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IRI Adds New Director to Annuities Team

According to Insurance News Net's "Allianz Life President and CEO Named to IRI Board of Directors," the Insured Retirement Institute has a new Director on board.  Gary C. Bhojwani, Allianz Life Insurance Company of North America's President and CEO, has joined the IRI's Board of Directors.  The not-for-profit IRI is the main authority for everything pertaining to annuities and other insured retirement strategies. Cathy Weatherford, the IRI's President and CEO, says that the organization has... Read More

New Products: Fee-Based Variable Annuity & Immediate Annuity

Fee-based annuities are the newest in demand product, according to "Big insurers launching fee-based annuities" by Investment News' Darla Mercado.  These simpler and lower-cost annuities are geared towards dually registered advisers.  One of the first products is Allianz Life Insurance Company of North America's fee-based variable annuity.  The company just filed their request with the SEC and is looking into similar new products to release next year. New York Life Insurance Co. is also... Read More

Indexed Annuities Break Records in 2009

With $30 billion of sales in 2009, indexed annuities set a record for the highest sales of all time, according to "2009 Indexed Annuity Sales Set Record" from Insurance News Net.  The previous record from 2007 was beat by close to 10%.  Data representing 99% of the companies selling indexed annuities was collected by Annuity Spec's Indexed Sales and Market Report.  While 4th quarter indexed annuity sales were down from the third quarter, sales levels were adjusting back to a normal level... Read More

New Fixed Annuities from Allianz Life

According to Business Wire press release "For Consumers Nearing Retirement: New Allianz Life Annuity Can Generate Income After Just 5 Years", Allianz Life Insurance Company of North America is adding to the fixed annuities market with its Endurance Elite product.  Endurance Elite is geared towards investors that are nearing their retirement because the benefits can be as little as 5 years out.  The Census Bureau predicts that almost 30% of the population in 2020 will be over the age of 55 so... Read More

Fixed Annuity 2nd Quarter Results

Fixed annuity sales in the United States were $27.8 billion in the second quarter of 2009, according to a press release from Beacon Research.  While the sales were a 20% decrease from the first quarter, they were 10% higher than the second quarter in 2008.  From the highest sales to the lowest, the annuity products sold were book value, indexed, market value adjusted, and fixed income.  All but one type were an increase from the second quarter in 2008.  Indexed and income annuities were up... Read More

In the News

A Summer Crop of Variable Annuities by Kerry Pechter, Retirement Income Journal Published July 29, 2009 The styles of products of variable annuities introduced by insurers in July seem to fall onto opposite ends of the complexity spectrum. The AnnuityNote contract offered by John Hancock Life is a simple product with just one investment option and one comprehensive fee. "It was designed to resemble a mutual fund but with a true guarantee," said Tom Mullen of John Hancock. MetLife... Read More

Annuities Hold Strong for Allianz Life

The Allianz Life Insurance Company of North America has been selling annuities, life and long-term care insurance since its inception in 1896, according to company press release "Allianz Life Ratings Reaffirmed and Record Earnings Reported."  Allianz Life is based in Minneapolis; their parent company is Allianz SE, a global financial services group.  Both their Moody's and Standard & Poor's ratings were reaffirmed this year.  Moody's rates Allianz Life A2 (Good) and their S & P... Read More

Variable Annuities Mix it up this Summer

"A Summer Crop of Variable Annuities" in the Retirement Income Journal summarized this summer's spectrum of variable annuity products.  Author Kerry Pechter stated that insurance companies are either reducing the cost of the product and making it much more simple or keeping the elaborate benefits and increasing the cost.  John Hancock and MetLife introduced simplified versions while Allianz Life and Genworth Financial's new products are similar to traditional variable annuities.  As equity... Read More

Fixed Annuity Sales Results

According to a press release by Beacon Research, fixed annuity sales estimates in the U.S. for the first quarter of this year were $34.9 billion.  The Fixed Annuity Premium Study comprised of data from 53 insurance companies, which account for about 86% of this market.  This sales number was not only the highest since 2003 when the study was first completed, but was also 78% higher than the same quarter last year. The four types of annuities assessed ranked in sales high to low starting... Read More

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