The Pillar Awards were established to recognize volunteers on NAFA's Education, Government and Legal Affairs, and Membership Committees who have gone above and beyond to help the organization fulfill its mission to Educate, Advocate, and Integrate the fixed annuity
industry and those it serves.
Ameriprise Financial Inc (NYSE:AMP) reported on Wednesday that its insurance subsidiary, RiverSource Life Insurance Company signed an agreement with a subsidiary of Global Atlantic Financial Group, Commonwealth Annuity and Life Insurance Company, to re-insure about USD1.7bn of fixed annuity
policies sold through third parties, or about 20% of the company's fixed annuity
account balances in force.
CHARLOTTE, N.C: Brighthouse Financial announced the launch of two new fixed annuity
products: the BrighthouseSM Fixed Rate Annuity and BrighthouseSM Fixed Rate Annuity MVA through Brighthouse Life Insurance Company.
Total fixed annuity
ending balances fell 7%, to $9.3 billion, but total variable annuity ending balances increased 7%, to $80 billion.
The new RateShield fixed annuity
series offers contract owners growth at a guaranteed interest rate for a guaranteed income source in retirement.
In 2016, total fixed annuity
sales hit a record-breaking $117.4 billion, 14 percent higher than 2015 levels and nearly $7 billion higher than 2009 (when sales were last at their highest), according to LIMRA Secure Retirement Institute's Fourth Quarter U.S.
The difficult market for variable annuities is contrasted by stronger sales gains for the fixed annuity
market, which helped drive overall annuity sales to $56.7 billion during the quarter, up 7.6 percent from $52.7 billion during Q1 2015.
57| Indexed annuities are intended to outpace fixed annuity
earnings by 1 percent-2 percent.
Sales Top fourth-quarter sellers, 2013 ($ billion) Allianz Life NA $2.32 Security Benefit Life Insurance 1.71 New York Life 1.38 Great American Life 1.35 American Equity Investment Life Hold 1.09 Source: Beacon Research
as of the date of this drafting, the average fixed annuity
rate was just slightly less than 3 percent.
"This created a disincentive to lock in available fixed annuity