Insurers are rolling out adjustments to their variable annuity products — this time with an air of caution.
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,
Longtime insurance and annuity expert Jerome “Jerry” S. Golden, president of the income management strategies division and a corporate vice president of MassMutual’s retirement income division, is retiring.
Investment losses and subprime mortgage impairments drove Genworth Financial Inc. to a first-quarter loss, and the insurer says it plans to sell up to 49 percent of its Canadian mortgage business to raise cash.
Lincoln National Corp. ended the first quarter in the red, citing a $600 million charge on the impairment of goodwill in its annuity business.
Marsh & McLennan Cos. said today it returned to profitability in the first quarter, bouncing back from a loss a year ago when it absorbed a big write-down. But the latest results fell short of Wall Street expectations.
As Congress starts to take up health care reform, a group representing health insurance agents is voicing its dissent over President Obama's call for universal health insurance.
The two largest organizations of financial planners are looking at ways to give members discounts on several kinds of insurance.
American International Group Inc. is considering closing down parts of its mortgage insurance unit following a failure to offload it, Bloomberg reported.
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.
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.
Managed-care company Aetna Inc. said today its first-quarter profit rose slightly due to membership gains and premium increases, even though the company saw higher-than-expected medical costs.
Delivering a message that his audience probably didn’t want to hear, Paul Kanjorski, D-Penn, chairman of the House Capital Markets Subcommittee, said that federal insurance regulation is inevitable.
Worldwide sales for Aviva PLC rose to 10.3 billion British pounds ($15.1 billion) in the first quarter, up 5% from a year earlier, buoyed by sales of life insurance and pensions.
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.
