Insurer Old Mutual PLC reported Wednesday a 30 percent drop in 2008 profits as its U.S. Life unit made a large loss, hurt by the collapse of financial institutions such as Lehman Brothers and Freddie Mac and Fannie Mae.
The Ohio Department of Insurance today released the names of the 20 companies that have raised their surplus levels through approved accounting breaks.
Conseco Inc. today announced a whopping $406.8 million loss, or $2.20 a share, for the fourth quarter of 2008, and warned it will be late in filing its annual report late.
Ratings agencies today painted a bleak outlook for AIG, following news of the insurer’s massive fourth-quarter loss and an additional $30 billion lifeline from the U.S. government.
Panelists addressed myriad issues at the annual marketing conference held in New York by NAVA Inc., the Reston, Va.-based variable annuity trade association.
Fears of increased paperwork and disclosures related to Finra's variable annuity suitability rule have been realized, with many firms reporting that they are still overburdened by hair-splitting requirements.
Standard and Poor’s yesterday announced ratings downgrades for 10 major life insurers, including Genworth Financial Inc., Lincoln National Corp. and MetLife Inc.
In their bid to buy AIG’s American International Assurance Co. Ltd., Manulife Financial Corp. and Prudential PLC may pay cash and shares to but the Asian unit.
The Ohio Department of Insurance has confirmed it will provide temporary reserve relief for 20 insurance companies headquartered in the state.
Thomas M. Marra, chief operating officer of The Hartford (Conn.) Financial Services Group Inc., will retire from his post July 3.
Federal Reserve Chairman Ben Bernanke today backed the idea of creating an optional federal charter for insurance.
Financial advisers, already overwhelmed with frazzled clients, want more understanding from their wholesalers.
The age of long term care insurance purchasers continues to skew downward as more baby boomers buy policies.
Hard times are on the horizon for insurers as commercial mortgage exposure haunts carriers and capital levels shrink, according to Fitch.
Insurers have begun bidding for American Life Insurance Co., the life insurance unit of American International Group Inc.
Investors' concerns about negative market returns are likely to create a greater demand for guaranteed products such as variable annuities, but the downturn in the markets has changed the insurers' cost of managing the hedging risk of VAs.
Advisers may complain about variable annuities, but most still endorse the product.
