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Insurance industry

Insurance and Financial Services Industry Moves and Developments

Strategic Insights

— 3 min read

The insurance and financial services industry has seen various developments, with multiple companies introducing new products, riders, and sub-accounts. Phoenix Home Life Mutual Insurance Company has added two Sanford Bernstein funds to its variable annuity and life insurance products, taking the total number of sub-accounts to 42. Nationwide Financial has also introduced new funds, including two international funds sub-advised by Gartmore Global and a global technology fund managed by Villanova Capital. John Hancock has added an optional cash value rider to its Medallion Executive Variable Life III life insurance product, allowing policyholders to obtain early surrender values of over 107 percent.

Manulife Financial has added Jennison Associates LLC to its asset manager lineup, expanding its offerings to 48 portfolios managed by 19 different investment teams. Nationwide Financial has introduced a packaged riders sales approach to assist investment professionals in selling its Futurity annuity. Life Insurance Company of the Southwest (LSW) will begin offering Sentinel Mutual Funds in its 403(b) plans, marking the first joint venture between the two affiliated companies since LSW's acquisition by National Life Group.

Lincoln Financial Group has added a new bonus product to its ChoicePlus line of variable annuities, offering credits based on cumulative total deposits rather than individual deposits. TIAA-CREF is developing a new advertising campaign to revamp its brand image, which has not been revised since it lost its tax-exempt status in January 1998. Several industry professionals have been appointed to new roles, including Daniel G. Umbaugh at Delaware Distributors, Asa Such and Greg Illukowicz at Kelmoore Investment Company, and M. Kathleen Adamson at American General.

Key Takeaways:

  • Phoenix Home Life Mutual Insurance Company has added two Sanford Bernstein funds to its variable annuity and life insurance products, expanding its total number of sub-accounts to 42.
  • Nationwide Financial has introduced new funds, including two international funds sub-advised by Gartmore Global and a global technology fund managed by Villanova Capital.
  • John Hancock has added an optional cash value rider to its Medallion Executive Variable Life III life insurance product, allowing policyholders to obtain early surrender values of over 107 percent.
  • Manulife Financial has added Jennison Associates LLC to its asset manager lineup, expanding its offerings to 48 portfolios managed by 19 different investment teams.
  • Nationwide Financial has introduced a packaged riders sales approach to assist investment professionals in selling its Futurity annuity.
  • Life Insurance Company of the Southwest (LSW) will begin offering Sentinel Mutual Funds in its 403(b) plans, marking the first joint venture between the two affiliated companies since LSW's acquisition by National Life Group.
  • Lincoln Financial Group has added a new bonus product to its ChoicePlus line of variable annuities, offering credits based on cumulative total deposits rather than individual deposits.
  • TIAA-CREF is developing a new advertising campaign to revamp its brand image, which has not been revised since it lost its tax-exempt status in January 1998.
  • Several industry professionals have been appointed to new roles, including Daniel G. Umbaugh at Delaware Distributors, Asa Such and Greg Illukowicz at Kelmoore Investment Company, and M. Kathleen Adamson at American General.

Statistics:

  • Phoenix Home Life Mutual Insurance Company now offers a total of 42 different sub-accounts for its variable annuities and variable life products.
  • Nationwide Financial has added four new funds to its sub-account offerings, including two international funds sub-advised by Gartmore Global and a global technology fund managed by Villanova Capital.
  • John Hancock's Medallion Executive Variable Life III life insurance product allows policyholders to obtain early surrender values of over 107 percent.
  • Manulife Financial now offers 48 portfolios managed by 19 different investment teams.
  • LSW will begin offering Sentinel Mutual Funds in its 403(b) plans, marking the first joint venture between the two affiliated companies since LSW's acquisition by National Life Group.
  • Lincoln Financial Group's new bonus product offers credits based on cumulative total deposits rather than individual deposits.
  • TIAA-CREF has not revised its brand image since losing its tax-exempt status in January 1998.

Sources:

  • "Firms Add Sub-Accounts"
  • Phoenix Home Life Mutual Insurance Company press release
  • Nationwide Financial press release
  • John Hancock Financial Services press release
  • Manulife Financial press release
  • National Life Group press release
  • Lincoln Financial Group press release
  • TIAA-CREF press release
  • Industry Moves

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