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The definitions in this glossary are developed by the NAIC Research and Actuarial Department staff based on various insurance references.

New terms will be added to the glossary over time. 87990cbe856818d5eddac44c7b1cdeb8Īppeared in the June 29, 2021, print edition as 'Principal Financial Quits Life Insurance.This page provides a glossary of insurance terms and definitions that are commonly used in the insurance business. Write to Leslie Scism at ©2022 Dow Jones & Company, Inc. The company said the review was undertaken as a part of a cooperation agreement with one of Principal’s largest investors, Elliott Investment Management LP The company also announced a new $1.2 billion share-repurchase authorization. He said the moves would “reduce complexity and risk, improve our return profile” and increase cash flow. Said in a news release that the changes are aimed at bolstering the company’s position in markets with higher growth opportunities. Photo: Pedro Portal/Miami Herald/Zuma Press Others prayed and waited for news as rescue operations entered their fifth day on Monday. Some family members of residents trapped in the rubble of the partly collapsed Miami-area condo were taken by bus to visit the site. Part of its profit equation is building up economies of scale. Resolution Life is the newest acquisition vehicle for a British firm specializing in the winding down of life-insurance policies. In January,Ĭlosed on the sale of substantially all of its individual life-insurance business to Resolution Life Group Holdings Ltd. retail life-insurance operations into Brighthouse. In 2017, MetLife hived off much of its U.S. “The decline in interest rates and the likelihood of the ‘low for long/forever’ scenario” is driving deal activity, saidĪn industry consultant with C. The pace of divestitures picked up last year. interest rates are up from the depths of 2020 when the Covid-19 pandemic was rapidly spreading, more insurers have thrown in the towel on offerings highly dependent on interest income. Life insurers earn much of their profit by investing customers’ premiums in bonds until claims come due. The fixed annuities that Principal Financial aims to divest are somewhat akin to bank certificates of deposit, in that consumers hand over lump sums in exchange for promised interest payments and the return of the principal at a future date. Those investment firms are employing different strategies in search of profits, including earning fees on the money they manage for their insurers and adding more alternative investments to the insurers’ portfolio mixes, and gaining economies of scale. In these instances, buyers typically have been private-equity-backed firms and other investment entities. Some insurers have divested through sales. Pursued an initial public offering of stock of its U.S. Spun off operations to its shareholders to create life insurers have divested blocks of older policies, and even entire operating units. life insurers have been struggling with ultralow interest rates and a sluggish sales environment for the large middle-income market. Principal follows on the heels of numerous rivals shedding life-insurance and annuity businesses.