annuity sales

Genworth Financial Inc. has re-entered the U.S. indexed annuity market following an absence of many years.

Annuities are a big opportunity for the industry, Pat Foley, president of U.S. life insurance distribution and marketing at Genworth Financial (NYSE: GNW) told Best's News Service. About 10,000 people turn 65 every day and this will continue over the next 20 years, he said.

After review of their portfolio of annuity offerings in the states of Missouri and Minnesota, Allianz has decided to discontinue sales of their Dominator Plus Multi-Year Guaranteed Annuity product effective Friday, December 30, 2011. This will not affect any of their other annuity products currently available in those states.

Business rules

Sun Life Financial Inc. announced earlier this week that it will be pulling their variable annuity, as well as individual life insurance product, in the United States as of December 30, 2011. The company said that the decision followed a “major strategic review” of its business.

Effective Friday, December 16, Allianz's Select Index Allocation rider will no longer be offered in the state of Pennsylvania for the Allianz Endurance Plus Annuity. This decision comes in response to a number of recent comments from the Pennsylvania Department of Insurance.

BELLEVUE, WA - Symetra Financial Corporation today announced its earnings outlook for 2012. The company expects to generate 2012 adjusted operating income per diluted share¹ of $1.25-$1.40.

The earnings guidance is based on the following assumptions:

NEW YORK, NY - In 2012, the U.S. life and annuity insurance industry will be challenged to find ways to manage both capital and risk in an economically and politically uncertain year, while continuing to lay the groundwork for future growth, according to Ernst & Young’s new Global Insurance Center US Outlook.

EVANSTON, IL - Third quarter 2011 income and indexed annuity sales topped the year-ago quarter according to estimates from the Beacon Research Fixed Annuity Premium Study. Income annuities advanced 5% to $2.2 billion, and indexed annuities inched up 0.4% to $9.0 billion. Indexed annuity sales were also up 7% from second quarter, while year-to-date income annuity results increased 3% to $6.3 billion.

WASHINGTON, DC - The Insured Retirement Institute (IRI) today a report on product trend updates within the U.S. variable annuity market. Complied by Morningstar, the report found that variable annuity benefit activity for the third quarter slowed significantly from the robust filings made during the second quarter of this year. In the third quarter, carriers made 40 material changes, down from 162 changes in the second quarter, and down from 106 changes in the same quarter last year.