Insurance companies and distributors face major changes for risk management and product development as variable annuities and their guarantees pressure insurers' risk-based capital, industry experts said.
Broker-dealers, registered representatives and advisers could be on the hook if they sell products from major carriers whose risk-based capital is crumbling, plaintiff's attorneys say.
New York Life Insurance Co. said it won’t participate in the Department of the Treasury’s capital-purchase program.
Nationwide Financial Services Inc. of Columbus, Ohio, will remain on CreditWatch “negative,” Standard and Poor’s Ratings Services of New York said today.
The outlook of Cigna Corp., a Philadelphia-based health insurer, has been downgraded to “negative” by Standard and Poor’s of New York.
Ambac posted a third-quarter loss of $2.43 billion, or $8.45 per share, as it set aside $3 billion to cover anticipated claims.
The Hartford (Conn.) Financial Services Group Inc. has announced that it will lay off 500 employees — about 1.6% of its total work force — this month, citing falling revenue and investment losses.
The Hartford (Conn.) Financial Services Group Inc. today reassured the public that it indeed has sufficient capital — though it is lower than previously forecasted.
The total payout for 2009 reflects a dividend interest rate of 7.6% on new eligible participating life insurance policies.
Innovative long term care insurance products are on the horizon as the industry seeks to appeal to more clients.
The world’s second-largest insurance broker, Aon Corp., saw its net income decrease 43% to $117 million, or $0.40 per share, in the third quarter, compared with $204 million, or $0.64 per share, in the year-earlier period.
The stock price of The Hartford (Conn.) Financial Services Group Inc. dipped by more than half yesterday, following the company’s release of dismal third-quarter results.
The Hartford (Conn.) Financial Services Group Inc. today reported a third-quarter net loss of $2.6 billion, or $8.74 per diluted share.
Not only are investors greatly confused about annuities, but they are also greatly biased against them, according to a new study from LIMRA International.
Aetna Inc., the Hartford, Conn.-based health insurer, announced today that its third-quarter profit dropped to $277.3 million, or 58 cents per share.
To survive the credit crunch and regain consumer confidence, insurers must strip away the fancy features from their products, said Quincy Krosby, chief investment strategist at The Hartford (Conn.) Financial Services Group Inc.
Insurance executives highlighted the income benefits behind some new annuity solutions and guarantee wrappers, but the costs behind these products may rise in light of a careening market.
Amid bad news in the financial sector, life insurance executives were urged to fight for clients’ trust in their industry and products at the research organization’s annual meeting in Hollywood, Fla.
Great Britain’s second largest life insurer, Prudential PLC, is considering buying some of American International Group Inc.’s business units.
The Treasury Department wants insurance companies to participate in its $700 billion bailout program —and it may take equity stakes in return.
