Annuity Market News articles from October 2001

Annuity Market News archives from October 2001

Accounting Changes Will Affect VA Issuers.
October 1, 2001... A Proposed Statement of Position on issues of interest to the insurance industry, including variable annuity benefits, is expected this fall from the Accounting Standards Executive Committee of the AICPA (AcSEC). The result could be more...

Annuity Industry Responds To Tragedy.
October 1, 2001... As people across the country struggle to regain a semblance of normalcy in the wake of the September 11 terrorist attacks, annuity providers have begun estimating and assessing the impact these events will have on the industry. The Markets...

Bells & Whistles' Is Still Ringing.
October 1, 2001... When Moody's Investor Service examined variable annuity products' death and income benefits last October in Bells & Whistles: Credit Implications of the New Variable Annuities, the conclusions were bleak. The consequences of annuities policies...

Fund Advisors Rally Behind Alger.
October 1, 2001... The investment community both shuddered and grieved when it lost David Alger and 38 investment professionals from Fred Alger Management on Sept. 11 in the terrorist attack on the World Trade Center. Nevertheless, even before the dust settled,...

At Deadline.
October 1, 2001... Calling All Tech Vendors! NAVA's Technology Committee has begun a formal initiative to assemble a set of standards for the annuity industry. The association recently published a "Notice of Association Standardization and Simplification...

A Managed Account Annuity?
October 1, 2001... Managed accounts, a hot new area of financial services, are feared to be stealing money from mutual funds. In response, many funds have begun offering managed accounts, mostly through the Big Five wirehouses, in addition to their fund lineups....

L Shares Are in the Ascendant.
October 1, 2001... Following in the steps of mutual funds, many annuity providers have started providing transitional products for brokers that are shifting their businesses from the commission-based to the fee-based compensation model. Across the annuity...

Jones Expects Annuity Comeback.
October 1, 2001... Despite a slower rate of growth in the first half of the year in annuity products, and the recent tragedy in the heart of the nation's financial district, Edward Jones still expects a strong second half and a surge in fixed annuities to keep...

Correction.(Correction Notice)
October 1, 2001... In the article "Phoenix Reintroduces Fixed Annuities," in the September issue, the markets for Phoenix Life Insurance's products were inadvertently reversed. SelectPlus is geared for the non-bank channel while Interest Plus is intended for the...

Guardian, American National Add VUL Products.(Guardian Insurance and Annuity Co.,)(American National Insurance Co. )
October 1, 2001... Rather than take a one-size-fits-all approach, insurance companies are developing variable universal life policies with features that are tailored to specific demographics. Guardian Insurance & Annuity Co. recently introduced a VUL that may...

New Product Would Have Long-Term Outlook.(for)(Guardian Insurance and Annuity Co.)(Brief Article)
October 1, 2001... Guardian Insurance & Annuity Co. is developing another product for young consumers. It will be along the lines of "one product for any and all of your life stages," explained Kathy Readinger, director of product support. "We may be...

MFS Announces Sibling to EEB.(Brief Article)
October 1, 2001... Last year, the MFS Regatta's earnings enhancement benefit rider (EEB) caught on like wildfire; since then, it has been considered a virtually standard feature on annuities. The Boston-based firm has now created a similar but heftier rider, the...

Actuarial Snapshot: Enhanced Earnings Riders.(Brief Article)
October 1, 2001... The Earnings Enhancement Benefit (EEB) alone pays off based on the actual earnings of an annuity, meaning that the cost to the insurer is higher when the markets do well and lower when they lag. "When the market does well, which is...

Annuities Clearinghouses, Outsourcing Will Grow.
October 1, 2001... When digital signatures gained legal validity, insurers expected they would spur online annuity sales, but it may be third parties that bring their benefits to the industry. So states U.S. Annuities Distribution: Software and Services for the...

Broker/Dealers Rule.(TowerGroup report)(Brief Article)
October 1, 2001... If annuity issuers are more receptive to the needs of the broker/dealer channel, it's because they're looking at the numbers. More than half of variable annuity sales are made by broker/dealers, according to a TowerGroup report, U.S. Annuities...

A Guarantee with Less Risk From American Skandia.(Brief Article)
October 1, 2001... The Moody's Investors Service report, Bells & Whistles, caused many insurers to reexamine the assumptions they used to formulate the income and death benefit features of their variable annuity products. One company responded by creating a...

Trio to Enter Hall of Fame.
October 1, 2001... This year, NAVA will induct three annuity industry veterans into its Hall of Fame. The association will honor Joe Jordan, Bob Routier, and R.H. "Rick" Carey, representing three different aspects of the industry. Hall of Fame Architect ...

Citigroup Establishes Relief Fund.(Brief Article)
October 1, 2001... Citigroup started the Citigroup Relief Fund to provide scholarships to children of victims of the Sept. 11 terrorist attacks. The firm seeded the fund with $15 million, anticipating additional donations from employees and customers. "Many...

People Moves.(Brief Article)
October 1, 2001... Barry Meyers Is New Managing Director at Allmerica Financial Services Barry Meyers was elected managing director, Premier Partners, at Allmerica Financial Services, based in Worcester, Mass. Meyers will be responsible for developing new...

Variable Life Sales Turn Down In Q2.(Brief Article)
October 1, 2001... Dodgy equity markets coupled with uncertainty preceding the passage of the Bush tax plan buffeted variable life insurance sales during this year's second quarter. Variable life sales during the period dropped 16%, to $1.1 billion, from the...