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AIG's Unit Unveils Solution for Better Retirement Plan Outcomes
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American International Group, Inc.’s (AIG - Free Report) unit, AIG Retirement Services, recently rolled out an inclusive solution named Total Retirement Services. The unit has worked closely with Findley, which is part of USI Insurance Services, for launching this solution.
The newly unveiled solution facilitates hassle-free integration of both defined contribution (DC) and defined benefit (DB) plans integrated into a single solution for benefiting retirement plan participants.
It is needless to say that Total Retirement Services intends to enhance the retirement plan outcomes for both employees and employers in several ways. The new solution will be beneficial to employees, who will have access to advanced technology and retirement benefits expertise in the form of a financial professional. This, in turn, is likely to assist them in not only gaining increased clarity about the amount they might have at the time of retirement but also allow them to take more efficient decisions regarding subsequent investments to boost retirement savings.
Employers will also gain from the solution as Total Retirement Services is equipped with the capability to bunch up plan administration and recordkeeping for DC and DB plans together. This is likely to relieve employers of not only administrative burdens but also help them in overcoming several logistic challenges encountered while providing a comprehensive picture of retirement benefits to their employees. It has to be noted that employers usually have to spend substantial amount of time and resources in providing the abovementioned service to their employees.
Moreover, the latest move seems to be time opportune amid the financial woes induced by the COVID-19 crisis. These woes have only aggravated financial insecurities of the retirees, which have given rise to the alarming need for employers to provide for enhanced retirement solutions thereby ensuring the well-being of their employees. Moreover, Findley seems to be a suitable partner for launching Total Retirement Services, as it has an impressive track record of providing pension plans and cost-effective solutions for 50 years.
Furthermore, AIG has undertaken consistent efforts to boost retirement business. It has been committed to providing a comprehensive financial planning for retirees. This October, AIG’s business, AIG Life & Retirement, rolled out an index annuity — Power Index Premier NY, which is the only one in New York that offers a living benefit rider option. This implies that it guarantees lifetime income to increase for up to 15 years while taking care of the escalating retirement costs.
Shares of this Zacks Rank #3 (Hold) multiline insurer have lost 22.6% in a year compared with the industry’s decline of 6.7%. Nevertheless, we believe the company’s cost-control efforts to enhance operational efficiency and divestitures to intensify focus on its core insurance operations to drive shares in the days ahead.
Stocks to Consider
Some better-ranked stocks in the insurance space are James River Group Holdings, Ltd. (JRVR - Free Report) , Old Republic International Corporation (ORI - Free Report) and Sun Life Financial Inc. (SLF - Free Report) . While Sun Life Financial sports a Zacks Rank #1 (Strong Buy), James River Group and Old Republic carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
James River Group, Old Republic and Sun Life Financial, have a trailing four-quarter earnings surprise of 11.68%, 49.02% and 14.78%, respectively, on average.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
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AIG's Unit Unveils Solution for Better Retirement Plan Outcomes
American International Group, Inc.’s (AIG - Free Report) unit, AIG Retirement Services, recently rolled out an inclusive solution named Total Retirement Services. The unit has worked closely with Findley, which is part of USI Insurance Services, for launching this solution.
The newly unveiled solution facilitates hassle-free integration of both defined contribution (DC) and defined benefit (DB) plans integrated into a single solution for benefiting retirement plan participants.
It is needless to say that Total Retirement Services intends to enhance the retirement plan outcomes for both employees and employers in several ways. The new solution will be beneficial to employees, who will have access to advanced technology and retirement benefits expertise in the form of a financial professional. This, in turn, is likely to assist them in not only gaining increased clarity about the amount they might have at the time of retirement but also allow them to take more efficient decisions regarding subsequent investments to boost retirement savings.
Employers will also gain from the solution as Total Retirement Services is equipped with the capability to bunch up plan administration and recordkeeping for DC and DB plans together. This is likely to relieve employers of not only administrative burdens but also help them in overcoming several logistic challenges encountered while providing a comprehensive picture of retirement benefits to their employees. It has to be noted that employers usually have to spend substantial amount of time and resources in providing the abovementioned service to their employees.
Moreover, the latest move seems to be time opportune amid the financial woes induced by the COVID-19 crisis. These woes have only aggravated financial insecurities of the retirees, which have given rise to the alarming need for employers to provide for enhanced retirement solutions thereby ensuring the well-being of their employees. Moreover, Findley seems to be a suitable partner for launching Total Retirement Services, as it has an impressive track record of providing pension plans and cost-effective solutions for 50 years.
Furthermore, AIG has undertaken consistent efforts to boost retirement business. It has been committed to providing a comprehensive financial planning for retirees. This October, AIG’s business, AIG Life & Retirement, rolled out an index annuity — Power Index Premier NY, which is the only one in New York that offers a living benefit rider option. This implies that it guarantees lifetime income to increase for up to 15 years while taking care of the escalating retirement costs.
Shares of this Zacks Rank #3 (Hold) multiline insurer have lost 22.6% in a year compared with the industry’s decline of 6.7%. Nevertheless, we believe the company’s cost-control efforts to enhance operational efficiency and divestitures to intensify focus on its core insurance operations to drive shares in the days ahead.
Stocks to Consider
Some better-ranked stocks in the insurance space are James River Group Holdings, Ltd. (JRVR - Free Report) , Old Republic International Corporation (ORI - Free Report) and Sun Life Financial Inc. (SLF - Free Report) . While Sun Life Financial sports a Zacks Rank #1 (Strong Buy), James River Group and Old Republic carry a Zacks Rank #2 (Buy) at present. You can see the complete list of today’s Zacks #1 Rank stocks here.
James River Group, Old Republic and Sun Life Financial, have a trailing four-quarter earnings surprise of 11.68%, 49.02% and 14.78%, respectively, on average.
More Stock News: This Is Bigger than the iPhone!
It could become the mother of all technological revolutions. Apple sold a mere 1 billion iPhones in 10 years but a new breakthrough is expected to generate more than 27 billion devices in just 3 years, creating a $1.7 trillion market.
Zacks has just released a Special Report that spotlights this fast-emerging phenomenon and 6 tickers for taking advantage of it. If you don't buy now, you may kick yourself in 2021.
Click here for the 6 trades >>