Date posted: August 18, 2012
The second quarter numbers are in and Sheryl J. Moore has compiled a list of the best in the indexed industry. According to Insurance Networking News’ Carrie Burns, the “Top 10 Q2 Indexed Annuity and Life Insurance Carriers” have been released in a new report. Annuity Specs’ 60th “Indexed Sales & Market Report” accounts for the production of 99% of all of these indexed products. Moore, the author of the report, is the CEO and President of Moore Market Intelligence. Indexed annuity sales increased 8% from the first quarter of this year to the second quarter, for a total of $8.7 billion. Indexed life insurance sales went up 19% to $303 million.
Allianz Life Insurance Company took the top spot in fixed equity indexed annuity sales for the second quarter. Aviva, American Equity, Security Benefit Life, and GAFRI rounded out the top five. Some companies were a bit of a surprise in this top 10 list, while others were expected and typically have the highest indexed annuity sales. The remaining companies in the top 10 were Fidelity & Guaranty Life, Midland National Life, Jackson National Life, Lincoln National Life, and North American Company for Life & Health.
Some of the same companies made the list of the top 10 indexed life insurance sellers in the second quarter. At the top of that list was Aviva, followed by AXA Equitable and Pacific Life Companies. The next highest sellers of indexed life insurance were AEGON Companies, National Life Group, National Western Life, and Allianz Life. Finishing out the top 10 list were Penn Mutual, Minnesota Life and American General Life Companies. Based on the growth that we have consistently seen in the indexed annuity and indexed life markets, it is likely that the products will remain strong this year and into the future.
Date posted: May 9, 2012
The Times Union published a press release from Penn Mutual about their new line of variable annuities. “Penn Mutual’s New Smart Foundation Variable Annuities Aim to Grow and Protect Retirement Funds from the Threat of Longevity and Market Volatility.” The Smart Foundation Variable Annuities offer three different products from which to choose as well as multiple benefits that can be added as optional riders. Penn Mutual has been around for 165 years and has a long commitment to annuities and the financial strength to back them up. They believe these new variable annuities will help alleviate stress in retirement by protecting their clients’ savings against longevity risk and market fluctuations.
The basic features, fees, deposit minimums, and surrender schedules are the same with all three variable annuities. However, the Smart Foundation Variable Annuity is the most basic. It is good for clients who are beginning their retirement funding and don’t need immediate access to the money. The Smart Foundation Flex Variable Annuity is meant for those who are retiring soon and will need their money right away. If you are looking to rollover a large account, such as a 401k, into your annuity or consolidate more than one account, the Smart Foundation Plus Variable Annuity may be right for you. All of the deposits in this third option get a purchase payment enhancement, giving you a greater opportunity for accumulation.
Based on your own need for income, tolerance of risk, and other needs, you can add optional riders to any of the new variable annuities. There is a Guaranteed Growth and Income Benefit to ensure your account grows in value. You can also opt for a Guaranteed Minimum Accumulation Benefit to protect your deposit against a volatile market. If you’d like your heirs to receive a death benefit annuity, you can add the optional Enhanced Death Benefit. Clients can customize their own portfolio or use one of Penn Mutual’s Lifestyle Asset Allocation funds. There are some great new variable annuity choices out there from Penn Mutual.
Written by Rachel Summit
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Date posted: November 12, 2010
The editors at Retirement Income Journal put together “The Bucket,” an article summarizing Financial Engines’ third quarter financial results. The investment management company which gives retirement planning advice to employees saw a 45% increase in the assets they manage and a 31% increase in revenue this quarter over the third quarter of 2009. The article highlights the successes of the insurance companies that Financial Engines works with.
Jackson National Life sold more variable annuities in the first three quarters of this year than they have in any whole year in the past. Their Perspective II showed large sales increases and was the top selling variable annuity in the retail sector for the third year in a row. Although their sales of fixed indexed and fixed annuities declined slightly due to lower interest rates, Jackson maintains a strong presence in the sales of both products which helps preserve their capital.
Allianz Life Insurance Company of North America had an increase of 36% in their sales of fixed indexed annuities and a 275% increase in variable annuity sales over the third quarter of last year. The Inflation Protector variable annuity from Penn Mutual, blogged about in a previous post, is expected to be a hot new product in the marketplace. American Equity Investment Life Holding Company showed an increase in annuity sales, based on what they believe is an increased demand for safe investments to counteract a volatile market.
This brief summary of the companies working with Financial Engines gives a positive outlook to their working relationships with investors and employees. Much more can be found in the original article detailing even more changes that have occurred this third quarter of 2010.
Date posted: November 9, 2010
The Inflation Protector Variable Annuity from The Penn Mutual Life Insurance Company is new to the market and sure to excite some investors. Penn Mutual has been around for 163 years and is a market leader in regards to retirement income that is protected against inflation. This information was published in The San Francisco Chronicle from a company press release entitled “The Penn Mutual Life Insurance Company Announces Next Generation of Inflation-Protected Retirement Income Product.” Investors using this variable annuity remain invested in the market, but also have protection from inflation and volatility.
By combining the variable annuity and living benefit rider, investors’ income base is actually increasing during the deferral and withdrawal phases with this annuity. The amount is the greater increase between the Consumer Price Index or annual market performance. Investors can choose to have guaranteed income for either 20 years or over their lifetime. A death benefit annuity option is available so that this variable annuity can use either a Single Life or Joint Life guarantee. While there may be a tax penalty for withdrawing funds early, if the need arises investors can access their money without having to start receiving their monthly income. With many investment options and protection against inflation, Penn Mutual’s Inflation Protector Variable Annuity may be the right product for you.
Date posted: February 10, 2010
Penn Mutual has good news for their clients and potential clients according to company press release “The Penn Mutual Life Insurance Company Enhances Living Benefit Rider for Annuity Product.” They have improved their Growth and Income Advantage Benefit (GIAB). The GIAB is a living benefit rider that is offered with Penn Mutual’s variable annuities. The changes help clients increase their accumulation potential and manage their risk better at the same time that they help secure retirement savings during changing economic conditions. The GIAB guarantees income growth and offers two different options for withdrawals.
The following changes highlight why Penn Mutual believes it has one of the best annuities available to its clients. The guaranteed accumulation rate has increased to 6% from 4% for the withdrawal benefit base. Also, the guaranteed withdrawal percentage has gone up to 5% from 4% for the lifetime income option. Perhaps most exciting for Penn Mutual’s clients is that they will not be paying more for these enhancements to the Growth and Income Advantage Benefit rider. They will still maintain all of the other benefits offered with their annuity, they’ll get these enhanced benefits, and they will pay the same fees.