SAFG Retirement Services Inc, the holding company of American International Group Inc’s life and retirement business, filed for an initial public offering in the United States on Monday. SAFG reported total revenue of $23.39 billion for the fiscal year ended Dec. 31, a 55 percent increase, in the filing. Adjusted after-tax operating income increased 14.5… Continue reading AIG’s Life and Retirement Unit Files for IPO
Tag: life insurance
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
Insurers Will Reward Safe, Healthy Drivers with Potentially Cheaper Life Insurance
You can get a car insurance discount if you allow Allstate Corp. to track your driving. You can get a life insurance discount if you let John Hancock monitor your diet and exercise. The two insurers are now collaborating on the theory that safe drivers live longer lives. The cost will be allowing insurers to… Continue reading Insurers Will Reward Safe, Healthy Drivers with Potentially Cheaper Life Insurance
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
Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
The Liberty Company Insurance Brokers announced today that it has partnered with Innovative Solutions Insurance Services. Led by Lynne Rosenberg, Innovative Solutions is a national Brokerage General Agency for life insurance, disability, and annuity programs, offering a single solution for insureds and brokers. The partnership with Innovative will provide a major conduit for Liberty in… Continue reading Liberty Company Insurance Brokers Partners with Innovative Solutions Insurance Services
AIG and Blackstone Close Transaction in Life & Retirement Business
American International Group, Inc. and Blackstone today announced that the previously disclosed transaction for Blackstone to acquire a 9.9% equity stake in AIG’s Life & Retirement business and for Blackstone to manage an initial $50 billion of Life & Retirement’s existing investment portfolio has closed. It was announced back in July that the pair had… Continue reading AIG and Blackstone Close Transaction in Life & Retirement Business
Life Insurance Policies Increasingly Owned by Private Equity, Asset-Management and Investment Firms
Americans own more than 160 million individual life insurance and annuity policies. A big, unexpected change is ahead for many of them. Traditional life insurers are leaving the business in droves. The responsibility for death benefits, which might be a half-century away, or for annuity income streams that run over decades, is increasingly in the… Continue reading Life Insurance Policies Increasingly Owned by Private Equity, Asset-Management and Investment Firms
Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
Today, Insurify, a startup that wants to help make it easier for people to get better rates on home, auto and life insurance, announced that it has closed $100 million in an “oversubscribed” Series B funding round led by Motive Partners. Existing backers Viola FinTech, MassMutual Ventures, Nationwide, Hearst Ventures and Moneta VC also put… Continue reading Insurify, a ‘Virtual Insurance Agent,’ Raises $100M Series B
Individual Life Insurance Sales Grow at Rapid Clip in Q1
Increased consumer awareness about life insurance amid the COVID-19 pandemic may have played a key role in boosting sales in the first quarter of 2021, as the industry recorded the largest increase in total life premiums in a first quarter since at least 2018. The life insurance market logged $48.93 billion in total life premiums… Continue reading Individual Life Insurance Sales Grow at Rapid Clip in Q1
LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983
Total individual life insurance policy sales increased 11% in the first quarter, compared with first quarter 2020. This is the highest growth in the number of policies sold in a quarter since 1983. New annualized premium also experienced significant growth, up 15% from prior year, according to LIMRA’s First Quarter U.S. Individual Life Insurance Sales… Continue reading LIMRA: First Quarter U.S. Life Insurance Policy Sales Highest Since 1983