House Financial Services Committee Chairman Barney Frank called yesterday for creating an optional federal charter for life insurance companies.
Sales of fixed annuities climbed to $107 billion last year, up 60% from 2007, according to the Beacon Research Fixed Annuity Premium Study.
Insurers’ delay in paying out claims was the most common complaint from consumers last year, according to the National Association of Insurance Commissioners.
The Phoenix Cos. Inc. said that it overstated its 2008 losses by $46 million as a result of an error in accounting for income taxes.
Aviva PLC, Europe’s biggest provider of life insurance products, posted a loss of $995 million for 2008, down from a profit of $2.98 billion in 2007.
Fidelity Investments filed yesterday with the SEC to launch a series of target date funds that will be available to certain 401(k) plan customers at below retail cost.
Two major forces are behind the dramatic growth in popularity of exchange traded funds: the wide-spread adoption of fee-based advice and the prolonged 10-year bear market’s effect of destroying the “mutual fund manager” myth.
Legg Mason Inc. said Thursday it will record a $610 million charge to reflect elimination of exposure to risky structured investment vehicles in its money market accounts.
Insurer Old Mutual PLC reported Wednesday a 30 percent drop in 2008 profits as its U.S. Life unit made a large loss, hurt by the collapse of financial institutions such as Lehman Brothers and Freddie Mac and Fannie Mae.
The Obama administration is kicking off a new program designed to help up to 9 million borrowers stay in their homes through refinanced mortgages or loans that are modified to lower monthly payments.
Citigroup Inc. said Tuesday that it will lower mortgage payments for some homeowners for three months as part of a new program to help the unemployed.
Smith Barney's exclusive deal with Legg Mason to distribute funds run by Bill Miller has come to an end.
Fitch Ratings is putting off a review of its municipal ratings program because of the economic downturn.
The number of people signing contracts to buy homes tumbled to a new low in January.
T. Rowe Price Group Inc. has restructured its equity leadership, elevating two top portfolio managers into new posts overseeing domestic and international equities.
Investors yanked about $147 billion from hedge funds worldwide in the fourth quarter of 2008, a 689% decline from the third quarter.
A consortium of RIAs is “actively looking elsewhere” for custodial partners after Charles Schwab said it would stop accepting custody of alternative investments.
Investors worldwide pulled money out of stock funds last week at levels last seen in mid-October.
Conseco Inc. today announced a whopping $406.8 million loss, or $2.20 a share, for the fourth quarter of 2008, and warned it will be late in filing its annual report late.
