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AIG Unit, Annexus Tie Up to Launch Solution to Aid Retirees
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American International Group, Inc.’s (AIG - Free Report) Life & Retirement business collaborated with Annexus to introduce the X5 Accelerator Annuity. Annexus is a leader in the retirement solutions marketplace.
AIG unit American General Life Insurance Company issued X5 Accelerator while a chain of Annexus-contracted independent distribution companies marketed the same. Some of the unique features of the addition include a bonus equal to 35% of the premium, which is instantly added to the lifetime income benefit, and a multiplier that can boost lifetime income by 250% of the net interest earned each year during the accumulation phase.
The upgrade to the X5 index annuities is an accumulation and income solution that focuses on income growth after retirement. Retirees will gain leverage from the improved retirement security and beneficiary benefit. Also, they can avail a benefit that multiplies the annual income if the policy holder is admitted in a nursing home or at other qualified facilities.
The latest move seems time opportune amid the financial woes induced by the COVID-19 crisis.
AIG made consistent efforts to boost the retirement business, in line with its commitment to providing a comprehensive financial planning for the retirees.
This apart, an aging U.S. population leading to an increased number of persons attaining the retirement age and employers’ intensified focus on offering contribution plans are likely to pave the way for American International to capitalize on introducing a host of enhanced retirement plan experiences.
Last year, the AIG Life & Retirement introduced a protected lifetime income benefit named Lifetime Income Choice. American International leaves no stone unturned when it comes to helping retirees with safe policies in this volatile market. In January, management had stated that the Retirement Services business will act as the exclusive retirement plan provider for Ontario County’s local government.
This endeavor is being pursued by its member companies as well.
The capabilities of American International’s Life & Retirement business can be further substantiated by AIG’s faith in it to prosper as a stand-alone entity. To that end, AIG sold 9.9% equity stake of its Life & Retirement Business in November 2021 to one of the world’s leading investment firms Blackstone as part of its plans to separate the business. American International might opt for an initial public offering in the near future to split the Life and Retirement business.
Some better-ranked stocks in the insurance space are Fidelity National Title Group, Inc. (FNF - Free Report) , CNO Financial Group, Inc. (CNO - Free Report) and Old Republic International Corporation (ORI - Free Report) , all currently holding a Zacks Rank #2 (Buy).
Fidelity National Title Group is a leading provider of title insurance, specialty insurance and claims management services. FNF delivered a trailing four-quarter surprise of 31.73%, on average. Shares of FNF have gained 17% in the past year.
CNO Financial is a top-tier holding company for a group of insurance companies operating throughout the United States. CNO delivered a trailing four-quarter surprise of 25.5%, on average. In a year’s time, the stock has shed 10.1% of value.
Old Republic International is organized as an insurance holding company whose subsidiaries actively market, underwrite and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. In a year’s time, the stock has gained 19.6%. ORI’s bottom line managed to beat estimates in all the trailing four quarters, the average being 38.74%.
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AIG Unit, Annexus Tie Up to Launch Solution to Aid Retirees
American International Group, Inc.’s (AIG - Free Report) Life & Retirement business collaborated with Annexus to introduce the X5 Accelerator Annuity. Annexus is a leader in the retirement solutions marketplace.
AIG unit American General Life Insurance Company issued X5 Accelerator while a chain of Annexus-contracted independent distribution companies marketed the same. Some of the unique features of the addition include a bonus equal to 35% of the premium, which is instantly added to the lifetime income benefit, and a multiplier that can boost lifetime income by 250% of the net interest earned each year during the accumulation phase.
The upgrade to the X5 index annuities is an accumulation and income solution that focuses on income growth after retirement. Retirees will gain leverage from the improved retirement security and beneficiary benefit. Also, they can avail a benefit that multiplies the annual income if the policy holder is admitted in a nursing home or at other qualified facilities.
The latest move seems time opportune amid the financial woes induced by the COVID-19 crisis.
AIG made consistent efforts to boost the retirement business, in line with its commitment to providing a comprehensive financial planning for the retirees.
This apart, an aging U.S. population leading to an increased number of persons attaining the retirement age and employers’ intensified focus on offering contribution plans are likely to pave the way for American International to capitalize on introducing a host of enhanced retirement plan experiences.
Last year, the AIG Life & Retirement introduced a protected lifetime income benefit named Lifetime Income Choice. American International leaves no stone unturned when it comes to helping retirees with safe policies in this volatile market. In January, management had stated that the Retirement Services business will act as the exclusive retirement plan provider for Ontario County’s local government.
This endeavor is being pursued by its member companies as well.
The capabilities of American International’s Life & Retirement business can be further substantiated by AIG’s faith in it to prosper as a stand-alone entity. To that end, AIG sold 9.9% equity stake of its Life & Retirement Business in November 2021 to one of the world’s leading investment firms Blackstone as part of its plans to separate the business. American International might opt for an initial public offering in the near future to split the Life and Retirement business.
Shares of American International have rallied 17.3% over a year against the industry’s decline 14.9%. AIG has a Zacks Rank #3 (Hold) at present. You can see the complete list of today’s Zacks #1 Rank (Strong Buy) stocks here.
Image Source: Zacks Investment Research
Stocks to Consider
Some better-ranked stocks in the insurance space are Fidelity National Title Group, Inc. (FNF - Free Report) , CNO Financial Group, Inc. (CNO - Free Report) and Old Republic International Corporation (ORI - Free Report) , all currently holding a Zacks Rank #2 (Buy).
Fidelity National Title Group is a leading provider of title insurance, specialty insurance and claims management services. FNF delivered a trailing four-quarter surprise of 31.73%, on average. Shares of FNF have gained 17% in the past year.
CNO Financial is a top-tier holding company for a group of insurance companies operating throughout the United States. CNO delivered a trailing four-quarter surprise of 25.5%, on average. In a year’s time, the stock has shed 10.1% of value.
Old Republic International is organized as an insurance holding company whose subsidiaries actively market, underwrite and provide risk management services for a wide variety of coverages mostly in the general and title insurance fields. In a year’s time, the stock has gained 19.6%. ORI’s bottom line managed to beat estimates in all the trailing four quarters, the average being 38.74%.