Annuity Market News articles from September 2002

Annuity Market News archives from September 2002

At Deadline.(insurance business briefs, U.S.)(Brief Article)(Statistical Data Included)
September 1, 2002... State Assumes Control Of Fixed Annuity Company In early August, the North Carolina State Insurance Department took receivership of London Pacific Life & Annuity Co., a Raleigh, N.C., insurer with 95% of its business in fixed annuities....

Life Insurers Face Ratings Downgrades: Bear Market Takes Toll on Sales, Investments, Product Guarantees.(U.S.)(Brief Article)(Statistical Data Included)
September 1, 2002... The bear market, a steep decline in variable annuity sales and the strain of product guarantees will result in widespread downgrades at life insurance and annuity companies, all of the major ratings agencies have announced. A.M. Best &...

Principal-Protection Funds Headed for VAs.(variable annuities)(Brief Article)(Statistical Data Included)
September 1, 2002... As uncertainty stalks the equity markets, more and more investors are seeking ways to preserve their cash without being caught sitting on it when stocks rebound. That trend is fueling renewed interest in the mutual fund industry in...

Lawyers Seek More Product Involvement.(Brief Article)
September 1, 2002... WASHINGTON Lawyers need to work especially hard to cut through legalese in their work at insurance firms, concluded a panel at the recent Regulatory Affairs Conference here sponsored by the National Association for Variable Annuities of...

Clarica Hires Director Of Marketing, Products.(Canada)(Brief Article)
September 1, 2002... Clarica Life Insurance Co. has hired Marti Schochenmaier as director of marketing and product management. He replaces Kim O'Brien, who was located in the company's Milwaukee office but was unable to move after it closed. Schochenmaier most...

Prudential Financial Streamlines Businesses.(Brief Article)
September 1, 2002... Prudential Financial has reorganized to become more efficient via cost savings and increased revenue by creating a new umbrella structure, the office of the chairman consisting of four vice chairpeople, to lead the company and condensing four...

Allstate Appoints Simonson SVP, Chief Investment Officer. (Eric Simonson).(Brief Article)
September 1, 2002... Allstate has replaced CIO Casey Sylla with Eric Simonson, who now becomes SVP and CIO. Sylla is now acting CFO, filling the vacancy left by the retirement of John Carl, while Allstate searches for a permanent replacement. Simonson most...

Jefferson Pilot Taps Travelers Executive.(executive appointment, U.S.)(Brief Article)
September 1, 2002... Jefferson Pilot Financial has named Warren May as EVP of marketing and distribution. May will join the company in October, replacing Kenneth Mlekush, who has retired as president of the life companies but will remain on the board until February...

New Calculators Compare Planners' Fees.(Broker Village develops and licenses financial software, U.S.)
September 1, 2002... Most of the calculators that fund firms offer financial professionals calculate potential investment returns and have become commonplace in the industry. Broker Village, a financial software company in Fairfield, Conn., has developed...

New Skandia Ad Campaign Focuses on Customer Needs.(American Skandia Life Assurance Corp., U.S.)(Brief Article)
September 1, 2002... SHELTON, Conn. American Skandia late last month unveiled a new marketing and advertising campaign targeting investment professionals to reflect a new company-wide focus on helping them meet customer needs rather than promoting individual...

Two-Tier Fixed Annuities Encourage Annuitization.(Brief Article)
September 1, 2002... The two-tier fixed annuity usually accomplishes what an annuity, by its very name, is meant to do but, ironically, seldom does. Annuitize. Called two-tier because of its two different values, a two-tier annuity offers a higher annual yield...

Stemming Surrenders, Raising Premiums Expected to Revive VAs.(variable annuities data, U.S.)(Brief Article)(Statistical Data Included)
September 1, 2002... Variable annuity surrenders grew 28% annually between 1997 and 2000, roughly twice the amount of premium and deposit growth, according to a study by Conning Research of Hartford, Conn. During the same period, premiums grew at an average...