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.
The Hartford Financial Services Group Inc., Hartford, Conn., declared a quarterly dividend of $0.10 per share of common stock, payable on Oct. 1, 2012, to shareholders of record at the close of business on Sept. 4, 2012.
The company also declared a dividend of $18.125 on each share of the Series F preferred stock (equivalent to $0.4531 per depository share) payable on Oct. 1, 2012, to shareholders of record at the close of business on Sept. 17, 2012.
Principal Financial Group, Inc., Des Moines, Iowa, reported operating earnings of $216.3 million for the second quarter of 2012, compared to $229.0 million for the second quarter of 2011.
Operating earnings per diluted share (EPS) were $0.72 in the second quarter, compared to $0.71 for the year-ago period. The company reported net income available to common stockholders of $173.1 million, or $0.58 per diluted share for the second quarter, compared to $217.3 million, or $0.67 per diluted share for the second quarter of 2011.
Operating revenues in the second quarter were $2,136.3 million compared to $2,098.5 million for the same period last year. Prudential Individual Life Insurance, a unit of Prudential Financial, Inc. (NYSE: PRU) Newark, N.J., has named Caroline Feeney to lead they company’s Agency Distribution division.
Currently Agency Distribution’s vice president of the eastern territory, Feeney will become president of Agency Distribution, succeeding John Greene, when he retires in September, Prudential says.
In her new role Feeney will be responsible for the company’s career distribution system for insurance and investment products in the U.S.
Symetra Financial Corporation (NYSE: SYA), Bellevue, Wash., reported second quarter net income of $43.8 million, or $0.32 per diluted share. This compares with $58.1 million, or $0.42 per diluted share, in the second quarter 2011.
Symetra posted net realized investment losses of $6.4 million in the second quarter, compared with net gains of $14.1 million in the prior-year period. The decline in net income reflects lower gains on sales of fixed maturities and increased investment impairments.
Adjusted operating income was $47.2 million, or $0.34 per diluted share, in the second quarter, compared with $48.5 million, or $0.35 per diluted share, in the same period a year ago.