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

Annuity Firm Lincoln National Enter Reinsurance Agreement With Commonwealth Annuity and Life Insurance Co.

After severe fourth-quarter losses, annuity provider Lincoln National has decided to enter a reinsurance agreement with Commonwealth Annuity and Life Insurance Co. The Wall Street Journal's Kerry E. Grace writes that the plan will result in capital relief of around $240 million.Details of the agreement between Lincoln and Goldman Sachs subsidiary Commonwealth are as follows:Lincoln will re-insure $1.5 billion of its reserves (solely a closed block of life insurance policies) to... Read More

Annuity Firm Lincoln National Recieves Tax Relief in Indiana

The Retirement Income Reporter recently reported on annuity provider Lincoln National receiving $300 million in regulatory tax relief from the state of Indiana. The Indiana Department of Insurance is allowing the life insurance company to use a certain accounting practice with deferred tax assets that will free up capital. The division that sells fixed annuities and variable annuities, Lincoln Financial Distributors, has had to lay off over 10% of its workforce over the past few... Read More

Life Insurers Buy S&L Institutions To Get Federal Money

Hartford Business Journal's Greg Bordonaro has mentioned the recent trend in major life insurance companies acquiring small savings and loan institutions.Lincoln National, Hartford Financial, and Genworth Financial are among those that have recently bought up S&Ls.The acquisitions make life insurers eligible for funding from the Capital Purchase Program provided by the federal government. That program's money is reserved for depository... Read More

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