Allianz Life Insurance Company of North America, Minneapolis, launched an enhancement to the Allianz Life Pro+ Fixed Index Universal Life Insurance Policy, adding a new blended index allocation option with a 2% annual floor.
The index allocation option is composed of the Dow Jones Industrial Average, EuroSTOXX 50, Russell 2000 and Barclays Capital U.S. Aggregate Bond Index. The option features a 2% annual floor to protect against market volatility.
Allianz says that if the index performance is positive, consumers can receive credited interest up to the current 11% cap. If the index performance is flat or negative, clients still receive 2% credited interest.
The product’s annual reset locks in credited interest each year, so the interest cannot be lost due to a negative index performance.
In addition to the death benefit, the product provides access to the available cash value income-tax-free via policy loans (a 5.3% fixed participating loan rate is guaranteed) and withdrawals. Life Pro+ also offers an optional Inflation Protection Rider at additional cost (based on age, gender, risk class and death benefit) at the time it is exercised.
Aon plc, Chicago, reported a 5% decline in net income for the second quarter because of unfavorable foreign currency translations and lower investment income.
The company reported Friday earnings of $246 million, or 73 cents per share, for the second quarter. That compares with $258 million, or 75 cents per share, a year ago.
The company’s adjusted net income per share attributable to shareholders from continuing operations was $1.02, in line with analyst estimates, according to data provider FactSet.
Revenue for the period ended June 30 was flat at $2.8 billion.
The Guardian Life Insurance Company of America, New York, announced the launch of new accident and cancer insurance policies that provide employees access to health and financial protections. The benefit options supplement Guardian’s suite of VoluntaryWorks dental, life, disability, vision and critical illness insurance offerings.
The company says that both the accident insurance and cancer insurance policies are portable. The cancer offering also includes preventative coverage measures, including screening and early detection tests.
The Guardian is offering the new products as an employee-paid option.