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Voya Financial and the Buffer Annuity Comeback

A little less than two years ago, Voya Financial exited the buffer annuity market, but with a recent resurgence in popularity, they have now announced a re-entry with the launch of a new product. “I think we just came to the market too early for it,” said Carolyn Johnson, CEO of annuities and individual life at Voya in a recent InvestmentNews article. Voya originally launched PotentialPLUS, its former buffer annuity, in 2014 before closing it in October 2015.  “In hindsight,... Read More

Fee-based FIAs Gaining Momentum

The new Department of Labor’s fiduciary rule was designed to steer distributors away from commission-based sales, which has many insurers making changes to their line-ups. Included in these changes are new fee-based fixed indexed annuities for independent marketing organizations. But this sector, which has sold billions of dollars in fixed indexed annuities over the last decade, historically doesn’t show much enthusiasm for fee-based annuities. According to a recent article from... Read More

Voya Financial Announces Fixed Index Annuity Product

In an expansion of its portfolio of fixed index annuity products, Voya Financial, Inc. (NYSE: VOYA) has just announced the new Voya Journey Index Annuity. According to a recent InsuranceNewsNet article, the new product provides investors with a simple “two stage interest-crediting approach that offers full growth potential, while providing protection from market declines.” Individuals also have the flexibility to use multiple crediting strategies with the addition of dynamic indices from... Read More

Four Fee-Based Fixed Indexed Annuities Coming Soon

Variable annuities aren't the only annuity variety undergoing major changes after the DOL fiduciary rule was finalized. Fixed indexed annuity insurers are also developing fee-based products, just like their variable annuity counterparts. Investment News' Greg Iacurci talks about the new products in "Insurers developing fee-based fixed-indexed annuities post-DOL fiduciary rule." Four of the first quarter's top ten fixed indexed annuity sellers are already developing fee-based indexed annuity... Read More

Despite DOL Rule, New Fixed Indexed Annuities Emerge

The future of the fixed indexed annuity industry has been in question since the DOL surprisingly included these annuities in their new fiduciary rule. There are multiple lawsuits filed against the Department of Labor by industry trade groups hoping that somehow fixed indexed annuities will be eliminated from the rule. If not, it's expected that their sales will decrease over the next couple of years and that some insurers might shift their focus to traditional fixed annuity products. But Voya... Read More

Distribution Channels for Fixed Indexed Annuity Sales Changing After DOL Rule

The majority of fixed indexed annuity products are sold through independent insurance agents. But after the final DOL fiduciary rule was announce on April 6, it's much less desirable for insurance companies to sell these annuities through independent agents. The insurance companies will be held liable for the BICE requirements because the independent marketing organizations that represent agents aren't considered financial institutions that can take on the liability. Banks and independent... Read More

Many New Players in the Fixed Indexed Annuity Game

Before the final DOL ruling which included indexed annuities in the BICE rule requirements, indexed annuity products were the hottest news in the annuity industry. Sales skyrocketed in 2015 and many companies who weren't big players in the industry before came onto the scene strong. Insurance News Net's Cyril Tuohy wrote about the top selling companies and channels in the article "Crashing The FIA Party: Not Just The Top Companies Driving Growth." It remains to be seen what will happen in the... Read More

3 Notable SEC Variable Annuity Filings

Every spring insurance companies release variable annuity product updates and introduce new products to the market.  The filings made with the Securities and Exchange Commission give us a preview of what's to come in the variable annuity market.  This year was a slow spring for variable annuities, but there were three notable product changes from three big insurers.  Low interest rates have kept variable annuity innovation at a lower level over the past few quarters and the beginning of this... Read More

Voya’s Lifetime Income Strategy for 401k Plans Offers A GLWB

Voya Financial is one of the newest companies to introduce a 401k annuity product.  In "Voya jumps into 401(k) annuity game," Marlene Y. Satter of Benefits Pro introduced the company's Lifetime Income Strategy.  Voya's Retirement Solutions business says that their new product is a retirement income option for workers at large companies who have money in a 401k plan.  They call it an age-based asset allocation program.  The purpose of Voya's Lifetime Income Strategy plan is for workers to... 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

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