman.com
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]]>The post MassMutual Reports Strong 2023 Financial Results Fueled by Company Records appeared first on Wink, Inc..
]]>Financial performance highlights for the year ended December 31, 2023 include:
“While our economy ultimately remained resilient in 2023, it was tested by rising interest rates, geopolitical shocks and ongoing uncertainty,” said Roger Crandall, Chairman, President and CEO, MassMutual. “Just as we have over the past 173 years, MassMutual successfully navigated unexpected and rapidly changing conditions like this, achieving a historic milestone, enhancing our position as a market leader, and delivering on our commitment to our policyowners, paying more than $9 billion in insurance and annuity benefits, an all-time high.”
Strategic Progress Highlights
In 2023, MassMutual continued to make significant progress on its long-term strategy and invest in its future growth. Key highlights included:
“Our excellent performance this past year reflects the soundness of our strategy, the passion and dedication of our talented employees and financial professionals, and our long-term approach as a mutual company, which puts our policyowners at the center of everything we do,” continued Crandall. “In 2024, we look forward to putting these strengths to work to continue helping people secure their future and protect the ones they love.”
In addition to MassMutual’s excellent financial performance in 2023, the company earned notable accolades for its exceptional reputation and commitment to foster an inclusive and innovative workplace. The Boston Globe named MassMutual a Top Place to Work in Massachusetts for the fifth straight year. For the seventh year in a row, MassMutual was named a Disability Equality Index® (DEI) Best Place to Work for Disability Inclusion. The company was also recognized with the “Equality 100 Award: Leader in LGBTQ+ Workplace Inclusion” by the Human Rights Campaign (HRC) Foundation, marking the tenth year that MassMutual has earned the top score. And, most recently, the company was named a FORTUNE® Most Admired Company for the 23rd time in 2024,4 ranking top for innovation in the life and health insurance industry.
1 These are consolidated statutory results of Massachusetts Mutual Life Insurance Company and its U.S.-domiciled life insurance subsidiaries: C.M. Life Insurance Company, MML Bay State Life Insurance Company and MassMutual Ascend Life Insurance Company.
2 Financial strength ratings for MassMutual and its subsidiaries, C.M. Life Insurance Company and MML Bay State Life Insurance Company, are as follows: A.M. Best Company, A++ (Superior); Fitch Ratings, AA+ (Very Strong); Moody’s Investors Service, Aa3 (High Quality); and S&P Global Ratings, AA+ (Very Strong). Ratings are current as of March 1, 2024 and are subject to change.
3 The dividend and dividend interest rate are determined annually, subject to change and are not guaranteed.
4 From FORTUNE. ©2024. FORTUNE Media IP Limited. All rights reserved. FORTUNE World’s Most Admired Company is a registered trademark of FORTUNE Media IP Limited and is used under license. FORTUNE is not affiliated with, and does not endorse products or services of, MassMutual.
About MassMutual (Massachusetts Mutual Life Insurance Company)
MassMutual is a leading mutual life insurance company that is run for the benefit of its members and participating policyowners. Founded in 1851, the company has been continually guided by one consistent purpose: we help people secure their future and protect the ones they love. With a focus on delivering long-term value, MassMutual offers a wide range of protection, accumulation, wealth management and retirement products and services. For more information, visit www.massmutual.com.
Chelsea Haraty, chelseaharaty@massmutual.com, (413) 426-2008
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]]>The post This International Women’s Day, Lincoln Financial Shares Research Highlighting the Financial Challenges Women Face, and Tips for Women to Address These Challenges and Help Secure Their Financial Futures appeared first on Wink, Inc..
]]>RADNOR, Pa.–(BUSINESS WIRE)–As International Women’s Day approaches on March 8, a recent study from Lincoln Financial Group (NYSE: LNC) reveals that women are facing more challenges than their male counterparts in managing their finances and planning for retirement. Only 18% of working women have more than $250,000 saved for retirement in their workplace retirement plan, compared to 25% of men,1 and more than 56 million women are living with an acknowledged life insurance coverage gap.2 Women are also facing lower confidence in their decision-making regarding retirement – research shows that 52% of men are extremely or very confident in their retirement planning decisions compared to 35% of women.3
Women may also face difficult financial choices when it comes to serving as caregivers for a family member experiencing a long-term care event. In fact, 43% of women surveyed say being a caregiver has impacted their careers, versus 31% of men who say the same.4 Additionally, 66% of Americans today believe women are better at providing long-term care than men, leading to 77% of women expecting the responsibility of caregiver responsibilities to fall on them, as opposed to 64% of men who feel the same.5
“Financial planning is not one-size-fits-all – for men or women – and planning for retirement will be based on the individual,” says Ralph Ferraro, senior vice president, president of Retirement Plan Services at Lincoln Financial, “That said, women may face unique challenges when it comes to securing their financial futures. Women who want to take action in saving for retirement have options, including meeting with a financial professional, to discuss their goals and create a personalized plan.”
This International Women’s Day, Lincoln Financial recommends key steps that women can take to close life or health insurance coverage gaps and plan for a comfortable and confident retirement:
As part of Lincoln Financial’s purpose to provide financial protection and security to its customers and their families, the company provides financial solutions that may help women and all consumers address financial concerns and coverage caps, such as:
“When we look at expanding or enhancing our product offerings, we consider both the short- and the long-term needs of all potential customers,” says Stephen Turer, senior vice president, Head of Insurance Solutions at Lincoln Financial. “Having the right tools to weather uncertainty and prepare for the future with confidence can make all the difference, not just for women, but for everyone, and that means feeling secure that you have the right coverage for today so that you can be prepared for tomorrow.”
About Lincoln Financial Group
Lincoln Financial Group helps people to plan, protect and retire with confidence. As of December 31, 2023, approximately 17 million customers trust our guidance and solutions across four core businesses – annuities, life insurance, group protection, and retirement plan services. As of December 31, 2023, the company had $295 billion in end-of-period account balances, net of reinsurance. Headquartered in Radnor, Pa., Lincoln Financial Group is the marketing name for Lincoln National Corporation (NYSE: LNC) and its affiliates. Learn more at LincolnFinancial.com.
Important information:
Lincoln Financial Group insurance products are issued by The Lincoln National Life Insurance Company, Fort Wayne, IN, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer. The Lincoln National Life Insurance Company does not solicit business in the state of New York, nor is it authorized to do so.
Insurance sold in New York are issued by Lincoln Life & Annuity Company of New York, Syracuse, NY, and distributed by Lincoln Financial Distributors, Inc., a broker-dealer.
All guarantees and benefits of the insurance policy are subject to the claims-paying ability of the issuing insurance company. They are not backed by the broker-dealer and/or insurance agency selling the policy, or any affiliates of those entities other than the issuing company affiliates, and none makes any representations or guarantees regarding the claims-paying ability of the issuer.
Products, riders and features are subject to state availability. Limitations and exclusions may apply.
____________________________
1 Lincoln Financial, Wellness@Work: Retirement Study, 2023
2 LIMRA, “Understanding the U.S. Women’s Market,” factsheet, 2022.
3 Lincoln Financial, Wellness@Work: Retirement Study, 2023
4 Lincoln Consumer Sentiment Tracker, May 2021.
5 Lincoln Financial, Planning for long-term care, 2023
6 Lincoln Financial, Consumer Sentiment Tracker, November 2023
7 Lincoln Financial, Consumer Sentiment Tracker, June 2022.
LCN-6442437-022824
Media:
Madeleine Richey
Lincoln Financial Group
(480) 901-2965
Madeleine.Richey@lfg.com
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]]>The post Pacific Life Named One of World’s Most Ethical Companies for Seventh Consecutive Year appeared first on Wink, Inc..
]]>NEWPORT BEACH, Calif.–(BUSINESS WIRE)–Pacific Life has been named one of the 2024 World’s Most Ethical Companies® by the Ethisphere Institute, a global leader in defining and advancing the standards of ethical business practices. Pacific Life was evaluated on its culture of ethics; environmental, social, and governance (ESG) practices; ethics and compliance program; diversity, equity, & inclusion; and initiatives that support a strong value chain.
This marks the seventh consecutive year Pacific Life has been recognized by the Ethisphere Institute, which honors organizations that demonstrate a commitment to business integrity through robust ethics, compliance, and governance programs. Pacific Life was one of 11 insurance or financial service industry honorees.
“At Pacific Life, we pride ourselves on doing the right thing for our people, customers, and communities,” said Darryl Button, president and CEO, Pacific Life. “Being honored for the seventh consecutive year is a testament to our dedicated employees and proves that our shared commitment to holding ourselves to the highest ethical standards is integral to our success.”
About Pacific Life
Pacific Life provides a variety of products and services designed to help individuals and businesses in the retail, institutional, workforce benefits, and reinsurance markets achieve financial security. Whether your goal is to protect loved ones or grow your assets for retirement, Pacific Life offers innovative life insurance and annuity solutions, as well as mutual funds, that provide value and financial security for current and future generations. Supporting our policyholders for more than 150 years, Pacific Life is a Fortune 500 company headquartered in Newport Beach, California. For additional company information, including current financial strength ratings, visit www.PacificLife.com.
Jesse Page
(949) 219-4575
jpage@pacificlife.com
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]]>The post Gainbridge® Signs College Basketball Star Caitlin Clark as Brand Ambassador appeared first on Wink, Inc..
]]>Clark is joining the Gainbridge® roster of athletes, which includes 39-time Grand Slam Champion Billie Jean King and 72-time LPGA Tour winner Annika Sörenstam, to promote ParityFlex and other products available on the Gainbridge® platform.
“I am honored to be part of the company’s deepening commitment to advancing opportunities for women, on and off the court, like this visionary new product for women,’’ said Clark. “Women of all ages need to think about their long-term financial goals. The ParityFlex product is designed to allow women to begin building their financial future now.”
“We are thrilled to partner with a generational talent like Caitlin Clark,’’ said Group 1001 President and CEO Dan Towriss. “We look forward to having Caitlin join Billie Jean and Annika to represent Gainbridge® as this new product for women is launched and now available on the Gainbridge® platform.”
Clark, who became the all-time leading scorer in college basketball history on Sunday, is one of the most decorated collegiate basketball players in men’s and women’s history and entered this season with the Iowa Hawkeyes as the preseason Big Ten Player of the Year and unanimous AP preseason All-American honors. After leading her team to the 2023 NCAA Women’s National Championship game, Clark earned the Naismith trophy – the most prestigious individual honor in women’s college basketball – in addition to the Wooden Award National Player of the Year, the Wade Trophy, and the Honda Sport Award for Women’s Basketball and was a 2023 Academic All-American.
“It’s an honor to have Caitlin join us on Team Gainbridge®,” said Billie Jean King. “She is an amazing talent on the court, but more importantly, she puts her team ahead of herself and is a leader, an agent of change, and a champion on and off the court. Thanks to Gainbridge® for once again stepping up and showing their commitment to being a leader in women’s sports.”
To kick off Women’s History Month, Clark’s signature will be included on the No. 26 Gainbridge® Honda driven by Colton Herta on INDYCAR and the No. 77 Group 1001 Camaro driven by Corey Lajoie on NASCAR. Both races are on March 10.
The innovative ParityFlex product, available now at www.gainbridge.io/parityflex, combines a multi-year guaranteed annuity (MYGA) with a guaranteed lifetime withdrawal benefit for no additional cost. The only direct-to-consumer offering of its kind, ParityFlex is designed to address women’s unique retirement needs – the security of fixed growth, a measure of liquidity for changing life circumstances, and a guaranteed stream of lifetime income. Customers will be able to choose when to activate guaranteed income at any time after the first year, which will provide a certain amount of income for the rest of their lives, even if their account balance falls to zero.*
About Gainbridge®
Founded in 2018, Gainbridge® is an insurtech subsidiary of Group 1001 that empowers consumers to take control of their financial future with solutions that are accessible to everyone no matter their budget or financial knowledge. Its platform provides access to financial products that are simple, intuitive, and backed by smart technology with no complexity or hidden fees. Gainbridge® is headquartered in Zionsville, Indiana. For more information, visit www.gainbridge.io or follow and connect with us on X and LinkedIn.
About Group 1001
Group 1001 Insurance Holdings, LLC (“Group 1001”) is a collective that empowers companies to create positive growth. Our insurance and annuities are easy to understand and accessible to all. Our online investing platform gives individuals control over their savings. Our technology and innovation help companies succeed. And our strategic partnerships bring people together through education and sports. As of September 30, 2023, Group 1001 had combined assets under management of $59.8 billion. It comprises the following brands: Delaware Life, Gainbridge®, Clear Spring Health, Clear Spring Property and Casualty Group, Clear Spring Life and Annuity Company, and RVI Group.
*Provided your account value hasn’t gone to $0 due to excess withdrawals.
ParityFlex is issued by Gainbridge Life Insurance Company (“Gainbridge Life”), a Delaware-domiciled insurance company with its principal office in Zionsville, Indiana. Gainbridge Life is currently licensed and authorized to do business in 49 states (all states except New York), the District of Columbia, and Puerto Rico. Annuities contain limitations, early termination charges, and adjustments. All guarantees are based on the claims-paying ability and financial strength of the issuing insurance company.
Withdrawals above the free withdrawal amount may result in a surrender charge and/or a market value adjustment and excess withdrawals may result in a reduction of future payments under the guaranteed lifetime withdrawal benefit. If you are under the age 59 ½ a federal tax penalty may also apply to any withdrawal.
This communication is for informational purposes only. It is not intended to provide, and should not be interpreted as, individualized investment, legal, or tax advice. To obtain such advice, please consult with the appropriate professional.
Amanda Vela
Group 1001
Social Media Manager
317-374-3180
amanda.vela@group1001.com
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]]>The post Ameriprise CEO’s Pay Rose 24% in 2023 appeared first on Wink, Inc..
]]>His compensation totaled more than $22.8 million in 2022 and $21.2 million in 2021.
Click HERE to read the full story via ThinkAdvisor
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]]>The post ‘Unretiring’ CEO leads F&G to growth — With Chris Blunt appeared first on Wink, Inc..
]]>Click HERE to read the full story via INN
Wink’s Moore on the Market: My friend Chris Blunt and his colleagues at F&G have built an AMAZING culture at their home office.
Seriously AMAZING!
This month, I had the opportunity to learn a little more about him, the company that he “unretired” for, and the success of his team at F&G. -sjm
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]]>The post TIAA Traditional Interest Rates Remain High appeared first on Wink, Inc..
]]>NEW YORK, March 4, 2024 /PRNewswire/ — TIAA is continuing to offer competitive interest rates on TIAA Traditional, enhancing the retirement security for over two million Americans who are accumulating savings through the company’s flagship fixed annuity product.
These rates include an expected $2.6 billion above the contractually guaranteed interest rates this year. TIAA has credited interest and benefits above the guaranteed minimum every year since 1948.i
“For over 100 years, our flagship product, the TIAA Traditional annuity, has helped millions of participants build and prepare a solid retirement foundation,” said Colbert Narcisse, chief product and business development officer at TIAA. “TIAA stands apart by offering the opportunity for interest beyond the guarantees through our sharing the profits approach.ii“
In addition, TIAA Traditional has paid more in lifetime income to retired clients than its contractually guaranteed minimum amounts every year since 1949, providing clients who choose to annuitizeiii with steady, guaranteed lifetime income payments regardless of market conditions for a more secure retirement for as long as they live.
Data from the 2023 TIAA Institute–GFLEC Personal Finance Index found that most Americans either do not know or underestimate how long a 65-year old will live on average. Longevity literacy is important since retirement income security requires planning, saving, and preparing for a period that is uncertain in length.
TIAA Traditional can help offset longevity risk by offering:
Returning Profits to Clients
TIAA was founded over 100 years ago to help educators retire with dignity and is now a market-leading retirement company focused on helping millions more achieve a secure retirement. Its unique sharing of profits approach enables a pure focus on serving its plan clients and their employee participants.
TIAA has paid out over a half a trillion dollars in retirement benefits since its founding.
TIAA Traditional is backed by TIAA’s general account. TIAA takes a disciplined approach to managing the assets in its general account, investing in a broadly diversified portfolio that enables long-term, competitive returns.viii
TIAA has a broad suite of lifetime income products to meet institutional and retail clients where they are. These include:
About TIAA
TIAA is a leading provider of secure retirements and outcome-focused investment solutions to millions of people and thousands of institutions. It is the #1 not-for-profit retirement market providerix, paid more than $5.6 billion in lifetime income to retired clients in 2022 and has $1.28 trillion in assets under management (as of 12/31/2023)x.
Learn more about TIAA
Read the latest TIAA news
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Annuity contracts may contain terms for keeping them in force. We can provide you with costs and complete details.
TIAA Traditional and TIAA Secure Income Account are fixed annuities issued by Teachers Insurance and Annuity Association of America (TIAA), 730 Third Avenue, New York, NY, 10017:TIAA Traditional Form series including but not limited to: 1000.24; G-1000.4; IGRS-01-84-ACC; IGRSP-01-84-ACC; 6008.8. TIAA Secure Income Account Form series including but not limited to: TIAA-UQDIA-002-K and related state specific versions. Not all contracts are available in all states or currently issued.
TIAA RetirePlus® model portfolios are asset allocation recommendations developed in one of three ways, depending on your plan structure: i) by your plan sponsor, ii) by your plan sponsor in consultation with consultants and other investment advisors designated by the plan sponsor, or iii) exclusively by consultants and other investment advisors selected by your plan sponsor whereby assets are allocated to underlying mutual funds and annuities that are permissible investments under the plan. Model-based accounts will be managed on the basis of the plan participant’s personal financial situation and investment objectives (for example, taking into account factors such as participant age and risk capacity as determined by a risk tolerance questionnaire).
No registration under the Investment Company Act, the Securities Act or state securities laws – a model is not a mutual fund or other type of security and will not be registered with the Securities and Exchange Commission as an investment company under the Investment Company Act of 1940, as amended, and no units or shares of the model will be registered under the Securities Act of 1933, as amended, nor will they be registered with any state securities regulator. Accordingly, the model is not subject to compliance with the requirements of such acts, nor may plan participants investing in underlying investments based on the model avail themselves of the protections thereunder, except to the extent that one or more underlying investments or interests therein are registered under such acts.
TIAA RetirePlus SelectSM and TIAA RetirePlus Pro® are administered by Teachers Insurance and Annuity Association of America (“TIAA”) as plan recordkeeper. Transactions in the underlying investments invested in, based on the models, on behalf of the plan participants are executed through TIAA-CREF Individual & Institutional Services, LLC, member FINRA.
More information about TIAA RetirePlus model portfolios can be found at tiaa.org/public/plansponsors/investment-solutions/custom-default-options.
TIAA RetirePlus SelectSM is a service mark and TIAA RetirePlus® and TIAA RetirePlus Pro® are registered trademarks of Teachers Insurance and Annuity Association of America.
About Nuveen Lifecycle Income CIT Series
SEI Trust Company serves as the Trustee of the Nuveen/SEI Trust Company Investment Trust III and maintains ultimate fiduciary authority over the management of, and the investments made, in the Nuveen Lifecycle Income CIT Series (Lifecycle Income CIT Series).
Each fund is part of a trust operated by the trustee. The trustee is a trust company organized under the laws of the Commonwealth of Pennsylvania and wholly owned subsidiary of SEI Investments Company (SEI). The Lifecycle Income CIT Series is managed by the trustee, based on the investment advice of Nuveen Fund Advisors, LLC, the investment adviser to the trust, and Nuveen Asset Management, LLC as investment sub-adviser to the Lifecycle Income CIT Series.
The Lifecycle Income CIT Series are trusts for the collective investment of assets of participating tax qualified pension and profit-sharing plans and related trusts, governmental plans and other eligible plans, as more fully described in the Declaration of Trust. As a bank collective investment trust, the trust is exempt from registration as an investment company. A plan fiduciary should consider the funds’ objectives, risks, and expenses before investing. This and other information can be found in the Declaration of Trust and the Funds’ Disclosure Memorandum.
i All guarantees are based on TIAA’s claims-paying ability. TIAA Traditional is a guaranteed insurance contract and not an investment for federal securities law purposes.
ii TIAA may share profits with TIAA Traditional Annuity owners through declared additional amounts of interest during accumulation, higher initial annuity income, and through further increases in annuity income benefits during retirement. These additional amounts are not guaranteed beyond the period for which they were declared.
iii Converting some or all of your savings to income benefits (referred to as “annuitization”) is a permanent decision. Once income benefit payments have begun, you are unable to change to another option.
iv “Paycheck” is the annuity income received in retirement. Guarantees of fixed monthly payments are only associated with TIAA’s fixed annuities.
v TIAA may declare additional amounts of interest and income benefits above contractually guaranteed levels. Additional amounts are not guaranteed beyond the period for which they are declared.
vi TIAA may provide a Loyalty Bonus that is only available when electing lifetime income. The amount of the bonus is discretionary and determined annually.
vii Based on an analysis of income benefits available to participants who have consistently contributed to TIAA Traditional, relative to participants who converted the same accumulated balance into Traditional just before converting to lifetime income. Assumes a participant aged 67, single life annuity with a 10-year guarantee period, and average payment differentials over the last 20 years ending 12/31/23.
viii The TIAA General Account is an insurance company account and is not available to investors as an investment.
ix As of July 21, 2022. Based on data in PLANSPONSOR’s 403(b) 2022 DC Recordkeeping Survey, combined 457 and 403(b) data.
x As of December 31, 2023 assets under management across Nuveen Investments affiliates and TIAA investment management teams are $1,284 billion.
SOURCE TIAA
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]]>The post California Gov. Newsom signs best-interest annuity sales bill appeared first on Wink, Inc..
]]>California becomes the 45th state to pass the best-interest model, based on a framework put forth by the National Association of Insurance Commissioners. In addition to being one of the largest economies in the world, California is a liberal state known for its tougher regulations.
Click HERE to read the full story via INN
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]]>The post Annexus, Athene and Barclays Celebrate the 10th Anniversary of the Shiller Barclays CAPE Series of Indices appeared first on Wink, Inc..
]]>SCOTTSDALE, Ariz., Feb. 26, 2024 /PRNewswire/ — Annexus, one of the nation’s leading independent developers of financial and insurance products, along with Athene, a leading provider of index-linked annuities, and Barclays, a global corporate and investment bank, are excited to announce the 10th anniversary of the Shiller Barclays CAPE® indices: the Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index (Shiller Barclays CAPE® 10 Index), the Shiller Barclays CAPE® Allocator 6 Index, and the Shiller Barclays Global Index.
Annexus, Athene and Barclays brought the Shiller Barclays CAPE® 10 Index to the fixed indexed annuity market on Feb. 5, 2014. Designed by Yale professor Robert Shiller, one of the world’s most influential economists, these indices are available exclusively with the Athene® BCA® Suite of Fixed Indexed Annuities (FIAs).
The indices are designed to provide exposure to undervalued equities, identified by a filtering process that uses the Cyclically Adjusted Price to Earnings (or CAPE) ratio. The CAPE® ratio, created by Prof. Shiller, is a statistical tool used to find stocks that are well-established, with a long history of earnings but underpriced in the market.
“In 2018 the CAPE ratio forecasted significantly higher 10-year expected returns for the international equities vs. the U.S. large caps,” says Prof. Shiller. “This led to the expansion of our suite of indices and the creation of the Shiller Barclays Global Index, which has performed well through the turbulent markets over the last few years.”
“We’re focused on bringing indices to the FIA market that are deeply rooted in academic research and that we believe have a very good chance of working going forward,” said Ron Shurts, CEO and co-founder of Annexus. “We are proud to celebrate this milestone with Prof. Shiller, Barclays, and Athene. It is a testament to our partnership and the success of the index over the last decade.”
“The partnership between Athene, Barclays and Annexus set the standard for how innovative indices can be used inside retirement products to strengthen outcomes,” said Mike Downing, Executive Vice President and Chief Operating Officer at Athene. “Over the last 10 years, Professor Shiller’s methodology has helped thousands of policyholders plan for a financially secure retirement.”
Ronnie Wexler, global head of equities sales at Barclays, echoes the positive sentiments.
“We are extremely proud of the decade-long partnership we have built with Annexus and Athene,” Wexler says. “Our collective innovation has helped Americans save for retirement with differentiated risk-adjusted returns and the added comfort of principal protection. We look forward to continuing to develop market-leading retirement savings products together.”
Since the launch of the Shiller Barclays CAPE® 10 Index, $6.2 billion in account value has been allocated to the three Shiller Barclays CAPE® indices.1 The Shiller Barclays CAPE® 10 Index, one of the first smart beta indices available in a fixed indexed annuity, returned an 8.81% annualized return over the last decade.2
1 Source: Athene. As of 1/31/2024.
2 Source: Barclays. Calculated from 2/5/2014-2/5/2024.
About Annexus
Annexus designs solutions to help Americans grow and protect their retirement savings. For almost 20 years, Annexus has developed market-leading fixed indexed annuities and indexed universal life insurance products. Annexus has forged relationships with many of the industry’s leading insurance carriers and the world’s largest investment banks. Find out more about Annexus and its products.
About Robert Shiller
Shiller is an American economist, best-selling author and Sterling Professor of Economics, Professor of Finance and Fellow at the International Centre for Finance at Yale University. Professor Shiller is ranked among the 100 most influential economists in the world.
About Barclays
Barclays is a consumer and wholesale bank, supporting businesses and institutions through its Corporate and Investment Bank. The bank provides money managers, financial institutions, governments, supranational organizations and corporate clients with services and advice for their funding, financing, strategic and risk management needs. For further information about Barclays Corporate and Investment Bank, visit cib.barclays.
About Athene
Athene is a leading retirement services company with $300 billion of total assets as of December 31, 2023, and operations in the United States, Bermuda, Canada, and Japan. Athene is focused on providing financial security to individuals by offering an attractive suite of retirement income and savings products and also serves as a solutions provider to corporations. For more information, please visit www.athene.com.
The Shiller Barclays CAPE® US Sector Risk Controlled 10% USD Total Return Index, the Shiller Barclays CAPE® Allocator 6 Index and the Shiller Barclays Global Index (collectively, the “Indices”) have been developed in part by RSBB-I, LLC, the research principal of which is Robert J. Shiller. RSBB-I, LLC is not an investment advisor, and does not guarantee the accuracy or completeness of the Indices, or any data or methodology either included therein or upon which they are based. Neither RSBB-I, LLC nor Robert J. Shiller or any of their respective partners, employees, subcontractors, agents, suppliers and vendors (collectively, the “Protected Parties”) shall have any liability whether caused by the negligence of a Protected Party or otherwise, for any errors, omissions, or interruptions therein, and make no warranties, express or implied, as to performance or results experienced by any party from the use of any information included therein or upon which it is based, and expressly disclaim all warranties of merchantability or fitness for a particular purpose with respect thereto, and shall not be liable for any claims or losses of any nature in connection with the use of such information, including but not limited to, lost profits or punitive or consequential damages, even if RSBB-I, LLC, Robert J. Shiller or any Protected Party is advised of the possibility of same.
Neither Barclays Bank PLC (“BB PLC”) nor any of its affiliates (collectively “Barclays”) is the issuer or producer of Athene Annuity and Life Company’s (“Athene”) fixed index annuities (the “Products”) and Barclays has no responsibilities, obligations or duties to purchasers of the Products. The Indices, together with any Barclays indices that are components of the Indices, are trademarks owned by Barclays and, together with any component indices and index data, are licensed for use by Athene as the issuer or producer of the Products (the “Issuer”).
Barclays’ only relationship with the Issuer in respect of the Indices is the licensing of the Indices, which are administered, compiled and published by BB PLC in its role as the index sponsor (the “Index Sponsor”) without regard to the Issuer or the Products or purchasers of the Products. Additionally, Athene as issuer or producer of the Products may for itself execute transaction(s) with Barclays in or relating to the Indices in connection with the Products. Consumers acquire the Products from Athene and neither acquire any interest in the Indices nor enter into any relationship of any kind whatsoever with Barclays upon purchasing the Products. The Products are not sponsored, endorsed, sold or promoted by Barclays and Barclays makes no representation regarding the advisability of the Products or use of the Indices or any data included therein. Barclays shall not be liable in any way to the Issuer, purchasers of the Products or to other third parties in respect of the use or accuracy of the Indices or any data included therein.
The Athene BCA 2.0 ANN19 (01/19), ANN19CS06 (01/19), ANN19CS08 (01/19), ANN19CS10 (01/19), ANN19CS12 (01/19); The Athene Velocity ANN19 (01/19), ASP19CS (01/19); the Athene Velocity Income Rider ASPIR (01/19), ASPIRRS (01/19); the Family Endowment Rider PBEDB (01/19), PBEDBRS (01/19); the Balanced Allocation Lifetime Income Rider ANNIRS (01/19), ANNIRSRS (01/19), ANNIRF (01/19), ANNIRFRS (01/19) or state variations are issued by Athene Annuity and Life Company, West Des Moines, IA. Product features, limitations and availability vary; see Certificate of Disclosure for full details. Products not available in all states.
Indexed annuities are not stock market investments and do not directly participate in any stock or equity investments. Market indices may not include dividends paid on the underlying stocks, and therefore may not reflect the total return of the underlying stocks; neither an index nor any market-indexed annuity is comparable to a direct investment in the equity markets.
This material is a general description intended for general public use. Athene Annuity and Life Company (61689), headquartered in West Des Moines, Iowa, and issuing annuities in 49 states (excluding NY) and D.C., and Athene Annuity & Life Assurance Company of New York (68039), headquartered in Pearl River, NY, and issuing annuities in New York, are not undertaking to provide investment advice for any individual or in any individual situation, and therefore nothing in this should be read as investment advice. Please reach out to your insurance professional if you have any questions about Athene products or their features. Products not available in all states.
ATHENE ANNUITIES ARE PRODUCTS OF THE INSURANCE INDUSTRY AND NOT GUARANTEED BY ANY BANK NOR INSURED BY FDIC OR NCUA/NCUSIF. MAY LOSE VALUE. NO BANK/CREDIT UNION GUARANTEE. NOT A DEPOSIT. NOT INSURED BY ANY FEDERAL GOVERNMENT AGENCY. MAY ONLY BE OFFERED BY A LICENSED INSURANCE AGENT.
© 2024 Annexus®
BCA® is a registered trademark of Annexus. All rights reserved.
Athene is a registered trademark of Athene. All rights reserved.
SOURCE Annexus
The post Annexus, Athene and Barclays Celebrate the 10th Anniversary of the Shiller Barclays CAPE Series of Indices appeared first on Wink, Inc..
]]>The post FNF Reports Fourth Quarter and Full Year 2023 Financial Results appeared first on Wink, Inc..
]]>Net loss attributable to common shareholders for the fourth quarter of $69 million, or $0.25 per diluted share (per share), compared to $5 million, or $0.02 per share, for the fourth quarter of 2022. Full year net earnings attributable to common shareholders of $517 million, or $1.91 per share, compared to $1.3 billion, or $4.67 per share, for the year ended December 31, 2022. Net earnings attributable to common shareholders include mark-to-market effects and non-recurring items; all of which are excluded from adjusted net earnings attributable to common shareholders.
Adjusted net earnings attributable to common shareholders (adjusted net earnings) for the fourth quarter of $204 million, or $0.75 per share, compared to $274 million, or $1.01 per share, for the fourth quarter of 2022. Full year adjusted net earnings of $962 million, or $3.55 per share, compared to $1.5 billion, or $5.38 per share, for the year ended December 31, 2022.
Company Highlights
William P. Foley, II, Chairman, commented, “Our fourth quarter and full year results clearly demonstrate both the strength of our business combined with our durable competitive advantage in the market that continues to grow. This can be seen in our Title business which delivered an industry leading adjusted pre-tax title margin of 13.7% for the full year in what has been the most challenging mortgage market in more than three decades. Additionally, F&G achieved record assets under management of $49.5 billion, rising 14% as compared to year end 2022, and significantly outpacing our expectations. F&G now comprises 30% of FNF’s annual adjusted net earnings, which provides an important counter cyclical earnings stream with strong growth tailwinds supported by F&G’s recent ratings upgrades from both Moody’s and AM Best.”
Mr. Foley continued, “In light of F&G’s success, we made the decision to invest $250 million given their many opportunities to grow and expand their business. This capital will allow F&G to accelerate their retained asset growth. We also deployed $300 million across more than ten acquisitions as we opportunistically expand our Title business through the downturn. Looking forward, we will continue to pursue a balanced capital allocation strategy focused on growing our business through attractive acquisitions while maintaining a steady return of capital to our shareholders.”
Summary Financial Results
(In millions, except per share data) |
Three Months Ended |
Twelve Months Ended |
||||
December 31, |
December 31, |
2023 |
2022 |
|||
Total revenue |
$ 3,432 |
$ 2,557 |
$ 11,752 |
$ 11,565 |
||
F&G total gross sales1 |
$ 4,083 |
$ 2,719 |
$ 13,153 |
$ 11,254 |
||
F&G assets under management1 |
$ 49,453 |
$ 43,568 |
$ 49,453 |
$ 43,568 |
||
Total assets |
$ 80,614 |
$ 65,143 |
$ 80,614 |
$ 65,143 |
||
Adjusted pre-tax title margin |
11.8 % |
12.3 % |
13.7 % |
16.7 % |
||
Net earnings attributable to common shareholders |
$ (69) |
$ (5) |
$ 517 |
$ 1,294 |
||
Net earnings per share attributable to common shareholders |
$ (0.25) |
$ (0.02) |
$ 1.91 |
$ 4.67 |
||
Adjusted net earnings1 |
$ 204 |
$ 274 |
$ 962 |
$ 1,489 |
||
Adjusted net earnings per share1 |
$ 0.75 |
$ 1.01 |
$ 3.55 |
$ 5.38 |
||
Weighted average common diluted shares |
272 |
271 |
271 |
277 |
||
Total common shares outstanding |
273 |
272 |
273 |
272 |
1 |
See definition of non-GAAP measures below |
Segment Financial Results
Title Segment
This segment consists of the operations of the Company’s title insurance underwriters and related businesses, which provide core title insurance and escrow and other title-related services including loan sub-servicing, valuations, default services, and home warranty products.
Mike Nolan, Chief Executive Officer, said, “Over the past year we have demonstrated our capability to closely manage our expenses as mortgage volumes have continued to decline as a result of the persistent rise in mortgage rates. A clear benefit of our financial strength, scale, and profitability is our ability to strategically build and expand our Title business by investing in technology, recruiting talent and making acquisitions, which we have continued to do while maintaining our industry leading margins.”
Mr. Nolan added, “Looking ahead, we are well positioned for the current market and poised to benefit from the eventual turn in the housing market. Importantly, we remain optimistic on the longer-term fundamentals of the housing market given the favorable demographic trends that continue to build in the U.S.”
Fourth Quarter 2023 Highlights
Fourth Quarter 2023 Financial Results
Full year 2023 Financial Results
F&G Segment
This segment consists of operations of FNF’s majority-owned subsidiary F&G, a leading provider of insurance solutions serving retail annuity and life customers and funding agreement and pension risk transfer institutional clients.
Chris Blunt, President and Chief Executive Officer, commented, “I could not be more proud of our accomplishments over the last year highlighted by record gross sales of more than $13 billion and record AUM of $49.5 billion, the expansion of our flow reinsurance partners which provides diversification and return upside, the strong performance of our investment portfolio combined with an improved yield, and the successful execution of our owned distribution strategy, under which we have now closed on approximately $500 million of acquisitions.”
Mr. Blunt continued, “Looking at our fourth quarter results in more detail, they were impacted by the interest rate volatility that the annuities industry experienced as rates fell dramatically through the end of the year. We are able to actively manage our new business and inforce to maintain pricing targets over time in varying rate environments, however, there can be short-term timing lags between precipitous rate movements and dynamic pricing actions as we saw in the fourth quarter. Nonetheless, the economics and long-term outlook for our business remains unchanged. I remain optimistic, as we outlined in our recent Investor Day, that we can deliver double digit sales growth in 2024 supported by the launch of our RILA product earlier this month. Additionally, the drivers to continued margin expansion remain firmly in place as we effectively manage our operating expenses, benefit from enhanced investment margin opportunities and grow the earnings power of F&G. Lastly, we are well positioned to continue to execute on our owned distribution strategy, which will generate a higher value earnings stream over time. Our business remains very well positioned for the future as we enter 2024.”
Fourth Quarter 2023
Full Year 2023
Conference Call
We will host a call with investors and analysts to discuss FNF’s fourth quarter and full year 2023 results on Thursday, February 22, 2024, beginning at 11:00 a.m. Eastern Time. A live webcast of the conference call will be available on the Events and Multimedia page of the FNF Investor Relations website at fnf.com. The conference call replay will be available via webcast through the FNF Investor Relations website at fnf.com. The telephone replay will be available from 3:00 p.m. Eastern Time on February 22, 2024, through February 29, 2024, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13743446.
About Fidelity National Financial, Inc.
Fidelity National Financial, Inc. (NYSE: FNF) is a leading provider of title insurance and transaction services to the real estate and mortgage industries. FNF is the nation’s largest title insurance company through its title insurance underwriters – Fidelity National Title, Chicago Title, Commonwealth Land Title, Alamo Title and National Title of New York – that collectively issue more title insurance policies than any other title company in the United States. More information about FNF can be found at fnf.com.
About F&G
F&G is part of the FNF family of companies. F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this earnings release includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. These non-GAAP measures include adjusted net earnings per share, adjusted pre-tax title earnings, adjusted pre-tax title earnings as a percentage of adjusted title revenue (adjusted pre-tax title margin), adjusted net earnings attributable to common shareholders (adjusted net earnings), assets under management (AUM), average assets under management (AAUM) and sales.
Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do.
The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, FNF believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company.
Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, net earnings per share, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Further, FNF’s non-GAAP measures may be calculated differently from similarly titled measures of other companies. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided below.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that involve a number of risks and uncertainties. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: changes in general economic, business, political and COVID-19 conditions, including changes in the financial markets; weakness or adverse changes in the level of real estate activity, which may be caused by, among other things, high or increasing interest rates, a limited supply of mortgage funding or a weak U. S. economy; our potential inability to find suitable acquisition candidates; our dependence on distributions from our title insurance underwriters as a main source of cash flow; significant competition that F&G and our operating subsidiaries face; compliance with extensive government regulation of our operating subsidiaries; and other risks detailed in the “Statement Regarding Forward-Looking Information,” “Risk Factors” and other sections of FNF’s Form 10-K and other filings with the Securities and Exchange Commission (SEC).
FNF-E
FIDELITY NATIONAL FINANCIAL, INC. FOURTH QUARTER SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Three Months Ended |
||||||||
December 31, 2023 |
||||||||
Direct title premiums |
$ 489 |
$ 489 |
$ — |
$ — |
||||
Agency title premiums |
619 |
619 |
— |
— |
||||
Escrow, title related and other fees |
1,429 |
488 |
890 |
51 |
||||
Total title and escrow |
2,537 |
1,596 |
890 |
51 |
||||
Interest and investment income |
692 |
86 |
589 |
17 |
||||
Recognized gains and losses, net |
203 |
65 |
133 |
5 |
||||
Total revenue |
3,432 |
1,747 |
1,612 |
73 |
||||
Personnel costs |
742 |
636 |
65 |
41 |
||||
Agent commissions |
474 |
474 |
— |
— |
||||
Other operating expenses |
387 |
303 |
39 |
45 |
||||
Benefits & other policy reserve changes |
1,632 |
— |
1,632 |
— |
||||
Market risk benefit (gains) losses |
115 |
— |
115 |
— |
||||
Depreciation and amortization |
155 |
39 |
110 |
6 |
||||
Provision for title claim losses |
50 |
50 |
— |
— |
||||
Interest expense |
45 |
— |
26 |
19 |
||||
Total expenses |
3,600 |
1,502 |
1,987 |
111 |
||||
Pre-tax earnings (loss) from continuing operations |
$ (168) |
$ 245 |
$ (375) |
$ (38) |
||||
Income tax expense (benefit) |
(53) |
16 |
(76) |
7 |
||||
Earnings (loss) from equity investments |
1 |
1 |
— |
— |
||||
Non-controlling interests |
(45) |
2 |
(48) |
1 |
||||
Net earnings (loss) attributable to common shareholders |
$ (69) |
$ 228 |
$ (251) |
$ (46) |
||||
EPS attributable to common shareholders – basic |
$ (0.25) |
|||||||
EPS attributable to common shareholders – diluted |
$ (0.25) |
|||||||
Weighted average shares – basic |
271 |
|||||||
Weighted average shares – diluted |
272 |
FIDELITY NATIONAL FINANCIAL, INC. FOURTH QUARTER SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Three Months Ended |
||||||||
December 31, 2023 |
||||||||
Net earnings (loss) attributable to common shareholders |
$ (69) |
$ 228 |
$ (251) |
$ (46) |
||||
Pre-tax earnings (loss) from continuing operations |
$ (168) |
$ 245 |
$ (375) |
$ (38) |
||||
Non-GAAP Adjustments |
||||||||
Recognized (gains) and losses, net |
44 |
(65) |
114 |
(5) |
||||
Market related liability adjustments |
353 |
— |
353 |
— |
||||
Purchase price amortization |
27 |
18 |
6 |
3 |
||||
Pension Retirement Charge |
8 |
— |
— |
8 |
||||
Cybersecurity incident |
10 |
— |
— |
10 |
||||
Transaction costs |
1 |
— |
— |
1 |
||||
Adjusted pre-tax earnings (loss) |
$ 275 |
$ 198 |
$ 98 |
$ (21) |
||||
Total non-GAAP, pre-tax adjustments |
$ 443 |
$ (47) |
$ 473 |
$ 17 |
||||
Income taxes on non-GAAP adjustments |
(91) |
12 |
(99) |
(4) |
||||
Non-controlling interest on non-GAAP adjustments |
(60) |
— |
(59) |
(1) |
||||
Deferred tax asset valuation allowance |
(19) |
(19) |
— |
— |
||||
Total non-GAAP adjustments |
$ 273 |
$ (54) |
$ 315 |
$ 12 |
||||
Adjusted net earnings (loss) attributable to common shareholders |
$ 204 |
$ 174 |
$ 64 |
$ (34) |
||||
Adjusted EPS attributable to common shareholders – diluted |
$ 0.75 |
FIDELITY NATIONAL FINANCIAL, INC. FOURTH QUARTER SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Three Months Ended |
||||||||
December 31, 2022 |
||||||||
Direct title premiums |
$ 544 |
$ 544 |
$ — |
$ — |
||||
Agency title premiums |
708 |
708 |
— |
— |
||||
Escrow, title related and other fees |
884 |
508 |
335 |
41 |
||||
Total title and escrow |
2,136 |
1,760 |
335 |
41 |
||||
Interest and investment income |
539 |
89 |
439 |
11 |
||||
Recognized gains and losses, net |
(118) |
29 |
(147) |
— |
||||
Total revenue |
2,557 |
1,878 |
627 |
52 |
||||
Personnel costs |
734 |
665 |
47 |
22 |
||||
Agent commissions |
543 |
543 |
— |
— |
||||
Other operating expenses |
392 |
337 |
25 |
30 |
||||
Benefits & other policy reserve changes |
730 |
— |
730 |
— |
||||
Market risk benefit (gains) losses |
5 |
— |
5 |
— |
||||
Depreciation and amortization |
130 |
37 |
86 |
7 |
||||
Provision for title claim losses |
57 |
57 |
— |
— |
||||
Interest expense |
26 |
— |
6 |
20 |
||||
Total expenses |
2,617 |
1,639 |
899 |
79 |
||||
Pre-tax earnings (loss) |
$ (60) |
$ 239 |
$ (272) |
$ (27) |
||||
Income tax expense (benefit) |
(55) |
37 |
(96) |
4 |
||||
Earnings from equity investments |
(1) |
(1) |
— |
— |
||||
Non-controlling interests |
(1) |
3 |
(4) |
— |
||||
Net earnings (loss) attributable to common shareholders |
$ (5) |
$ 198 |
$ (172) |
$ (31) |
||||
EPS attributable to common shareholders – basic |
$ (0.02) |
|||||||
EPS attributable to common shareholders – diluted |
$ (0.02) |
|||||||
Weighted average shares – basic |
270 |
|||||||
Weighted average shares – diluted |
271 |
FIDELITY NATIONAL FINANCIAL, INC. FOURTH QUARTER SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Three Months Ended |
||||||||
December 31, 2022 |
||||||||
Net earnings (loss) attributable to common shareholders |
$ (5) |
$ 198 |
$ (172) |
$ (31) |
||||
Pre-tax earnings (loss) from continuing operations |
$ (60) |
$ 239 |
$ (272) |
$ (27) |
||||
Non-GAAP Adjustments |
||||||||
Recognized (gains) and losses, net |
107 |
(29) |
136 |
— |
||||
Market related liability adjustments |
217 |
— |
217 |
— |
||||
Purchase price amortization |
25 |
17 |
5 |
3 |
||||
Transaction costs |
8 |
— |
2 |
6 |
||||
Adjusted pre-tax earnings (loss) |
$ 297 |
$ 227 |
$ 88 |
$ (18) |
||||
Total non-GAAP, pre-tax adjustments |
$ 357 |
$ (12) |
$ 360 |
$ 9 |
||||
Income taxes on non-GAAP adjustments |
(53) |
3 |
(54) |
(2) |
||||
Non-controlling interest on non-GAAP adjustments |
(15) |
— |
(15) |
— |
||||
Deferred tax asset valuation allowance |
(10) |
(9) |
— |
(1) |
||||
Total non-GAAP adjustments |
$ 279 |
$ (18) |
$ 291 |
$ 6 |
||||
Adjusted net earnings (loss) attributable to common shareholders |
$ 274 |
$ 180 |
$ 119 |
$ (25) |
||||
Adjusted EPS attributable to common shareholders – diluted |
$ 1.01 |
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Twelve Months Ended |
||||||||
December 31, 2023 |
||||||||
Direct title premiums |
$ 1,982 |
$ 1,982 |
$ — |
$ — |
||||
Agency title premiums |
2,610 |
2,610 |
— |
— |
||||
Escrow, title related and other fees |
4,717 |
2,117 |
2,413 |
187 |
||||
Total title and escrow |
9,309 |
6,709 |
2,413 |
187 |
||||
Interest and investment income |
2,607 |
338 |
2,211 |
58 |
||||
Recognized gains and losses, net |
(164) |
(9) |
(124) |
(31) |
||||
Total revenue |
11,752 |
7,038 |
4,500 |
214 |
||||
Personnel costs |
2,908 |
2,544 |
232 |
132 |
||||
Agent commissions |
2,008 |
2,008 |
— |
— |
||||
Other operating expenses |
1,521 |
1,242 |
146 |
133 |
||||
Benefits & other policy reserve changes |
3,553 |
— |
3,553 |
— |
||||
Market risk benefit (gains) losses |
95 |
— |
95 |
— |
||||
Depreciation and amortization |
593 |
154 |
412 |
27 |
||||
Provision for title claim losses |
207 |
207 |
— |
— |
||||
Interest expense |
174 |
— |
97 |
77 |
||||
Total expenses |
11,059 |
6,155 |
4,535 |
369 |
||||
Pre-tax earnings (loss) from continuing operations |
$ 693 |
$ 883 |
$ (35) |
$ (155) |
||||
Income tax expense (benefit) |
192 |
181 |
23 |
(12) |
||||
Earnings (loss) from equity investments |
17 |
17 |
— |
— |
||||
Non-controlling interests |
1 |
13 |
(12) |
— |
||||
Net earnings (loss) attributable to common shareholders |
$ 517 |
$ 706 |
$ (46) |
$ (143) |
||||
EPS attributable to common shareholders – basic |
$ 1.91 |
|||||||
EPS attributable to common shareholders – diluted |
$ 1.91 |
|||||||
Weighted average shares – basic |
270 |
|||||||
Weighted average shares – diluted |
271 |
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Consolidated |
Title |
F&G |
Corporate and |
|||||
Twelve Months Ended |
||||||||
December 31, 2023 |
||||||||
Net earnings (loss) attributable to common shareholders |
$ 517 |
$ 706 |
$ (46) |
$ (143) |
||||
Pre-tax earnings (loss) from continuing operations |
$ 693 |
$ 883 |
$ (35) |
$ (155) |
||||
Non-GAAP Adjustments |
||||||||
Recognized (gains) and losses, net |
254 |
9 |
214 |
31 |
||||
Market related liability adjustments |
258 |
— |
258 |
— |
||||
Purchase price amortization |
108 |
72 |
22 |
14 |
||||
Pension Retirement Charge |
8 |
— |
— |
8 |
||||
Cybersecurity incident |
10 |
— |
— |
10 |
||||
Transaction costs |
9 |
— |
3 |
6 |
||||
Adjusted pre-tax earnings (loss) |
$ 1,340 |
$ 964 |
$ 462 |
$ (86) |
||||
Total non-GAAP, pre-tax adjustments |
$ 647 |
$ 81 |
$ 497 |
$ 69 |
||||
Income taxes on non-GAAP adjustments |
(139) |
(19) |
(104) |
(16) |
||||
Deferred tax asset valuation allowance |
— |
(8) |
— |
8 |
||||
Non-controlling interest on non-GAAP adjustments |
(63) |
— |
(62) |
(1) |
||||
Total non-GAAP adjustments |
$ 445 |
$ 54 |
$ 331 |
$ 60 |
||||
Adjusted net earnings (loss) attributable to common shareholders |
$ 962 |
$ 760 |
$ 285 |
$ (83) |
||||
Adjusted EPS attributable to common shareholders – diluted |
$ 3.55 |
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except per share data) (Unaudited) |
||||||||
Twelve Months Ended |
Consolidated |
Title |
Corporate and |
|||||
December 31, 2022 |
F&G |
|||||||
Direct title premiums |
$ 2,858 |
$ 2,858 |
$ — |
$ — |
||||
Agency title premiums |
3,976 |
3,976 |
— |
— |
||||
Escrow, title related and other fees |
4,333 |
2,502 |
1,704 |
127 |
||||
Total title and escrow |
11,167 |
9,336 |
1,704 |
127 |
||||
Interest and investment income |
1,891 |
213 |
1,655 |
23 |
||||
Recognized gains and losses, net |
(1,493) |
(443) |
(1,010) |
(40) |
||||
Total revenue |
11,565 |
9,106 |
2,349 |
110 |
||||
Personnel costs |
3,192 |
2,987 |
157 |
48 |
||||
Agent commissions |
3,064 |
3,064 |
— |
— |
||||
Other operating expenses |
1,721 |
1,515 |
102 |
104 |
||||
Benefits & other policy reserve changes |
1,126 |
— |
1,126 |
— |
||||
Market risk benefit (gains) losses |
(182) |
— |
(182) |
— |
||||
Depreciation and amortization |
491 |
142 |
324 |
25 |
||||
Provision for title claim losses |
308 |
308 |
— |
— |
||||
Interest expense |
115 |
— |
29 |
86 |
||||
Total expenses |
9,835 |
8,016 |
1,556 |
263 |
||||
Pre-tax earnings (loss) from continuing operations |
$ 1,730 |
$ 1,090 |
$ 793 |
$ (153) |
||||
Income tax expense (benefit) |
439 |
298 |
158 |
(17) |
||||
Earnings from equity investments |
15 |
15 |
— |
— |
||||
Non-controlling interests |
12 |
17 |
(4) |
(1) |
||||
Net earnings (loss) attributable to common shareholders |
$ 1,294 |
$ 790 |
$ 639 |
$ (135) |
||||
EPS attributable to common shareholders – basic |
$ 4.71 |
|||||||
EPS attributable to common shareholders – diluted |
$ 4.67 |
|||||||
Weighted average shares – basic |
275 |
|||||||
Weighted average shares – diluted |
277 |
FIDELITY NATIONAL FINANCIAL, INC. YTD SEGMENT INFORMATION (In millions, except per share data) (Unaudited)
|
||||||||
Twelve Months Ended |
Consolidated |
Title |
F&G |
Corporate and Other |
||||
Net earnings (loss) attributable to common shareholders |
$ 1,294 |
$ 790 |
$ 639 |
$ (135) |
||||
Pre-tax earnings (loss) from continuing operations |
$ 1,730 |
$ 1,090 |
$ 793 |
$ (153) |
||||
Non-GAAP Adjustments |
||||||||
Recognized (gains) and losses, net |
600 |
443 |
117 |
40 |
||||
Market related liability adjustments |
(534) |
— |
(534) |
— |
||||
Purchase price amortization |
95 |
60 |
21 |
14 |
||||
Transaction costs |
12 |
— |
10 |
2 |
||||
Adjusted pre-tax earnings (loss) |
$ 1,903 |
$ 1,593 |
$ 407 |
$ (97) |
||||
Total non-GAAP, pre-tax adjustments |
$ 173 |
$ 503 |
$ (386) |
$ 56 |
||||
Income taxes on non-GAAP adjustments |
(30) |
(121) |
104 |
(13) |
||||
Deferred tax asset valuation allowance |
68 |
58 |
— |
10 |
||||
Non-controlling interest on non-GAAP adjustments |
(16) |
— |
(15) |
(1) |
||||
Total non-GAAP adjustments |
$ 195 |
$ 440 |
$ (297) |
$ 52 |
||||
Adjusted net earnings (loss) attributable to common shareholders |
$ 1,489 |
$ 1,230 |
$ 342 |
$ (83) |
||||
Adjusted EPS attributable to common shareholders – diluted |
$ 5.38 |
FIDELITY NATIONAL FINANCIAL, INC. SUMMARY BALANCE SHEET INFORMATION (In millions) |
||||||
December 31, |
December 31, |
|||||
(Unaudited) |
(Unaudited) |
|||||
Cash and investment portfolio |
$ 58,816 |
$ 47,656 |
||||
Goodwill |
4,830 |
4,635 |
||||
Title plant |
418 |
416 |
||||
Total assets |
80,614 |
65,143 |
||||
Notes payable |
3,887 |
3,238 |
||||
Reserve for title claim losses |
1,770 |
1,810 |
||||
Secured trust deposits |
731 |
862 |
||||
Accumulated other comprehensive (loss) earnings |
(2,119) |
(2,870) |
||||
Non-controlling interests |
552 |
453 |
||||
Total equity and non-controlling interests |
7,460 |
6,569 |
||||
Total equity attributable to common shareholders |
6,908 |
6,116 |
Non-GAAP Measures and Other Information
Title Segment
The table below reconciles pre-tax title earnings to adjusted pre-tax title earnings.
Three Months Ended |
Twelve Months Ended |
|||||
(Dollars in millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||
Pre-tax earnings |
$ 245 |
$ 239 |
$ 883 |
$ 1,090 |
||
Non-GAAP adjustments before taxes |
||||||
Recognized (gains) and losses, net |
(65) |
(29) |
9 |
443 |
||
Purchase price amortization |
18 |
17 |
72 |
60 |
||
Total non-GAAP adjustments |
(47) |
(12) |
81 |
503 |
||
Adjusted pre-tax earnings |
$ 198 |
$ 227 |
$ 964 |
$ 1,593 |
||
Adjusted pre-tax margin |
11.8 % |
12.3 % |
13.7 % |
16.7 % |
FIDELITY NATIONAL FINANCIAL, INC. QUARTERLY OPERATING STATISTICS (Unaudited) |
||||||||||||||||
Q4 2023 |
Q3 2023 |
Q2 2023 |
Q1 2023 |
Q4 2022 |
Q3 2022 |
Q2 2022 |
Q1 2022 |
|||||||||
Quarterly Opened Orders (‘000’s except % data) |
||||||||||||||||
Total opened orders* |
257 |
318 |
347 |
308 |
266 |
363 |
443 |
522 |
||||||||
Total opened orders per day* |
4.1 |
5.0 |
5.4 |
5.0 |
4.3 |
5.7 |
6.9 |
8.6 |
||||||||
Purchase % of opened orders |
78 % |
80 % |
79 % |
78 % |
76 % |
76 % |
75 % |
62 % |
||||||||
Refinance % of opened orders |
22 % |
20 % |
21 % |
22 % |
24 % |
24 % |
25 % |
38 % |
||||||||
Total closed orders* |
192 |
224 |
233 |
188 |
216 |
278 |
348 |
380 |
||||||||
Total closed orders per day* |
3.1 |
3.6 |
3.6 |
3.0 |
3.5 |
4.3 |
5.4 |
6.2 |
||||||||
Purchase % of closed orders |
80 % |
80 % |
81 % |
78 % |
76 % |
76 % |
71 % |
55 % |
||||||||
Refinance % of closed orders |
20 % |
20 % |
19 % |
22 % |
24 % |
24 % |
29 % |
45 % |
||||||||
Commercial (millions, except orders in ‘000’s) |
||||||||||||||||
Total commercial revenue |
$ 294 |
$ 263 |
$ 263 |
$ 241 |
$ 344 |
$ 381 |
$ 436 |
$ 374 |
||||||||
Total commercial opened orders |
43.7 |
49.1 |
50.2 |
48.5 |
44.9 |
54.8 |
64.2 |
66.1 |
||||||||
Total commercial closed orders |
26.3 |
25.6 |
27.7 |
24.7 |
30.5 |
35.2 |
39.7 |
37.4 |
||||||||
National commercial revenue |
$ 161 |
$ 128 |
$ 128 |
$ 118 |
$ 173 |
$ 191 |
$ 220 |
$ 196 |
||||||||
National commercial opened orders |
18.0 |
18.9 |
19.3 |
18.5 |
17.8 |
22.1 |
26.7 |
27.5 |
||||||||
National commercial closed orders |
9.8 |
9.2 |
9.9 |
8.5 |
11.9 |
14.0 |
15.3 |
14.6 |
||||||||
Total Fee Per File |
||||||||||||||||
Fee per file |
$ 3,806 |
$ 3,618 |
$ 3,598 |
$ 3,446 |
$ 3,649 |
$ 3,621 |
$ 3,557 |
$ 2,891 |
||||||||
Residential fee per file |
$ 2,889 |
$ 2,861 |
$ 2,897 |
$ 2,601 |
$ 2,542 |
$ 2,697 |
$ 2,695 |
$ 2,188 |
||||||||
Total commercial fee per file |
$ 11,200 |
$ 10,300 |
$ 9,500 |
$ 9,800 |
$ 11,300 |
$ 10,800 |
$ 11,000 |
$ 10,000 |
||||||||
National commercial fee per file |
$ 16,400 |
$ 13,900 |
$ 12,900 |
$ 13,900 |
$ 14,600 |
$ 13,600 |
$ 14,400 |
$ 13,400 |
||||||||
Total Staffing |
||||||||||||||||
Total field operations employees |
9,900 |
10,400 |
10,600 |
10,400 |
10,700 |
12,000 |
12,700 |
13,400 |
||||||||
Actual title claims paid ($ millions) |
$ 64 |
$ 69 |
$ 67 |
$ 62 |
$ 79 |
$ 65 |
$ 55 |
$ 54 |
FIDELITY NATIONAL FINANCIAL, INC. MONTHLY TITLE ORDER STATISTICS |
||||||||
Direct Orders Opened * |
Direct Orders Closed * |
|||||||
Month |
/ (% Purchase) |
/ (% Purchase) |
||||||
October 2023 |
101,000 |
78 % |
70,000 |
80 % |
||||
November 2023 |
75,000 |
79 % |
54,000 |
80 % |
||||
December 2023 |
81,000 |
78 % |
68,000 |
79 % |
||||
Fourth Quarter 2023 |
257,000 |
78 % |
192,000 |
80 % |
Direct Orders Opened * |
Direct Orders Closed * |
|||||||
Month |
/ (% Purchase) |
/ (% Purchase) |
||||||
October 2022 |
102,000 |
76 % |
78,000 |
75 % |
||||
November 2022 |
87,000 |
77 % |
68,000 |
77 % |
||||
December 2022 |
77,000 |
75 % |
70,000 |
78 % |
||||
Fourth Quarter 2022 |
266,000 |
76 % |
216,000 |
76 % |
||||
* Includes an immaterial number of non-purchase and non-refinance orders |
F&G Segment
The table below reconciles net earnings (loss) attributable to common shareholders to adjusted net earnings attributable to common shareholders. The F&G Segment is reported net of noncontrolling minority interest.
Three Months Ended |
Twelve Months Ended |
||||||
(Dollars in millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
|||
Net earnings attributable to common shareholders |
$ (251) |
$ (172) |
$ (46) |
$ 639 |
|||
Non-GAAP adjustments(1): |
|||||||
Recognized (gains) losses, net |
114 |
136 |
214 |
117 |
|||
Market related liability adjustments |
353 |
217 |
258 |
(534) |
|||
Purchase price amortization |
6 |
5 |
22 |
21 |
|||
Transaction costs |
— |
2 |
3 |
10 |
|||
Income taxes on non-GAAP adjustments |
(99) |
(54) |
(104) |
104 |
|||
Non-controlling interest on non-GAAP adjustments |
(59) |
(15) |
(62) |
(15) |
|||
Adjusted net earnings (loss) attributable to common shareholders(1) |
$ 64 |
$ 119 |
$ 285 |
$ 342 |
The table below provides a summary of sales highlights.
Three Months Ended |
Twelve Months Ended |
||||||||
(In millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
|||||
Total annuity sales |
$ 2,895 |
$ 2,441 |
$ 9,765 |
$ 8,294 |
|||||
Indexed universal life sales |
39 |
35 |
156 |
127 |
|||||
Funding agreements (FABN/FHLB) |
385 |
— |
1,256 |
1,443 |
|||||
Pension risk transfer |
764 |
243 |
1,976 |
1,390 |
|||||
Gross sales(1) |
$ 4,083 |
$ 2,719 |
$ 13,153 |
$ 11,254 |
|||||
Sales attributable to flow reinsurance to third parties |
(1,534) |
(808) |
(3,915) |
(2,248) |
|||||
Net Sales(1) |
$ 2,549 |
$ 1,911 |
$ 9,238 |
$ 9,006 |
Footnotes: |
||
1. |
Non-GAAP financial measure. See the Non-GAAP Measures section below for additional information. |
DEFINITIONS
The following represents the definitions of non-GAAP measures used by the Company.
Adjusted Net Earnings Attributable to Common Shareholders (Adjusted Net Earnings)
Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) attributable to common shareholders to eliminate:
i. Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effect of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
ii. Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
iii. Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset (“VODA”)) recognized as a result of acquisition activities;
iv. Transaction costs: the impacts related to acquisition, integration and merger related items;
v. Certain income tax adjustments: the impacts related to unusual tax items that do not reflect our core operating performance such as the establishment or reversal of significant deferred tax asset valuation allowances in our Title and Corporate and Other segments;
vi. Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years;
vii. Income taxes: the income tax impact related to the above mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction; and
viii. Non-controlling interest on non-GAAP adjustments: the portion of the non-GAAP adjustments attributable to the equity interest of F&G that FNF does not own
While these adjustments are an integral part of the overall performance of FNF, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Assets Under Management (AUM)
AUM is comprised of the following components and is reported net of reinsurance qualifying for risk transfer in accordance with GAAP:
(i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates and derivatives;
(ii) investments in unconsolidated affiliates at carrying value;
(iii) related party loans and investments;
(iv) accrued investment income;
(v) the net payable/receivable for the purchase/sale of investments; and
(vi) cash and cash equivalents excluding derivative collateral at the end of the period.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.
AUM before Flow Reinsurance
AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.
Average Assets Under Management (AAUM)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e. contractholder funds) within the Company’s consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
SOURCE Fidelity National Financial, Inc.
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]]>Net loss for the fourth quarter of $299 million, or $2.41 per diluted share (per share), compared to a net loss of $176 million, or $1.41 per share, for the fourth quarter of 2022. Net loss for the fourth quarter of 2023 included $369 million of net unfavorable mark-to-market effects and $5 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net loss for the fourth quarter of 2022 included $300 million of net unfavorable mark-to-market effects and $6 million of other unfavorable items; all of which are excluded from adjusted net earnings.
Net loss for the full year of $58 million, or $0.47 per share, compared to net earnings of $635 million, or $5.52 per share, for the year ended December 31, 2022. Net loss for 2023 included $373 million of net unfavorable mark-to-market effects and $20 million of other unfavorable items; all of which are excluded from adjusted net earnings. Net earnings for 2022 include $305 million of net favorable mark-to-market effects and $23 million of other unfavorable items; all of which are excluded from adjusted net earnings.
Adjusted net earnings for the fourth quarter of $75 million, or $0.60 per share, compared to $130 million, or $1.04 per share for the fourth quarter of 2022. Adjusted net earnings (loss) include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations. The fourth quarter of 2023 includes short term investment income from alternative investments and $19 million of significant expense items, whereas the fourth quarter of 2022 included short term investment income from alternative investments and $58 million of significant income items.
Adjusted net earnings for the full year of $335 million, or $2.68 per share, compared to $353 million, or $3.07 per share, for the year ended December 31, 2022. The full year 2023 includes short term investment income from alternative investments and $51 million of significant expense items, whereas the full year 2022 included short term investment income from alternative investments and $99 million of significant income items.
Please see “Earnings Results” and “Non-GAAP Measures and Other Information” for further explanation.
Company Highlights
Chris Blunt, President and Chief Executive Officer, commented, “I could not be more proud of our accomplishments over the last year as highlighted by record sales, which lifted our assets under management to $49.5 billion, also a record level for F&G. As we have grown, we have remained focused on our customers and were very pleased to have been voted #1 for customer satisfaction among U.S annuity providers by J.D. Power, an important accomplishment for our entire team and a reflection of the positive culture we’ve established at F&G. In addition, our inforce book remained steady and predictable throughout the year, for both assets and liabilities, even as markets became increasingly volatile. Our financial results and balance sheet strength were recognized by rating upgrades from A.M. Best and Moody’s, which will provide an uplift to our organic growth. Importantly, we are well positioned to drive continued profitable growth and capture the market opportunity that lies ahead.”
Mr. Blunt continued, “Looking at our fourth quarter results in more detail, they were impacted by the interest rate volatility that the annuities industry experienced as rates fell dramatically through the end of the year. The long-term outlook for our business remains unchanged. I remain optimistic, as we outlined in our recent Investor Day, that we can deliver double digit sales growth in 2024 supported by the launch of our RILA product earlier this month. Additionally, the drivers to continued margin expansion remain firmly in place as we effectively manage our operating expenses, benefit from enhanced investment margin opportunities, and grow the earnings power of F&G. Lastly, we are well positioned to continue to execute on our owned distribution strategy, which further strengthens our distribution relationships and gives us a diversifying source of additional earnings over time. In short, I could not be more excited about the future of our company as we enter 2024.”
Summary Financial Results1
(In millions, except per share data) |
Three Months Ended |
Year Ended |
||||
December 31, |
December 31, |
2023 |
2022 |
|||
Total gross sales |
$ 4,083 |
$ 2,719 |
$ 13,153 |
$ 11,254 |
||
Net sales |
$ 2,549 |
$ 1,911 |
$ 9,238 |
$ 9,006 |
||
Assets under management (AUM) |
$ 49,453 |
$ 43,568 |
$ 49,453 |
$ 43,568 |
||
Average assets under management (AAUM) YTD |
$ 46,265 |
$ 40,069 |
$ 46,265 |
$ 40,069 |
||
AUM before flow reinsurance |
$ 56,278 |
$ 46,432 |
$ 56,278 |
$ 46,432 |
||
Adjusted return on assets |
0.72 % |
0.88 % |
0.72 % |
0.88 % |
||
Net earnings (loss) |
$ (299) |
$ (176) |
$ (58) |
$ 635 |
||
Net earnings (loss) per diluted share |
$ (2.41) |
$ (1.41) |
$ (0.47) |
$ 5.52 |
||
Weighted average diluted shares |
124 |
125 |
124 |
115 |
||
Adjusted net earnings (loss) |
$ 75 |
$ 130 |
$ 335 |
$ 353 |
||
Adjusted net earnings (loss) per diluted share |
$ 0.60 |
$ 1.04 |
$ 2.68 |
$ 3.07 |
||
Adjusted weighted average diluted shares |
125 |
125 |
125 |
115 |
||
Book value per share |
$ 24.63 |
$ 19.09 |
$ 24.63 |
$ 19.09 |
||
Book value per share excluding AOCI |
$ 40.42 |
$ 41.45 |
$ 40.42 |
$ 41.45 |
||
Common shares outstanding |
126 |
126 |
126 |
126 |
1See definition of non-GAAP measures below |
Fourth Quarter 2023 Results
Record gross sales were $4.1 billion in the fourth quarter, an increase of 52% from $2.7 billion in the fourth quarter 2022, driven by record retail channel sales and strong institutional market sales.
Record profitable Retail channel sales were $3.0 billion for the fourth quarter, a 20% increase from $2.5 billion in the fourth quarter of 2022, driven by robust multiyear guaranteed annuity (MYGA) sales in the higher rate environment.
Strong Institutional market sales were $1.1 billion in the fourth quarter, compared to $0.2 billion in the fourth quarter of 2022, driven by higher pension risk transfer and FHLB funding agreement sales.
Net sales retained were $2.5 billion in the fourth quarter, compared to $1.9 billion in fourth quarter 2022. Net sales reflect third party flow reinsurance which has increased from 50% to 90% of MYGA sales during 2023, in line with our capital targets.
Record assets under management (AUM) were $49.5 billion as of December 31, 2023, an increase of 14% from $43.6 billion as of December 31, 2022. AUM before flow reinsurance was $56.3 billion as of December 31, 2023. A rollforward of AUM can be found in the Non-GAAP Measures section of this release.
Adjusted net earnings for the fourth quarter of $75 million, or $0.60 per share, compared to $130 million, or $1.04 per share for the fourth quarter of 2022. Adjusted net earnings (loss) include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations.
As compared to the prior year, the adjusted net earnings decrease reflects modest product margin expansion, due to the inherent timing lag between the precipitous decline in rates and our pricing actions in the fourth quarter of 2023, and accretive flow reinsurance fees, which were more than offset by higher interest expense due to planned capital market activity and higher operating costs in line with our growth in sales and assets and continued investments in our operating platform.
Full Year 2023 Results
Record gross sales were $13.2 billion for the full year, an increase of 17% from $11.3 billion for the full year 2022, driven by record retail channel sales and robust institutional market sales.
Record profitable Retail channel sales were $10.0 billion for the full year, an 18% increase from $8.5 billion for the full year 2022, driven by growth across our agent, bank and broker dealer channels.
Robust Institutional market sales were $3.2 billion for the full year, comprised of $2.0 billion pension risk transfer and $1.2 billion funding agreements, compared to $2.8 billion for the full year 2022, comprised of $1.4 billion pension risk transfer and $1.4 billion funding agreements.
Record net sales retained were $9.2 billion for the full year, compared to $9.0 billion for full year 2022.
Assets under management (AUM) were $49.5 billion as of December 31, 2023, an increase of 14% from $43.6 billion as of December 31, 2022, driven by net new business flows, stable inforce retention and net debt proceeds over the past twelve months. AUM before flow reinsurance was $56.3 billion as of December 31, 2023. A rollforward of AUM can be found in the Non-GAAP Measures section of this release.
Adjusted net earnings for the full year of $335 million, or $2.68 per share, compared to full year 2022 of $353 million, or $3.07 per share. Adjusted net earnings include significant income and expense items and alternative investment portfolio returns from short-term mark-to-market movement that differ from long-term return expectations.
As compared to the prior year, adjusted net earnings reflect asset growth, product margin expansion and accretive flow reinsurance fees, partially offset by an increase in interest expense due to planned capital market activity and higher operating costs in line with our growth in sales and assets and continued investments in our operating platform.
Capital and Liquidity Highlights
GAAP book value excluding AOCI was $5.1 billion or $40.42 per share, based on 126 million common shares outstanding as of December 31, 2023. This reflects a decrease of $2.88 or 7% during the quarter, including $0.50 per share decrease from capital actions and $2.93 per share net decrease for mark-to-market movements; partially offset by $0.55 per share increase from adjusted net earnings and other.
Book value per share excluding AOCI as of September 30, 2023 |
$ |
43.30 |
Adjusted net earnings and other |
0.55 |
|
Book value per share excluding AOCI, before capital actions & mark-to-market |
$ |
43.85 |
Capital actions (common dividends and equity grants) |
(0.50) |
|
Book value per share excluding AOCI, before mark-to-market |
$ |
43.35 |
Mark-to-market movement |
(2.93) |
|
Book value per share excluding AOCI as of December 31, 2023 |
$ |
40.42 |
The debt-to-capitalization ratio, excluding AOCI, was 25.7% as of December 31, 2023. This is in line with our long-term target of approximately 25% and we expect that our balance sheet will naturally delever as a result of growth in total equity, excluding AOCI.
During the fourth quarter, F&G paid common dividends of $26 million. For the full year, F&G paid common dividends at $0.81 per share for a total $101 million and repurchased 0.9 million common shares for a total $18.3 million, at an average price of $21.07 per share. Capacity remaining under the existing share repurchase authorizations was $31.7 million at December 31, 2023.
The Board of Directors has declared a quarterly dividend of $0.21 per common share, payable on March 15, 2024, to shareholders of record as of the close of business on March 29, 2024.
The Company continues to have a strong and stable capital position with an estimated statutory company action level risk-based capital (RBC) ratio for our primary operating subsidiary of approximately of 440% as of December 31, 2023, well above our 400% target.
Ratings momentum has been positive. On January 12, 2024, A.M. Best upgraded the financial strength ratings of F&G’s primary operating companies to ‘A’ (Excellent) from ‘A-‘ (Excellent), with stable outlook.
On January 16, 2024, F&G announced the closing of a preferred stock investment from its parent Fidelity National Financial, Inc. (FNF). FNF has agreed to invest $250 million in exchange for 5,000,000 shares of F&G’s 6.875% Series A Mandatory Convertible Preferred Stock, par value $0.001 per share. F&G will use net proceeds from the investment to support the growth of its assets under management.
Conference Call
We will host a call with investors and analysts to discuss F&G’s fourth quarter and full year 2023 results on Thursday, February 22, 2023, beginning at 9:00 a.m. Eastern Time. A live webcast of the conference call will be available on the F&G Investor Relations website at fglife.com. The conference call replay will be available via webcast through the F&G Investor Relations website at fglife.com. The telephone replay will be available from 1:00 p.m. Eastern Time on February 22, 2024, through February 29, 2024, by dialing 1-844-512-2921 (USA) or 1-412-317-6671 (International). The access code will be 13743444.
About F&G
F&G is committed to helping Americans turn their aspirations into reality. F&G is a leading provider of insurance solutions serving retail annuity and life customers and institutional clients and is headquartered in Des Moines, Iowa. For more information, please visit fglife.com.
Use of Non-GAAP Financial Information
Generally Accepted Accounting Principles (GAAP) is the term used to refer to the standard framework of guidelines for financial accounting. GAAP includes the standards, conventions, and rules accountants follow in recording and summarizing transactions and in the preparation of financial statements. In addition to reporting financial results in accordance with GAAP, this presentation includes non-GAAP financial measures, which the Company believes are useful to help investors better understand its financial performance, competitive position and prospects for the future. Management believes these non-GAAP financial measures may be useful in certain instances to provide additional meaningful comparisons between current results and results in prior operating periods. Our non-GAAP measures may not be comparable to similarly titled measures of other organizations because other organizations may not calculate such non-GAAP measures in the same manner as we do. The presentation of this financial information is not intended to be considered in isolation of or as a substitute for, or superior to, the financial information prepared and presented in accordance with GAAP. By disclosing these non-GAAP financial measures, the Company believes it offers investors a greater understanding of, and an enhanced level of transparency into, the means by which the Company’s management operates the Company. Any non-GAAP measures should be considered in context with the GAAP financial presentation and should not be considered in isolation or as a substitute for GAAP net earnings, net earnings attributable to common shareholders, or any other measures derived in accordance with GAAP as measures of operating performance or liquidity. Reconciliations of these non-GAAP financial measures to the most directly comparable GAAP measures are provided within.
Forward-Looking Statements and Risk Factors
This press release contains forward-looking statements that are subject to known and unknown risks and uncertainties, many of which are beyond our control. Some of the forward-looking statements can be identified by the use of terms such as “believes”, “expects”, “may”, “will”, “could”, “seeks”, “intends”, “plans”, “estimates”, “anticipates” or other comparable terms. Statements that are not historical facts, including statements regarding our expectations, hopes, intentions or strategies regarding the future are forward-looking statements. Forward-looking statements are based on management’s beliefs, as well as assumptions made by, and information currently available to, management. Because such statements are based on expectations as to future financial and operating results and are not statements of fact, actual results may differ materially from those projected. We undertake no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise. The risks and uncertainties which forward-looking statements are subject to include, but are not limited to: general economic conditions and other factors, including prevailing interest and unemployment rate levels and stock and credit market performance; natural disasters, public health crises, international tensions and conflicts, geopolitical events, terrorist acts, labor strikes, political crisis, accidents and other events; concentration in certain states for distribution of our products; the impact of interest rate fluctuations; equity market volatility or disruption; the impact of credit risk of our counterparties; changes in our assumptions and estimates regarding amortization of our deferred acquisition costs, deferred sales inducements and value of business acquired balances; regulatory changes or actions, including those relating to regulation of financial services affecting (among other things) underwriting of insurance products and regulation of the sale, underwriting and pricing of products and minimum capitalization and statutory reserve requirements for insurance companies, or the ability of our insurance subsidiaries to make cash distributions to us; and other factors discussed in “Risk Factors” and other sections of F&G’s Form 10-K and other filings with the Securities and Exchange Commission (SEC).
CONTACT:
Lisa Foxworthy-Parker
SVP of Investor & External Relations
Investor.relations@fglife.com
515.330.3307
F&G ANNUITIES & LIFE, INC. CONSOLIDATED BALANCE SHEETS (In millions, except per share data) (Unaudited) |
||||
December 31, 2023 |
December 31, 2022 |
|||
Assets: |
||||
Investments: |
||||
Fixed maturity securities available for sale, at fair value, (amortized cost of $43,601), net of allowance for credit losses of $35 at December 31, 2023 |
$ 40,419 |
$ 31,218 |
||
Preferred securities, at fair value |
469 |
722 |
||
Equity securities, at fair value |
137 |
101 |
||
Derivative investments |
797 |
244 |
||
Mortgage loans, net of allowance for credit losses of $66 at December 31, 2023 |
5,336 |
4,554 |
||
Investments in unconsolidated affiliates (certain investments at fair value of $285 at December 31, 2023) |
3,071 |
2,455 |
||
Other long-term investments |
608 |
537 |
||
Short-term investments |
1,452 |
1,556 |
||
Total investments |
$ 52,289 |
$ 41,387 |
||
Cash and cash equivalents |
1,563 |
960 |
||
Reinsurance recoverable, net of allowance for credit losses of $21 at December 31, 2023 |
8,960 |
5,417 |
||
Goodwill |
1,749 |
1,749 |
||
Prepaid expenses and other assets |
931 |
941 |
||
Other intangible assets, net |
4,207 |
3,429 |
||
Market risk benefits asset |
88 |
117 |
||
Income taxes receivable |
27 |
28 |
||
Deferred tax asset, net |
388 |
600 |
||
Total assets |
$ 70,202 |
$ 54,628 |
||
Liabilities and Equity: |
||||
Contractholder funds |
$ 48,798 |
$ 40,843 |
||
Future policy benefits |
7,050 |
5,021 |
||
Market risk benefits liability |
403 |
282 |
||
Accounts payable and accrued liabilities |
2,011 |
1,260 |
||
Notes payable |
1,754 |
1,114 |
||
Funds withheld for reinsurance liabilities |
7,083 |
3,703 |
||
Total liabilities |
$ 67,099 |
$ 52,223 |
||
Equity: |
||||
F&G common stock $0.001 par value; authorized 500,000,000 shares as of December 31, 2023; outstanding and issued shares of 126,332,142 and 127,234,902 as of December 31, 2023, respectively |
— |
— |
||
Additional paid-in-capital |
3,185 |
3,162 |
||
Retained earnings |
1,926 |
2,061 |
||
Accumulated other comprehensive (loss) income (“AOCI”) |
(1,990) |
(2,818) |
||
Treasury stock, at cost (902,760 shares as of December 31, 2023) |
(18) |
— |
||
Total equity |
$ 3,103 |
$ 2,405 |
||
Total liabilities and equity |
$ 70,202 |
$ 54,628 |
F&G ANNUITIES & LIFE, INC. CONSOLIDATED STATEMENTS OF OPERATIONS FOURTH QUARTER AND YTD INFORMATION (In millions, except per share data) (Unaudited) |
|||||||||
Three months ended |
Year ended |
||||||||
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
||||||
Revenues: |
|||||||||
Life insurance premiums and other fees |
$ 890 |
$ 335 |
$ 2,413 |
$ 1,704 |
|||||
Interest and investment income |
589 |
439 |
2,211 |
1,655 |
|||||
Recognized gains and (losses), net |
133 |
(147) |
(124) |
(1,010) |
|||||
Total revenues |
1,612 |
627 |
4,500 |
2,349 |
|||||
Benefits and expenses: |
|||||||||
Benefits and other changes in policy reserves |
1,632 |
730 |
3,553 |
1,126 |
|||||
Market risk benefit (gains) losses |
115 |
5 |
95 |
(182) |
|||||
Other operating expenses |
39 |
25 |
146 |
102 |
|||||
Depreciation and amortization |
110 |
86 |
412 |
324 |
|||||
Personnel costs |
65 |
47 |
232 |
157 |
|||||
Interest expense |
26 |
6 |
97 |
29 |
|||||
Total benefits and expenses |
1,987 |
899 |
4,535 |
1,556 |
|||||
Earnings (loss) before income taxes |
(375) |
(272) |
(35) |
793 |
|||||
Income tax expense (benefit) |
(76) |
(96) |
23 |
158 |
|||||
Net earnings (loss) |
$ (299) |
$ (176) |
$ (58) |
$ 635 |
|||||
Net earnings (loss) per common share: |
|||||||||
Basic |
$ (2.41) |
$ (1.41) |
$ (0.47) |
$ 5.52 |
|||||
Diluted |
$ (2.41) |
$ (1.41) |
$ (0.47) |
$ 5.52 |
|||||
Weighted average common shares used in computing net earnings (loss) per common share: |
|||||||||
Basic |
124 |
125 |
124 |
115 |
|||||
Diluted |
124 |
125 |
124 |
115 |
Non-GAAP Measures and Other Information RECONCILIATION OF NET EARNINGS (LOSS) AND ADJUSTED NET EARNINGS (LOSS) |
|||||||||
Three months ended |
Year ended |
||||||||
(In millions) |
December 31, |
December 31, |
December 31, |
December 31, |
|||||
Net earnings (loss) |
$ (299) |
$ (176) |
$ (58) |
$ 635 |
|||||
Non-GAAP adjustments(1): |
|||||||||
Recognized (gains) losses, net |
|||||||||
Net realized and unrealized (gains) losses on fixed maturity available-for-sale securities, equity securities and other invested assets |
9 |
110 |
98 |
446 |
|||||
Change in allowance for expected credit losses |
15 |
11 |
48 |
24 |
|||||
Change in fair value of reinsurance related embedded derivatives |
162 |
5 |
128 |
(352) |
|||||
Change in fair value of other derivatives and embedded derivatives |
(72) |
10 |
(60) |
(1) |
|||||
Recognized (gains) losses, net |
114 |
136 |
214 |
117 |
|||||
Market related liability adjustments |
353 |
217 |
258 |
(534) |
|||||
Purchase price amortization |
6 |
5 |
22 |
21 |
|||||
Transaction costs and other non-recurring items |
— |
2 |
3 |
10 |
|||||
Income taxes on non-GAAP adjustments |
(99) |
(54) |
(104) |
104 |
|||||
Adjusted net earnings (loss)(1) |
$ 75 |
$ 130 |
$ 335 |
$ 353 |
1See definition of non-GAAP measures below |
RECONCILIATION OF TOTAL EQUITY, TOTAL EQUITY EXCLUDING ACCUMULATED OTHER |
||||||||
As of |
||||||||
(In millions) |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
||||
Total Equity |
$ 3,103 |
$ 2,372 |
$ 2,518 |
$ 2,485 |
||||
Less: AOCI |
(1,990) |
(3,040) |
(2,610) |
(2,548) |
||||
Total Equity excluding AOCI(1) |
$ 5,093 |
$ 5,412 |
$ 5,128 |
$ 5,033 |
||||
Common shares outstanding |
126 |
125 |
126 |
126 |
||||
Book value per common share |
$ 24.63 |
$ 18.98 |
$ 19.98 |
$ 19.72 |
||||
Book value per common share, excluding AOCI |
$ 40.42 |
$ 43.30 |
$ 40.70 |
$ 39.94 |
ASSETS UNDER MANAGEMENT (AUM) ROLLFORWARD, AVERAGE ASSETS UNDER |
||||||||
Three months ended |
||||||||
(In millions) |
December 31, 2023 |
September 30, 2023 |
June 30, 2023 |
March 31, 2023 |
||||
AUM at beginning of period(1) |
$ 47,437 |
$ 46,260 |
$ 45,422 |
$ 43,568 |
||||
Net new business asset flows |
3,181 |
1,707 |
1,925 |
2,387 |
||||
Net flow reinsurance to third parties |
(1,352) |
(530) |
(1,087) |
(992) |
||||
Debt issuance (repayment) proceeds, net |
187 |
— |
— |
459 |
||||
AUM at end of period(1) |
$ 49,453 |
$ 47,437 |
$ 46,260 |
$ 45,422 |
||||
AAUM(1) – YTD |
$ 46,265 |
$ 45,541 |
$ 44,948 |
$ 44,393 |
||||
AUM before flow reinsurance(1) |
$ 56,278 |
$ 52,910 |
$ 51,203 |
$ 49,278 |
SALES HIGHLIGHTS |
|||||||||
Three months ended |
Twelve months ended |
||||||||
(In millions) |
December 31, 2023 |
December 31, 2022 |
December 31, 2023 |
December 31, 2022 |
|||||
Total annuity sales |
$ 2,895 |
$ 2,441 |
$ 9,765 |
$ 8,294 |
|||||
Indexed universal life sales |
39 |
35 |
156 |
127 |
|||||
Funding agreements (FABN/FHLB) |
385 |
— |
1,256 |
1,443 |
|||||
Pension risk transfer |
764 |
243 |
1,976 |
1,390 |
|||||
Gross sales(1) |
$ 4,083 |
$ 2,719 |
$ 13,153 |
$ 11,254 |
|||||
Sales attributable to flow reinsurance to third parties |
(1,534) |
(808) |
(3,915) |
(2,248) |
|||||
Net Sales(1) |
$ 2,549 |
$ 1,911 |
$ 9,238 |
$ 9,006 |
1See definition of non-GAAP measures below |
DEFINITIONS
The following represents the definitions of non-GAAP measures used by F&G:
Adjusted Net Earnings
Adjusted net earnings is a non-GAAP economic measure we use to evaluate financial performance each period. Adjusted net earnings is calculated by adjusting net earnings (loss) to eliminate:
(i) Recognized (gains) and losses, net: the impact of net investment gains/losses, including changes in allowance for expected credit losses and other than temporary impairment (“OTTI”) losses, recognized in operations; and the effects of changes in fair value of the reinsurance related embedded derivative and other derivatives, including interest rate swaps and forwards;
(ii) Market related liability adjustments: the impacts related to changes in the fair value, including both realized and unrealized gains and losses, of index product related derivatives and embedded derivatives, net of hedging cost; the impact of initial pension risk transfer deferred profit liability losses, including amortization from previously deferred pension risk transfer deferred profit liability losses; and the changes in the fair value of market risk benefits by deferring current period changes and amortizing that amount over the life of the market risk benefit;
(iii) Purchase price amortization: the impacts related to the amortization of certain intangibles (internally developed software, trademarks and value of distribution asset recognized as a result of acquisition activities);
(iv) Transaction costs: the impacts related to acquisition, integration and merger related items;
(v) Other “non-recurring,” “infrequent” or “unusual items”: Management excludes certain items determined to be “non-recurring,” “infrequent” or “unusual” from adjusted net earnings when incurred if it is determined these expenses are not a reflection of the core business and when the nature of the item is such that it is not reasonably likely to recur within two years and/or there was not a similar item in the preceding two years; and
(vi) Income taxes: the income tax impact related to the above-mentioned adjustments is measured using an effective tax rate, as appropriate by tax jurisdiction.
While these adjustments are an integral part of the overall performance of F&G, market conditions and/or the non-operating nature of these items can overshadow the underlying performance of the core business. Accordingly, management considers this to be a useful measure internally and to investors and analysts in analyzing the trends of our operations. Adjusted net earnings should not be used as a substitute for net earnings (loss). However, we believe the adjustments made to net earnings (loss) in order to derive adjusted net earnings provide an understanding of our overall results of operations.
Adjusted Weighted Average Diluted Shares Outstanding
Adjusted weighted average diluted shares outstanding is the same as weighted average diluted shares outstanding except for periods in which there is a net earnings loss on a GAAP basis but adjusted net earnings using the non-GAAP measure to include additional dilutive shares that would be dilutive to adjusted net earnings.
Adjusted Net Earnings per Diluted Share
Adjusted net earnings per diluted share is calculated as adjusted net earnings divided by the adjusted weighted-average diluted shares outstanding.
Management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.
Adjusted Return on Assets
Adjusted return on assets is calculated by dividing year-to-date annualized adjusted net earnings by year-to-date AAUM. Return on assets is comprised of net investment income, less cost of funds, and less expenses (including operating expenses, interest expense and income taxes) consistent with our adjusted net earnings definition and related adjustments. Cost of funds includes liability costs related to cost of crediting as well as other liability costs. Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing financial performance and profitability earned on AAUM.
Adjusted Return on Average Equity excluding AOCI
Adjusted return on average equity is calculated by dividing the rolling four quarters adjusted net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be a useful internally and for investors and analysts to assess the level return driven by the Company’s adjusted earnings (loss).
Assets Under Management (AUM)
AUM is comprised of the following components and is reported net of reinsurance qualifying for risk transfer in accordance with GAAP:
(i) total invested assets at amortized cost, excluding investments in unconsolidated affiliates and derivatives;
(ii) investments in unconsolidated affiliates at carrying value;
(iii) related party loans and investments;
(iv) accrued investment income;
(v) the net payable/receivable for the purchase/sale of investments; and
(vi) cash and cash equivalents excluding derivative collateral at the end of the period.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio that is retained.
AUM before Flow Reinsurance
AUM before Flow Reinsurance is comprised of components consistent with AUM, but also includes flow reinsured assets.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the size of our investment portfolio including reinsured assets.
Average Assets Under Management (AAUM) (Quarterly and YTD)
AAUM is calculated as AUM at the beginning of the period and the end of each month in the period, divided by the total number of months in the period plus one.
Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing the rate of return on retained assets.
Book Value per Share excluding AOCI
Book value per share excluding AOCI is calculated as total equity (or total equity excluding AOCI) divided by the total number of shares of common stock outstanding. Management considers this to be a useful measure internally and for investors and analysts to assess the capital position of the Company.
Return on Average Equity excluding AOCI
Return on average equity excluding AOCI is calculated by dividing the rolling four quarters net earnings (loss), by total average equity excluding AOCI. Average equity excluding AOCI for the twelve month rolling period is the average of 5 points throughout the period. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to be useful internally and for investors and analysts to assess the level of return driven by the Company that is available to common shareholders.
Sales
Annuity, IUL, funding agreement and non-life contingent PRT sales are not derived from any specific GAAP income statement accounts or line items and should not be viewed as a substitute for any financial measure determined in accordance with GAAP. Sales from these products are recorded as deposit liabilities (i.e., contractholder funds) within the Company’s consolidated financial statements in accordance with GAAP. Life contingent PRT sales are recorded as premiums in revenues within the consolidated financial statements. Management believes that presentation of sales, as measured for management purposes, enhances the understanding of our business and helps depict longer term trends that may not be apparent in the results of operations due to the timing of sales and revenue recognition.
Total Capitalization excluding AOCI
Total capitalization excluding AOCI is based on total equity and the total aggregate principal amount of debt and total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts to help assess the capital position of the Company.
Debt-to-Capital Ratio
Debt-to-capital ratio is computed by dividing total aggregate principal amount of debt by total capitalization (total debt plus total equity excluding AOCI). Management considers this non-GAAP financial measure to be useful internally and to investors and analysts when assessing its capital position.
Total Equity excluding AOCI
Total equity excluding AOCI is based on total equity excluding the effect of AOCI. Since AOCI fluctuates from quarter to quarter due to unrealized changes in the fair value of available for sale investments, changes in instrument-specific credit risk for market risk benefits and discount rate assumption changes for the future policy benefits, management considers this non-GAAP financial measure to provide useful supplemental information internally and to investors and analysts assessing the level of earned equity on total equity.
SOURCE F&G Annuities & Life, Inc.
The post F&G Annuities & Life Reports Fourth Quarter and Full Year 2023 Results appeared first on Wink, Inc..
]]>The post Best’s Special Report: Growing Number of Life/Health Insurers Outsourcing Investment Management appeared first on Wink, Inc..
]]>OLDWICK, N.J.–(BUSINESS WIRE)–An increasing number of insurers are relying on outside asset managers to handle a portion of their investment portfolios, according to a new AM Best report.
In a new Best’s Special Report, AM Best notes that the percentage of life/health insurers using investment managers for more than 10% of their invested assets has risen steadily, climbing to 40% in 2022, from 32% in 2016. The report, based on annual regulatory filings and data, estimates that approximately half of all U.S. life/annuity insurers use an unaffiliated investment manager that is granted investment decision-making authority within agreed upon guidelines.
The uptick comes on the heels of a persistently low interest rate environment that spanned roughly a decade, leading some companies to pursue higher yields apart from those available through traditional fixed-income investments.
“Alternative investments generally require more specialized investment management skills and are typically outsourced to asset managers specializing in such investment opportunities,” said Jason Hopper, associate director, AM Best. “The significant increase in private credit investing by the insurance industry requires additional skills not always present in many smaller to medium-sized to smaller carriers.”
According to the report, the percentage of insurers using unaffiliated investment managers to control more than 50% of invested assets in 2022 increased steadily, to 33.4%, from 26.8% in 2016. Companies of all sizes, and regardless of business lines, use unaffiliated investment managers, though the largest and smallest insurers comprise a smaller share of those that outsource more than 10% of invested assets. Smaller insurers may have a more limited infrastructure or lack the expertise or capabilities to cover diverse asset classes, making it more cost-effective to hire an outside investment manager than to build the skills and experience needed to keep the function in-house.
Among the report’s other findings:
AM Best is planning to widen the scope of this report in the future and include the broader U.S. insurance industry.
To access the full copy of this special report, please visit http://www3.ambest.com/bestweek/purchase.asp?record_code=340783.
To view a video with AM Best Associate Director Jason Hopper on this report, please visit http://www.ambest.com/v.asp?v=ambam324&AltSrc=182.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in New York, London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Company, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Jason Hopper
Associate Director,
Industry Research & Analytics
+1 908 882 1896
jason.hopper@ambest.com
Kaitlin Piasecki
Industry Research Analyst
+1 908 882 2458
kaitlin.piasecki@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post Best’s Special Report: Growing Number of Life/Health Insurers Outsourcing Investment Management appeared first on Wink, Inc..
]]>The post AM Best Downgrades Issuer Credit Ratings of A-CAP Group Members; Places Credit Ratings Under Review With Negative Implications appeared first on Wink, Inc..
]]>OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has downgraded the Long-Term Issuer Credit Rating (Long-Term ICR) to “bbb” (Good) from “bbb+” (Good) and affirmed the Financial Strength Rating of B++ (Good) of Atlantic Coast Life Insurance Company (Charleston, SC) and Sentinel Security Life Insurance Company (Salt Lake City, UT). Concurrently, AM Best has placed these Credit Ratings (ratings) under review with negative implications. Both companies are collectively referred to as A-CAP Group.
The Long-Term ICR downgrade is based on A-CAP Group’s risk management of reinsurance counterparties and its reliance on those counterparties. The underlying collateral is under review, as well as the financial wherewithal of its unaffiliated reinsurers over the near term. The company is also placing new business in unrated counterparties even as its weight of counterparty risk from unrated reinsurers increases.
AM Best acknowledges the impact of ACAP Group’s high reinsurance leverage and declining counterparty credit quality, which may affect the group’s Best’s Capital Adequacy Ratio (BCAR) score. Further, AM Best expects A-CAP Group’s management to reduce the operating companies’ exposure to reinsurance partners and therefore reduce the group’s counterparty risk. AM Best acknowledges that A-CAP Group is seeking a capital raise to support its ongoing growth. However, adequate risk-based capital measures may not be achieved should any potential recapture of ACAP Group’s at-risk business occur and the assets backing those liabilities are brought back onto its balance sheet. By placing A-CAP Group under review with negative implications, AM Best will work to produce a 2023 BCAR score following the group’s 2023 statutory financial statement submissions and will factor in ACAP’s success in reducing the group’s counterparty risk and raising capital.
A-CAP Group is projected to report strong operating performance and its business in the annuity space continues to grow as it competes for market share in the heavily competitive annuity segment. There is some product diversification in other life and medical supplement type products, but A-CAP Group is predominantly a writer of a various mix of fixed annuity product offerings.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Wayne Kaminski
Associate Director
+1 908 882 1916
wayne.kaminski@ambest.com
Michael Porcelli
Senior Director
+1 908 882 2250
michael.porcelli@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post AM Best Downgrades Issuer Credit Ratings of A-CAP Group Members; Places Credit Ratings Under Review With Negative Implications appeared first on Wink, Inc..
]]>The post Global Atlantic Closes $10 Billion Block Reinsurance Transaction with Manulife across both US and Japan Business appeared first on Wink, Inc..
]]>NEW YORK–(BUSINESS WIRE)–Global Atlantic Financial Group (“Global Atlantic”), a leading insurance company meeting the retirement and life insurance needs of individuals and institutions, today announced the closing of its $10 billion reinsurance transaction with Manulife Financial Corporation (NYSE: MFC). The transaction, signed and previously announced between subsidiaries of the two companies last December, reinsures a seasoned and diversified block of Manulife’s life, annuity, and long-term care (“LTC”) insurance business originated in the US and Japan. It represents the third block transaction Global Atlantic has executed with Manulife and includes Global Atlantic’s first block reinsurance transaction in Japan. General account assets under management supporting the transaction at closing are approximately $10 billion.
Simultaneous to the closing of the reinsurance transaction with Manulife, Global Atlantic also closed on the retrocession of 100% of the long-term care insurance risks to a highly rated third-party global reinsurance partner. Global Atlantic only retains the underlying spread-based risks on the subset of the block that involves the LTC business.
With this deal, Global Atlantic further advances its position as a reinsurer of choice in the annuity and life insurance marketplace, both in the US and globally. The company has established a 20-year track record, successfully completing more than 40 transactions with nearly 30 clients and reinsuring more than $140 billion of assets since inception. The transaction also marks one of the largest Japanese reinsurance deals in recent history, and expands Global Atlantic’s presence and commitment in Japan and across Asia.
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork, and the importance of building long-term client relationships. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR).
Certain information contained in this press release constitutes “forward-looking statements,” which can be identified by the use of forward-looking terminology such as “may,” “will,” “should,” “expect,” “anticipate,” “project,” “estimate,” “target,” “intend,” “continue” or “believe,” other variations thereon or comparable terminology. The forward-looking statements speak only as of the date hereof and are based on Global Atlantic’s current beliefs, assumptions and expectations. Due to various risks, uncertainties and contingencies, including but not limited to obtaining required regulatory approvals, closing on signed transactions and whether the anticipated benefits of a transaction can be achieved within expected timeframes, actual events or results or performance may differ materially from what is reflected or contemplated in such forward-looking statements. Global Atlantic undertakes no obligation to update or revise any of these forward-looking statements, whether to reflect new information, future events or circumstances or otherwise. Past performance is not a guarantee of future results. General account assets may not equal assets under management as reported by KKR.
Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries.
Reinsurance transactions are entered into by Global Atlantic Assurance Limited, Global Atlantic Re Limited, Commonwealth Annuity and Life Insurance Company, First Allmerica Financial Life Insurance Company or one of their affiliates. Reinsurance is placed, where required by applicable law, by Global Atlantic Risk Advisors, L.P., a licensed reinsurance intermediary and subsidiary of The Global Atlantic Financial Group LLC.
ICR Inc.
GlobalAtlantic@icrinc.com
(203) 682-8268
The post Global Atlantic Closes $10 Billion Block Reinsurance Transaction with Manulife across both US and Japan Business appeared first on Wink, Inc..
]]>The post Jackson Announces Fourth Quarter and Full Year 2023 Results appeared first on Wink, Inc..
]]>LANSING, Mich.–(BUSINESS WIRE)–Jackson Financial Inc. (NYSE: JXN) (Jackson®) today announced financial results for the fourth quarter and full year ended December 31, 2023.
Fourth Quarter Highlights
Full Year 2023 Highlights
2024 Announcements
Laura Prieskorn, President and Chief Executive Officer of Jackson, stated, “2023 was a fantastic year of execution for Jackson, with our financial performance highlighting the strong fundamentals of our business. Our recently enhanced RILA suite produced record sales of more than $1 billion in the fourth quarter as we continue to focus on expanding our distribution in this rapidly growing segment of the annuity market. We are proud to have achieved our financial targets for the third year in a row by returning $464 million to common shareholders in 2023, ending the year with an estimated RBC ratio well above the top end of our range, along with strong levels of excess cash at the holding company. I am also very pleased that we have executed on a long-term solution to the cash surrender value challenge by establishing and funding a new Michigan based captive reinsurer, Brooke Re, in January. We believe this innovative strategic transaction will allow us to optimize our hedging, stabilize capital generation, and produce more predictable financial results going forward. This positive development, along with our healthy and profitable book of business, gives us confidence in our $550-650 million capital return target for 2024 and positions us well to deliver on our ongoing purpose of helping Americans build financial freedom for life.”
Consolidated Fourth Quarter and Full Year 2023 Results
Fourth Quarter 2023
The Company reported net income/(loss) attributable to Jackson Financial Inc. common shareholders of $(1.6) billion, or $(19.64) per diluted share for the three months ended December 31, 2023, compared to $(1.2) billion, or $(13.74) per diluted share for the three months ended December 31, 2022. The current period benefited from a smaller net hedging loss compared to the prior year’s fourth quarter, which was mainly due to improved freestanding derivative movements that reflect hedge positioning in advance of the January 2024 closing the Brooke Re captive reinsurance transaction. These were partially offset by less favorable market risk benefits movements due primarily to larger comparative declines in interest rates in the current quarter. The lower current quarter net income also reflects an $841 million loss from business reinsured to third parties, while the prior year’s fourth quarter included a loss of $157 million. The results of this reinsured business do not impact our statutory capital or free cash flow and can be volatile quarter to quarter. This reinsured business also has a minimal net impact on shareholders’ equity because of the offset from related changes in Accumulated Other Comprehensive Income (AOCI). We believe the non-GAAP measure of adjusted operating earnings better represent the underlying performance of our business as the figure excludes, among other things, changes in fair value of derivative instruments and market risk benefits tied to market volatility.
Adjusted operating earnings for the three months ended December 31, 2023, were $204 million, or $2.53 per diluted share, compared to $294 million or $3.39 per diluted share for the three months ended December 31, 2022. The current quarter adjusted operating earnings benefited from higher fee income resulting from higher average variable annuity assets under management (AUM), a lower effective tax rate, and improved spread income as higher net investment income was only partially offset by the impact of resetting minimum interest crediting rates on variable annuity fixed rate options in 2023. These were more than offset by the comparatively unfavorable impact of our annual actuarial assumptions update, higher market related costs and other expenses.
Full Year 2023
The company reported net income attributable to Jackson Financial Inc. common shareholders for the full year 2023 of $899 million, or $10.76 per diluted share, compared to $6.2 billion, or $69.75 per diluted share for the full year 2022. The current year’s net hedging gain was lower than the prior year, which was mainly due to higher freestanding derivative losses reflecting comparatively stronger equity market returns in the current year. The current year’s net income also reflects a $627 million loss from business reinsured to third parties, while the prior year included a gain of $3.4 billion.
Full-year 2023 adjusted operating earnings were $1.1 billion, or $12.84 per diluted share, compared to $1.5 billion or $16.39 per diluted share for the full year of 2022. The current year adjusted operating earnings benefited from a lower effective tax rate and improved mortality relative to the prior year. This was more than offset by lower income on operating derivatives resulting from higher floating rates, higher market related operating and other expenses, and the comparatively unfavorable impact of our annual actuarial assumptions update.
Total common shareholders’ equity was $9.6 billion or $121.29 per diluted share as of December 31, 2023, compared to $8.6 billion or $100.56 per diluted share as of year-end 2022. Adjusted book value attributed to common shareholders2 was $10.8 billion or $136.34 per diluted share as of December 31, 2023, compared to $9.9 billion or $115.36 per diluted share as of year-end 2022. The increase was primarily the result of adjusted operating earnings of $1.1 billion during 2023.
Segment Results – Pretax Adjusted Operating Earnings2 |
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||
(in millions) |
December 31, 2023 |
December 31, 2022 |
|
December 31, 2023 |
December 31, 2022 |
||||||||
Retail Annuities |
$ |
326 |
|
$ |
327 |
|
|
$ |
1,364 |
|
$ |
1,507 |
|
Institutional Products |
|
22 |
|
|
17 |
|
|
|
69 |
|
|
79 |
|
Closed Life and Annuity Blocks |
|
(88 |
) |
|
38 |
|
|
|
(95 |
) |
|
117 |
|
Corporate and Other |
|
(57 |
) |
|
(62 |
) |
|
|
(173 |
) |
|
(60 |
) |
Total3 |
$ |
203 |
|
$ |
320 |
|
|
$ |
1,165 |
|
$ |
1,643 |
|
Retail Annuities
Retail Annuities reported pretax adjusted operating earnings of $326 million in the fourth quarter of 2023, essentially flat compared to the fourth quarter of 2022. The current quarter benefited from higher fee income resulting from higher average variable annuity AUM, and improved spread income as higher net investment income was only partially offset by the impact of resetting minimum interest crediting rates on variable annuity fixed rate options in 2023. These items were offset by higher market related operating and other expenses, unfavorable mortality, and lower income from operating derivatives compared to the prior year’s fourth quarter resulting from higher floating rates.
Full year 2023 pretax adjusted operating earnings for the segment were $1.4 billion, compared to $1.5 billion in full year 2022. The current year benefited from higher spread income and improved mortality. These benefits were more than offset by lower fee income resulting from lower average variable annuity AUM over the twelve month period, lower income on operating derivatives resulting from higher floating rates, and higher interest expenses resulting from increased portfolio leverage during the year.
Total annuity sales of $3.3 billion in the fourth quarter of 2023 were up 1% from the fourth quarter of 2022. Traditional variable annuity sales in the current quarter were down 14% compared to the fourth quarter of 2022, primarily due to consumer preferences for asset protection. Lower VA sales in the current quarter were more than offset by $1.0 billion in RILA product sales, which were up 80% from the fourth quarter of 2022, reflecting strong demand for our recently enhanced RILA product suite. Fixed and fixed indexed annuity sales in the current quarter totaled $79 million, compared to $134 million in the fourth quarter of 2022.
For the full year 2023, annuity sales of $12.8 billion were down 18% from the full year 2022, reflecting lower sales of variable annuities, partially offset by higher sales of RILA, fixed and fixed indexed annuities.
Institutional Products
Institutional Products reported pretax adjusted operating earnings of $22 million in the fourth quarter of 2023, compared to $17 million in the fourth quarter of 2022. The current quarter benefited from lower interest expense and higher spread income, partially offset by lower income on operating derivatives resulting from changes in currency exchange rates. Net outflows were $(452) million in the current quarter, and total account value of $8.4 billion was down from $9.0 billion in the fourth quarter of 2022.
For the full year 2023, pretax adjusted operating earnings were $69 million compared to $79 million in full year 2022. The current year benefited from higher spread income, which was more than offset by lower income on operating derivatives resulting from changes in currency exchange rates and higher interest expense. Net outflows totaled $(985) million in the full year 2023.
Closed Life and Annuity Blocks
Closed Life and Annuity Blocks reported a pretax adjusted operating loss of $(88) million in the fourth quarter of 2023 compared to income of $38 million in the fourth quarter of 2022. The current quarter benefited from lower expenses, which was more than offset by the comparatively unfavorable impact of our annual actuarial assumptions update and lower spread income.
For the full year 2023, the segment reported a pretax adjusted operating loss of $(95) million, compared to earnings of $117 million in full year 2022. The current year benefited from improved mortality, which was more than offset by the comparatively unfavorable impact of our annual actuarial assumptions update, and lower spread income. Net flows totaled $(68) million in the fourth quarter of 2023 and $(273) million in the full year 2023.
Corporate and Other
Corporate and Other reported a pretax adjusted operating loss of $(57) million in the fourth quarter of 2023 compared to a loss of $(62) million in the fourth quarter of 2022. The improvement was primarily due to higher investment income, partially offset by higher market related operating costs and other expenses.
For the full year 2023, the pretax adjusted operating loss was $(173) million, compared to a $(60) million loss reported in full year 2022, primarily due to higher market related operating costs and other expenses and lower income on operating derivatives related to higher floating rates.
Capitalization and Liquidity |
||||||
(Unaudited, in billions) |
December 31, 2023 |
September 30, 2023 |
December 31, 2022 |
|||
Statutory Total Adjusted Capital (TAC) Jackson National Life Insurance Company |
$ |
5.2 |
$ |
4.5 |
$ |
7.0 |
JNLIC’s estimated RBC ratio as of the fourth quarter of 2023 was 624%, up from the third quarter of 2023.
Statutory TAC at JNLIC was $5.2 billion as of the current quarter, up from $4.5 billion as of the third quarter of 2023. TAC increased primarily due to positive net VA guarantee results, base contract cash flows, and related tax benefits including deferred tax asset admissibility limits. JNLIC’s company action level (CAL) required capital was down primarily as a result of positive equity market movements in the quarter.
Effective January 1, 2024, we established and funded Brooke Re, our wholly-owned Michigan based captive reinsurer. As part of this transaction, JNLIC’s TAC was reduced by $861 million including reductions to deferred tax asset admissibility. Additionally, as of January 1, 2024 we entered into a coinsurance agreement between JNLIC and Brooke Re, transferring certain liabilities from JNLIC to Brooke Re. As a result, $36 million of CAL was released at JNLIC. Net of these items, the pro forma estimated RBC ratio at JNLIC as of January 1, 2024 was 543%.
Cash and highly liquid securities at the holding company totaled approximately $600 million as of December 31, 2023, which was above our targeted minimum liquidity buffer of 2x annual holding company expenses. This figure decreased during the fourth quarter of 2023 as a result of the previously disclosed repayment of $600 million of senior notes upon maturity in November 2023.
Earnings Conference Call
Jackson will host a conference call Thursday, February 22, 2024, at 10 a.m. ET to review the fourth quarter and full year results and discuss the company’s 2024 outlook. The live webcast is open to the public and can be accessed at https://investors.jackson.com. A replay will be available following the call.
To register for the webcast, click here.
FORWARD-LOOKING STATEMENTS
The information in this press release contains forward-looking statements about future events and circumstances and their effects upon revenues, expenses and business opportunities. Generally speaking, any statement in this release not based upon historical fact is a forward-looking statement. Forward-looking statements can also be identified by the use of forward-looking or conditional words, such as “could,” “should,” “can,” “continue,” “estimate,” “forecast,” “intend,” “look,” “may,” “will,” “expect,” “believe,” “anticipate,” “plan,” “remain,” “confident” and “commit” or similar expressions. In particular, statements regarding plans, strategies, prospects, targets and expectations regarding the business and industry are forward-looking statements. They reflect expectations, are not guarantees of performance and speak only as of the dates the statements are made. We caution investors that these forward-looking statements are subject to known and unknown risks and uncertainties that may cause actual results to differ materially from those projected, expressed or implied. Factors that could cause actual results to differ materially from those in the forward-looking statements include those reflected in Part I, Item 1A. Risk Factors and Part II, Item 7. Management’s Discussion and Analysis of Financial Condition and Results of Operations in our Annual Report on Form 10-K for the year ended December 31, 2022, as filed with the SEC on March 1, 2023, (the “2022 Annual Report”), as Part II, Item 7 was recast to reflect the adoption of the Long Duration Targeted Improvements accounting principle in our Current Report on Form 8-K filed May 10, 2023, and elsewhere in the Company’s reports filed with the U.S. Securities and Exchange Commission. Except as required by law, Jackson Financial Inc. does not undertake to update such forward-looking statements. You should not rely unduly on forward-looking statements.
Certain financial data included in this release consists of non-GAAP (Generally Accepted Accounting Principles) financial measures. These non-GAAP financial measures may not be comparable to similarly titled measures presented by other entities, nor should they be construed as an alternative to other financial measures determined in accordance with U.S. GAAP. Although the Company believes these non-GAAP financial measures provide useful information to investors in measuring the financial performance and condition of its business, investors are cautioned not to place undue reliance on any non-GAAP financial measures and ratios included in this release. A reconciliation of the non-GAAP financial measures to the most directly comparable U.S. GAAP financial measure can be found in the “Non-GAAP Financial Measures” Appendix of this release.
Certain financial data included in this release consists of statutory accounting principles (“statutory”) financial measures, including “total adjusted capital.” These statutory financial measures are included in or derived from the Jackson National Life Insurance Company annual and/or quarterly statements filed with the Michigan Department of Insurance and Financial Services and available in the investor relations section of the Company’s website at investors.jackson.com/financials/statutory-filings.
ABOUT JACKSON
Jackson® (NYSE: JXN) is committed to helping clarify the complexity of retirement planning—for financial professionals and their clients. Through our range of annuity products, financial know-how, history of award-winning service* and streamlined experiences, we strive to reduce the confusion that complicates retirement planning. We take a balanced, long-term approach to responsibly serving all our stakeholders, including customers, shareholders, distribution partners, employees, regulators and community partners. We believe by providing clarity for all today, we can help drive better outcomes for tomorrow. For more information, visit www.jackson.com.
Visit investors.jackson.com to view information regarding Jackson Financial Inc., including a supplement regarding the Fourth Quarter and Full Year 2023 results. We use this website as a primary channel for disclosing key information to our investors, some of which may contain material and previously non-public information.
*SQM (Service Quality Measurement Group) Contact Center Awards Program for 2004 and 2006-2022, for the financial services industry (To achieve world-class certification, 80% or more of call-center customers surveyed must have rated their experience as very satisfied, the highest rating possible).
Jackson® is the marketing name for Jackson Financial Inc., Jackson National Life Insurance Company® (Home Office: Lansing, Michigan) and Jackson National Life Insurance Company of New York® (Home Office: Purchase, New York).
APPENDIX
Non-GAAP Financial Measures
In addition to presenting our results of operations and financial condition in accordance with U.S. GAAP, we use and report selected non-GAAP financial measures. Management believes the use of these non-GAAP financial measures, together with relevant U.S. GAAP financial measures, provides a better understanding of our results of operations, financial condition and the underlying performance drivers of our business. These non-GAAP financial measures should be considered supplementary to our results of operations and financial condition that are presented in accordance with U.S. GAAP and should not be viewed as a substitute for the U.S. GAAP financial measures. Other companies may use similarly titled non-GAAP financial measures that are calculated differently from the way we calculate such measures. Consequently, our non-GAAP financial measures may not be comparable to similar measures used by other companies.
Adjusted Operating Earnings
Adjusted Operating Earnings is an after-tax non-GAAP financial measure, which we believe should be used to evaluate our financial performance on a consolidated basis by excluding certain items that may be highly variable from period to period due to accounting treatment under U.S. GAAP or that are non-recurring in nature, as well as certain other revenues and expenses that we do not view as driving our underlying performance. Adjusted Operating Earnings should not be used as a substitute for net income as calculated in accordance with U.S. GAAP. However, we believe the adjustments to net income are useful for gaining an understanding of our overall results of operations.
For additional detail on the excluded items, please refer to the supplement regarding the fourth quarter ended December 31, 2023, posted on our website, https://investors.jackson.com.
The following is a reconciliation of Adjusted Operating Earnings to net income (loss) attributable to Jackson Financial Inc. common shareholders, the most comparable GAAP measure.
GAAP Net Income (Loss) to Adjusted Operating Earnings |
|||||||||||||
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||
(in millions, except share and per share data) |
December 31, 2023 |
December 31, 2022 |
|
December 31, 2023 |
December 31, 2022 |
||||||||
Net income (loss) attributable to Jackson Financial Inc. common shareholders |
$ |
(1,570 |
) |
$ |
(1,150 |
) |
|
$ |
899 |
|
$ |
6,186 |
|
Add: dividends on preferred stock |
|
11 |
|
|
— |
|
|
|
35 |
|
|
— |
|
Add: income tax expense (benefit) |
|
(395 |
) |
|
(385 |
) |
|
|
4 |
|
|
1,505 |
|
Pretax income (loss) attributable to Jackson Financial Inc. |
|
(1,954 |
) |
|
(1,535 |
) |
|
|
938 |
|
|
7,691 |
|
Non-operating adjustments – (income) loss: |
|
|
|
|
|
||||||||
Guaranteed benefits and hedging results: |
|
|
|
|
|
||||||||
Fees attributed to guaranteed benefit reserves |
|
(780 |
) |
|
(777 |
) |
|
|
(3,125 |
) |
|
(3,077 |
) |
Net movement in freestanding derivatives |
|
(43 |
) |
|
3,862 |
|
|
|
4,651 |
|
|
2,744 |
|
Market risk benefits (gains) losses, net |
|
1,223 |
|
|
(1,900 |
) |
|
|
(3,897 |
) |
|
(3,536 |
) |
Net reserve and embedded derivative movements |
|
449 |
|
|
175 |
|
|
|
787 |
|
|
222 |
|
Amortization of DAC associated with non-operating items at date of transition to LDTI* |
|
141 |
|
|
157 |
|
|
|
591 |
|
|
658 |
|
Total guaranteed benefits and hedging results |
|
990 |
|
|
1,517 |
|
|
|
(993 |
) |
|
(2,989 |
) |
Net realized investment (gains) losses |
|
319 |
|
|
228 |
|
|
|
554 |
|
|
359 |
|
Net realized investment (gains) losses on funds withheld assets |
|
1,153 |
|
|
474 |
|
|
|
1,801 |
|
|
(2,186 |
) |
Net investment income on funds withheld assets |
|
(312 |
) |
|
(317 |
) |
|
|
(1,174 |
) |
|
(1,254 |
) |
Other items |
|
7 |
|
|
(47 |
) |
|
|
39 |
|
|
22 |
|
Total non-operating adjustments |
|
2,157 |
|
|
1,855 |
|
|
|
227 |
|
|
(6,048 |
) |
Pretax adjusted operating earnings |
|
203 |
|
|
320 |
|
|
|
1,165 |
|
|
1,643 |
|
Less: operating income tax expense (benefit) |
|
(12 |
) |
|
26 |
|
|
|
57 |
|
|
189 |
|
Adjusted operating earnings before dividends on preferred stock |
|
215 |
|
|
294 |
|
|
|
1,108 |
|
|
1,454 |
|
Less: dividends on preferred stock |
|
11 |
|
|
— |
|
|
|
35 |
|
|
— |
|
Adjusted operating earnings |
$ |
204 |
|
$ |
294 |
|
|
$ |
1,073 |
|
$ |
1,454 |
|
|
|
|
|
|
|
||||||||
Weighted Average diluted shares outstanding |
|
80,716,770 |
|
|
86,807,053 |
|
|
|
83,577,226 |
|
|
88,690,700 |
|
Net income (loss) per diluted share |
$ |
(19.64 |
) |
$ |
(13.74 |
) |
|
$ |
10.76 |
|
$ |
69.75 |
|
Adjusted Operating Earnings per diluted share |
$ |
2.53 |
|
$ |
3.39 |
|
|
$ |
12.84 |
|
$ |
16.39 |
|
*LDTI – Adoption of FASB issued ASU 2018-12 “Targeted Improvements to the Accounting for Long Duration Contracts”. |
|||||||||||||
Adjusted Book Value Attributable to Common Shareholders
Adjusted Book Value Attributable to Common Shareholders excludes Preferred Stock and Accumulated Other Comprehensive Income (Loss) (“AOCI”) attributable to Jackson Financial Inc (“JFI”), which does not include AOCI arising from investments held within the funds withheld account related to the Athene Reinsurance Transaction. We exclude AOCI attributable to JFI from Adjusted Book Value Attributable to Common Shareholders because our invested assets are generally invested to closely match the duration of our liabilities, which are longer duration in nature, and therefore we believe period-to-period fair market value fluctuations in AOCI to be inconsistent with this objective. We believe excluding AOCI attributable to JFI is more useful to investors in analyzing trends in our business. Changes in AOCI within the funds withheld account related to the Athene Reinsurance Transaction offset the related non-operating earnings from the Athene Reinsurance Transaction resulting in a minimal net impact on Adjusted Book Value of Jackson Financial Inc.
(in millions) |
December 31, 2023 |
December 31, 2022 |
||
Total shareholders’ equity |
$ |
10,170 |
$ |
8,646 |
Less: Preferred equity |
|
533 |
|
— |
Total common shareholders’ equity |
|
9,637 |
|
8,646 |
Adjustments to total common shareholders’ equity: |
|
|
||
Exclude Accumulated Other Comprehensive (Income) Loss attributable to Jackson Financial Inc. |
|
1,196 |
|
1,272 |
Adjusted Book Value Attributable to Common Shareholders |
$ |
10,833 |
$ |
9,918 |
Consolidated Balance Sheets |
||||||
|
|
December 31, |
|
December 31, |
||
|
|
2023 |
|
2022 |
||
(in millions, except share and per share data) |
|
|
|
|
||
Assets |
|
|
|
|
||
Investments: |
|
|
|
|
||
Debt Securities, available-for-sale, net of allowance for credit losses of $21 and $23 at December 31, 2023 and 2022, respectively (amortized cost: 2023 $44,844; 2022 $48,798) |
|
$ |
40,422 |
|
$ |
42,489 |
Debt Securities, at fair value under fair value option |
|
|
2,153 |
|
|
2,173 |
Debt Securities, trading, at fair value |
|
|
68 |
|
|
100 |
Equity securities, at fair value |
|
|
394 |
|
|
393 |
Mortgage loans, net of allowance for credit losses of $165 and $95 at December 31, 2023 and 2022, respectively |
|
|
10,082 |
|
|
10,967 |
Mortgage loans, at fair value under fair value option |
|
|
481 |
|
|
582 |
Policy loans (including $3,457 and $3,419 at fair value under the fair value option at December 31, 2023 and 2022, respectively) |
|
|
4,399 |
|
|
4,377 |
Freestanding derivative instruments |
|
|
390 |
|
|
1,270 |
Other invested assets |
|
|
2,466 |
|
|
3,595 |
Total investments |
|
|
60,855 |
|
|
65,946 |
Cash and cash equivalents |
|
|
2,688 |
|
|
4,298 |
Accrued investment income |
|
|
512 |
|
|
514 |
Deferred acquisition costs |
|
|
12,302 |
|
|
12,923 |
Reinsurance recoverable, net of allowance for credit losses of $29 and $15 at December 31, 2023 and 2022, respectively |
|
|
25,422 |
|
|
29,046 |
Reinsurance recoverable on market risk benefits, at fair value |
|
|
149 |
|
|
221 |
Market risk benefit assets, at fair value |
|
|
6,737 |
|
|
4,865 |
Deferred income taxes, net |
|
|
640 |
|
|
320 |
Other assets |
|
|
1,294 |
|
|
944 |
Separate account assets |
|
|
219,656 |
|
|
195,906 |
Total assets |
|
$ |
330,255 |
|
$ |
314,983 |
Consolidated Balance Sheets |
||||||||
|
|
December 31, |
|
December 31, |
||||
|
|
2023 |
|
2022 |
||||
(in millions, except share and per share data) |
|
|
|
|
||||
Liabilities and Equity |
|
|
|
|
||||
Liabilities |
|
|
|
|
||||
Reserves for future policy benefits and claims payable |
|
$ |
11,898 |
|
|
$ |
12,318 |
|
Other contract holder funds |
|
|
55,319 |
|
|
|
58,190 |
|
Market risk benefit liabilities, at fair value |
|
|
4,785 |
|
|
|
5,662 |
|
Funds withheld payable under reinsurance treaties (including $3,626 and $3,582 at fair value under the fair value option at December 31, 2023 and 2022, respectively) |
|
|
19,952 |
|
|
|
22,957 |
|
Long-term debt |
|
|
2,037 |
|
|
|
2,635 |
|
Repurchase agreements and securities lending payable |
|
|
19 |
|
|
|
1,048 |
|
Collateral payable for derivative instruments |
|
|
780 |
|
|
|
689 |
|
Freestanding derivative instruments |
|
|
1,210 |
|
|
|
2,065 |
|
Notes issued by consolidated variable interest entities, at fair value under fair value option |
|
|
1,988 |
|
|
|
1,732 |
|
Other liabilities |
|
|
2,277 |
|
|
|
2,403 |
|
Separate account liabilities |
|
|
219,656 |
|
|
|
195,906 |
|
Total liabilities |
|
|
319,921 |
|
|
|
305,605 |
|
|
|
|
|
|
||||
Equity |
|
|
|
|
||||
Series A non-cumulative preferred stock and additional paid in capital, $1.00 par value per share: 24,000 shares authorized; shares issued: 2023 – 22,000; liquidation preference $25,000 per share |
|
|
533 |
|
|
|
— |
|
Common stock; 1,000,000,000 shares authorized, $0.01 par value per share and 78,660,221 and 82,690,098 shares issued and outstanding at December 31, 2023 and December 31, 2022, respectively |
|
|
1 |
|
|
|
1 |
|
Additional paid-in capital |
|
|
6,005 |
|
|
|
6,063 |
|
Treasury stock, at cost; 15,820,785 and 11,784,813 shares at December 31, 2023 and 2022, respectively |
|
|
(599 |
) |
|
|
(443 |
) |
Accumulated other comprehensive income (loss), net of tax expense (benefit) of $(178) in 2023 and $(66) in 2022 |
|
|
(2,808 |
) |
|
|
(3,378 |
) |
Retained earnings |
|
|
7,038 |
|
|
|
6,403 |
|
Total shareholders’ equity |
|
|
10,170 |
|
|
|
8,646 |
|
Noncontrolling interests |
|
|
164 |
|
|
|
732 |
|
Total equity |
|
|
10,334 |
|
|
|
9,378 |
|
Total liabilities and equity |
|
|
330,255 |
|
|
|
314,983 |
|
Consolidated Income Statements |
||||||||||||||||
|
|
Three Months Ended |
|
Twelve Months Ended |
||||||||||||
(in millions, except per share data) |
|
2023 |
|
2022 |
|
2023 |
|
2022 |
||||||||
Revenues |
|
|
|
|
|
|
|
|
||||||||
Fee income |
|
$ |
1,929 |
|
|
$ |
1,868 |
|
|
$ |
7,680 |
|
|
$ |
7,722 |
|
Premiums |
|
|
38 |
|
|
|
27 |
|
|
|
147 |
|
|
|
132 |
|
Net investment income: |
|
|
|
|
|
|
|
|
||||||||
Net investment income excluding funds withheld assets |
|
|
442 |
|
|
|
422 |
|
|
|
1,756 |
|
|
|
1,507 |
|
Net investment income on funds withheld assets |
|
|
312 |
|
|
|
317 |
|
|
|
1,174 |
|
|
|
1,254 |
|
Total net investment income |
|
|
754 |
|
|
|
739 |
|
|
|
2,930 |
|
|
|
2,761 |
|
Net gains (losses) on derivatives and investments: |
|
|
|
|
|
|
|
|
||||||||
Net gains (losses) on derivatives and investments |
|
|
(691 |
) |
|
|
(4,199 |
) |
|
|
(5,864 |
) |
|
|
(3,023 |
) |
Net gains (losses) on funds withheld reinsurance treaties |
|
|
(1,153 |
) |
|
|
(474 |
) |
|
|
(1,801 |
) |
|
|
2,186 |
|
Total net gains (losses) on derivatives and investments |
|
|
(1,844 |
) |
|
|
(4,673 |
) |
|
|
(7,665 |
) |
|
|
(837 |
) |
Other income |
|
|
15 |
|
|
|
25 |
|
|
|
67 |
|
|
|
85 |
|
Total revenues |
|
|
892 |
|
|
|
(2,014 |
) |
|
|
3,159 |
|
|
|
9,863 |
|
|
|
|
|
|
|
|||||||||||
Benefits and Expenses |
|
|
|
|
|
|
|
|
||||||||
Death, other policy benefits and change in policy reserves, net of deferrals |
|
|
264 |
|
|
|
251 |
|
|
|
965 |
|
|
|
1,062 |
|
(Gain) loss from updating future policy benefits cash flow assumptions, net |
|
|
79 |
|
|
|
(26 |
) |
|
|
102 |
|
|
|
(34 |
) |
Market risk benefits (gains) losses, net |
|
|
1,223 |
|
|
|
(1,900 |
) |
|
|
(3,897 |
) |
|
|
(3,536 |
) |
Interest credited on other contract holder funds, net of deferrals and amortization |
|
|
281 |
|
|
|
236 |
|
|
|
1,145 |
|
|
|
866 |
|
Interest expense |
|
|
35 |
|
|
|
40 |
|
|
|
185 |
|
|
|
113 |
|
Operating costs and other expenses, net of deferrals |
|
|
687 |
|
|
|
631 |
|
|
|
2,549 |
|
|
|
2,432 |
|
Amortization of deferred acquisition costs |
|
|
278 |
|
|
|
297 |
|
|
|
1,152 |
|
|
|
1,226 |
|
Total benefits and expenses |
|
|
2,847 |
|
|
|
(471 |
) |
|
|
2,201 |
|
|
|
2,129 |
|
Pretax income (loss) |
|
|
(1,955 |
) |
|
|
(1,543 |
) |
|
|
958 |
|
|
|
7,734 |
|
Income tax expense (benefit) |
|
|
(395 |
) |
|
|
(385 |
) |
|
|
4 |
|
|
|
1,505 |
|
Net income (loss) |
|
|
(1,560 |
) |
|
|
(1,158 |
) |
|
|
954 |
|
|
|
6,229 |
|
Less: Net income (loss) attributable to noncontrolling interests |
|
|
(1 |
) |
|
|
(8 |
) |
|
|
20 |
|
|
|
43 |
|
Net income (loss) attributable to Jackson Financial Inc. |
|
|
(1,559 |
) |
|
|
(1,150 |
) |
|
|
934 |
|
|
|
6,186 |
|
Less: Dividends on preferred stock |
|
|
11 |
|
|
|
— |
|
|
|
35 |
|
|
|
— |
|
Net income (loss) attributable to Jackson Financial Inc. common shareholders |
|
$ |
(1,570 |
) |
|
$ |
(1,150 |
) |
|
$ |
899 |
|
|
$ |
6,186 |
|
|
|
|
|
|
|
|||||||||||
Earnings per share |
|
|
|
|
|
|
|
|
||||||||
Basic |
|
$ |
(19.64 |
) |
|
$ |
(13.74 |
) |
|
$ |
10.99 |
|
|
$ |
72.34 |
|
Diluted (1) |
|
$ |
(19.64 |
) |
|
$ |
(13.74 |
) |
|
$ |
10.76 |
|
|
$ |
69.75 |
|
(1) In a quarter in which we reported a net loss attributable to Jackson Financial Inc., all common stock equivalents are anti-dilutive and are therefore excluded from the calculation of diluted shares and diluted per share amounts. The shares excluded from the diluted EPS calculation were 793,662 and 3,112,052 shares for the three months ended December 31, 2023 and December 31, 2022, respectively. |
||||||||||||||||
1 |
For the reconciliation of non-GAAP measures to the most comparable GAAP measure, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release. |
2 |
For the reconciliation of non-GAAP measures to the most comparable GAAP measure, please see the explanation of Non-GAAP Financial Measures in the Appendix to this release. |
3 |
See reconciliation of Net Income to Total Pretax Adjusted Operating Earnings in the Appendix to this release. |
Investor Relations Contacts:
Liz Werner
elizabeth.werner@jackson.com
Andrew Campbell
andrew.campbell@jackson.com
Media Contact:
Patrick Rich
patrick.rich@jackson.com
The post Jackson Announces Fourth Quarter and Full Year 2023 Results appeared first on Wink, Inc..
]]>The post Global Atlantic Celebrates Expansion of Hartford Office to Support Continued Growth appeared first on Wink, Inc..
]]>The new space includes a large café, game room, coffee bar, and several lounge areas for team members to convene and collaborate. Employees will also be able to utilize state-of-the-art technology in conference rooms. Global Atlantic currently has nearly 300 employees in Hartford, with 100 of those hires occurring in 2023. Companywide, a third of Global Atlantic’s new roles were created in Hartford last year, which is now the largest of the company’s nine offices across the country and in Bermuda. Global Atlantic’s expanded footprint will now allow the company to support up to 400 employees in the capital city.
On hand to celebrate the official ribbon-cutting event was Connecticut Governor Ned Lamont, Commissioner-designate Daniel O’Keefe from the Connecticut Department of Economic and Community Development, and Hartford Mayor Arunan Arulampalam.
“Global Atlantic Financial Group is a leading insurance company with offices all over the United States, and the fact that they chose Hartford as a location to expand and add jobs is a testament to our state’s exceptionally talented workforce and support for the insurance industry,” Governor Lamont said. “Since opening its Hartford offices several years ago, Global Atlantic has continued to grow and strengthen its presence in Connecticut, and I look forward to seeing this company thrive here for years to come.”
The expansion of Global Atlantic’s presence in Hartford and its contribution to the city’s economic development has been a core focus for the company over the past several years. “This expansion allows us to continue attracting talent in the Hartford region – one of the premier insurance talent markets in the country,” said Dan O’Shea, Chief Administrative Officer at Global Atlantic. “We could not be prouder to continue our investment in Hartford and we appreciate the support of the Connecticut Department of Economic and Community Development.”
“Global Atlantic is in growth mode and the Hartford office expansion is an example of the momentum we have in the insurance industry,” said Rob Arena, Global Atlantic’s Co-President and Head of Individual Markets. “We thank the State of Connecticut for its support and look forward to building on our existing relationship in the years to come.”
About Global Atlantic
Global Atlantic Financial Group is a leading insurance company meeting the retirement and life insurance needs of individuals and institutions. With a strong financial foundation and risk and investment management expertise, the company delivers tailored solutions to create more secure financial futures. The company’s performance has been driven by its culture and core values focused on integrity, teamwork and the importance of building long-term client relationships. Global Atlantic is a wholly-owned subsidiary of KKR, a leading global investment firm. Through its relationship, the company leverages KKR’s investment capabilities, scale and access to capital markets to enhance the value it offers clients. KKR’s parent company is KKR & Co. Inc. (NYSE: KKR).
Global Atlantic Financial Group (Global Atlantic) is the marketing name for The Global Atlantic Financial Group LLC and its subsidiaries, including Accordia Life and Annuity Company, Commonwealth Annuity and Life Insurance Company, Forethought Life Insurance Company and Global Atlantic Re Limited. Each subsidiary is responsible for its own financial and contractual obligations. These subsidiaries are not authorized to do business in New York.
Jenn Bernstein, AVP Corporate Communications, Global Atlantic
860-966-0981, Jennifer.Bernstein@gafg.com
ICR:
Brian Ruby, Partner, ICR
203-682-8268, Brian.Ruby@icrinc.com
Adam Gerber, Account Supervisor, ICR
203-682-8389, Adam.Gerber@icrinc.com
The post Global Atlantic Celebrates Expansion of Hartford Office to Support Continued Growth appeared first on Wink, Inc..
]]>The post AM Best Affirms Credit Ratings of Mutual of America Life Insurance Company appeared first on Wink, Inc..
]]>OLDWICK, N.J.–(BUSINESS WIRE)–AM Best has affirmed the Financial Strength Rating of A (Excellent) and the Long-Term Issuer Credit Rating of “a” (Excellent) of Mutual of America Life Insurance Company (MofA) (New York, NY). The outlook of these Credit Ratings (ratings) is negative.
The ratings reflect MofA’s balance sheet strength, which AM Best assesses as very strong, as well as its marginal operating performance, favorable business profile and appropriate enterprise risk management.
The negative outlooks reflect AM Best’s concern over the company’s business profile and the overall pressure on its operating performance metrics. Furthermore, there has been continued weakness in MofA’s balance sheet strength, which has been driven by market volatility, continued outflows and declines in risk-adjusted capitalization. AM Best’s expectation is that MofA will continue to execute the necessary steps to curb volatility and improve its overall operating performance along with its strategic business profile in the near future.
The company’s risk-adjusted capitalization is projected to remain at the very strong level, as measured by Best’s Capital Adequacy Ratio (BCAR). MofA’s investment portfolio has begun shifting toward privately managed investments to increase yield. The company’s net income has declined significantly in recent years, mainly due to general account margin compression and outflows, as well as continued higher general operating expenses along with expenses related to business transformation initiatives. MofA’s profitability remains below the industry average, despite not having a tax liability.
The company has a competitive position in its target market of providing retirement savings products to nonprofit organizations and small for-profit businesses; although, almost all of its general account reserves are interest-sensitive and more than half of its total assets are separate account assets. MofA is continuing to invest heavily in reshaping its strategy in an effort to increase sales and margins as it still expects to gain market share in the near future. AM Best will continue to closely monitor the company’s results, as it continues to execute on its business strategy going forward.
This press release relates to Credit Ratings that have been published on AM Best’s website. For all rating information relating to the release and pertinent disclosures, including details of the office responsible for issuing each of the individual ratings referenced in this release, please see AM Best’s Recent Rating Activity web page. For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best’s Credit Ratings. For information on the proper use of Best’s Credit Ratings, Best’s Performance Assessments, Best’s Preliminary Credit Assessments and AM Best press releases, please view Guide to Proper Use of Best’s Ratings & Assessments.
AM Best is a global credit rating agency, news publisher and data analytics provider specializing in the insurance industry. Headquartered in the United States, the company does business in over 100 countries with regional offices in London, Amsterdam, Dubai, Hong Kong, Singapore and Mexico City. For more information, visit www.ambest.com.
Copyright © 2024 by A.M. Best Rating Services, Inc. and/or its affiliates. ALL RIGHTS RESERVED.
Omar Mostafa
Senior Financial Analyst
+1 908 882 1684
omar.mostafa@ambest.com
Christopher Sharkey
Associate Director, Public Relations
+1 908 882 2310
christopher.sharkey@ambest.com
Michael Porcelli
Senior Director
+1 908 882 2250
michael.porcelli@ambest.com
Al Slavin
Senior Public Relations Specialist
+1 908 882 2318
al.slavin@ambest.com
The post AM Best Affirms Credit Ratings of Mutual of America Life Insurance Company appeared first on Wink, Inc..
]]>The post Allianz Achieves Record Operating Profit and Shareholders’ Core Net Income appeared first on Wink, Inc..
]]>MUNICH–(BUSINESS WIRE)–February 23, 2024
12M 2023:
4Q 2023:
Outlook:
Other:
Note: The financial results are based on the new IFRS 9 (Financial Instruments) and IFRS 17 (Insurance Contracts) accounting standards, which have been adopted as of January 1, 2023. Comparative periods have been adjusted to reflect the application of these new accounting standards. | ||
1 |
Excluding the application of transitional measures for technical provisions. |
|
2 |
As always, natural catastrophes and adverse developments in the capital markets, as well as factors stated in our cautionary note regarding forward-looking statements may severely affect the operating profit and/or net income of our operations and the results of the Allianz Group. |
“Allianz extended our track record of delivering a record operating profit and core net income, consolidating our leading position as one of the world’s most resilient global insurers and active asset managers.
Our results demonstrate the trust that our customers place in Allianz, and in the resilience and potential of our business model and our people. Our Property-Casualty business saw strong growth while we supported our customers affected by elevated levels of natural catastrophes. Our Life/Health segment delivered profitable growth as we developed attractive solutions to protect our customers from the effects of inflation on their savings, and in our Asset Management business we achieved robust net inflows in a volatile capital market environment.
The discipline of our strategy, execution, and capital management bolsters our operating profit outlook for 2024, our new dividend policy, and our renewed share buy-back program. In the coming year, we will continue to focus on unlocking the benefits of our scale to further increase our productivity, and on converting our excellent customer experience into profitable customer growth.”
– Oliver Bäte, Chief Executive Officer of Allianz SE
FINANCIAL HIGHLIGHTS |
Total business volume
12M 2023: Total business volume rose by 5.5 percent to 161.7 billion euros, driven by the Property-Casualty business segment due to positive price and volume effects, supported by the Life/Health business segment mainly as a result of strong growth in the United States. This was partially offset by lower revenues in the Asset Management business segment.
Internal growth, which adjusts for foreign currency translation and consolidation effects, was at 8.0 percent, primarily driven by the Property-Casualty and Life/Health business segments.
4Q 2023: Total business volume rose by 7.8 percent to 39.6 billion euros, driven by all business segments. The increase in the Life/Health business segment was primarily driven by the United States and Italy. Growth in the Property-Casualty business segment was mainly price driven, while our Asset Management business segment benefited from higher performance fees.
Internal growth was 10.9 percent, driven by all business segments.
Earnings
12M 2023: Operating profit increased 6.7 percent to 14.7 (12M 2022: 13.8) billion euros. This was mainly due to our Life/Health business segment while the result of our Property-Casualty business segment increased slightly amid higher claims from natural catastrophes. Operating profit from our Asset Management business segment softened slightly as a result of foreign currency translation effects.
Shareholders’ core net income grew to 9.1 (7.0) billion euros. This was driven by an improved operating profit in the current period, as well as by an improved non-operating result due to the one-time AllianzGI US Structured Alpha provision captured in the prior-year period. Net income attributable to shareholders advanced to 8.5 (6.4) billion euros, up by 33.0 percent.
Core earnings per share (core EPS)3 increased to 22.61 (16.96) euros.
Core return on equity (RoE)3 grew to 16.0 percent (12.7 percent).
The Board of Management has decided to increase the payout ratio to 60 percent from 50 percent and proposes a dividend per share of 13.80 euros for 2023, an increase of 21.1 percent from 2022.
On February 22, 2024, Allianz has announced a new share buy-back program of up to 1 billion euros.
4Q 2023: Operating profit was strong at 3.8 (4Q 2022: 3.2) billion euros, up by 17.0 percent, driven by the Life/Health business segment, primarily due to a higher result in protection and health and transitional impacts linked to the adoption of IFRS 17 in the United States in the prior year. The Asset Management business segment benefited from higher revenues as a result of higher performance fees.
Shareholders’ core net income increased to 2.4 (1.6) billion euros due to a higher operating profit and non-operating result. Net income attributable to shareholders doubled to 2.2 (1.1) billion euros.
3 |
Core EPS and core RoE calculation based on shareholders‘ core net income. |
Solvency II capitalization ratio
The Solvency II capitalization ratio was 206 percent at the end of 2023 compared with 201 percent at the end of 2022. When including the application of transitional measures for technical provisions, the Solvency II capitalization ratio was 229 percent at the end of 2023 compared with 230 percent at the end of 2022.
SEGMENTAL HIGHLIGHTS |
“We’ve achieved another year of record results and all operating segments finished the year above or close to their operating profit target mid-points.
We will continue to focus on generating attractive and sustainable returns for all of our stakeholders while not compromising on our resilience. We enter 2024 with confidence and target a full-year operating profit of 14.8 billion euros, plus or minus 1 billion euros.”
– Claire-Marie Coste-Lepoutre, Chief Financial Officer of Allianz SE
Property-Casualty insurance: Strong business growth
12M 2023: Total business volume increased by 8.4 percent to 76.5 (70.6) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was excellent at 11.2 percent, supported by a price effect of 6.9 percent, a volume effect of 4.0 percent and a service effect of 0.3 percent. Total growth was spread among many entities with Allianz Partners, AGCS and Germany being the main contributors.
Operating profit rose 1.2 percent to 6.9 (6.8) billion euros, driven by a higher operating investment result, which was partly offset by lower other operating and insurance service results.
The combined ratio increased by 0.6 percentage points to 93.8 percent (93.3 percent). The loss ratio went up 0.9 percentage points to 69.3 percent mainly due to higher claims from natural catastrophes and less run-off. This was partially offset by a favorable impact from discounting and an improvement in the expense ratio by 0.3 percentage points to 24.6 percent (24.9 percent) driven by the acquisition cost ratio.
4Q 2023: Total business volume increased by 7.3 percent to 17.6 (16.4) billion euros. Adjusted for foreign currency translation and consolidation effects, internal growth was very strong at 9.8 percent mainly due to a 7.6 percent price effect. The volume effect was 1.8 percent, and the service effect was 0.5 percent. Total growth was spread among many entities, while the primary contributors were Germany, AGCS, Central and Eastern Europe and Italy.
Operating profit rose slightly by 1.6 percent to 1.6 (1.6) billion euros, due to a higher operating investment result which was partly offset by lower other operating and insurance service results.
The combined ratio went up 0.6 percentage points to 94.9 percent (94.3 percent). The loss ratio went up 2.3 percentage points to 71.4 percent, reflecting higher claims from natural catastrophes, which were partially offset by a better run-off result. The expense ratio improved by 1.7 percentage points to 23.5 percent due to lower acquisition cost and administrative expense ratios.
Life/Health insurance: Strong operating profit
12M 2023: PVNBP, the present value of new business premiums, increased to 67.3 (66.2) billion euros, primarily due to higher volume in the United States and Allianz Re, partially offset by lower single premiums and economic impacts primarily from discounting in Germany.
Operating profit increased to 5.2 (4.2) billion euros, above our outlook mid-point, mainly driven by the United States, primarily due to transitional impacts linked to the adoption of IFRS 17 in the prior year period, as well as improved Protection and Health performance in France and Asia Pacific. The contractual service margin (CSM) release was fully in line with expectations at 5.0 (5.0) billion euros.
Contractual service margin (CSM) increased to 52.6 (52.2) billion euros, mainly driven by a strong normalized growth of 4.9 percent supported by favorable economics with lower interest rates and higher equity markets, which was partly offset by non-economic variances, due to model and assumption changes.
The new business margin remained stable at 5.9 percent (5.9 percent). The value of new business increased to 4.0 (3.9) billion euros, due to higher volumes in the United States and Allianz Re, partially offset by business mix effects in the United States.
4Q 2023: PVNBP increased to 16.7 (15.2) billion euros, driven by higher volumes in the United States and in Italy, partially offset by foreign currency translation effects in the United States, Asia Pacific, and Türkiye, as well as economic impacts primarily from higher discounting in Germany and Italy.
Operating profit increased to 1.4 (1.1) billion euros. The main contributors were the United States, Asia-Pacific and France. The release of the contractual service margin (CSM) was 1.3 (1.4) billion euros.
Contractual service margin (CSM) increased to 52.6 (52.1) billion euros. New business and expected in-force return were higher than in the previous quarter, which led to normalized growth of 1.6 percent in the fourth quarter. Negative non-economic movements, including experience variances and assumption changes, were largely offset by positive economic developments.
The new business margin (NBM) changed to 5.9 percent (6.4 percent). The value of new business (VNB) remained stable at 1.0 (1.0) billion euros. Higher sales in the United States and Italy were partially offset by foreign currency translation effects as well as business mix effects in the United States.
Asset Management: Solid operating profit and resilient net inflows
12M 2023: Operating revenues softened by 1.8 percent to 8.1 billion euros as higher performance fees were offset by lower AuM-driven revenues. Adjusted for foreign currency translation effects operating revenues grew 0.6 percent.
Operating profit was 3.1 (3.2) billion euros, exceeding the mid-point of our outlook. It was down 2.2 percent from the prior-year period but rose by 0.2 percent when adjusted for foreign currency translation effects. The cost-income ratio (CIR) was stable at 61.3 percent (61.2 percent).
Third-party assets under management were 1.712 trillion euros as of December 31, 2023, up by 77 billion euros from the end of 2022. Favorable market effects of 103.9 billion euros and net inflows of 21.5 billion euros more than offset negative currency translation effects of 46.4 billion euros.
Total assets under management were 2.224 trillion euros at the end of 2023, up 82 billion euros from the end of 2022, and in line with the results in third-party asset management, including positive market effects of 130.0 billion euros, net inflows of 3.1 billion euros and negative currency translation effects of 49.6 billion euros.
4Q 2023: Operating revenues reached 2.3 billion euros, up 10.1 percent, as performance fees increased significantly, and also AuM-driven revenues went up. Adjusted for foreign currency translation effects operating revenues grew 14.6 percent.
Operating profit increased in comparison to the prior-year period to 912 (805) million euros. Adjusted for foreign currency translation effects, operating profit rose by 18.1 percent. The cost-income ratio (CIR) improved to 60.5 percent (61.6 percent).
Third-party assets under management were 1.712 trillion euros as of December 31, 2023, up by 42 billion euros from the end of the third quarter 2023. Of this, favorable market effects of 96.7 billion euros could more than offset negative currency translation effects of 46.8 billion euros and net outflows of 6.5 billion euros.
Total assets under management were 2.224 trillion euros at the end of the fourth quarter, up 62 billion euros from the end of the third quarter, and in line with the results for the third-party assets under management, including positive market effects of 124.6 billion euros, negative currency translation effects of 50.6 billion euros and net outflows of 12.3 billion euros.
4Q & 12M 2023 RESULTS TABLE |
Allianz Group – preliminary key figures 4th quarter and fiscal year 2023
|
|
|
4Q 2023 |
|
4Q 2022 |
|
Delta |
|
|
12M 2023 |
|
12M 2022 |
|
Delta |
|
|||
Total business volume |
€ bn |
|
39.6 |
|
36.7 |
|
7.8% |
|
|
161.7 |
|
153.3 |
|
5.5% |
|
|||
– Property-Casualty |
€ bn |
|
17.6 |
|
16.4 |
|
7.3% |
|
|
76.5 |
|
70.6 |
|
8.4% |
|
|||
– Life/Health |
€ bn |
|
20.0 |
|
18.5 |
|
8.1% |
|
|
77.9 |
|
75.3 |
|
3.5% |
|
|||
– Asset Management |
€ bn |
|
2.3 |
|
2.1 |
|
10.1% |
|
|
8.1 |
|
8.2 |
|
-1.8% |
|
|||
– Consolidation |
€ bn |
|
-0.3 |
|
-0.2 |
|
21.8% |
|
|
-0.8 |
|
-0.8 |
|
1.7% |
|
|||
Operating profit / loss |
€ mn |
|
3,765 |
|
3,216 |
|
17.0% |
|
|
14,746 |
|
13,814 |
|
6.7% |
|
|||
– Property-Casualty |
€ mn |
|
1,608 |
|
1,583 |
|
1.6% |
|
|
6,909 |
|
6,827 |
|
1.2% |
|
|||
– Life/Health |
€ mn |
|
1,362 |
|
1,056 |
|
29.0% |
|
|
5,191 |
|
4,218 |
|
23.1% |
|
|||
– Asset Management |
€ mn |
|
912 |
|
805 |
|
13.2% |
|
|
3,126 |
|
3,198 |
|
-2.2% |
|
|||
– Corporate and Other |
€ mn |
|
-115 |
|
-216 |
|
-46.6% |
|
|
-474 |
|
-540 |
|
-12.3% |
|
|||
– Consolidation |
€ mn |
|
-1 |
|
-12 |
|
-91.8% |
|
|
-7 |
|
112 |
|
n.m. |
|
|||
Net income |
€ mn |
|
2,255 |
|
1,180 |
|
91.1% |
|
|
9,032 |
|
6,856 |
|
31.7% |
|
|||
– attributable to non-controlling interests |
€ mn |
|
104 |
|
76 |
|
36.9% |
|
|
491 |
|
435 |
|
12.8% |
|
|||
– attributable to shareholders |
€ mn |
|
2,151 |
|
1,104 |
|
94.9% |
|
|
8,541 |
|
6,421 |
|
33.0% |
|
|||
Shareholders’ core net income1 |
€ mn |
|
2,351 |
|
1,606 |
|
46.4% |
|
|
9,101 |
|
6,984 |
|
30.3% |
|
|||
Core earnings per share2 |
€ |
|
6.00 |
|
3.99 |
|
50.3% |
|
|
22.61 |
|
16.96 |
|
33.3% |
|
|||
Dividend per share |
€ |
|
– |
|
– |
|
– |
|
|
13.80 |
3 |
11.40 |
|
21.1% |
|
|||
Additional KPIs |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
– Group |
|
Core return on equity4 |
% |
|
– |
|
– |
|
– |
|
|
16.0% |
|
12.7% |
|
3.3% |
-p |
|
– Property-Casualty |
|
Combined ratio |
% |
|
94.9% |
|
94.3% |
|
0.6% |
-p |
|
93.8% |
|
93.3% |
|
0.6% |
-p |
|
– Life/Health |
|
New business margin |
% |
|
5.9% |
|
6.4% |
|
-0.4% |
-p |
5.9% |
|
5.9% |
|
0.0% |
-p |
||
– Asset Management |
|
Cost-income ratio |
% |
|
60.5% |
|
61.6% |
|
-1.1% |
-p |
|
61.3% |
|
61.2% |
|
0.2% |
-p |
|
|
|
|
|
|
|
|
|
|
|
12/31/2023 |
|
12/31/2022 |
|
Delta |
|
|||
Shareholders’ equity5 |
€ bn |
|
|
|
|
|
|
|
|
58.5 |
|
54.4 |
|
7.5% |
|
|||
Contractual service margin (net) |
€ bn |
|
|
|
|
|
|
|
|
32.7 |
|
31.7 |
|
3.2% |
|
|||
Solvency II capitalization ratio6 |
% |
|
|
|
|
|
|
|
|
206% |
|
201% |
|
5% |
-p |
|||
Third-party assets under management |
€ bn |
|
|
|
|
|
|
|
|
1,712 |
|
1,635 |
|
4.7% |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
Please note: The figures are presented in millions of Euros, unless otherwise stated. Due to rounding, numbers presented may not add up precisely to the totals provided and percentages may not precisely reflect the absolute figures. |
||||||||||||||||||
1_ |
Presents the portion of shareholders’ net income before non-operating market movements and before amortization of intangible assets from business combinations (including any related income tax effects). |
|||||||||||||||||
2_ |
Calculated by dividing the respective period’s shareholders’ core net income, adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity, by the weighted average number of shares outstanding (basic core EPS). |
|||||||||||||||||
3_ |
Proposal. |
|||||||||||||||||
4_ |
Represents the ratio of shareholders’ core net income to the average shareholders’ equity at the beginning and at the end of the year. Shareholders’ core net income is adjusted for net financial charges related to undated subordinated bonds classified as shareholders’ equity. From the average shareholders’ equity undated subordinated bonds classified as shareholders’ equity, unrealized gains and losses from insurance contracts and other unrealized gains and losses are excluded. |
|||||||||||||||||
5_ |
Excluding non-controlling interests. |
|||||||||||||||||
6_ |
Risk capital figures are group diversified at 99.5% confidence level. Including the application of transitional measures for technical provisions, the Solvency II capitalization ratio is 229% as of 31 December 2023. |
RELATED LINKS |
Media Conference
February 23, 2024, 11 AM CET: YouTube English line
Analyst Conference
February 23, 2024, 2:30 PM CET: YouTube English line
Results
The results and related documents can be found in the download center.
IFRS 9/17
More details about the new accounting standards IFRS 9 and 17 can be found here.
UPCOMING EVENTS |
Annual Report
March 7, 2024
Annual General Meeting 2024
May 8, 2024
Financial Results 1Q 2024
May 15, 2024
More information can be found in the financial calendar.
About Allianz
The Allianz Group is one of the world’s leading insurers and asset managers with around 125 million* private and corporate customers in nearly 70 countries. Allianz customers benefit from a broad range of personal and corporate insurance services, ranging from property, life and health insurance to assistance services to credit insurance and global business insurance. Allianz is one of the world’s largest investors, managing around 737 billion euros** on behalf of its insurance customers. Furthermore, our asset managers PIMCO and Allianz Global Investors manage about 1.7 trillion euros** of third-party assets. Thanks to our systematic integration of ecological and social criteria in our business processes and investment decisions, we are among the leaders in the insurance industry in the Dow Jones Sustainability Index. In 2023, over 157,000 employees achieved total business volume of 161.7 billion euros and an operating profit of 14.7 billion euros for the group.
* Including non-consolidated entities with Allianz customers. |
**As of December 31, 2023. |
These assessments are, as always, subject to the disclaimer provided below.
Cautionary note regarding forward-looking statements
This document includes forward-looking statements, such as prospects or expectations, that are based on management’s current views and assumptions and subject to known and unknown risks and uncertainties. Actual results, performance figures, or events may differ significantly from those expressed or implied in such forward-looking statements.
Deviations may arise due to changes in factors including, but not limited to, the following: (i) the general economic and competitive situation in the Allianz’s core business and core markets, (ii) the performance of financial markets (in particular market volatility, liquidity, and credit events), (iii) adverse publicity, regulatory actions or litigation with respect to the Allianz Group, other well-known companies and the financial services industry generally, (iv) the frequency and severity of insured loss events, including those resulting from natural catastrophes, and the development of loss expenses, (v) mortality and morbidity levels and trends, (vi) persistency levels, (vii) the extent of credit defaults, (viii) interest rate levels, (ix) currency exchange rates, most notably the EUR/USD exchange rate, (x) changes in laws and regulations, including tax regulations, (xi) the impact of acquisitions including and related integration issues and reorganization measures, and (xii) the general competitive conditions that, in each individual case, apply at a local, regional, national, and/or global level. Many of these changes can be exacerbated by terrorist activities.
No duty to update
Allianz assumes no obligation to update any information or forward-looking statement contained herein, save for any information we are required to disclose by law.
Other
The figures regarding the net assets, financial position and results of operations have been prepared in conformity with International Financial Reporting Standards. Information is based on preliminary figures. Final results for fiscal year 2023 will be released on March 7, 2024 (publication of the Annual Report).
This is a translation of the German Quarterly and Full Year Earnings Release of the Allianz Group. In case of any divergences, the German original is binding.
Privacy Note
Allianz SE is committed to protecting your personal data. Find out more in our privacy statement.
Frank Stoffel Tel. +49 89 3800 18124 email: frank.stoffel@allianz.com
Fabrizio Tolotti Tel. +49 151 5995 6396 email: fabrizio.tolotti@allianz.com
Johanna Oltmann Tel. +49 89 3800 13346 email: johanna.oltmann@allianz.com
The post Allianz Achieves Record Operating Profit and Shareholders’ Core Net Income appeared first on Wink, Inc..
]]>The post Global Atlantic Closes on $10B Manulife Reinsurance Deal appeared first on Wink, Inc..
]]>The deal includes blocks of U.S. life insurance, U.S. annuities and Japanese whole life insurance policies backed by $5.6 billion in assets, in U.S. dollars.
Click HERE to read the full story via Think Advisor
The post Global Atlantic Closes on $10B Manulife Reinsurance Deal appeared first on Wink, Inc..
]]>The post Life insurers report improved mortality; actuaries say nothing’s changed appeared first on Wink, Inc..
]]>At Globe Life, for example, positive mortality and persistency enabled the company to record $13 million of lower life policy obligations and $4 million of lower health policy obligations during the fourth quarter.
Click HERE to read the full story via INN
The post Life insurers report improved mortality; actuaries say nothing’s changed appeared first on Wink, Inc..
]]>The post Insurers flocking to Bermuda to expand reinsurance footprint – AM Best appeared first on Wink, Inc..
]]>Some insurers are strategically increasing their reinsurance operations in Bermuda, either through subsidiaries or independent ventures, according to a recent analysis in Best’s Review.
This move, AM Best explained, is primarily driven by life and annuity insurers looking for capital efficiency and the opportunity to manage risks associated with products like multi-year guaranteed annuities and spread-based offerings more effectively.
The post Insurers flocking to Bermuda to expand reinsurance footprint – AM Best appeared first on Wink, Inc..
]]>The post Corebridge Still Bullish on Fixed Annuity Sales appeared first on Wink, Inc..
]]>The Houston-based company increased the amount of premiums and deposits flowing into non-variable indexed annuities to $1.9 billion in the fourth quarter of 2023, from $1.75 billion in the fourth quarter of 2022.
Click HERE to read the full story via ThinkAdvisor
The post Corebridge Still Bullish on Fixed Annuity Sales appeared first on Wink, Inc..
]]>The post Jackson Financial rides out Q4 loss with solid sales and capital, new reinsurer appeared first on Wink, Inc..
]]>CEO Laura Prieskorn insisted that Jackson is right on target with its growth plan. The company “met or exceeded all financial targets” for the third consecutive year, she added. For the year, Jackson reported profit of $934 million, or $10.76 per share. Revenue was reported as $3.16 billion.
Click HERE to read the full story via INN
The post Jackson Financial rides out Q4 loss with solid sales and capital, new reinsurer appeared first on Wink, Inc..
]]>The post Integrity Introduces LifeCENTER, a Transformational Technology Platform for Life Agents appeared first on Wink, Inc..
]]>DALLAS, Feb. 21, 2024 /PRNewswire/ — Integrity Marketing Group, LLC (“Integrity”), a leading distributor of life and health insurance, and provider of wealth management and retirement planning solutions, today announced the launch of its innovative LifeCENTER platform that offers life insurance-focused agents powerful and expansive technology solutions. The first-of-its-kind system is available at no cost to Integrity agents, and is designed to help life agents save time, better serve consumers and grow their business faster.
As a cloud-based platform, LifeCENTER empowers agents to efficiently manage client relationships and their policies from anywhere, at any time. Life insurance agents can now spend more time and energy focusing on consumers and their needs and less on administrative tasks, thanks to the technology’s industry-leading workflows that extensively simplify processes. In addition, life agents now have access to Ask Integrity, a revolutionary AI-powered assistant that leverages real-time data analysis and intelligence to help provide the best solutions for each client.
“Today marks another monumental and important milestone in our journey to innovate insurance,” said Bryan W. Adams, Co-Founder and CEO of Integrity. “Integrity has invested heavily in reshaping the insurance and financial services experience, so agents and advisors who rely on us can focus on putting the consumer at the center of all they do. We are always working to better meet the needs of agents and advisors by building powerful, best-in-class solutions that help them in every aspect of their business. Having access to timely, insightful and relevant information in a centralized platform reduces complexities for agents and helps them make more informed decisions that benefit their clients. That’s a key reason why we are offering this game-changing technology at no cost to all Integrity agents and advisors.”
“We’ve long recognized the need for innovative thinking and approaches as the market continues to evolve,” continued Bryan W. Adams. “Solutions like MedicareCENTER, LeadCENTER, Ask Integrity and more have revolutionized the industry. Integrity’s hard-working and forward-thinking agents are already utilizing our proven cloud-based platform to increase their efficiencies and grow their businesses with MedicareCENTER. Now, our LifeCENTER technology will completely transform the ways in which life-focused agents help their clients prepare for the good days ahead!”
Accessible through Integrity.com and the Integrity for Agents mobile app, Integrity’s LifeCENTER technology supports all aspects of an agent’s experience — including quoting, e-application submission and comprehensive customer relationship management solutions. Built by industry experts on a proven and trusted platform, LifeCENTER offers a centralized and streamlined experience for new and experienced agents alike. Agents can now harness the full power of Integrity to better manage client relationships, easily tracking individual history, preferences, and policy details from one location. The technology also provides agents with access to the proprietary, AI-powered Ask Integrity digital assistant, and features such as instant and relevant data, insightful data measurement and reporting capabilities, and predictive tagging and modeling. Equally crucial, it provides agents with peace of mind knowing they are always acting in full compliance in the highly regulated insurance industry. Integrity’s LifeCENTER technology builds on Integrity’s deep and ongoing commitment to help agents deliver relevant and beneficial solutions to American consumers, when and where they need them.
“The impact of Integrity’s industry-leading technology is clear — it is helping agents serve and protect more individuals and families,” shared Harsh Singla, Chief Technology Officer of Integrity. “We’ve found that on average, agents who use our technology submit 63% more applications compared with those not using our technology solutions. Additionally, new agents who use our technology are 38% more productive in their first year than those who use paper applications or e-applications provided by carriers. This data shows we are effectively removing time-consuming barriers between clients and agents by offering this groundbreaking solution to our life-focused agents and partners.”
“Using the power of technology and data, Integrity has streamlined what have traditionally been highly siloed and cumbersome processes into a powerful, easy-to-use system that simplifies and unifies the most important aspects of an agent’s business,” explained Steve Young, Integrity’s Chairman of the Board. “By providing access to Integrity’s other cutting-edge solutions, including Ask Integrity, this new, single-source platform for life agents offers unparalleled customer service opportunities and a secure, flexible foundation for agents to grow their business. True to our Integrity spirit of innovation, we will continue to add new features and enhance capabilities to help life agents maximize their potential.”
“The life insurance market has long been underserved, with millions of Americans desiring or in need of the security and peace of mind that this type of protection can bring,” said Tess Grace, President of Integrity Life. “Integrity’s LifeCENTER technology available to our life agents has the power to help change that. It’s designed to help agents work more efficiently, so they can reach, serve and protect more families. It’s also built to help agents strengthen and deepen relationships with their clients, so they can continue to meet their needs well into the future.”
“Today’s historic announcement reflects our commitment to supporting agents and consumers with the most functional, intuitive and cutting-edge technology in an ever-changing market,” added Tom Dempsey, Integrity’s Chief Distribution Officer. “Together with our partners, Integrity is forever redefining the way agents work, communicate and serve.”
This innovative LifeCENTER technology is now available at no cost to all Integrity agents and partners at www.integrity.com and on the Integrity for Agents mobile app. For more information about Integrity’s LifeCENTER technology, view a video at www.integrity.com/LifeCENTERtechnology.
About Integrity
Integrity, headquartered in Dallas, Texas, is a leading distributor of life and health insurance, and provider of innovative solutions for wealth management and retirement planning. Through its broad partner network of agents and advisors, Integrity helps millions of Americans protect their life, health and wealth with a commitment to meet them wherever they are — in person, over the phone and online. Integrity’s proprietary, cutting-edge technology helps expand the insurance and financial planning experience for all stakeholders using an omnichannel approach. In addition, Integrity develops products with carrier partners and markets them compliantly through its nationwide distribution network. Providing best-in-class service to our clients and consumers is at the center of Integrity’s holistic approach to life, health and wealth protection. The company and its partners focus on helping families and individuals prepare for the good days ahead, so they can make the most of what life brings. For more information, visit www.integrity.com.
SOURCE Integrity Marketing Group, LLC
The post Integrity Introduces LifeCENTER, a Transformational Technology Platform for Life Agents appeared first on Wink, Inc..
]]>The post New Indexed Life Product Has Agents Scratching Their Heads appeared first on Wink, Inc..
]]>Click HERE to read the full story via Life Annuity Specialist
The post New Indexed Life Product Has Agents Scratching Their Heads appeared first on Wink, Inc..
]]>The post South Carolina Man Sues Lincoln Over 1987 Tobacco Class Error appeared first on Wink, Inc..
]]>Robert Stukes says Lincoln National National Life Insurance Co. mistakenly classified him as a smoker in 1987 when it converted three older policies into one new policy.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: It is hard for me to believe that a home office would refuse to return the extra premiums paid on a policy that was discovered to be improperly classified as tobacco, when it was issued in the company’s error?
(THAT was a mouthful!)
If the insurance company made the mistake, they should make it right. -sjm
The post South Carolina Man Sues Lincoln Over 1987 Tobacco Class Error appeared first on Wink, Inc..
]]>The post An RIA-Friendly Life Insurance Strategy for Retirement Security (Part One) appeared first on Wink, Inc..
]]>Recently, I suffered through 53-minutes of blather before the speaker revealed that what he had been hyping was life insurance. Overly hyped life insurance presentations receive a level of attention from consumers they do not deserve. This is especially hurtful to me because I love life insurance and appreciate its unique value. I am the inventor (1987) of the concept of using income-tax-free policy loans to boost retirement security.
Click HERE to read the full story
Wink’s Moore on the Market: I know how it feels to see your ideation bastardized David Macchia.
I, too, am disappointed at how loans are being marketed on indexed life.
Yes, indeed, we are entrenched in the IUL “spreadsheet wars.”
And while the comparison to the underfunded UL problem is salient, I would suggest that the potential for underfunded IUL is greater.
With the underfunded ULs, we saw a 9% spread between “illustrated” and “actualized” (illustrations showed 13% interest crediting, but the interest rate was dropped to the minimum rate of 4%).
With an underfunded IUL, we could have as much as a 10% spread between “illustrated” and “actualized,” but the situation is worse when you compare the “illustrated” versus “actualized” loan rate as well.
SN: I enjoyed the discussion of how to preserve the insured’s cost basis via a life-to-annuity 1035. Brilliant!
P.S. Eagerly awaiting Part II of this series! -sjm
The post An RIA-Friendly Life Insurance Strategy for Retirement Security (Part One) appeared first on Wink, Inc..
]]>The post Athene execs unbothered by regulatory, interest rate headwinds appeared first on Wink, Inc..
]]>The insurer, which is owned by Apollo Global Management, ceded tens of billions of dollars of life insurance and annuity reserves. Much of that is held by Athene reinsurance companies domiciled in Bermuda.
Click HERE to read the full story via INN
The post Athene execs unbothered by regulatory, interest rate headwinds appeared first on Wink, Inc..
]]>The post Rich People Love Annuities — And Here’s Why appeared first on Wink, Inc..
]]>Click HERE to read the full story
Wink’s Moore on the Market: If rich people love annuities, why is the average annuity premium only $151,344?
I was really digging this piece, up until it got to the “high costs and fees” bit.
It left me feeling “meh.” -sjm
The post Rich People Love Annuities — And Here’s Why appeared first on Wink, Inc..
]]>The post This Annuity Can Take On Mutual Funds: F&G’s Chris Blunt appeared first on Wink, Inc..
]]>Blunt is the chief executive officer of F&G Annuities and Life, which launched its first RILA product, the F&G Confidence Builder annuity, last week.
Click HERE to read the full story via Think Advisor
Wink’s Moore on the Market: Inquiring minds want to know Chris Blunt!
The end of this article really got my attention-
“Blunt said F&G paid $270 million in January for a 70% stake in a life and annuity wholesaler that serves financial institutions and broker-dealers.”
Now, who could that be? -sjm
The post This Annuity Can Take On Mutual Funds: F&G’s Chris Blunt appeared first on Wink, Inc..
]]>The post I’m 73 and my financial adviser told me to buy $1.5 million in annuities — should I do this? appeared first on Wink, Inc..
]]>I have $1.5 million in my 401(k) and $1.1 million in my IRA. I will be 73 in 2024 and must start RMDs.
A financial planner suggested that I purchase $1.5 million in annuities and invest the other $1 million in stocks and bonds.
Should I take my adviser’s suggestion? Does this sound like good advice?
Wink’s Moore on the Market: “I’m 73 and my financial adviser told me to buy $1.5 million in annuities – should I do this?”
THAT DEPENDS.
Overall, I think this article did a pretty good job of responding appropriately to this reader’s question. I could split hairs about the withdrawal provisions, but they got most of it right. -sjm
The post I’m 73 and my financial adviser told me to buy $1.5 million in annuities — should I do this? appeared first on Wink, Inc..
]]>The post Jackson Posts 80% Growth in RILA Sales appeared first on Wink, Inc..
]]>Laura Prieskorn, the Lansing, Michigan-based annuity issuer’s CEO, told securities analysts Thursday during a conference call that the new RILA products do more than help diversify the company’s sales and attract cash.
“RILAs also contribute to hedging efficiency,” Prieskorn said.
Click HERE to read the full story via Think Advisor
The post Jackson Posts 80% Growth in RILA Sales appeared first on Wink, Inc..
]]>The post California Legislature OKs Annuity Sales Rule Update appeared first on Wink, Inc..
]]>The bill would update California’s existing annuity suitability rules and require annuity sellers to act in the best interest of the consumer.
The bill now goes to Gov. Gavin Newsom, a Democrat, for his signature.
California Insurance Commissioner Ricardo Lara, an elected official who’s a Democrat, has joined with annuity issuer and annuity seller groups to support the bill.
Click HERE to read the full story via Think Advisor
The post California Legislature OKs Annuity Sales Rule Update appeared first on Wink, Inc..
]]>The post Wink’s Virtual Career Fair appeared first on Wink, Inc..
]]>Please view https://www.winkintel.com/category/insurance-industry-job-openings/ for all of the openings.
PLEASE NOTE: We are not monitoring when the job postings are closed to new applicants; you will want to click on the link provided for each job posting to direct you to the original post.
Wink is not a recruiter and does not promote any companies. Wink is a neutral, third-party market research and competitive intelligence firm.
The post Wink’s Virtual Career Fair appeared first on Wink, Inc..
]]>The post Annuities External Wholesaler – Advisor Channel (OH): Virtual appeared first on Wink, Inc..
]]>
Prudential Annuities, a division within Prudential’s Individual Solutions Group, provides innovative retirement solutions to help clients meet their retirement income challenges. We are currently seeking a transformative sales professional to join our team as an Annuities Wholesaler. This role will engage in both wholesaling and point of sales activities to enhance our sales in the Advisor Channel covering Ohio
As one of the leaders in the Annuities marketplace, you will be focused on sales of Prudential fixed and variable annuity products. This position will report to a Divisional Sales Manager and require significant travel (estimated at approximately 80%).
The current EWA for this position is Fully Virtual. While this position does not require your on-site presence on a regular basis, depending on business preferences, there may be occasions where you are required to be on-site at a Prudential office.
Click HERE to view the job posting
We know not everyone will meet 100% of the requirements, however we encourage you to apply if you think your skills are a good fit.
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]]>And never, in my decades of insurance experience have I witnessed a debate on social media that is more heated and passionate than that of fee-based advisors versus those who are commissioned.
The argument?
“One cannot act in the client’s best interests unless they are a fiduciary who does not get paid a commission.”
Fiduciaries often argue that because they are not paid commissions, that they are uniquely positioned to offer conflict-free advice. Further, these fee-based or fee-only advisors contend that the lack of commissions on their product offerings, ensures that their clients are receiving maximum value.
On the other hand, commissioned advisors counter that their clients end up paying less for their advice. In addition, these commission-earning advisors suggest that the product offerings of fee’d advisors may not be superior to their own wares.
I decided, as the third-party/neutral product expert, to test the argument as it relates to indexed annuities.
While there are 577 different indexed annuities available for sale through 69 different insurance companies today, 47 of those products are fee-based annuities that are offered via 11 different insurers. I narrowed down our study to eighteen annuities, offered by nine different insurance companies. I selected commissioned and fee-based annuities for each company in the study, making careful to match apples-to-apples (as much as possible) in terms of surrender charge periods, indexed interest offerings, and more.
Our study was further limited by reviewing 0-7-year surrender charge products, depending on company offerings. Thereafter, we focused solely on annual point-to-point indexing methods, based on the S&P 500 index, subject to a cap rate. The outcomes were enlightening.
The Argument on Rates
Fiduciaries often contend that by giving up the commission on their annuities, the client can obtain preferential rates. We found that to be true in our study, which illustrated that the difference in cap rates ranged from 0.00% – 2.70% in favor of the fee-based product; the median difference being 1.10%.
That said we put the caps for both annuities into action and tested the products with the greatest difference in caps, in a steadily increasing market environment. Over a five-year period, the fee-based annuity would have accumulated nearly $494.00 more indexed gains than the commissioned annuity, assuming a $100,000 premium.1
Score one for fee-based advisors.
The Argument on Compensation
A fiduciary claim is that his/her compensation for the sale is far less than their commissioned counterpart. We asked my social network of tens upon tens of thousands about the typical asset management fee. The responses suggested that this fee generally ranges from 1.00% – 2.00%, depending on the client/advisor. One of my connections pointed to a study of just over 1,000 RIAs, which illustrated that the average AUM fee was 1.17%. This is the figure we will use in our study.
While some may perceive that the commissioned advisor is paid considerably more than the fee-based advisor, our study concluded that “it depends.” We found that the typical fee-based advisor’s total compensation remained less than the commissioned advisor’s until year four of the contract.2 However, when reviewing total compensation at the end of the seven-year surrender charge period, results show that the fee-based advisor received nearly 171% more compensation than the commissioned salesperson over the same period.
Score one for commissioned advisors.
The Argument on Fees
What would it mean for our study, if we illustrated the effect of fees directly applied to the annuity’s value?3 Assuming our same 1.17% average AUM fee is applied to the fee’d annuity, the commissioned annuity contract4 has more cash value than the advisory version from the get-go. Despite the lower cap, the commissioned annuity retains the advantage, as a result of the advisor’s commission being paid by the insurance company, rather than the annuity purchaser. At the end of a seven-year period, the $100,000 commissioned annuity’s cash value is nearly $3,000 greater than its fee’d brethren.
So, score one for the commissioned advisors in this scenario.
One commissioned advisor reached out to me, suggesting that his commissioned annuities were superior to fee-based annuities because AUM fees can completely wipe out an annuity’s value in a steadily declining market. While that is technically true, it is also very unlikely. It is hard to imagine a 1.17% AUM fee being charged long enough for the average $124,657 annuity premium to drop to a zero contract balance IN ADDITION TO the market consistently declining for that many consecutive years. That said, it IS a possibility.
So, score another one for the commissioned advisors? I think?
Some financial professionals have asserted that the higher the cash accumulation is on a fee’d annuity, the greater the AUM that is being collected by the fee’d advisor. So, there is that.
Who wins here? I can’t imagine being upset with my advisor if I am earning more because of him/her, even if that means s/he is too?
Bottom line: the individual purchasing an annuity from a commissioned salesperson is going to ultimately pay less than the individual working with a fiduciary, when holding their assets for the length of the annuity’s surrender charge period.
The Best Interest Argument
It can be said that fee-based advisors have more motivation to “act in their clients’ best interests,” as they make the same amount of money, regardless of which product/solution they suggest to the client. While that may be true, I have read about plenty of slimy “fiduciaries.” Ever heard of that Madoff guy?
And while commissioned salespeople are not legally obligated to a fiduciary standard, I have met a great many commissioned advisors who always put their clients first. Can commission be a motivating factor? Yes, and I have read about the folks who sold double-digit surrender charge annuities to consumers on their deathbeds. That said, the salesperson may be a crook, regardless of the product that is sold. Commission is not the only thing that helps identify one of the “bad guys/gals.”
There are bad apples in every barrel of the financial services industry.
As you know, I do not endorse any company or product. Therefore, the commission versus fee argument is lost on me. When you get to the bottom of it, my perspective is that both advisors are being paid; one way, or another, as a part of the annuity transaction. It just may be easier to find a commissioned advisor that sells annuities, than a fee-based or fee-only advisor.
What’s the score at this point?
I believe we have about exhausted this issue. I don’t feel confident that my exploration of the matter will help to further any constructive discussions between fee’d advisors and commissioned advisors. Respectfully, my experiences with all of you have revealed a strong passion, from both sides, that shows that each type of advisor truly feels that they are doing what is best for the client, in how they are compensated for their annuity sales. While that may cause conflict for those selling annuities, it is actually a good thing when we consider the perspective of the client.
After all- isn’t the bottom line an argument about who is acting in their client’s best interests?
Ultimately, I am just grateful for any and all opportunities to educate consumers about the existence of annuities, and whether (or not) they may be a viable purchase for their retirement goals. After all, the number one fear of Americans is running out of money in retirement. And annuities are the ONLY financial services instrument that can guarantee the purchaser a paycheck for the rest of their life; even if they live to be 150 years old! ALL of you are financial evangelists: commissioned or fee-based.
So what do you say that we all bury the hatchet, accept our differences, and “play nice in the sandbox” together? If we focus on forging forward and creating new relationships, as
opposed to bashing one another, we could increase the financial IQs of a great many more people! Retirement problem solved!
Lastly, I thought that I would include a comparison of the annuities that I compared in this article. I hope you find it helpful. Until our next constructive debate, let’s channel all of that passion we’re utilizing in fighting with one another over “who is better,” into a passion for educating our nation on these important retirement income vehicles.
Sheryl Moore is President and CEO of the life and annuity market research firm of Wink, Inc. Her company provides competitive intelligence, market research, product development, consulting services and insight to select financial services companies. She may be reached at sjm@intelrockstar.com.
1Assumes an 8.97% cap for the commissioned annuity and a 10.07% cap for the fee-based annuity
2Assumes a 4.78% average heaped commission option for an independent agent commission on a 65-year-old annuitant
3Assumes an 8.97% cap for the commissioned annuity and a 10.07% cap for the fee-based annuity.
4Assumes a 4.78% average heaped commission option for an independent agent commission on a 65-year-old annuitant
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]]>People need life insurance. -sjm
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