The New York-based ratings agency cut the carrier’s grade following Phoenix’s announcement of a first-quarter operating loss of $117.8 million and a $143.9 million — or 17% decline — in statutory surplus and asset valuation reserves,
Lincoln National Corp. ended the first quarter in the red, citing a $600 million charge on the impairment of goodwill in its annuity business.
American International Group Inc. is considering closing down parts of its mortgage insurance unit following a failure to offload it, Bloomberg reported.
Impaired intangible assets will continue to pressure insurance companies as earnings continue to erode, according to a report from Moody’s Investors Service in New York.
In order to keep the individual annuity market alive amid economic turmoil, insurance companies will need to readjust their product risk, distribution and cost structures for the product, according to a report from Conning Research & Consulting.
Only a buyout — preferably one by Allianz SE of Munich, Germany — will rescue The Hartford (Conn.) Financial Services Group Inc., wrote Bob MacDonald, former chief executive of Allianz Life of North America and Allianz Income Management Services, both in Minneapolis.
The term "bailout" has taken on new meaning for financial advisers as they devise ways to free clients from underperforming variable annuities, but the path to freedom is paved with possible tax complications and worries about account churning.
American International Group Inc. of New York has appointed Matthew E. Winter vice chairman, transition planning and administration, replacing Richard H. Booth, who retired.
The Hartford (Conn.) Financial Services Group Inc. has approached its rivals in recent weeks searching for a buyer for its property/casualty unit, Bloomberg reported.
