Annuity Market News articles from March 2003

Annuity Market News archives from March 2003

Thrivent Financial to Eliminate 500 Positions.
March 1, 2003... Thrivent Financial to Eliminate 500 Positions Thrivent Financial for Lutherans is cutting costs, including the elimination of 500 positions in its Minneapolis and Appleton, Wis., offices. The company informed employees of the measures...

Manulife Free to Troll U.S. for Acquisition.
March 1, 2003... The sudden appearance of a white knight in Manulife Financial's attempted hostile takeover of Canada Life may inspire Manulife to look south for a life insurance acquisition. In early December, Manulife wooed Canada Life, both headquartered...

Issuers Burdened By Acquisition Costs.(deferred acquisitions)
March 1, 2003... Insurers, get ready for a "Big DAC Attack." Unrealistic amortization assumptions of deferred acquisition costs (DAC) threaten variable annuity issuers' earnings and equity, warns Moody's Investors Service, New York. Deferred...

Benefits Reconsidered in Repricing Wars.(living and death benefits)
March 1, 2003... ORLANDO, Fla. Living and death benefit repricing was a hot topic here at the recent Marketing Conference sponsored by the National Association for Variable Annuities of Reston, Va. The industry is amidst a massive reconsideration of risks...

Rampant Sales May Not Ultimately Benefit the Carrier: Protecting Principal Gains Steam in VAs.(variable annuities)
March 1, 2003... BOSTON You'll never lose your money. That's the kind of guarantee that investors and brokers want to hear. About 60 people gathered here for Innovative Principal-Protected Investment Products, a forum sponsored by Financial Research...

Salipante Entrusted as Head of Sun Life Financial, U.S.(Robert C. Salipante)
March 1, 2003... Sun Life Financial Services of Canada has appointed Robert C. Salipante as president of the company's U.S. operations. He replaces James A. McNulty III, who is retiring in June of this year. McNulty will remain on the company's board of...

Zurich Life Appoints Ken Olson as President.
March 1, 2003... Zurich Life has appointed Ken Olson as president of its life brokerage division. Olson has been with the company since 2000, serving as senior vice president and national sales manager for the division. The brokerage division distributes...

Odenath Slated for President of Pru's Annuity Division.(David Odenath)
March 1, 2003... David Odenath will become president of the annuities division to be formed when Prudential Financial integrates American Skandia into its business. Currently head of Prudential's annuities business, he has also led Prudential Investments....

Smith Becomes New Head Of Lincoln's Bank Channel.
March 1, 2003... Gregory M. Smith is the new head of bank channel distribution for Lincoln Financial Distributors. Smith, as managing director, is focusing on relationships with mid-to-large-sized banks across the country. Smith's career with annuity...

Rollovers Can Only Be Retained at the Personal Level.
March 1, 2003... ORLANDO, Fla. As evidenced by advertising on the financial cable networks, financial service companies are eager to give retirement plan rollover assets a home, but effectively capturing those assets may not be so simple. Especially with...

Hanson identified three keys for success in the rollover market.
March 1, 2003... * Find the rollovers: First, target specific clusters of workers, such as employees at a particular company or members of an organization. * Know the rollover ropes: Second, become an expert in retirement benefits and rollover rules for all...

Grespin, Reiser Expand DTCC's Carrier Reach.
March 1, 2003... The Depository Trust & Clearing Corp. in New York is at the center of the insurance industry's efforts to standardize life insurance and annuity transactions, including recent efforts to create a central repository for product profile data (see...

Estate Tax Confusion Continues.
March 1, 2003... The detrimental effects on the insurance industry created by the mixed signals emanating from the U.S. Congress over the final disposition of the federal estate tax seem to have eased, but an atmosphere of uncertainty among consumers continues....