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PHILADELPHIA ANNUITY
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State Farm Suspends Sales of Phoenix's Life Insurance, Annuities
State Farm Mutual Automobile Insurance Co. has told Phoenix Cos. that it will suspend sales of Phoenix's life insurance and variable annuity products because of downgrades by rating agencies to Phoenix's life insurance subsidiaries, spokespeople with both companies confirmed. Separately, Phoenix said it will delay filing its annual report on Form 10-K with the U.S. Securities and Exchange Commission because it needs more time to finalize its fourth-quarter and year-end 2008 net losses after correcting an error in accounting for income taxes... Trading Markets: State Farm Suspends Sales of Phoenix's Life Insurance, Annuities
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Variable annuities may lead some insurers to request bailouts
The insurance business is supposed to be simple and relatively stable. It's not difficult to sell insurance, collect premiums, hedge your risk elsewhere with re-insurers and then invest the remaining premiums conservatively. So what the hell happened? AIG (AIG) allowed an unhedged fund to operate from within and a tiny 400 person division brought down a giant that employed 125,000. Hartford (HIG), Prudential (PRU), Lincoln National (LNC), MetLife (MET) and Genworth (GNW) are all suffering the same fate. All are facing ratings agency downgrades based on capital ratios that fall with the stock market. The culprit in this mess are
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Beacon's Fixed Annuity Premium Study Reports Fourth Quarter's Fixed Annuity Sales
Annual Sales Hit $107 Billion; Fourth Quarter Results Set Another Record U.S. sales of fixed annuities were an estimated $107 billion in calendar year 2008, up 60% from 2007, according to new data from the Beacon Research Fixed Annuity Premium Study. Fourth quarter's overall results were an estimated $34.1 billion -- 90% above those of fourth quarter, 2007 and 23% higher than the previous quarter. Fourth quarter's estimated sales were the strongest since the Study began in 2003, setting a six-year record for the third quarter straight. These estimates are based on sales of 53 insurance companies representing an estimated
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Pennsylvania Lottery Introduces New Game, Super 7, With Statewide ... - SunHerald.com (press release)
Pennsylvania Lottery Introduces New Game, Super 7, With Statewide ... SunHerald.com (press release) The jackpot begins at $1 million annuity value and rolls until it is won. Players who prefer the cash jackpot must select the "cash" payout option at the point of purchase; if no such election is made, the jackpot will be paid as an annuity . ...
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