Annuity Market News articles from September 2001

Annuity Market News archives from September 2001

Market Timing Can Work in VAs.(Brief Article)
September 1, 2001... Active traders are commonly perceived as the bane of mutual fund complexes and, by association, annuity providers. For example, Fidelity Investments Life Insurance Co. recently announced its intention to assess a 1% redemption penalty on...

Fixed Sales Surge Ahead This Year.(Brief Article)
September 1, 2001... As the equity markets struggle this year to deliver positive returns, the annuity industry feels the pain: Variable annuity sales are down from last year's levels. However, fixed annuity sales are sharply up. As a result, at least one company...

Exorcising Annuity Demons for the Fee-Based Advisor Community.(Brief Article)
September 1, 2001... Traditionally, fee-based advisors have decried annuities as thinly gilded rip-offs sold largely for the benefit of the broker. While insurers have resolutely turned a blind eye to such scathing criticism, the current trend across financial...

Annuity Industry Gives Tech a Test.(Brief Article)
September 1, 2001... Competition and the creativity that is constantly developing new riders and features make it tough to tailor technology that can keep up with the annuity industry. "Companies have to make a commitment to technology if they do want to...

What is the NAVA's New Technology Committee Up To?(Brief Article)
September 1, 2001... The National Association for Variable Annuities has traditionally taken measures to implement standardization in the annuity industry. This year, the association assembled a technology committee intended to do the same for the interaction...

At Deadline.(Brief Article)
September 1, 2001... Pacific Life Sells British Re Unit To Scottish Annuity Pacific Life Insurance Co. has accepted a non-cash deal from Scottish Annuity & Life Holdings, Ltd., for its British reinsurance unit. In return for $78 million in shares of Scottish...

MetLife Gets Tech Savvy.(Brief Article)
September 1, 2001... Until this year, MetLife has relied upon its captive agents for distribution of its insurance and investment products. With the new millennium, however, the firm launched an initiative to broadcast its distribution through broker/dealers. ...

Best Upgrades Annuity and Life Re.(Brief Article)
September 1, 2001... Annuity and Life Re Holdings, Ltd.'s U.S. and Bermuda-based operating companies have both been upgraded from A- to A by A.M. Best Co. The Oldwick, New Jersey-based rating firm cited Annuity and Life Re's "ability to effectively establish a...

New York Life Positions Pinnacle VUL Series for Affluent Market.(Brief Article)
September 1, 2001... When The Economic Growth and Tax Relief Reconciliation Act of 2001 took effect in June, it created uncertainties for estate and business succession planning as it lowered taxes. To help individuals and businesses cope with the new environment,...

Lincoln Benefit Life Expands Wholesaler Network.(Brief Article)
September 1, 2001... Lincoln Benefit Life has completed a major build-out of its Variable Universal Life and Variable Annuity wholesaling force. The firm, which started the year with five wholesalers, now has 32 operating in 22 territories. "It really has come...

People Moves.(Michael Lane to head TIAA-CREF's newly-created Advisory Services department)(Brief Article)
September 1, 2001... TIAA-CREF Adds Director of Advisory Services TIAA-CREF has created a position to head a new team that serves fee-based financial advisors. Michael Lane has assumed the position of director of advisory services at the New York-based firm,...

Unbundled VA Launched for Quasi-Captive Audience.(Touchstone Securities Inc. issues Touchstone Choice, variable annuity fund)(Brief Article)
September 1, 2001... Touchstone Securities, Inc., clusters its products around a core theme: Touchstone's investment philosophy. In offering variable annuity products, the firm sells that investment philosophy in a VA wrapper. Touchstone's newest release,...

Trilogy SCOREs with Penn.(Penn Mutual Life Insurance Co. to outsource compensation tracking and sales facilitation)(Brief Article)
September 1, 2001... Penn Mutual Life Insurance Co. has outsourced its compensation tracking and sales facilitation to Trilogy. The Austin, Texas-based firm provides its Distribution Channel Management (DCM) system to facilitate licensing and contracting and tracks...

Glenbrook Life Targets Banks With New Variable Annuity Line.(Glenbrook Life and Annuity Co.)(Brief Article)
September 1, 2001... Glenbrook Life and Annuity Co., part of the Allstate Financial Group, has introduced a new variable annuity line: Glenbrook Provider. Launched in mid-May, Glenbrook Provider Ultra is the first of three new offerings geared for distribution...

Vision Adds OppenheimerFunds.(DST Systems Inc.'s Web portal)(Brief Article)
September 1, 2001... OppenheimerFunds is the most recent addition to the roster of annuity providers and mutual fund companies available to registered users of DST Systems' Vision Web portal. Advisors whose clients own variable annuities from multiple vendors...

What Do Advisors Really Want?(financial advisors' attitudes toward variable annuity funds)(Brief Article)
September 1, 2001... Size isn't everything: Compensation structure and fees alone have not been the cause of annuity anxiety among fee-oriented advisors. Many see flaws in both the regulatory structure and product design. "Our CFAs and CPAs who do the analysis...

Phoenix Reintroduces Fixed Annuities.(Phoenix Life Insurance Co.)(Brief Article)
September 1, 2001... Phoenix Life Insurance Co. has started selling fixed annuities again. The pair of products it introduced represents the East Greenbush, N.Y.-based firm's first foray in about 20 years into this staid area of annuity marketing. The annuities are...