New York Life received the Retirement Income Industry Association’s first annual Innovation in Retirement Income Products award sponsored by Retirement Income Journal.
New York Life’s deferred income annuity, the Guaranteed Future Income Annuity (GFIA), was awarded for transforming a long overlooked product category into a growing area of the market today.
New York Life repositioned the product as a way to help pre-retirees build their own pension-like stream of guaranteed lifetime income at retirement. Before 2011, the deferred income annuity market was a $50 million market. After New York Life launched its GFIA in July 2011 the market has expanded to more than $1 billion in sales per year.
In other industry news:
AssuredPartners of New Jersey, an AssuredPartners Inc. platform operation, acquired Anderson-Jackson-Metts dba AJM Insurance. The agency specializes in commercial insurance coverage, personal insurance coverage and financial planning and health benefits for corporations and individuals.
Founded in 1944, the agency reported revenues of approximately $5.3 million.
As part of the acquisition, 30 AJM Insurance employees will join AssuredPartners of New Jersey.
Conning appointed Neil Holmes as head of Business Development – UK and Benelux. Based at Conning Asset Management Limited in London, and with more than two decades of commercial banking and global client relationship management experience extending to insurance and reinsurance industries, Holmes will be responsible for driving Conning’s growth in his respective markets.
Prior to joining Conning, Holmes served as a senior banker within the Financial Institutions Group at Crédit Agricole Corporate and Investment Bank, responsible for managing and growing a portfolio of UK life and non-life insurance companies, banks, bancassurers, and select Dutch banks.
Holmes has a Bachelor of Science in Geography from the University of Bristol and has been an associate of the Chartered Institute of Bankers since 1990.
SCOR was named Best Reinsurance Company for US Life and Best Reinsurance Company for International (non-U.S.) Life at the Reactions magazine Global Awards program.
Both of these awards reflect SCOR’s achievements over the last year and the strong development of the SCOR Global Life franchise. The franchise in the US in particular has been enhanced by its recent acquisitions. In June 2013, SCOR announced the acquisition of Generali U.S., which is due to be finalised in the second half 2013. The combined SCOR Global Life Americas and Generali U.S. will become the market leader in the US Life reinsurance market.
NAFA, the National Association for Fixed Annuities, announced it has joined the SecureFamily.org coalition, a joint trade group advocating to retain tax policy on life insurance and annuities. This coalition is a partnership of insurance companies and insurance professionals dedicated to educating policymakers about the important role these financial products play in the securing the lives of 75 million American families.
The coalition includes the American Council of Life Insurers (ACLI), Association for Advanced Life Underwriting (AALU), GAMA International, Insured Retirement Institute (IRI), National Association for Fixed Annuities (NAFA), National Association of Independent Life Brokerage Agencies (NAILBA), and National Association of Insurance and Financial Advisors (NAIFA).
Ohio National Financial Services added two new products to its Prestige whole life insurance offerings: Prestige 100 and Prestige 10 Pay.
Prestige 100, which replaces the Prestige Performance and Prestige Xcel policies, is a core, foundational whole life policy. It’s a lifetime pay policy that provides lifetime protection. The Prestige 10 Pay is a limited pay whole life insurance policy that allows the purchaser to pay all premiums due for the policy in the first 10 years.
With the addition of the two new products, Ohio National is retiring two lifetime pay whole life products, Prestige Performance and Prestige Xcel. The Ohio National’s Prestige Series of whole life products now consists of the following:
- Prestige Value – a whole life policy;
- Prestige 100 – a foundational lifetime pay whole life policy;
- Prestige Max – fully paid up at the insured’s age 65 or 10 years after issue, whichever is later; and
- Prestige 10 Pay – fully paid up 10 years after issue.