Last year was a record year for the annuity industry. But now that the dust has settled, what were the companies with the highest sales. Find out and then dig into four other stories we liked this week in the latest edition of “The FIDx Five.”
New York Life: The Big Winner
2022 was a big year for annuities. Check out where the top insurers ranked in variable, fixed, and overall sales.
Source: InsuranceNewsNet, “New York Life rockets to the top of the 2022 annuity sales charts,” 03/08/23
3 More States Align With SEC Standard
33 states have now aligned with Reg BI. Georgia, Illinois, and Tennessee recently adopted annuity sales standards.
Source: Think Advisor, “More States Adopt Reg BI-Compatible Annuity Sales Standards,” 03/07/23
Rates “Likely to Be Higher”
The battle against inflation may get harder. Fed Chair Powell says there may be a need to speed up interest rate hikes.
Source: The New York Times, “Fed Chair Opens Door to Faster Rate Moves and a Higher Peak,” 03/07/23
NYT: An Unusual Combo Product
Two recent articles in “The New York Times” discussed an immediate income annuity with long-term care benefits. Here’s what industry experts had to say about this non-traditional product.
Source: Life Annuity Specialist, “The Times Loves This Annuity. But Industry Insiders Have Doubts.” 03/06/23
A Call for Increased Taxes
A call from the president for increased tax on those earning more than $400,000 could see an increase in net investment income tax. Could the rate jump-from 3.8% to 5%-ever pass the House?
Source: CNBC, “Biden calls for tax on the wealthy to extend Medicare funding,” 03/08/23
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