The American Council of Life Insurers (ACLI) elected its 2013 chairman and board of directors.
James T. Morris, chairman and CEO of Pacific Life Insurance Company, will serve as chairman for one year. ACLI also elected John D. Johns, chairman, president and CEO of Protective Life Corporation, as chairman-elect. Johns will assume the chairmanship in October 2013. ACLI’s chairman-elect designate post was awarded to Roger W. Crandall, chairman, president and CEO of Massachusetts Mutual Life Insurance Company (MassMutual). Crandall will take over as ACLI chairman in October 2014. Ted Mathas, chairman, president and CEO of New York Life Insurance Company, will serve as ACLI immediate past chairman in the coming year.
Serving on ACLI’s board through 2015:
- Gary C. Bhojwani, chairman of the Board, Allianz Life Insurance Company of North America;
- Don Civgin, president, CEO, Allstate Financial;
- Michael G. DeKoning, president, CEO, Munich American Reassurance Company;
- Bradford L. Hewitt, president, CEO, Thrivent Financial for Lutherans;
- Dennis L. Johnson, president, CEO, United Heritage Life Insurance Company;
- Rodney O. Martin, CEO, ING U.S.;
- Sherry Martin, COO, vice president, Policyholder Services, Life and Property/Casualty, Farm Bureau Life Insurance Company of Michigan;
- Eileen C. McDonnell, president, CEO, The Penn Mutual Life Insurance Company;
- Jeffrey Nordstrom, president, USAA Life Insurance Company.
Serving on ACLI’s board through 2014:
- Craig Bromley, president, John Hancock Financial Services;
- Steven A. Kandarian, chairman, president, CEO, MetLife, Inc.;
- Christopher J. Littlefield, chairman, president, CEO, Aviva USA;
- JoAnn M. Martin, president, CEO, Ameritas;
- Andrew J. McMahon, president, AXA Equitable Life Insurance Company;
- Deanna Mulligan, president, CEO, The Guardian Life Insurance Company of America;
- Peter R. Schaefer, president, CEO, Hannover Life Reassurance Company of America;
- Peter L. Tedone, president, CEO, Vantis Life Insurance Company;
- Jay S. Wintrob, president, CEO, SunAmerica Financial Group.
Serving on ACLI’s board through 2013:
- John F. Barrett, chairman, president, CEO, Western & Southern Financial Group;
- Roger Ferguson Jr., president, CEO, TIAA-CREF;
- Dennis R. Glass, president, CEO, Lincoln Financial Group;
- Thomas E. Henning, chairman, president, CEO, Assurity Life;
- Joseph Monk, senior vp, chief admin officer, Life and vice president Health & Mutual Funds, State Farm Insurance Companies;
- Mark W. Mullin, president, CEO, Transamerica Corporation;
- John E. Schlifske, president, CEO, The Northwestern Mutual Life Insurance Company;
- J. Eric Smith, president, CEO, Swiss Re Americas;
- Larry D. Zimpleman, chairman, president, CEO, Principal Financial Group.
In other industry news:
Jason Berkowitz has joined the Insured Retirement Institute (IRI) as its new vice president of Regulatory Affairs and Compliance. Berkowitz brings more than 10 years of experience with regulatory and compliance issues within the insurance industry. Most recently, Berkowitz was the counsel and director of Regulatory Affairs at Hartford Financial Services Group Inc.
Before joining Hartford Financial, Berkowitz was an attorney in the Insurance and Reinsurance Department at Edwards & Angell, LLP. He has served on multiple IRI committees and working groups, including the Federal Regulatory Affairs Committee, State Affairs Committee and the Variable Annuity Summary Prospectus Working Group.
Berkowitz earned a bachelor’s degree in Philosophy, Politics and Law from Binghamton University and a Juris Doctorate from Fordham University School of Law.
AXA Equitable Life Insurance Company named David Kahal senior vice president of Life Distribution Management. Previously, he served as divisional president of the national division of the company's retail distribution channel, AXA Advisors, LLC.
Kahal will lead life insurance sales for AXA Equitable's wholesale and retail distribution channels. He is responsible for accelerating the growth of AXA Equitable's proprietary life insurance products in the company's retail channel and to third-party distributors. He is also responsible for developing distribution methods to new market segments.
Prior to his new position, Kahal held several leadership positions at AXA, including divisional president of the national division and national sales manager. He began his AXA career as a financial professional and later served as a district manager.
Prior to joining AXA, Kahal was senior vice president, national sales manager with LifeSource/Time Financial, a BISYS company (now Crump). Also, he was a co-founder and owner of LifeSource Executive Benefits and Insurance Service, a specialized brokerage general agency.
Allianz Life Insurance Company of North America (Allianz Life) announced that it will increase the annual roll up from 5 percent to 6 percent on the optional Income Protector rider for its Allianz Vision Variable Annuity contracts issued on or after Oct. 15, 2012.
The Income Protector rider offers a lifetime income benefit to help consumers build a protected source of income with a guaranteed growth rate and the potential for annual payment increases based on positive contract value performance.
In addition to the 6 percent annual increase, the Income Protector rider will continue to offer:
- The 1.50 percent simple interest, known as the 6 percent Annual Increase, will automatically reset to equal the contract value, if higher;
- Lifetime income with opportunities for increasing income in any market;
- Up to 30 years of guaranteed quarterly growth.
Securian Financial Services Inc. (SFS) is now offering Securian Freedom, a turnkey asset management program for investing for the long term.
Securian Freedom combines the investment expertise of the professionals in SFS’ Investment Resource Group (IRG) and the convenience of the Pershing platform, and is available for investments of $50,000 or more.
Client accounts are managed by the IRG on a discretionary basis in accordance with the model portfolios selected by clients, allowing advisors to focus on client investment objectives while building their businesses.
Each of the five model portfolios combines 13 – 17 sub-asset classes to maximize risk-adjusted returns. They range from an aggressive growth option whose objective is the highest possible long-term growth of capital, to an income option for investors whose primary objective is current income. The target market is individuals who:
- Seek a long term, strategic approach to investing;
- Understand the importance of rebalancing their portfolios;
- Want to maximize risk-adjusted returns across market cycles.
Under the multi-year technology and management consulting agreement, which began in 2009, Accenture is helping AXA develop and implement a common finance and reporting information technology (IT) system based on SAP solutions. Accenture is also providing management consulting services to help AXA design and implement centralized finance and accounting (F&A) processes, including accounts payable, accounts receivable, month-end close and balance sheet reconciliations.
“This program is helping us increase consistency in our accounting principles, optimize costs and allows our finance teams to focus on analyzing information rather than on gathering and reconciling data” said Virginie Babinet, AXA Finance and Procurement solutions managing director within AXA Group Solutions.
The program has been implemented in France, Italy, Ireland, Portugal, Spain and the UK, and is expected to be implemented in Germany and Switzerland by early 2013 and in Belgium by early 2014.