Insurers’ delay in paying out claims was the most common complaint from consumers last year, according to the National Association of Insurance Commissioners.
Sales of fixed annuities climbed to $107 billion last year, up 60% from 2007, according to the Beacon Research Fixed Annuity Premium Study.
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.
House Financial Services Committee Chairman Barney Frank called yesterday for creating an optional federal charter for life insurance companies.
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.
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 Ohio Department of Insurance today released the names of the 20 companies that have raised their surplus levels through approved accounting breaks.
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.
Ratings agencies today painted a bleak outlook for AIG, following news of the insurer’s massive fourth-quarter loss and an additional $30 billion lifeline from the U.S. government.
Panelists addressed myriad issues at the annual marketing conference held in New York by NAVA Inc., the Reston, Va.-based variable annuity trade association.
Fears of increased paperwork and disclosures related to Finra's variable annuity suitability rule have been realized, with many firms reporting that they are still overburdened by hair-splitting requirements.
Standard and Poor’s yesterday announced ratings downgrades for 10 major life insurers, including Genworth Financial Inc., Lincoln National Corp. and MetLife Inc.
In their bid to buy AIG’s American International Assurance Co. Ltd., Manulife Financial Corp. and Prudential PLC may pay cash and shares to but the Asian unit.
The Ohio Department of Insurance has confirmed it will provide temporary reserve relief for 20 insurance companies headquartered in the state.
Thomas M. Marra, chief operating officer of The Hartford (Conn.) Financial Services Group Inc., will retire from his post July 3.
Federal Reserve Chairman Ben Bernanke today backed the idea of creating an optional federal charter for insurance.
Financial advisers, already overwhelmed with frazzled clients, want more understanding from their wholesalers.
The age of long term care insurance purchasers continues to skew downward as more baby boomers buy policies.
