Annuity Market News articles from June 2003

Annuity Market News archives from June 2003

At Deadline.
June 1, 2003... Better Prices Fuel M&As Among Life Insurers: CFOs Chief financial officers believe that merger and acquisition activity among life insurers is on its way up, according to a report from Tillinghast-Towers Perrin. Such activity has trended...

Correction.(Brief Article)
June 1, 2003... In the May issue, AMN erroneously identified the primary focus of Conseco's insurance business as supplemental life insurance. It is supplemental health insurance.

NY Life's B/D May Face NASD Action: Investigation of Supervisory Practices Follows 80 Complaints.
June 1, 2003... The New Orleans office of the National Association of Securities Dealers is currently investigating the supervisory practices of NYLIFE Securities, the broker/dealer of New York Life Insurance Co., of New York. The NASD's actions follow a...

Market Losses Spur Sharp Rise in Lawsuits.
June 1, 2003... For actuaries, variable annuity sub-accounts are less risky for insurers than fixed products because investors bear the market risk, but legal and compliance departments are now telling a different story. The decline in equity markets has...

Interest up for Reversionary Annuities.
June 1, 2003... What do you get when you cross an immediate annuity with a life insurance policy? A reversionary annuity. It is an insurance policy conditioned on the survival of the beneficiary beyond the life of the insured. The annuity is payable to...

New J-V Offers Carriers VA Strategy.
June 1, 2003... Are you looking to add a little game to your business? The VARDS/Greenwald Strategy Service aims to provide just that through a new joint venture designed to give carriers advanced insight into the variable annuity industry. "On the one...

NAVA Launches Transfer Initiative for Annuities.
June 1, 2003... CHARLOTTE, N.C. - What happens when a client switches to a new broker/dealer? With one noteworthy exception, assets move through the Automated Customer Transfers System (ACATS), run by the Depository Trust and Clearing Corp. in New York. ...

Investment Product Sales in Banks Jump 29% in 2002.
June 1, 2003... With the financial markets in a bear hug, selling investment products last year wasn't a breeze, but broker/dealers found a fair wind in the bank channel. Sales by the top 17 broker/dealers of annuities and mutual funds through banks...

Carlson Named Ops VP For MassMutual Financial.(Brief Article)
June 1, 2003... MassMutual Financial Group has appointed John Carlson as vice president, annuity sales operations. "John's primary focus will be to strengthen our internal sales functions to complement the external sales efforts resulting in continued...

Fisher to Develop Products As MD for New York Life.(Brief Article)
June 1, 2003... Stephen Fisher has joined New York Life as managing director, responsible for retail product management and development. Fisher most recently worked at UBS Global Asset Management, where he was also a managing director. He has worked in...

Zurich Life Names Haroon VP of Product Management.(Brief Article)
June 1, 2003... Ejaz Haroon has joined Zurich Life as VP of product management. In his new position, he is responsible for variable annuity product design, pricing, risk analysis and oversight of the VA products. Haroon reports to Linda Wagner, EVP and...

Kalen Leads Life Insurance For Hartford Financial.(Brief Article)
June 1, 2003... The Hartford Financial Services Group has hired Michael Kalen to head individual life insurance sales in a newly created position. Kalen oversees the entire gamut of distribution channels, including wirehouses, regionals, independent...

Lincoln Veteran Steve Long To Head Pru's B/D Sales.(Brief Article)
June 1, 2003... Prudential Financial has hired Steve Long to head up wirehouse sales for annuities. Long currently reports to David Odenath, who is heading up the new annuities division created by the acquisition of American Skandia. Until late last year,...