Annuity Market News articles from June 2002

Annuity Market News archives from June 2002

At Deadline.(Brief Article)(Statistical Data Included)
June 1, 2002... 2001 Sales Decline 75% To $7.5 Billion Financial Research Corp. estimates that net sales of variable annuities dropped by 75% from $29.5 billion in 2000 to $7.5 billion in 2001. The fourth quarter saw $1.3 billion in net outflows, the first...

Insurers Urged to Focus on Longevity: Industry Veteran Calls Income for Life Critical.(Brief Article)
June 1, 2002... MIAMI The insurance industry has the opportunity to reverse its fortunes, but only through visionary leadership and the creation of new products that will help annuitants in their old age, said Bob MacDonald, chairman of Allianz Life Insurance...

Phoenix Combines IVA, Life Insurance.(Phoenix Wealth Management)(Brief Article)
June 1, 2002... How do you get variable annuities and life insurance products to work well together? Phoenix Wealth Management, a subsidiary of Phoenix Variable Insurance Co. of Hartford, Conn., is trying to do just that with Phoenix Max, a wealth transfer...

Index Annuities Outperform Bond Funds, CDs.(Brief Article)(Statistical Data Included)
June 1, 2002... Since equity index annuities are a relatively new product with less than a decade of history under their belt, the verdict is still out on their performance compared to competing fixed-income vehicles. But there are some leaks from the jury...

Carriers Fret Over Order Entry Platforms.(Brief Article)
June 1, 2002... MIAMI Electronic order entry was a hot topic at the recent Technology and Operations Conference sponsored here by the National Association for Variable Annuities of Reston, Va. While the most vigorous debate concerned the two leading vendors,...

Distributors Cite Time as Key to Platform Choice.(Brief Article)
June 1, 2002... While some distributors have their own platforms to electronically process annuities, others have opted to use outside vendors in the interest of saving time. Merrill Lynch of New York, is in the midst of its own implementation process...

Conseco Executive Joins Prudential Financial.(Brief Article)
June 1, 2002... John Howard has joined Prudential Financial as vice president of third-party marketing in the individual life insurance business. In this position, Howard is responsible for establishing relationships with outside distribution channels. ...

NY Life Insurance Names National Sales Manager.(Andrew Reiss)(Brief Article)
June 1, 2002... New York Life Insurance Co. has promoted Andrew Reiss from corporate vice president to vice president, national sales manager in the individual annuity department. In his new position, Reiss is responsible for marketing the MainStay annuities...

Merrill Exec Shifts Gears.(James King Jr. hired by Prudential Financial)(Brief Article)
June 1, 2002... Prudential Financial has hired James King, Jr. as VP, investment services in the retirement services unit. King previously worked on the investment side of financial services but now acts as liaison for Prudential's retirement services unit and...

NYLIM Executive Joins Depository Trust.(Susan Nugent, former vice president, relationship management at New York Life Investment Management)(Brief Article)
June 1, 2002... Susan Nugent has joined the insurance services sales team as business development manager at Depository Trust and Clearing Co. Nugent most recently served as vice president of relationship management at New York Life Investment Management,...

Gartmore Names CEO of Global Investment Unit.(D. Bruce Johnston)(Brief Article)
June 1, 2002... The Gartmore Group has hired D. Bruce Johnston as president and CEO of Gartmore Global Investments, which advises much of the Nationwide Mutual variable product portfolios. Nationwide Mutual is Gartmore's parent company. Johnston replaces...

ING Makes Big Push Into Immediate Variable Annuities.(Brief Article)(Statistical Data Included)
June 1, 2002... ING of Atlanta is making a big bet on its immediate variable annuity (IVA). Although the year-old ING Income Annuity has only attracted $68 million in assets, Bill Lowe, SVP of wholesale distribution, predicted those assets could grow...

Allstate Taps Five-Year Treasury Rate for Fixed Annuity.(Brief Article)(Statistical Data Included)
June 1, 2002... Allstate Financial has designed a fixed annuity so unusual that the Northbrook, Ill., firm has applied for three patents protecting various features of the contract. The Allstate Treasury-Linked Annuity bases its returns on the variable...

Retirement Income Planning: The Next Frontier.(steps for financial services providers to take)(Brief Article)(Statistical Data Included)
June 1, 2002... The financial services industry has spent a generation telling and teaching people how to save for retirement. But now that baby boomers are nearing retirement, we've discovered we haven't taught them a thing about living on an income. But that...

When it Comes to Sales, Product Consistency Counts.(financial products)
June 1, 2002... With the proliferation of financial products, firms have begun manufacturing an increasingly complex array of offerings. The distribution team, however, has to take that panoply of options and present a cohesive marketing message to producers...

Fixed Annuity Sales By Third-Party Marketers at Banks Soar 82%.(Brief Article)(Statistical Data Included)
June 1, 2002... Last year, mutual fund and variable annuity sales through third-party marketers at banks dropped, but sales of fixed annuities through the channel boomed, according to a report from Ken Kehrer Associates, a consulting and research firm in...