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AIG crisis could be the tip of an insurance iceberg
The company's situation reflects problems throughout the life insurance industry as investments suffer. Further strain could bring about a second financial crisis. When insurance giant American International Group Inc. imploded last fall, the firm's problems were quickly blamed not on its core insurance business but on an obscure operation that traded exotic mortgage securities. But as the economic crisis deepens, it has become clear that AIG's problems extend across most of its business lines, including its massive life insurance and retirement services operations, which reported a staggering $18-billion quarterly loss this month... ...Two key pieces of AIG's life insurance and
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The Best Variable Annuities
Sales of variable annuities in 2008 were down 15.1% from their peak in 2007, according to the Association for Insured Retirement Solutions, a variable annuity trade association. Total sales declined to $154.8 billion from $182.2 billion the year earlier. Despite the decline—most pronounced with the year-over-year fourth quarter decrease in sales of 30.3%—clearly millions of investors still consider variable annuities an important part of retirement planning. The biggest drawback to variable annuities is the additional costs associated with them as compared to straight mutual fund investing. The biggest benefit to them is the guaranteed withdrawal benefits which have proved their
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Milliman Survey Says Variable Annuity Guarantees Dominate Annuity Products
Milliman's fourth annual Guaranteed Living Benefits (GLB) survey of leading U.S. variable annuity (VA) carriers revealed that about 96% of variable annuities offered include some form of GLB. Sales of VAs that offered a GLB during calendar year 2004 averaged 87% of total VA sales, increasing to 95% in 2005 and 2006. Such benefits continued to be popular in 2007 and during the first half of 2008 with 96% of total VA sales offering a GLB. Milliman Survey Says Variable Annuity Guarantees Dominate Annuity Products Source: Insurance News Net
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When it Comes to Retirement Planning, Look Beyond the 'Number'
Today’s challenging economic environment has forced many Americans to review their retirement planning goals with a more critical eye. To help navigate through these turbulent times, Robert Fishbein, vice president and corporate counsel with Prudential, offers the first in a biweekly series of tips on planning for retirement. When it Comes to Retirement Planning, Look Beyond the 'Number' Source: Source: Morningstar
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