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PHILADELPHIA ANNUITY
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Job cuts at Lincoln National division (BizJournals)
Financial services firm Lincoln National Corp. confirmed that it has laid off 12 percent of employees at Lincoln Financial Distributors, the company’s wholesale division that markets and sells variable and fixed annuities, life insurance and investment management products. (LNC)
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Did annuity issuers radically underestimate the cost of hedging guarantees?
Pacific Life and The Hartford have joined the ranks of insurers who are raising prices and fees on some of their most popular investment products: variable annuities that promise to provide market gains with no risk, and a lifetime stream of income. The moves suggest a problem that critics have long suspected: Many insurance companies radically underestimated the cost of hedging their guarantees in a market meltdown. Now that the markets have crashed, some investors will find they’re paying a lot more for the same product. SmartMoney: More Insurers Raise Fees on Variable Annuities
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SEC to oversee some equity indexed annuities
The U.S. Securities and Exchange Commission voted on Wednesday to begin scrutinizing annuities linked to equity indexes, a complex financial product the agency says falls into a regulatory no-man's land. ...The SEC agreed to define annuity contracts and optional annuity contracts as securities so it can better police the fast-growing $120 billion market. The agency action came at a time when SEC Chairman Christopher Cox has drawn criticism for not doing enough to protect investors. The SEC's new definition applies to indexed annuities issued on or after Jan. 12, 2011... Reuters: SEC to oversee some equity indexed annuities
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Business news in brief - Philadelphia Inquirer
Business news in brief Philadelphia Inquirer, PA - 8 hours ago Wentworth is a specialty-finance company that buys future payments on assets that cannot easily be converted into cash, such as annuities and life insurance ...
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