Broker-dealers and financial advisers are taking action against The Hartford Financial Services Group Inc. in response to a letter the firm sent to their clients that entices them to swap their variable annuities for a replacement — one that advisers say actually strips away generous guarantees.
Billionaire Warren Buffett, chairman of Berkshire Hathaway Inc., said the company's management is “well-equipped” for when he and Vice Chairman Charlie Munger step down.
In their attempts to defuse the recent controversy surrounding retained-death-benefit payouts to survivors, insurance industry executives have played up the protection that the accounts provide grieving beneficiaries.
Reports began circulating on Aug. 27 that Manulife — John Hancock Financial Services Inc.'s parent company — was gearing up to buy Lincoln National Corp.
Acquisition of U.S. company — and its variable annuity business — would hike Manulife's exposure to volatile equity markets
Fidelity Investments' insurance unit has dropped the cost of its variable annuity by 10 basis points and has created a new fee level for larger accounts.
The agency says some beneficiaries may mistakenly believe the accounts are insured by the U.S. government
U.S. life insurers, a group led by MetLife Inc. and Prudential Financial Inc., would be prohibited from retaining death benefits without specific consent of clients, under a proposal today by state legislators.
The furor over retained-asset accounts doesn't appear to be letting up. The VA is investigating. The Secretary of Defense wants money returned to beneficiaries. And now, a source says NY AG Andrew Cuomo is widening his probe of the industry practice.
Insurance regulators in New York are joining Connecticut's insurance commissioner in examining whether The Hartford made improper disclosures or engaged in misleading practices in its marketing of a new variable annuity.
Employers expect compliance with the health care reform law to account for nearly one-third of the projected 10% average increase next year in health benefit costs, but most are taking steps to keep that increase at or below 6% — a move that will cause many to lose grandfathered status, according to a survey by Mercer LLC.
Although it is common, and perfectly legal, for insurers to prune funds from their VA menus periodically, financial advisers say the practice is increasingly thwarting their ability to put clients in the best possible funds.
Prudential Plc, the U.K.'s biggest insurer, promoted Mike Wells to chief executive officer of its U.S. division and appointed two new non-executive directors as it reorganizes the board after a failed takeover bid in Asia.
Attorneys also predict insurer's marketing of new VA will trigger lawsuits; 'half-baked solicitation'
While life insurers continue to cling to their cash, a boom in mergers and acquisitions may be just around the corner, according to an analyst with Moody's Investors Service Inc.
Move frees company to focus on asset management; insurance less profitable
The Hartford Financial Services Group Inc. is disbanding its distribution arm, Hartford Life Distributors, and decentralizing its wholesalers among four recently established business units.
Long-term care insurance is considered a valuable benefit by employees, but advisers seldom share their enthusiasm.
For Tori Fontenot, the clarion call to consider long-term-care insurance for herself and her husband came as she tried to coordinate care for her elderly mother.
