Prudential

Prudential to Halt Sales of Variable Annuities with GLWB

Prudential Financial has announced that they will no longer sell variable annuities with guaranteed living benefits in response to the uncertain economic climate and historic low interest rates. This includes the company’s Highest Daily Income and Prudential Defined Income annuity products, according to chairman and CEO Charlie Lowrey. “In terms of changing the focus within the business, we’re on a path to de-risking, and have made major pivots to less interest-rate sensitive and... Read More

Prudential Focusing On Annuity Conversation

If you research annuity products online, you’re going to find a plethora of information that both support these financial tools and caution against them. With so much controversy surrounding them, many companies are still skeptical about selling annuities, but one in particular is taking a huge leap in favor of them. New Jersey-based Prudential has committed to not only create new products, but also to change the conversation about them.“Innovation is less about a core income solution... Read More

The Story Behind Q3 Variable Annuity Sales

Over the last few years, variable annuities have earned quite a bad reputation, and it wasn’t without cause. Sold with (often) hefty commissions attached, these complex products were pushed on everyone, even those who wouldn’t benefit from their offerings. Subsequently, sales of VAs have continuously dropped, until now. For the first time in a long time, a few insurers were able to brag about their third-quarter earnings in the variable annuity sector.While some insurers were glad to... Read More

The Hartford Transfers Pension Liabilities to Annuity

Yesterday, Hartford Financial Services Group Inc. announced that it will purchase a group annuity contract from Prudential Financial,  transferring $1.6 billion of its $5.65 billion in U.S. pension liabilities. According to a recent Pensions & Investments article, the transfer will be effective Friday.Hartford’s 8-K filing with the Securities and Exchange Commission states that the benefits of 38% of Hartford’s U.S. pension plan participants, or about 16,000 former employees, will... Read More

Variable Annuity Decline Shuffles Annuity Sales Leaders

The LIMRA Secure Retirement Institute just published their quarterly annuity sales report detailing the "Top 10 annuity sales leaders" from the first quarter. In an article for LifeHealthPro, Kristen Beckman listed the top sellers and discussed the big power shift between fixed and variable annuities. Their data includes information from 64 companies who make up 96% of all annuity sales. Total annuity sales were $59 billion in the first quarter. Fixed annuity sales of $32.3 billion were higher... Read More

Jackson National, AIG Led Second Quarter Annuity Sales

The LIMRA Secure Retirement Institute recently collected annuity sales data for their quarterly U.S. Individual Annuities Sales Survey. This information came from Investment News's article "Top 10 annuity sellers in the second quarter." Here is a summary of the second quarter sales figures before third quarter results are announced. Annuity sales increased between the first and second quarters of this year. During the second quarter, total annuity sales were $60.2 billion. This was 10% higher... Read More

Prudential Introduces Three New Annuity Products

Prudential Annuities has released some new annuity products over the past year and a half.  Each product offers benefits geared towards a specific group of people.  All of the products were designed as alternative ways to save and provide income instead of traditional savings and CDs.  Their newest variable annuity, Prudential Premier Investment, is an investment only product made for investors who are looking for tax protection.  In the Main Street article, "Innovative Variable Annuity... Read More

Top Annuity Sellers for the 3rd Quarter

Third quarter annuity sales results were released last month.  LIMRA has released multiple reports detailing the annuity sales totals and the companies selling the most annuity products.  During the third quarter of 2014, annuity sales totaled $58.2 billion.  This total was a 2% decline from the first quarter of 2013.  The total for the first three quarters of this year was $177.7 billion, which is 6% higher than annuity sales during the first nine months of last year.  The variable... Read More

MetLife, Jackson National & AIG Lead Second Quarter Annuity Sales

Each quarter when annuity sales results are announced, there are some changes in leadership.  Although the fixed or variable annuity leaders sometimes stay the same for long periods of time, there is often a mix up in total annuity sales leaders.  During the second quarter of 2014, the top annuity seller was a company that actually had a pretty poor first quarter.  Life Health Pro's Emily Holbrook took the sales results from SNL Financial and summarized them for the article "The top 10... Read More

Higher Interest Rates Contribute to Strong Annuity, Revenue Growth in 2nd Quarter

Second quarter annuity sales results were recently released and the news was good for many insurers.  In the Insurance News Net article, "Annuities Power 2Q Earnings Season," Cyril Tuohy focuses on the positive numbers at four different companies.  Two of the main reasons that annuities had such a good quarter were higher interest rates and increasing fee income in portfolios.  AIG, Prudential, Fidelity & Guaranty Life and Symetra saw significant revenue and sales figures from their... Read More

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