Private equity-owned insurers increased their stake in the industry’s admitted assets in 2022 by more than 15% on a year-over-year basis, according to a new AM Best special report.
Tag: annuities
Insurer AIG Says BlackRock Will Manage Part of Life and Retirement Unit’s Assets
Insurer American International Group Inc (AIG) said BlackRock Inc, the world’s largest asset manager, will manage $60 billion of its global investment portfolio and up to $90 billion of assets on behalf of its life and retirement business. BlackRock will manage certain liquid fixed income and private placement assets according to the deal, which comes… Continue reading Insurer AIG Says BlackRock Will Manage Part of Life and Retirement Unit’s Assets
SPG Acquires the Assets of Brokers’ Service Marketing Group
Specialty Program Group, LLC (SPG), a leading operator of specialty insurance brokerage firms and underwriting facilities, announced today the acquisition of the assets of Brokers’ Service Marketing Group II, LLC (BSMG) as of December 15, 2021. BSMG is a leading life and annuity brokerage general agency (BGA) serving advisors and financial institutions. The company was… Continue reading SPG Acquires the Assets of Brokers’ Service Marketing Group
Allstate Closes Sale of New York Life and Annuity Businesses
The Allstate Corporation today announced that it has obtained all required regulatory approvals and closed the sale of Allstate Life Insurance Company of New York to Wilton Re for approximately $400 million. “Closing on the sale of ALNY is a significant step in Allstate’s strategy of increasing personal property-liability market share and expanding protection services,… Continue reading Allstate Closes Sale of New York Life and Annuity Businesses
Prudential Reprices Some Life Products as Lower Rates Weigh on Profits
Prudential Financial Inc. planned for a pandemic as severe as the Spanish flu, modeling for a potential crisis that would be more severe than the initial coronavirus outbreak suggested. This prepared the company for some of the financial shocks, such as the difficulty in preserving capital, but not the ultralow interest rates. Ken Tanji, chief… Continue reading Prudential Reprices Some Life Products as Lower Rates Weigh on Profits
Generali Said to Eye Bid for MetLife EU Assets by Year-End
Assicurazioni Generali SpA is preparing to make a formal bid for the European assets of MetLife Inc. following months of talks, people with knowledge of the matter said. The Italian insurer has been finishing due diligence and aims to make an offer for most of MetLife’s business on the continent by the end of the… Continue reading Generali Said to Eye Bid for MetLife EU Assets by Year-End
Hub International Acquires York-based EPIC Retirement Services Consulting, LLC
Hub International Limited (Hub), a leading global insurance brokerage, announced today that it has acquired the assets of EPIC Retirement Services Consulting, LLC (EPIC). Terms of the transaction were not disclosed. Located in New York City, New York, EPIC is an independent investment consulting firm specializing in 401(k), 403(b) and pension plans. EPIC has been… Continue reading Hub International Acquires York-based EPIC Retirement Services Consulting, LLC
First-Half 2019 Income Flat For U.S. Life/Annuity Insurers: AM Best
Total income in the U.S. life/annuity industry essentially remained flat in the first half of 2019, dropping slightly to $422.4 billion compared with $424.6 billion in the same prior-year period. This financial review is detailed in a new Best’s Special Report, titled, “First Look—First Half 2019 Life/Annuity Financial Results,” and the data is derived from… Continue reading First-Half 2019 Income Flat For U.S. Life/Annuity Insurers: AM Best
Great American Life Gets IRS Ruling on Taxation of Fee-Based Annuities
Great American Life is pleased to announce it received a Private Letter Ruling (PLR) from the IRS that changes the tax treatment of advisory fees. The PLR was issued on August 6 and states that advisory fees may be withdrawn from a non-qualified fixed-indexed annuity without creating a taxable event for the client. The PLR… Continue reading Great American Life Gets IRS Ruling on Taxation of Fee-Based Annuities
Income Options Are Coming to 401(k) Plans
A growing number of employers are exploring ways to help 401(k) participants turn their savings into a sustainable income in retirement, even ahead of Congress passing legislation that would make it easier to do so. “For many savers, the ultimate outcome they desire is income to replace their paychecks,” said Mark Iwry, a Brookings Institution… Continue reading Income Options Are Coming to 401(k) Plans