The Guardian Life Insurance Co. and TIAA have announced rates for extra 2022 payouts.
Guardian says it will base dividends for eligible individual life insurance policyholders on a dividend interest rate of 5.6%.
The rate will translate into a total 2022 dividend payout of $1.13 billion, according to Guardian.
That compares with a 2021 dividend interest rate of 5.65% and a total 2021 dividend of $1.05 billion.
TIAA says its board of trustees has increased to add 5% to lifetime income payments for holders of the TIAA Traditional fixed annuity who have annuitized.
The extra TIAA payout will increase total income payments by $180 million, to $3.6 billion, TIAA says.
In February of this year, TIAA said it would hold income levels steady, but it did not talk about providing extra income payments.
Both Guardian and TIAA are based in New York.
Here’s how the rates described in those announcements compare with some other life insurers’ dividend rate announcements and how the 2022 figures compare with the 2021 figures.
Massachusetts Mutual Life Insurance Co.
- Rate: 6% (unchanged)
- Total: $1.85 billion (up from $1.7 billion)
New York Life Insurance Co.
- Rate: Not released (5.8%)
- Total: $1.9 billion (up from $1.8 billion)
Northwestern Mutual Life Insurance Co.
- Rate: 5% (unchanged)
- Total: $6.2 billion (unchanged)
The Penn Mutual Life Insurance Co.
- Rate: 5.75%
- Total: $123 million (up from $105 million)
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