PRT

Isabel Schnabel: From laggard to leader? Closing the euro area's technology gap

Retrieved on: 
Thursday, April 18, 2024
Orbis, NACE, PRT, Premium, Employment, FRA, Economics, ITA, BACH, LVA, European Commission, GTA, ECB, Risk, CEIC, Ageing, Intangibles, Policy, Person, NGEU, TFP, GDP, GRC, NLD, EIA, RHS, Bureau of Economic Analysis, Database, Digital, European Economic Association, Journal, LUX, AUT, JPN, Frontier, Harmful, Trade Data Monitor, Gérard Schivardi, Lost, Attention, Growth, LHS, LTU, RRF, COVID-19, Rubric, Productivity, Bank, Capital, HICP, Social, METI, Total
Key Points: 

AM Best Affirms Credit Ratings of Mutual of Omaha Insurance Company and Its Subsidiaries

Retrieved on: 
Friday, March 15, 2024
Professional Services, Insurance, Finance, ERM, Mutual of Omaha, PRT, Average revenue per user, Risk, ALL, Policy, News, Credit, AM Best, Superior, Palladium

AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company.

Key Points: 
  • AM Best has affirmed the Financial Strength Rating of A+ (Superior) and the Long-Term Issuer Credit Ratings of “aa-” (Superior) of Mutual of Omaha Insurance Company and its subsidiaries, United of Omaha Life Insurance Company, Companion Life Insurance Company (Melville, NY) and United World Life Insurance Company.
  • Concurrently, AM Best has affirmed the Long-Term Issue Credit Ratings (Long-Term IRs) of “a” (Excellent) of Mutual of Omaha Insurance Company’s surplus notes.
  • The group (collectively referred to as Mutual of Omaha) is domiciled in Omaha, NE, unless otherwise specified.
  • For additional information regarding the use and limitations of Credit Rating opinions, please view Guide to Best's Credit Ratings .

Legal & General Retirement America and RGA Partner to Complete $700 Million Pension Risk Transfer Transaction with FirstEnergy

Retrieved on: 
Thursday, March 14, 2024
Utilities, Insurance, Human Resources, Finance, Energy, Asset Management, Consulting, Professional Services, K&L Gates, Caesars Entertainment, Risk management, Legal & General, PRT, RGA, FirstEnergy, Senior, Retirement, Reinsurance Group of America, Life insurance

Legal & General Retirement America (LGRA), a division of Banner Life Insurance Company, and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today they completed a pension risk transfer (PRT) transaction with FirstEnergy , one of the nation’s largest investor-owned electric utilities, for approximately $700 million.

Key Points: 
  • Legal & General Retirement America (LGRA), a division of Banner Life Insurance Company, and Reinsurance Group of America, Incorporated (NYSE:RGA) announced today they completed a pension risk transfer (PRT) transaction with FirstEnergy , one of the nation’s largest investor-owned electric utilities, for approximately $700 million.
  • The retiree lift-out was executed in December and covers approximately 2,000 retirees – representing about 8% of the company’s total pension liability associated with its former generation subsidiaries.
  • LGRA is lead administrator and will be fully responsible for the service and administration of all participants transferred as part of the transaction.
  • Aon and K&L Gates advised FirstEnergy on this transaction.

Milliman analysis: Competitive pension risk transfer costs increase from 101.8% to 102.1% in February

Retrieved on: 
Friday, March 15, 2024
Finance, Data Analytics, Consulting, Professional Services, Insurance, Milliman, Verizon Communications, PRT

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).

Key Points: 
  • Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
  • As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
  • During February, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 101.8% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 102.1% of those liabilities.
  • The competitive bidding process is estimated to save plan sponsors about 1.5% of PRT costs as of February 29.

Pension Risk Transfer Market Continues to Heat Up, According to Agilis

Retrieved on: 
Tuesday, March 12, 2024
Transfer, Organization, Congress, Shell, Risk management, Growth, PRT, Agilis, Environment, Prudential, Risk, RGA, History, News, Record, Overalls, Investment, Economics, Insurance

On the heels of the latest news that Verizon Communications Inc. has completed a $5.9 billion pension risk transfer, Agilis is preparing for a very busy PRT marketplace into 2024.

Key Points: 
  • On the heels of the latest news that Verizon Communications Inc. has completed a $5.9 billion pension risk transfer, Agilis is preparing for a very busy PRT marketplace into 2024.
  • "More and more companies that are analyzing the overall risk profile of maintaining pension plan benefits are realizing that the economics work in their favor to offload these to insurers," says Michael Clark, Managing Director at Agilis.
  • Agilis partners with organizations to design and implement custom solutions for their investments and liabilities while properly managing risk.
  • For more information about Agilis and Pension Risk Transfer, please visit https://agilis.llc/services/retirement-benefits/pension-risk-transfer/ .

Pacific Life to Host Defined Contribution Institutional Investment Association (DCIIA) 2024 Innovation Forum

Retrieved on: 
Tuesday, February 27, 2024
Asset Management, Professional Services, Insurance, Finance, Senior, DEI, PRT, Life, Forum, Growth, Retirement, Wespath Benefits and Investments, Health, Safety, HSA, DCLI, Equity, Organization, Pacific Life, Inertia

Pacific Life will host the Defined Contribution Institutional Investment Association (DCIIA) 2024 Innovation Forum on February 28 in Newport Beach, California.

Key Points: 
  • Pacific Life will host the Defined Contribution Institutional Investment Association (DCIIA) 2024 Innovation Forum on February 28 in Newport Beach, California.
  • The Forum will feature dozens of industry experts who will explore the theme: Challenging Inertia – Moving Beyond Conflicts to Foster Innovation.
  • “Pacific Life is excited to host the 2024 DCIIA Innovation Forum and DEI celebration,” said Karen Neeley, vice president and head of Institutional Retirement Solutions Group.
  • “Pacific Life's Institutional Business is dedicated to delivering the innovative solutions our customers need , with the exceptional customer service that is synonymous with Pacific Life,” said Woolfolk.

Milliman analysis: Competitive pension risk transfer costs increase from 100.5% to 101.8% in January

Retrieved on: 
Friday, February 23, 2024
Public Policy, Government, Insurance, Data Analytics, Finance, Asset Management, Consulting, Labor, Professional Services, Fed, Milliman, PRT

Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).

Key Points: 
  • Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
  • As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
  • During January, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process increased from 100.5% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 101.8% of those liabilities.
  • The competitive bidding process is estimated to save plan sponsors about 1.8% of PRT costs as of January 31.

Expro Announces Fourth Quarter and Full Year 2023 Results

Retrieved on: 
Wednesday, February 21, 2024
Alternative Energy, Energy, Other Energy, Oil, Gas, Well, Depreciation, MENA, Fashion show, Intervention, Continental shelf, Tax, PRT, Segment, GAAP, LWI, Central Time, Integrity, Partnership, TRS, Carbon, Safety, Public expenditure, Kingdom, Acquisition, ESSA, Risk, NLA

Net cash provided by operating activities for the fourth quarter of 2023 was $33 million compared to net cash provided by operating activities of $59 million for the third quarter of 2023.

Key Points: 
  • Net cash provided by operating activities for the fourth quarter of 2023 was $33 million compared to net cash provided by operating activities of $59 million for the third quarter of 2023.
  • Adjusted cash flow from operations1 for the fourth quarter of 2023 was $43 million compared to $64 million for the third quarter of 2023.
  • Unless otherwise noted, the following discussion compares the quarterly results for the fourth quarter of 2023 to the results for the third quarter of 2023.
  • Depreciation and amortization expense was $63 million for the fourth quarter of 2023 compared to $37 million for the third quarter of 2023.

Record Breaking Global PRT Market Activity Seen in 2023, Totaling Over $105 Billion in UK and US

Retrieved on: 
Monday, February 19, 2024
Professional Services, Other Professional Services, Insurance, Finance, Asset Management, Consulting, Transfer, Legal & General, PRT, Growth, Retirement, Monitor, Appetite, Pension fund

The Monitor, which analyzes industry trends and market outlooks, showed an estimated £50 billion of pension liabilities were secured with insurers in the UK and $45 billion in the US.

Key Points: 
  • The Monitor, which analyzes industry trends and market outlooks, showed an estimated £50 billion of pension liabilities were secured with insurers in the UK and $45 billion in the US.
  • The Boots Pension Scheme , another Legal & General transaction, plus two pension schemes of the RSA Group constituted the largest ever single and overall transactions, respectively.
  • Five transactions of over £2.5 billion were announced compared to just one the previous year and only ten others between 2014 and 2022.
  • In the UK alone, annualized volumes are projected to settle in the region of £50-60 billion, a significant increase from the average of £31 billion seen in the five years prior to 2023.

Milliman analysis: Competitive pension risk transfer costs decrease from 101.8% to 100.5% in December

Retrieved on: 
Wednesday, January 31, 2024
Consulting, Personal Finance, Professional Services, Seniors, Labor, Asset Management, Data Analytics, Public Policy, Government, Insurance, Consumer, Finance, PRT, Milliman, News, Index

“Retiree buyout costs open 2024 at their lowest level in almost six months--despite another sizable drop in accounting discount rates,” said Jake Pringle, a Milliman principal and co-author of the MPBI. “That, combined with the reset in insurer capacity as 2024 gets underway is likely welcome news for plan sponsors looking at PRT projects in the new year.”

Key Points: 
  • Milliman, Inc., a premier global consulting and actuarial firm, today announced the latest results of its Milliman Pension Buyout Index (MPBI).
  • As the pension risk transfer (PRT) market continues to grow, it has become increasingly important to monitor the annuity market for plan sponsors that are considering transferring retiree pension obligations to an insurer.
  • During December, the estimated cost to transfer retiree pension risk to an insurer in a competitive bidding process decreased from 101.8% of a plan’s accounting liabilities (accumulated benefit obligation, or ABO) to 100.5% of those liabilities.
  • The competitive bidding process is estimated to save plan sponsors about 2.6% of PRT costs as of December.