Annuity Market News articles from August 2002

Annuity Market News archives from August 2002

Inviva Buys Conseco Variable Annuity Unit. (includes other information).(Brief Article)
August 1, 2002... Inviva has announced plans to buy Conseco Variable Insurance Co. on Sept. 30, pending regulatory approval. The variable annuity unit of Conseco, which has more than $2.25 billion in assets, has been on the block since the beginning of this...

Roye Stresses Progressive SEC Approach: While Protecting Investors, Doesn't Want to Burden Industry.(Paul Roye; Regulatory Affairs Conference)(Brief Article)
August 1, 2002... WASHINGTON Attendees at the Regulatory Affairs Conference sponsored by the National Association for Variable Annuities of Reston, Va., braced themselves for censure from keynote speaker Paul Roye, director of the division of investment...

Patriot Act Raises Issue of Client Ties.(Brief Article)
August 1, 2002... The National Association for Variable Annuities has begun working with the U.S. Department of the Treasury to discuss how the USA Patriot Act affects variable products. To comply with the new regulation, which Congress passed after Sept. 11 to...

Bank Sales Continue Record Pace. (fixed annuities).(Brief Article)(Statistical Data Included)
August 1, 2002... Sales of annuities through banks show no signs of slowing. May sales jumped 10.5% from April, according to the Kehrer-Jackson National Monthly Bank Annuity Sales survey. The May numbers continue the trend established in the first quarter...

AmEx Offers 1% Rate Bonus on Innovations. (American Enterprise Life Insurance Co.'s variable annuity product).(Brief Article)
August 1, 2002... American Enterprise Life Insurance Co. of Minneapolis is now selling an updated version of a popular bank annuity by focusing on financial planning rather than product. This is the most important lesson that parent company American Express...

MetLife Replaces Annuity Co-Chief Executive Officers.(Brief Article)
August 1, 2002... MetLife has replaced the co-CEOs of MetLife Investors Group, Greg Brakovich and Jamie Shepherdson. Mike Farrell assumes the role of chief executive of the unit. Farrell has been in charge of the MetLife Resources distribution channel, which...

Minnesota Life Hires Three Wholesalers.(Brief Article)
August 1, 2002... Minnesota Life has hired three new wholesalers in its initial steps to expand its fixed and variable annuity distribution staff with an additional 18 positions, said Greg Farley, VP of national individual annuity sales. Glen Boggio is now...

Lincoln Retirement Enlists Retirement Income Exec. (David Zander).(Brief Article)
August 1, 2002... Lincoln Retirement has hired David Zander for the new position of VP and director of retirement income management. To promote annuities as a retirement income vehicle, "Dave will develop and implement strategies to educate and excite...

Former Conseco Exec Now in Charge of Ceres. (Thomas Kilian).(Brief Article)
August 1, 2002... The Ceres Group has hired Thomas Kilian as president and CEO. Kilian most recently served as president of Conseco Life and Retirement Services. Kilian replaces Peter Nauert, who retired as chief executive but will remain chairman of the...

Nationwide Financial Gives Impaired a Break on Variable Life.(Brief Article)
August 1, 2002... Nationwide Financial has introduced a new underwriting program that upgrades impaired applicants, or those with a medical problem, to the standard rate. In two flexible premium variable universal life products, applicants who qualified for the...

Jackson Offers Incentives On Flagship, Single-Premium Annuities. (Jackson National Life Insurance Co.).(Brief Article)(Statistical Data Included)
August 1, 2002... Jackson National Life Insurance Co. has spiffed up its flagship variable annuity and its single-premium fixed annuity products. The firm is offering credits and incentives for customers with account values of $250,000 or more. The...

SunAmerica Offers Three-Year Contingent Deferred Sales Charge Period.(Brief Article)(Product Announcement)
August 1, 2002... SunAmerica has added the Polaris Choice to its variable annuity line. The annuity offers a three-year contingent deferred sales charge period with a surrender charge schedule of 7% in the first year, 6% in the second year and 5% in the third....

SEI Investments Launches Variable Annuity With Income Payout Rider From Lincoln.(Brief Article)(Statistical Data Included)
August 1, 2002... SEI Investments has released SEI Select Variable Annuity, a new contract incorporating the income payout rider from Lincoln National Life Insurance Co. Introduced last year, Income4Life is a rider that provides lifetime income with penalty-free...

Prudential Financial's L Share Can Extend Nine Years.(Brief Article)
August 1, 2002... Prudential Financial has launched an L share, or abbreviated surrender charge product, with a three-year surrender charge period. Although the Strategic Partners FlexElite Annuity does not reset the surrender charge period when funds are added,...

Search Continues for Winning Payout Features.(Brief Article)(Statistical Data Included)
August 1, 2002... ARLINGTON, Va. Product innovation was the subject of much discussion at the recent Retirement Income Conference sponsored by the National Association for Variable Annuities of Reston, Va. In anticipation of the impending wave of retiring baby...

Education Drives GE Variable Life Sales.(Brief Article)
August 1, 2002... Earlier this year, GE Life and Annuity Assurance Co. of Richmond, Va., started selling GE Retirement Answer, a variable life contract designed to look like a defined benefit plan [AMN, May]. Company executives discussed the new product in a...

Sun Life Focuses on Asset Allocation, Fixed Products.(Brief Article)
August 1, 2002... Like many of its peers, Sun Life Financial is getting back to basics. The Wellesley Hills, Mass.-based firm's marketing plan for this year and next will emphasize asset allocation and the balanced sale of variable and fixed products, both...