Annuity Market News articles from December 2002

Annuity Market News archives from December 2002

At Deadline.
December 1, 2002... New York Life Slashes Third-Party VA Wholesalers New York Life has effectively shut down its third-party distribution, in an effort to cut costs. The company laid off 20 variable annuity wholesalers in its third-party distribution division,...

Crisis Looms for Issuers of C Shares: Can Insurers Retain Money Long Enough to Cover Costs?
December 1, 2002... Are C-share sales going to hurt your business? Carriers that have done brisk business in C-share variable annuities may be in hot water, according to a study by R. J. Doyle Associates of Easton, Conn. C-share sales have risen dramatically,...

Hope Persists for Huge Variable Life Inroads.(insurers seek greater variable life sales)(Panel Discussion)
December 1, 2002... SAN FRANCISCO Variable life insurance is a long-time underachiever at insurance companies, yet hope glimmers in the eyes of many executives that it will break through its lackluster label. Divining the right marketing strategy and product...

Insurance Stocks Take it On the Chin.
December 1, 2002... Unless the stock market rebounds substantially over the next several years, equity investors are not the only ones who will find themselves in a sorry state. Insurers could face more losses on their variable products due to higher payouts...

Improperly Structured Contracts Are an Opportunity.(but may also be an unrecognized threat, panel notes)(Panel Discussion)
December 1, 2002... NEW YORK Improperly structured contracts are a virtually unknown threat hanging over the annuity industry, but carriers can use them as an opportunity, according to a breakout session at the annual meeting of the National Association for...

C-Share Conservation Strategy.(Phoenix Companies Inc. focuses on variable annuity C-shares market)(Brief Article)
December 1, 2002... From outward appearances, the Phoenix Companies is facing a problem stemming from vigorous sales of variable annuity C-shares. In the second quarter of 2002, 77% of variable annuity (VA) sales at the Hartford, Conn.-based company, $625.8...

New York Life Insurance Launches $43M Campaign.(targeting market of 25-55 year-olds in mid-to upper-income brackets)
December 1, 2002... "Friends" and the rest of the season premieres for the new fall television lineup are back, so New York Life Insurance Co. figured now would be a good time to launch a $43 million ad campaign. The new campaign, titled "Heritage," will...

AIG Forges International Retirement Savings Unit.(Brief Article)
December 1, 2002... American International Group (AIG) has formed a new international retirement savings unit. John A. Graf, currently EVP of retirement savings at AIG, will head up the new unit. "In many markets, we already have been successful serving, with...

New GE Channel Features Retirement Income Wares.(Brief Article)
December 1, 2002... GE Life & Annuity has created a new distribution channel in its efforts to foster sales of its retirement income products. Matthew Sharpe, formerly SVP of business development, will head the new unit as SVP, retirement income channel. Sharpe...

Skandia Alumni Tracy Joins Paradigm Partners.(Brief Article)
December 1, 2002... Paradigm Partners International has appointed Bayard F. Tracy managing director. The firm consults on business strategies, especially product development, for insurance companies, banks, investment management firms, and non-profit...

UBS PaineWebber Hires Thomas Streiff.(Brief Article)
December 1, 2002... Thomas Streiff has joined UBS PaineWebber as VP and director of investment solutions, reporting to Bruce Bursey, director of investment consulting services. Streiff is responsible for non-proprietary products, including annuities, mutual funds,...

LIMRA Taps Principal Exec As New Board Chairman.(John E. Aschenbrenner is chairman of board of directors of LIMRA International)(Brief Article)
December 1, 2002... John E. Aschenbrenner will be the new chairman of LIMRA International's board of directors. He will serve on the board in 2003, succeeding Bill Tindall, senior vice president of retirement services at American United Life. Aschenbrenner is also...