Lincoln Financial Group announced today that they are joining the deferred income annuity (DIA) marketplace with the launch of Lincoln Deferred Income Solutions.
DIAs are rapidly expanding in popularity due to increased longevity coupled with the ever-present need for a diversified retirement portfolio. Lincoln Deferred Income Solutions hopes to take advantage of the popularity of DIAs while assisting the waves of baby boomers approaching retirement by offering them a strategic component to any comprehensive retirement plan.
Lincoln Deferred Income Solutions avails clients with the choice of deciding when they would like to begin receiving payouts while simultaneously focusing on income buildup.
Lincoln Deferred Income Solutions offers clients a wide range of flexibility during the income phase while also offering single life and joint survivor payout options.
Athene Annuity’s Max Retire single premium immediate annuity (SPIA) will be the first product to utilize the Repetitive Payment Management (RPM) functionality that augments its current VPAS platform.
Infosys McCamish Systems LLC, a U.S. based subsidiary of Infosys BPO, provides technology platforms and service solutions to the financial services industry. Their RPM system — built to enhance their current VPAS system — offers robust fee deductions; optional payee elections; automated exclusion ratio calculations and myriad other options to users.
The VPAS platform, which provides end-to-end servicing and administration functionality to life insurance and annuity contracts will be enhanced by the Web-enabled payout component of the RPM system which will improve its service offering for the payout of annuities, settlements and life insurance claims. The enhancement will be apparent to both the carrier and policy-owner.
In other industry news:
In an effort to increase financial flexibility and address near-term debt maturities while improving financial leverage, Genworth Financial Inc. (Genworth) announced today that it has closed the sale of its wealth management business.
The sale, which includes Genworth Financial Wealth Management and alternative solutions provider, the Altegris companies, went to a partnership of Aquiline Capital Partners and Genstar Capital.
The sale price was $412.5 million. Genworth will record an after-tax loss of up to $10 million related to the sale in the third quarter of 2013. Proceeds from the sale of approximately $360 million — net of transaction costs and payments to settle obligations to the former owners of the Altegris businesses — coupled with cash on hand at Genworth Holdings Inc., will be utilized to address the company’s remaining 2014 debt at maturity or before.
Goldman Sachs & Co. and Sullivan & Cromwell LLP advised Genworth on the transaction.
The sale was originally announced in March of this year.