Annuity Market News articles from April 2001

Annuity Market News archives from April 2001

Variable Annuity Sales Rise Slightly.(to $137.5 billion for the top 25 firms in 2000, versus $122.9 billion in 1999)(Brief Article)(Statistical Data Included)
April 1, 2001... Markets were down. Mutual fund sales were in a tailspin. But variable annuity sales by the top 25 firms continued to climb in the year 2000. Those companies sold $137.5 billion in variable annuities last year, a 12 percent jump over 1999,...

Shareholders Balk at Acquisition.(American General Corp., Prudential PLC)(Brief Article)(Statistical Data Included)
April 1, 2001... The proposed merger of American General of Houston and Prudential PLC of London may be in trouble. When initially announced on March 12, the stock swap was valued at $49.52 per American General share. That equates to $26.5 billion based on the...

Benefit that Cuts Taxes Takes Off.(new benefit in the annuity market)(Brief Article)
April 1, 2001... One of the new benefits in the annuity market attracting considerable attention is aimed at offsetting the tax liabilities of beneficiaries of annuities. "Everyone is talking about the enhanced earnings benefit," said Naomi Weinstein, a...

Insurers Work with Market Timers.(for their variable annuity sub-accounts)(Brief Article)
April 1, 2001... Insurance companies, grappling with the growing challenge of market timing activity in their variable annuity sub-accounts, are taking a conciliatory approach compared with that many mutual fund companies have adopted towards market timers. ...

Hartford Plans Acquisition of Fortis.(Hartford Financial Services Group to acquire Fortis Financial Group Inc. from Fortis Inc.)(Brief Article)(Statistical Data Included)
April 1, 2001... The Hartford Financial Services Group of Simsbury, Conn. has agreed to purchase Fortis Financial Group of Woodbury, Minn., the variable life insurance and annuity businesses and proprietary mutual fund complex of Fortis Inc. of New York for...

At Deadline.(includes multiple records)(Statistical Data Included)
April 1, 2001... Record Inflows to Variable Products Found at Stock Market Peak Net inflows into mutual funds by way of variable annuities and variable life insurance reached a record high of $20.4 billion in the second quarter of 2000, according to Weiss...

Regulators Grapple with Suitability.(regulations governing agents responsibility of identifying appropriate products for clients)(Brief Article)
April 1, 2001... The National Association of Insurance Commissioners of Kansas City, Mo. could issue final regulations on suitability in the sale of life insurance and annuities in the next few months. The regulations are intended to define the...

Surrender Rates Rose with Market.(rising annuity surrender rates partly attributed to rise of bonus annuities)(Brief Article)(Statistical Data Included)
April 1, 2001... Annuity surrender rates have steadily increased over the past several years, a recent report said. The trend has been particularly marked for variable annuities. "The overall result is that surrender rates are higher now than they were...

Headless SEC Pursues Initiatives.(Securities and Exchange Commission seeks new rule covering disclosure in funds' annual reports)(Brief Article)
April 1, 2001... PALM DESERT, Calif. The Securities and Exchange Commission may be searching for a new chairman, but that will not prevent it from pursuing new initiatives, including a new rule proposal it expects to issue by June 30, according to Paul Roye,...

Funds Could Test Higher Exit Fees.(Securities and Excahnge Commission issues no-action letter concerning mutual fund redemption fees)(Brief Article)
April 1, 2001... The Securities and Exchange Commission has traditionally taken a hard line against redemption fees of more than two percent, but a no-action letter it issued earlier this month may open the way for certain funds to charge as much as four...

Ibbotson Releases Advisor Software.(Ibbotson Asociates Inc. offers Silent Partner software to help salespeople sell annuities)(Brief Article)(Product Announcement)
April 1, 2001... Ibbotson Associates of Chicago is selling a CD designed to help inexperienced annuity salespeople sell the products. American General Life Insurance Company of Houston, which last month agreed to be acquired by Prudential plc of London, is...