Lincoln Financial Group (NYSE:LNC) introduced the Lincoln Treasury Indexed Universal Life (IUL) solution designed to capture the benefits of a potential rise in interest rates. This baseline death benefit has the flexibility to improve and customize coverage over time based on the performance of the 10-year Treasury yield.
Lincoln Treasury Indexed UL policyholders choose their initial duration of guaranteed coverage at issue, and receive a guaranteed schedule of earned credit factors that correspond to different levels of 10-year Treasury yields. With scheduled premiums paid on time, policyholders can:
- Apply the credits as a Premium Election to either extend coverage beyond the initial coverage duration or reduce out-of-pocket premiums for the initial coverage duration;
- Withdraw the credits as cash; or
- Leave the credits in the policy account value (in all years except year one).
In other industry news:
The OneAmerica companies set a new sales record in 2012 for employer-sponsored retirement plan sales, which were up 22 percent over 2011’s previous record.
The results helped drive a new overall sales record for retirement business at OneAmerica that was 10 percent over 2011’s previous record. 2012 is the third straight year the retirement services provider broke its overall record for new retirement plan sales. Leading the way for the organization in 2012 was the performance of its tax-exempt unit, which increased sales of employer-sponsored 403(b) plans by 57 percent. Total assets and participant counts were also at record levels for the organization at year-end, and OneAmerica set a new record with 9 percent growth in renewal contributions – a measure of the growth of assets within retirement plans already with the companies. OneAmerica ended the year with a 96 percent retention rate on existing business. OneAmerica’s retirement business expanded in 2012 with the opening of a new regional sales office in Seattle. It also established a new distribution affiliation with Edward Jones whereby more than 12,000 Edward Jones advisors can now offer their employer clients OneAmerica’s 401(k) and 403(b) plan designs.
AXA Equitable Life Insurance Company named Manish Agarwal head of Financial Protection.
In this role, Agarwal will lead AXA Equitable’s life insurance business, including its Business Management & Operations, Product Life Cycle Management, Product Design & Manufacturing and Distribution Management areas, to expand upon its product portfolio and distribution platform.
Most recently, Agarwal led Business Development and Strategy for AXA Equitable, with responsibility for the Strategic Initiatives Group, Field Compensation, Risk Management and Associate Hiring and Contract Administration. He also spent four years in Retail Distribution, overseeing operations, sales support and strategy for AXA Advisors LLC, the company’s retail distribution channel.
Agarwal joined AXA Equitable in 2005 as vice president of the newly-formed Strategic Initiatives Group. Before joining AXA Equitable, Agarwal was an engagement manager with McKinsey & Co., where he led client teams in projects across marketing, strategy, corporate finance and operations, primarily within life and property casualty insurance companies.
Agarwal earned an M.S. and Ph.D. in mechanical engineering at Carnegie Mellon University and a B.Tech at the Indian Institute of Technology.
Securian Financial Group board of directors promoted four employees to second vice president.