Okay, let me get this straight. In recent weeks it has been reported:
1. John Hancock is retreating from the annuity business
2. Hartford is exiting the life business
3. AVIVA’s CEO just quit
4. CEO from Genworth Financial resigned
5. Prudential is getting into the IUL market
While many other things have happened in our industry in recent years, it seems like insurance carriers are getting leaner and exiting markets (LTC, annuities, life, etc.). That’s not always a bad thing, and sometimes it’s even the responsible/necessary thing to do for all — policyholders, agents/advisors, shareholders, fiduciary duties, etc.
We all know things are still shaky, while some areas have improved. Frankly, I see many more hurdles and challenges ahead (can you say derivatives). On the other hand, challenges and change also create opportunities.
The whole point in me sharing this is: It’s important to stay focused and not get distracted or overreact to hype or noise. On the other hand, we cannot turn a blind eye or ignore facts. Please feel free to share your thoughts and reciprocate if you see something worth noting.