Annuity Market News articles from January 2001

Annuity Market News archives from January 2001

Annuity Sales Slip In Bank Channel.(Brief Article)(Statistical Data Included)
January 1, 2001... Sales of annuities through banks dove from the second quarter to the third quarter of last year. Sales of variable and fixed annuities in last year's third quarter in the bank channel decreased seven percent from the previous quarter,...

Affluent Continue to Shun Annuities.(Statistical Data Included)
January 1, 2001... The middle class continues to be the strongest potential market for variable annuities and the affluent, never a prime market for the products, may be becoming less receptive, according to recent surveys. Only 7.6 percent of wealthy people...

Industry Plans Tax Proposal Push.(life insurance industry to seek more favorable tax treatment for annuitization payments)(Brief Article)
January 1, 2001... A proposal that seeks more favorable tax treatment for annuitization payments will probably be brought before Congress sometime in 2001, according to the American Council of Life Insurers of Washington, D.C. The proposal, called the...

Volatility Does Not Distract Industry.(life insurance industry reaction to market volatility)(Brief Article)
January 1, 2001... After a decade of strong equity returns, market-watchers are predicting that for the next several months, if not longer, investors will be in for a new experience. But, several annuities companies said they are not taking steps to address...

Insurers Move on Privacy Compliance.(insurance companies to develop standards to comply with Gramm-Leach-Bliley Act)
January 1, 2001... WASHINGTON, D.C. Insurance companies are scrambling to develop programs to comply with the privacy provisions of the Gramm-Leach-Bliley Act in time for a July 1, 2001 deadline. The National Association for Variable Annuities held a seminar...

At Deadline.(life insurance industry news including job appointments)
January 1, 2001... Firms Add Sub-Accounts Phoenix Home Life Mutual Insurance Company of Hartford, Conn. has added two Sanford Bernstein funds to the investment choices available for all of its new and existing variable annuity and variable life insurance...

Keyport Fixed Sales Continue Rise.(Keyport Life Insurance Co.)(Statistical Data Included)
January 1, 2001... Keyport Life Insurance Company of Boston enjoyed another substantial increase in its fixed annuity sales in the third quarter of this year. Sales were up 258 percent during the third quarter over third quarter 1999 sales, according to the...

Indexed Annuity Sales Fall in 3rd Quarter.(according to the Advantage Group )(Brief Article)(Statistical Data Included)
January 1, 2001... Sales of equity indexed annuities fell 13.1 percent in the third quarter of 2000, compared to the previous quarter, according to the Advantage Group of Maryland Heights, Mo., an equity indexed annuity tracking service. Equity indexed sales...

Acquisitions Driven by Foreign Buyers.(buying of U.S. asset management companies by foreign investors, 2000)(Brief Article)(Statistical Data Included)
January 1, 2001... Overseas buyers of U.S. asset managers pushed the number and prices of mergers and acquisitions to record levels last year. There were sixty-five deals as of Dec. 11 of last year, according to SNL Securities of Charlottesville, Va., a...

Variable Annuity Fees Case Dismissed.(Brief Article)
January 1, 2001... The U.S. District Court of the Eastern District of New York has granted a motion to dismiss a lawsuit charging Prudential Life Insurance Company of America of Newark, N.J. with attaching excessive fees to its variable annuities. Plaintiffs...

Correction.
January 1, 2001... In the November issue of Annuity Market News, the headquarters of Sun Life Assurance Company of Canada (U.S.) was incorrectly identified as Toronto. The company, which is a member of the Sun Life Financial Group of companies, of Toronto, is...