Annuity Market News articles from November 2002

Annuity Market News archives from November 2002

At Deadline.(Sun Life Financial to sell Clarica US; includes other news)
November 1, 2002... Midland Acquires Clarica For $286 Million Sun Life Financial is selling Clarica US to Midland National Life Insurance Co. for $286 million. The transaction, expected to close in the first quarter of next year, will not include Clarica's...

NAVA Focuses on Customer Satisfaction: Bob Dole to Headline Campaign to Make Annuity' a Household Word.(National Association for Variable Annuities meeting)
November 1, 2002... NEW YORK Carriers have battened down the hatches against an economic storm, but even so, many still turned out for the National Association for Variable Annuities' (NAVA) annual meeting here early last month. This year, 842 people...

SEC Takes Closer Look at Index Annuities.(National Association for Fixed Annuities meeting)
November 1, 2002... LAS VEGAS Is an index annuity more like an insurance policy or an investment? According to current regulatory treatment, it is left to each company to decide without any specific guidance from the Securities and Exchange Commission, but...

Future of VL May Shine for Some.(variable life insurance; Tillinghast-Towers Perrin report)
November 1, 2002... Variable life insurance (VL), today an underachiever, may start to shine as the industry transitions into a new, independent distribution model. Variable life sales have faltered since 2001, but proper innovation and marketing could create an...

Annuities Not Penetrating Target Market: Longer Life May be a Gift, But an Expensive One.(speeches at National Association for Variable Annuities meeting)
November 1, 2002... NEW YORK If only they knew. Many investors who don't own annuities might be interested in buying one that is, if only they understood how annuities worked, according to a recent survey unveiled here at the annual meeting for the National...

New Mortality Tables to Give VUL Different Look.(Commissioners Standard Ordinary 2001 mortality tables; variable universal life policies)
November 1, 2002... Variable life insurance may have a new look after the Commissioners Standard Ordinary (CSO) 2001 mortality tables go into effect. The changes will not be noticeable to consumers, but those in the industry will certainly notice the difference....

GE Targets Annuity Producers with SPVL.(GE Life and Annuity Assurance Co.; single premium variable life)
November 1, 2002... If only life insurance were more like annuities. Brokers would sell more policies (VA). GE Life and Annuity Assurance Co. of Richmond, Va., is trying to encourage broker sales of life insurance by designing its latest single premium...

Are Insurers' Prices Right for Living, Death Benefits?(Moody's Investors Services report)
November 1, 2002... If insurers wish to remain profitable and financially sound, they must change the way they price death and living variable annuity benefits. That's the word from an October 2002 report by Moody's Investors Services of New York. ...

Key Conclusions of Moody's Special Report.(profitability of variable annuities)(Brief Article)
November 1, 2002... * Highly unlikely that recently sold variable annuities will ever meet profitability targets. * Long term, however, the VA business can be profitable. Even though they are thin-margined products that produce low absolute earnings for...

Actuarial Guidelines For Living Benefits.(National Association of Insurance Commissioners' standards)(Brief Article)
November 1, 2002... The National Association of Insurance Commissioners recommends that the total reserves, or aggregate reserves, held by an insurance company in support of variable annuity living benefit guarantees equals the sum of the following: * The...

Money Fund Investors Move to Where it Makes More Cents.(leaving money market funds)
November 1, 2002... Money market funds are often where the buck stops, and starts, for mutual fund companies. Retail and institutional investors alike frequently use these plain-vanilla types of investments like checking accounts, or park their money in them...

Variable Annuities, Bank Deposits Do Mix.
November 1, 2002... Banks that aggressively sell fixed annuities could be cutting into their core business raising funds through CDs to make loans. But a recent study found that bank sales of variable annuities and mutual funds do not result in...

Lincoln Sees 529 Plans as Entree to Banks.(Lincoln National Corp.; college savings plans)
November 1, 2002... With many bank shelves full of annuities, Lincoln National Corp. executives say they are hoping 529 college savings plans will get them through the door at more financial institutions. The Philadelphia insurer sells 529 plans and mutual...

SEC to Revisit Electronic Delivery Policy.(all-electronic variable annuity; speech at Regulatory Affairs Conference)
November 1, 2002... WASHINGTON Now that a year has passed since the Securities and Exchange Commission approved an all-electronic variable annuity, the commission is going to revisit its electronic delivery policy to make sure carriers are communicating reliably...

IFS Financial Services Unbundles Fixed Annuity.(MultiMax Annuity, annuity with enhanced death benefit option)
November 1, 2002... Fixed annuities are typically streamlined products geared to providing investors with the highest interest rates possible, contrasting with variable annuities that offer many bells and whistles. The MultiMax Annuity from IFS Financial...

Big Changes at TIAA-CREF, With Biggs Stepping Down, Merrill Ex-Prez Takes Post.(Teachers Insurance and Annuity Association-College Retirement Equities Fund; John Biggs; Herbert M. Allison, Jr.)(Brief Article)
November 1, 2002... Herbert M. Allison, Jr. is the new chairman, president and CEO at Teachers Insurance and Annuity Association and College Retirement Equities Fund (TIAA-CREF), replacing John Biggs, who retires after 10 years at the post. Biggs is said to...

NY Life Promotes Annuity Chief to President.(Frederick J. Sievert)(Brief Article)
November 1, 2002... New York Life Insurance Co. has appointed Frederick J. Sievert president, replacing Sy Sternberg, who remains chairman and CEO. "In his new role, Fred will assist me in the overall management of the company, while continuing his...

MONY Names Chief Of New Life Products.(MONY Life Insurance Co. appointment)(Brief Article)
November 1, 2002... MONY Life Insurance Co. has promoted Pamela J. Duffy to VP of life operations product development. Duffy, who has been with the company for two years, has been VP of product development and has also had responsibility for field compensation and...

Hartford Life Appoints New Annuity Manager.(Brief Article)
November 1, 2002... Hartford Life has reorganized its investment products division, creating distinct divisions to serve institutional and retail clients. John Walters remains EVP of the division, supervising David Levenson, SVP in charge of retail product...