Annuity News

First Artificial Cell Ushers in Era of Synthetic Biology

Scientists--led by Craig Venter--have created the first man-made or synthetic cell. The accomplishment is considered by many industry participants and observers to be a landmark event that represents a demarcation point in biology and genetic engineering . The one-celled organism was essentially created from computer code.

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Genetic Engineering

Genetics

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Genetic Engineering

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American Academy of Actuaries Supports Annuities as Efficient Way to Address Longevity Risk

The American Academy of Actuaries (AAA) responded to the Request for Information that was developed by the Departments of Labor and Treasury earlier this year. The Academy's full response can be viewed here .

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27 Percent Year Over Year Decline in Annuity Sales

U.S. annuity sales declined 27 percent during the first quarter of 2010. Combined sales of variable and fixed annuities during the first three months of 2010 were $47.4 billion. This compares to $64.4 billion during the first quarter of 2009. Fixed annuity sales declined 15 percent to $16 billion.

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Annuity

Fixed Annuity

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Annuity Sales

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Goldman Sachs Near Deal to Buy Taikang Life from Axa

Reuters reports that an investment arm of Goldman is near to closing a deal to buy Taikang Life, China's number 4 life insurance company. The French insurer Axa currently owns a 15.6 percent stake in Taikang that is reportedly worth $1.05 billion. Goldman's bid for the assets competed with several other private equity companies. Source: Reuters

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Longevity Tips from Doctor Oz

The ubiquitous Doctor Oz recently offered a set of tips intended to boost longevity . Included among the suggestions are:

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Fiduciary Standard Receives a Boost from the Goldman Fiasco

The recent hearings on Capitol Hill involving Goldman Sachs and other financial institutions seems to have breathed life into the broad incorporation of fiduciary status within the investment industry. A pair of senators recently proposed to restore fiduciary language into the Wall Street Transparency and Accountability Act of 2010.

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Longevity Annuity Sales Have Been Slow

Financial Planning reports that sales of longevity insurance or longevity annuities have been slow over the past couple of years. Many companies, including MetLife and The Hartford , have introduced products that are specifically intended to address longevity risk . However, sales of the products have been slower than many industry executives would have expected.

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Advanced Life Deferred Annuity

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Advanced Life Deferred Annuity

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Longevity Insurance

Annuity Sales

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MetLife

Hartford Financial Swings to Profit on Strong Annuity Business

The Hartford Financial Services Group recently reported net income of $319 million for the most recent quarter. This represents a $1.5 billion swing from the $1.2 billion loss reported a year earlier. The company raised its earnings outlook and reported strength in its U.S. annuities business which reported $153 million in net income. Source: Reuters Full Story

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MetLife Reports Strong Earnings on Jump in Investment Income

U.S. annuity industry leader MetLife reported strong earnings and provided an optimistic outlook for the remainder of 2010. Metlife reported a 12 percent increase in revenue to $8.8 billion during the most recent quarter. The revenue and earnings picture was aided by a 31 percent increase in investment income .

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Aegon Offers Blueprint to Deal with U.K. Longevity Crisis

One of the world's largest financial services companies, Aegon , has released a "manifesto" that provides a blueprint for dealing with the longevity crisis in the United Kingdom. Aegon published its pension manifesto this week under the title: "The Pension Crunch: proposals for change."

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