Penn Mutual has announced its dividend for participating policies for 2013. Penn will pay out a total of $31 million in policy holder dividends, which represents a 2% increase over dividends paid out in 2012.
The Guardian Life Insurance Company of America has announced its dividend for 2013 on all participating policy holders. Guardian will pay out a total of $803 million in dividends to its policy holders, the largest dividend payout in the Guardian's history.
This week we had two rather surprising announcements when Penn Mutual and Jackson National Life both announced limitations on new money to their annuity products due to annual capacity attainment.
This news comes at a time when several major carriers have announced roll backs and limitations on new premium for their products.
The Northwestern Mutual Life Insurance Company of Milwaukee, WI has announced its 2013 dividend. Northwestern Mutual will pay $5 billion in policy holder dividends, the largest payout in the company's history. To put a little perspective on that, Northwestern Mutual will pay its policy holders a sum larger than Lafayette Life (the highly promoted whole life insurer for the Bank on Yourself certified advisors) by a factor of two plus a little more. When I say larger than, I mean Lafayette's entire general account.
The Massachusetts Mutual Life Insurance Company of Springfield, MA has announced its dividend payout for 2013. Massmutual plans to pay a company record setting $1.39 billion in policy holder dividends.
Reliastar/ING has announced its plans to suspend all universal life products it issues that have secondary guarantees. In an announcement dated today October 17, 2012 ING cited difficult economic times and Actuarial Guideline 38 as a key reasons for its decision to suspend these products.
Jackson National Annuities Life joined the ranks of Prudential and Metlife this week when it delivered news that is would pull back on benefits from its variable annuity products. Jackson will continue to accept premiums for features that are going away, but they did employ the same tight time line Prudential rolled out a little more than a month ago.
Late breaking news this afternoon from Daily Finance reports that earlier today, Prudential has reached an agreement to purchase the individual life business of the Hartford. Now, we've all known for months that Hartford has been searching for buyers of its various units. Back in August, Woodbury Financial, the Hartford's broker-dealer was purchased by AIG for a bit over the $100 million mark. The press release reported these details regarding the agreement reached between Prudential and the Hartford:
In a world that has seen more and more hurried announcements of product closures, Prudential Financial made a quick announcement at the end of August that it was stopping future contributions to it's Highest Daily Daily Lifetime 5, Six Plus, Seven, and Seven Plus contracts.
There has been some speculation for a little while the Aviva Life would sell it's U.S. life insurance business and stories are starting to ramp up. Aviva, one of Britain's largest life insurers, has been a major player in the indexed insurance market for a little while now. They are a well known indexed and indexed universal life player. So, are they on the bidding block, and who is buying?
